The Indian Cooperative got the copy of the recommendations of the Joint Parliamentary Committee on Multi State Cooperative Societies (Amendment) Bill, 2022, submitted in the Parliament on Wednesday.
The JPC report seems to have accepted the majority of proposed amendments. The Report is likely to be taken up by the two Houses in this budget session only.
The JPC did not agree with the NCUI which represented before the JPC for the exclusive custody of the Education Fund. The Committee went ahead with the draft of the bill on the matter. The Bill provides that though NCUI would be the deciding body for spending money from this fund, its custody would rest with the government.
In this context, the JPC observed, “The Committee deliberated upon the proposal made in the Clause including suggestions made by the stakeholders and the rationale/reply given by the Ministry of Cooperation and decided to accept the amendment proposed under Clause 23.”
Interestingly, Nafcub in the suggestions made before the JPC on Education Fund, stated that NCUI is not providing them anything and that some percent should be allocated to national level federations, which are imparting education.
Besides NCUI, RBI’s contention of having an overarching provision for co-op banks, was also not accepted by the JPC and it went with the Ministry’s take on the matter. In simple words, it was a question of changing either the MSCS Act or BR Act. Since the MSCS Act is largely aligned to BR Act, there is no need to have any overarching provision, as demanded by the RBI, felt the JPC. The JPC, however, agreed to substitute the Financial year for co-operative year.
The Amendment proposed in the Redemption of Shares, the JPC decided to accept the amendment proposed under Clause 13.
Besides, the JPC has decided to accept the amendment proposed on various points including Cooperative Election Authority, Cooperative Ombudsman, Cooperative Rehabilitation Fund etc.
We are attaching the copy of the report of the Joint Committee on the Multi-State Cooperative Societies (Amendment) Bill, 2022.
Click on the following link to see the Report:
REPORT OF THE JPC ON THE MSCS (AMENDMENT) BILL, 2022