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Taking into account the five-year ban on fresh money loan companies: Goa CM

Tuesday,09 Jul 2019 03:20 PM IST

The Goa government is considering a five-year ban on the registration of fresh cash-credit  societies, Chief Minister Pramod Sawant said on Tuesday.

Sawant also said that he had directed the State Co-operative Registrar not to allow non-Goans to se tup co-operatives in the coastal state due to a spate of fraud perpetrated by such companies in the past.

"Since there are too many cash credit cooperative societies, we are looking at legally shutting them down. To become chairpersons, some individuals begin tiny collectives with friends, accumulate a pool of money, offer some loans and that's it. Such a society typically shuts down in two years," Sawant said at  a function  organized here by the State Ministry of Cooperatives.

"Should such societies be prohibited for five years? There are already more than enough. If someone wishes to begin a new society, they might even consider taking over those who are prepared to sell off. I requested the department to review the law and, if possible, to shut down the registration of such societies for five years," Sawant said.

"We're looking to not allow non-Goans to start cooperatives in Goa. We're not going to tolerate those who come here to loot Goans with such fraudulent schemes," Sawant said, adding that there was a tendency among state citizens to fall for fraudulent schemes such as doubling cash, which had caused investors to bankrupt.

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