KATHMANDU, August 7

The Nepali Army on Friday claimed that it had collected Rs 34 billion in its Welfare Fund which was largely accumulated as levy from its soldiers’ earnings in the UN peace missions and as bank interests.

The security force, however, has failed to utilise the amount except investing some of its portion in scattered welfare schemes for NA’s serving and retired personnel, as well as their dependents.

Gyanendra Jung Rayamajhi, Director of NA Welfare Fund, said, “The fund includes Rs 30.35 billion in cash deposited in various banks and financial institutions, along with additional Rs 3.71 billion in investments in dozens of running and about-to-run ‘non-profit’ projects till mid-July, 2015,” Rayamajhi said during a press conference organised at the Army Headquarters. Last year, the cash deposit in the welfare fund was Rs 26.88 billion.

NA takes 22 per cent of its soldiers’ earnings who serve in the United Nations peacekeeping missions around the globe. Rayamajhi said NA had kept almost 90 per cent of its welfare fund money as fixed deposits in as many as 29 commercial banks and other financial institutions.

He said NA wished to invest in developmental projects like hydropower. However, it has not become possible due to a provision of the Nepali Army Act and its regulations, which bar the national force from investing in any profit-making business or project. “Study and consultations are under way to figure out ways to invest the money in commercial, as well as profit-making development projects,” said Chief of Army Staff Gaurav SJB Rana’s Adviser Dhani Das Karki, also former Director General of the Welfare Fund.