KATHMANDU: The government has introduced an ordinance to revise various Nepalese Acts concerning cooperatives, 2081.
On Sunday, President Ram Chandra Poudel enacted the ordinance based on a recommendation from the Council of Ministers meeting held last Tuesday.
The ordinance is designed to regulate cooperative organizations and safeguard savers’ funds. It was forwarded to the President’s Office at Sheetal Niwas on Thursday after gaining approval from the Council of Ministers.
Key legislative amendments proposed include changes to the Cooperatives Act, 2074, the Nepal Rastra Bank Act, 2058, and the Deposit and Credit Guarantee Fund Act, 2073.
During a program in Kathmandu on Wednesday, Minister for Communications and Information Technology, Prithvi Subba Gurung, stated that the Council of Ministers had decided to propose the ordinance to the President.
Gurung highlighted that the primary objective of the ordinance is to ensure the return of depositors' funds.
The ordinance will be published in the Gazette and will come into effect upon issuance.
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