- Type
- Act
- Year
- २०४७ BS · 1991 AD
- Status
- In force
- Category
- खण्ड ७: मुद्रा, बैङ्किङ्ग, बीमा, वित्तीय संस्था तथा धितोपत्र · Volume 7: Currency, Banking, Insurance, Financial Institutions and Securities
- Official text
- Official page Official text (PDF)
- English translation
- Official English translation archived copy: the original page is no longer online
Includes amendments up to: 2066 BS. Translations may not include later amendments. The Nepali text is the authoritative law.
Analysis drawn from official reports, court rulings and published research, each cited. Figures are being double-checked against the source documents; corrections are welcome.
What does it do?
- The Act creates the Citizen Investment Trust, an autonomous body headquartered in Kathmandu, to encourage saving, widen investment opportunities, run retirement and social security schemes and develop the capital market. Its issued capital is Rs 8 billion, with shares allocated to the government (23.34%), the Rastriya Beema Sansthan (31.55%), Nepal Stock Exchange (10%), banks and financial institutions (15.11%) and the public (20%). Institutional shareholders need government permission to sell their shares.बचत प्रवर्धन, लगानीका अवसर विस्तार, अवकाश तथा सामाजिक सुरक्षा कार्यक्रम सञ्चालन र पुँजी बजार विकास गर्न काठमाडौंमा केन्द्रीय कार्यालय रहने गरी नागरिक लगानी कोष स्वशासित संस्थाका रूपमा स्थापना गरिएको छ। कोषको जारी पुँजी रु. ८ अर्ब छ, जसमा नेपाल सरकार (२३.३४ प्रतिशत), राष्ट्रिय बीमा संस्थान (३१.५५ प्रतिशत), नेपाल स्टक एक्सचेन्ज (१० प्रतिशत), बैंक तथा वित्तीय संस्था (१५.११ प्रतिशत) र सर्वसाधारण (२० प्रतिशत) को सेयर छ। संस्थागत सेयरधनीले सेयर बेच्न सरकारको अनुमति लिनुपर्छ। Nepal Law Commission, Government of Nepal Sections 3–4, pp. 4–5
- As a trustee, the Trust runs an investor account scheme and citizen unit schemes, retirement funds, gratuity and pension schemes and a term life insurance fund for civil servants, soldiers, police and teachers. The government may, by Gazette notice, order offices and organisations to deduct a set percentage of staff salaries into the investor account scheme. Nepalis at home and abroad, foreigners and the self-employed (including people in foreign employment) may also save with it.न्यासीका रूपमा कोषले लगानीकर्ता हिसाब योजना, नागरिक एकाङ्क योजना, अवकाश कोष, उपदान तथा पेन्सन योजना र निजामती कर्मचारी, सैनिक, प्रहरी तथा शिक्षकका लागि सावधिक जीवन बीमा कोष चलाउँछ। सरकारले राजपत्रमा सूचना निकालेर कार्यालय र संस्थालाई कर्मचारीको तलबबाट तोकिएको प्रतिशत अनिवार्य कट्टी गरी लगानीकर्ता हिसाब योजनामा जम्मा गर्न आदेश दिन सक्छ। स्वदेश र विदेशमा रहेका नेपाली, विदेशी लगानीकर्ता र वैदेशिक रोजगारीमा रहेकासमेत स्वरोजगार व्यक्तिले पनि रकम जम्मा गर्न सक्छन्। Nepal Law Commission, Government of Nepal Sections 15–18क, pp. 8–9; Section 32(1), pp. 18–19
- The Trust may invest funds in bank deposits, guaranteed loans, shares of banks, insurers and other companies, public-private and government-led infrastructure such as electricity, debentures and securities, generally holding no more than 25% of any company's capital, and may lend to contributors.कोषले जम्मा भएको रकम बैंक निक्षेप, जमानतसहितको ऋण, बैंक, बीमा तथा अन्य कम्पनीको सेयर, सार्वजनिक–निजी साझेदारी र सरकारी अगुवाइका विद्युत्लगायतका पूर्वाधार, डिबेन्चर र धितोपत्रमा लगानी गर्न सक्छ; सामान्यतया कुनै कम्पनीको पुँजीको २५ प्रतिशतभन्दा बढी लिन पाइँदैन। योगदानकर्तालाई ऋण पनि दिन सक्छ। Nepal Law Commission, Government of Nepal Section 32(2)–(5), pp. 19–21
- A board chaired by a government appointee with banking, insurance or capital-market expertise, including a Finance Ministry officer, the Rastriya Beema Sansthan administrator and the general manager of Nepal Stock Exchange, runs the Trust; directors are personally liable for losses they cause knowingly or negligently. Both the government and Nepal Rastra Bank may issue directions to the Trust, and it must submit an annual report.बैंकिङ, बीमा वा पुँजी बजारको विज्ञमध्येबाट सरकारले नियुक्त गरेको अध्यक्ष, अर्थ मन्त्रालयका अधिकृत, राष्ट्रिय बीमा संस्थानका प्रशासक र नेपाल स्टक एक्सचेन्जका महाप्रबन्धकसमेत रहेको सञ्चालक समितिले कोष चलाउँछ; जानीजानी वा लापरबाहीले हानि पुर्याएमा सञ्चालक व्यक्तिगत रूपमा जिम्मेवार हुन्छन्। नेपाल सरकार र नेपाल राष्ट्र बैंक दुवैले कोषलाई निर्देशन दिन सक्छन्, र कोषले वार्षिक प्रतिवेदन पेस गर्नुपर्छ। Nepal Law Commission, Government of Nepal Sections 25 and 30, pp. 13–18; Sections 47–49, pp. 30–31
Gaps, loopholes and improvement ideas
- Unclear Parts of the Act are not followed or clash with other rules. The Auditor General found that section 25(1), which makes the general manager of Nepal Stock Exchange a director, conflicts with rule 14(ख) of the Securities Businessperson Regulation 2064, which bars people holding an office of profit in the securities market from being directors; that the Act does not set out the executive director's duties and powers; and that no woman director had been appointed as section 25(2) requires.ऐनका केही व्यवस्था पालना भएका छैनन् वा अन्य नियमसँग बाझिन्छन्। नेपाल स्टक एक्सचेन्जका महाप्रबन्धकलाई सञ्चालक बनाउने दफा २५(१) र धितोपत्र बजारमा लाभको पदमा रहेको व्यक्ति सञ्चालक हुन अयोग्य हुने धितोपत्र व्यवसायी नियमावली, २०६४ को नियम १४(ख) एकआपसमा बाझिएको, ऐनमा कार्यकारी निर्देशकको काम, कर्तव्य र अधिकार नतोकिएको, र दफा २५(२) बमोजिम महिला सञ्चालक नियुक्त नगरिएको महालेखापरीक्षकले औँल्याएको छ। Office of the Auditor General, Nepal · Nepal Law Commission, Government of Nepal OAG 62nd Report, government-owned entities, Citizen Investment Trust, para 5, printed p. 637; Act s. 25, p. 13
- Loophole Retirement-fund money has been invested outside the permitted range. Citing a Supreme Court certiorari judgment of 2080/04/22 that retirement-fund money must be invested only in sectors approved under rule 20(2) of the Income Tax Rules 2059, not wherever the Trust chooses, the Auditor General found the Trust's current investments fall outside that rule and said the Act and the tax rules must be brought into line.अवकाश कोषको रकम तोकिएको दायराबाहिर लगानी भएको छ। अवकाश कोषको रकम कोषले रोजेको क्षेत्रमा होइन, आयकर नियमावली, २०५९ को नियम २०(२) बमोजिम सरकारबाट स्वीकृत क्षेत्रमा मात्र लगानी गर्नुपर्ने भनी सर्वोच्च अदालतले २०८०/०४/२२ मा उत्प्रेषणको फैसला गरेको उल्लेख गर्दै कोषको हालको लगानी सो नियमले तोकेको परिधिबाहिर रहेको र कोषको ऐन तथा आयकर नियमावलीबीच तादात्म्य मिलाउनुपर्ने महालेखापरीक्षकले औँल्याएको छ। Office of the Auditor General, Nepal · Nepal Law Commission, Government of Nepal OAG 62nd Report, Citizen Investment Trust, para 6, printed p. 637; Act s. 32(2), p. 19
- Not enforced A large loan to Nepal Airlines is not being repaid. Under a 2074 agreement guaranteed by the government, the Trust lent Rs 12 billion through its Employees' Savings Increment Retirement Fund to buy wide-body aircraft; with capitalised interest the exposure reached Rs 19.39 billion by Asar 2081, but no repayment had been received and the 30% of ticket sales due into a special account was not being deposited. The board made the decision at a time when the fund's trustee had not been formed.नेपाल वायुसेवा निगमलाई दिएको ठूलो ऋण फिर्ता भएको छैन। २०७४ को सरकारी जमानीसहितको सम्झौताअनुसार कोषले कर्मचारी बचत वृद्धि अवकाश कोषमार्फत वाइडबडी विमान खरिदका लागि रु. १२ अर्ब ऋण दियो; पुँजीकृत ब्याजसहित २०८१ असार मसान्तसम्म यो रु. १९ अर्ब ३९ करोड पुगे पनि कुनै भुक्तानी प्राप्त भएको छैन, र टिकट बिक्रीको ३० प्रतिशत विशेष खातामा जम्मा गर्नुपर्ने सर्त पनि पालना भएको छैन। सो बेला कोषको न्यासधारी गठन नभएकाले सञ्चालक समितिले मात्र निर्णय गरेको थियो। Office of the Auditor General, Nepal OAG 62nd Report, Citizen Investment Trust, para 7, printed p. 637
Ideas to fix it
- Bring the Act into line with the Income Tax Rules on where retirement-fund money may be invested, and comply fully with the Act's legal requirements on board composition.अवकाश कोषको लगानी क्षेत्रबारे कोषको ऐन र आयकर नियमावलीबीच तादात्म्य मिलाउने, र सञ्चालक समितिसम्बन्धी ऐनको व्यवस्था पूर्ण रूपमा पालना गर्ने। Proposed by: Office of the Auditor General (62nd Annual Report) Office of the Auditor General, Nepal
- Make Nepal Airlines deposit ticket-sale proceeds into the special account as agreed and recover the loan on schedule.सम्झौताअनुसार विशेष खातामा टिकट बिक्रीको रकम जम्मा गर्न लगाई तालिकाबमोजिम ऋण असुल गर्ने। Proposed by: Office of the Auditor General (62nd Annual Report) Office of the Auditor General, Nepal
Where does it conflict with other laws?
No conflict with another law is documented in the sources we have reviewed so far.
Open questions for lawmakers
Research candidates on possible conflicts, gaps or loopholes involving this law. Not legal findings: each awaits qualified legal review.