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shreecom · 16 days

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New rules in co operative credit society

Rule:

Further to amend the Maharashtra Co-operative Societies Act, 1960. WHEREAS it is expedient further to amend the Maharashtra Co-operative Societies Act, 1960, for the purposes hereinafter appearing; it is hereby enacted in the Seventy-fifth Year of the Republic of India, as follows :— 1. This Act may be called the Maharashtra Co-operative Societies (Second Amendment) Act, 2024. 2. After section 69 of the Maharashtra Co-operative Societies Act, 1960 (hereinafter referred to as “the principal Act”), the following section shall be inserted, namely:––

“69A. (1) There shall be constituted a Co-operative District Cadre of Secretaries of the Primary Agricultural Co-operative Credit Societies (hereinafter in this section referred to as “the Co-operative District Cadre”) consisting of persons recruited for this purpose by the District Supervision Co-operative Society. The number of persons to be recruited in the Co-operative District Cadre and their conditions of service shall be determined by the District Supervision Co-operative Society in accordance with such general or special guidelines, if any, as may be issued by the State Government, in this behalf, from time to time. (2) A District Supervision Co-operative Society may, from time to time, depute any person appointed by it to work under any society referred to in sub-section (1) as it may consider necessary. Where any such person is posted to work under any society, his services shall be taken over by the society on such post, for such period and on such other terms and conditions, as the District Supervision Co-operative Society may determine. The person so posted shall draw his salary and allowances from the Fund established under sub-section (4). (3) The immediate initial supervisory control on the person appointed in the Co-operative District Cadre and deputed or posted to work as a Secretary under each of the societies referred to in sub-section (1) shall vest with the society concerned. Such society shall follow the bye-laws of the District Supervision Co-operative Society regarding the terms and conditions of services of Secretaries. (4) A District Supervision Co-operative Society shall establish a Fund to be called “the Co-operative District Cadre Employment Fund” and it shall be utilised for meeting the expenses on the salaries, allowances and other emoluments to be paid to the persons appointed to the Co-operative District Cadre and the other expenditure relating to the Cadre. (5) Every society, which derives any benefit directly from the service of any Secretary belonging to the Co-operative District Cadre shall contribute to the said Fund at such rate and in such manner as may be prescribed by the State Government. In determining the rate of contribution, the State Government shall take into consideration the expenditure referred to in sub-section (4), the services likely to be rendered, the financial condition of the societies, including the loans disbursed and outstanding and other non-credit activities undertaken by the concerned society. (6) The State Government may make rules regulating all matters connected with or ancillary to the custody and maintenance of, the payment of money into, and the expenditure and withdrawal of money from, the said Fund.

3. In section 88 of the principal Act, in sub-section (1), in the first proviso, for the words “within a period of two years”, the words “within a period of one year” shall be substituted.

How to register new co-operative credit society in Maharashtra state:

Application for registration and registration fees

(I) Every application for registration of a society under Section 8 shall be made in Form 'A' in Marathi, Hindi or English, and shall, subject to the provisions of sub-section (2) of Section 8 and sub-rules (2) and (3), be signed by the applicants and shall, in addition to four copies of the proposed bye-laws of the society, be accompanied by:

(a) a list of persons who have contributed to the share capital, together with the amount contributed by each of them, and the entrance fee paid by them;

(b) A certificate from the Bank or Banks stating the credit balance therein in favour of the proposed society;

(c) be economically sound and, where the scheme envisages the holding of immovable property by the society, the description of such property proposed to be purchased, acquired or transferred to the society;

(d) such other documents as may be specified in the model bye-laws, if any, framed by the Registrar;

(2) Where any member of a society to be registered is a registered society, a member of the committee of such registered society shall be authorised by that committee by a resolution to sign the application for registration and the bye-laws on its behalf, and a copy of such resolution shall be appended to the application.

(3) Where any member of a society to be registered is a firm, company, other corporate body, society registered under the Societies Registration Act. 1860, or local authority or public trust registered under any law for the time being in force for the registration of such trusts, then such firm, company, corporate body, society, local authority or public trust, as the case may be, shall duly authorise any person to sign the application for registration and the bye-laws on its behalf, and a copy of the resolution giving such authority shall be appended to the application.

(4) The application shall be sent to the Registrar by registered post or delivery by hand.

Rule No 5. Registration

(1) On receipt of an application under Rule 4, the Registrar shall enter particulars of the application in the register of application to be maintained in Form 'B', give a serial number to the application and issue a receipt in acknowledgement thereof.

(2) The Registrar may give, wherever necessary, opportunity to the promoters to modify the proposed bye-laws before finally registering the society or rejecting the application for registration of the society.

(3) On registering a society and its bye-laws under sub-section (1) of Section 9, the Registrar shall as soon as may be, notify the registration of the society in the Official Gazette and grant to the society, a certificate of registration signed by him and bearing his official seal and containing the registration number of the society, and the date of its registration. The Registrar shall also furnish the society with a certified copy of the bye-laws approved and registered by him.

Rule No 6. Form of report under Section 9(2)

The report to be made by the Registrar to the State Government under sub-section (2) of Section 9 shall be in Form 'C'

Rule No 7. Refusal of Registration

Where any society does not furnish the information in regard to the society as required by the Registrar or fulfil any of the conditions laid down in the Act or these rules, the Registrar may refuse to register that society.

Rule No 8. Matters in respect of which Registrar may direct society to make bye-laws or society may make by-laws

(1) The Registrar may require a society to make bye-laws in respect of all or any of the following matters, that is to say—

(a) the name of the society and address of the society and its branches; (b) the area of operation; (c) the objects of the society; (d) the manner in which and the limit up to which the funds of the society may be raised, the maximum share capital which any one member may hold and the purpose to which the funds would be made applicable; (e) the terms and qualifications for admission to membership; (f) the privileges, rights, duties and liabilities of members including nominal, associate and sympathiser members; (g) the consequences of default in payment of any sum due by a member; (h) conditions regarding sale or disposal of produce of members, wherever applicable;

. First bye-laws of a society

When a society has been registered the bye-laws of the society as approved and registered by the Registrar shall be the bye-laws of the society.

Rule No 10. Classification and sub-classification of societies

(1) After registration of a society, the Registrar shall classify the society into one or other of the following classes and sub-classes of societies prescribed below according to the principal object provided in its bye-laws:

Maintenance of register

(1) The register to be maintained by the Registrar under sub-section (4) of Section 9 shall be in Form 'D'

(2) The Registrar shall divide the register into parts, one for each district in the State. A society shall be registered in that part, for a district in which its head office is situate.

(3) The Registrar shall assign for each district and each class or sub-class of societies, a code symbol, for giving registration numbers to the societies and the societies shall be registered from the dates specified by him.

Audit of Co-operative society:

Qualifications of Auditors - Apart from a chartered accountant within the meaning of the Chartered Accountants Act, 1949, some of the State Co-operative Acts have permitted persons holding a government diploma in co-operative accounts or in co-operation and accountancy as also a person who has served as an auditor in the co-operative department of a government to act as an auditor.

Appointment of the Auditor - An auditor of a co-operative society is appointed by the Registrar of Co-operative Societies and the auditor so appointed conducts the audit on behalf of the Registrar and submits his report to him as also to the society. The audit fees are paid by the society on the basis of statutory scale of fees prescribed by the Registrar, according to the category of the society audited. For example, the audit fees of co-operative credit society and Urban Co-operative Banks are to be calculated with reference to working capital at the prescribed rates. ‘Working Capital’ here means funds at the disposal of the society inclusive of paid up share capital, funds built up out of profits and monies raised by borrowing and by other means.

Books, Accounts and other records of Co-operative Societies - Under section 43(h) of the Co-operative Societies Act, a state government can frame rules prescribing the books and accounts to be kept by a co-operative society.

For example In Maharashtra the co-operative societies are required to maintain cash book, general ledger, personal ledger, stock register, property register, etc. It is very much clear that requirement under State Acts resembles the provisions made under Section 209 of the Companies Act, 1956. The books of account required to be maintained in terms of the instructions of the Registrar are in respect of the following:

All sums of money received and expended by the society and the matters in respect of which receipts and expenditure take place.

All sales and purchases of goods by the society also an account of stock-in-hand.

Assets and liabilities of the society. It may be understood that such of the books as are relevant to the nature of the society would be required to be maintained, for example, a credit society cannot be expected to maintain books of account for sale and purchase of goods.

In order to maintain proper financial accounting records so as to disclose full financial results of working of the society, the statutory or mandatory provisions provide a directive, but they are not conclusive. The society is at liberty to maintain such additional records according to its.

Restrictions on shareholdings - According to Section 5 of the Co-operative Societies Act, 1912, in the case of a society where the liability of a member of the society is limited, no member of a society other than a registered society can hold such portion of the share capital of the society as would exceed a maximum of twenty percent of the total number of shares or of the value of shareholding to Rs. 1,000/-. The auditor of a co-operative society will be concerned with this provision so as to watch any breach relating to holding of shares. One should also watch whether any provision in the bye-laws of the society is not contrary to this statutory position. The State Acts may provide limits as to the shareholding, other than that provided in the Central Act.

Restrictions on loans - A registered society shall not make a loan to any person other than a member. With the special sanction of the Registrar, a registered society may make a loan to another registered society (Section 29).The State Government may further put such restrictions as it thinks fit on the loaning powers of the society to its members or to other societies in the interest of the society concerned and its members.

Restrictions on borrowings - A registered society may accept loans and deposits from its members and others subject to the restrictions and limits of the bye-laws of the society. The auditor will have to examine the bye-laws in this respect (Section 30).

Investment of funds - According to Section 32 of the Central Act the modes of investment of funds of a society may be stated as follows. A society may invest its funds in any one or more of the following:

In the Central or State Co-operative Bank.

In any of the securities specified in Section 20 of the Indian Trusts Act, 1882.

In the shares, securities, bonds or debentures of any other society with limited liability.

In any co-operative bank, other than a Central or State co-operative bank, as approved by the Registrar on specified terms and conditions.

In any other moneys permitted by the Central or State Government.

The principal provision relating to the investments of funds of a co-operative society, the Central as well as State Acts does not mention anything about the investment of reserve fund outside the business specifically.

Appropriation of profits - Section 33 of the Central Act states that 25% of the profits should be transferred to Reserve Fund, before distribution as dividends or bonus to members. However, having regard to the financial position of the society, the Registrar may reduce the percentage of transfer, but in any case not less than 10%. Generally in case of newly started salary earners’ credit societies this liberal view is taken.

Contributions to Charitable Purposes - According to Section 34, a registered society may, with the sanction of the Registrar, contribute an amount not exceeding 10% of the net profits remaining after the compulsory transfer to the reserve fund for any charitable purpose as defined in section 2 of the Charitable Endowments Act, 1890.

Investment of Reserve Fund outside the business or utilization as working capital-

Some of the State Acts provide that a society may use the Reserve Fund:

in the business of a society, as working capital (subject to the rules made in this behalf).

may invest as per provisions of the Act.

may be used for some public purposes likely to promote the object of the society. The auditor should ensure strict compliance with the State Act and Rules in this regard.

Contribution to Education Fund - Some of the State Acts provide that every society shall contribute annually towards the Education Fund of the State Federal Society, at the appropriate rate as per the class of the society. Contribution to Education Fund is a charge on profits and not an appropriation.

Apart from statutory provisions relating to Reserve Fund, the auditor may have regard to the provisions in bye-laws and Rules and Regulations of the society regarding the appropriation of profits. Transfers to other reserves, dividends to members etc. are the other appropriations. Appropriations of profits must be approved by the General Body of the society, which is the supreme authority in the co-operative management. Further, it may be noted that necessary accounting entries for the appropriation of profits must be passed after the date of approval by the General Body. Here there is a departure from corporate accounting practice, where entries are passed for proposed appropriations, subject to approval of Annual General Meeting.

For to maintain such type of co operative credit society and produce multiple reports you have to use co-operative credit society software, you will get it at Google by searching these words

Start a google search for employee Co-Operative Credit Society Software near me you will get the ShreeCom InfoTech Pvt. Ltd. Pune.

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yethiconsulting · 1 month

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newgensoftware · 1 month

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Newgen has been recognised in the Gartner® Market Guide for Commercial Banking Cash Management and Trade Finance Solutions, 2023. Authored by analysts, Mary Yan and Derek Frost, this Market Guide is tailored for bank CIOs to gain insights into the market direction and Representative Vendor solutions for cash management and trade finance solutions.

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glebandreev · 2 months

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Beyond Traditional Finance: Innovative Open Banking Applications in FinTech

In today’s digital landscape, open banking is revolutionizing the way data is shared, making it simpler to switch bank accounts and tearing down the barriers between financial institutions. Despite these advancements, FinTech companies still face significant challenges from traditional banking systems, which can hinder their growth.

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techwave1 · 2 months

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betabytetechnologies · 4 months

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https://www.betabyte.in/services/nidhi-software

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gleecus-techlabs-blogs · 10 months

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6 benefits of cloud computing in banking

Greater scalabilityFraud detection

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webdevelopment-ecommerce · 1 year

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The financial services industry is undergoing a digital revolution, driven by advancements in technology. Fintech (financial technology) has emerged as a disruptor, transforming the way we manage money, make payments, invest, and access financial services. Behind the scenes, fintech software development plays a crucial role in enabling these innovations. In this article, we will explore the top technologies for fintech software development that are shaping the future of financial services...

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homeswapsblog · 1 year

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Best feature and functionality you should have in your travelling agency or business software

The yearly income for the travel and tourism sector is roughly 63% derived from online reservations.

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i4technolab · 1 year

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In summary, XAI can be useful in custom software development to improve the performance, accuracy, and trustworthiness of AI models. By providing insight into how and why AI models make decisions, XAI can help developers to understand and optimize the models, which can improve the overall quality of the software. Additionally, XAI can be used to provide interpretability and transparency in the models, which can help to build trust and understanding of the models by non-technical stakeholders.

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shreecom · 2 months

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Employee’s Co-Operative Credit Societies about Working Structure

Employees' cooperative credit society is beneficial to salaried employees in any organization. Which can be created by most of the Government, public and private organizations. It is the voluntary association of permanent salary earners together for common economic needs and help without any profit motive. Mainly it is the type of non-agricultural credit co-operative society. The department of this societies which have to control the financial transactions by investigating the technicalities dictated by the cooperative department. It is registered to provide loans to employees at the local organizational level and a reasonable rate of interest. These societies have to work under highly competitive situations under the trends of globalization, liberalization, and privatization. These help to benefit of employees who get regular monthly salaries. Banks cannot sanction the loan without any mortgage.

Objective and research methodology: - The objective of this society is to understand the analytical outline of the controlling structure which have to regulate the employee cooperative credit society in Maharashtra.

Working structure: - The employee's co-operative credit society is to be organized into short-term and long-term structures. The short-term structure is to be based on a three-tier structure, expected by the state in the northeast region. The second tier is District Central Co-Operative Banks are to be organized at the district level. And the third and uppermost tier is the State Co-Operative Banks state level. The state co-operative credit society banks, in turn, advance loans to the co-operative credit bank to augment their capacity and to provide loans to the employees at the local organizational level of employee’s co-operative credit society.

Regulatory framework and employee co-operative credit society in Maharashtra: - regulatory framework is necessary for any financial institution the main aim of the regulation is to safeguard the interest of a large number of shareholders and depositors and to ensure the proper functioning of the financial institution which is part and parcel of the financial system. The Employee's Co-operative Credit Society plays an important role by providing financial help to the laborers, workers, and employees.

Registration U/S-4 to 8:- Such a Society must be registered under the MSC Act. This society is to be considered at least 10 persons who are qualified members under this Act.

Norms of membership: - The person is to be a permanent employee of the respective employer and should fulfill eligibility norms.

Restrictions on Shareholding Sec, 28: - The members can hold shares not exceeding 20% of the paid share capital.

Restrictions on Borrowings U/S- 43, Rules 35 to 38: - The Society shall receive the deposit from the members and disburse the loans to members.

Deduction from Salary to meet society claim in certain cases U/s-49:- If the employer at any time fails to deduct the amount specified in the requisition from the salary or wages payable to the concerned or makes default in remitting the amount deducted to the society, the employer shall be personally liable for the amount, and if the employer has made the deductions but the amount so deducted is not remitted to the society then such amount together with interest thereon at 1.5% rate of interest charged by the society to the member for the period commencing on the date on which the amount has to be paid to the society.

Reserved Fund U/s-66, Rules 54: - Every society can derive a profit from its transaction; however, it has to maintain the reserve fund.

Restrictions on declaration of dividend U/s-67:- The society shall pay a dividend at a rate exceeding 15% except to the prior sanction of the registrar of society.

The loan limit and Installments: - The loan and Installments are fixed as per the bye-laws of the employee credit society.

Investment of funds section-70: - A society shall invest or deposit its funds in one or more, In a Central District Bank or State Cooperative Bank.

For such type of co-operative credit society, you will get it at Google.

Start a google search for employee Co-Operative Credit Society Software near me you will get the ShreeCom InfoTech Pvt. Ltd. Pune.

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