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  • Boosting agriculture: Cabinet Okays MoU between India & Poland

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    The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing of an Agreement between India and Poland on cooperation in the field of agriculture and allied sectors. The agreement covers various activities in the field of agriculture and allied sector including exchange of information on the current situation in agriculture, the phytosanitary conditions o ......
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  • Height of inefficiency in a Co-op Bank of AP!

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    A customer named Shiva residing at Thirumalayapalem in Khammam District of Andhra Pradesh had a bad experience with the local District Central Cooperative Bank. Shiva reportedly issued a cheque for Rs 30000 and the DCCB of Thirumalayapalem transferred the aforesaid amount two times on the same cheque. When the Shiva noticed this double transaction, he met the bank manager and apprised him of wh ......
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  • IFFCO and farmers are one soul: Awasthi

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    Traveling from Bihar’s Deoghar to Karnataka’s Hospet and Hubli- IFFCO MD Dr U S Awasthi has covered India from North to South meeting farmers and educating them about the benefits of joining digital platform. Calling farmers as part of the IFFCO family MD said'' I am thrilled to meet so many of them one on one. More than 2500 farmers had made it to Sindhanoor. “ IFFCO & #farmers are O ......
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  • Co-op Bank: NABARD verifies 1.5 lakh accounts

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    As desired by the Supreme Court, NABARD has carried out the verification process of KYC details of accounts in Kolhapur District Cooperative Bank (KDCCB). Nabard officials say they will soon send the report to the apex court, reports Times of India. The accounts with money deposited in the five days after demonetization are under the scanner. RBI had put restrictions on the district cooperative ......
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  • BJD MP Jena figures in a co-op scam

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    Some people working in the office of deputy registrar of cooperative societies in Balasore district in Odisha have come under CBI's scrutiny for their involvement in Seashore Group chit fund scam. A CBI team recently went to Balasore to interrogate them, reports Times of India. According to CBI, the Seashore Group collected Rs 80 crore from investors by floating dubious companies and promising ......
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  • RBI asks UCB to convert into a co-op society

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    In a rare move the regulator of banks in the country RBI has cancelled the licence of the Sojitra Co-operative Bank based in Anand (Gujarat) and asked it convert itself into a Co-operative Society. The bank has fulfilled all the conditions stipulated in Section 36(A)(2) of the Act ibid to allow for its conversion into The Sojitra Co-operative Society Ltd, RBI’s notification says. According ......
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Cooperative Coffee Shop

  • Credit co-ops: Resolution of confusion over 80P

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    By Radhakrishnan K.V A lot of confusion is prevailing among the ITATs and Income tax authorities as well as the legal practitioners and Chartered accountants on the applicability of the provisions of Section 80P of Income Tax act 1961. The Section deals with deduction in respect of income of Co-operative Societies which is as follows:- “80P. Deduction in respect of income of co- operative ......
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  • Subsidizing Housing Society Charges

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    By I C Naik I came in to possession of the latest Bill of Society Charges raised by a 21 Story twin towers housing society (flats 164) in Mumbai. Break down of the amount charged is reproduced below. It is a question of a legality of a grant of subsidy of Rs. 759 (1259-500) per month? The Society is regulated by 1984 Mode bye-laws registered in 97-98. It’s Bye-law No 71(a) is no less th ......
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  • Will 2017 be the year of Hope or Despair?

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    By Dr Jaya Arunachalam The dawn of the year 2017 has resulted in the positive hope for over 1.25 billion Indian citizens due to new decisions and announcements of the Government. The Prime Minister on December 31, 2016 announced several new schemes as a future action plan to facilitate farmers, women particularly pregnant women, senior citizens, the small and medium scale enterprises (MSME), th ......
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  • What Donald Trump can do for cooperatives!

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    By Anca Voinea Now that America has chosen its 45th president, co-operatives will be wondering what Donald Trump can do for them. The president-elect has already pledged to cut taxes and promote deregulation in an attempt to boost growth. In his victory speech, he said: “It is time for us to come together as one united people. It is time. I pledge to every citizen of our land that I wil ......
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