The Punjab Cooperation Department has ordered an audit of all cooperative societies in the state. This step comes after meetings held by the Punjab Vidhan Sabha’s Cooperation Committee, where it was revealed that although members of cooperative societies collect the repayments of their loans from other members, they fail to deposit the same in the societies.
The members of cooperative societies have shown their receipts to the committee members. At times, when the committee of the Vidhan Sabha took up this matter with the Cooperation Department, they have been proactive, and they have issued orders for the audit of all societies.
These facts have also come to light that often the members of the societies do not deposit the loan repayments in the bank, which they collect from other members.
Apart from this, many members of the societies often do not return the loans, leading to financial deficits within the societies. Special Chief Secretary of the Cooperation Department, Vimal Kumar Setia, held a meeting with the Chief Auditor and discussed how the audit of all societies will be completed.
A senior official of the department said that since a separate committee has been formed in the Vidhan Sabha with the Cooperation Department, these facts are emerging that many farmers, who are also members of the societies, collect their loan installments from other members and even take receipts from them but do not deposit the same with the societies. These facts have also emerged that the essential audits of the societies are not being conducted, leading to more than 50 percent of societies operating under deficits.
