Cabinet meeting: Govt to introduce ordinance to address cooperative issues

Kathmandu, December 24 — The government has decided to introduce an ordinance related to cooperatives.

A minister informed that the cabinet meeting held on Tuesday decided to bring the ordinance to address issues related to cooperatives.

The ordinance includes the establishment of a 'National Cooperative Regulation Commission' to resolve cooperative-related problems. The commission will be headed by a chartered accountant as the chair, with experts and a governor as members.

The ordinance also stipulates that any cooperative holding more than 1 million rupees must disclose the source of its income. It includes provisions for returning money to cooperative victims and recovering funds from those involved in fraud.

The cabinet also decided to send the ordinance to the President’s office for approval.

Additionally, the government has decided to dissolve the Cooperative Board.