The new idea being entertained in the Cooperative ministry is to have a new entity taking shape when old PACS have gone defunct for a certain period, revealed Amit Shah during Monday’s speech at Vigyan Bhawan.
If a PACS falls defunct for 180 days, it should be liquidated and a new entity should shape up, said Shah.
Earlier, in the absence of such a provision, neither a defunct PACS would work nor would it leave space. This new provision will revolutionize the state of affairs for PACs in rural areas which have been lying useless for years, felt experts.
The Ministry of Cooperation is also maintaining a database of PACS. He said o
nly the principles of cooperative can give a long life to the cooperative movement and abandoning the principles of cooperative is the root cause of some PACS becoming defunct.
He called upon the cooperative sector workers to imbibe the principles of cooperatives to give cooperatives a long life, to make them relevant, to make them a contributor to the country’s economy and to make these 70 crore aspirational people self-reliant.
