Background
Central Registry for Secured Transaction in Bhutan
The Royal Government of Bhutan has a Micro, Small and Medium Enterprise (MSME) Sector Development Program (SDP) with the Asian Development Bank (ADB). The overall objective of the MSME SDP is to promote the expansion and growth of a vibrate MSME sector and encourage private sector development for broad based, sustainable economic growth and employment. The Grant Agreement for the Micro, Small and Medium Enterprise Sector Development Program (MSME SDP BHU 39221) was signed between the Royal Government of Bhutan and Asian Development Bank on 19th February 2008 in Thimphu.
The Project has 3 sub-projects.
Sub-project 1: Increase access to market-based finance,
Sub-project 2: Enhance Business Development Services and
Sub-project 3: Program Implementation and Institutional Capacity Building.
The component 3 as one of the component from the sub-project 3: Establishment of a Central Registry is to encourage secured transactions and improve the use of collateral. The MSME SDP will set up a Central Registry and where mortgages and other security interest in movable property can be registered for collateralize. A registry is also important for monitoring and securing 'Lender-Borrower/ Creditor-debtor' transactions, facilitate credit information sharing and therefore, effectively improve access to credit business.
News and Announcement View All
Operation of Central Registry
11/May/2018
The information pertaining to any moveable collateral pledged with any of the financial institutions like mortgages and other security interest in moveable property are available with the CR office. The hypothecation of the vehicles will also be monitored by the Central Registry office;
- RSTA has stopped the hypothecation of vehicles therefore there won't be hypothecation seal on the vehicle registration book henceforth.
- All transfer/change of ownership or cancellation of hypothecation of vehicle must obtain â??Certified Search Reportâ?? from CR office or their respective Financial Institution and the RSTA will make the â??Certified Search Reportâ?? a mandatory document.
The secured transaction registry also provides notice to potential lenders of credit of all the debtorâ??s prior security interests in moveable property.
We would also like to inform the general public to obtain a ''Certified Search Report" from the CR office prior to any transaction on second-hand movable property.
Shifting of Central Registry
11/May/2018
Central Registry is now under the management of Royal Monetary Authority of Bhutan.
Launch of Central Registry
11/May/2018
Bhutan's first Central Registry was launched on 9th August 2013 by the Honorable Governor of Royal Monetary Authority of Bhutan.
Central Registry is a unit under the Royal Monetary Authority of Bhutan established with the executive directive from Royal Government of Bhutan in accordance with Part VI of Movable and Immovable Property Act of Kingdom of Bhutan, 1999. Central Registry will act as a centralized repository for all security interest in movable property.
The Registry became fully operational from 1st July 2014 and will undergo several development phases.