KATHMANDU, Dec 25: The government's new ordinance on cooperatives, which includes rules for regulating cooperatives and returning the savings of members, will be sent to the President tomorrow. Since today is a public holiday, the ordinance will be forwarded tomorrow. The government decided on the ordinance yesterday evening, and it will take effect once the President approves it.
The ordinance comes in response to suggestions from a parliamentary committee investigating cooperatives. It sets criteria for returning savings of up to Rs 500,000 deposited in cooperatives.
Government decides to introduce ordinance to resolve cooperativ...
The ordinance also creates a National Cooperative Regulatory Authority, which will be independent and self-governing. The authority will follow guidelines set by the Nepal Rastra Bank.
Savings and credit cooperatives are now categorized into three levels, and registration will be done at the local level. The ordinance also sets limits on individual savings and loans: Rs 1 million for cooperatives within a district, Rs 2.5 million for cooperatives within a province, and Rs 5 million for those operating nationwide.
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