{"id":10261,"date":"2018-08-24T08:45:00","date_gmt":"2018-08-24T03:15:00","guid":{"rendered":"https:\/\/www.nepalisansar.com\/?p=10261"},"modified":"2018-08-30T10:18:50","modified_gmt":"2018-08-30T04:48:50","slug":"nepal-army-approaches-ministry-to-widen-investments","status":"publish","type":"post","link":"https:\/\/www.nepalisansar.com\/news\/nepal-army-approaches-ministry-to-widen-investments\/","title":{"rendered":"Nepal Army Approaches Ministry to Widen Investments"},"content":{"rendered":"
In a recent update concerning the Nepal Defense Ministry, the Nepal Army has asked the Ministry to revise the Army Act 2006 to widen its investments.<\/p>\n
\u201cThe existing Act prevents us from investing as promoter. This is a barrier in widening our investments,\u201d said Brigadier General Raghu Bhandari, Director, Nepal Army Welfare Fund (NAWF) in his address at a press conference in Kathmandu.<\/p>\n
It seeks to receive high ROI to support serving military personnel and retired officials \u2018welfare activities\u2019.<\/p>\n
The Nepal Army is keen on revising the recommendations of the said Act as it restricts them from investing funds in energy, financial, business and other sectors, Bhandari says.<\/p>\n
Currently, it is not happy with the limited interest earned from the NAWF\u2019s billions of rupees deposits in commercial and development banks. NAWF has cash deposit of Rs 35.77 billion and investments worth Rs 5.52 billion in various sectors.<\/p>\n