CIT concludes 27th AGM, plans to diversify investments in productive sectors

KATHMANDU: The Citizen Investment Trust (CIT) concluded its 27th annual general meeting (AGM) under the chairmanship of Surya Bahadur Thapa, Chairman of the Board of Directors. The AGM approved the proposed 30% bonus shares and 1.5789% cash bonus allocated in the income distribution statement of the fiscal year 2077/78. Similarly, the AGM discussed and passed the annual report of FY 2077/78. The balance sheet, profit and loss account and cash flow statement of Jestha 2078 were presented at the AG and the auditor's report was also discussed and passed. In the meeting, Chairman Thapa expressed his view that Nepali citizens from government, non-government and other sectors not included in the private sector operated by the CIT will be covered by the savings programme with the guarantee of social security. He emphasized the opportunities that the savings collected by the CIT can be used for national pride projects, infrastructure development and productive sectors. Further he said the saving can be used in various loan agreements and development of the capital market to help the participants and increase returns by diversifying the investment. He expressed his commitment to making the CIT profitable by making use of the existing possibilities and opportunities in the trust, solving the problems and challenges, diversifying the investment and investing in productive sectors. In the programme, CIT Executive Director Raman Nepal informed the meeting about the actual situation of the trust. He addressed the questions raised by the shareholders. By July 16 of the fiscal year 2078/79, the net fund balance of CIT reached Rs 217,322,200,000. During that period, the statutory institute under Citizen Investment Trust Act, 2047 invested Rs 194,920,000,000. The CIT is working towards involving self-employed and foreign-employed citizens to expand the business. NLK web based software has been fully implemented in all the programmes run by CIT. In addition, the work of taking data in the Government Accounting System software has been completed. Likewise, necessary equipment for using the new software has been connected to the CIT system. Similarly, arrangements have been made to collect funds online from various institutions, associations and organisations affiliated with the trust. In the assembly, Ashok Budhathoki was unanimously elected director on behalf of the general shareholders. READ ALSO:

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