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PROJECT REPORT ON
ASHIRVAD CO-OPERATIVE SOCIETY
MASTERS OF COMMERCE DEGREE
SEMESTER- II
ACADEMIC YEAR:2015-16
SUBMITTED BY
MISS. AARTI YADAV
ROLL NO: 43
PROJECT REPORT ON
ASHIRVAD CO-OPERATIVE SOCIETY
MASTERS OF COMMERCE DEGREE
SEMESTER- II
ACADEMIC YEAR:2015-16
SUBMITTED BY
IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF MASTER
DEGREE OF COMMERCE
MISS. AARTI YADAV
ROLL NO: 43
CERTIFICATE
This is to certify that the project report on ASHIRVAD CO-OPERATIVE SOCIETY is
bonafide record of project worked done by MISS. AARTI YADAV submitted in partual
fulfillment of the requirement of the award of the Master of Commerce Degree University of
Mumbai during the period of his/her study in the academic year 2014-15
INTERNAL EXAMINER:
EXTERNAL EXAMINER:
Principal
Mrs. Rina Saha
DECLARATION
I hereby declare that this Project Report entitled ASHIRVAD CO-OPERATIVE SOCIETY
submitted by me for the the award of Masters Of Commerce Degree; University of Mumbai is a
record of Project work done by me during the year 2015-16. This is entirely my own work.
Signature
ACKNOWLEDGEMENT
I owe a great many thanks to great many people who helped and supported me doing the
writing of this book.
My deepest thanks to lecturer, Prof. RAJIV MISHRA of the project for guiding and
correcting various documents of mine with attention and care. She/ he has taken pains to go
through my project and make necessary corrections as and when needed.
I extend my thanks to the principal of NES Ratnam College of Arts Science and
Commerce, Bhandup (w), for extending her support.
My deep sense of gratitude to Principal Mrs. Rina Saha of NES Ratnam College of Art,
Science and Commerce for support and guidance. Thanks and appreciation to the helpful people
at NES Ratnam College of Arts, Science and Commerce , for their support.
I would also thank my institution and faculty members without whom this project would
have been a distant reality. I also extend my heartfelt thanks to my family and well-wishers.
Candidate Name:
AARTI YADAV
INDEX
Chapters Topics
Page No
Chapter 1
7-19
20-29
30
30
31-35
36
37-39
40-41
42
43
Co-operative Society
Meaning:
Co-operation means working together to accomplish the common goal
through cooperative principles.
Co-operation is much older than the mankind. Formation of social groups in
outcome of reflective co-operation, while the life of the ants, bees, wincer, etc,
provides the best examples of initiative co-operation, Right from the hunting age
up to the present ager the progress and development of human being in all spheres,
social, economics, religions and political is marked by a sense of thinking working
together. In India throughout the ages of people and the communities worked
together on an informal co-operate basis with regard to their religions, social,
economic and cultural life.
The word Co-operation is derived from the Latin word Co-operari mean
to to work. In other words co-operation means to work together to achieve
common purpose. Co-operation promoter voluntarily association of individual
having common needs to combine towards the achievements of common economic
needs. If is recognized as a sector of business enterprise quite distinct from public
sector or private sector.
Definition of co-operation
A cooperative society is essentially an association of person who join together on
a voluntary basis for the furtherance of their common economic interests.
According to C.R. Fay: From socio-economic point of view describes Cooperation is an association for the purpose of joint trading, organizing, among the
weak and conducts always in an unselfish spirit, on such term that all who are
prepared to assume the duties of members proposition to the degree in which they
make use of their association.
According to Mr. Talmaki, he defined it as An association of the weak, who
gather together for common economic need and try to, if themselves and others out
of weakness into strength through business organization conducted for the common
benefit of all who join it.
The Indian Cooperative Societies Act, 1912 - Section 4 of this Act defines
cooperatives "as a society which has its objectives the promotion of
economic interest, its members in accordance with cooperative principles."
Cooperative Society is that society which has been registered under the
Cooperative Societies Act, 1912, or under any other law for the time being in
force in any state registration of cooperative society."
1. Voluntary association:
Everybody having a common interest is free to join cooperative society.
There is no restriction on the basis of caste, creed, religion, color, etc.
Anybody can also leave it at any time after giving due notice to the society.
That is specialty of any cooperative society. There should be minimum of 10
members to for cooperative society but there is no maximum limit for the
membership.
2. Separate legal entity:
A cooperative society after registration is recognized as separate legal entity
by law. It acquires an identity quite distinct and independent of its member
can purchase, dispose its own assets, can sue and also can be sued. The
income of cooperative society is legally taxable as per the Income Tax Act,
1961.
3. Democratic management:
Equalities are the essence of cooperative enterprises, governed by democratic
principles. Every member has got equal right over the function management
of that society. As such each member has only single voting right irrespective
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10
-To enhance and encourage the cultural heritage of Northwest Cameroon through
quality craft production
-To improve the living standards of craftsmen by pooling their resources.
-To facilitate the collection and marketing of crafts through cooperative efforts.
-To promote the exportation of Cameroonian crafts.
-To seek funding and technical assistance from donors.
-To provide lucrative employment to school graduates.
-To fight against child labor.
-To promote gender equality in our society.
Objects
(a) To purchase the raw materials and other factors at most economical
prices.
(b) To produce the goods at the most economical level.
(c) To supervise the production most efficiently and effectively.
(d) To dispose of the surplus production to non members at maximum prices.
(e) To eliminate the middlemen and capitalists.
2. Consumer Cooperative Societies
The society is the voluntary association of ordinary people formed with the object
of obtaining daily requirements of the members. It directly purchases the goods at
large scale from the producer or wholesalers at whole sale price. Anyone can
become member by purchasing one share of the society. Sometimes goods are also
supplied to non-members but they do not share in the profit of the society. Profit
earned by the store is distributed among the members according to the value of the
purchases conducted by the manager who is elected by the members. Generally its
two types are popular in the world.
(a) Retail cooperative store.
(b) Wholesale cooperative store.
Objects
1. To eliminate the retailers, capitalists and wholesalers.
2. To promote the welfare of the members.
3. To supply the daily necessities of life to its members at market price.
4. To increase the purchasing power an standard of living of the members of
the society.
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Principles of Co-operatives
16
I. Voluntary Membership:
Everyone is at liberty to enter or leave the co-operative society as and when he
likes. Nobody is compelled to join a co-operative society. The members are also
free to use or not to use the services of the society. Though there is no limit on the
membership of the societies, sometimes certain limits are imposed to keep the
society as a workable group.
V. Service Motive:
The primary objective of co-operative societies is to provide service to their
members. The aim is not to earn profits as is the case in all other forms of
organizations. The service of members is the fundamental object of co-operative
societies. The societies earn a small amount of profit to cover up administrative
expenses. The profit is generally earned when goods are sold to non-members.
18
produces small business houses so also small farmers for their agricultural
products.
5. Democratic management:
The cooperative society is managed by the elected members from and among
themselves. Every member has equal rights through its single vote but can take
active part in' the formulation of the policies of the society. Thus all members are
equally important for the society.
1. Limited resources:
Cooperative societys financial strength depends on the cap contributed by its
members and loan raising capacity from state cooperative banks. The membership
fee is limited for which they are unable to raise large amount of resources as their
members belong to the lower and middle class. Thus, cooperative are not suitable
for the large scale business which require huge capital.
2. Inefficient management:
A cooperative society is managed by the members only. They do not possess any
managerial and special skills. This is considered as major drawback of this sector.
Inefficiency of management may not bring success to the societies.
20
3. Lack of secrecy:
The cooperative society does not maintain any secrecy in business because the
affairs of the society are openly discussed in the meetings. But secrecy is very
important for the success of a business organization. This paved the way for
competitors to compete in better manner.
4. Cash trading:
The cooperative societies sell their products to outsiders only in cash. But, they are
usually from the poor sections. These persons require availing credit facilities
which are not possible in the case of cooperatives. Hence, marketing is a
shortcoming for the cooperatives.
Register of Societies
2. The Registrar shall keep or cause to be kept at his office a register to be called
the "Register of Societies" wherein shall be entered particulars relating to the
registration of societies and their by-laws.
3. All original entries in the Register of Societies shall be made by, or under the
direction of, the Registrar and shall be signed by him.
21
Second Schedule
8. Upon the registration of a society the Registrar shall forward to the society, free
of charge(a) a certificate of registration in the form set out in the Second Schedule to these
Rules;
(b) a copy of the by-laws of the society as approved by him and certified under his
hand as having been approved by him;
(c) a copy of the Act and of the Rules in English.
9. When the Registrar refuses to register a society or its by-laws he shall record in
writing his reasons for so doing.
Register of members and books and accounts
22
10. Every registered society shall keep a register to be called the "Register of
Members" wherein shall be entered(a) the name, address and occupation of each member and a statement of the
shares, if any, held by him;
(b) the date on which each members name was entered in the register;
(c) the date on which any member ceased to be a member; and
(d) the nominee, if any, appointed under rule 19.
11. Every registered society shall keep such accounts and records and shall use
such books as may from time to time be prescribed by the Registrar.
Membership
12. The election and admission of members to a registered society, other than
original members, shall be in such manner and on such conditions as the by-laws
shall prescribe.
13. A member may withdraw from a registered society by giving written notice to
the Secretary, but such withdrawal shall be without prejudice to section 25 (1) of
the Act.
14. If a member acts in contravention of the rules or by-laws or acts in any way
detrimental to the interests of the registered society, such member may be expelled
by a vote of two-thirds of the members present at a general meeting upon a charge
communicated to him in writing by the committee not less than one week before
the meeting. Such expulsion shall, however, be without prejudice to section 25(1)
of the Act.
15. Any member who loses any of the qualifications for membership prescribed by
the Act or the rules or the by-laws shall cease to be a member of the registered
society, and the committee shall cause his name to be struck off the Register of
Members without prejudice to any liabilities of such person under section 25(1) of
the Act.
16. In the case of any registered society of limited liability holding deposits or
loans from non-members, no member withdrawing, removed or expelled therefrom
shall be entitled to a repayment of any money paid by him towards the purchase of
shares.
23
17. No registered society shall fix any limit to the number of its members.
Non-members
18. The Registrar shall have power to prohibit or restrict transactions of any society
with non-members when it is proved to his satisfaction that such transactions are
opposed to co-operative principles or involve the abuse of any of the privileges
accorded to societies or involve an evasion of income tax or a breach of any rules
or orders of Government.
Division of profits
19.-(1) No registered society shall pay a dividend on share capital exceeding five
per centum per annum on the capital actually paid up.
(2) A bonus based on wages or on the value of the products of a member, or a
bonus or rebate on patronage calculated in proportion to the amount of business
done by each member with the registered society, may be distributed every year
after the accounts have been audited to the members from surplus funds after the
deduction of all expenditure and after making provision for bad and doubtful debts
and making allocation to the reserve fund.
(3) The Registrar or an Assistant Registrar may prohibit a society from making a
loan to any person or paying a bonus or distributing any part of its accumulated
funds without an authorisation in writing by the Registrar or Assistant Registrar.
This power may not be delegated by the Registrar or Assistant Registrar.
Maximum liability
20.-(1) Every registered society shall, from time to time, fix at a general meeting
the maximum liability it may incur in loans or deposits whether from members or
non-members.
(2) The maximum so fixed shall be subject to the sanction of the Registrar, who
may at any time reduce it. No registered society shall receive loans or deposits
which will make its liability exceed the limit sanctioned by the Registrar.
General Meeting
24
21. The supreme authority in a registered society shall be vested in the general
meeting of members at which every member has a right to attend and vote on all
questions. Subject to the provisions of sections 22 and 23 of the Act, each member
shall have one vote only which shall be exercised in person and not by proxy.
22. The first general meeting of members shall have the same powers as are given
to the annual general meeting, and shall be held immediately or not later than one
month after the receipt of the certificate of registration of the society.
Annual general Meeting
23. The annual general meeting of members shall be convened by the committee
not later than one month after the report on the audit of the accounts of the
registered society by the Registrar or person authorised by him is received by the
committee. At least eight days notice shall be given before any such general
meeting is held:
Provided that the Registrar may at any time after the audit of the accounts has been
completed convene the annual general meeting which shall proceed as if it had
been convened by the committee.
24. The functions of the annual general meeting shall be(a) to confirm the minutes of the previous annual meeting and of any intervening
special general meeting;
(b) to consider the reports of the committee and the balance sheet together with the
report on the audit of the accounts of the registered society for the previous year as
prepared by the Registrar or the person authorised by him;
(c) to approve the accounts, or, if the accounts are not approved, to cause the
secretary to notify the Registrar who shall consider the matter and make his
decision thereon, and such decision as to the correctness of the accounts shall be
final and conclusive;
(d) to hear and decide upon any complaints brought by members aggrieved by a
decision of the committee:
Provided that notice of such complaints to be brought before the meeting has been
given to the secretary at least two days prior to the meeting;
(e) to elect the committee; and
25
Election of Committee
31.-(1) The committee shall be elected at the annual general meeting.
(2) The committee shall consist of such number of members as the by-laws may
prescribe and the quorum shall be as prescribed in the by-laws.
(3) Members of the committee shall hold office until the election of a new
committee and shall be eligible for re-election:
Provided that any member may be removed by a majority of three-quarters of the
members present and voting at a special general meeting who shall proceed at the
same meeting to the election of a new member who shall hold office until the
election of the new committee.
(4) Any vacancies on the committees shall be filled by cooption by the remaining
members of the committee.
(5) The committee shall elect its own chairman who shall have an ordinary vote,
and on an equality of votes, a casting vote. In the temporary absence of the
Chairman the committee shall elect one of its members to perform his duties.
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FIRST SCHEDULE
(Rule 6(1))
APPLICATION FOR REGISTRATION OF A SOCIETY
Made under the Co-operative Societies Act
To the Registrar of Co-operative Societies,
Solomon Islands
1.Application to register a society of liability is hereby made by the ten persons/registered
societies whose names are subscribed below.
2. The name of the society is.............................................................................as set forth in bylaw No............................of the by-laws of the society.
3. At a meeting of the society held at ........................................................on the...........day
of..........................19,............................. it was resolved to apply for registration as a society
under the Act.
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2.
5.
8.
3.
6.
9.
SECOND SCHEDULE
(Rule 8(a))
CERTIFICATION OF REGISTRATION
I hereby certify that I have this day registered the....................................................
as a co-operative society with.................................................................liability under the above
name with its address at..............................................in accordance with section 7 of the Cooperative Societies Act.
Dated this..................day of......................, 19................
Registrar of Co-operative Societies
THIRD SCHEDULE
(Rule 50(3))
CERTIFICATE ACCOMPANYING AMENDMENT TO A SOCIETY'S BYLAWS
30
ASHIRVAD
CREDIT
SOCIETY LIMITED
CO-OPERATIVE
INTRODUCTION
Ashirvad Credit Co-Operative Society financial institution formed under the laws,
which do banking business among its members. Co-operative Society is registered
under the 2001 Act, regulated by the government with its registration
751/LA.A./2011,
fully
ahead
to
Government
of
Rajasthan.
31
FUNCTIONS
Ashirvad Credit Co-Operative Society is run by the Board of Governors and the
task of planning and policy formulation lies in the authority of the Board of
Governors. Society and its various deposit schemes by the common man's
endeavor for economic development.
SCHEMES
Ashirvad Credit Co-Operative Society is driven various types of plans in terms of
deposits like
Fixed Deposit (F.D.)
Recurring Deposit (R.D.)
Monthly Income Plan
Ashirvad Silver Plan
Ashirvad Diamond Plan
Daily plan
USE OF DEPOSITS OF ASHIRVAD CREDIT CO-OPERATIVE SOCIETY
Ashirvad Credit Co-Operative Society funds received as deposits at the lender
uses. Ashirvad Credit Co-Operative Society members are among the banking
business.
SECURITY OF THE DEPOSITS
The government has set up law for the Security of the deposit in Ashirvad Credit
32
Co-Operative Society to which the cradle is legally necessary. Ashirvad Credit CoOperative Society Ltd. is fully complied with capital adequacy norms set by the
government. Society is fully comply by the Reserve Bank of India's KYC policies.
BENEFITS TO THE DEPOSITER (INVESTOR)
According to current tax law, interest earned on deposits currently not cut T.D.S.
Premature paid on deposits and loans are available as per rules.
INVESTMENT
Any adult person in society, Hindu undivided family, company, partnership firm,
trust, institution, etc. is a member of the Ashirvad credit Co-Operative Society Ltd.,
can invest in the deposit schemes.
MEMBERSHIP
To become a member of Ashirvad credit Co-Operative Society by paying the
amount of Rs 10 membership fee and Rs 100 can be applied for membership in the
firm.
When you become a member of ASHIRVAD Credit Co-operative Society, you
have right to participate in the management process of the organization through the
A.G.M. You can otherwise also post your suggestion for improving the functioning
of the society. We understand each other so well that we have spontaneously
33
SAVING ACCOUNT
Ashirvad saving account
Minimum Deposit Amount Rs. 200
Maximum Interest Rate 7%.
LOAN SCHEMES
34
DETAILS OF INSTALLMENTS
Period Of Six Months
LOAN AMOUNT
DAILY
INSTALLMENT
INSTALLMENT
WITH INTEREST
WITH INTEREST
10,000
120
10,000
65
20,000
240
20,000
130
30,000
360
30,000
195
40,000
480
40,000
260
50,000
600
50,000
325
35
60,000
720
60,000
390
DEPOSIT SCHEMES
Fixed deposit scheme
Term deposit pre-pay a deposit of 1,000 rupees on the table
Time Period
Prepayment
Loan
3 months
3 to 6 months
6 to 9 months
9 to 12 months
12 to 15 months
15 to 18 months
18 to 21 months
21 to 24 months
24 to 27 months
27 to 30 months
30 to 33 months
33 to 36 months
36 to 39 months
39 to 42 months
Not available
Not available
Not available
Not available
1050/1060/1070/1080/1090/1100/1150/1190/1210/1280/-
700/725/750/800/840/850/860/865/875/880/925/1000/1025/1090/-
Ashirvad credit society has the right to change the interest rates from time to time.
Interest rate
7.00%
8.00%
9.00%
Special interest
8.00%
9.00%
10.00%
36
1 Year
2 Year
3 Year
4 Year
5 Year
11%
11.50%
12%
12.50%
12.50%
12%
12.50%
13%
13.50%
13.50%
RECURRING DEPOSIT
New Year Special Deposit Scheme 13%
Principal
Period
Interest rate
Payable amt.
Amount
5000
5000
5000
5920
6080
6410
17 Month
20 Month
26 Month
920
1080
1410
37
LAKHPATI YOJANA
11 percent interest on deposits
No Payment till 36 months
36 months to 54 months 7% interest
54 months later and 72 months before the 11% interest
ASHIRVAD SCHEMES
ASHIRVAD LAXMI BEETIYAN VIVHA PLAN
Amount x Month
250 x 180
500 x 180
750 x 180
1000 x 180
Principal Amount
45000
90000
135000
180000
Payable Amount
129750.00
259500.00
389250.00
519000.00
Principal Amount
Payable Amount
38
250 x 120
500 x 120
750 x 120
1000 x 120
30000
60000
90000
120000
59250.00
118500.00
178000.00
237000.00
Principal Amount
60000
240000
240000
240000
Payable Amount
260000.00
520000.00
780000.00
104000.00
b)
b)
c)
40
12.50 96
%
104
Quarterly
Income
Gener Speci
al
al
250
275
500
550
1000 1100
262
287
525
575
1050 1150
288
313
575
625
1150 1250
41
b)
c)
CONCLUSION
A cooperative society is essentially an association of person who join together on
a voluntary basis for the furtherance of their common economic interests. It is a
form of business where individuals belonging to the same class join their hands for
42
the promotion of their common goals. These are generally formed by the poor
people or weaker section people in the society
No, a doubt, ashirvad credit co-operative society ltd., is working in the right
direction. It cannot be ignored, since its establishment it is striving hard for
improving the economic conditions of the members.
At the same time it is servicing its members in various ways i.e., advancing loans
as and when needed at cheaper rate of interest, collects deposits from their savings,
work for welfare of members etc.
Loan distribution and collection system is also good and majority of the members
were satisfied. Loan is allotted without discrimination members are satisfied with
the working of the society.
It is necessarily that society should always orient its activities towards welfare of
members. It is well-known fact that the main objective of the society is EACH
FOR ALL AND ALL FOR EACH. Therefore, it is necessary that society should
always aim at continuous development or adoption, which will be more helpful to
the members of its services.
BIBLIOGRAPHY
http://www.afcd.gov.hk/english/agriculture/agr_sim/agr_sim.html
https://www.google.co.in/?
gfe_rd=cr&ei=FYAFVbLqCsfV8ge_9oDQAQ#q=cooperative+society
https://www.scribd.com/doc/30423298/project-report-on-credit-flow-in-co-operative-society
https://www.scribd.com/doc/43924761/A-Projct-Report-on-Cooperative-Society
http://www.ncui.coop/pdf/success-story7.pdf
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https://www.maharashtra.gov.in/site/Upload/Acts%20Rules/Marathi/1.Maharashtra_Cooperative_Societies_Act_1960%20%28XXIV%20of%201961%29.pdf
http://delhi.gov.in/wps/wcm/connect/doit_rcs/RCS/Home/Forms+and+Affidavits/
http://www.wirc-icai.org/material/registration%20of%20societies.pdf
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