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Thiruvananthapuram, Sept. 16 The Kerala Government has decided to convert all government loans given to the coir cooperative societies till March 31, 2006, into share capital.

The Minister for Coir and Cooperation, Mr G. Sudhakaran, said in a statement that the loans from the National Cooperatives Development Corporation (NCDC) made available to the cooperative societies through the Government would also be converted into capital after waiving the interest.

As per the decision, Government loans of Rs 12.18 crore, the interest on these loans of Rs 10.36 crore and NCDC loans of Rs 15.27 crore will be converted into capital. Besides, the interest of Rs 18.40 crore accrued on the NCDC loans will be waived.

The Minister noted that the decision was in line with the Government’s efforts to write off the accumulated losses of the coir cooperative societies. Subsequently, the Government will initiate steps to give maximum interest relief to the societies on the loans taken from cooperative banks, he said.

When the accumulated losses are totally written off, the coir societies stand to benefit to the extent of more than Rs 100 crore.

The Government had given a grant of Rs 19.86 crore to the coir societies in the last financial year. In the current year, an allocation of Rs 6 crore has been made to improve the functioning of the societies.

More Stories on : Coir | Agricultural Policy | Co-operatives | Kerala

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