What is the National level multistate cooperative export society?

Why in News?

• The Union Cabinet, recently approved the setting up of a National Level multistate cooperative export society under the Multi State Cooperative Societies (MSCS) Act, 2002.

About National Level multistate cooperative export society:

• This will be the largest of the three proposed national cooperative societies to be established under the Multi State Cooperative Societies (MSCS) Act, 2002. Other being National multi-state cooperative organic society; and national level multi-state seed cooperative.
• It will act as an umbrella organization for export of surplus goods/services produced by various cooperative societies across the country.
• It will also help cooperatives in getting benefits of various export related schemes and policies.
• The society will have an authorized share capital of ₹2,000 crore with the area of operation all over the country. 
• It will have its registered office in Delhi.
• It will open foreign bank accounts and complete all the formalities, including necessary permissions for exporting a product.
• Dividends will be shared with the manufacturer instantly and without any brokerage fee.

 

---

Q1) What is the Multi State Cooperative Societies (MSCS) Act, 2002?

It is an Act to consolidate and amend the law relating to co-operative societies, with objects not confined to one State and serving the interests of members in more than one State, to facilitate the voluntary formation and democratic functioning of co-operatives . 

Source: National Export Co-operative Society to export farm, non-farming products in three months