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Cabinet approves amendments in Multi-State Cooperative Societies Act 'to improve ease of doing business'

Cabinet approves amendments in Multi-State Cooperative Societies Act 'to improve ease of doing business'

Cabinet approves amendments in Multi-State Cooperative Societies Act 'to improve ease of doing business'
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By CNBCTV18.com Oct 12, 2022 4:58:58 PM IST (Published)

The amendments in the Multi-State Cooperative Societies Act will be brought to improve governance, reform the electoral process, strengthen monitoring mechanisms and enhance transparency and accountability.

The Union Cabinet approved the Multi-State Cooperative Societies (Amendment) Bill, 2022, to bring transparency in the sector and reform the electoral process. The Bill seeks to amend the Multi-State Cooperative Societies Act 2002.

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Information & Broadcasting Minister Anurag Thakur said on Wednesday that the amendments had been brought in to improve the ease of doing business. It will incorporate the provisions of the 97th Constitutional Amendment.
The amendments have been brought to improve governance, reform the electoral process, strengthen monitoring mechanisms and enhance transparency and accountability, the news agency PTI reported.
(Credit: Twitter/@DG_PIB) (Credit: Twitter/@DG_PIB)
The Bill also seeks to improve the composition of the board and ensure financial discipline, besides enabling the raising of funds in the multi-state cooperative societies.
Further, the Bill promotes "equity and inclusiveness" in the representation of women and Scheduled Caste/Scheduled Tribes.
(Credit: Twitter/@DG_PIB) (Credit: Twitter/@DG_PIB)
The bill also has provisions for setting up of Cooperative Election Authority, Cooperative Information Officer and Cooperative Ombudsman. A government official posted a tweet explaining their roles.
This is expected to make the governance of multi-state cooperative societies more democratic, transparent and accountable.
The Multi-State Cooperative Societies Act 2002 was brought in "to consolidate and amend the law relating to co-operative societies, with objects not confined to one State and serving the interests of members in more than one State".
"Cooperatives are a state subject, but there are many societies, such as those for sugar and milk, banks, milk unions etc., whose members and areas of operation are spread across more than one state. The Act was passed to govern such cooperatives," as per an Indian Express article.
(With inputs from PTI)
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