Current Affairs · Multi-State Cooperative Societies Act

Multi-State Cooperative Societies play a significant role in the Indian agricultural landscape by bridging the gap between national-level policies and grassroots implementation. These societies are governed by the Multi-State Cooperative Societies Act, 2002. Statement I: A Multi-State Cooperative Society can operate in more than one state, and its registration can be cancelled by the Central Registrar if it fails to commence business within six months of registration or ceases to function for one year. Statement II: These societies are exempt from the supervision of the Reserve Bank of India even if they are engaged in banking activities. Statement III: The 97th Constitutional Amendment Act provided constitutional status and protection to cooperative societies, including the right to form cooperatives as a fundamental right under Article 19(1)(c). Statement IV: Multi-state cooperatives are prohibited from accepting deposits from the general public and can only mobilize funds from their registered members. Statement V: Under recent amendments, the Central Government can appoint one or more directors to the board of a multi-state cooperative society if it has provided any share capital or financial assistance to the society. Which statements are correct?