Cooperative Credit Societies are tax havens
Off late I come across that lakhs of rupees are kept in a savings bank account with a cooperative credit society of employees to make payment to the people in distress to charge interest at 6% to 10% p.m. working to 72% to 120% p.a. against the surety of blank cheques, blank promissory notes, debit cards, credit cards etc. When the employees in deep indebtedness who lost already their self esteem due to threats, abuses hurled by these money lenders when complain to the authorities are issued with a charge sheet for indebtedness and finally with a punishment of stoppage of increments and cut in salary with the result the employee walks into deeper crisis and ultimately commit suicides. The money lender / employees maintaining lakhs of rupees as call money in SB account in Cooperative Credit Society are never touched by the Disciplinary Authorities as the staff of that authority have already borrowed money from the money lenders at concession rates of 3 to 4% p.m. working to 36 to 48%.
Whoever charges more than 2% interest is required to be in jail under the law regulating collection of interest. Please help the employees in indebtedness more
Whoever charges more than 2% interest is required to be in jail under the law regulating collection of interest. Please help the employees in indebtedness more
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Dear Sri Narayana rao, Will this society take up the cases of defaulting companies not paying depositors' money?Please Reply--E.P.Rao On Thursday, 9 June 2016 2:45 PM, Narayanarao Tatavarty wrote: more
Jun 14
Like this of Employees , the Cooperative Credit Societies and Cooperative Banks those were meant for cooperative assistance with in the Agriculturists and Farm Producers also have toofold anti Social issues like 1. lending on Fake and Duplicate Patta Pass Books/Land ownership Document/R.O.R./Adangal/Pahani 2. Lending on such even on Sold off Lands where the Revenue Record of Land Rights were not mutated 3. And , even mutated , on the Original Title Deeds where a part of land was Sold . Some of such Fake Documents of Revenue Records have also been used for even swallowing the Government Grants even in other Banks as found in the news of 2014 and 2015 . This procedure is also at the recommendation of the local Political Leaders concern at times who do not have time to recognize the Facts of the Ownership . Some Times , a Loan was drawn in TWO different Cooperative Banks too , one on Revenue Title Papers and the other on Registered Title Deed. Such Cooperative Banks and Societies are also utilizing their Funds to recommended and backed individuals even while the real those are in acute and justified need , are rejected or delayed in timely lending for their Fertilizers etc., Some of the Such Banks and Societies even misused and manipulated huge extent of Funds as per news remembered , pertaining to 2009 , 2010. more
Jun 10
For my RTI question, the Cooperative institution gave the reply that they are exempt from the Act and refused to give the information. more
Jun 10
i think this society is not audited for long. we have coop in the defence factories....all of these have different sort of rules. take up with CBDT to tax them suitably. On Thu, Jun 9, 2016 at 2:24 PM, Narayanarao Tatavarty < support@localcirclesmail.com> wrote: > more
Jun 10
