Jaipur, Oct. 11 -- The Rajasthan government is preparing to roll out a new Cooperative Act aimed at bringing greater transparency, accountability, and efficiency to cooperative societies. The proposed law, set to replace the Rajasthan Cooperative Societies Act of 2001, seeks to simplify procedures, curb irregularities, and modernize the state's cooperative framework in line with current economic and governance needs. A release from chief minister Bhajan Lal Sharma's office states that "The proposed new Cooperative Act will replace the currently applicable Rajasthan Cooperative Societies Act, 2001, and has been updated to reflect present-day requirements." For this purpose, the government had constituted a five-member committee that studied the cooperative laws of leading states like Maharashtra, Gujarat, Madhya Pradesh, and Kerala, and drafted a new cooperative code after consultations with senior officials and experts. "The draft focuses on simplifying processes, controlling irregularities, enabling speedy resolution, improving the professionalism of societies, facilitating cooperation among them, eliminating monopolistic practices, and ensuring democratic, member-oriented management," states the release. As part of the "Cooperative Membership Campaign" held from October 2 to 15, citizens are being informed about the key provisions of the proposed act. So far, more than 3.75 lakh people have been made aware of these provisions. "The new act proposes to allow cooperative societies to sell products of the society and its members outside their operational area, and permits partnerships on mutually agreed terms to enhance market competitiveness and business growth." To encourage expansion and the formation of new societies, the act removes the maximum limit on government shareholding. In cases where forming a new society in the public interest faces obstacles, the registrar may constitute an ad-hoc committee for three months, after which elections will be held as per sub-rules. The proposed Act provides for easier conduct of general body meetings, with members to be notified via WhatsApp and email. A penalty of 5,000 rupees is proposed for individuals responsible for failing to hold meetings. Board members who are absent for three consecutive meetings without permission may be disqualified. Societies not receiving government assistance will have financial and administrative autonomy, subject to general conditions and the act's provisions. The new act includes important provisions for timely audits. "Societies will be required to upload auditor appointments for the same financial year on the departmental web portal; otherwise, the registrar may appoint auditors. To ensure public access to financial information, societies must upload audit reports on the portal within 15 days of issuance." In cases of embezzlement or irregularities, the act provides for quick action, determination of liability, and recovery based on audit, inspection, or inquiry reports. Additionally, investigations may also be conducted under the supervision of the state government. It states, for credit societies, depositors must become members to safeguard their interests, and a regulatory board will oversee society activities. The government will also issue rules to protect housing society members from fraud. Misuse of the term "cooperative" will attract a penalty of Rs.50,000....