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Bill To Amend The Multi-State Cooperative Societies Act

Bill To Amend The Multi-State Cooperative Societies Act:

A Bill to amend the Multi-State Cooperative Societies Act was introduced in the Lok Sabha recently.

  • Multi-State Cooperatives: MSCS is a Cooperative Society with objects to serve the interest of the members in more than one State.
  • MSCS Act, 2002 was passed to govern such cooperatives whose members and areas of operation are spread across more than one state.
  • At present, India has more than 1,500 multi-State cooperative societies.

Key amendments suggested:

  • To establish a “cooperative election authority”.
  • To make provisions for the “appointment of cooperative information officer”.
  • To appoint one or more “cooperative ombudsmen” with territorial jurisdiction to inquire into members’ complaints.
  • Insert a new Section related to the “establishment of the Cooperative Rehabilitation, Reconstruction and Development Fund” for the revival of “sick multi-state cooperative societies”
  • Insert Section relating to “concurrent audit” for such multi-state societies with an annual turnover or deposit of more than the amount as determined by the Centre.
  • The merger of “any cooperative society” into an existing multi-state cooperative society.