Q. Which of the following statements is not correct about co-operative societies?
Answer:
Co-operative Societies are under the ‘concurrent list’ of the 7th schedule
Notes:
- Co-operative Societies are under the ‘state list’ of the 7th schedule.
- Forming a cooperative is a fundamental right under Art19(1)(c) and states must promote cooperatives (Art 43-B).
- 97th Constitutional Amendment Act 2011 added a new part PartIXB regarding cooperative working in India.
- The first credit cooperative society was formed in Banking in 1903. Cooperative got a legal status with the enactment of the Cooperative Credit Societies Act, 1904.