Section 63C of The Multi-State Co-operative Societies Act, 2002
1[63C. Financial assistance to multi-State co-operative societies for development.--(1) The Central Government may, on an application made by a multi-State co-operative society which has contributed to the Fund for continuous five preceding financial years, grant such financial assistance as it may consider appropriate to the society out of the Fund for infrastructural requirement: Provided that at least fifty per cent. of the total requirement shall be borne by the multi-State co-operative society and the financial assistance from the Fund shall not exceed more than the fifty per cent. of such requirement.
- (2)The Committee constituted under sub-section (2) of section 63A shall examine and recommend to the Central Government for providing the financial assistance to the multi-State co-operative society to such extent and on such terms and conditions as it may consider necessary.]
Summary
- Multi-state co-operative societies can apply to receive financial help from the central development fund for their infrastructure needs.
- To be eligible for this financial help, a society must have contributed to the fund for at least five consecutive preceding financial years.
- The financial assistance granted out of the fund is capped and cannot exceed fifty per cent of the total infrastructure requirement.
- The co-operative society itself must bear at least fifty per cent of the total cost of its infrastructure project.
- The special Committee set up to manage the fund must first examine and recommend each application to the Central Government.
Practical examples
FAQ
1. Who is eligible to apply for financial assistance under Section 63C of the Multi-State Co-operative Societies Act, 2002?
Under Section 63C of the Multi-State Co-operative Societies Act, 2002, only a multi-state co-operative society that has contributed to the development fund for five consecutive preceding financial years is eligible to apply.
2. What is the maximum percentage of financial assistance that a society can receive under Section 63C of the Multi-State Co-operative Societies Act, 2002?
Under Section 63C of the Multi-State Co-operative Societies Act, 2002, the financial assistance from the fund cannot exceed fifty per cent of the total infrastructure requirement.
3. How much must a society contribute of its own funds for an infrastructure project under Section 63C of the Multi-State Co-operative Societies Act, 2002?
Under Section 63C of the Multi-State Co-operative Societies Act, 2002, a society must bear at least fifty per cent of the total cost of its infrastructure project.
4. Who reviews the applications for financial assistance before the Central Government grants them under Section 63C of the Multi-State Co-operative Societies Act, 2002?
The Committee established to administer the fund under Section 63A must examine and recommend the applications to the Central Government under Section 63C of the Multi-State Co-operative Societies Act, 2002.
Test yourself
Q1.Under Section 63C of the Multi-State Co-operative Societies Act, 2002, what is the minimum number of consecutive preceding financial years a society must have contributed to the Fund to be eligible for financial assistance?
Q2.Under Section 63C of the Multi-State Co-operative Societies Act, 2002, what is the maximum portion of an infrastructure project's cost that can be funded by the Central Government?
Q3.Under Section 63A and Section 63C of the Multi-State Co-operative Societies Act, 2002, what is the maximum portion of an infrastructure project's total cost that can be granted from the development Fund to an eligible contributing society?
Q4.Under Section 63C of the Multi-State Co-operative Societies Act, 2002, what is the role of the Committee constituted under Section 63A of the Act?