National Executive Committee Resolution: Appreciation of efforts made by PM Narendra Modi ji and FM Nirmala Sitharaman ji

Resolution No 1 of the Executive Committee Meeting dated 27th and 28th February 2021 held at NCUI, Delhi.

Sub: Appreciation of efforts made by the Hon’ble Prime Minister, Shri Narendra Modi ji and Union Finance Minister, Hon’ble Nirmala Sitharaman ji for their encouraging steps for the Co-op Sector.

National Executive Committee of Sahakar Bharati resolves to extend heartfelt gratitude and appreciates Hon PM Shri Narendra Modi ji & Union Finance Minister, Smt Nirmala Sitharaman ji for their supportive steps to boost and encourage the Coop Sector.

“It is resolved that,

  1. Increase in Deposit Insurance Coverage from Rs 1 Lakh to Rs 5 Lakhs.
  2. Reduction of Income Tax rates for Coops from 30% to 22% U/S 115 BAD of the IT Act.
  3. Amendments in the Banking Resolution Act to strengthen the UCBS Sector.
  4. Application of EASE OF DOING BUSINESS NORMS to Multi-State Coop Societies sector and decided to set up separate administrative machinery for Coop Sector to extend handholding support.
  5. The decision to organise suitable machinery for Coops to raise the capital by way of issuing Shares/Bonds/Debentures.
  6. It has been assured to have access to bank depositors wherein restrictions are imposed by RBI to DICGC Funds to extent sum assured.

Proposed by Dr Uday Joshi

Seconded by: Adv Sunil Gupta

The resolution passed unanimously.

Dr Uday Joshi Ntl General Secretary