Bill redefines co-operative development to include direct loans and grants

This Bill amends the National Co-operative Development Corporation Act, 1962, to broaden the Corporation's mandate from working only through co-operative societies to supporting 'co-operative development' generally. It allows the Corporation to provide direct loans and grants to entities engaged in co-operative development and to participate in their share capital, aiming to remove procedural delays and expand financial support for the sector.

The National Co-operative Development Corporation (NCDC), co-operative societies, and any entity engaged in co-operative development (including statutory bodies, State Government agencies, and specialized entities).

• Redefines 'co-operative development' to include planning, promoting, and financing programs directly or through intermediaries.
• Expands the definition of 'foodstuffs' to include processed food, other edible products, and any other food items notified by the Central Government.
• Removes the geographical restriction on 'industrial goods,' allowing assistance for such activities irrespective of location (rural or otherwise).
• Allows the Corporation to provide loans and grants directly to co-operative societies or entities engaged in co-operative development, subject to security requirements.
• Permits the Corporation to participate in the share capital of co-operative societies or development entities with Central Government approval.
• Inserts a new section granting the Corporation incidental powers necessary for its functions.
• Inserts a new section allowing the Corporation to collect and furnish credit information to the Central Government, Reserve Bank, or notified financial institutions.
• Updates references from the Multi-State Co-operative Societies Act, 1984, to the Multi-State Co-operative Societies Act, 2002.
• Omits obsolete provisions, including Section 2A (regarding Jammu and Kashmir) and references to Central financing institutions in the General Council composition.

Written from the document by AI, and checked against it. The original below is authoritative.

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