KATHMANDU, May 2: In a striking revelation, around two-thirds of cooperatives operating in Kathmandu district have failed to submit their annual financial reports to the authorities and have not renewed their licences on time.
According to the Department of Cooperatives under the Kathmandu Metropolitan City (KMC), only 668 out of 1,848 cooperatives had renewed their operating licences as of Thursday. Issuing a public notice on Saturday, the KMC gave a 45-day ultimatum to non-compliant cooperatives to fulfil the legal requirements.
DoC sets a number of conditions for cooperatives seeking to mer...
The KMC said a significant number of savings and credit cooperatives are among those violating regulations. Of the 1,644 such cooperatives in the metropolis, 1,085 have yet to renew their licences, while only 549 have updated their financial statements with the authorities.
Similarly, 65 out of 165 multi-purpose cooperatives, eight out of 16 agricultural cooperatives, and nine out of 13 consumer cooperatives have not renewed their licences. One cooperative each in the skill-based, health services and communication sectors also remains unrenewed, while only two labour cooperatives have updated their details with the KMC.
