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Sunday, July 22, 2018

Now,on sale: Coop land,buildings

It seems the Rs 4,500-crore worth of new and hiked taxes are not enough to fill the empty coffers of the Punjab government.

Written by Express News Service | Chandigarh | Published: September 11, 2012 12:59:05 am

It seems the Rs 4,500-crore worth of new and hiked taxes are not enough to fill the empty coffers of the Punjab government.

Looking to secure more funds,the SAD-BJP alliance has now agreed a plan to sell the land or buildings in possession of the cooperative organisations so that the accrued income could be invested on the capital expenditure and income generating activities.

Chief Minister Parkash Singh Badal has approved a proposal to this effect mooted by the state cooperative department. The policy stipulates that the income generated on account of sale of land and buildings held by the cooperative institutions would not be utilized on the routine expenditure like disbursement of salaries to its employees.

Under the new policy,the managing director,chief executive officer or the president of a primary cooperative society or institution,which intends to sell its land or building would have to put the comprehensive case before the Board of Directors (BoDs) along with the recommendations citing the reasons for the sale.

In case a resolution was passed for the sale of by the BoDs or the MD,then the case would be sent directly to the Registrar Cooperative Societies — the competent authority to accord approval to the concerned institutions for the sale of its land or building.

The policy has recommended that the open auction was the best route to fetch maximum market rate. The reserve price would be fixed by the concerned deputy commissioner on the basis of prevailing market rates.

In case any cooperative institution fails to get the reserved price from the open auction held twice for the sale then subsequently the reserved price could be slashed by a maximum of 20 per cent. To ensure transparency and accountability,a representative of the registrar of cooperative societies would be appointed as observer. The entire auction will done under camera.

In case any cooperative institution is not willing to dispose of its land through open auction than it can undertake the sale of such land through PUDA or other development authorities. In such situation,the concerned authority would make the payment to the cooperative institution after deducting the development cost and other charges.

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