Kathmandu. Secretary at the Ministry of Land Management, Cooperatives, Federal Affairs and General Administration, Madan Bhujel, has said that the government is preparing two separate acts to remove the duplicity and confusion seen in the regulation of the cooperative sector.
Speaking at a program organized to mark the 16th establishment day of the Society of Cooperative Journalists (CJN) on Friday, Secretary Bhujel said that preparations were underway to bring separate acts related to the operation of the cooperative act and the National Cooperative Regulatory Authority.
He said, “Now we are drafting two separate acts. The Cooperative Act and the other is the Act related to the operation of the Cooperative Regulatory Authority. After the introduction of that Act, the issue of cooperative regulation will be a little clearer. “
Secretary Bhujel said that there is a lack of coordination among the local level, province and federal level in the regulation of the cooperative sector. He said that there is still some confusion about who will regulate the cooperative and how.
He said, “I also feel that the cooperative sector is in a state of confusion and confusion. After the division into three levels, the responsibilities of the local level, the province and the union have been separated. But there is some confusion and lack of coordination while regulating. He said that after the establishment of the National Cooperative Regulatory Authority to regulate savings and loan cooperatives, there is confusion in the working areas of the Cooperative Department and the Office of the Registrar of Cooperatives. According to him, it is not yet fully clear which body will be regulated by the cooperative that deals in savings and loans.
He said, “Cooperatives start with savings and loans. Therefore, there is some confusion about who will regulate which cooperative. Discussions are being held in the ministry on how to clarify this.” Bhujel said that the ministry is coordinating with the National Cooperative Regulatory Authority and the Office of the Registrar of Cooperative to avoid duplication of roles.
He said that adequate discussion and consultation will be held with the stakeholders of the cooperative sector on the new Act to be formulated in the coming days.
Describing cooperatives as an important basis of the three-pillar economic policy adopted by the government, Secretary Bhujel said the cooperatives’ contribution to the development of national economy could not be denied.
He said, “It is said that the prosperity of the nation is not possible without cooperatives. Cooperatives have made a great contribution to the overall national economy along with capital collection, investment, production, empowerment, awareness and rural economy. “
Cooperative Journalists’ Society should continuously alert about the weaknesses and anomalies of the government, regulatory bodies and cooperatives,” he said.
Acknowledging that the distrust towards the entire cooperative sector has increased due to the problematic cooperatives, Secretary Bhujel said that the main challenge of the government is to return the savings of the savers and the management of the problematic cooperatives.
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