Kathmandu. The Cooperative Department of Kathmandu Metropolitan City (KMC) has started monitoring the cooperatives in its jurisdiction.

The Department has been monitoring the cooperatives since last Tuesday. It is said that the list has been prepared in order to monitor 40 cooperatives in the current fiscal year. In the previous two years, the department had monitored 40÷40 cooperatives.

After the monitoring, action is taken as per the requirement. In the previous years, the Metropolitan City’s Cooperative Department had sent more than a dozen cooperatives to the police for taking action against the cooperatives cheating the savers. The police have already arrested most of the cooperatives.

The metropolis has said that the cooperatives still facing serious problems will be sent to the police for action. A team of experts, Metropolitan Police and Kathmandu District Association are monitoring the cooperatives.

The supervision, inspection, monitoring and regulation of all the cooperatives within the regulatory area of the metropolis has formally started as per Chapter 16 of the Cooperative Act-2074. As the monitoring and inspection teams formed by the Department of Cooperatives are present for on-site inspection of cooperatives, 14 types of documents, records and information details have been asked to be kept ready. The monitoring team has also requested to provide the documents at the time requested.

A copy of the cooperative’s registration certificate, by-laws (with amended copy if amended), annual general meeting and special general meeting, details of the board of directors and accounts supervision committee, member registration book and member details are required for the cooperative.

Likewise, share capital statements, savings and loan transaction records, loan investment files (loan agreement, collateral documents, installment schedule etc.), audit report of the current fiscal year and previous years, bank account details and bank statements, employee details (appointment letter, responsibility and remuneration details), internal control system related documents, directives from NEA, Department and Metropolitan City, circular and implementation status and other necessary documents and information (as demanded by the team) are required ।

It has urged all the concerned cooperatives to keep the documents and details ready and facilitate the inspection team and provide the necessary information.