The deputy commissioner of Assam’s Sivasagar district, Dr M S Lakshmi Priya, on Tuesday asked all micro finance institutions operating in the district to submit their certificate of registration.
The deputy commissioner through an order also asked the micro finance institutions to submit other relevant documents of concerned institutions within the next seven days.
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The order further stated that failing the same it will be assumed that the institution does not have valid documents for carrying out financial transaction.
It also stated that inability to produce the valid certificates shall attract penal provisions against such institution as per law.
The deputy commissioner also appealed the general public to bring into the notice of the administration if any such micro financial institution is found to be involved in mala fide or illegal financial activities.
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The deputy commissioner also said if any public is found conniving with any unlawful or illegal financial activities or institutions, strict action will be initiated against such individual or organization.
The order has come into effect due to several public complaints against some micro finance institutions.