Kathmandu. An agreement has been signed between Citizen Investment Fund and Siddhartha Bank regarding the operation of gratuity and retirement fund. The agreement was signed by Mr. Parbat Kumar Karki, Executive Director of the Fund and Mr. Sundar Prasad Kandel, CHIEF Executive Officer of the Bank.

With this agreement, the bank has transferred contribution-based and non-contribution-based gratuity and other retirement accounts to the fund. The fund will now manage and operate the gratuity of about 2,000 employees currently working in the bank and other amount related to retirement.

According to the amendment made in the Financial Act÷ 2082 BS, the bank has transferred the retirement fund it has been operating to the Citizen Investment Fund as per the provision made by the Government of Nepal from the current fiscal year 2082÷83 BS.

Issuing a notice on July 15, the Department of Internal Revenue has informed that the retirement funds approved by the Inland Revenue Department in accordance with the Income Tax Act, 2058 in Section 23 of the Finance Act, 2082, should join the citizen investment fund and other funds by mid-July 2083 BS.