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An agreement has been signed between Citizens Investment Fund and Siddharth Bank Limited regarding the operation of gratuity and retirement fund. The agreement was signed by Executive Director Parbat Kumar Karki on behalf of the fund and Chief Executive Officer Sundar Prasad Kandel on behalf of the bank.
With the agreement, the contribution-based and non-contribution-based gratuity and other retirement accounts currently operated by the bank have been transferred to the fund, the statement said.
The fund will now manage and operate the gratuity and other funds related to the retirement of about 2 thousand employees currently working in the bank.
Since the financial year 2082/83, the government of Nepal has arranged that the retirement funds approved by the Internal Revenue Department should be affiliated to the Citizen Investment Fund and other funds. Accordingly, according to the amendment made in the Economic Act, 2082, the bank has handed over the retirement fund that it has been operating to the Citizen Investment Fund.
The Internal Revenue Department issued a notification on the 31st of June last, and in Section 23 of the Economic Act, 2082, according to the Income Tax Act, 2058, retirement funds approved by the Internal Revenue Department in the past must be affiliated to the Citizen Investment Fund and other funds by the end of June 2083.
