Kathmandu. The troubled cooperative management committee has so far returned the money of about four thousand savers. Chairman of the committee, Dilliraj Acharya, said that the problem of such number of savers has been resolved so far through full and partial savings adjustment after the formation of the committee.

“We have an obligation to return about Rs 46 billion to 76,000 savers. For this, the property of the concerned cooperatives is being determined and the available resources are being mobilized. ’

According to him, the committee has also carried out an internal analysis on why the problem arose in the cooperative sector and how long-term solution could be found.

He said that the Supreme Court’s decision on the issue of savings repatriation, legal provisions related to cooperatives and working procedure on the return of savings have been made the basis. According to him, in the first phase, people with savings of Rs 10,000 or less will be refunded as per the policy.

Priority will be given to senior citizens, single women, people with complete disability and savers suffering from complicated diseases mentioned in the directives of the Government of Nepal. “So far, Rs 420 million has been collected from various cooperatives. Out of this, around Rs 120 million has been collected from Kantipur Cooperative. We are planning to distribute the amount before Dashain by including the cooperatives that have collected about Rs 10 million to Rs 12 crore. “, he said.

He said that the biggest challenge at present is the legal and policy provisions. According to the current law, the troubled cooperative cannot return the money to the savers when the case is sub judice in the court.

Chairman Acharya has also stated that the process of collecting the amount has been forwarded by auctioning the property of the borrowers. According to him, although some cooperatives and banks and financial institutions have frozen the properties of the borrowers, the process of auctioning the property of the cooperatives has been initiated in the first phase. “A notice regarding the auction of one property has been published and around 350 land ownership certificates have been collected. Preparations are underway to put the properties up for auction. “, he said.

The committee has a plan to distribute the amount on the basis of insolvency to the concerned savers if more than one billion rupees is collected in at least every six months after collecting money from these various sources. However, the committee said that the existing legal and procedural provisions need to be improved.

According to the committee, some savers of Kantipur, Gorkha and Pacific Cooperatives are also gradually distributing the amount that was stopped in the past. Rs 25,000 is being distributed to Kantipur savers, Rs 17,000 to Gorkha savers and Rs 12,600 to Pacific savers.