PANJIM: The State government is exploring possibilities to ban registration of new cash credit societies for the next five years in a bid to prevent financial frauds.
“There are too many Co-operative Societies in Goa. We are looking at legally shutting them down so that the experiences of fraud witnessed in the past are not repeated,” Chief Minister Pramod Sawant said addressing a day long workshop organised by National Co-Operative Development Corporation (NCDC) in the capital on Tuesday.
He said that to become chairman of the Society, some start collecting money from their acquaintances to give the loan through this institution. “The Co-operative Society later runs into financial trouble and shuts down in two years, losing the money of the investors,” he added, proposing that government would ban allowing more such societies.
“There are enough number of co-operative societies already in the State. If someone wants to start a new society, they may even consider taking over those which are willing to sell,” he said.
Sawant said that he was also checking the possibility of banning non-Goans from starting co-operative societies in Goa especially those which promise to double the money in quick time.
He further said that NCDC is funding Rs 650 crore to the Department of Co-operation and the government would soon appoint a panel of consultants to help co-operative societies prepare their proposal to utilise these funds. Through these projects co-operative societies, he said, employment to Goans can be generated.
Minister for Co-Operation Govind Gaude emphasised on dedication and hard work in the field.
“The NCDC workshop is an opportunity for us as they will guide and support us to come out with something from nothing. Only dedication and hard work are needed. Today, there is a need to take the co-operative movement forward,” he added.
