The members of co-operative society under the Rajasthan Co-operative Societies Act, 2001 enjoy certain exemptions in payment of certain taxes, fees, and duties. Which among the following statements is not a correct statement regarding this?
1
It does not apply to promissory notes
2
It does not apply to letters of credit
3
It applies to fee payable for registration of documents or court fees
4
It applies to surcharge levied by any local authority
5
It applies to bills of exchange