The custody of Education Fund should be shifted from National Cooperative Union of India (NCUI) to some neutral government agency such as National Cooperative Development Corporation (NCDC). This demand came from Dr G N Saxena, IFFCO.
Dr Saxena said that only a few profit making Cooperatives make contributions to the Education Fund and our heart bleeds to see our hard earned money being not utilized properly.
Readers may be aware that according to Multi State Cooperative Act, all profit making cooperatives have to contribute one percent of their profit towards training and development of cooperative movement in India. NCUI being the apex body is the custodian of this fund so far.
IFFCO being the most successful cooperative has to contribute huge sum towards the Education Fund. Last year it had contributed about Rs 4.5 crores. According to an estimate this figure may touch 10 crore this year.
Earlier, there was talk of education fund being diverted to renovate the guest house in NCUI and this led to heart burning among the contributors.
Talking to Indian Cooperative.com, Dr Saxena emphasized the need to have a government body like NCDC to take care of this fund.