Himachal News: Cooperative Societies of The State Will Have To Give Three Percent of Dividend To Education Fund.
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Now all the cooperative societies in Himachal Pradesh will have to pay three percent of their net dividend amount to the Education Fund. The bye-laws of the Co-operative Society Rules 1971 have been amended by the Himachal Pradesh Government. For the first time, an important decision has been taken to take education funds from the cooperative societies of Himachal Pradesh. The general public of Himachal Pradesh has also been provided two weeks’ time to register all their objections on the amendment proposal made in all the rules and bye-laws.
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Only after properly considering all the suggestions and objections, an important decision has been taken by Himachal Pradesh Cooperative Department to issue the amendment notification of Cooperative Society Rules 1971 in the Gazette. A total of five thousand two hundred forty seven cooperative societies are currently registered in Himachal Pradesh. A provision has been made to take education fund from the coming new year 2024. In the amended proposal notified in the Gazette by the Himachal Pradesh Cooperative Department on Friday, it has been said that now all the cooperative societies registered in Himachal Pradesh will contribute significantly to the Cooperative Education Fund of the Himachal Pradesh Government.
Every cooperative society of Himachal Pradesh will have to contribute at the rate of three percent of the net profit earned by it to the Cooperative Education Fund of the Himachal Pradesh Government. Cooperative societies cannot even spend the Cooperative Education Fund on their own.
It has been made absolutely mandatory to obtain approval from the Registrar Co-operative Societies for Cooperative Education Fund. On the other hand, for the appointment of officers and employees with a monthly salary of more than fifteen thousand rupees, permission will first have to be taken from the Registrar.
Education fund will be taken from all these cooperative societies –
Himachal Pradesh State Co-operative Bank, ARDB, Himfed, Him Bunkar, HP Milkfed, Kangra Central Co-operative Bank, Jogindra Bank, Himcaps etc. are registered in Himachal Pradesh under the Societies Act. Education fund is going to be taken from all these cooperative societies under the Cooperative Education Fund of Himachal Pradesh Government from the coming new year 2024.
Important provision for formation of Cooperative Education Fund as per rules –
As per the rules, an important provision has already been made to constitute a Cooperative Education Fund. An important provision has also been made for each registered cooperative society to contribute to the Cooperative Education Fund at the rate of Rs. Whatever is the maximum amount of three hundred rupees or three percent of the net profit received from one’s work in a year, that maximum amount will have to be provided to the Cooperative Education Fund.
Out of the three percent cooperative education fund, one percent is going to be administered by the Cooperative Development Federation.
Two percent is going to be administered by the cooperative societies at their own level. Any co-operative society wishing to contribute more than a maximum of three per cent of the profit may do so with the prior permission of the Registrar but it should in no case exceed five per cent of the maximum net profit for the year.
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