The Hon. M. Nizam Kariapper, PC

¶ 01 Mr. Presiding Member, I address this from a different standpoint. Co-operatives are entirely a Provincial Council subject under the Thirteenth Amendment. Central Government supervision over this devolved subject is inappropriate and contrary to those exclusive powers. Therefore, the Hon. Member should temper the proposal accordingly.

¶ 02 As the Hon. Chaminda Wijesiri rightly said, these are societies under the Co-operative Societies Law, No. 5 of 1972. Some call themselves “banks,” but legally they are co-operative societies; they have no authority to function as banks. Yet, they can play vital financial roles. Think of Prof. Muhammad Yunus’s microfinance concept: members contribute, then lend to members for self-employment, and share income responsibly with the society.

¶ 03 The proposal’s intent to improve efficiency is good. But it is wrong to draw a devolved subject back to the Centre. I agree that co-operatives should be expanded, with more powers to Provincial Councils, supported with funds for initial incentives and structural development so they can serve people effectively, even functioning in bank-like ways within their remit. Also, hold the long-overdue Provincial Council elections so Provincial Councils can fully exercise their mandate over co-operatives.

¶ 04 Thank you.