March 18: Citizen Investment Trust(CIT) has announced that it will include self-employed and foreign-employed Nepalis in retirement fund beside government and public employees.  CIT made the announcement amid an event held on Thursday in the capital to mark its 26th anniversary. 

CIT invested Rs 55.79 billion in five sectors in the fiscal year 2071/72. Among them, CIT has invested Rs 25.92 billion in government bonds, Rs 35.34 billion in deposits of banks and financial institutions, Rs 5.11 billion in periodic loans, Rs 3.78 billion in shares of corporate institutions and Rs 8.97 billion in collaborator credit and home loan. 

Currently, CIT is operating five different funds- Retirement fund, Citizen Units Scheme, Pension/Gratuity Fund, Investors’ Account Scheme and Insurance Scheme under various arrangements collecting Rs 67.22 billion. Under the Insurance Scheme, civil employee’s insurance fund, teacher’s insurance fund, army employee’s insurance fund and Nepal police employee’s insurance fund are operational.

In the event, speakers suggested to increase citizens involvement in the CIT. Chief guest of the program, Damodar Bhandari, Minister of State for Finance, stressed the need of CIT to become citizen’s trust in the real terms. “Developing the habit of investment among the Nepali citizens is need of the hour. CIT should provide investment opportunities to the citizens across all sectors,” he said. 

Rajan Khanal Chairman of Board of directors of CIT said that the organisation will take necessary role in the expansion of capital market services. “We have submitted a proposal in the Securities Board of Nepal (SEBON) and Nepal Stock Exchange (NEPSE) regarding the issue,” he informed.