The recently issued standards by the authority state that the deadline will begin only after the electronic registration system is launched. There is a 60-day deadline for registration.
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Cooperatives engaged in savings and loans must now be registered with the National Cooperative Regulatory Authority. The authority established to regulate cooperatives has called on organizations to register. Cooperatives must register with the authority online. For this, the authority has issued ‘Registration and Documentation Standards for Cooperatives Engaged in Savings and Loans Mainly’ (First Amendment).
As per the criteria, the Authority is making public the online portal (electronic system) for the registration of cooperatives on Wednesday. The period (term) given to cooperatives for registration will start counting only after the system is made public. The criteria recently issued by the Authority state that the period will start counting only after the electronic registration system is launched. There is a deadline of 60 days for registration.
Cooperatives will have to pay a fee while registering with the Authority. The fee has been fixed based on the total assets or total capital and liabilities of the organization. According to which, cooperatives with total assets up to 20 million will have to pay 1 thousand, more than 20 million and up to 100 million will have to pay 3 thousand, more than 100 million and up to 250 million will have to pay 5 thousand, more than 250 million and up to 500 million will have to pay 7 thousand, more than 500 million and up to 1 billion will have to pay 10 thousand and cooperatives with total assets of more than 1 billion will have to pay 15 thousand.
The Cooperative Regulatory Authority was provided for through the ordinance amending the ‘Certain Nepal Acts’ related to cooperatives issued on 10 Pus 081. Accordingly, the National Cooperative Regulatory Authority was formed on 14 Magh 081. About 10 months after the formation of the Authority, the call for organizations to register has been made.
The ‘Registration and Documentation Standards for Cooperative Organizations Mainly Engaged in Savings and Loans-082’ issued by the Authority states that a cooperative organization must submit all the details for registration. During registration, the cooperative organization must submit all the details including basic (name, address, board of directors, share members, total share amount, details of major shareholders, etc.) and financial (profit and loss, share capital reserve fund, investment made by the organization in private companies and houses, etc.).
