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
"Since there are too many
"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.