What is the National level multistate cooperative export society?

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What is the National level multistate cooperative export society? Blog Image

Overview:

Nano fertilizers produced by Indian Farmers Fertiliser Cooperative Limited (IFFCO) and dairy products from Amul will be among the first few products that are expected to be exported by the first-ever National Export Co-operative Society that was approved by the Union Cabinet recently.

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