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Multi-State Cooperative Societies (Amendment) Bill, 2023′

The Multi-State Cooperative Societies (Amendment) Bill, 2023′ was passed. Minister of State for Cooperatives B.L. Verma introduced the Multi-State Co-operative Societies (Amendment) Bill, 2023 for consideration and passage in the Rajya Sabha, where it was passed by voice vote. The Bill was approved by the Lok Sabha on July 25, 2023. Mr. Verma said that, the Bill provides criteria for appointment of employees. It ensures that the practice of no nepotism exists. It aims to strengthen the working of cooperatives by making them more transparent. Given that there is a limit to the private sector when it comes to job creation He said that the cooperative sector can increase jobs as the government is strengthening cooperatives by expanding their area of operation in areas like LPG and petrol pump dealerships.At present there are about 8.6 lakh cooperatives in the country, out of which active primary Agricultural Cooperative Societies (PACs) are around 63,000. Mr. Verma said that India’s goal of becoming a $5 trillion economy cannot be achieved without the progressive role of the cooperative sector.

Highlights of the Bill

1.Co-operative Election Authority’

2. Election of the members of the Board-

3. Integration of cooperatives

4. Fund for sick co-operative societies-

5. Restrictions on Redemption/Release of Government Shareholding-

6. Redressal of complaints-

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