investment by co operative society
This query is : Resolved
Chandranil
(Querist)
14 January 2011
Can Coperative society invest in mutual funds if yes what is the requrement
CA Sanat Pyne
(Expert)
14 January 2011
Cooperative Societies and Banks are not allowed to invest their money in Mutual Funds and also in FD's of Private companies. As for as Cooperative Banks are concerned, they can not invest in another Cooperative Banks. They can in invest in Schedule Banks, Government Securities and in the securities as prescribed under Sec.20 of Indian Trust Act, 1882. Reserve Banks has allowed the Cooperative Banks to invest 5% of their incemental Deposits in Mutual funds.
As for as Credit and othe cooperative Banks r concerned, they cannot invest in Mutual funds as allowed by RBI for Banks. They can only invest in Cooperative Banks, DCCB's, Securities prescribed unde Sec.20 of trust Act, Schedule Bnaks etc.
As for as Credit and othe cooperative Banks r concerned, they cannot invest in Mutual funds as allowed by RBI for Banks. They can only invest in Cooperative Banks, DCCB's, Securities prescribed unde Sec.20 of trust Act, Schedule Bnaks etc.
Message likes :
1 times
Chandranil
(Querist)
19 January 2011
thankyou sir
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Employee secondment
- Ito add credit side of bank
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- GSTR9 Annual Return
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Form 144 TDS Return Validation error
- Applicability of tax on invoice
- Closer of business and itc of capital goods
- LLP audit and disclosure
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
