The Union Ministry of Cooperation released a circular with a subject, “Instructions for transferring Cooperative Education Fund as per Multi-State Cooperative Societies (Amendment) Act, 2023” on Monday.
We are giving below the circular verbatim.
Excerpts-
As you are aware that Multi-State Cooperative Societies (MSCS) (Amendment) Act, 2023 has been notified vide gazette notification dated 03.08.2023 and the MSCS Amendment Rules, 2023 have been notified vide gazette notification dated 04.08.2023. Your attention is drawn to clause 23 of MSCS (Amendment) Act, 2023 amending section 63(1)(b) of the MSCS Act 2002 relating to Cooperative Education Fund which is now to be maintained by the Central Government.
2. Rule 25(1) of the MSCS Amendment Rules, 2023 states that “every multi-State cooperative society shall credit a sum calculated at one per cent of its net profits every year as contribution, within six months from the closing of the relevant financial year, towards the account of the Co-operative Education Fund, maintained by the Central Government.”
3. Accordingly, you are requested to take note of the above. The details of accounts being opened by the Central Government for crediting towards the CEF would be shared shortly.
This issues with the approval of the central Registrar of cooperative societies.