Co-operative are not the really the backbone of rural economy;they are the BACKBONE OF CORRUPTION BY POLITICIANS who deposit their black money in Co-op.banks and take huge loans;then not repay and close the Co-op.banks thus stealing the money of poor who keep deposits.
I kindly request RBI & Ministry of Finance to BAN Coop Banks with immediate effect. Please do NOT care about opposing "Poor" people (they are paid to shout for politicians). After 5:30 PM, their "shouting duty" will be over and they go home to come back next day morning 9 AM.
Co-operative banks(societies) are the back bone of rural economy,i agree,but in all most all these concerns,people who have black money(on the income for which no IT was paid)are depositing in lakhs and these firms claims that they are not governed by RBI statutes but the state made co-operative laws and can yield to only inspection by co-operative department of the state.I know a relative of mine,who got more than 3 crores by selling his land at the time of real estate boom,and this man deposited ten lakhs each in 16 co-oprative societies in my district and evaded IT,while i myself a govt: servent is to pay thousands as IT.This type of stashing money is prevailing in all co-operative banks and most of it's large depositors are politicians,who are real dealers of black money.The move of RBI to ban these cooperatives from changing and receiving old notes is a right move and i may request the central govt: to take away banking licence of co-operative societies with immediate effect and then only politically sponsored black money stashing can be eliminated.
Co-operative banks(societies) are the back bone of rural economy,i agree,but in all most all these concerns,people who have black money(on the income for which no IT was paid)are depositing in lakhs and these firms claims that they are not governed by RBI statutes but the state made co-operative laws and can yield to only inspection by co-operative department of the state.I know a relative of mine,who got more than 3 crores by selling his land at the time of real estate boom,and this man deposited ten lakhs each in 16 co-oprative societies in my district and evaded IT,while i myself a govt: servent is to pay thousands as IT.This type of stashing money is prevailing in all co-operative banks and most of it's large depositors are politicians,who are real dealers of black money.The move of RBI to ban these cooperatives from changing and receiving old notes is a right move and i may request the central govt: to take away banking licence of co-operative societies with immediate effect and then only politically sponsored black money stashing can be eliminated.
Take over Co-Operative banks free and give it to nationalized banks. Only few banks not owned by Politicians and completed 50 years should be continued.
Many Cooperative Banks are owned by politicians. Besides,these banks do not the type of competency and digital infrastruture required.Black money was damaging the Nation. It was affecting all class of honest people. Last 70 years also brought lot of misrule and plunder. Many of our politicians own or have major shares and interests in the cooperative banks, private educational and higher educational institutes ( hit by the evil of donations) ,private hotels & hospitals, nursing homes and malls. The ill gotten money further finds intrusion into real estate ,primary gold, gold and platinum and diamond jewellery or is stashed in gunny bags, beds, ceilings, underground and in deep pits in houses in villages, owned by such elements.Our P.M. has taken an excellent, very bold and challenging step with total secrecy and is the first step in this direction to root out the evils.
The transactions & deposits of Co-operative banks should have been gone into & proper functioning of those Banks should have been looked into on a war footing before inconveniencing the poor man. Good & brave idea to stop the Rs. 500 & Rs. 1000 notes without notice. But surely lack of planners in this govt.
If every true citizen of India is honest with his financial activities(Forget about Pakistan and their terrorists),there is no question of all these hassles and great inconvenience. No need for the Modi Govt. to bring out various money policies and rules,which keep on changing everyday
Re: If every citizen of India .......
by chandra sekar on Nov 18, 2016 07:11 PM
True but the issue starts with making under the table payments for every service,How are we going to stop that
Re: If every citizen of India .......
by Umacharan Panigrahi on Nov 19, 2016 11:02 AM
But the fact is for most Indians 'honesty is lack of opportunity' which the P M rightly did not mention; thus the procedural inconveniences.
Re: If every citizen of India .......
by anil kamat on Nov 25, 2016 11:25 AM
Ministers are getting converted their bulk 500's and 1000's through the farmers are making them scapegoats. Farmers are getting some commission for getting the notes exchanged through DCCB's where they still maintain registries and not computerised...
