President Ram Chandra Poudel on Sunday, December 29, issued an ordinance aimed at addressing issues surrounding the cooperative sector.  

Titled “Ordinance to Amend Some Nepal Acts Related to Cooperatives, 2081”, it had received Cabinet approval last Tuesday, December 24, before being recommended for the President’s assent.  

It introduces amendments to key laws, including the Cooperatives Act, 2017, the Nepal Rastra Bank Act, 2002, and the Deposit and Credit Guarantee Fund Act, 2016.  

Drafted by the Ministry of Land Management, Cooperatives and Poverty Alleviation, the ordinance was finalised with input from experts appointed by the Council of Ministers.  

Minister for Communications and Information Technology Prithvi Subba Gurung, who also serves as the government’s spokesperson, noted that the ordinance is designed to expedite the return of depositors’ funds.  

Minister of Land Management, Cooperatives and Poverty Alleviation Balaram Adhikari told state-owned news agency RSS last Friday that the ordinance includes provisions for establishing a Cooperative Regulatory Authority, which will replace the existing National Cooperatives Board.  

“This new authority will oversee investigations into irregularities and ensure that defaulting cooperatives are held accountable,” said Adhikari. “Unresolved cases will be referred to the appropriate court as per the provisions outlined in the ordinance.”