National Council for Cooperative Training(NCCT) organized Training Programme on Financial Management–Accounting principles and procedures from 20th to 26th May, 2013 at its Head Quarters, New Delhi.

The programme was inaugurated by the Dr. A.K. Bhutani IAS, Joint Secretary and Central Registrar Cooperative Societies, Ministry of Agriculture, Govt. of India. Other dignitaries invited for this programme was Shri Avinash Chander, Technical Director, Institute of Charted Accounts of India, New Delhi.

Dr. Dinesh, Director General, NCCT and Shri Mohan Kumar Mishra, Secretary, NCCT, were also present on the occasion. The program was attended by NCCT staff posted at training units (20 nos.)spread across the state capitals in India. The basic purpose of this programme was to enhance the efficiency of the Accounts keeping staff.

In the beginning of the programme Shri Mohan Kumar Mishra, Secretary, NCCT welcomed all the dignitary and delegates on this occasion and briefed them about the need for enhancing financial management at its unit level. Dr.N.Ranjana Devi, Director (P) presented a Power point Presentation on functions of NCCT.

Shri.Avinash Chander, Technical Director, ICAI, New Delhi addressed the participants emphasizing the correct presentation of Financial aspect of Business transactions in the Books of Accounts.

Dr.A.K.Bhutani, IAS, Joint Secretary (Cooperation) and Central Registrar Cooperative Societies, Ministry of Agriculture, Govt. of India in his inaugural address emphasized on the important of financial data post latest constitutional amendment in the interest of the real service to members of the Cooperatives.

Dr.Dinesh, Chief Executive, National Cooperative Union of India, Director General NCCT New Delhi, in his presidential address explained the need of organization of such programmes and further assured the government of India for efficient financial administration in the cooperative sector functioning. The vote of thanks was presented by Shri B.S.Rohilla, Director (Finance), NCCT to the all present.

Despite catering to the needs of nearly one billion people worldwide, cooperatives have failed to elicit matching response from the governments, said Dr Dinesh, Chief Executive of National Cooperative Union of India.

Dr Dinesh was, however, unsatisfied with the over-all performance of the cooperatives in India. Our International year of Cooperative pledge reads;“Cooperative enterprises build better world”. But how could we keep this pledge without professionalizing the cooperative team?

The relation of cooperative members to the cooperatives operating in Indian villages is restricted to getting a sack or two of fertilizers, seeds or other such requirements. He is not involved in its operations. There is no professional way of doing business, he lamented.

Unless the PACS become a whole game that survive on their own and conduct business through professional expertise, the slogan “cooperative builds better world” would sound hollow, he said in a frank chat with Indian Cooperative.

Mentioning America as an example, Dr Dinesh said 97 percent of the US’s energy needs are met through cooperatives. In Singapore majority of fair price shops are run through cooperatives, he added.

He felt that the government of India is ignoring the role of cooperatives for economic growth of the country. The absence of word “cooperative” in the five year plans for two consecutive terms comes as a shock to him.

If nuclear power could be generated by government and salt by TATAs why not allow cooperatives in the agricultural field where it is already doing 50 percent of the business, Dr Dinesh asked.

By making an application for registration to the Registrar of Cooperative Societies. Watch the previous stories of this column to know the details as I have treated the same a number of times.

I want to register a credit cooperative society in Gujarat. Can you let me the know procedure for the same, where to register, what are the document required, what is the fee structure, what is the minimum paid up capital required. Is RBI permission required for credit cooperative society?

I C Naik

One person cannot register a Cooperative Credit Society.

The apex Fisheries cooperative federation FISHCOPFED has opened its sixth office in Chennai recently. The cooperative federation has been on expansion mode in recent years.

Last month it set up a fresh fish shop in New Moti Bagh in N Delhi- an area that has come up offering habitats to the top bureaucrats of the country.

After change in the management of Fishcopfed in 2006 when the current Managing Director B K Mishra took over, the cooperative Federation has been on growth path.

The incumbent MD worked hard and soon cleared off Fishcopfed liabilities and began to register profit-prompting cooperators of the stature of Iffco MD U S Awasthi christening Fishcopfed as a cooperative success story.

The federation has already opened six regional units in the country besides its headquarters in Delhi. The regional offices are located in Guwahati, Bhubaneswar, Raipur, Hyderabad, Nagpur and Chennai.

Talking to Indian Cooperative Fishcopfed MD B K Mishra said that Chennai office would cater to the needs of fishermen in the southern part of the country. “The geographical locations of our regional offices are such that we are able to cover whole of India”, Mishra added.

Cooperative banks are at receiving end in the wake of the Cobrapost sting which eposed some top banks involved into money-laundering. Nabard Managing Director Prakash Bakshi has, however, taken up cudgels on their behalf.

NABARD said that it has found no shortcoming pointing towards any such activity.

“Every year we do an inspection and we have not found anything like that,” National Bank for Agriculture and Rural Development’s (NABARD) chairman Prakash Bakshi said.

Reserve Bank of India has reportedly found that cooperative banks are used as conduits.

The cooperative banks tie-up with scheduled commercial banks to expand their reach. Co-operative banks can accept cash under Rs 50,000 from customers and earn commission.

When asked about the misuse of the system and if this amounts to regulatory arbitrage, Bakshi said, “It is the same regulation for everybody. Banking Regulation Act is same for everybody.”

Online portal Cobrapost had in its sting operation allegedly proved some executives at three top private banks — ICICI Bank, HDFC Bank and Axis Bank – agreeing to receive unverified sums of cash and put them in their investment schemes and benami accounts in violation of anti-money laundering laws.

Earlier this month, it had followed up with a similar operation, showing executives at over 20 financial institutions, including State Bank of India and Life Insurance Corporation of India, offering similar services.

The Reserve Bank has maintained that no transaction has happened while the sting also does not point to “money laundering”.

RBI Governor D Subbarao has also said: “RBI is not directly involved… even banks are not directly responsible. They are not expected to inquire about the source of income. It is for government and tax authorities to check money laundering.”

Courtesy: IE

Odisha cabinet has decided to scrap the Orissa Self-Help Cooperative Act with a view to bringing all cooperative societies in the state under the single Orissa Cooperative Act 1952.

The latter has already been suitably amended so it does not conflict with the 97th constitutional amendment.

According to official sources, there were hundreds of self-help groups active in the state that had been independent of the cooperative dept of the govt. Now all such groups and societies would be covered under the overarching Orissa cooperative Act and be strictly required to amend their by-laws.

If these cooperative bodies did not change their by-laws within three months the registrar of cooperation would take over such bodies and effect necessary changes in the rules framed by such organisations , the official sources asserted.

Independent sources say, multiplicity of cooperative acts had given rise to confusion and the cooperative sector was pretty suffering on this score.

The Erode district central cooperative bank in Tamil Nadu is high up with its several achievements. It offered Rs 226 crore as crop loan to the local farmers last year. The bank MD said given severe drought conditions prevailing in the state the bank intends rescheduling loans extended to the farmers. The bank functionary claimed [...]

The 17th Vaikunthbhai Mehta Lecture of National Cooperative Union of India, which was scheduled for Wednesday on 19th September, has been postponed. Talking to the Indian Cooperative NCUI Chief executive Dr Dinesh said that new date would be soon announced. Renowned agriculture scientist and Rajya Sabha member M S Swaminathan had consented to be the [...]

The leading cooperative of the country IFFCO has strengthened its
commitment for Indian farmers by ensuring long term supply of raw
material of Phosphatic Fertilisers.

The world’s largest manufacturer and marketer of processed fertilizers in cooperative sector announced the signing of a Long Term Agreement with the Brazilian mining giant Vale SA for the supply of Rock Phosphate.

The LTA was signed by Mr.K.L.Singh, Director (Technical) of IFFCO and
Mr Roberto, Director Commercial of Vale, SA.

According to the agreement, the Rock Phosphate will be supplied from
Bayovar mines which are located in the Piura province of Peru.

Almost 90% of Phosphate demand of India is met through imports. India
ranks the largest importer of Phosphate globally.

Talking to Indian Cooperative Dr U S Awasthi, Managing Director of
IFFCO said that this LTA will be key to long term assurance for
phosphate fertiliser raw materials to Indian agriculture aiding to
increased food grains production.

“This is a step towards backward integration strategy of IFFCO in
order to strengthen its Phosphate sourcing for the manufacturing of
Phosphatic Fertilizers in India. Our commitment to farmers is always a priority” he added.

There are no deposits of Phosphates in India and country’s entire
Phosphate requirement is imported. IFFCO have two complex fertilizer
plants in India at Kandla and Paradeep. The DAP, NPK, NP plant at
Paradeep is world’s biggest complex fertilizer plant which is hailed
as world’s largest phosphoric acid plant with capacity of 2650 MT per
day of 100% P2O5