Nano fertilisers produced by Indian Farmers Fertiliser Cooperative Limited (IFFCO) and dairy products from Amul will be among the first few products that are expected to be exported by the first-ever National Export Co-operative Society that was approved by the Union Cabinet recently.
The Union Cabinet, recently approved the setting up of a National Level multi-state cooperative export society under the Multi State Cooperative Societies (MSCS) Act, 2002.
About National Level Multi-state 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 authorised 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.