SIVASAGAR, Nov 20 - Deputy Commissioner, Sivasagar Dr MS Lakshmi Priya vide a notice issued here yesterday asked all micro finance institutions operating in the district to submit their certificates of registration.
The Deputy Commissioner, through this order, also asked the micro finance institutions to submit other relevant documents of institutions concerned within the next seven days.
The order further stated that failing the same, it will be assumed that the institution does not have valid documents for carrying out financial transactions. It also stated that inability to produce valid certificates shall attract penal provisions against such institution as per law.
The Deputy Commissioner also appealed to the general public to bring to the notice of the district administration if any such micro financial institution is found to be involved in mala fide or illegal financial activities.
The Deputy Commissioner also stated that if anyone is found conniving with any unlawful or illegal financial activities or institutions, strict action will be initiated against such individuals or organizations.
This order was issued following several complaints against some micro finance institutions operating in the district.
It may be mentioned that The Assam Tribune carried a number of stories regarding widespread public demonstrations in different parts of the district against the micro finance companies and alleged exploitations of the SHGs. In this context, Deputy Commissioner�s initiative will certainly deter some groups set up by unscrupulous businessmen in the State.