KATHMANDU, May 2: About two-third of the cooperatives operating in Kathmandu district have failed to submit their annual financial report to the authority, while overlooking to receive renewal on time.
According to the Department of Cooperatives of the Kathmandu Metropolitan City (KMC), only 668 out of 1,848 cooperatives have their operating licence renewed as of Thursday. Issuing a public notice on Saturday, the KMC gave a 45-day ultimatum to those cooperatives that have failed to comply with the law.
DoC sets a number of conditions for cooperatives seeking to mer...
As per the KMC, a large number of savings and credit cooperatives have been found flouting the state rule. Out of a total of 1,644 savings and credit cooperatives in the metropolis, 1,085 have not yet received renewals. Only 549 have updated their financial statements with the authority.
Likewise, 65 out of 165 multi-purpose cooperatives, eight out of 16 agricultural cooperatives, and nine out of 13 consumer cooperatives have not renewed. One cooperative each in the skill-based, health services and communication sectors has also not been renewed, while two labor cooperatives have updated their details at the KMC.
