New Delhi: The Multi-State Cooperative Societies (Amendment) Bill, 2022, has received approval from the Union Cabinet. The Multi-State Cooperative Societies Act, 2002, is intended to be modified. Anurag Thakur, Minister of Information and Broadcasting, told the media in New Delhi that the decision will strengthen Multi State Cooperative Societies’ governance, increase openness, and increase accountability. To ensure fair, free, and on-time elections, he said that an electoral authority would be established.
The primary operational and management areas covered by the proposed revisions will significantly boost the co-operative movement in the nation. More than 1500 multi-State cooperative organisations exist in India, and they are a significant resource for advancing the economic and social well-being of its members. The amendment includes provisions for the establishment of the Cooperative Election Authority, Cooperative Information Officer, and Cooperative Ombudsman in order to make the governance of these multi-State Cooperative societies more democratic, open, and responsible.
To promote inclusivity, provisions pertaining to the representation of women and members of Scheduled Castes and Scheduled Tribes on the boards of cooperative organisations have been added. To encourage professional management, co-opted directors with expertise in banking, management, cooperative management, and finance will be selected. By shortening the registration process and allowing applicants to request an additional two months to correct errors, the legislation is also intended to make conducting business easier. Additionally, it allows for the electronic issuing and submission of papers.