Asset confiscation, bank account freezing and foreign travel ban if the co-operative fund is not returned

Kathmandu. To make the cooperative sector more orderly, transparent and accountable, the government has brought forward a new process through the bill. The government passed the Cooperatives First Amendment Bill, 2083 in the House of Representatives and proceeded with the process of reforming the policy issues seen in the cooperative sector. In particular, comprehensive reforms will be made in relation to deposit refund, regulation, registration process and scope of work.

A bill has been introduced to bring the directors and managers involved in misappropriation and embezzlement of cooperative savings funds under the strict legal framework.

The government has also said that by confiscating the property of the guilty operators and speeding up the debt recovery process, the money of the victim savers will be returned.

Express

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