Jhanji College Employee Co-operative Society
There is a co-operative society in the college named as “Jhanji College Employees Co-operative Society Ltd”. It is registered under Assam Co-operative Societies Act, 1949 containing registration no:- S-69 of 1969/70. Initially, it was started with membership contribution of Rs. 50/- per member per month. As per Bye Law of the Society, all sanctioned employees of teaching and non-teaching staff of the college are eligible to take membership of the society. An executive committee is formed with the portfolio of President, Vice President, Secretary, Internal Auditor along with three to four members for effective control and management of the society. One general meeting of the society is held annually and executive committee meetings are held three to four times in a financial year.
Currently, the society has its total membership contribution of Rs. 80,00,000/- (Rupees Eighty lakhs only). The society extends loan to the members with a maximum of Rs. 8,00,000/- (Rupees Eight Lakh Only) @ 5% (currently) interest p.a. The Society also provides an additional loan of Rs. 50,000 (Rupees Fifty Thousand Only) to its members in case of emergencies.
All transactions such as contribution of members, issue of loan etc are executed through ECS mechanism of the Current Account of the Society. The designated persons of the Society always focus on effective control and efficient functioning for which Internal as well as Government Audit is conducted regularly.
At the end of every financial year, the Society distributes a divided of 4% (currently) on the deposited amount of members from the profit of the Society.
The deposited amount of the members are refunded at the time of retirement.