Govt to probe Cooperatives for misappropriation of funds

JAMMU: Government Thursday said it will transform Cooperative Societies into profit making venture, while it promised to launch a probe into allegation of misappropriation of society funds and action against those found guilty.
Minister of State for Cooperatives, Chring Dorjay, said in the Legislative Assembly here that all cases of embezzlement shall be “thoroughly probed” and “whoever is found involved in misappropriation of funds or misuse of official position shall be prosecuted under the law.”
He said about 2,066 Cooperative Societies have been registered under J&K Self Reliant Cooperatives Act in the state.
“But whether or not functioning of these societies was closely monitored by the department and whether aims and objectives of schemes were achieved, has not been seen yet,” he said.
He said the Cooperatives Department governs 1,673 old Cooperative Societies under J&K Cooperative Society Act 1989, which has been revamped.
“I would like to reiterate the resolve of the government to transform the Cooperatives into a socially-relevant profit initiative,” he said.
Stressing on the need to bring “transparency and accountability” in the department, he said: “The process would be carried out with sole aim to bring transparency, bring back people’s faith and confidence and rejuvenate working culture of this sector of vital importance.”
Dorjay suggested that the Cooperatives should come up with monthly and annual report cards to ensure that no pilferage takes place.
He said there are 254 branches of various cooperative banks engaged in providing loans and various activities in agriculture and alliance sectors in the state, and government will ensure to strengthen the network of cooperative banks in the state.
He also laid focus on JAKFED and will be revamped to provide better fertiliser and LPG services to the people in the state.
He also said that the cooperative housing society would be further strengthened to provide affordable housing facilities to the people in the state. With PTI inputs