Ordinance to amend Nepal Act aims addressing inconsistence in Cooperatives Act’s laws: Minister Adhikari

Kathmandu, Dec 27: Minister for Land Management, Cooperatives, and Poverty Alleviation, Balaram Adhikari, asserted that the government introduced the ordinance to amend the Nepal Act to manage some inconsistent acts and laws related to cooperatives.

Talking to Rastriya Samachar Samiti (RSS) here Friday, Minister Adhikari clarified that the ordinance aimed to dispel some misconceptions surrounding the cooperatives sector, which is one of the three important components of a three-pillar economy.

“The ordinance provides a framework for the formation of a Cooperative Regulatory Authority by scrapping the National Cooperatives Board. The Authority will be responsible for investigating irregularities and bringing the defaulter cooperatives to book.

The ordinance has the provision of referring unresolved cases to the relevant court,” described Adhikari, assuring that the inconsistency in the ordinance will be amended and addressed accordingly. He expressed his concern over the tarnished image of the cooperative sector due to the wrongdoings of some fraudulent cooperatives and thus expressed his confidence that the ordinance-mandated authority will lawfully regulate it.

“Of all the provisions stipulated in the ordinance, formation of the Authority is one. Rumors are being spread about the ordinance without thorough study into it but on the speculations. Let’s cooperate for this cooperative sector reform bid,” the minister urged.

Stating that the Authority is an autonomous regulatory body, he viewed that there should not be false rumors and concerns simply because the Ministry oversees the Cooperatives. He informed us that the provision in the ordinance stipulates the Nepal Rastra Bank’s subordinate bodies will oversee the Information Centre and Saving Security Fund.

The minister also reaffirmed his commitment to forming a cooperatives-related tribunal at the earliest. —RSS