Mangaluru: District Minister appeals to keep co-op sector out of I-T ambit

Mangaluru: District Minister appeals to keep co-op sector out of I-T ambit

Mangalore Today News Network

Mangaluru, May 1, 2015:  Speaking at the inauguration of ’Uthkrustha Sahakari Soudha’, centenary building of  SCDCC - South Canara District Central Cooperative Bank at Kodialbail on April 30, Thursday,  Minister for Cooperation H S Mahadev Prasad appealed  the Centre to shelve plans to bring the cooperative sector under income tax.  He stressed that if income tax is applied to cooperative societies, it would adversely effect shareholders and requested the Centre not to bring DCC banks within the ambit of income tax.

 

 

 

He meanwhile requested NABARD  to maintain 50 per cent credit structure for Apex banks. The credit structure has been reduced to 40 per cent from 50 per cent, which has added burden, he said.  Mahadev Prasad said as introduced in the State budget, BPL families will be brought under the ambit of cooperative sector by introducing one member from each BPL family as shareholder in a cooperative bank. Steps will be taken to introduce Rupay cards in all DCC banks.  Mahadev Prasad went on to say Yashaswini programme will be extended to urban areas to cover as many as 33 lakh cooperative society members.

The minister also said that a Sahakari Soudha will be built in Bengaluru, in the name of cooperative movement pioneer Siddanagowda Sanganagowda Patil.

NABARD Chairman Harshakumar Bhanwala told the bank to make an initiative towards catering to the needs of home and sanitation facilities in villages.

SCDCC Bank President M N Rajendra Kumar announced the contribution of Rs 10 lakh for the relief fund towards Nepal earthquake victims. All SCDCC Bank employees will give a day’s salary. The administrative committee members and Navodaya group members have contributed a total of Rs five lakh, Rajendra Kumar said.  DK District in-charge Minister B Ramanath Rai presided. A souvenir was released on the occasion.