Western India Regional Council of
The Institute of Chartered Accountants of India

(Setup by an Act of Parliament)

June 28, 2019

CA. Ramesh Prabhu, CA. Mukul Varma

Co-operative Societies

(1) Separate Chapter XI-1A of the MCS Act, 1960 is notified for commencement from 22nd Feb, 2019 for Non Agricultural Cooperative Credit Societies.

(2) Non Agricultural Cooperative Credit Societies Regulatory Body vide circular dated 10th May, 2019 has advised to all credit societies that administrative expenses cannot exceed 2% of working capital and shall maintain cash liquidity ratio of 2% of deposits, statutory liquidity Ratio of 25% of deposits effective from 1st July, 2019. They are also required to file quarterly returns to registrar regarding CLR and SLR.

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