JAMMU: The State Administrative Council (SAC) headed by Governor, Satya Pal Malik approved the Jammu and Kashmir Self-Reliant Cooperative Bill, 2018.
The Bill seeks to regulate the activities of the Self-Reliant Cooperatives and protect the interests of the members/depositors.
Also, it has been noticed that some societies indulge in banking activities without the permission of regulatory authority and have duped the depositors/members of their hard-earned money worth crores.
There is no provision in the Jammu and Kashmir Self-Reliant Cooperative Act, 1999 under which the Registrar can cancel the registration of the society which exists for illegal purpose, taking undue advantage of deposits or continues business beyond the purview of law.
New sections are being inserted to not only simplify the procedures but also provide aid to attain the objectives of Self-Reliant Cooperatives without any encumbrances.