Q. Which of the following provisions are included in the Multi-State Co-operative Societies (Amendment) Act, 2023?
- The Act establishes a 'Cooperative Election Authority'
- The Act introduces the Cooperative Rehabilitation, Reconstruction, and Development Fund
Choose the correct answer using the codes given below:
Answer:
Both 1 & 2
Notes: Here are some important points extracted from the Multi-State Cooperative Societies Act 2023:
- Enhanced Transparency and Accountability: The Act places a strong emphasis on transparency by introducing measures such as concurrent audits for multi-state cooperative societies. This ensures that the financial operations of these societies are regularly scrutinized, promoting accountability and preventing potential financial irregularities.
- Cooperative Election Authority: The Act establishes a 'Cooperative Election Authority' responsible for overseeing the electoral processes within cooperative societies. This authority comprises a chairperson, vice-chairperson, and a limited number of members appointed by the central government. This provision aims to ensure fair and democratic elections within these societies.
- Revival of Struggling Societies: The Act introduces the Cooperative Rehabilitation, Reconstruction, and Development Fund. This fund is designed to aid the revival of distressed multi-state cooperative societies, helping them overcome financial challenges and enabling their continued functioning.
- Electronic Filing and Administration: The Act modernizes administrative procedures by allowing applications, documents, returns, statements, and accounts to be filed electronically. This digitization streamlines processes, reduces paperwork, and enhances efficiency in the functioning of cooperative societies.
- Stringent Penalties and Redressal Mechanisms: The Act empowers regulatory authorities to impose increased monetary penalties on multi-state cooperative societies found to be in contravention of its provisions. Additionally, the Act establishes mechanisms for addressing complaints, ensuring that grievances are appropriately addressed and resolved.