17 August, Kathmandu. The bill to amend the Citizen Investment Fund Act 2047 has reached the Parliament.
Finance Minister Dr. Swarnim Wagle registered this bill in the House of Representatives on Thursday.
For the economic development of the country, Finance Minister Wagle has said that the purpose of the bill is to encourage common people to save capital and increase investment opportunities.
The Citizen Investment Fund Act 2047 is being implemented with the aim of conducting retirement fund and social security programs and bringing dynamism to the capital market.
Finance Minister Wagle has written in the bill that the purpose of the bill is to clarify some words defined by this existing law, to increase the authorized capital, paid-up capital and share investment of the fund.
He further writes, 'I drafted this bill and submitted it to the Federal Parliament as it was necessary to make the Act up-to-date by including matters such as reducing the capital of the fund, clarifying the work, duties and rights of the board of directors and the work, duties and rights of the executive director of the fund.'
According to the Ministry of Finance, the Citizen Investment Fund Act 2047 is going to be amended to address the practical problems, unclear provisions and the need for timely reforms during the implementation of the Act.
To submit this bill to the Federal Parliament, the Ministry of Finance received approval from the Cabinet of Ministers of the Government of Nepal on 3rd August 2083.
It was registered in the House of Representatives on Thursday.
No new delegated management powers have been created in the proposed Bill. According to the Ministry of Finance, there is no need for further explanation regarding the delegated management, as the purpose of the Act is to make the provisions of the Act more clear, orderly and timely within the existing legal structure.
