‘Co-operative Banks must be exempted from Income-Tax’

Mysuru: Maintaining that it is only the Co-operative Banks and not Co-operative Societies that come under the purview of Income-Tax (I-T), Home Minister Basavaraj Bommai, who is also the Co-operation Minister, has assured of exerting pressure on the Union Government to keep Co-operative Banks out of the purview of I-T.

He was speaking at the valedictory of the 66th All India Co-operative Week organised at the Convocation Hall of KSOU here yesterday. Stressing on the need for simplification of Co-operative Laws, Basavaraj Bommai assured that the Co-operative sector will be extended all help by simplification of laws. 

He observed that National Bank for Agriculture and Rural Development (NABARD) should extend it’s activities and invest more in rural areas to help the District Co-operative Banks.

Asserting that farmers have a big role in the Co-operative sector, the Minister said that he would write to NABARD seeking more funds for Co-operative Banks. 

Emphasising on the role of working class in strengthening of the Co-operative sector, he opined that all efforts should be made to bring whole of the working class under the Co-operative sector.

Noting that the working class is one of the main drivers of the economy of a country, Bommai said that the co-operative sector should gear up to meet the modern day challenges.

Chamundeshwari MLA and former Minister G.T. Devegowda, who is also a Director of Karnataka Co-operative Federation (KCF), in his presidential address, said that the Co-operative sector has successfully staved off the challenges of liberalisation and globalisation. He further said that Prime Minister Narendra Modi backtracked from signing the Regional Comprehensive Economic Partnership (RCEP) agreement after realising that the Co-operative, Dairy and Farming sectors would be badly hurt. 

Mysuru District Co-operative Union President and Sahakara Ratna awardee H.V. Rajeev was felicitated on the occasion.

MLAs S.A. Ramdas, L. Nagendra and B. Harshavardhan, KCF President N. Ganganna, MCDCC Bank President G.D. Harish Gowda, MyMUL President S. Siddegowda, Karnataka State Credit Co-op. Societies Federation Chairperson Lalitha G.T. Devegowda and others were present during the event.