Editorial Board :

Shri S.N. Sharma

Shri Dinesh Prasad Goala, MLAShri R.D. Nazeem, IASAdv. M. Emrahimkutty

Shri Sushil VaswaniShri Y. Gopal ReddyShri Angna Ram

Dr. M.L. Khurana

Board of Directors NCHF

ChairmanShri S.N. Sharma

Vice-ChairmenShri B.S. Manhas

Shri S.T. Somashekar

DirectorsShri Angna Ram

Shri Y. Gopal Reddy

Shri Dinesh Prasad Goala, MLA

Shri A.B. Shukla, IAS

Shri R.K. Pikale

Shri C.M. Singal

Shri R.D. Nazeem, IAS

Adv. M. Ebrahimkutty

Smt. Shobhatai D. More

Shri Sushil Vaswani

Shri B. Vasanthakumar

Shri H.S. Sidhu

Shri Yusuf Khan

Shri Mudit Verma

Shri Tapendra Mohan Biswas

Shri Sharad Shrivastva

Shri Lalit Kumar

Dr. M.L. Khurana,Managing Director

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The facts stated, conclusionsreached and views expressed inindividual contributions are of thecontributors concerned and arenot necessarily endorsed byNCHF.

Editor :Dr. M.L. Khurana

Joint Editor :N.S. Mehara

Technical Support :S.P. Kumar

Vol. XXVI No. 1 July, 2013

NCHF BULLETIN6A/6, SIRI FORT INSTITUTIONAL AREA, AUGUST KRANTI MARG,

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Cover PageMs. Girija Vyas, the new Minister forHousing and Urban PovertyAlleviation (Report at Page 11)

CONTENTS1. From Editor's Desk ..........22. Address by the Hon'ble

President of India,Shri Pranab Mukherjee atthe Inauguration of 16thIndian CooperativeCongress .......................... 3

3. Message of theInternational CooperativeAlliance ............................. 4

4. Statutory Obligations ofthe Managing Committeeof a Cooperative Societyunder the D.C.S. Act,2003—P.M. Sharma................. 7

5. Legal Column ...................96. Snippets .......................... 11

7. O;ogkj esa lgdkfjrk] lkspesa oSKkfudrk visf{kr&Mk- vks-ih- feJ ........... 19

2 NCHF BULLETIN

FROM EDITOR’S DESK

COOPERATIVE CONGRESSThe 16th Indian Cooperative Congress organised by National Cooperative Union of India (NCUI) in the

national capital on 25-26th June, 2013 was inaugurated by the President of India Shri Pranab Mukherjee. Thetheme of the Congress was ‘Cooperative Enterprises Build a Better World’. The two day Cooperative Congresswas presided over by Union Minister of Agriculture and Food Processing Industries, Shri Sharad Pawar.

Shri Pranab Mukherjee, in his address highlighted the features and value system of cooperatives. He elaboratedon the history and evolution of cooperatives in India. He quoted the Father of National, Mahatma Gandhi whoobserved : “The Cooperative Movement will be a blessing to India”. “In the course of time …… cooperative bodieswill….. have their own shape and form which need not now be anticipated.” He referred to Charkha centresestablished in different parts of India as comprising: “the largest cooperative society on earth.”

Shri Pawar spoke about the 97th Constitutional Amendment Act that ensures the Right to form Cooperativesas a Fundamental Right. He called upon the States to participate effectively for sustainable cooperative development.

Smt. Sheila Dikshit, Chief Minister of Delhi who was also present on the occasion praised the contributionof cooperatives in almost all the areas of socio-economic activities like agricultural credit, housing, sugar, milk,tourism, fishery, spinning and fertilizers. Smt. Dikshit spoke about the need to further develop Women Cooperativesand to ensure greater participation of the Youth in Cooperatives.

The Inaugural Session was followed by Business Sessions on important topics like Direct Tax Code-Exemptionto Cooperatives; Cooperative Credit Sector; Cooperative Enterprises – Acceptable Business Model; Food Security– A Role of Cooperatives; Women and Youth in Cooperatives; Emerging Cooperatives/Weaker Section; CooperativeLegislation – Recent Trends; and Cooperative Education and Training to discuss strategies for the growth ofcooperatives as autonomous and competitive enterprises.

Greater development of women cooperatives, increased youth participation and skill development in cooperativesto build leadership for the future, seeking financial support from the Government for rehabilitation of sick cooperatives,were among several such measures that emerged from the deliberations held in the Business Sessions of theCooperative Congress. Shri. Pranab Mukherjee said that cooperatives in our country face many challenges andproblems. Their performance across sectors, activities, and regions is variable; hence they need to re-orientthemselves by improving their efficiency. They have to develop themselves professionally to meet the requirementsof their core clientele -farmers, growers, artisans, producers and women.

However, while cooperatives do face big challenges, it is also true that they offer a solution to severalproblems that our economy and community face today. Cooperatives must receive recognition as an importantsector of our economy that serves marginalized and weaker sections. They must be made commercially viable andused effectively in areas where cooperatives can make an impact such as rural health, education, credit, water-harvesting, precision farming, tourism, communication and hospitality etc.

The President hoped that the deliberations of the 16th Indian Cooperative Congress would lead to theformulation of sustainable strategies for improving the cooperative sector which would lead to a better, moreequitable and more secure world.

Various other dignitaries like Dr.Smt.Kamla Beniwal, Governor, Gujarat; Shri S.C.Jamir, Governor, Odisha;Shri Shivraj V. Patil, Governor of Punjab and Administrator, U.T. Chandigarh; Shri Srikant Kumar Jena, UnionMinister of State (I/C) for Chemical and Fertilizer, Statistics and Programme Implementation; Shri Tariq Anwar,Union Minister of State for Agriculutre & Food Processing Industries; Shri Shivpal Singh Yadav, Minister forCooperation, PWD & Irrigation, Uttar Pradesh; Dr. Chandra Pal Singh Yadav, President, NCUI; Ms.Dame PaulineGreen, President, ICA and Shri S.N.Sharma, Former Cabinet Minister, Government of Madhya Pradesh &Chhattisgarh and Chairman, NCHF graced the occasion.

JULY, 2013 3

ADDRESS BY THE HON'BLE PRESIDENT OF INDIA, SHRI PRANAB MUKHERJEEAT THE INAUGURATION OF 16TH INDIAN COOPERATIVE CONGRESS

Ladies and Gentlemen,

It gives me immense pleasure to deliver this addresson the inauguration of the 16th Indian CooperativeCongress. Cooperatives or social-enterprises formed bythe members, have existed in India since a long time.Cooperatives are based on the philosophy that in thecreation, maintenance and the development of anenterprise, each member is treated as an equal and hasequal right and responsibility. Cooperatives useindividualism as a tool and harness their potential forcommon and joint development, making people and notprofit central to their endeavours. It is in the institutions ofcooperatives that the ideals of democracy and commongood come to life. I believe the need for these ideals inour political, social and economic lives has never beenstronger. The theme for this Congress- “CooperativeEnterprises Build a Better World” is therefore mostappropriate.

The history of cooperative movement in India is morethan a hundred years old. Even before formal cooperativestructures came into being, the practice of cooperationand cooperative activities were prevalent in India. Villagecommunities collectively created common assets likevillage tanks or village forests, pooled seeds and sharedtheir collective harvest. It was in the latter part of the 19thcentury that agricultural conditions combined with theabsence of institutional financing mechanisms led to thedeep indebtedness of the Indian farmer. In response tothis, various Government initiatives were taken - includingthe Cooperative Credit Societies Act of 1904. History wasthen made in October 1946 when two Primary VillageMilk Producer Societies were registered. This was followedby the registration, the same year, of the Khera DistrictCooperative Milk Producers Union known as Amul. AfterIndia attained Independence in 1947, cooperativedevelopment received due recognition and cooperativeswere given a central role in the Five Year Plans formulatedby the Planning Commission of India particularly for thetransformation of the rural economy.

Ladies and Gentlemen, cooperatives in our countryare pivotal institutions for bringing socio-economicdevelopment for inclusive growth in rural areas.

The potential of the cooperative approach wasperceived by our great national leaders even before Indiabecame independent. Perspectives that could be attainedthrough the cooperative approach were identified aftercareful thinking, argument and consideration extending

over years. The Father of the Nation, Mahatma Gandhi,observed:

“The Cooperative Movement will be a blessing toIndia”. He indicated “In the course of time ……cooperative bodies will….. have their own shape andform which need not now be anticipated.” He referredto Charkha centres established in different parts ofIndia as comprising: “the largest cooperative societyon earth.”

This insight regarding the creative potentialities ofcooperation was one with acute awareness of the valueand essentiality of democratic decentralization andPanchayati Raj. Cooperatives were seen as a mediumnatural to India’s own genius, time-honoured rural traditionand akin to the natural characteristics of Indian enterprisein our villages.

Part-IV of the Constitution of India in the provisionsconcerning the Directive Principles of State Policy, (Article-43) therefore refers to the “cooperative basis” for thepromotion of economic growth. Our Founding Fathersenvisaged a full materialization of potential of thecooperative movement in the fields of agricultural, industrialand tertiary development.

Prime Minister Jawaharlal Nehru who gave decisiveimpetus to the development of industrial base for thebuilding of a modern India, was equally committed to thepromotion of the cooperative movement for achieving thetransformation of our economy. He said: “While thePanchayat will represent administrative aspects of villagelife, the cooperative will represent the economic side of

(Contd. on page 5)

4 NCHF BULLETIN

Message of the International Cooperative Alliance

91st ICA International Cooperative Day19th UN International Day of Cooperatives

6th July 2013“Cooperative Enterprise Remains Strong in Times of Crisis”

This year’s International Cooperative Day celebrated July 6, 2013 has the theme “Cooperative enterprise remainsstrong in times of crisis”. It is an apt theme when one considers how other forms of business measure up when facedwith current global economic struggles.

Investor owned business models currently suffer from a crisis of unsustainability in economic and social andenvironmental terms while the cooperative model has demonstrated time and again that it is resilient in times of crisis.

The financial crisis was an epic example of the perils of valuing short term gain over longer term viability. The globalcrises we have faced derive from a business model that puts financial return ahead of human need; a model that seeksto privatise gains and yet socialise loses. There is considerable evidence that a diversity of ownership models contributesto a more stable financial sector as a whole. By placing human need at their core, cooperatives respond to today’s crisesof sustainability and deliver a distinctive form of “shared value.” Furthermore the cooperative model does not fall victimto the lure that has afflicted capitalism for more than twenty years in which financial performance is the central indicatorof good business. Quite simply a cooperative is a collective pursuit of sustainability for it seeks to “optimise” outcomesfor a range of stakeholders without seeking to maximize the benefit for any one stakeholder.

This also means that as times become more difficult the entire workforce is viewed as vital to the well-being of thecooperative, not just a few people at the top.

Certainly another area in which the global public has been buffeted is in the practices and ultimately the closingof many big banks. What were considered venerable institutions safe for investment and deposits too often have beenshown to be weak and poorly run. Financial cooperatives however have often fared far better.

Savings and credit cooperatives, cooperative banks and credit unions have grown; kept credit flowing especiallyto small and medium sized enterprises, and remained stable across regions while indirectly creating employment. It istheir unique combination of member ownership, control and benefit that is at the heart of their resilience and that providesa series of advantages over its competitors. With financial cooperatives representing an astonishingly large slice of theglobal banking market, it is important to better understand the model.

A recent report distributed by the International Labor Organization (ILO) and written by Professor Johnston Birchall,examines financial cooperatives from their origins in Germany in the 1850s to the global movement they represent today.

Birchall explained in an interview with ILO how before the crisis, economists said financial cooperatives were boundto be less efficient than investor-owned banks because they did not reward their managers with shares. However, thecrisis has proved that financial Cooperatives were less likely to risk as much as PLC banks, particularly because theirmanagers did not receive a share of the profits.

“Stability and the aversion to risk are built into the DNA of financial cooperatives. They make surpluses and theyneed to, otherwise they wouldn’t be businesses. But what they do with those surpluses is put them into the reserves,which means they are very strong financially and they don’t tend to have problems with the capital requirements of theregulators”.

“In credit unions in other parts of the world you can see that they didn’t even face a drop in 2008. They didn’t noticethe banking crisis; they just kept on growing slowly, regularly, not dramatically.”

Another benefit of cooperatives in times of crisis should also not be overlooked: its social dimension. As economiesshrink and pressure is put on Governments to reduce social benefits, cooperatives often provide an invaluable lifeline.In short cooperatives contribute to the social capital in ways that investor owned businesses do not. Cooperatives mayalso be critical in delivering services such as health care centres that would otherwise come from private insurance orthe state or may not be provided at all as state budgets shrink.

And of course one should not overlook a key benefit of consumer cooperatives: the ability to offer the public lowercosts for food and other essentials – so vital when consumers’ paychecks are shrinking or they have none.

This International Day of Cooperatives July 6, 2013 gives us an opportunity to reflect on all that cooperatives havedone in hard times and in good times and to redouble our resolve to ensure that this values based business modelcontinues to draw more attention and support globally. It is a model that works time and again.

JULY, 2013 5

village life….. if the cooperatives function properly theywill help in introducing … industries and other auxiliaryactivities….Cooperatives are good and essential (not only)for better farming but represent a higher level of work andexistence for the people”.

Today, with a net-work of six lakh cooperatives anda membership base of 24 crores, the Indian cooperativemovement has proved to be an effective economicinstrument for ensuring growth with equity andinclusiveness. Cooperatives in India have made a visibleand significant contribution to the overall economic growthof our economy. This is especially so in the sectors ofagricultural credit, sugar, dairy, textiles, fisheries,distribution of fertilizers and agricultural inputs, storageand marketing. They have ensured the accrual of a fairshare of the benefits of development and growth to oursmall and marginal farmers.

Ladies and Gentlemen, recognizing the advantagesand its importance world over, United Nations declared2012 as the International Year of Cooperatives, to increasepublic awareness about cooperatives and theircontributions to socio-economic development and theachievement of the Millennium Development Goals.Highlighting the contribution of cooperatives in building abetter world, UN Secretary-General Ban Ki-moon has said,“Through their distinctive focus on values, cooperativeshave proven themselves a resilient and viable businessmodel that can prosper even during difficult times. Thissuccess has helped prevent many families andcommunities from sliding into poverty”.

Recently, the Government has taken a big initiativefor the cooperatives by enacting the 97th ConstitutionalAmendment thereby creating an enabling environment forthe development of the cooperatives. This would enabledemocratic, autonomous and professional functioning ofthe cooperatives. By this amendment the right to form acooperative society has now become a fundamental right.The Act has paved the way for development of a strongercooperative movement. To take this initiative further tothe grass roots level, respective State Governments alsoneed to create enabling environment by amending Statelaws as and when it is necessary. The cooperative sectortoday covers about 99% of our villages and 71% of ruralhouseholds. Cooperatives are perhaps the best way ofreaching out into the vast hinterland of this country wherethe poor and the marginalized sections live. Cooperativeshave contributed to women empowerment by helping SelfHelp Groups conduct various income generating activities,adult literacy and cooperative education programmes.Cooperatives have also had a major role in democratizingthe access to, what Prof. Amartya Sen has describedbasic human capabilities such as education, employment,food security, financial security and health-care.

Cooperatives have not only played a meaningful rolein improving the socio-economic condition of theirmembers but also served as catalysts for socialorganization and cohesion. It has been argued by somethat in a liberal and globalized economic order, cooperativesocieties must wither away. I completely disagree. It ismy view that the need for cooperatives is greater in currentcontext than it was ever before. The recent global financialcrisis has shown the merits of low-risk customer ownedcooperative banking over excessive risk-taking investorowned global financial institutions.

Cooperatives in our country face many challengesand problems. Their performance across sectors, activities,and regions is variable; hence they need to re-orientthemselves by improving their efficiency. They have todevelop themselves professionally to meet the require-ments of their core clientele - farmers, growers, artisans,producers and women.

However, while cooperatives do face big challenges,it is also true that they offer a solution to several problemsthat our economy and community face today. Cooperativesmust receive recognition as an important sector of oureconomy that serves marginalized and weaker sections.They must be made commercially viable and usedeffectively in areas where cooperatives can make animpact such as rural health, education, credit, water-harvesting, precision farming, tourism, communication andhospitality etc.

They must not only figure prominently in our effortsto achieve inclusive development, they must also retaintheir character of being locally driven “by the members,for the members and from among the members”. Top-down approaches should be avoided and local initiativesencouraged. Cooperatives must be managed by adequa-tely trained and enthusiastic members. Cooperativesempower people, build capacities and develop capabilities.They enable members realize their genius. In a globalizedworld, where India is advantageously placed to reapdemographic dividend, the cooperative sector can playan important role in educating and skilling the youth.

India has perhaps the largest and the most diversecooperative movement across the globe. There is ageneral consensus on the potential of cooperatives in notjust economic development, but also, more importantly,the human resource development of a nation. However,if we look at the contribution cooperatives are making indifferent parts of the world, we have a fair bit of catchingup to do. We need a renaissance of sorts in thecooperative sector. I am hopeful that the deliberations inthis Cooperative Congress will lead to sustainablestrategies for improving the cooperative sector which wouldlead us to a better, more equitable and more secure world.

Thank you.Jai Hind !

(Contd. from page 3)

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JULY, 2013 7

STATUTORY OBLIGATIONS OF THE MANAGING COMMITTEE OF ACOOPERATIVE SOCIETY UNDER THE D.C.S. ACT, 2003

—P.M.Sharma*

* General Secretary, Delhi State Cooperative Union, New Delhi

Delhi Cooperative Societies Act, 2003 lays downcertain obligations on the part of the Managing Committeewhich are summarized as under:

1. Calling of Annual General Body Meeting/SpecialGeneral Body Meeting

Under Section 31 of the Act, the ManagingCommittee of every cooperative society shall haveto conduct its Annual General Body Meeting withina period of 180 days next after the date fixed up formaking up its accounts as provided under the Act toapprove programmes undertaken by the societyduring the preceding year and also to present auditedaccounts including disposal of net profit and also tohold elections. In case, the Committee fails to callsuch meeting, the Registrar has been empoweredto call the meeting through his authorized officerand the expenditure incurred in calling such meetingshall be a charge on the delinquent ManagingCommittee members as arrear of land revenue.Special General Body Meeting has to be convenedby the Managing Committee within 30 days after thereceipt of requisition from the Registrar or 1/5thmembers of the society or from the FinancingInstitution to which the society is indebted when thedefaulter members are 1/5th or more. In case theManaging Committee fails to call such meeting, theRegistrar shall call such meeting and expenditureincurred shall be recovered from the ManagingCommittee as arrear of land revenue.

2. Filing of Annual Return

The Managing Committee is bound to file a returnrelating to the constitution, business and alliedmatters to the Registrar within 30 days of the holdingof Annual General Body Meeting failing which theCommittee is liable for penalty up to Rs.500 underSection 118(8) of the Act.

3. Holding of Election in time

Section 35(4) provides that all cooperative societiesshall hold the election before the expiry of its termfailing which the Committee shall cease to hold officeand Administrator shall take over charge who shall

arrange election within 90 days of his appointment.This section has been amended on 13.1.2007 andprimary societies excluding Group Housing Societieswhich have been allotted land and are waiting forallotment of land have been permitted to hold theirown election by secret ballot and by appointingReturning Officer who shall not be member oremployee of the society. Government however shallconduct the elections of the Banks/Federation andHousing Societies which has been allotted land ordraw of lot is pending and housing societies waitingfor allotment of land.

4. Audit

Under Section 60 of the Act, the ManagingCommittee is bound to get the society accountsaudited from a C.A. selected from the approved panelof Registrar within 120 days from the prescribeddate for making up its accounts for the year. In casethe society fails to get the accounts audited withinthe prescribed time, the Registrar shall arrange toget the accounts audited and audit fee shall be acharge against the delinquent officers of the societyrecoverable as arrear of revenue. Similarly underSection 35 (7-d), the members of the Committeeshall be disqualified for holding the elected post.

5. Rectification Report of Audit/Inspection

Under Section 67 of the Act, the ManagingCommittee is bound to send a rectification/compliance report of audit/inspection to the Registrar.

6. Maintenance of Accounts Books, Assets andLiabilities of the Society

Section 69 provides that Managing Committee ofthe society shall ensure that its accounts are up-to-date and there is proper maintenance of record,assets and liabilities of the society as per provisionof Act, Rules and Bye-laws.

7. Settlement of Disputes

The Managing Committee is responsible to take legalaction against the defaulter members if such defaultis continuous for three instalments for which asettlement machinery has been created in the shapeof Arbitration under Section 71 of the Act.

8 NCHF BULLETIN

8. Allotment of Plots/Flats through Draw of Lot

The Managing Committee of the housing societyshould allot plot or flat to their members on the basisof certified list by Registrar and draw of lot shall beconducted by the Lesser in the presence of membersand in case allotment is made in violation of Section77(1) and financial loss due to such wrong drawshall be recovered from the persons who wereresponsible for such action and they will be debarredto hold any office in the housing society in future.A penal clause has also been inserted in Section118(7) stating that the Committee shall be punishablewith imprisonment which may extend up to 7 yearsor fine.

9. Permission for Transfer of Occupancy Right

The Managing Committee shall have to givepermission for transfer of his occupancy right in theproperty if the transferee is qualified to becomemember. However, in lease-hold property, thecondition of lease shall have to be adhered in casethe Committee refuses to transfer the occupancyright, the affected person can appeal to Registrarwithin 30 days who will dispose of such appeal within180 days.

10. Creation and Maintenance of BuildingReplacement Fund

The Managing Committee of a housing society shallplace a proposal before the General Body for creation,maintenance and utilization of building replacementfund as provided in Section 81 of the Act.

11. Expulsion of Member in Housing Society

The Managing Committee under Section 86 of theAct has been authorized to expel a member who ispersistent defaulter or willfully deceive the societyby making false statement or is doing such activitywhich are detrimental to the interest and working ofsociety. The Committee shall give three registerednotices and expel a member and submit the proposalto Registrar for approval within 30 days and Registrarshall dispose off such application within 180 daysfailing which it shall be deemed to have beenapproved.

12. Maintenance of Essential Services and PropertyRegisters

Under Section 89 and 90 of the Act by the ManagingCommittee has to maintain property register.

13. Granting Membership to Power of AttorneyHolders under Section 91 of the Act

On the application of persons holding registeredPower of Attorney or registered Agreement for Saleor Sale Deed by charging Rs.500 as Transfer Feeand Share Money plus Admission Fee within 30 daysof the receipt of such application. These documentsare to be obtained in duplicate duly attested byGazetted Officer and one set of such papers shallbe forwarded to Registrar for record. One person isentitled to have one membership in the housingsociety. In case of refusal by the Committee, theapplicant may file appeal to the Registrar within 30days whose decision will be final.

14. Execution of Housing Project

Section 92 of the Act provides that ManagingCommittee has to complete the housing project within5 years from the date of sanction of building plan bythe civic authority. In case the society fails tocomplete the project, it may seek Governmentextension with the approval of General Body failingwhich the Management could be taken over byAdministrator to complete such project.

15. Management of the Housing Complex

Section 93 of the Act provides that ManagingCommittee shall ensure proper cleanliness/security,up-keep of common area, etc. and shall chargemaintenance fee from the members fixed by theGeneral Body. The Committee is also responsible toget repaired any defect in the flat at the cost ofmember and recover the amount from such member.

(Courtesy : Sahakari Patrika, May, 2013)

Cities force growth, andmake men talkative andentertaining, but theymake them artificial.

—Ralph Waldo Emerson

JULY, 2013 9

LEGAL COLUMN*

* Compiled by Shri Tuhin, Advocate, Supreme Court.Note : Please write to NCHF Secretariat for copy of above

judgment, if required.

SUPREME COURT OF INDIA(BEFORE THE HON’BLE JUSTICE DALVEER BHANDARI AND HARJIT SINGH BEDI, JJ)

New Okhla Industrial Development Authority (NOIDA) ……Appellant

Vs.

Army Welfare Housing Organization & Ors. ……Respondents

(CIVIL APPEAL NO.3625 OF 2006 WITH CIVIL APPEAL NOS. 2938/2005, 2939/2005, 2941/2005,2942/2005, 2943/2005, 2945/2005, 2944/2005, 3607/2006, 3605/2006, 3621/2006, 3618/2006,

3608/2006, 3604/2006, 3606/2006 AND 3603/2006)

DECIDED ON 10TH SEPTEMBER, 2010

GENERAL

This case deals with two issues viz., whether membersare separate and distinct from the Society of which they aremembers and secondly, whether members were liable to executetripartite deeds with the Society and the NOIDA and pay stampduty and registration charges for registration of sub-leases.

ISSUE INVOLVED

The issues which came up for consideration before theApex Court were whether members are separate and distinctfrom the Society of which they are members and secondly,whether members were liable to execute tripartite deeds withthe Society and the NOIDA and pay stamp duty and registrationcharges for registration of sub-leases.

FACTS

The Writ Petitioners-Respondents herein being societiesregistered under the Societies’ Registration Act, 1860, some ofwhom were formed by retired armed forces personnel, filed writpetitions before the Allahabad High Court impugning the letters/notices dated 13th November, 2002 and 7th January, 2003 andother similar notices by which NOIDA had directed the individualmembers of the Housing Societies to execute tripartite deeds,the other two parties being the Housing Societies, as the lessee,and NOIDA, as the lessor, for the sale of the super-structurewhich had been built on the land allotted to these Societies andfor further restraining the State Government, Noida etc. fromcharging any stamp duty on the execution of the deeds.

The petitioners also pleaded that the land had been allottedto the Societies by NOIDA and that the super-structure thereonhad been built solely on the contributions made by the individualmembers as the said Societies did not have any corpus of theirown. It was further pointed out that the buildings had beenconstructed in a phased manner over a period of time and, theSocieties being the lessees of the land in question were not theowners of the super-structure so as to bind the individualmembers to the covenants that had been subscribed to by theSocieties with NOIDA the lessor. It was further highlighted thatNOIDA had not contributed anything towards the cost ofconstruction of the super-structures and that the only role

performed by it was the sanctioning of the building plans andthe directions to execute tripartite deeds for the sale of thesuper-structure of the residential units or sub-leases for theland, was a superfluous exercise, which was not backed by anystatutory authority, or contractual obligation the more so that itdid not fall in the definition of sale under Section 54 of theTransfer of Property Act, 1882. The basic argument was thatthe petitioners could not be compelled to buy something whichwas already their own.

HELD

The Hon’ble Supreme Court, after examining the provisionsof various Acts viz., Uttar Pradesh Industrial Development Act,1976, Registration Act, 1908, Transfer of Property Act, 1882,clauses of the lease deed executed between NOIDA and theSocieties and also several judgments, came to the followingconclusion:a. The impugned notices postulating the execution of tripartite

deeds flows not only from the clauses of the lease deedexecuted between the NOIDA and AWHO but also fromthe supervisory authority which is placed on NOIDA byvirtue of the provisions of Section 7 of the 1976 Act;

b. The question as to whether the sub-lessees hadthemselves constructed the structures is itself in doubt. Inthe affidavit of Col. Upal it has been specifically mentionedthat the funds of the organization were raised by AWHOmainly from the advances/deposits of the allottees, asalso from the borrowings from financial institutions andthat the respondent organization i.e. AWHO thereforeconstructed the dwelling units with the funds contributedby the allottees and also funds raised on loan from thefinancial institutions;

c. Concededly a lease deed or sub-lease of immovableproperty would be compulsorily registerable under Section17 (1)(d) of the Registration Act and Section 107 of theTransfer of Property Act. In the absence of such adocument, Section 49 visualizes no legal effect or aneffective transfer by way of a lease or sub-lease;

d. The judgment of the division bench of the High Court wasset aside.

10 NCHF BULLETIN

Gram : 'HOUSEFED' Ernakulam Phones : 2402913Fax : 0484-2402937 President : 2401084

M.D. (O) : 2402734G.M. : 2402335

H O U S E F E DThe Central Financing Institution

of Housing Cooperatives in the StateProviding Long Term Loans upto Rs.10 Lakhs

KERALA STATE COOPERATIVE HOUSINGFEDERATION LTD., NO. 4330

P.B. NO. 1896, KALOOR,ERNAKULAM, KOCHI – 682017

ADV. M. EBRAHIMKUTTY DR. FRANCIS C.P.President Managing Director

JULY, 2013 11

SNIPPETSNATIONAL SEMINAR ON ‘COOPERATIVE HOUSING –ISSUES AND PROSPECTS’

The Study conducted jointly by the NationalHousing Bank (NHB) and the National CooperativeHousing Federation of India (NCHF) on ‘CooperativeHousing – Problems and Prospects’ culminated in aNational Seminar on ‘Cooperative Housing-Issues &Prospects’ on 14th June, 2013 at India Habitat Centre,New Delhi in which major stake holders participated. Inthis regard, Dr. M.L. Khurana, Managing Director, NCHFwelcomed Shri R.V. Verma, Chairman & ManagingDirector, NHB; Shri S.N. Sharma, Chairman, NCHF;Shri Arnab Roy, Executive Director, NHB; Shri AngnaRam, Deputy Secretary, Ministry of Housing & UrbanPoverty Alleviation, Government of India and all otherswho arrived from the length and breadth of the country.

Shri R.V. Verma, Chairman & Managing Director,NHB in his inaugural address underlined that housingcooperative’s chief attribute is member involvement andas organizations these cooperatives possess bigpotential for the supply of an affordable house in ahassle free pursuit and manageable equated monthlyinstalments. He felt that as institutions they need to bestrengthened and called upon State Governments torender them all possible help and reflectively said thatthis task may begin with the identification of potentiallyviable Apex Cooperative Housing Federations (ACHFs)in the fulfillment of which NHB is ready to play thedesired role. He pointed out that NCHF in its role as apromotional organization has been time and againthrowing various business models to help them provide

Shri R.V. Verma, Chairman & Managing Director, NHB delivering theinaugural address at the National Seminar on Cooperative Housing -Issues and Prospects

tenements suiting pockets of members of variouscategories. Shri Verma felt that the Study is an in-depth report pin-pointing practical solutions and feasiblerecommendations.

Shri S.N. Sharma, Chairman, NCHF in hispresidential address which was very pragmatic, touchedupon the core problems being faced by housingcooperatives and urged upon all to lend support to housingcooperatives which have their basis in non-profit motive.He also highlighted the practical difficulties that housebuilders come across at the hands of the private builderswho seek profit, more profit and still more profit.

In the Technical Session that followed Shri R.L.Bhatla, Former Addl. Registrar, Government of Haryanamade a presentation of the Report and highlighted the

GIRIJA VYAS TAKES CHARGE AS NEW MINISTER FORHOUSING & URBAN POVERTY ALLEVIATION

Ms. Girija Vyas, took over as the new Minister for Housing and Urban Poverty Alleviation (M/oHUPA),on 18th June, 2013. She was welcomed by the senior officers of the Ministry.

While briefing the media, after assumption of office, Ms Girija Vyas said “social service is always herpriority area and will utilize each minute available for alleviation of urban poverty by working together with allmy officers in this Ministry”. On being asked about her priority areas, she said that Real Estate (Regulationand Development) Bill, Street Vendors (Protection of Livelihood and Regulation of Street Vending) Bill, RajivAwas Yojana (RAY) and National Urban Livelihood Mission (NULM) will be accorded top priority.

Born on 8 July 1946, Ms. Girija Vyas is Member of Parliament from Chhittorgarh, Rajasthan. She wasfirst elected to the Lok Sabha in 1991 and became the Union Deputy Minister for Information and Broadcasting.This is her fourth term in the Lower House. She served as President, All India Mahila Congress and Chairpersonof National Women’s Commission. Ms. Vyas was also Congress State President from 2000 to 2004.

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the fact that housing cooperatives stand at a criticalthreshold is well acknowledged and needful has to bedone to hammer out solutions to these problems. Hekeenly addressed all the issues raised by the participantsand offered his readiness to explore every problem indepth. He suggested that he was ready to provide extratime of two more days to allow participants to send theircomments from their headquarters. Shri Arnab Roy didfull justice to the suggestions given by the participants ashis capacity of the Chairman of the Advisory Committeeand assured that the suggestions would be incorporatedin the final Report.

methodology touching the broader objectives, the specificobjectives and recommendations. This presentation wasfollowed by discussion which was thrown open by ShriArnab Roy, Executive Director, NHB. The participants fullyendorsed the problems faced by housing cooperativesand desired that not only its follow-up action be expeditedbut also another study be conducted on the‘Redevelopment of existing housing cooperatives’ whosepremises have been hallowed by time and their livingspace stands squeezed.

Shri Arnab Roy, in his concluding remarks said that

National Seminar on Cooperative Housing - Issues and Prospects is inprogress.

A view of the participants.

BHAVNABEN D. CHIKHALIYA PASSES AWAY

Smt. Bhavnaben D. Chikhaliya, former Union Minister, Chairperson, Gujarat StateCooperative Housing Finance Corporation and Director, NCHF, a renowned political leader,a veteran cooperator and charismatic social worker has left for her heavenly abode on28th June, 2013. She was undoubtedly a noble Soul with enchanting charisma, selflessdevotion, boundless empathy and unwavering commitment. An ardent follower of cooperativeideology and principles, she provided invaluable services and guided many cooperativeand social institutions to achieve their entrusted mission.

She was an idol for the fraternity of housing cooperatives especially NationalCooperative Housing Federation of India (NCHF) and Gujarat State Cooperative HousingFinance Corporation. She maintained integrity and transparency throughout her professionaland public life.

Her death is a great loss to the Indian Cooperative Movement especially cooperative housing movement andhas created an infinite void within the movement. A devoted cooperator is no longer with us but her work and ideasare very much alive and cooperatives should rededicate themselves to the ideas which were dear to her.

The entire cooperative housing movement while acknowledging her great contribution to cooperativedevelopment at the State and National level prays to the Almighty to rest her Soul in peace and give strength toher bereaved family to bear the irrevocable damage owing to her last journey.

JULY, 2013 13

16TH INDIAN COOPERATIVE CONGRESS

The President of India Shri Pranab Mukherjeeinaugurated the 16th Indian Cooperative Congressorganised by National Cooperative Union of India (NCUI)in the national capital on 25th June, 2013. The theme ofthe Congress was ‘Cooperative Enterprises Build aBetter World’. The two day Cooperative Congress waspresided over by Union Minister of Agriculture and FoodProcessing Industries, Shri Sharad Pawar.

President Shri Pranab Mukherjee praised thecontributions made by the Cooperative sector towardsthe transformation of the rural economy and emphasizedthat the role of cooperatives has increased many fold inthe current context than it was ever before. Cooperativeshave not only played a meaningful role in improving thesocio-economic condition of their members but have alsoserved as catalysts for economic growth and socialcohesion, Shri Mukherjee said.

The President hoped that the deliberations of the16th Indian Cooperative Congress would lead to theformulation of sustainable strategies for improving thecooperative sector which would lead to a better, moreequitable and more secure world.

Union Minister of Agriculture and Food ProcessingIndustries, Shri Sharad Pawar in his address spoke aboutthe endeavour of the Government of India to evolve anappropriate policy and legislative framework to create anenvironment conducive to the growth of the cooperativesector in the country. Shri Pawar spoke about the 97thConstitutional Amendment Act that ensures the Right toform Cooperatives as a Fundamental Right. He calledupon the States to participate effectively for sustainablecooperative development.

Smt.Sheila Dikshit, Chief Minister of Delhi who wasalso present on the occasion praised the contribution ofcooperatives in almost all the areas of socio-economicactivities like agricultural credit, housing, sugar, milk,tourism, fishery, spinning and fertilisers. Smt. Dikshit spokeabout the need to further develop Women Cooperativesand to ensure greater participation of the Youth inCooperatives.

Addressing the delegates, Dr. Chandra Pal Singh,President, NCUI said that the Congress is the biggestimage–building exercise of the cooperative sector in India.He further said that the Congress is held at a time whenthe cooperatives face a big challenge to compete in themarket economy.Though cooperatives are fully confidentof their potentialities they must communicate their

The Hon'ble President of India, Shri Pranab Mukherjee inauguratingthe 16th Indian Cooperative Congress by lighting the lamp.

Shri S.N. Sharma, Former Cabinet Minister, Government of MadhyaPradesh & Chhattisgarh and Chairman, NCHF addressing theparticipants at the 16th Indian Cooperative Congress.

Business Session on “Cooperative Legislation and Governance - RecentTrends” at the 16th Indian Cooperative Congress is in progress, inwhich Dr. M.L. Khurana, Managing Director, NCHF was the ResourcePerson.

14 NCHF BULLETIN

strengths as compared to other enterprises in the moderneconomy.

Ms. Dame Pauline Green, President of ICA who wasthe Guest of Honour lauded the contribution of the IndianCooperative movement and said that the cooperativesector had shown remarkable resilience notwithstandingthe global financial crisis.

The Inaugural Session was followed by BusinessSessions on important topics like Direct Tax Code-Exemption to Cooperatives; Cooperative Credit Sector;Cooperative Enterprises – Acceptable Business Model;Food Security – A Role of Cooperatives; Women andYouth in Cooperatives; Emerging Cooperatives/WeakerSection; Cooperative Legislation – Recent Trends; andCooperative Education and Training to discuss strategiesfor the growth of cooperatives as autonomous andcompetitive enterprises.

Shri S.N. Sharma, former Cabinet Minister,Government of Madhya Pradesh and Chhattisgarh andChairman, NCHF was the Co-Chairperson of theBusiness Session on ‘Cooperative Credit Sector –Issues and Challenges’. Dr. M.L. Khurana, ManagingDirector, NCHF was the Resource Person in theBusiness Session on ‘Cooperative Legislation andGovernance – Recent Trends’ and delivered a talk onNeed for Appropriate Legal Frame-work for HousingCooperatives.

Governor of Punjab & Administrator U.T. Chandigarh,Shri Shivraj V. Patil was the Chief Guest at the valedictoryfunction held on 26th June, 2013. Also present on theoccasion were Union Minister of State (IndependentCharge) for Cooperation, Chemical and Fertilizer, Statisticsand Programme Implementation Shri Srikant Kumar Jenaand Minister for Cooperation, PWD and Irrigation,Government of Uttar Pradesh, Shri Shivpal Singh Yadav.

In his Valedictory address, Shri Shivraj V. Patil saidthe two-day deliberations of the Cooperative Congresshave come up with useful recommendations and theGovernment of India would give all support to theCooperative Sector.

Speaking on the occasion, Union Minister of StateShri Srikant Kumar Jena said that in this competitive worldthe cooperatives must strive to compete with the privatesector and successfully meet the challenges of privatizationand globalization.

In his welcome address, President NCUI,Dr. Chandra Pal Singh Yadav said that the two-dayCooperative Congress has come up with usefulrecommendations to further strengthen the cooperativemovement.

Chief Executive, NCUI, Dr. Dinesh presented theCongress recommendations that call for effective steps tore-orient and increase efficiency across all cooperativesectors.

Among other recommendations issues like greaterdevelopment of women cooperatives, increased youthparticipation and skill development in cooperatives to buildleadership for the future, seeking financial support fromthe Government for rehabilitation of sick cooperatives,were several such measures that emerged from thedeliberations held in the Business Sessions of theCooperative Congress.

The Primary Agriculture Cooperative Societiesneeded to be revitalised in the country to provide betterand effective service to the farmers, artisans and othermembers in the rural areas said Shri Shivpal Singh Yadav,Cooperative Minister of U.P. He gave the example ofUttar Pradesh where elections of the cooperative bodieshave already been completed and Vaidyanathan Package

A view of the participants.

JULY, 2013 15

have been implemented to strengthen DCCBs and Primarylevel Credit Cooperatives.

An award ceremony was held at the valedictoryfunction in which the Chief Guest, Shri Shivraj V. Patilpresented awards to the best Cooperative Societies indifferent sectors.

The two-day Cooperative Congress was attendedby over 2000 delegates from India and abroad.

NHB DECLARES FINANCIAL RESULTS

Financial results of the National Housing Bank (NHB)for the year 2012-13 (April 2012-March 2013) wereapproved by the Board of NHB at its meeting held recently.Total income increased by over 25 per cent from Rs.2,325crore to Rs.2,907 crore. The operating profit increased byover 32 per cent from Rs.557 crore to Rs.737 crore. Profitbefore tax (PBT) increased by over 22 per cent fromRs.525 crore to Rs.644 crore.

(THE HINDUSTAN TIMES, 7TH JUNE, 2013)

ATTENDING GENERAL BODY MEETINGS IS A MUST

According to the amended Maharashtra CooperativeSocieties Act, 1960, members of cooperative housingsocieties who do not attend at least one General BodyMeeting (GBM) in a consecutive period of five years standto lose the privilege of voting and contesting elections.

Though experts welcome the provision as positiveand expect it to bring in more transparency in functioningof cooperatives, property owners especially those workingabroad or out of the State find it taxing.

“It is not practical for everyone living abroad whoown homes in India to come within six months of theclosing of the financial year, which is the time periodwithin which the GBM is supposed to be held. Most peoplecome to India in December, when they get Christmasbreaks,” said Anagha Bhise, a Chartered Accountantworking in Hampshire, UK who owns a flat in Pune.

The amendment makes it mandatory to hold aGeneral Body Meeting within six months of the closing ofthe financial year, i.e. before the end of September everyyear.

The term of office of elected members of themanagement committee is now five years. This is aimedat continuity in executive decisions. The term was notdefined earlier.

The minimum number of members for themanagement committee is 7 and the maximum is 21. The

Act has been amended to include reservations for SC/ST,BC, women, NT, in the absence of whom the seats willbe filled by the other members.

The State Government has been given the authorityto constitute a State Cooperative Election Authority, alongthe lines of the State Election Commission, which will bevested with quasi-judicial powers to take action againstmembers who do not comply with the provisions of theAct. (DNA, 18TH JUNE, 2013)

PUNJAB HOUSEFED MAY OPT FOR MERGER ORLIQUIDATION

The Punjab State Federation of Cooperative HouseBuilding Societies (Punjab Housefed) has commenced anexercise for preparing a report on the possibility of eitherliquidating the cooperative or merging it with the PunjabState Cooperative Agricultural Bank, following a recentmeeting chaired by Chief Minister Shri Parkash SinghBadal.

The Chief Minister has asked the Punjab Housefedto ensure settlement of all its employees in case of adecision to wind up the operations.

According to Shri H.S. Sidhu, Managing Director,Punjab Housefed, “the interest of the employees will notbe compromised. The 400-odd employees who will leaveare in the higher age bracket. Their claim will be settledthrough a voluntary retirement scheme (VRS)”.

He said that the issue of the Punjab Housefed havingoutlived its utility in its current form came up during arecent meeting with the Chief Minister. It was rightly arguedthat the State has a number of housing agencies likePUDA, GMADA etc. The State might wind up the PunjabHousefed or merge it with another agency.

He further said that the Punjab Housefed hasoutstanding loans worth more than Rs 500 crore. It is notpossible to wind it up in 15 days. It also has projectsgoing on at Sangrur and Bathinda which cannot be leftmidway.

According to a senior employee, the PunjabHousefed is a profit-making organisation and it should notbe closed down.

The Managing Director said that the Punjab Housefedis a profit-making organisation. But, we are thinking abouta merger as it is in best interest of the employees.

The Punjab Housefed was set up on November 17,1970, for providing financial assistance to individuals forthe construction of houses in rural and urban areas. With

16 NCHF BULLETIN

a total membership of 345 cooperative house buildingsocieties, Punjab Housefed had disbursed Rs.1,13,326.15lakh till November 30, 2011 for the construction of 1,21,179houses through its 17 district offices. Besides advancingloans, the Federation has also undertaken constructionwork of group housing complexes in Mohali, Ludhiana,Amritsar, Jalandhar, Kapurthala and SBS Nagar.

(TRIBUNE NEWS SERVICE; 30TH APRIL, 2013)

SHRI H.K. PATIL INDUCTED AS MINISTER INKARNATAKA CABINET

With the formation of new Government in Karnataka,Shri H.K. Patil, President, National Federation of UrbanCooperative Banks and Credit Societies (NAFCUB) and asenior Congress leader in the State was inducted as aCabinet Minister in charge of Rural Development andPanchayati Raj. Shri Patil has been a Cabinet Minister inall the Congress led Governments since the 1990s. Hehas held diverse portfolios of Textiles, Food Processing,Water Resources, Agriculture, Law, Justice and HumanRights during these periods. He was also Leader ofOpposition in the Karnataka Legislative Council during2004-2006. His tenures in all the Departments have beenmarked by visible positive contributions in the respectiveareas.

Consequent upon his induction in the Cabinet,Shri H.K. Patil tendered his resignation as President ofNAFCUB before he took oath as Minister. As per bye-laws, Shri Jagdish Mehta, Vice President will dischargethe functions of President in officiating capacity.

At a recently held meeting of Board of Directors,members felicitated Shri Patil on his induction in KarnatakaCabinet and also placed on record their deep appreciationof the excellent leadership provided by him to NAFCUBand to the urban banking sector. They requested him tocontinue to guide NAFCUB and the Board as its member.Members spoke of the prestige of NAFCUB going upduring his stewardship and of the regard it had earnedwith the Regulator taking the suggestions of the Federationwith all the seriousness while formulating policies.

Shri H.K.Patil said that he had always received fullcooperation and affection from all the Board Membersduring his tenure as President and thanked them for theconfidence reposed in him. He assured them that he willcontinue to serve the sector and the NAFCUB even afterbecoming part of Government.

(COOP BANKING TABLOID, 02-08 JUNE, 2013)

INDIA TO BE WORLD’S MOST POPULOUS NATIONBY 2028 : UN

India’s population is expected to surpass China’s in

around 2028, according to a Report of the United Nations(UN) launched on 14th June, 2013.

The Report, “World Population Prospects: The 2012Revision”, has projected that the global population willtouch 9.6 billion by 2050, with most of the growth indeveloping regions. “The world population of 7.2 billion, isprojected to increase by almost one billion within the next12 years, reaching 8.1 billion in 2025 and 9.6 billion in2050”, said a statement from the UN office in Delhi. Muchof the overall increase between now and 2050 is projectedin high-fertility countries, like Africa, and in countries withlarge populations such as India, Indonesia, Pakistan, thePhilippines and the US.

India’s population will grow for several decades toaround 1.6 billion and then decline slowly to 1.5 billion in2100. (THE TIMES OF INDIA, 15TH JUNE, 2013)

DCHFC HAS NEW ADDRESS

The Delhi Cooperative Housing Finance Corporation(DCHFC) would now have its headquarters in a newlybuilt Pt. Deep Chand Sharma Sahkar Bhawan in Dwarkain Delhi.

DCHFC has built it in memory of Pt. Sharma anddedicated it to the cooperative movement in the nation’scapital. Late Pt. Sharma had been a dedicated cooperatorin Delhi.

On this occasion Delhi Chief Minister Smt. ShielaDikshit said the new home would further strengthen thecooperative movement in the metropolis. According to her,it is the DCHFC that has majorly been responsible for thesuccess of cooperative group housing societies in thecity. The Corporation has given loans worth Rs. 1000crore, she noted.

The Cooperation Minister of Delhi and a number ofimportant people including MLAs Dr. Bijendra Singh(NAFED Chairman) and Shri Somesh Shokeen attendedthe ceremony.

DCHFC’s new headquarters is spread over an areaof 1484 sq mt. and an amount of Rs. 5.60 crore has beenspent on its construction.

DELHI POPULATION UP BY 21% DURING LASTDECADE

The population of Delhi has been estimated at 1.67crore, registering an increase of over 21% during theperiod of 2001-2011, which is above the national averageof about 17%. The total population of National CapitalTerritory (NCT) of Delhi stands at 16,787,941, out of which

JULY, 2013 17

53.53% (8,987,326) are males while 46.47% (7,800,615)are females, according to Census figures. The populationdensity has been estimated at about 11,320 per sq.km.The sex ratio has also gone up from 821 in 2001 to 868in 2011. Interestingly, sex ratio in 1901 was 862. It hascrossed this figure for the first time in 2011 to reach 868.The literacy rate in NCT is about 86.2%. In case of malesthe literacy rate is 90.9% and 80.8% in case of females.

(THE ECONOMIC TIMES, 12TH JUNE, 2013)

POLICY ON BUILDING ADDITIONAL FLOORS IN DELHI

The Delhi Government is likely to unveil policy toprovide relief to lakhs of Delhities waiting endlessly tocarry out construction of additional floors in residentialflats having multiple ownership.

Urban Development Minister Shri Arvinder Singh saidthe Government was planning to do away with productionof a no-objection certificate (NOC) by people having rightover the third floor from other floor owners for expansionof buildings.

Lt. Governor Shri Tajendra Khanna in December lastyear had directed the Municipal Corporations not to insiston production of NOC for giving approval for constructionof third floor if they are satisfied with structural safety ofa building and compliance of building bye-laws. TheMunicipal Corporations, however, refused to comply withthe directive. (THE HINDUSTAN TIMES, 10TH JUNE, 2013)

PROPERTY SELLERS WITHOUT PAN FACE 20% TDS

Those selling immovable property without disclosingtheir permanent account number (PAN) are in for a toughtime with the Government mandating a 20% tax deductionat source (TDS) in such transactions.

The new rules that came into effect from 1st June,2013 require buyers of immovable property, other thanagricultural land, to pay TDS of 1% of the deal size fortransactions in excess of Rs. 50 lakh.

The proposal, which was announced in the Budget,has been notified. The move is part of the Government’sdrive to clamp down on black money in the system, withreal estate transactions seen as a major source ofgeneration of black money.

While the rules would result in a check on the “white”component of the transaction, as often sellers insist thata large part of the consideration be paid in cash to skirtthe capital gains tax. In many cases, where the seller hasundisclosed income, cash comes into play and the sharecan be as high as 50%. The deal size is also underreportedto avoid stamp duty.

The Income Tax Department is hoping that throughthe latest measure, at least some part of the cash economywould come under check, although it already hasinformation of property transactions above Rs. 30 lakh.

The new rules require all buyers to deposit the 1%TDS electronically on the I-T Department’s website byfilling a form online. Those without access to the onlinesystem can fill up the form and make the payment at anauthorized bank branch. (THE TIMES OF INDIA, 2ND JUNE, 2013)

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18 NCHF BULLETIN

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fj;y ,LsVV fcy dks dSfcusV dh eatwjh

dsUnzh; dSfcusV us fj;y ,LVsV lsDVj ds fy, jsxqysVjcukus ds fcy dks eatwjh ns nhA blesa dgk x;k gS fd vxjfcYMj izkstsDV ds ckjs esa xyr foKkiu nsrk gS] rks mlstsy Hkh tkuk iM+ ldrk gSA

fj;y ,LVsV (jsxqys'ku ,aM MsoyesaV) fcy ds tfj,ljdkj dh dksf'k'k iwjs lsDVj ds fy, dkWeu jsxqysVjhflLVe cukuk gSA fcy esa dgk x;k gS fd fcYMj vFkkWfjVhtls lHkh vizwwoy ysus ds ckn gh izkstsDV ykWUp dj ldrkgSA fcy ds eqrkfcd] fj;y ,LVsV izkstsDV~l ds fy, lHkhDyh;jsal dks jsxqysVj ds ikl tek djkuk gksxkA blds lkFkgh] daLVªD'ku 'kq: djus ls igys bldh tkudkjh osclkbZVij nsuh gksxhA fcy esa xyr foKkiu nsus okys fcYMlZ dksdM+h ltk nsus ds izko/ku gSaA igyh ckj bl rjg dh xyrhgksus ij izkstsDV dkWLV dh 10 iQhlnh rd isuYVh yxkbZtk ldrh gSA vxj fcYMj ckj&ckj ;g xyrh djrk gSrks mls tsy Hkh tkuk iM+ ldrk gSA gkmflax fefuLVj blfcy dks yxkrkj dSfcusV esa ikl djkus dh dksf'k'k djjgs FksA 2 vizSy dks Hkh dSfcusV esa fcy is'k gqvk Fkk]ysfdu ml fnu erHksn ds pyrs bls eatwjh ugha fey ikbZFkhA fcy esa ;g Hkh dgk x;k gS fd Msoyij dks gj izkstsDVds fy, vyx cSad ,dkmaV j[kuk gksxkA blls ,d izkstsDVds fy, gkfly iSls dk bLrseky nwljh txg ugha gks ik,xkA

fcy esa dkisZV ,fj;k dh MsfiQus'ku nh xbZ gSA bllsfcYMlZ ds fy, lqij ,fj;k ds vk/kj ij vikVZesaV cspukeqf'dy gks tk,xkA izLrkfor dkuwu ds rgr fcYMj tcrd lHkh Dyh;jsal gkfly ugha djrs] os izkWiVhZ ugha cspik,axsA ogha] tc rd os daLVªD'ku ds fy, lHkh t:jhvizwoy gkfly ugha dj ysrs] rc rd os ckW;lZ ls iSlkugha ys ik,axsA (bDukWfed VkbEl] 5 twu] 2013)

JULY, 2013 19

O;ogkj esa lgdkfjrk] lksp esa oSKkfudrk visf{kr

&Mk- vks- ih- feJ*

* lsokfuo`Ùk izkpk;Z

vkt vkik/kih] ruko] la'k; vkSj va/fo'okl dspyrs ;g vko';d rFkk vHkh"V gks x;k gS fd gekjsthou&;kiu dh fØ;kvksa&mRiknu] foi.ku] lk[k] miHkksx]vkokl vkfn esa lgdkjh Hkko ;kuh ,d lcds fy;s vkSjlc ,d ds fy,] ;g vey gks rFkk gekjs lkspus dk <axoSKkfud gksA izlUurk dk fo"k; gS blh dk ifj.kke gS fdeanh us gekjh vFkZO;oLFkk dks mruk dqizHkkfor ugha fd;kgS ftruk fo'o dh vU; vFkZO;oLFkkvksa dksA ;g fpUrk dkfo"k; gS fd gekjh lksp esa oSKkfudrk dk vHkko gSA ;gizo`fr vui<+ksa ls ysdj f'kf{krksa rd esa ns[kh tkrh gSA xkaodk fdlku iQly ds nq'euksa ;Fkk pwgs] uhyxk;] rksrs vkfndks blfy, ugha ekjrk D;ksafd mUgsa ;g x.ks'k dh lokjh]xks ekrk vkSj uhydaB ekurk gSA viuh xjhch dks iwoZ tUeds deksZa dk iQy vkSj cPpksa dks bZ'oj dh nsu le>rkgSA xkao ds i<+s fy[ks yksx Hkh xkao ls fudyrs vkSj xkaoesa izos'k djrs le; Hkqb;ka nsoh] vkSj oje ckck dks iz.kkedjrs gSa vkSj le> ysrs gSa fd mudh d`ik ls muds lHkhfcxM+s dke cu tk,axsA

ijh{kk ds fnuksa eafnjksa esa mu fo|kfFkZ;ksa dks Hkh iwtkvpZuk djrs ns[kk tkrk gS tks ,e-,l-lh- (HkkSfrd] jlk;u'kkL=k] xf.kr vkfn) dj jgs gksrs gSaaA y[kumQ fo'ofo|ky;ds lkeus eafnj gS ftlesa ctjax cyh fojkteku gSaA mUgsaKkuxq.k lkxj ekuk tkrk gS] pkjksa ;qx esa mudk izrki jgkgSA lkyHkj eVjxLrh djus okys HkDrksa dh ijh{kk ds fnuksamudh lgk;rk djuk os Hkh Bhd ugha le>rsA dgk x;kgS fd bZ'oj Hkh mUgah dh enn djrk gS tks viuh ennLo;a djrs gSaA MkDVj] bathfu;j] ea=kh] iz'kklfud vf/dkjhrd oSKkfud lksp ls foghu gSA viokn gj txg gSA fcYyhds jkLrk dkV tkus ij MkDVj viuk dke jksd nsrk gS vkSjizrh{kk djrk jgrk gS mlls igys dksbZ Hkh ogka ls fudytk,A fcYyh ds jkLrk dkVus ls vi'kdqu dSls gks x;k\blesa foKku dk dkSu lk lw=k ykxw gksrk gS\ vusd bathfu;jksa

dh vkyh'kku dksBh ij feV~Vh dh gkWMh Vaxh ns[kh tkrhgSA gkWMh ij euq"; dk fod`r psgjk fpf=kr gksrk gS vkSjmlds cky fc[kjs gq, gksrs gSaA bathfu;j le>rs gSa fd bllsmudh dksBh dks cqjh utj ugha yxsxhA fdUgh fdUghaedkuksa@dksfB;ksa ij uhcw vkSj yky fepZ dh ekyk yVdhik;h tkrh gSA MkDVjksa vkSj bathfu;jksa ds ikB~;Øe esa ,slkdqN Hkh ugha gksrk gSA Li"V gS fd mudh lksp esa va/fo'okl gS] :f<+ ckf/rk gSA Hkkjr esa ,d iwoZ LokLF; ea=khus MkDVjksa dks lykg nh Fkh fd vkijs'ku ds igys os guqekupkyhlk dk ikB djsaA guqeku pkyhlk ds ikB vkSj vkijs'kudk D;k lEcU/ gSA lEcU/ dsoy vkLFkk ;k va/fo'okldk gS] oSKkfudrk dk ughaA vusd iz'kklfud vf/dkjh HkhvPNh iksfLVax vkSj foHkkxh; ea=kh dh d`ik ds fy,;K@gou@vuq"Bku djrs ns[ks x;s gSaA dkSu ugha tkurk fdvPNh iksfLVx vkSj ea=kh dh d`ik cgqr dqN viuh fu"Bk]dk;Zdq'kyrk rFkk miyfC/;ksa ls feyrh gS u fd /kfeZddeZdkaM lsA

dqN lekpkji=k vkSj Vh-oh- ds dfri; pSuy HkhikBdksa rFkk n'kZdksa dks va/fo'okl ijkslrs gSaA yxHkx lHkhlekpkji=kksa (fo'ks"kdj fgUnh ds) esa nSfud jkf'kiQy fn;ktkrk gSA ckjg jkf'k;ksa & es"k] o`"kHk] feFkqu] ddZ] flag]dU;k] rqyk] o`f'pd] /uq] edj] daqHk] vkSj ehu esa ns'kdh 125 djksM+ turk dk nSfud iQykiQy fy[kk gksrk gSAbuesa fdruh lPpkbZ gksrh gS ikBd tkurs gSa ysfduva/fo'okl ;k vkRecy ds vHkko esa ikBd@Jksrk@n'kZdviuk jkf'kiQy i<+ ysrs gSA fgjksf'kek ij tc ce fxjk;kx;k Fkk rc 1]20]000 vkneh ejs FksA D;k lHkh dhjkf'kiQyksa esa mlh fnu ejuk fy[kk Fkk\ dqN lekpkj i=kksaesa rkaf=kdksa ds foKkiu Nis gkssrs gSaaA mudk nkok gksrk gSfd muds tarj&earj ls izse esa liQyrk feysxh] iRuh lsvucu feVsxh] iq=k dh ykylk nwj gksxh] lEifRr fookn dkiQSlyk vuqdwy gksxk vkfnA buesa ls vf/dka'k rkaf=kd osgSa tks Lo;a mDr leL;kvksa ls xzLr gksrs gSa fdUrq foKkiu

20 NCHF BULLETIN

ds cy ij mudk /a/k pedrk jgrk gSA Vh-oh- ij HkhT;ksfr"k fo|k vkSj Hkfo"; crkrs gSaA dkSu ugha tkurk fd^dje xfr Vkjs ugha Vjs*A eqfu of'k"B us jke dh dq.Myhns[kh FkhA blds ckotwn tks gqvk og ^jkepfjr ekul* dsikBd tkurs gh gSaA vusd nSo'k jRu vkSj dop vkfn dspeRdkjksa dk c[kku dj mUgsa cspdj viuh vkfFkZd fLFkfretcwr djrs gSa jRu foØsrk Hkys gh /kjd dks ykHk gks;k u gksA

Hkkjr ds iwoZ ,oa izFke iz/kuea=kh i- togkjyky usg:us ns'kokfl;ksa dh lksp dks oSKkfud cukus ;kfu ns'k esaoSKkfud n`f"V fodflr djus dk ljkguh; iz;kl fd;k FkkAmUgksaus yksxksa dks va/fo'okl ls xzLr ns[kk vkSj blls mckjusds fy, mUgksaus oSKkfud lksp dks vko';d crk;kA mUgksausfy[kk jktuhfr us eq>s vFkZ'kkL=k dh vksj vxzlj fd;k vkSjvFkZ'kkL=k us foKku rFkk oSKkfud n`f"Vdks.k dh vksjA eq>seglwl gqvk fd gekjh vkfFkZd O;kf/;ksa&xjhch] Hkq[kejh]xanxh] csdkjh vkfn dk lek/ku oSKkfud lksp esa fufgrgSA blh ls izsfjr gksdj iafMr tokgjyky usg: us d'ehjls ysdj dsjy rd 30 iz;ksx'kkykvksa dh LFkkiuk dhA buiz;ksx'kkykvksa ls fudys oSKkfudksa us m|ksx rFkk d`f"k dsfy, ,sls ;a=k@la;=k vkSj midj.k rS;kj fd;s ftlls m|ksxvkSj d`f"k esa mRiknu c<+kA

iafMr usg: ds bl iz;kl ds ckotwn ns'k esa vc Hkhcgqr dqN lhek rd va/fo'okl O;kIr gSA Vh-oh esa 8 lkydk cPpk f=k'kwy ls dSalj vkSj e/qesg dk mipkj djrkfn[kk;k tkrk gSA fp=kdwV ds ,d ckck fpeVs ls xEHkhjchekfj;ksa dk bykt djrs gSaA ,d ckck cksry dk ikuhejhtksa dks ckaVrs gSaA mudk nkok gS fd bl ikuh ls leLrjksx nwj gks tk,axsA fdUgha {ks=kksa esa va/fo'okl dk vkye;g gS fd ogka rkykc ds xans ikuh esa cPpksa dks ugyk;ktkrk gS rkfd cPps chekjh ls eqDr gks ldsaA

iz'u mBrk gS fd va/fo'okl ds LFkku ij oSKkfudlksp dks dSls fodflr fd;k tk,\ mRrj gS&tu tkxj.kANksVh d{kkvksa ls ysdj mQWaph d{kkvksa ds fo|kfFkZ;ksa dksi<+k;k tk, fd liQyrk deZ ls feyrh gS Vksus&VqVdksa lsughaA gekjs /eZ xzUFkksa esa fy[kk gS fd d`r esa nf{k;ksa gLrst;ks esa lR; vfgr% vFkkZr deZ ;fn esjs nk,a gkFk esa gS

rks fot; ck,a gkFk esaA ;g lw=k ;qodksa ds fnyksa esa mrkjukgksxkA

xkao ls ysdj egkuxjksa rd foKku lfefr;ka xfBr gksuhpkfg,A ;g lfefr;ka vusd Hkze nwj djsaxh tSls ea=kksa }kjk;K dh vfXu dks izTofyr fd;k tkuk] ckyksa@tVkvksa lsHkHkwr fudkyuk vkfnA ;g lc jlk;u 'kkL=k rFkk gkFk dhliQkbZ dk deky gksrk gSA buesa ea=k ;k peRdkj dk dksbZ;ksxnku ughaA

lekpkji=kksa rFkk Vh-oh- ds fofHkUu pSuyksa ij nSolksa]rkaf=kdksa] Hkfo";oDrkvksa ds dk;ZØeksa ij jksd yxkbZ tk,D;ksafd ;s va/fo'okl vkSj HkkX;okn ds okrkoj.k dh l`f"Vdjrs gSaA blds ihNs nksuksa (rkaf=kd rFkk Vh-oh-pSuyksa) dkvkfFkZd LokFkZ gksrk gSA tu dY;k.k dk blesa dksbZ laca/ughaA

gekjk lkfgR; Hkh yksxksa dks deZB] lkglh] tq>k: vkSjoSKkfud lksp lEiUu cuk ldrk gSA ge lHkh tkurs gSafd thou ;k=kk esa u[kfyLrku gh ugha gS jsfxLrku Hkh gSAlq[k dk losx gS rks nq[k dh dkyh jkr Hkh gSA gesa thoudh dfBukbZ;ksa ls yM+uk pkfg, u fd gkj ekudj rkaf=kdksadh 'kj.k tkukA egkdfo jke/kjh flag fnudj us bl lac/esa fy[kk gS & thou mudk ugha ;qf/f"Bj tks mlls MjrsgSa og mudk tks pj.k jksd fuHkZ; gksdj yM+rs gSaA

(lkHkkj% lgdkj xksok] ebZ] 2013)

çd̀fr dks cqjk&Hkyker dgksA mlus viukdrZO; iwjk fd;k] rqeviuk djksA

&feYVu

Rate of Interest

CH. SUKHBIR SINGH PANWARCHAIRMAN

A.B. SHUKLA, IASMANAGING DIRECTOR