Brigadier General Gyanendra Jung Rayamajhi at a function held in the Army Headquarters informed that with an investment of Rs 3.70 million, NA Welfare Fund owned assets worth Rs 34.04 billion till end of fiscal year 2071/72. The fund had Rs 26.88 billion worth of assets till the end of fiscal year 2070/71, said Rayamajhi, who heads the NA Welfare Fund Directorate.The welfare fund's main sources of income include 5 percent contribution made by NA personnel participating in United Nations peacekeeping missions, interests from various banks and financial institutions, income from foreign currency exchange.
Though the fund has been accumulating assets every year, the revenue collected by the NA remains the same. This has raised questions over transparency in the management of welfare fund. In the past years, the increase rate per year stood at Rs 3 billion.
Similarly, the welfare fund also receives revenue from fees collected by schools and colleges run by the Nepal Army, rents obtained from family quarters, hospitals operated by NA, Sunachari Emulsion Plant, and oxygen and drinking water plants. The welfare fund made an investment of Rs 2.51 billion, according to the Welfare Fund Directorate.
Responding to media over queries regarding misuse of funds, Rayamajhi, said, "We are working to minimize the risks to the deposits in various banks and financial institutions." Nepal Rastra Bank (NRB) had frozen all the current and fixed assets of dissolved and troubled financial institutions that had failed to return the money deposited by the NA welfare fund.
NA has also initiated welfare projects targeting incumbent and retired NA personnel of all ranks.
Vocational training institute with affiliation from CTEVT; vocational training in fashion designing, computer, driving and cooking; expansion of micro-finance projects; construction of Tri-chandra Military Hospital (veterans and civil); establishment of nursing and medical colleges and veterans homes for helpless veterans are some major projects initiated under the welfare fund.
Similarly, construction of the Civil Explosive Plant, operation of fuel stations, ambulance service and distribution of scooters to NA personnel injured during the Maoist insurgency are some of its upcoming projects.
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