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Check list- External Audit Co-operatives .pdf
1. 1
CHECKLIST FOR AUDIT OF COOPERATIVE SOCIETIES
S.N. Particulars Criteria Findings
A. GENERAL COOPERATIVES STATUTES
Sign Board to clearly indicate details such as Name,
Registration number, Registration date, Geographical
Jurisdiction, Registering body in Nepali language in a place
conspicuous to all
u/s 55 of Cooperatives Directives
2068
OK
Whether the cooperative has complied the membership
eligibility criteria as :
Nepali Citizen
ï‚· Purchasing at least one share
ï‚· Age at least 16 years
ï‚· Not conducting transaction as competing with the
cooperatives
(No Business Units like Firm/Company to be allowed to be a
member of Cooperative)
u/s 30 of cooperatives act 2074.
Reported
All new membership to be endorsed by BOD u/s 31(1) of Cooperatives Act 2074 OK
Whether the changes in interest rate has been approved by
BOD or not.
section 25(4) of directives 2068
OK
While appointing Statutory Auditor, alternative auditor shall
also be pre-approved by the AGM who can audit in case the
u/s 23 of Audit Directives for
Cooperatives 2068 (Though it
contradicts with Cooperatives act 2074 u/s
See rules for internal
audit
2. 2
appointed auditor is unable to audit for the respective year. 76)
If Cooperative is using ATM, QR Code, Mobile Banking and
similar such services, such activities should have been included
in Bye laws of the society. Also agreement with such service
provides should have been submitted to regulatory authority
with 1 month of concluding agreement.
Unified Directives 2079 Jestha 12,
u/s 12. NA
Transactions and related activities are to be feed in COPOMIS. u/s 33 of Unified Guidelines 2079
Jestha 12. – Bahutantra
Monthly COPOMIS
has been updated
only upto 4 months
Whether any mortgaged property of member is kept for debt
securitization/refinance with associations/NCBL etc. and loan
amount is higher from such mortgaged property than the
original loan amount ?
General concept that, Society cannot
take more amount of loan from the
mortgage property than the original
loan borrowed by the member.
OK(Not done)
Whether the difference among various schemes on interest
rate paid and interest rate charged exceeds 3% among
themselves.
Directives 2068 u/s 25(3)
Reported
Discrimination in interest rates on loans and deposit can't be
done. If such situation exists, to be recovered from BOD.
ï‚· Loan without Interest on HP Loan
ï‚· Emergency Loan (rate after 3 months)
u/s 25(2) of Cooperatives directives
2068. - Bahutantra
Add on taxable Income
OK
Whether AGM has fulfilled its responsibilities or used its
power in :Approved programs & budget
3. 3
ï‚· Endorsed audited Financials
ï‚· Electing BOD & Account Review Committee
ï‚· Endorsing annual report of BOD & Account Review
Committee
ï‚· Approving Bye laws & Work Procedure
ï‚· Appointment & remuneration fixation of Statutory
auditor
ï‚· Deciding about unification & dissolution
ï‚· Fixation of remuneration & other benefits of BOD,
staffs etc
ï‚· Accepting External Loans
ï‚· Waiving liability of a member
ï‚· Directing BOD as appropriate
u/s 38 of
Cooperatives
Act 2074
OK
B. BOARD OF DIRECTORS
Composition
ï‚· Whether the BOD consists of at least 33% female
members as far as possible
ï‚· No members of BOD or Account Review Committee
are from the same family
ï‚· Any BOD member are in a BOD of only one
cooperative at a time
u/s 41(2) of cooperatives act 2074. Female Director less
than required-
Reported (only one
female director out
of 7 directors)
About term addition of BOD, BOD tenure not to exceed 4
years from its election date – adjusted via merger – see legal
provision
Any peoples representative or any government staff not to hold
the office of director or member of accounts review
Unified Directives 2079 Jestha 12,
u/s 2.
4. 4
committee. Such persons are supposed to tender their
resignation immediately and new BOD or committee to be
elected in the subsequent AGM and new BOD/Account
Review committee is to be formed.
OK
Whether any member who has overdue loan or blacklisted is
elected as a member of Board of Director or of Account
Supervision committee, as it is prohibited.
u/s 9(3) of co-operatives directives
2068. OK
Whether any BOD member are involved in any transactions
yielding personal benefits to him/her.
Eg: Participating in the meeting to decide about Loan for
him/her.
Entering into any kind of contract with the society etc.
Taking Loans at Subsidized Interest rates.
u/s 45 of Cooperatives act 2074
See in detail for new Loans to BOD.
Not to involve in such decision
making process u/s 46 of
Cooperatives act 2074
Could not be
decided
Whether the interval between two board meetings of
cooperative has exceeded 45 days as the interval should be less
than 45 days.
u/r 19(2) of 2075.
OK(every month)
Whether the single person is acting as director and employee in
the cooperative.
u/s 41(4) of Cooperatives act 2074. YES (1 Prabandha
Sanchalak)
BOD & Account Review Committee members who have not
received trainings related to Cooperative Management,
Accounting and Auditing are to receive such trainings within 3
months of being elected.
u/s 62(8) of Cooperatives Directives
2068
No BOD members other than the Executive Chief is supposed u/s 49(Ga) of Cooperatives
5. 5
to receive regular remuneration. If found such, the amount
shall be deposited to the funds of the society.
Directives 2068
Reported
C. ACCOUNT REVIEW COMMITTEE
Qualifications of Convenor/Other members as prescribed in
Cooperative Rule 2075 u/r 22 :
ï‚· Membership at least 3 years earlier
ï‚· No any amount as matured payable to the cooperative
ï‚· Received trainings related to account/audit
u/r 22 of Cooperatives rule 2075
Functions, Duties & Power to be discharged as :
ï‚· Conducting Internal audit Quadrimester wise
ï‚· Reviewing BOD's activities and suggestion BOD
ï‚· Monitoring whether the AGM's decision are
carried/implemented by BOD or not
ï‚· Preparing annual report indicating matters relating to
Accounts and Review of BOD activities
ï‚· Recommending three potential internal auditors to
BOD
ï‚· Not to be involved in day to day financial and
administrative works
u/s 49 of Cooperatives act 2074
Chairman is involved
in signing
(approving) details
prepared by
accountants which is
attached with daily
vouchers
ï‚· Whether the report of Account Review Committee
presented to AGM in prescribed format
ï‚· The said report should be submitted to BOD before 15
days of AGM date
ï‚· As per Annex 2 of
Directives 2068.
ï‚· u/s 11(6) of Cooperatives
Directives 2068
Account review committee should conduct its regular u/s 11(5) & (8) of Cooperatives
6. 6
inspection works Quadrimester wise and prepare its report to
BOD via Chairperson or Manager/CEO each Quadrimester.
directives 2068
D. SAVING / DEPOSIT MOBILIZATION
ï‚· Whether the deposit collected by cooperative exceeds
the 15 times of primary capital (Capital+G/R) as it
prohibited
ï‚· (Where Primary Capital fund means Share Capital and
General Reserve)
ï‚· u/s 50(7) of cooperatives act
2074
ï‚· u/s 2 (nga) of Cooperatives
act 2074
OK
Not a single Shareholder to be allowed to purchase share
exceeding 20% of its paid up capital
u/s 63 of Cooperatives act 2074
OK
While returning Share, whether the following amounts are
being refunded within 30 days of approval of audited financials:
ï‚· Face value of share
ï‚· Dividend amounts proportionately
ï‚· Amounts from Protected Capital Redemption fund
proportionately
ï‚· Proportionate loss can be deducted
u/r 24 of Cooperatives Rule 2075
Schemes not to be operative to attract Share, Deposit or Loan u/s 50 of Directives 2068.
Transaction related to accepting saving, mobilizing it and
granting loan should be done only with its member by
cooperative.
u/s 50(1) of Cooperatives act 2074.
ï‚· If the cooperative has been accepting Term Deposits
for a period exceeding 3 years
ï‚· Whether Term Deposits are being released before their
maturity ?
ï‚· u/s 66 of Directives 2068
ï‚· Under general concept of
Internal Control
7. 7
If the cooperative has been conducting transactions by offering
Gifts and Prizes
u/s 66 of Directives 2068
Whether liquidity (cash, bank balance, investment in government bond,
Cooperative Bank & deposit held in SACCOS association is at least
15% of deposit) has been maintain or not.
(Saving Deposit in National Cooperative Bank and Respective
Association shall be counted as liquid assets)
u/s 32 (1)of Cooperatives directives
2068
u/s 32 (1) of Cooperatives directives
2068
OK
If Liquidity falls below 10%, Manager must report to BOD and
BOD is responsible for Liquidity. If dividend distributed even
while liquidity falls below 10%, it shall be recovered
proportionately from Manager and BOD.
Unified Directives 2079 Jestha 12,
u/s 28.
OK
E. FUNDS OF COOPERATIVES
Whether allocation of profit is done as per Cooperative Act Section 68, 69, 70 of Cooperative act
and rule 27 od Cooperative Rule OK
Whether Capital Grant has been booked under General
Reserve
u/s 68(2.Kha) of Coopratives act
2074 OK
Whether any profit from sale of Fixed assets is booked directly
to General Reserve
u/s 68 of Cooperatives act 2074
If any dividend, otherwise than being able to be distributed in
the form of dividend legally is being distributed. If such case
exists, it creates unhealthy conclusion and thus the excess
dividend distributed in such manner shall be recovered from
BOD proportionately.
u/s 49(Kha) of Cooperatives
directives 2068 Reported( All the
balance funds
amount after any
expense (other than
GR are being
distributed as
dividend)
8. 8
ï‚· Whether Protected Capital Redemption fund is used as
dividend ?
ï‚· Whether 60% weight for Saving/Deposit and 40%
weight to Interest paid by Loanee is done while making
distribution ?
u/r 25 of Cooperative rule 2075
Reported
(transferred to
dividend fund-which
is used to distribute
dividend)
Any distribution to shareholders other than the form of
Dividend (such as Transportation Allowance) is being done ? If
done, disallow for tax purpose.
General Concept of Finance and u/s
21 and u/s 53(1) of Income Tax act
2058. Reported
Whether amount set aside for Cooperative Promotion Fund
(@ 0.5% after allocating for General Reserve ) Fund is being
deposited to the fund as mentioned by the Government ?
u/s 70(2) of Cooperatives act 2074
Reported
Value of purchased Building/Cold Store/Godown not to
exceed 50% of General reserve.
Unified Directives 2079 Jestha 12,
u/s 14
No dividends can be distributed without maintaining the
required liquidity (though required liquidity is 15%, 10% criteria
is for Dividend Distribution Purpose).
Unified Directives 2079 Jestha 12,
F. LOAN GENERAL
Whether the interest rate charged on any loan exceeds 16% and
service charge exceeds 1% (1.5% of loan guaranteed by
collective guarantee)
u/s 51 (2) of Cooperatives act 2074
– as stated by Department of
Cooperatives via notice dated
2078/11/13.
Reported
51% of Total Loan Portfolio should be covered by
Manufacturing and Income generating activities. Loans not to
be rescheduled except the case of natural calamities or
Unified Directives 2079 Jestha 12,
u/s 31.
OK
9. 9
epidemics.
Evaluation of 5 C before Loan Approval( Capacity, Capital,
Collateral, Condition and character)
General Concepts/Practice
OK
Business Plan to be obtained if Loan being issued to
Manufacturing/Production sector
Unified Directives 2079 Jestha 12,
u/s 25 Reported (Partially
done)
Whether the old loan and interest thereon has been recovered
before disbursing a new loan to any member
as per section 28(3) of Directives
2068 Reported
Whether Loan Loss Provision is as per rules i.e 1% for all good
loans, 35% for doubtful with upto 1 year of expiry, and 100%
above 1 year of expiry of loan
u/s 30 of Cooperatives Directives
OK
Interest Suspense to be booked for interest not received in cash
on Loan Investments
u/s 27 of Cooperatives Directives
2068 OK
Interest accrued but not received to be booked as Interest
Suspense – see Directives example 8.4.4 page no 10 chapter 8.
Whether total Land and Building(house) loan exceeds 25% of
total loan
u/s 28 of Cooperatives directives
OK
ï‚· Whether service charge exceeds 1% of loan provided
ï‚· Such service charge should not exceed 1.5% if such
loan is issued on Collective Guarantee (Microfinance)
and such service charge should not exceed 0.5% if the
loan couldn't be recovered and renewed.
ï‚· u/s 28 of Cooperatives
directives
ï‚· u/s 12 of Unified Guidelines
2078 Falgun 01
Reported
Whether 49% and more BOD members or Account review
committee members are provided loan facility at a single point
of time. Also such report are to be submitted annually to
u/s 29 (1)of Cooperative Directives
Reported
10. 10
respective office.
Whether any BOD member, Manager, Account review
committee are allowed any advance without proper due date
limitation. If such cases exist, those advances are treated as
loans and maximum interest rate is charged on such loans.
u/s 31 of Cooperatives Directives
Loan amounts (Gross amount excluding Service fees & other charges)
to be directly credited to the account of respective member.
u/s 42 of Unified Guidelines 2078
Falgun 01, irrelevant now.
General Concept of Good
Governance.
G. LOAN FILES
ï‚· Whether the loan has been given to any member before
3 month of membership
ï‚· Whether the loan has been given to any member before
3 month of regular saving activities by him/her
ï‚· u/s 50(8) of cooperatives act
2074
ï‚· u/s 28(11) of Cooperatives
Directives 2068
OK
Whether the interest on loan has been capitalized as it is
prohibited
u/s 50(5) of cooperatives act 2074. OK
Whether the signature of all the authorized persons have been
affixed.
General Concept of Internal Control OK( reported in loan
annex if it was
missing)
ï‚· If the cooperative has provided any Loan/Credit in the
nature of Overdraft
ï‚· If any loan is given against the deposit of Gold/Silver
/share certificate
ï‚· If any loan is given against the deposit of its own share
ï‚· u/s 66 of Cooperatives
Directives 2068
ï‚· u/s 66 of Cooperatives
Directives 2068
ï‚· u/s 66 of Cooperatives
Directives 2068
ï‚· u/s 42 of Unified Guidelines
2078 Falgun 01
Reported (yes)
OK (no)
11. 11
ï‚· IF any loan is given against the guarantee of cheque
Loan provided to each single member should not exceed 10%
of Total Capital Fund
(Where total Capital fund means the sum of Share Capital, General
Reserve, Unappropriated Dividend, Loan Loss Provision, Dubanta Reen
Kosh, Stabilization fund and Loss Redemption fund.)
u/s 28(1) of Cooperatives Directives
2068 Reported
Whether sufficient collateral has been kept Reported in annex if
not
Whether the property kept as primary collateral (for minimum
50%) is in the name of loan applicant or his family member as
collateral from outsider
is prohibited by Directive 2068 u/s
28(6). OK
Whether the loan file contains property valuation report and
field visit report
Field visit report was
not kept in the loan
file, reported
Whether the loan has been given more than of project cost(in
case land & houses 40% max)
u/s 28 of Cooperatives Directives Reported
Whether valuation by institutionalized valuator has been done
for project above Rs 10,00,000 and for smaller ones by a team
of any BOD member, Loan Sub Committee member and the
Manager.
Directives 2068 u/s 28(9) Reported in annex if
not
Whether the file contains detail information of loan applicant,
his signature and thumb impression.
Reported in annex if
not
For normal loans, loan amount not to exceed 80% of the total
project cost and for Real Estate Loans including Home loans it
should not exceed 40% of the total project cost
Directives 2068 u/s 28 (7)
Cooperatives not to invest not more than 25% of total Loan
Portfolio in Real Estate sector
Directives 2068 u/s 28 (7)
No member is allowed to enjoy loan facility without settling old
loan. However in special circumstances, BOD may review the
old loan or disburse small amount of loan for short period to
such loanee.
u/s 28(3) of Cooperatives directives
2068 Reported (additional
loan has been given
to many members)
Loan Follow up Report (Anumagan Pratibedan) to be kept in
Loan File.
Follow up for
recovery only, not
for utilization of loan
12. 12
Loan cleared to be stamped with Cleared Stamp and sign by
concerned staffs.
H. LABOUR ACT
Whether the minimum remuneration as per labour act has been
provided to employee which is presently Rs 15,000 per month
u/s 107 of Labour act 2074 and
Unified Directives 2079 Jestha 12,
u/s 32.
OK
Whether the liability of accumulated leave has been booked u/s 49 of Labour act 2074. OK
ï‚· Whether the employment contract has been made with
employee.
ï‚· Appointment letter to be given to employee
ï‚· u/s 11 of Labour act 2074
ï‚· u/s 63(4) of Cooperatives
Directives 2068
Whether the labour audit has been done Labour audit u/s 100 of Labour act
and reported as per Annex 10 of
Labour rules 2075
Whether the liability for Gratuity has been determined and
booked accordingly. Also such amounts to be deposited to
approved Retirement funds or Social security fund.
As per Accrual Concept of
accounting and u/s 53 of Labour act
2074.
Whether the file of employees has not been updated General concept relating to Internal
Control & Corporate Governance
-
While transacting matters relating to Staff appointment,
Promotion, Punishment, Prizes, Amenities/Facilities &
Retirement etc. the said issues are to be dealt as per HR bye
laws of the society as approved by the AGM.
Salary of Executive Chief shall be decided by BOD and
endorsed by AGM.
u/s 49(Gha) of Cooperatives
Directives 2068
OK
I. INTERNAL CONTROL
Reconciliation of Saving, Deposit, Share Capital & Loans in
Trial Balance with the summary of such accounts in
person/subsidiary/summary.
To verify the accuracy of Software
and to identify weakness is Software,
if any.
OK
Whether there is provision of 3 different staffs for Voucher
preparation, review and approval with appropriate authority.
General principle of Internal
Control
OK(signatures were
missing on some
vouchers though)
13. 13
Whether the balance of family members who are Illiterate or
who are child, being withdrawn by the family members by their
own sign. Such withdrawal is not allowed.
General principle of Internal
Control
Whether Insurance of Other Property of the institution has
been done
General principle of Internal
Control
Whether Fixed Assets register has been maintained and coding
has been done?
General principle of Internal
Control
OK
Whether physical cash is as per cash mentioned in books of
accounts via periodic/sampling audit
General principle of Internal
Control
OK
Whether the opening balances of various ledgers are correctly
carries forward.
General Accounting Concepts OK
Cooperatives using Computer Software are to print Finance &
Administrative details in monthly basis
u/s 57 of Cooperatives Directives
2068
OK
No cash can be kept in office in vault/counter etc. in excess of
the limit of coverage of Insurance
u/s 65 of Cooperatives Directives
2068
Assets of the cooperatives to be kept in its own name
otherwise it will be deemed as Fraud and the Officials shall be
punished
u/s 64 of Cooperatives Directives
2068
Whether the insurance of counter cash, vault cash and on the
way cash has been done or not
u/s 65 of Directives 2068. OK
Whether monthly returns has been submitted to registrar of
cooperative
u/s section 57(2) of Directives 2068.
Provision relating to:
ï‚· Vehicle Log book
ï‚· Gate pass
ï‚· Fire Extinguisher
ï‚· Surprise/Regular Physical Cash check by BOD and
senior staffs
General Concept in Internal
Control.
WORKINGS OF SOFTWARE ABOUT :
ï‚· Interest Expenses Calculation
ï‚· How software deals when FD matures
ï‚· Locking of FD when Loan is given against such FD
ï‚· Treatment of rounding/decimal figure. Is it possible to
manipulate such figures?
General Concept in Internal
Control.
14. 14
ï‚· Can opening balance be manually modified or voucher
creation is a must to rectify opening balance ?
ï‚·
Is the Banking transaction (Cheque issuance) being done in
participation of BOD & Staffs ?
Branch – Branch heads, Madan Sir
& Shyam Sir in most cases,
HO – Madan sir compulsory and
any one of Treasurer, Chairperson
Process relating to handover of amounts to heirs when the
member is deceased. ( if there is no nominee or the nominee
couldn't be found). Especially in such cases evidences like
Relation Certification, Recommendation from appropriate
authority is required.
Concept of Internal Control and
Common practice in
Banking/Cooperatives
Stocks for Stationery, Office Accessories etc. are kept and
accounted or not ?
As per Periodicity concept of
accounting.
Whether Job Specification of each staff is done properly in
writing and handover is being done properly in cases any staff
leaves the organization.
For reducing the gaps arising from
HR turnover.
Compatibility of work procedures if any branch/service center
is added and it had its own work culture earlier.
For Uniformity in Work Procedure
Whether photocopy of cheque is being placed as supporting
together with voucher.
For proper Documentation
Whether the insurance of property has not been done General concepts for Internal
Control
Authority segregation for Cheque payment – (like upto Rs
200,000 by assistant, upto Rs 500,000 by Head Teller and
above Rs 500,000 by Head of Service Center)
General concepts for Internal
Control
Receiving Identity Card from Receiver on cheque above Rs
100,000
General concepts for Internal
Control
Cheque with wrong dates usually immediately on year
beginning like early Baisakh with old year (2079/01/02 to be
2078/01/02)
General concepts for Internal
Control
File of Staff & BOD with adequate information General concepts for Internal
Control
15. 15
J. TAXATION ISSUES
Whether monthly TDS is being deposited to IRO and the
monthly TDS return is being filed as ETDS (including ETDS for
Dividend, Interest expenses as well) or not.
u/s 90(4) of Income tax act 2058
Whether additional 1/3rd
depreciation is being claimed in IT
return or not ?
Whether the undistributed Bonus is added in Taxable Income
(if claimed as expenses i.e, @ 10% of PAT after Bonus as per Bonus
Act 2030) in subsequent year ?
If any form of Dividend (Like Transportation allowance, even though
they are distributed deducting TDS @ 15%) other than set aside as
per Rule is being deducted for Income Tax Purpose.
u/r 27 of Cooperatives Rule 2075.
See sec 53 and 21(1)(nga) of IT act
Whether the Tax Calculation is done separately for the
transactions like gain on sale of Fixed assets, Other Income,
Rental Income etc and the profit taxed @ 25%
Whether the TDS received from the income with Final
Withholding taxes like Dividend income, Income from
Protected Capital Redemption fund etc is booked. They are to
be booked on net income basis after deducting the respective
TDS.
Whether the followings amenities/perquisites/facilities are
taxed for Staffs ?
ï‚· Subsidy on Interest on the loans granted to staffs at the
rates lower than the market rates
ï‚· Uniform facility to staffs
ï‚· Lunch allowance if it as booked at a fixed rate per
month and given to staffs in cash
ï‚· Vehicle Maintenance expenses reimbursements for the
vehicles of staffs
ï‚· Retirement fund contribution, if such amounts are not
deposited to approved retirement funds
16. 16
Whether all the expenses relating to respective year like
Land/Building renewal charges, Vehicle renewal charges etc.
are booked for the respective period ?
As per Matching/Periodicity
concept in accounting
Whether the TDS on Rent is deposited to respective local
bodies ?
As per the statutes of local bodies
Whether prepaid portion on expenses like Insurance is
segregated and prepaid portion booked as assets.
As per Matching/Periodicity
concept in accounting
Whether PAN certificate contains the photo, any of:
ï‚· Current BOD member, usually Chairperson or
Treasurer,
ï‚· Stamp of the organization, which is the new practice
To make the documents updated
Repair of not owned assets like Hired Assets, Repair of
Vehicles of staffs etc. to be accounted separately in separate
ledger.
For separate reporting u/s 16 and 13
of Income tax act 2058
Is the Installment tax seems appropriate and is reasonable
enough so that the Society won't be obliged to Interest @ 15%
on insufficient Installment?
u/s 94 of Income tax act 2058
If Society has provided Insurance facility, it has to be included
in taxable Income of the staff
u/s 8 of Income Tax act 2058
Whether payment of Leave and other retirement benefits while
retiring the staffs are done TDS @ 15%
u/s 88 of Income Tax act 2058
K. AML/CFT
Whether source of income has been disclosed or not for
deposit more than 1 million.
ï‚· For proper customer identification, thumb impression
of natural person of natural person to be obtained,
while providing membership or updating KYM.
ï‚· For Child Saving accounts, thumb impression of the
depositing parents also to be obtained.
ï‚· u/s 3(1)(4) of AML/CFT
guidelines to cooperatives
2074
ï‚· u/s 3(1)(5) of AML/CFT
guidelines to cooperatives
2074
Updating KYM information, even after it has been done once
17. 17
as:
ï‚· Members with High risk - at least once a year
ï‚· Members with Medium risk - at least once in two
years
ï‚· Members with Low risk - at least once in three years
u/s 9 of AML/CFT guidelines to
cooperatives 2074
ï‚· Quardriester report to be submitted within 7 days of
elapse of period in the format as in annex 6 of the
guidelines.
ï‚· Cooperatives with annual turnover lesser than 5 Crores
to submit annual report within 7 days of elapse of
period.
ï‚· u/s 27 of AML/CFT
guidelines to cooperatives
2074. Format in annex 6.
ï‚· NA in almost all cases- u/s 27
of AML/CFT guidelines to
cooperatives 2074. Format in
annex 6.
Cooperatives with total assets more than 5 Crores to make
arrangements for Fire Proof Shelf to keep the records relating
to AML/CFT
u/s 30(2) of AML/CFT guidelines
to cooperatives 2074.
Detailed identification of members to be done for :
 Members conducting transaction via electronic medium
 Members in high risks for Corruption, Tax Evasion and
other Criminal offences
 Members conducting financial transaction in higher
volume i.e, purchasing shares of deposit or taking loan
with more than Rs 30 Lakhs at a time.
u/s 11 of AML/CFT guidelines to
cooperatives 2074.
Society also to keep separate record of the list of members for
whom Simplified Identification was done.
u/s 12 of AML/CFT guidelines to
cooperatives 2074.
L. OTHERS
18. 18
Conducting Social audit at least once a year and the suggestion
obtained thereof to be discussed in AGM.
u/s 39 of Unified Guideliness 2078
Falgun 01
ï‚· If Bonus is separated as per prevailing Bonus Act (10%
of PAT after Bonus), Bonus separated u/r 27 of
Cooperatives rules 2075 to be directly transferred to
General Reserve
ï‚· While distributing Bonus separated u/r 27 of
Cooperatives rules 2075, it should not exceed Staffs 3
months remuneration.
ï‚· Whether Bonus is being awarded to all the staffs,
including new staffs who has served for 183 days &
more.
ï‚· u/s 14 of Unified Guidelines
2078 Falgun 01.
ï‚· u/r 27 of Cooperatives rules
2075
ï‚· u/s 6(1) of Bonus Act 2030