Two Day National Executive Meeting Held For Cooperative Sector

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@ Vikas Sharma | Sr Journalist

Enthusiasm was raised by the Hon’ble Prime Minister Shri Narendra Modi ji and Union Finance Minister, Honorable Nirmala Sita Raman ji for the cooperative sector in the two-day National Executive Meeting of the Cooperative Bharati held at the National Cooperative Union of India on 27-28 February 2021 in Delhi. The proposal was passed evaluating parental steps.
The National Executive Committee of Sahakar Bharti expresses its heartfelt gratitude and heartfelt congratulations to Hon’ble Prime Minister Shri Narendra Modi ji and Union Finance Minister Smt Nirmala Sitharaman ji for their supportive steps to promote and encourage the cooperative sector.
1) Increase in Deposit Insurance Coverage from Rs One Lakh to Rs Five lakhs.
2) Reduction of Income Tax rates for Co-Ops from 30% to 22% U/s 115 BAD of IT Act.
3) Amendments in Banking Resolution Act to strengthen the UCBs Sector.
4) Application of EASE OF DOING BUSINESS NORMS to Multi State Co-Op Societies sector and decided to set up separate administrative machinery for Co-Op Sector to extend hand holding support.
5) Decision to organize suitable machinery for Co-Ops to raise the capital by way of issuing shares/bonds/debentures.
6) It has been assured to have an access to bank depositors where in restrictions are imposed by RBI to DICGC Funds to extent sum assured.

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