Section 409

(a) Daily Allowance may be allowed by a co-operative society for each day of business at a rate of not exceeding the rate specified in sub-rule (b). (b) The rate of daily allowance for the purpose of Sub- rule(a) shall be subject to the following maximum limits:- (i) in the case of an Apex Co-operative Society, Central/District Co-operative Bank/Urban Co-operative Bank and such other society, as the Registrar may, in view of its financial and business conditions and for reasons to be recorded, notify as at par with an Apex Society, Central/District Co-operative Bank/Urban Co-operative Bank, ₹400 per day, if the annual net profit is below Rs. One Crore, ₹600 per day, if the annual net profit is between Rs. One Crore to three Crore, ₹800 per day, if the annual net profit is between Rs three Crore to Five Crore, 1000 per day, if the annual net profit is above the Rs. Five Crore. Provided that in case of an Apex Society the daily allowance for a day preceding of