The office of Central Registrar of Cooperative Societies (CRCS) has issued a directive to all Multi-State Cooperative Societies (MSCSs) to comply with Section 120 of the Multi-State Cooperative Societies (MSCS) Act, 2002 (amended in 2023), by filing their Annual Returns for the financial year 2023-24.
The returns must also be uploaded on the official CRCS portal within six months of the close of the financial year.
The notice highlights that several MSCSs have failed to meet this statutory requirement within the specified timeline. Under Sections 104(1) and (3) of the Act, failure to file the returns is punishable by fines ranging from Rs 5,000 to Rs 1,00,000. Additionally, a continuing violation may attract an additional penalty of Rs 10,000 per day until compliance is achieved.
The Act further stipulates that board members of societies failing to file the returns within the stipulated time will face disqualification from serving on the board for a period of five years, as per Section 43(2)(e).
The notice reads, “To avoid penalties and disqualification, MSCSs are urged to submit their Annual Returns promptly via the official CRCS website, www.crcs.gov.in.
This directive has been issued with the approval of the Central Registrar of Cooperative Societies.