Home Audit & Assurance Govt. of Punjab orders Audit of 19000 Cooperative Societies across State

Govt. of Punjab orders Audit of 19000 Cooperative Societies across State

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Govt. of Punjab orders Audit of 19000 Cooperative Societies across State

Govt. of Punjab orders Audit of 19000 Cooperative Societies throughout State

The Authorities of Punjab has requested that the Registrar of Cooperative Societies conduct an audit of all of the funds and belongings of the state’s 19,000 cooperative societies.

The Particular Chief Secretary, Cooperatives, issued the order, requesting fast compliance from the division.

Following this, Registrar Vimal Kumar Setia met with the division’s Chief Auditor at this time to plot a technique for finishing the audit of all societies.

It’s discovered that the choice to audit all societies was made when it was found that previously, solely 65% of cooperative societies have been audited, which jumped to 93% final yr.

There have additionally been claims that a few of these organizations are making loans to non-members with out the Registrar’s consent. There have additionally been situations of members failing to return time period loans on time. These are the explanation why almost half of all civilizations are dropping cash. Part 17 of the Cooperatives Societies Act requires the Registrar to have the societies audited at the very least annually.

Setia, then again, said that each one societies have been audited frequently. “Even now, now we have accomplished audit of 98 p.c societies, and the remaining societies might be accomplished quickly,” he added, including that the societies are audited cyclically.

Every of those societies is alleged to have a capital starting from Rs. 2 lakh to Rs. 10 lakh. Crop loans are given to members twice a yr, for the Rabi and Kharif crops. Members of cooperative societies wish to get hold of loans from them since they’re usually hassle-free (compared to banks and different monetary organizations), and so they additionally obtain a 3% curiosity subsidy. The mortgage from the societies contains each money and agricultural supplies similar to urea and DAP.

Other than that, cooperative associations supply fertilizer to farmers. Additionally they maintain a substantial variety of heavy agricultural instruments, which they mortgage to members. Many organizations had simply purchased stubble administration units, rotavators, and balers, amongst different gadgets, to be used by all members collectively. It has been discovered that the audit of those machines, in addition to the cooperative societies’ buying and selling operations, might be carried out.

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