Why in News?
- The Union Cabinet, recently approved the setting up of a National Level multistate cooperative export society under the Multi State Cooperative Societies (MSCS) Act, 2002.
About National Level multistate cooperative export society:
- This will be the largest of the three proposed national cooperative societies to be established under the Multi State Cooperative Societies (MSCS) Act, 2002. Other being National multi-state cooperative organic society; and national level multi-state seed cooperative.
- It will act as an umbrella organization for export of surplus goods/services produced by various cooperative societies across the country.
- It will also help cooperatives in getting benefits of various export related schemes and policies.
- The society will have an authorized share capital of ₹2,000 crore with the area of operation all over the country.
- It will have its registered office in Delhi.
- It will open foreign bank accounts and complete all the formalities, including necessary permissions for exporting a product.
- Dividends will be shared with the manufacturer instantly and without any brokerage fee.
