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Monday, May 11, 2020

#Top - Features and Advantages of Cooperative Society in 2020

Features of Cooperative Societies

i. It is a voluntary organization. Members can remain in the membership for as long as they want and can withdraw their membership whenever they want.

ii. There is no limit to membership. Generally, the value of the numerator is from 1 to 10 rupees. In this way, the value of the fraction can become more members, because even the poor can accumulate this amount.

iii. Its administrative board is elected on the basis of democratic equality. Each member has the right to one vote, irrespective of its share. The members' meeting is called to decide the main policies and the responsibility of implementing them is on the management committee. The committee can also get its registration done. These are registered with the Registrar of Cooperative Societies. The advantage of a registered committee is that it gets facilities from the government, such as income tax (Income Tax) and exemption from stamp duty, loan facility, etc.

Advantages of a co-operative society

i. This product sells cheap because there is no cost to advertise it.

ii. The cost of keeping accounts etc. and management is minimal as members work on their own unpaid.

iii. It provides a good salary and position to its employees.

iv. Because it is for community service, so it does not have much profit, evils like black marketing and hoarding.

v. In this, procurement is done directly from the producers, hence the profit of middlemen is reduced.

vi. It is appropriate to improve the problems of Indian farmers so that they can get facilities for storage loans etc.

vii. In this, the share of profit is distributed equally at a fixed rate and the rest is put into social development works.

viii. Benefits of the general public.

ix. It is possible to take more amounts in the form of a loan from the government.

x. It generates a feeling of cooperation and cooperation among the members.

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