news details |
|
|
| Cooperative Societies lose central assistance worth 4.19 Cr | | | Peerzada Ummer
Early Times Report
Srinagar, Oct 16: The Jammu and Kashmir government is yet to initiate any action into the dismal performance of cooperative societies in the state during Omar government that resulted into squandering central assistance of rupees 4.19 cr and the non-achievement of the intended objectives.
The official documents in possession of the Early Times reveal that in the Month of April, 2008, the Jammu and Kashmir government signed a memorandum of Understanding with the National Bank for Agriculture and Rural Development (NABARD) and the government of India regarding the implementation of revival package for re-capitalization of the short term credit cooperative institutions, which had huge accumulated losses and as a result suffered erosion of their capital/net-worth, under the Vaidyanthan committee report (VNCR) which was at that time launched by the ministry of finance, government of India.
The document reads further that as a result of the special audit conducted during the financial year of 2008-09 by NABARD, 110 societies including the Primary Agriculture Credit Societies (PACS), Central Cooperative Banks (CCBs) and state cooperative societies were found confirming to the eligibility criteria and the total erosion of the net worth of these societies was worked out to 7.09 crore rupees. In accordance with the parameters fixed by the GOI, the assistance payable under the package was to be shared between the GOI, state government and the cooperative society on the basis of loss/ existing commitments and the amount to be shared by each worked out to rupees 4.19 crores, 92.75 lakh and 1.98 crores respectively.
Reports informed that the implementation of the package on ground was to be completed within 2009 to 2012 and the state government here was supposed to release its due share in advance and fulfil certain benchmark activities before claiming the central assistance. It included the amending of cooperative societies act and bye-laws of the primary agriculture cooperative societies, conducting elections of banks and PACs, fulfilment of fit and proper criteria by the CEOs of banks stipulated by the RBI, appointment of the professional CEOs.
Ironically, the department failed to fulfil its requisite benchmark activities, resulting in the deprival of the GOI assistance of 4.19 crore rupees and non- achievement of the intended objectives.
It was further found that out of 1.92 crore rupees released during the period of 2009 to 2012 by the state government to the different district central cooperative banks, 1.28 crores were released in 2009-10 to the Jammu central cooperative bank. But the details found that even after five years, an amount of rupees 18.35 lakh rupees remained unspent out of the total amount given to Jammu central cooperative bank. Further there were no details of the credit of the balance of rupees 1.10 crores available. |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
|
|
STOCK UPDATE |
|
|
 |
| BSE
Sensex |
 |
| NSE
Nifty |
|
|
| |
CRICKET UPDATE |
|
|
|
|
| |
| |
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
