Ice has broken between the apex cooperative organization NCUI and cooperative fertilizer giant IFFCO on the issue of Education Fund.
National Cooperative Union of India is finally getting a cheque of Rs 4.60 crore from Iffco on Tuesday. This is a contribution of Iffco towards Education Fund maintained by NCUI.
Iffco sources said Indiancooperative.com that a total of Rs 12 crore would be paid to NCUI. Payment schedules have been worked out and by March 2012, all the payments would be made.
Cooperative societies have to make a contribution of a part of their profit towards Education Fund. Since majority of cooperative in the country are running in red, there are a few only which has obligation of contributing towards this Fund.
There are many defaulters also who are not paying to the kitty with impunity. When Indiancooperative.com contacted Chief Executive Dr Dinesh on what action NCUI is planning against the defaulters, it was told that the matter have been referred to Central Registrar.
Issue of contribution to Education Fund had become bone of contention between Iffco and NCUI with former demanding judicious spending of the Fund. While releasing cheque this time again, Iffco has expressed its concern.
NCUI sources say that Education Fund Committee has members from government to safeguard the money. This time a nominee of NCDC has been entrusted with the job of signing cheques along with Chairman of the Education Fund. According to sources, the Committee is going to have two new members soon.