Minister for Land Management, Cooperatives, and Poverty Alleviation of Nepal, Balaram Adhikari, emphasized that the government introduced an Ordinance to amend the Nepal Act and address inconsistencies in laws related to cooperatives.
Speaking to the media, Adhikari explained that the ordinance aims to clear misconceptions surrounding the cooperative sector, which is a key part of Nepal’s three-pillar economy.
The ordinance proposes establishing a Cooperative Regulatory Authority, replacing the National Cooperatives Board. This Authority will investigate irregularities and hold defaulting cooperatives accountable. It also includes a provision to refer unresolved cases to the courts.
Adhikari expressed concern over the sector’s tarnished reputation due to fraudulent cooperatives, but voiced confidence that the new regulatory body would ensure lawful oversight. He urged cooperation for the successful reform of the cooperative sector.
