I would like to share a few developments which are taken place since one year in the field of co-operation.
There are anxious issues relating to souharda co-operatives and also a good news to depositors who deposit their hard earned money in credit co-operatives.
Let us look into the issue of anxious issues in respect of souhardas by income tax authorities.
In order to raise revenues, the IT Department resorted to illogical method by bifurcating souharda credit co-operatives registered under 1997 Act with that of credit co-operative societies registered under 1959 act though both the Acts are enacted by state government and the nature and functions of both are one and same, but they did not accepted the ground reality and slapped IT Notices on souharda credit co-operatives demanding to pay the tax. Even we have also received a notice by the AO of IT Department and as per the advice of our Tax Consultants we have deposited Rs.2,30,500-00 equivalent to 20% to the tax demanded and an appeal has been made to tribunal.
This issue is also pending in Supreme Court. Even our souharda federation is making all our efforts at the central government level and we are optimistic that we receive a favorable action from the central government.
Government of India had enacted an ordinance on 19-02-2019 on ‘’PROHIBITION OF UN-REGULATED DEPOSITORY ACT’’ to check the Benami Ponzi Companies / Societies indulging in collecting thousands of crores of deposits from the public and cheating them by not refunding the deposits . According to this legislation, those who evade returning of deposit will be subject to severe punishment apart from seizing the properties of the company / society directors in addition to imprisonment.
This ordinance brings cheers on the face of depositors and give relief to lakhs of depositors but also enhance the faiths and credentials of credit-cooperatives
Sri Nagareshwara Souharda Sahakari sincerely convey thanks to members / deposit holders / Associations and Temples trusts and place on record the patronage extended towards sahakari by way of deposits and availing the facilities in the sahakari. Expecting the same in the future years to come.
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23-09-2012 was a red letter day in the history of Nagartha Community because a co-operative Ltd of their own was inaugurated. On this day members who gathered were in a festive mood and they participated in the inaugural meeting as if it was their own family function. Starting of a Cooperative society or a bank was discussed by our elders regularly since 1926 and this was discussed again and again during 1926,1936,1944,1948,1956 and so on till 1975 and finally a sub-committee was formed by the elders of the community to look in to this aspect. Unfortunately the sub-committee did not finalized the report and hence starting a cooperative had become a day dream .
During the year 2012 a casual talk over a cup of coffee by like-minded group of community people where the issue of starting a cooperative erupted. Without wasting any further time serious thought was given and a 13 member team of promoters were formed to frame draft bye-laws. Enthusiastic promoters met regularly and finalized the bye-law as per co-operative department requirements. A formal application was made to the department on 20.06.2012 and received permission for share collection on 04.07.2012.
All the promoters extensively toured Bangalore urban, Bangalore Rural, Chickballapur and Kolar Districts to mobilize members and share amount. Promoters were surprised by the way the people showed their enthusiasm and interest & investment they made in shares by enrolling as members. By the grace of Sri Nagareshwara Swamy your co-operative achieved a record collection of 44 lakhs and deposited the same in B&R DCC Bank, Chamarajpet within a month against the departmental requirement of 20 lakhs and 60 days duration. A formal application was made to the department for Registration . The Registration was accorded on 30.08.2012. Thus the long cherished desire of having a credit co-operative Ltd. got fulfilled.
The Board of Directors place on record the support extended by Directors of ASVNV Sangha and various other organisations during share mobilization camp in their respective places.
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Only on New vehicles:
REQUIRMENTS
Advance policies
We provide loan for purchase of Sites, Constructions & House loan.
Requirements
Income tax returns for three years.
The Co-Operative is giving loan to the members so as to meet emergency expenses up to the Limit of Rs. 100000/- (One lakh only). The loan is advancing only on the basis two Co-Obligates. The maximum Repayable term of the loan is one year.
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