November 18: Five galvanized iron (GI) wire industries in the Sunsari Morang Industrial Corridor, which had been closed for four months, came into operation after a cabinet meeting revised the tax…
November 18: Five galvanized iron (GI) wire industries in the Sunsari Morang Industrial Corridor, which had been closed for four months, came into operation after a cabinet meeting revised the tax…
November 18: Foreign exchange reserves of Nepal have increased 2.5 percent to Rs 1246.22 billion in mid-October 2022 from Rs 1215.80 billion in mid-July 2022, according to the latest report of Nepal Rastra Bank…
November 18: The Election Commission is planning to make public the result of the first-past-the-post (FPTP) election to the House of Representatives and Provincial Assembly within three…
November 18: The silence period for the upcoming election has started from 12 am today (November 18).…
November 17: Sugarcane production has declined by 1.15 million metric tons in the last six years.…
November 17: Trade deficit of Nepal decreased by 13.1 percent in the first three months of the current fiscal year (FY 2022/23) compared to the corresponding period of last fiscal year.…
November 17: The country recorded a surplus in Balance of Payments (BOP) in the first quarter of the current fiscal year after a gap of 14 months.…
November 17: A special security plan has been prepared for mobilizing all the four security agencies of the state in an effective and coordinated manner in view of the elections to the Member of the House of Representatives and Provincial Assembly taking place on November…
November 17: The country received remittances of Rs 281 billion in the first three months of the current fiscal…
November 17: The year-on-year (y-o-y) consumer price inflation has hit 8.50 per cent in the first quarter of the current fiscal year (FY 2022/23) compared to 4.24 percent a year ago, according to the latest report of Nepal Rastra Bank…
November 16: Businessmen have hiked the prices of consumer goods in the market taking advantage of the upcoming…
November 16: The Supreme Court has directed the Securities Board of Nepal (SEBON) to produce original copies of documents pertaining to the decision for providing licenses to a new stock exchange company, commodity exchange and stock…
November 16: A study conducted by South Asia Watch on Trade, Economics and Commerce (SAWTEE) suggests that Nepal’s graduation from LDC status in 2026 will have trade implications in terms of higher tariffs and more stringent rules of origin in preference-granting…
November 16: The World Bank and Rural Reconstruction Nepal (RRN) signed a US$4.5 million grant agreement to strengthen the capacity of Indigenous Peoples and Local Communities (IPLCs) in Nepal’s forest…
November 16: At a time when industrialists are protesting against the hike in interest rate on lending by banks and financial institutions, development banks and finance companies have decreased the interest rate on deposits.…
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However, the excise duty levied at the rate of Rs 4,500 per ton on mild steel (MS) rod, the raw material required for the GI wire industry, has stood as a hindrance in the export of GI wire.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Until four years ago, GI wire worth Rs 3.5 billion used to be exported from Nepal every month. Five industries of Sunsari Morang Industrial Corridor used to export wire equivalent to that amount. It also contributed to the foreign exchange reserves obtained from exports. However, recently, the government decided that no excise duty would be levied on GI wire products, but an excise duty of Rs 4.50 paisa per kg would be levied on the import of its raw material. As a result, the exports decreased because the industries could not compete with Indian products.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">According to the data of Biratnagar customs, the export of GI wire which was 22,740 tons in the year 2018/19, has decreased to 672 tons in the year 2021/22.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Anil Sharda, general secretary of Morang Trade Association and owner of Pioneer Wires, said that although the government has tried to give concessions to the wire industry, the export has been affected by the ambiguity of the relevant laws.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">He claimed that the industry, which was working at a profit of 50 paisa, had to pay Rs 4.50 per kilo on the import of raw materials. So it could not compete with Indian products. It forced the industries to cut production by 60 per cent.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-18', 'modified' => '2022-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '16073', 'image' => '20221118022311_export.jpg', 'article_date' => '2022-11-18 14:22:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16331', 'article_category_id' => '1', 'title' => 'Foreign Exchange Reserves up by 2.5 Percent in Last Three Months ', 'sub_title' => '', 'summary' => 'November 18: Foreign exchange reserves of Nepal have increased 2.5 percent to Rs 1246.22 billion in mid-October 2022 from Rs 1215.80 billion in mid-July 2022, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 18: Foreign exchange reserves of Nepal have increased 2.5 percent to Rs 1246.22 billion in mid-October 2022 from Rs 1215.80 billion in mid-July 2022, according to the latest report of Nepal Rastra Bank (NRB).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Issuing the Current Macroeconomic and Financial Situation Report of Nepal on Wednesday, the central bank said that the gross foreign exchange reserves in terms of US dollars decreased 0.6 percent to 9.48 billion in mid-October 2022 from 9.54 billion in mid-July 2022. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The report is based on three months’ data ending Mid-October, 2022/23. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Of the total foreign exchange reserves, reserves held by NRB increased 4.3 percent to Rs 1101.60 billion in mid-October 2022 from Rs 1056.39 billion in mid-July 2022. Reserves held by banks and financial institutions (except NRB) decreased 9.3 percent to Rs 144.62 billion in mid-October 2022 from Rs 159.41 billion in mid-July 2022. The share of Indian currency in total reserves stood at 23.8 percent in mid-October 2022. </span><br /> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Foreign Exchange Adequacy Indicators </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The central bank stated that based on the imports of three months of FY 2022/23, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 9.6 months, and merchandise and services imports of 8.3 months. The ratio of reserves-to-GDP, reserves-to-imports and reserves-to-M2 stood at 25.7 percent, 69.5 percent and 22.5 percent respectively in mid-October 2022. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Such ratios were 25.1 percent, 57.8 percent and 22.1 percent respectively in mid-July 2022. -- RSS </span><br /> <br /> <br /> <br /> </span></span><br /> </p> ', 'published' => true, 'created' => '2022-11-18', 'modified' => '2022-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '16072', 'image' => '20221118010721_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-11-18 13:06:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16330', 'article_category_id' => '1', 'title' => 'EC Plans to Make Public FPTP Results within Three Days ', 'sub_title' => '', 'summary' => 'November 18: The Election Commission is planning to make public the result of the first-past-the-post (FPTP) election to the House of Representatives and Provincial Assembly within three days. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 18: The Election Commission is planning to make public the result of the first-past-the-post (FPTP) election to the House of Representatives and Provincial Assembly within three days. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">At a news conference organized on Thursday to share information about poll preparations, Chief Election Commissioner Dinesh Kumar Thapaliya, said, "Vote count begins immediately after all ballot boxes are collected. EC is planning to complete the vote count of FPTP election within three days while that of proportional representation in eight days." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further informed that the EC is planning to submit the report of election results to the president within December 8. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"The Election Commission is determined in its objectives and expects cooperation and commitment from all sides," Thapaliya said, adding that every polling centre will have three layers of security. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Effective security arrangement is in place so that the Nepalese Army reaches the incident site within 30 minutes in case of any untoward incident, said thapaliya. He ruled out the possibility of booth capture and said no one can use his/her representative to cast vote. According to the EC, there are over 17.9 million voters enlisted for this election in Nepal. Anyone completing 18 years by November 19 will be eligible to vote. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC has managed 10,892 polling stations and 22,227 voting centres. Similarly, there are 141 temporary polling centres where some 450, 000 voters can cast votes. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-18', 'modified' => '2022-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '16071', 'image' => '20221118093247_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-11-18 09:32:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16329', 'article_category_id' => '1', 'title' => 'Election Silence Period Starts from Today ', 'sub_title' => '', 'summary' => 'November 18: The silence period for the upcoming election has started from 12 am today (November 18). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 18: The silence period for the upcoming election has started from 12 am today (November 18). The election to the House of Representatives (HoR) and Provincial Assembly is taking place throughout the country in a single phase on November 20. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Election Code of Conduct, 2022, the silence period comes into effect 48 hours before the voting day and remains in force until the polls are closed. The voting under the election to the HoR and Province Assembly is taking place from 7 am to 5 pm on Sunday, November 20. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Political party leaders, candidates, sister organisations of the parties or related individuals have to abide by the Code of Conduct and maintain the silence period. Election campaigning as well as any type of discussion, interaction, assemblies, workshop seminar and gatherings are not allowed during this period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Code of Conduct states that the election publicity materials of the political parties or candidates kept 300 metres around the polling station should be removed 48 hours before the voting day. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, canvassing by any method, process or means, and posting or sharing any message, information or publicity material in support or against any political party or candidate on social sites, online, print or any medium is prohibited during the silence period. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-18', 'modified' => '2022-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '16070', 'image' => '20221118092547_BK_Kimathanka.01(1).jpg', 'article_date' => '2022-11-18 09:25:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16328', 'article_category_id' => '1', 'title' => 'Sugarcane Production Declined by 1.1 Million Tons in 6 Years', 'sub_title' => '', 'summary' => 'November 17: Sugarcane production has declined by 1.15 million metric tons in the last six years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 17: Sugarcane production has declined by 1.15 million metric tons in the last six years. The production decreased after the farmers repeatedly faced problems in the payment of sugarcane sold on credit. The data provided by the Ministry of Agriculture and Livestock Development shows that sugarcane production is declining in recent years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the data of the ministry, 4.3 million metric tons of sugarcane were produced in the country in the fiscal year 2015/16. Coming to the year 2020/21, sugarcane production has dropped to 3.1 million metric tons. Compared to the fiscal year 2015/16, sugarcane production in FY 2020/21 dropped by 1.1 metric tons.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During this period, the area for sugarcane cultivation also decreased by 16,500 hectares. In FY 2015/16, sugarcane was cultivated in 80,900 hectares of land, but in FY 2020/21, it has reduced to 64,300 hectares.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">While sugar is being imported from abroad to meet the domestic demand, it has been observed that the production of sugarcane, the raw material of sugar, is decreasing. The data confirms that sugarcane production is continuously declining along with the area of sugarcane cultivation as the sugar mills started giving trouble to the farmers by not paying them on time under various pretexts.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kapil Mani Mainali, central president of the Sugarcane Producers' Federation, said that the main reason for the continuous decline in sugarcane production graph in Nepal is the payment problem and non-fixation of prices according to production costs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"To get money for their hard work, the sugarcane farmers had to protest at Maitighar Mandala every year. The sugarcane farmers had to leave all other jobs and come from the Terai in the bitter cold and protest at Maitighar for months. So, sugarcane farmers looked for an alternative. Now the farmers have left sugarcane farming and are engaged in vegetable and fruit farming," he told New Business Age.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Mainali, the government has not fixed the price of sugarcane according to the production cost in the last five years. In 2017, the government had fixed the price of sugarcane at Rs 536.56 per quintal. Since then, the government has increased the price of sugarcane by only Rs 54 per quintal, even though the price of labour, fertilizer and seeds has doubled. Last year, the government fixed the support price of sugarcane at Rs 590 per quintal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16069', 'image' => '20221117014847_20190107104522_sugarcane.jpg', 'article_date' => '2022-11-17 13:48:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16327', 'article_category_id' => '1', 'title' => 'Trade Deficit Declines in First Quarter of Current FY', 'sub_title' => '', 'summary' => 'November 17: Trade deficit of Nepal decreased by 13.1 percent in the first three months of the current fiscal year (FY 2022/23) compared to the corresponding period of last fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 17: Trade deficit of Nepal decreased by 13.1 percent in the first three months of the current fiscal year (FY 2022/23) compared to the corresponding period of last fiscal year. According to Nepal Rastra Bank, the total trade deficit of the country currently stands at Rs 359.18 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Such a deficit had increased 58.3 percent in the corresponding period of the previous year, states the Current Macroeconomic and Financial Situation Report published by the central bank on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, the export-import ratio decreased to 10.4 percent in the review period from 13.6 percent in the corresponding period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the three months of FY 2022/23, merchandise imports from India by paying convertible foreign currency amounted Rs 34.59 billion. Such amount was Rs 54.17 billion in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the review period, merchandise exports decreased by 35.7 percent to Rs 41.82 billion against an increase of 109.5 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India and China decreased 45.0 percent and 35.0 percent respectively whereas exports to other countries increased 5.0 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Exports of zinc sheet, particle board, woolen carpets, readymade garments, tea, among others, increased whereas exports of soybean oil, palm oil, oil cakes, jute goods, silverware and jewelries, among others, decreased in the review period, the report further stated. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, merchandise imports decreased by 16.2 percent to Rs 401 billion in the review period against an increase of 63.7 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India, China and other countries decreased 14.8 percent, 16.7 percent, and 19.2 percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Imports of petroleum products, chemical fertilizer, sponge iron, medicine, coal, among others, increased whereas imports of transport equipment and spare parts, silver, telecommunication equipment and parts, crude soybean oil, MS wire rod, bars, coils and others, among others, decreased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on customs points, exports from Dry Port, Jaleshwor, Kailali, Krishnanagar, Mechi and Tribhuwan Airport Customs Offices increased whereas exports from all the other major customs points decreased in the review period. On the import side, imports from Dry Port, Jaleshwor and Tatopani Customs Offices increased whereas imports from all the other major customs points decreased in the review period. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16068', 'image' => '20221117014758_Trade.jpg', 'article_date' => '2022-11-17 13:47:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16326', 'article_category_id' => '1', 'title' => 'Balance of Payments in Surplus after Fourteen Months', 'sub_title' => '', 'summary' => 'November 17: The country recorded a surplus in Balance of Payments (BOP) in the first quarter of the current fiscal year after a gap of 14 months. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 17: The country recorded a surplus in Balance of Payments (BOP) in the first quarter of the current fiscal year after a gap of 14 months. Until now, the BOP remained at a deficit due to high imports and declining remittances. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">However, the policy adopted by the government to tighten imports and the rise in remittance inflow in the post-pandemic period led to an improvement in Balance of Payments.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report published by Nepal Rastra Bank on Wednesday, the Balance of Payments (BOP) remained at a surplus of Rs 12.43 billion in the review period compared to a deficit of Rs 87.71 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the current account remained at a deficit of Rs 34.28 billion in the review period compared to a deficit of Rs 149.81 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In the review period, capital transfer increased 34.8 percent to Rs 2.59 billion and net foreign direct investment (FDI) remained Rs 79.6 million. In the same period of the previous year, capital transfer and net FDI amounted to Rs 1.92 billion and Rs 5.07 billion respectively. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16067', 'image' => '20221117013204_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-11-17 13:31:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16325', 'article_category_id' => '1', 'title' => 'Special Security Plan Prepared on the Basis of Sensitivity of Polling Stations ', 'sub_title' => '', 'summary' => 'November 17: A special security plan has been prepared for mobilizing all the four security agencies of the state in an effective and coordinated manner in view of the elections to the Member of the House of Representatives and Provincial Assembly taking place on November 20. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 17: A special security plan has been prepared for mobilizing all the four security agencies of the state in an effective and coordinated manner in view of the elections to the Member of the House of Representatives and Provincial Assembly taking place on November 20. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The High-level Election Security Committee of the Election Commission has decided to implement the special security plan prepared by the Ministry of Home Affairs. A decision to this effect was taken after a recent meeting of the committee. The committee has held three meetings so far since the announcement of the election date. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The election security special plan includes 20 strategies and the activities with a time-line The responsibilities of coordination and monitoring agencies have been clearly outlined. The sensitiveness of polling stations has been classified on the basis of the security analysis. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Election Commissioner Ishowori Prasad Poudyal has said the special plan has emphasized on clear work responsibilities, coordination and effectiveness. He added that provisions have been made for intelligence gathering and analysis from security point of view, and mobilization of mobile and surveillance teams by forming units under the Central Security Committee as well as the District Security Committee, the Joint Command Post and temporary police. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The special plan categorizes the polling stations into general, sensitive and highly sensitive categories. Poudyal made it clear that groups and individuals boycotting the election and issuing threats and creating terror would be taken under control. He also reminded that election campaigning has been prohibited from November 17 till the voting day. No person except security personnel can move around carrying weapons during the silence period. Similarly, arrangements have been to prohibit voters to carry mobile phones and other prohibited articles while going for voting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Arrangements have been made by which additional security backup would reach within 30 minutes in case the security sensitivity at any polling station is disturbed or there is rioting and if such security backup is needed. Air patrolling would also be carried out from time to time," said Poudyal, who is also the coordinator of the High-level Election Security Committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, the Election Commission is actively working to conduct the election in a free, fair, impartial, independent, fear-free and secured manner.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Fool-proof security arrangements have been made for the election. I urge all the voters to exercise their voting rights confidently," he asserted. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On Tuesday, the High-level Election Security Committee made a review of efforts undertaken to control the use of vehicles bearing Indian number plates in some districts of the Madhesh Province during the election publicity campaign. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A mechanism has been in place to meticulously analyze the management of logistics and human resources, security arrangements and observations in course of the election preparations and address the issues requiring a prompt response. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Joint Election Operation Centre based in the Commission is mandated to establish a direct and regular connections with the voting places, to take updates whether employees have reached the assigned stations, to take stock about the situation of voter education underway at the ward level, to facilitate in the implementation of the election Code of Conduct, to increase coordination with the district-based election command cell, and coordinate and facilitate in the safe transport and reliable counting of votes following the voting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The centre coordinated by the EC Secretary comprises employees of the joint-secretary level from the Ministry of Home Affairs, the Nepalese Army, Nepal Police, Armed Police Force and the National Investigation Department and other employees form the EC. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16066', 'image' => '20221117123013_Pro-KTM-ECChiefThapaliyab.jpg', 'article_date' => '2022-11-17 12:29:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16324', 'article_category_id' => '1', 'title' => 'Remittance Inflow Rises by 17 Percent', 'sub_title' => '', 'summary' => 'November 17: The country received remittances of Rs 281 billion in the first three months of the current fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 17: The country received remittances of Rs 281 billion in the first three months of the current fiscal year, a 17 percent rise compared to remittances inflow in the corresponding period of last year. The remittance inflow in the same period last year saw a fall of 7.9 percent compared to the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, the number of Nepali citizens obtaining labour permit (new- institutional and individual) for foreign employment increased by 123.1 percent. According to the data published by Nepal Rastra Bank, a total of 147,932 individuals took labour permits in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the number of Nepali renewing the labour permit for foreign jobs increased 66.2 percent to 57,861. Last year, there was a rise in this figure by 217.7 percent as compared to the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review time, the net transfer rose by 17.1 percent to 310.4 billion. Such a transfer had decreased 7.6 percent in the same period of the previous year. </span></span><em><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">(With inputs from RSS)</span></span></em></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16065', 'image' => '20221117115804_Remittance.jpg', 'article_date' => '2022-11-17 11:56:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16323', 'article_category_id' => '1', 'title' => 'Consumer Price Inflation Hits 8.50 Percent: NRB Report ', 'sub_title' => '', 'summary' => 'November 17: The year-on-year (y-o-y) consumer price inflation has hit 8.50 per cent in the first quarter of the current fiscal year (FY 2022/23) compared to 4.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 17: The year-on-year (y-o-y) consumer price inflation has hit 8.50 per cent in the first quarter of the current fiscal year (FY 2022/23) compared to 4.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report released by the central bank on Wednesday shows that inflation is highest is the Terai region at 9.42 percent followed by 8.84 percent in the hills, 7.07 in the mountainous region and 6.93 in the Kathmandu Valley.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In the review period, food and beverage inflation stood at 8.05 percent whereas non-food and service inflation registered 8.85 percent.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, the y-o-y consumer price inflation of restaurant and hotel sub-category increased 15.91 percent, followed by fruit (12.06 percent), alcoholic drinks (10.24 percent), milk products and eggs (9.45 percent) and tobacco products (8.44 percent). </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Under the non-food and services category, y-o-y consumer price inflation of transportation sub-category increased 21.15 percent, followed by health (10.54 percent), furnishing and household equipment (9.45 percent), education (8.11 percent) and housing and utilities (7.68 percent).</span></span></p> <p> </p> <p> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16064', 'image' => '20221117094725_Inflation.jpg', 'article_date' => '2022-11-17 09:46:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16322', 'article_category_id' => '1', 'title' => 'Prices of Consumer Goods up by 15 Percent in the Run-up to the Elections', 'sub_title' => '', 'summary' => 'November 16: Businessmen have hiked the prices of consumer goods in the market taking advantage of the upcoming elections.', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">November 16: Businessmen have hiked the prices of consumer goods in the market taking advantage of the upcoming elections. With the November 20 the elections to the House of Representatives and the Provincial Assembly just around the corner, businessmen have increased the prices of consumer goods by more than 15 per cent in the market.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">As all the attention of the government is focused on the elections, the consumers have been hit by the price hike. Consumers have complained that even the employees of the market regulatory agencies of the government are focused on the election, and the traders have started setting prices arbitrarily.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Pabitra Bajracharya, former president of Nepal Retail Trade Association, said that the price of every commodity has increased by 15 per cent after Dashain and Tihar. Bajracharya said that the prices of all the items have increased recently.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Bajracharya added that the prices of consumer goods have increased by more than 30 per cent in one year. According to Bajracharya, cooking oil which used to cost Rs 240 per litre during Dashain and Tihar, has now reached Rs 280. Bajracharya informed that the prices of sunflower, soybean and mustard oil have also increased by Rs 40 per litre.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Manoj Shrestha, a wholesaler from Kuleshwar, said that the prices of cooking oil, pulses and rice have increased. Shrestha argued that the price of cooking oil has increased in the market due to the increase in the value of the dollar.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Bishnu Pradhan, who came to Kuleshwar to buy food grains, complained that he was unable to buy pulses, rice and oil because of the high prices. He said that although India has reduced the tax on rice, traders have not reduced the price yet. He urged the government to pay attention to market monitoring.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Traders said that only the price of rice from India has increased, but the price of rice produced in Nepal has decreased. But the consumers are not ready to buy into the idea.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16063', 'image' => '20221116040530_fair price shoppp.jpg', 'article_date' => '2022-11-16 16:04:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16321', 'article_category_id' => '1', 'title' => 'Supreme Court Seeks Original Documents from SEBON over License Issue', 'sub_title' => '', 'summary' => 'November 16: The Supreme Court has directed the Securities Board of Nepal (SEBON) to produce original copies of documents pertaining to the decision for providing licenses to a new stock exchange company, commodity exchange and stock brokers.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: The Supreme Court has directed the Securities Board of Nepal (SEBON) to produce original copies of documents pertaining to the decision for providing licenses to a new stock exchange company, commodity exchange and stock brokers. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Responding to a writ petition filed against the decision of SEBON to issue new licenses, a joint bench of justices Biswombhar Prasad Shrestha and Hari Prasad Phuyal has ordered the board to submit original copies of the decision for granting new licenses. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a notice on September 18, the SEBON had opened applications of new licenses for one stock exchange company, two commodity exchanges and stock brokers. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Advocate Dipak Bikram Mishra had filed the writ petition at the apex court against providing the new licenses on October 17. The writ petition had named the Office of the Prime Minister and Council of Ministers, Finance Ministry, Securities Board of Nepal and Nepal Stock Exchange as the defendants. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In a preliminary hearing on October 21, a single bench of justice Til Prasad Shrestha had issued an interim decree to stop the process of distributing licenses in this regard. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Complying with the court order, SEBON had halted the process of receiving applications for licenses on November 1.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Though both sides were summoned to the court for discussion on November 8, the hearing was held on November 15 due to lack of time. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The board argues that there is no reason to stop the license distribution process as the Government of Nepal has full support for the same. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Securities Board of Nepal (SEBON) Chairman Ramesh Kumar Hamal made it clear that the plan to distribute licenses of stock exchange, stock brokers and commodity exchanges was not only of the board but also of the government. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The government has incorporated new license distribution plan in the budget. We started the process of providing new licenses to make capital market competitive in accordance with the demand of the investors and the government’s policy,” Hamal said. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The board has received 45 applications for stock broker licenses. It had opened applications for three types of stock brokers licenses based on their capital structure. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The capital requirement for new broker license has been fixed between Rs 200 million to Rs 1.5 billion.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">As per the new provision, the first kind of brokers providing limited services of stock market transaction require a minimum capital of Rs 200 million to acquire license. Likewise, the brokers providing services like share transaction, depository participant, investment consultancy, investment management and margin business need to have a minimum paid-up capital of Rs 600 million.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Similarly, the third type of license will be issued for stock dealers who must maintain a minimum capital of Rs 1.5 billion.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The minimum paid-up capital required for the new stock exchange company is Rs 3 billion. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16062', 'image' => '20221116040421_Supreme Court.jpg', 'article_date' => '2022-11-16 16:03:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16320', 'article_category_id' => '1', 'title' => 'Nepal’s Graduation from LDC will have Trade Implications: Study', 'sub_title' => '', 'summary' => 'November 16: A study conducted by South Asia Watch on Trade, Economics and Commerce (SAWTEE) suggests that Nepal’s graduation from LDC status in 2026 will have trade implications in terms of higher tariffs and more stringent rules of origin in preference-granting countries.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: A study conducted by South Asia Watch on Trade, Economics and Commerce (SAWTEE) suggests that Nepal’s graduation from LDC status in 2026 will have trade implications in terms of higher tariffs and more stringent rules of origin in preference-granting countries.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the findings of the study shared by SAWTEE, the projected loss in total exports emanating from the increase in tariffs will be moderate. However, the loss emanating from more stringent rules of origin, while uncertain, could be significant, especially in the garments sector, according to the study report.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Wednesday, SAWTEE said that Nepal’s graduation could result in a loss of policy space, either through the loss of current flexibilities and special treatment, such as in the area of intellectual property rights, or through greater scrutiny of certain practices, such as the subsidy regime. “The policy space to promote infant industries and exports, and pursue public health objectives, could be squeezed.” </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the study, the impact on development cooperation will be modest as most of the development partners—multilateral and bilateral—have indicated that LDC status is not the main criteria for aid flows. However, some development partners may switch from grants to concessional loans or increase interest rates for concessional loans, added the report. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Furthermore, Nepal could lose access to specific instruments and funds dedicated exclusively to LDCs, particularly with regard to climate change-related funds, after a transition period.”</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The study report has recommended Nepal to aspire to become a party to the more generous preferential schemes such as the EU’s Generalized System of Preferences Plus (GSP+) and the UK’s GSP Enhanced Framework, while studying the implications of acceding to the additional conventions that Nepal needs to ratify to qualify for these schemes. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Nepal should also initiate dialogue with other trading partners seeking an extension to LDC-specific concessions and preferences for another 3-5 years following graduation,” the report further states. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Other recommendations include lobbying for lenient rules of origin (ROOs) for LDCs for a period sufficient for the private sector to adjust to the new ROOs.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“To realize the untapped export potential of Nepal, the government should prepare trade strategies in consultation with the private sector to strengthen the overall competitiveness of the economy, upgrade exporter’s capabilities, diversify export products and markets, simplify and streamline processes to attract more foreign direct investment and encourage enterprises to participate in regional/global value chains.”</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the study report, the government should explore new forms of finance, including blended finance, public-private partnerships, private philanthropies and co-financing, among others, and work with development partners for new forms of support mechanisms such as dedicated funds for graduated countries, disaster insurance, and technology transfer mechanisms.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16061', 'image' => '20221116031937_LDC.jpg', 'article_date' => '2022-11-16 15:18:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16319', 'article_category_id' => '1', 'title' => 'World Bank to Provide $4.5 Million Grant to Strengthen Role of Forest-Dependent Communities', 'sub_title' => '', 'summary' => 'November 16: The World Bank and Rural Reconstruction Nepal (RRN) signed a US$4.5 million grant agreement to strengthen the capacity of Indigenous Peoples and Local Communities (IPLCs) in Nepal’s forest sector.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: The World Bank and Rural Reconstruction Nepal (RRN) signed a US$4.5 million grant agreement to strengthen the capacity of Indigenous Peoples and Local Communities (IPLCs) in Nepal’s forest sector. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Wednesday, the World Bank said that the five-year Dedicated Grant Mechanism for Indigenous Peoples and Local Communities in Nepal project will help enhance the capacity of IPLCs to participate in Nepal’s REDD+ (Reducing Emissions from Deforestation and Forest Degradation) processes at the local, national, and global levels for the sustainable management of forests. This will help create livelihood opportunities and increase the income of forest-dependent communities in the Madhesh and Lumbini provinces, added the statement. Rural Reconstruction Nepal is the national executing agency for the project.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Lada Strelkova, World Bank’s operations manager for the Maldives, Nepal, and Sri Lanka, and Dr Arjun Karki, president of Rural Reconstruction Nepal, signed the agreement on behalf of their respective organisations.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“This project supports Nepal’s Indigenous Peoples and Local Communities through a dedicated funding mechanism that will promote and protect their customary institutions that are crucial for the sustainable management of natural resources and climate resilience,” the statement quoted Strelkova as saying. “The project contributes significantly to Nepal’s transition to Green, Resilient, and Inclusive Development (GRID) for sustainable recovery, growth, and jobs.” </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the DGM Nepal project aims to provide long‐term benefits to IPLCs from the sustainable use of forests, including adding value to products and more active involvement in Nepal’s policy-making process. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The project provides much-needed support to forest-dependent indigenous peoples and local communities to enhance their resilience and build livelihoods through small-scale forest and non-forest-based business and employment opportunities,” said Dr Arjun Karki, president of Rural Reconstruction Nepal. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">IPLCs are both beneficiaries and active proponents and participants in the project. During implementation, they will preside over the use of the grant resources in Nepal through a National Steering Committee (NSC) to provide strategic and leadership guidance to the RRN as executing agency, the World Bank further said. The NSC is a 14-member team of representative NGOs identified through a self-selection process with an equal representation of IPLC representatives as decision-making members. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The DGM Nepal project is funded by the Climate Investment Funds (CIF) Forest Investment Program (FIP) implemented by the World Bank to enhance the role of IPLCs in protecting the forests they depend on. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“If forest-dependent indigenous peoples and local communities from Madhesh and Lumbini Provinces can generate income from forest-related activities and foster innovation through this project’s capacity building and competitive grants mechanism, it will encourage IPLCs to ensure that their traditional knowledge, norms, and values are recognized alongside with the customary law,” said Jagat Baram, co-chair of the National Steering Committee.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16060', 'image' => '20221116022531_World Bank RRN DGM signing .jpg', 'article_date' => '2022-11-16 14:24:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16318', 'article_category_id' => '1', 'title' => 'Development Banks, Finance Companies Slash Interest on Deposits; Commercial Banks Keep it Stable', 'sub_title' => '', 'summary' => 'November 16: At a time when industrialists are protesting against the hike in interest rate on lending by banks and financial institutions, development banks and finance companies have decreased the interest rate on deposits. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 16: At a time when industrialists are protesting against the hike in interest rate on lending by banks and financial institutions, development banks and finance companies have decreased the interest rate on deposits. Citing slight improvement in state of liquidity and ease in credit-deposit ratio, development banks and finance companies took the decision to cut the interest on deposits. Meanwhile, commercial banks have decided to keep the current interest rates stable for the next month as well. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Development Bankers Association Nepal has decided to slash the interest on deposits by 0.15 per cent for a month starting from mid-November till mid-December. As of mid-November, development banks were providing up to 13 per cent interest on fixed deposits. They have set the maximum interest on fixed deposits at 12.85 per cent for the next one month period. Likewise, they have reduced the maximum interest on savings from 10 per cent to 9.85 percent for the next one month period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of Development Bankers Association Nepal and Muktinath Bikash Bank’s Chief Executive Officer Pradyuman Pokhrel said that they had decided to lower the interest on deposits as the credit-deposit ratio had eased of late. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of Nepal Financial Institutions Association, Saroj Kaji Tuladhar, informed that the association has decided to decrease the interest on deposits by 0.20 per cent for the next month. Finance companies were providing a maximum of 13.20 per cent interest on three-month fixed deposits and 13.45 per cent on one-year fixed deposits. The association has set the interest on three-month fixed deposits at 13 per cent and 13.30 per cent for one-year fixed deposits for the next month. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Meanwhile, commercial banks have decided to keep the interest rate unchanged for the next month. Nepal Bankers Association Chairman Anil Kumar Upadhayay said that they have decided to keep the interest rate stable as frequent changing of it would have negative impact. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“Nepal Bankers Association will take further decision keeping in view of post-election scenario and Nepal Rastra Bank’s review on monetary policy of the first quarter,” Upadhayay added.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Banks had been providing interest rate on individual fixed deposits at 12.33 per cent in the Nepali month of Kartik (mid-October to mid-November ). The same interest rate will come into effect for the next one-month period as well. </span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16059', 'image' => '20221116011323_Banks - Copy.jpg', 'article_date' => '2022-11-16 13:12:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '16332', 'article_category_id' => '1', 'title' => 'Excise Duty on Raw Materials Affecting Export of GI Wire', 'sub_title' => '', 'summary' => 'November 18: Five galvanized iron (GI) wire industries in the Sunsari Morang Industrial Corridor, which had been closed for four months, came into operation after a cabinet meeting revised the tax rate.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">November 18: Five galvanized iron (GI) wire industries in the Sunsari Morang Industrial Corridor, which had been closed for four months, came into operation after a cabinet meeting revised the tax rate. However, the excise duty levied at the rate of Rs 4,500 per ton on mild steel (MS) rod, the raw material required for the GI wire industry, has stood as a hindrance in the export of GI wire.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Until four years ago, GI wire worth Rs 3.5 billion used to be exported from Nepal every month. Five industries of Sunsari Morang Industrial Corridor used to export wire equivalent to that amount. It also contributed to the foreign exchange reserves obtained from exports. However, recently, the government decided that no excise duty would be levied on GI wire products, but an excise duty of Rs 4.50 paisa per kg would be levied on the import of its raw material. As a result, the exports decreased because the industries could not compete with Indian products.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">According to the data of Biratnagar customs, the export of GI wire which was 22,740 tons in the year 2018/19, has decreased to 672 tons in the year 2021/22.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Anil Sharda, general secretary of Morang Trade Association and owner of Pioneer Wires, said that although the government has tried to give concessions to the wire industry, the export has been affected by the ambiguity of the relevant laws.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">He claimed that the industry, which was working at a profit of 50 paisa, had to pay Rs 4.50 per kilo on the import of raw materials. So it could not compete with Indian products. It forced the industries to cut production by 60 per cent.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-18', 'modified' => '2022-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '16073', 'image' => '20221118022311_export.jpg', 'article_date' => '2022-11-18 14:22:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16331', 'article_category_id' => '1', 'title' => 'Foreign Exchange Reserves up by 2.5 Percent in Last Three Months ', 'sub_title' => '', 'summary' => 'November 18: Foreign exchange reserves of Nepal have increased 2.5 percent to Rs 1246.22 billion in mid-October 2022 from Rs 1215.80 billion in mid-July 2022, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 18: Foreign exchange reserves of Nepal have increased 2.5 percent to Rs 1246.22 billion in mid-October 2022 from Rs 1215.80 billion in mid-July 2022, according to the latest report of Nepal Rastra Bank (NRB).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Issuing the Current Macroeconomic and Financial Situation Report of Nepal on Wednesday, the central bank said that the gross foreign exchange reserves in terms of US dollars decreased 0.6 percent to 9.48 billion in mid-October 2022 from 9.54 billion in mid-July 2022. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The report is based on three months’ data ending Mid-October, 2022/23. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Of the total foreign exchange reserves, reserves held by NRB increased 4.3 percent to Rs 1101.60 billion in mid-October 2022 from Rs 1056.39 billion in mid-July 2022. Reserves held by banks and financial institutions (except NRB) decreased 9.3 percent to Rs 144.62 billion in mid-October 2022 from Rs 159.41 billion in mid-July 2022. The share of Indian currency in total reserves stood at 23.8 percent in mid-October 2022. </span><br /> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Foreign Exchange Adequacy Indicators </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The central bank stated that based on the imports of three months of FY 2022/23, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 9.6 months, and merchandise and services imports of 8.3 months. The ratio of reserves-to-GDP, reserves-to-imports and reserves-to-M2 stood at 25.7 percent, 69.5 percent and 22.5 percent respectively in mid-October 2022. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Such ratios were 25.1 percent, 57.8 percent and 22.1 percent respectively in mid-July 2022. -- RSS </span><br /> <br /> <br /> <br /> </span></span><br /> </p> ', 'published' => true, 'created' => '2022-11-18', 'modified' => '2022-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '16072', 'image' => '20221118010721_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-11-18 13:06:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16330', 'article_category_id' => '1', 'title' => 'EC Plans to Make Public FPTP Results within Three Days ', 'sub_title' => '', 'summary' => 'November 18: The Election Commission is planning to make public the result of the first-past-the-post (FPTP) election to the House of Representatives and Provincial Assembly within three days. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 18: The Election Commission is planning to make public the result of the first-past-the-post (FPTP) election to the House of Representatives and Provincial Assembly within three days. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">At a news conference organized on Thursday to share information about poll preparations, Chief Election Commissioner Dinesh Kumar Thapaliya, said, "Vote count begins immediately after all ballot boxes are collected. EC is planning to complete the vote count of FPTP election within three days while that of proportional representation in eight days." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further informed that the EC is planning to submit the report of election results to the president within December 8. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"The Election Commission is determined in its objectives and expects cooperation and commitment from all sides," Thapaliya said, adding that every polling centre will have three layers of security. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Effective security arrangement is in place so that the Nepalese Army reaches the incident site within 30 minutes in case of any untoward incident, said thapaliya. He ruled out the possibility of booth capture and said no one can use his/her representative to cast vote. According to the EC, there are over 17.9 million voters enlisted for this election in Nepal. Anyone completing 18 years by November 19 will be eligible to vote. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC has managed 10,892 polling stations and 22,227 voting centres. Similarly, there are 141 temporary polling centres where some 450, 000 voters can cast votes. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-18', 'modified' => '2022-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '16071', 'image' => '20221118093247_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-11-18 09:32:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16329', 'article_category_id' => '1', 'title' => 'Election Silence Period Starts from Today ', 'sub_title' => '', 'summary' => 'November 18: The silence period for the upcoming election has started from 12 am today (November 18). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 18: The silence period for the upcoming election has started from 12 am today (November 18). The election to the House of Representatives (HoR) and Provincial Assembly is taking place throughout the country in a single phase on November 20. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Election Code of Conduct, 2022, the silence period comes into effect 48 hours before the voting day and remains in force until the polls are closed. The voting under the election to the HoR and Province Assembly is taking place from 7 am to 5 pm on Sunday, November 20. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Political party leaders, candidates, sister organisations of the parties or related individuals have to abide by the Code of Conduct and maintain the silence period. Election campaigning as well as any type of discussion, interaction, assemblies, workshop seminar and gatherings are not allowed during this period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Code of Conduct states that the election publicity materials of the political parties or candidates kept 300 metres around the polling station should be removed 48 hours before the voting day. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, canvassing by any method, process or means, and posting or sharing any message, information or publicity material in support or against any political party or candidate on social sites, online, print or any medium is prohibited during the silence period. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-18', 'modified' => '2022-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '16070', 'image' => '20221118092547_BK_Kimathanka.01(1).jpg', 'article_date' => '2022-11-18 09:25:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16328', 'article_category_id' => '1', 'title' => 'Sugarcane Production Declined by 1.1 Million Tons in 6 Years', 'sub_title' => '', 'summary' => 'November 17: Sugarcane production has declined by 1.15 million metric tons in the last six years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 17: Sugarcane production has declined by 1.15 million metric tons in the last six years. The production decreased after the farmers repeatedly faced problems in the payment of sugarcane sold on credit. The data provided by the Ministry of Agriculture and Livestock Development shows that sugarcane production is declining in recent years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the data of the ministry, 4.3 million metric tons of sugarcane were produced in the country in the fiscal year 2015/16. Coming to the year 2020/21, sugarcane production has dropped to 3.1 million metric tons. Compared to the fiscal year 2015/16, sugarcane production in FY 2020/21 dropped by 1.1 metric tons.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During this period, the area for sugarcane cultivation also decreased by 16,500 hectares. In FY 2015/16, sugarcane was cultivated in 80,900 hectares of land, but in FY 2020/21, it has reduced to 64,300 hectares.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">While sugar is being imported from abroad to meet the domestic demand, it has been observed that the production of sugarcane, the raw material of sugar, is decreasing. The data confirms that sugarcane production is continuously declining along with the area of sugarcane cultivation as the sugar mills started giving trouble to the farmers by not paying them on time under various pretexts.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kapil Mani Mainali, central president of the Sugarcane Producers' Federation, said that the main reason for the continuous decline in sugarcane production graph in Nepal is the payment problem and non-fixation of prices according to production costs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"To get money for their hard work, the sugarcane farmers had to protest at Maitighar Mandala every year. The sugarcane farmers had to leave all other jobs and come from the Terai in the bitter cold and protest at Maitighar for months. So, sugarcane farmers looked for an alternative. Now the farmers have left sugarcane farming and are engaged in vegetable and fruit farming," he told New Business Age.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Mainali, the government has not fixed the price of sugarcane according to the production cost in the last five years. In 2017, the government had fixed the price of sugarcane at Rs 536.56 per quintal. Since then, the government has increased the price of sugarcane by only Rs 54 per quintal, even though the price of labour, fertilizer and seeds has doubled. Last year, the government fixed the support price of sugarcane at Rs 590 per quintal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16069', 'image' => '20221117014847_20190107104522_sugarcane.jpg', 'article_date' => '2022-11-17 13:48:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16327', 'article_category_id' => '1', 'title' => 'Trade Deficit Declines in First Quarter of Current FY', 'sub_title' => '', 'summary' => 'November 17: Trade deficit of Nepal decreased by 13.1 percent in the first three months of the current fiscal year (FY 2022/23) compared to the corresponding period of last fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 17: Trade deficit of Nepal decreased by 13.1 percent in the first three months of the current fiscal year (FY 2022/23) compared to the corresponding period of last fiscal year. According to Nepal Rastra Bank, the total trade deficit of the country currently stands at Rs 359.18 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Such a deficit had increased 58.3 percent in the corresponding period of the previous year, states the Current Macroeconomic and Financial Situation Report published by the central bank on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, the export-import ratio decreased to 10.4 percent in the review period from 13.6 percent in the corresponding period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the three months of FY 2022/23, merchandise imports from India by paying convertible foreign currency amounted Rs 34.59 billion. Such amount was Rs 54.17 billion in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the review period, merchandise exports decreased by 35.7 percent to Rs 41.82 billion against an increase of 109.5 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India and China decreased 45.0 percent and 35.0 percent respectively whereas exports to other countries increased 5.0 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Exports of zinc sheet, particle board, woolen carpets, readymade garments, tea, among others, increased whereas exports of soybean oil, palm oil, oil cakes, jute goods, silverware and jewelries, among others, decreased in the review period, the report further stated. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, merchandise imports decreased by 16.2 percent to Rs 401 billion in the review period against an increase of 63.7 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India, China and other countries decreased 14.8 percent, 16.7 percent, and 19.2 percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Imports of petroleum products, chemical fertilizer, sponge iron, medicine, coal, among others, increased whereas imports of transport equipment and spare parts, silver, telecommunication equipment and parts, crude soybean oil, MS wire rod, bars, coils and others, among others, decreased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on customs points, exports from Dry Port, Jaleshwor, Kailali, Krishnanagar, Mechi and Tribhuwan Airport Customs Offices increased whereas exports from all the other major customs points decreased in the review period. On the import side, imports from Dry Port, Jaleshwor and Tatopani Customs Offices increased whereas imports from all the other major customs points decreased in the review period. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16068', 'image' => '20221117014758_Trade.jpg', 'article_date' => '2022-11-17 13:47:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16326', 'article_category_id' => '1', 'title' => 'Balance of Payments in Surplus after Fourteen Months', 'sub_title' => '', 'summary' => 'November 17: The country recorded a surplus in Balance of Payments (BOP) in the first quarter of the current fiscal year after a gap of 14 months. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 17: The country recorded a surplus in Balance of Payments (BOP) in the first quarter of the current fiscal year after a gap of 14 months. Until now, the BOP remained at a deficit due to high imports and declining remittances. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">However, the policy adopted by the government to tighten imports and the rise in remittance inflow in the post-pandemic period led to an improvement in Balance of Payments.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report published by Nepal Rastra Bank on Wednesday, the Balance of Payments (BOP) remained at a surplus of Rs 12.43 billion in the review period compared to a deficit of Rs 87.71 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the current account remained at a deficit of Rs 34.28 billion in the review period compared to a deficit of Rs 149.81 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In the review period, capital transfer increased 34.8 percent to Rs 2.59 billion and net foreign direct investment (FDI) remained Rs 79.6 million. In the same period of the previous year, capital transfer and net FDI amounted to Rs 1.92 billion and Rs 5.07 billion respectively. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16067', 'image' => '20221117013204_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-11-17 13:31:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16325', 'article_category_id' => '1', 'title' => 'Special Security Plan Prepared on the Basis of Sensitivity of Polling Stations ', 'sub_title' => '', 'summary' => 'November 17: A special security plan has been prepared for mobilizing all the four security agencies of the state in an effective and coordinated manner in view of the elections to the Member of the House of Representatives and Provincial Assembly taking place on November 20. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 17: A special security plan has been prepared for mobilizing all the four security agencies of the state in an effective and coordinated manner in view of the elections to the Member of the House of Representatives and Provincial Assembly taking place on November 20. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The High-level Election Security Committee of the Election Commission has decided to implement the special security plan prepared by the Ministry of Home Affairs. A decision to this effect was taken after a recent meeting of the committee. The committee has held three meetings so far since the announcement of the election date. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The election security special plan includes 20 strategies and the activities with a time-line The responsibilities of coordination and monitoring agencies have been clearly outlined. The sensitiveness of polling stations has been classified on the basis of the security analysis. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Election Commissioner Ishowori Prasad Poudyal has said the special plan has emphasized on clear work responsibilities, coordination and effectiveness. He added that provisions have been made for intelligence gathering and analysis from security point of view, and mobilization of mobile and surveillance teams by forming units under the Central Security Committee as well as the District Security Committee, the Joint Command Post and temporary police. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The special plan categorizes the polling stations into general, sensitive and highly sensitive categories. Poudyal made it clear that groups and individuals boycotting the election and issuing threats and creating terror would be taken under control. He also reminded that election campaigning has been prohibited from November 17 till the voting day. No person except security personnel can move around carrying weapons during the silence period. Similarly, arrangements have been to prohibit voters to carry mobile phones and other prohibited articles while going for voting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Arrangements have been made by which additional security backup would reach within 30 minutes in case the security sensitivity at any polling station is disturbed or there is rioting and if such security backup is needed. Air patrolling would also be carried out from time to time," said Poudyal, who is also the coordinator of the High-level Election Security Committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, the Election Commission is actively working to conduct the election in a free, fair, impartial, independent, fear-free and secured manner.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Fool-proof security arrangements have been made for the election. I urge all the voters to exercise their voting rights confidently," he asserted. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On Tuesday, the High-level Election Security Committee made a review of efforts undertaken to control the use of vehicles bearing Indian number plates in some districts of the Madhesh Province during the election publicity campaign. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A mechanism has been in place to meticulously analyze the management of logistics and human resources, security arrangements and observations in course of the election preparations and address the issues requiring a prompt response. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Joint Election Operation Centre based in the Commission is mandated to establish a direct and regular connections with the voting places, to take updates whether employees have reached the assigned stations, to take stock about the situation of voter education underway at the ward level, to facilitate in the implementation of the election Code of Conduct, to increase coordination with the district-based election command cell, and coordinate and facilitate in the safe transport and reliable counting of votes following the voting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The centre coordinated by the EC Secretary comprises employees of the joint-secretary level from the Ministry of Home Affairs, the Nepalese Army, Nepal Police, Armed Police Force and the National Investigation Department and other employees form the EC. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16066', 'image' => '20221117123013_Pro-KTM-ECChiefThapaliyab.jpg', 'article_date' => '2022-11-17 12:29:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16324', 'article_category_id' => '1', 'title' => 'Remittance Inflow Rises by 17 Percent', 'sub_title' => '', 'summary' => 'November 17: The country received remittances of Rs 281 billion in the first three months of the current fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 17: The country received remittances of Rs 281 billion in the first three months of the current fiscal year, a 17 percent rise compared to remittances inflow in the corresponding period of last year. The remittance inflow in the same period last year saw a fall of 7.9 percent compared to the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, the number of Nepali citizens obtaining labour permit (new- institutional and individual) for foreign employment increased by 123.1 percent. According to the data published by Nepal Rastra Bank, a total of 147,932 individuals took labour permits in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the number of Nepali renewing the labour permit for foreign jobs increased 66.2 percent to 57,861. Last year, there was a rise in this figure by 217.7 percent as compared to the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review time, the net transfer rose by 17.1 percent to 310.4 billion. Such a transfer had decreased 7.6 percent in the same period of the previous year. </span></span><em><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">(With inputs from RSS)</span></span></em></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16065', 'image' => '20221117115804_Remittance.jpg', 'article_date' => '2022-11-17 11:56:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16323', 'article_category_id' => '1', 'title' => 'Consumer Price Inflation Hits 8.50 Percent: NRB Report ', 'sub_title' => '', 'summary' => 'November 17: The year-on-year (y-o-y) consumer price inflation has hit 8.50 per cent in the first quarter of the current fiscal year (FY 2022/23) compared to 4.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 17: The year-on-year (y-o-y) consumer price inflation has hit 8.50 per cent in the first quarter of the current fiscal year (FY 2022/23) compared to 4.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report released by the central bank on Wednesday shows that inflation is highest is the Terai region at 9.42 percent followed by 8.84 percent in the hills, 7.07 in the mountainous region and 6.93 in the Kathmandu Valley.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In the review period, food and beverage inflation stood at 8.05 percent whereas non-food and service inflation registered 8.85 percent.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, the y-o-y consumer price inflation of restaurant and hotel sub-category increased 15.91 percent, followed by fruit (12.06 percent), alcoholic drinks (10.24 percent), milk products and eggs (9.45 percent) and tobacco products (8.44 percent). </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Under the non-food and services category, y-o-y consumer price inflation of transportation sub-category increased 21.15 percent, followed by health (10.54 percent), furnishing and household equipment (9.45 percent), education (8.11 percent) and housing and utilities (7.68 percent).</span></span></p> <p> </p> <p> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16064', 'image' => '20221117094725_Inflation.jpg', 'article_date' => '2022-11-17 09:46:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16322', 'article_category_id' => '1', 'title' => 'Prices of Consumer Goods up by 15 Percent in the Run-up to the Elections', 'sub_title' => '', 'summary' => 'November 16: Businessmen have hiked the prices of consumer goods in the market taking advantage of the upcoming elections.', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">November 16: Businessmen have hiked the prices of consumer goods in the market taking advantage of the upcoming elections. With the November 20 the elections to the House of Representatives and the Provincial Assembly just around the corner, businessmen have increased the prices of consumer goods by more than 15 per cent in the market.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">As all the attention of the government is focused on the elections, the consumers have been hit by the price hike. Consumers have complained that even the employees of the market regulatory agencies of the government are focused on the election, and the traders have started setting prices arbitrarily.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Pabitra Bajracharya, former president of Nepal Retail Trade Association, said that the price of every commodity has increased by 15 per cent after Dashain and Tihar. Bajracharya said that the prices of all the items have increased recently.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Bajracharya added that the prices of consumer goods have increased by more than 30 per cent in one year. According to Bajracharya, cooking oil which used to cost Rs 240 per litre during Dashain and Tihar, has now reached Rs 280. Bajracharya informed that the prices of sunflower, soybean and mustard oil have also increased by Rs 40 per litre.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Manoj Shrestha, a wholesaler from Kuleshwar, said that the prices of cooking oil, pulses and rice have increased. Shrestha argued that the price of cooking oil has increased in the market due to the increase in the value of the dollar.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Bishnu Pradhan, who came to Kuleshwar to buy food grains, complained that he was unable to buy pulses, rice and oil because of the high prices. He said that although India has reduced the tax on rice, traders have not reduced the price yet. He urged the government to pay attention to market monitoring.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Traders said that only the price of rice from India has increased, but the price of rice produced in Nepal has decreased. But the consumers are not ready to buy into the idea.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16063', 'image' => '20221116040530_fair price shoppp.jpg', 'article_date' => '2022-11-16 16:04:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16321', 'article_category_id' => '1', 'title' => 'Supreme Court Seeks Original Documents from SEBON over License Issue', 'sub_title' => '', 'summary' => 'November 16: The Supreme Court has directed the Securities Board of Nepal (SEBON) to produce original copies of documents pertaining to the decision for providing licenses to a new stock exchange company, commodity exchange and stock brokers.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: The Supreme Court has directed the Securities Board of Nepal (SEBON) to produce original copies of documents pertaining to the decision for providing licenses to a new stock exchange company, commodity exchange and stock brokers. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Responding to a writ petition filed against the decision of SEBON to issue new licenses, a joint bench of justices Biswombhar Prasad Shrestha and Hari Prasad Phuyal has ordered the board to submit original copies of the decision for granting new licenses. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a notice on September 18, the SEBON had opened applications of new licenses for one stock exchange company, two commodity exchanges and stock brokers. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Advocate Dipak Bikram Mishra had filed the writ petition at the apex court against providing the new licenses on October 17. The writ petition had named the Office of the Prime Minister and Council of Ministers, Finance Ministry, Securities Board of Nepal and Nepal Stock Exchange as the defendants. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In a preliminary hearing on October 21, a single bench of justice Til Prasad Shrestha had issued an interim decree to stop the process of distributing licenses in this regard. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Complying with the court order, SEBON had halted the process of receiving applications for licenses on November 1.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Though both sides were summoned to the court for discussion on November 8, the hearing was held on November 15 due to lack of time. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The board argues that there is no reason to stop the license distribution process as the Government of Nepal has full support for the same. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Securities Board of Nepal (SEBON) Chairman Ramesh Kumar Hamal made it clear that the plan to distribute licenses of stock exchange, stock brokers and commodity exchanges was not only of the board but also of the government. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The government has incorporated new license distribution plan in the budget. We started the process of providing new licenses to make capital market competitive in accordance with the demand of the investors and the government’s policy,” Hamal said. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The board has received 45 applications for stock broker licenses. It had opened applications for three types of stock brokers licenses based on their capital structure. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The capital requirement for new broker license has been fixed between Rs 200 million to Rs 1.5 billion.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">As per the new provision, the first kind of brokers providing limited services of stock market transaction require a minimum capital of Rs 200 million to acquire license. Likewise, the brokers providing services like share transaction, depository participant, investment consultancy, investment management and margin business need to have a minimum paid-up capital of Rs 600 million.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Similarly, the third type of license will be issued for stock dealers who must maintain a minimum capital of Rs 1.5 billion.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The minimum paid-up capital required for the new stock exchange company is Rs 3 billion. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16062', 'image' => '20221116040421_Supreme Court.jpg', 'article_date' => '2022-11-16 16:03:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16320', 'article_category_id' => '1', 'title' => 'Nepal’s Graduation from LDC will have Trade Implications: Study', 'sub_title' => '', 'summary' => 'November 16: A study conducted by South Asia Watch on Trade, Economics and Commerce (SAWTEE) suggests that Nepal’s graduation from LDC status in 2026 will have trade implications in terms of higher tariffs and more stringent rules of origin in preference-granting countries.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: A study conducted by South Asia Watch on Trade, Economics and Commerce (SAWTEE) suggests that Nepal’s graduation from LDC status in 2026 will have trade implications in terms of higher tariffs and more stringent rules of origin in preference-granting countries.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the findings of the study shared by SAWTEE, the projected loss in total exports emanating from the increase in tariffs will be moderate. However, the loss emanating from more stringent rules of origin, while uncertain, could be significant, especially in the garments sector, according to the study report.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Wednesday, SAWTEE said that Nepal’s graduation could result in a loss of policy space, either through the loss of current flexibilities and special treatment, such as in the area of intellectual property rights, or through greater scrutiny of certain practices, such as the subsidy regime. “The policy space to promote infant industries and exports, and pursue public health objectives, could be squeezed.” </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the study, the impact on development cooperation will be modest as most of the development partners—multilateral and bilateral—have indicated that LDC status is not the main criteria for aid flows. However, some development partners may switch from grants to concessional loans or increase interest rates for concessional loans, added the report. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Furthermore, Nepal could lose access to specific instruments and funds dedicated exclusively to LDCs, particularly with regard to climate change-related funds, after a transition period.”</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The study report has recommended Nepal to aspire to become a party to the more generous preferential schemes such as the EU’s Generalized System of Preferences Plus (GSP+) and the UK’s GSP Enhanced Framework, while studying the implications of acceding to the additional conventions that Nepal needs to ratify to qualify for these schemes. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Nepal should also initiate dialogue with other trading partners seeking an extension to LDC-specific concessions and preferences for another 3-5 years following graduation,” the report further states. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Other recommendations include lobbying for lenient rules of origin (ROOs) for LDCs for a period sufficient for the private sector to adjust to the new ROOs.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“To realize the untapped export potential of Nepal, the government should prepare trade strategies in consultation with the private sector to strengthen the overall competitiveness of the economy, upgrade exporter’s capabilities, diversify export products and markets, simplify and streamline processes to attract more foreign direct investment and encourage enterprises to participate in regional/global value chains.”</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the study report, the government should explore new forms of finance, including blended finance, public-private partnerships, private philanthropies and co-financing, among others, and work with development partners for new forms of support mechanisms such as dedicated funds for graduated countries, disaster insurance, and technology transfer mechanisms.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16061', 'image' => '20221116031937_LDC.jpg', 'article_date' => '2022-11-16 15:18:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16319', 'article_category_id' => '1', 'title' => 'World Bank to Provide $4.5 Million Grant to Strengthen Role of Forest-Dependent Communities', 'sub_title' => '', 'summary' => 'November 16: The World Bank and Rural Reconstruction Nepal (RRN) signed a US$4.5 million grant agreement to strengthen the capacity of Indigenous Peoples and Local Communities (IPLCs) in Nepal’s forest sector.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: The World Bank and Rural Reconstruction Nepal (RRN) signed a US$4.5 million grant agreement to strengthen the capacity of Indigenous Peoples and Local Communities (IPLCs) in Nepal’s forest sector. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Wednesday, the World Bank said that the five-year Dedicated Grant Mechanism for Indigenous Peoples and Local Communities in Nepal project will help enhance the capacity of IPLCs to participate in Nepal’s REDD+ (Reducing Emissions from Deforestation and Forest Degradation) processes at the local, national, and global levels for the sustainable management of forests. This will help create livelihood opportunities and increase the income of forest-dependent communities in the Madhesh and Lumbini provinces, added the statement. Rural Reconstruction Nepal is the national executing agency for the project.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Lada Strelkova, World Bank’s operations manager for the Maldives, Nepal, and Sri Lanka, and Dr Arjun Karki, president of Rural Reconstruction Nepal, signed the agreement on behalf of their respective organisations.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“This project supports Nepal’s Indigenous Peoples and Local Communities through a dedicated funding mechanism that will promote and protect their customary institutions that are crucial for the sustainable management of natural resources and climate resilience,” the statement quoted Strelkova as saying. “The project contributes significantly to Nepal’s transition to Green, Resilient, and Inclusive Development (GRID) for sustainable recovery, growth, and jobs.” </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the DGM Nepal project aims to provide long‐term benefits to IPLCs from the sustainable use of forests, including adding value to products and more active involvement in Nepal’s policy-making process. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The project provides much-needed support to forest-dependent indigenous peoples and local communities to enhance their resilience and build livelihoods through small-scale forest and non-forest-based business and employment opportunities,” said Dr Arjun Karki, president of Rural Reconstruction Nepal. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">IPLCs are both beneficiaries and active proponents and participants in the project. During implementation, they will preside over the use of the grant resources in Nepal through a National Steering Committee (NSC) to provide strategic and leadership guidance to the RRN as executing agency, the World Bank further said. The NSC is a 14-member team of representative NGOs identified through a self-selection process with an equal representation of IPLC representatives as decision-making members. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The DGM Nepal project is funded by the Climate Investment Funds (CIF) Forest Investment Program (FIP) implemented by the World Bank to enhance the role of IPLCs in protecting the forests they depend on. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“If forest-dependent indigenous peoples and local communities from Madhesh and Lumbini Provinces can generate income from forest-related activities and foster innovation through this project’s capacity building and competitive grants mechanism, it will encourage IPLCs to ensure that their traditional knowledge, norms, and values are recognized alongside with the customary law,” said Jagat Baram, co-chair of the National Steering Committee.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16060', 'image' => '20221116022531_World Bank RRN DGM signing .jpg', 'article_date' => '2022-11-16 14:24:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16318', 'article_category_id' => '1', 'title' => 'Development Banks, Finance Companies Slash Interest on Deposits; Commercial Banks Keep it Stable', 'sub_title' => '', 'summary' => 'November 16: At a time when industrialists are protesting against the hike in interest rate on lending by banks and financial institutions, development banks and finance companies have decreased the interest rate on deposits. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 16: At a time when industrialists are protesting against the hike in interest rate on lending by banks and financial institutions, development banks and finance companies have decreased the interest rate on deposits. Citing slight improvement in state of liquidity and ease in credit-deposit ratio, development banks and finance companies took the decision to cut the interest on deposits. Meanwhile, commercial banks have decided to keep the current interest rates stable for the next month as well. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Development Bankers Association Nepal has decided to slash the interest on deposits by 0.15 per cent for a month starting from mid-November till mid-December. As of mid-November, development banks were providing up to 13 per cent interest on fixed deposits. They have set the maximum interest on fixed deposits at 12.85 per cent for the next one month period. Likewise, they have reduced the maximum interest on savings from 10 per cent to 9.85 percent for the next one month period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of Development Bankers Association Nepal and Muktinath Bikash Bank’s Chief Executive Officer Pradyuman Pokhrel said that they had decided to lower the interest on deposits as the credit-deposit ratio had eased of late. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of Nepal Financial Institutions Association, Saroj Kaji Tuladhar, informed that the association has decided to decrease the interest on deposits by 0.20 per cent for the next month. Finance companies were providing a maximum of 13.20 per cent interest on three-month fixed deposits and 13.45 per cent on one-year fixed deposits. The association has set the interest on three-month fixed deposits at 13 per cent and 13.30 per cent for one-year fixed deposits for the next month. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Meanwhile, commercial banks have decided to keep the interest rate unchanged for the next month. Nepal Bankers Association Chairman Anil Kumar Upadhayay said that they have decided to keep the interest rate stable as frequent changing of it would have negative impact. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“Nepal Bankers Association will take further decision keeping in view of post-election scenario and Nepal Rastra Bank’s review on monetary policy of the first quarter,” Upadhayay added.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Banks had been providing interest rate on individual fixed deposits at 12.33 per cent in the Nepali month of Kartik (mid-October to mid-November ). The same interest rate will come into effect for the next one-month period as well. </span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16059', 'image' => '20221116011323_Banks - Copy.jpg', 'article_date' => '2022-11-16 13:12:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '16332', 'article_category_id' => '1', 'title' => 'Excise Duty on Raw Materials Affecting Export of GI Wire', 'sub_title' => '', 'summary' => 'November 18: Five galvanized iron (GI) wire industries in the Sunsari Morang Industrial Corridor, which had been closed for four months, came into operation after a cabinet meeting revised the tax rate.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">November 18: Five galvanized iron (GI) wire industries in the Sunsari Morang Industrial Corridor, which had been closed for four months, came into operation after a cabinet meeting revised the tax rate. However, the excise duty levied at the rate of Rs 4,500 per ton on mild steel (MS) rod, the raw material required for the GI wire industry, has stood as a hindrance in the export of GI wire.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Until four years ago, GI wire worth Rs 3.5 billion used to be exported from Nepal every month. Five industries of Sunsari Morang Industrial Corridor used to export wire equivalent to that amount. It also contributed to the foreign exchange reserves obtained from exports. However, recently, the government decided that no excise duty would be levied on GI wire products, but an excise duty of Rs 4.50 paisa per kg would be levied on the import of its raw material. As a result, the exports decreased because the industries could not compete with Indian products.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">According to the data of Biratnagar customs, the export of GI wire which was 22,740 tons in the year 2018/19, has decreased to 672 tons in the year 2021/22.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Anil Sharda, general secretary of Morang Trade Association and owner of Pioneer Wires, said that although the government has tried to give concessions to the wire industry, the export has been affected by the ambiguity of the relevant laws.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">He claimed that the industry, which was working at a profit of 50 paisa, had to pay Rs 4.50 per kilo on the import of raw materials. So it could not compete with Indian products. It forced the industries to cut production by 60 per cent.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-18', 'modified' => '2022-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '16073', 'image' => '20221118022311_export.jpg', 'article_date' => '2022-11-18 14:22:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16331', 'article_category_id' => '1', 'title' => 'Foreign Exchange Reserves up by 2.5 Percent in Last Three Months ', 'sub_title' => '', 'summary' => 'November 18: Foreign exchange reserves of Nepal have increased 2.5 percent to Rs 1246.22 billion in mid-October 2022 from Rs 1215.80 billion in mid-July 2022, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 18: Foreign exchange reserves of Nepal have increased 2.5 percent to Rs 1246.22 billion in mid-October 2022 from Rs 1215.80 billion in mid-July 2022, according to the latest report of Nepal Rastra Bank (NRB).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Issuing the Current Macroeconomic and Financial Situation Report of Nepal on Wednesday, the central bank said that the gross foreign exchange reserves in terms of US dollars decreased 0.6 percent to 9.48 billion in mid-October 2022 from 9.54 billion in mid-July 2022. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The report is based on three months’ data ending Mid-October, 2022/23. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Of the total foreign exchange reserves, reserves held by NRB increased 4.3 percent to Rs 1101.60 billion in mid-October 2022 from Rs 1056.39 billion in mid-July 2022. Reserves held by banks and financial institutions (except NRB) decreased 9.3 percent to Rs 144.62 billion in mid-October 2022 from Rs 159.41 billion in mid-July 2022. The share of Indian currency in total reserves stood at 23.8 percent in mid-October 2022. </span><br /> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Foreign Exchange Adequacy Indicators </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The central bank stated that based on the imports of three months of FY 2022/23, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 9.6 months, and merchandise and services imports of 8.3 months. The ratio of reserves-to-GDP, reserves-to-imports and reserves-to-M2 stood at 25.7 percent, 69.5 percent and 22.5 percent respectively in mid-October 2022. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Such ratios were 25.1 percent, 57.8 percent and 22.1 percent respectively in mid-July 2022. -- RSS </span><br /> <br /> <br /> <br /> </span></span><br /> </p> ', 'published' => true, 'created' => '2022-11-18', 'modified' => '2022-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '16072', 'image' => '20221118010721_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-11-18 13:06:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16330', 'article_category_id' => '1', 'title' => 'EC Plans to Make Public FPTP Results within Three Days ', 'sub_title' => '', 'summary' => 'November 18: The Election Commission is planning to make public the result of the first-past-the-post (FPTP) election to the House of Representatives and Provincial Assembly within three days. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 18: The Election Commission is planning to make public the result of the first-past-the-post (FPTP) election to the House of Representatives and Provincial Assembly within three days. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">At a news conference organized on Thursday to share information about poll preparations, Chief Election Commissioner Dinesh Kumar Thapaliya, said, "Vote count begins immediately after all ballot boxes are collected. EC is planning to complete the vote count of FPTP election within three days while that of proportional representation in eight days." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further informed that the EC is planning to submit the report of election results to the president within December 8. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"The Election Commission is determined in its objectives and expects cooperation and commitment from all sides," Thapaliya said, adding that every polling centre will have three layers of security. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Effective security arrangement is in place so that the Nepalese Army reaches the incident site within 30 minutes in case of any untoward incident, said thapaliya. He ruled out the possibility of booth capture and said no one can use his/her representative to cast vote. According to the EC, there are over 17.9 million voters enlisted for this election in Nepal. Anyone completing 18 years by November 19 will be eligible to vote. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC has managed 10,892 polling stations and 22,227 voting centres. Similarly, there are 141 temporary polling centres where some 450, 000 voters can cast votes. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-18', 'modified' => '2022-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '16071', 'image' => '20221118093247_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-11-18 09:32:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16329', 'article_category_id' => '1', 'title' => 'Election Silence Period Starts from Today ', 'sub_title' => '', 'summary' => 'November 18: The silence period for the upcoming election has started from 12 am today (November 18). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 18: The silence period for the upcoming election has started from 12 am today (November 18). The election to the House of Representatives (HoR) and Provincial Assembly is taking place throughout the country in a single phase on November 20. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Election Code of Conduct, 2022, the silence period comes into effect 48 hours before the voting day and remains in force until the polls are closed. The voting under the election to the HoR and Province Assembly is taking place from 7 am to 5 pm on Sunday, November 20. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Political party leaders, candidates, sister organisations of the parties or related individuals have to abide by the Code of Conduct and maintain the silence period. Election campaigning as well as any type of discussion, interaction, assemblies, workshop seminar and gatherings are not allowed during this period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Code of Conduct states that the election publicity materials of the political parties or candidates kept 300 metres around the polling station should be removed 48 hours before the voting day. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, canvassing by any method, process or means, and posting or sharing any message, information or publicity material in support or against any political party or candidate on social sites, online, print or any medium is prohibited during the silence period. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-18', 'modified' => '2022-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '16070', 'image' => '20221118092547_BK_Kimathanka.01(1).jpg', 'article_date' => '2022-11-18 09:25:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16328', 'article_category_id' => '1', 'title' => 'Sugarcane Production Declined by 1.1 Million Tons in 6 Years', 'sub_title' => '', 'summary' => 'November 17: Sugarcane production has declined by 1.15 million metric tons in the last six years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 17: Sugarcane production has declined by 1.15 million metric tons in the last six years. The production decreased after the farmers repeatedly faced problems in the payment of sugarcane sold on credit. The data provided by the Ministry of Agriculture and Livestock Development shows that sugarcane production is declining in recent years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the data of the ministry, 4.3 million metric tons of sugarcane were produced in the country in the fiscal year 2015/16. Coming to the year 2020/21, sugarcane production has dropped to 3.1 million metric tons. Compared to the fiscal year 2015/16, sugarcane production in FY 2020/21 dropped by 1.1 metric tons.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During this period, the area for sugarcane cultivation also decreased by 16,500 hectares. In FY 2015/16, sugarcane was cultivated in 80,900 hectares of land, but in FY 2020/21, it has reduced to 64,300 hectares.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">While sugar is being imported from abroad to meet the domestic demand, it has been observed that the production of sugarcane, the raw material of sugar, is decreasing. The data confirms that sugarcane production is continuously declining along with the area of sugarcane cultivation as the sugar mills started giving trouble to the farmers by not paying them on time under various pretexts.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kapil Mani Mainali, central president of the Sugarcane Producers' Federation, said that the main reason for the continuous decline in sugarcane production graph in Nepal is the payment problem and non-fixation of prices according to production costs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"To get money for their hard work, the sugarcane farmers had to protest at Maitighar Mandala every year. The sugarcane farmers had to leave all other jobs and come from the Terai in the bitter cold and protest at Maitighar for months. So, sugarcane farmers looked for an alternative. Now the farmers have left sugarcane farming and are engaged in vegetable and fruit farming," he told New Business Age.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Mainali, the government has not fixed the price of sugarcane according to the production cost in the last five years. In 2017, the government had fixed the price of sugarcane at Rs 536.56 per quintal. Since then, the government has increased the price of sugarcane by only Rs 54 per quintal, even though the price of labour, fertilizer and seeds has doubled. Last year, the government fixed the support price of sugarcane at Rs 590 per quintal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16069', 'image' => '20221117014847_20190107104522_sugarcane.jpg', 'article_date' => '2022-11-17 13:48:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16327', 'article_category_id' => '1', 'title' => 'Trade Deficit Declines in First Quarter of Current FY', 'sub_title' => '', 'summary' => 'November 17: Trade deficit of Nepal decreased by 13.1 percent in the first three months of the current fiscal year (FY 2022/23) compared to the corresponding period of last fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 17: Trade deficit of Nepal decreased by 13.1 percent in the first three months of the current fiscal year (FY 2022/23) compared to the corresponding period of last fiscal year. According to Nepal Rastra Bank, the total trade deficit of the country currently stands at Rs 359.18 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Such a deficit had increased 58.3 percent in the corresponding period of the previous year, states the Current Macroeconomic and Financial Situation Report published by the central bank on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, the export-import ratio decreased to 10.4 percent in the review period from 13.6 percent in the corresponding period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the three months of FY 2022/23, merchandise imports from India by paying convertible foreign currency amounted Rs 34.59 billion. Such amount was Rs 54.17 billion in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the review period, merchandise exports decreased by 35.7 percent to Rs 41.82 billion against an increase of 109.5 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India and China decreased 45.0 percent and 35.0 percent respectively whereas exports to other countries increased 5.0 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Exports of zinc sheet, particle board, woolen carpets, readymade garments, tea, among others, increased whereas exports of soybean oil, palm oil, oil cakes, jute goods, silverware and jewelries, among others, decreased in the review period, the report further stated. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, merchandise imports decreased by 16.2 percent to Rs 401 billion in the review period against an increase of 63.7 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India, China and other countries decreased 14.8 percent, 16.7 percent, and 19.2 percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Imports of petroleum products, chemical fertilizer, sponge iron, medicine, coal, among others, increased whereas imports of transport equipment and spare parts, silver, telecommunication equipment and parts, crude soybean oil, MS wire rod, bars, coils and others, among others, decreased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on customs points, exports from Dry Port, Jaleshwor, Kailali, Krishnanagar, Mechi and Tribhuwan Airport Customs Offices increased whereas exports from all the other major customs points decreased in the review period. On the import side, imports from Dry Port, Jaleshwor and Tatopani Customs Offices increased whereas imports from all the other major customs points decreased in the review period. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16068', 'image' => '20221117014758_Trade.jpg', 'article_date' => '2022-11-17 13:47:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16326', 'article_category_id' => '1', 'title' => 'Balance of Payments in Surplus after Fourteen Months', 'sub_title' => '', 'summary' => 'November 17: The country recorded a surplus in Balance of Payments (BOP) in the first quarter of the current fiscal year after a gap of 14 months. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 17: The country recorded a surplus in Balance of Payments (BOP) in the first quarter of the current fiscal year after a gap of 14 months. Until now, the BOP remained at a deficit due to high imports and declining remittances. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">However, the policy adopted by the government to tighten imports and the rise in remittance inflow in the post-pandemic period led to an improvement in Balance of Payments.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report published by Nepal Rastra Bank on Wednesday, the Balance of Payments (BOP) remained at a surplus of Rs 12.43 billion in the review period compared to a deficit of Rs 87.71 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the current account remained at a deficit of Rs 34.28 billion in the review period compared to a deficit of Rs 149.81 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In the review period, capital transfer increased 34.8 percent to Rs 2.59 billion and net foreign direct investment (FDI) remained Rs 79.6 million. In the same period of the previous year, capital transfer and net FDI amounted to Rs 1.92 billion and Rs 5.07 billion respectively. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16067', 'image' => '20221117013204_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-11-17 13:31:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16325', 'article_category_id' => '1', 'title' => 'Special Security Plan Prepared on the Basis of Sensitivity of Polling Stations ', 'sub_title' => '', 'summary' => 'November 17: A special security plan has been prepared for mobilizing all the four security agencies of the state in an effective and coordinated manner in view of the elections to the Member of the House of Representatives and Provincial Assembly taking place on November 20. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 17: A special security plan has been prepared for mobilizing all the four security agencies of the state in an effective and coordinated manner in view of the elections to the Member of the House of Representatives and Provincial Assembly taking place on November 20. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The High-level Election Security Committee of the Election Commission has decided to implement the special security plan prepared by the Ministry of Home Affairs. A decision to this effect was taken after a recent meeting of the committee. The committee has held three meetings so far since the announcement of the election date. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The election security special plan includes 20 strategies and the activities with a time-line The responsibilities of coordination and monitoring agencies have been clearly outlined. The sensitiveness of polling stations has been classified on the basis of the security analysis. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Election Commissioner Ishowori Prasad Poudyal has said the special plan has emphasized on clear work responsibilities, coordination and effectiveness. He added that provisions have been made for intelligence gathering and analysis from security point of view, and mobilization of mobile and surveillance teams by forming units under the Central Security Committee as well as the District Security Committee, the Joint Command Post and temporary police. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The special plan categorizes the polling stations into general, sensitive and highly sensitive categories. Poudyal made it clear that groups and individuals boycotting the election and issuing threats and creating terror would be taken under control. He also reminded that election campaigning has been prohibited from November 17 till the voting day. No person except security personnel can move around carrying weapons during the silence period. Similarly, arrangements have been to prohibit voters to carry mobile phones and other prohibited articles while going for voting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Arrangements have been made by which additional security backup would reach within 30 minutes in case the security sensitivity at any polling station is disturbed or there is rioting and if such security backup is needed. Air patrolling would also be carried out from time to time," said Poudyal, who is also the coordinator of the High-level Election Security Committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, the Election Commission is actively working to conduct the election in a free, fair, impartial, independent, fear-free and secured manner.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Fool-proof security arrangements have been made for the election. I urge all the voters to exercise their voting rights confidently," he asserted. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On Tuesday, the High-level Election Security Committee made a review of efforts undertaken to control the use of vehicles bearing Indian number plates in some districts of the Madhesh Province during the election publicity campaign. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A mechanism has been in place to meticulously analyze the management of logistics and human resources, security arrangements and observations in course of the election preparations and address the issues requiring a prompt response. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Joint Election Operation Centre based in the Commission is mandated to establish a direct and regular connections with the voting places, to take updates whether employees have reached the assigned stations, to take stock about the situation of voter education underway at the ward level, to facilitate in the implementation of the election Code of Conduct, to increase coordination with the district-based election command cell, and coordinate and facilitate in the safe transport and reliable counting of votes following the voting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The centre coordinated by the EC Secretary comprises employees of the joint-secretary level from the Ministry of Home Affairs, the Nepalese Army, Nepal Police, Armed Police Force and the National Investigation Department and other employees form the EC. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16066', 'image' => '20221117123013_Pro-KTM-ECChiefThapaliyab.jpg', 'article_date' => '2022-11-17 12:29:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16324', 'article_category_id' => '1', 'title' => 'Remittance Inflow Rises by 17 Percent', 'sub_title' => '', 'summary' => 'November 17: The country received remittances of Rs 281 billion in the first three months of the current fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 17: The country received remittances of Rs 281 billion in the first three months of the current fiscal year, a 17 percent rise compared to remittances inflow in the corresponding period of last year. The remittance inflow in the same period last year saw a fall of 7.9 percent compared to the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, the number of Nepali citizens obtaining labour permit (new- institutional and individual) for foreign employment increased by 123.1 percent. According to the data published by Nepal Rastra Bank, a total of 147,932 individuals took labour permits in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the number of Nepali renewing the labour permit for foreign jobs increased 66.2 percent to 57,861. Last year, there was a rise in this figure by 217.7 percent as compared to the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review time, the net transfer rose by 17.1 percent to 310.4 billion. Such a transfer had decreased 7.6 percent in the same period of the previous year. </span></span><em><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">(With inputs from RSS)</span></span></em></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16065', 'image' => '20221117115804_Remittance.jpg', 'article_date' => '2022-11-17 11:56:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16323', 'article_category_id' => '1', 'title' => 'Consumer Price Inflation Hits 8.50 Percent: NRB Report ', 'sub_title' => '', 'summary' => 'November 17: The year-on-year (y-o-y) consumer price inflation has hit 8.50 per cent in the first quarter of the current fiscal year (FY 2022/23) compared to 4.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 17: The year-on-year (y-o-y) consumer price inflation has hit 8.50 per cent in the first quarter of the current fiscal year (FY 2022/23) compared to 4.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report released by the central bank on Wednesday shows that inflation is highest is the Terai region at 9.42 percent followed by 8.84 percent in the hills, 7.07 in the mountainous region and 6.93 in the Kathmandu Valley.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In the review period, food and beverage inflation stood at 8.05 percent whereas non-food and service inflation registered 8.85 percent.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, the y-o-y consumer price inflation of restaurant and hotel sub-category increased 15.91 percent, followed by fruit (12.06 percent), alcoholic drinks (10.24 percent), milk products and eggs (9.45 percent) and tobacco products (8.44 percent). </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Under the non-food and services category, y-o-y consumer price inflation of transportation sub-category increased 21.15 percent, followed by health (10.54 percent), furnishing and household equipment (9.45 percent), education (8.11 percent) and housing and utilities (7.68 percent).</span></span></p> <p> </p> <p> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16064', 'image' => '20221117094725_Inflation.jpg', 'article_date' => '2022-11-17 09:46:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16322', 'article_category_id' => '1', 'title' => 'Prices of Consumer Goods up by 15 Percent in the Run-up to the Elections', 'sub_title' => '', 'summary' => 'November 16: Businessmen have hiked the prices of consumer goods in the market taking advantage of the upcoming elections.', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">November 16: Businessmen have hiked the prices of consumer goods in the market taking advantage of the upcoming elections. With the November 20 the elections to the House of Representatives and the Provincial Assembly just around the corner, businessmen have increased the prices of consumer goods by more than 15 per cent in the market.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">As all the attention of the government is focused on the elections, the consumers have been hit by the price hike. Consumers have complained that even the employees of the market regulatory agencies of the government are focused on the election, and the traders have started setting prices arbitrarily.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Pabitra Bajracharya, former president of Nepal Retail Trade Association, said that the price of every commodity has increased by 15 per cent after Dashain and Tihar. Bajracharya said that the prices of all the items have increased recently.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Bajracharya added that the prices of consumer goods have increased by more than 30 per cent in one year. According to Bajracharya, cooking oil which used to cost Rs 240 per litre during Dashain and Tihar, has now reached Rs 280. Bajracharya informed that the prices of sunflower, soybean and mustard oil have also increased by Rs 40 per litre.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Manoj Shrestha, a wholesaler from Kuleshwar, said that the prices of cooking oil, pulses and rice have increased. Shrestha argued that the price of cooking oil has increased in the market due to the increase in the value of the dollar.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Bishnu Pradhan, who came to Kuleshwar to buy food grains, complained that he was unable to buy pulses, rice and oil because of the high prices. He said that although India has reduced the tax on rice, traders have not reduced the price yet. He urged the government to pay attention to market monitoring.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Traders said that only the price of rice from India has increased, but the price of rice produced in Nepal has decreased. But the consumers are not ready to buy into the idea.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16063', 'image' => '20221116040530_fair price shoppp.jpg', 'article_date' => '2022-11-16 16:04:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16321', 'article_category_id' => '1', 'title' => 'Supreme Court Seeks Original Documents from SEBON over License Issue', 'sub_title' => '', 'summary' => 'November 16: The Supreme Court has directed the Securities Board of Nepal (SEBON) to produce original copies of documents pertaining to the decision for providing licenses to a new stock exchange company, commodity exchange and stock brokers.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: The Supreme Court has directed the Securities Board of Nepal (SEBON) to produce original copies of documents pertaining to the decision for providing licenses to a new stock exchange company, commodity exchange and stock brokers. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Responding to a writ petition filed against the decision of SEBON to issue new licenses, a joint bench of justices Biswombhar Prasad Shrestha and Hari Prasad Phuyal has ordered the board to submit original copies of the decision for granting new licenses. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a notice on September 18, the SEBON had opened applications of new licenses for one stock exchange company, two commodity exchanges and stock brokers. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Advocate Dipak Bikram Mishra had filed the writ petition at the apex court against providing the new licenses on October 17. The writ petition had named the Office of the Prime Minister and Council of Ministers, Finance Ministry, Securities Board of Nepal and Nepal Stock Exchange as the defendants. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In a preliminary hearing on October 21, a single bench of justice Til Prasad Shrestha had issued an interim decree to stop the process of distributing licenses in this regard. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Complying with the court order, SEBON had halted the process of receiving applications for licenses on November 1.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Though both sides were summoned to the court for discussion on November 8, the hearing was held on November 15 due to lack of time. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The board argues that there is no reason to stop the license distribution process as the Government of Nepal has full support for the same. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Securities Board of Nepal (SEBON) Chairman Ramesh Kumar Hamal made it clear that the plan to distribute licenses of stock exchange, stock brokers and commodity exchanges was not only of the board but also of the government. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The government has incorporated new license distribution plan in the budget. We started the process of providing new licenses to make capital market competitive in accordance with the demand of the investors and the government’s policy,” Hamal said. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The board has received 45 applications for stock broker licenses. It had opened applications for three types of stock brokers licenses based on their capital structure. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The capital requirement for new broker license has been fixed between Rs 200 million to Rs 1.5 billion.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">As per the new provision, the first kind of brokers providing limited services of stock market transaction require a minimum capital of Rs 200 million to acquire license. Likewise, the brokers providing services like share transaction, depository participant, investment consultancy, investment management and margin business need to have a minimum paid-up capital of Rs 600 million.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Similarly, the third type of license will be issued for stock dealers who must maintain a minimum capital of Rs 1.5 billion.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The minimum paid-up capital required for the new stock exchange company is Rs 3 billion. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16062', 'image' => '20221116040421_Supreme Court.jpg', 'article_date' => '2022-11-16 16:03:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16320', 'article_category_id' => '1', 'title' => 'Nepal’s Graduation from LDC will have Trade Implications: Study', 'sub_title' => '', 'summary' => 'November 16: A study conducted by South Asia Watch on Trade, Economics and Commerce (SAWTEE) suggests that Nepal’s graduation from LDC status in 2026 will have trade implications in terms of higher tariffs and more stringent rules of origin in preference-granting countries.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: A study conducted by South Asia Watch on Trade, Economics and Commerce (SAWTEE) suggests that Nepal’s graduation from LDC status in 2026 will have trade implications in terms of higher tariffs and more stringent rules of origin in preference-granting countries.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the findings of the study shared by SAWTEE, the projected loss in total exports emanating from the increase in tariffs will be moderate. However, the loss emanating from more stringent rules of origin, while uncertain, could be significant, especially in the garments sector, according to the study report.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Wednesday, SAWTEE said that Nepal’s graduation could result in a loss of policy space, either through the loss of current flexibilities and special treatment, such as in the area of intellectual property rights, or through greater scrutiny of certain practices, such as the subsidy regime. “The policy space to promote infant industries and exports, and pursue public health objectives, could be squeezed.” </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the study, the impact on development cooperation will be modest as most of the development partners—multilateral and bilateral—have indicated that LDC status is not the main criteria for aid flows. However, some development partners may switch from grants to concessional loans or increase interest rates for concessional loans, added the report. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Furthermore, Nepal could lose access to specific instruments and funds dedicated exclusively to LDCs, particularly with regard to climate change-related funds, after a transition period.”</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The study report has recommended Nepal to aspire to become a party to the more generous preferential schemes such as the EU’s Generalized System of Preferences Plus (GSP+) and the UK’s GSP Enhanced Framework, while studying the implications of acceding to the additional conventions that Nepal needs to ratify to qualify for these schemes. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Nepal should also initiate dialogue with other trading partners seeking an extension to LDC-specific concessions and preferences for another 3-5 years following graduation,” the report further states. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Other recommendations include lobbying for lenient rules of origin (ROOs) for LDCs for a period sufficient for the private sector to adjust to the new ROOs.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“To realize the untapped export potential of Nepal, the government should prepare trade strategies in consultation with the private sector to strengthen the overall competitiveness of the economy, upgrade exporter’s capabilities, diversify export products and markets, simplify and streamline processes to attract more foreign direct investment and encourage enterprises to participate in regional/global value chains.”</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the study report, the government should explore new forms of finance, including blended finance, public-private partnerships, private philanthropies and co-financing, among others, and work with development partners for new forms of support mechanisms such as dedicated funds for graduated countries, disaster insurance, and technology transfer mechanisms.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16061', 'image' => '20221116031937_LDC.jpg', 'article_date' => '2022-11-16 15:18:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16319', 'article_category_id' => '1', 'title' => 'World Bank to Provide $4.5 Million Grant to Strengthen Role of Forest-Dependent Communities', 'sub_title' => '', 'summary' => 'November 16: The World Bank and Rural Reconstruction Nepal (RRN) signed a US$4.5 million grant agreement to strengthen the capacity of Indigenous Peoples and Local Communities (IPLCs) in Nepal’s forest sector.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: The World Bank and Rural Reconstruction Nepal (RRN) signed a US$4.5 million grant agreement to strengthen the capacity of Indigenous Peoples and Local Communities (IPLCs) in Nepal’s forest sector. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Wednesday, the World Bank said that the five-year Dedicated Grant Mechanism for Indigenous Peoples and Local Communities in Nepal project will help enhance the capacity of IPLCs to participate in Nepal’s REDD+ (Reducing Emissions from Deforestation and Forest Degradation) processes at the local, national, and global levels for the sustainable management of forests. This will help create livelihood opportunities and increase the income of forest-dependent communities in the Madhesh and Lumbini provinces, added the statement. Rural Reconstruction Nepal is the national executing agency for the project.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Lada Strelkova, World Bank’s operations manager for the Maldives, Nepal, and Sri Lanka, and Dr Arjun Karki, president of Rural Reconstruction Nepal, signed the agreement on behalf of their respective organisations.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“This project supports Nepal’s Indigenous Peoples and Local Communities through a dedicated funding mechanism that will promote and protect their customary institutions that are crucial for the sustainable management of natural resources and climate resilience,” the statement quoted Strelkova as saying. “The project contributes significantly to Nepal’s transition to Green, Resilient, and Inclusive Development (GRID) for sustainable recovery, growth, and jobs.” </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the DGM Nepal project aims to provide long‐term benefits to IPLCs from the sustainable use of forests, including adding value to products and more active involvement in Nepal’s policy-making process. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The project provides much-needed support to forest-dependent indigenous peoples and local communities to enhance their resilience and build livelihoods through small-scale forest and non-forest-based business and employment opportunities,” said Dr Arjun Karki, president of Rural Reconstruction Nepal. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">IPLCs are both beneficiaries and active proponents and participants in the project. During implementation, they will preside over the use of the grant resources in Nepal through a National Steering Committee (NSC) to provide strategic and leadership guidance to the RRN as executing agency, the World Bank further said. The NSC is a 14-member team of representative NGOs identified through a self-selection process with an equal representation of IPLC representatives as decision-making members. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The DGM Nepal project is funded by the Climate Investment Funds (CIF) Forest Investment Program (FIP) implemented by the World Bank to enhance the role of IPLCs in protecting the forests they depend on. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“If forest-dependent indigenous peoples and local communities from Madhesh and Lumbini Provinces can generate income from forest-related activities and foster innovation through this project’s capacity building and competitive grants mechanism, it will encourage IPLCs to ensure that their traditional knowledge, norms, and values are recognized alongside with the customary law,” said Jagat Baram, co-chair of the National Steering Committee.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16060', 'image' => '20221116022531_World Bank RRN DGM signing .jpg', 'article_date' => '2022-11-16 14:24:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16318', 'article_category_id' => '1', 'title' => 'Development Banks, Finance Companies Slash Interest on Deposits; Commercial Banks Keep it Stable', 'sub_title' => '', 'summary' => 'November 16: At a time when industrialists are protesting against the hike in interest rate on lending by banks and financial institutions, development banks and finance companies have decreased the interest rate on deposits. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 16: At a time when industrialists are protesting against the hike in interest rate on lending by banks and financial institutions, development banks and finance companies have decreased the interest rate on deposits. Citing slight improvement in state of liquidity and ease in credit-deposit ratio, development banks and finance companies took the decision to cut the interest on deposits. Meanwhile, commercial banks have decided to keep the current interest rates stable for the next month as well. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Development Bankers Association Nepal has decided to slash the interest on deposits by 0.15 per cent for a month starting from mid-November till mid-December. As of mid-November, development banks were providing up to 13 per cent interest on fixed deposits. They have set the maximum interest on fixed deposits at 12.85 per cent for the next one month period. Likewise, they have reduced the maximum interest on savings from 10 per cent to 9.85 percent for the next one month period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of Development Bankers Association Nepal and Muktinath Bikash Bank’s Chief Executive Officer Pradyuman Pokhrel said that they had decided to lower the interest on deposits as the credit-deposit ratio had eased of late. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of Nepal Financial Institutions Association, Saroj Kaji Tuladhar, informed that the association has decided to decrease the interest on deposits by 0.20 per cent for the next month. Finance companies were providing a maximum of 13.20 per cent interest on three-month fixed deposits and 13.45 per cent on one-year fixed deposits. The association has set the interest on three-month fixed deposits at 13 per cent and 13.30 per cent for one-year fixed deposits for the next month. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Meanwhile, commercial banks have decided to keep the interest rate unchanged for the next month. Nepal Bankers Association Chairman Anil Kumar Upadhayay said that they have decided to keep the interest rate stable as frequent changing of it would have negative impact. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“Nepal Bankers Association will take further decision keeping in view of post-election scenario and Nepal Rastra Bank’s review on monetary policy of the first quarter,” Upadhayay added.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Banks had been providing interest rate on individual fixed deposits at 12.33 per cent in the Nepali month of Kartik (mid-October to mid-November ). The same interest rate will come into effect for the next one-month period as well. </span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16059', 'image' => '20221116011323_Banks - Copy.jpg', 'article_date' => '2022-11-16 13:12:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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However, the excise duty levied at the rate of Rs 4,500 per ton on mild steel (MS) rod, the raw material required for the GI wire industry, has stood as a hindrance in the export of GI wire.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Until four years ago, GI wire worth Rs 3.5 billion used to be exported from Nepal every month. Five industries of Sunsari Morang Industrial Corridor used to export wire equivalent to that amount. It also contributed to the foreign exchange reserves obtained from exports. However, recently, the government decided that no excise duty would be levied on GI wire products, but an excise duty of Rs 4.50 paisa per kg would be levied on the import of its raw material. As a result, the exports decreased because the industries could not compete with Indian products.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">According to the data of Biratnagar customs, the export of GI wire which was 22,740 tons in the year 2018/19, has decreased to 672 tons in the year 2021/22.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Anil Sharda, general secretary of Morang Trade Association and owner of Pioneer Wires, said that although the government has tried to give concessions to the wire industry, the export has been affected by the ambiguity of the relevant laws.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">He claimed that the industry, which was working at a profit of 50 paisa, had to pay Rs 4.50 per kilo on the import of raw materials. So it could not compete with Indian products. It forced the industries to cut production by 60 per cent.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-18', 'modified' => '2022-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '16073', 'image' => '20221118022311_export.jpg', 'article_date' => '2022-11-18 14:22:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16331', 'article_category_id' => '1', 'title' => 'Foreign Exchange Reserves up by 2.5 Percent in Last Three Months ', 'sub_title' => '', 'summary' => 'November 18: Foreign exchange reserves of Nepal have increased 2.5 percent to Rs 1246.22 billion in mid-October 2022 from Rs 1215.80 billion in mid-July 2022, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 18: Foreign exchange reserves of Nepal have increased 2.5 percent to Rs 1246.22 billion in mid-October 2022 from Rs 1215.80 billion in mid-July 2022, according to the latest report of Nepal Rastra Bank (NRB).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Issuing the Current Macroeconomic and Financial Situation Report of Nepal on Wednesday, the central bank said that the gross foreign exchange reserves in terms of US dollars decreased 0.6 percent to 9.48 billion in mid-October 2022 from 9.54 billion in mid-July 2022. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The report is based on three months’ data ending Mid-October, 2022/23. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Of the total foreign exchange reserves, reserves held by NRB increased 4.3 percent to Rs 1101.60 billion in mid-October 2022 from Rs 1056.39 billion in mid-July 2022. Reserves held by banks and financial institutions (except NRB) decreased 9.3 percent to Rs 144.62 billion in mid-October 2022 from Rs 159.41 billion in mid-July 2022. The share of Indian currency in total reserves stood at 23.8 percent in mid-October 2022. </span><br /> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Foreign Exchange Adequacy Indicators </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The central bank stated that based on the imports of three months of FY 2022/23, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 9.6 months, and merchandise and services imports of 8.3 months. The ratio of reserves-to-GDP, reserves-to-imports and reserves-to-M2 stood at 25.7 percent, 69.5 percent and 22.5 percent respectively in mid-October 2022. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Such ratios were 25.1 percent, 57.8 percent and 22.1 percent respectively in mid-July 2022. -- RSS </span><br /> <br /> <br /> <br /> </span></span><br /> </p> ', 'published' => true, 'created' => '2022-11-18', 'modified' => '2022-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '16072', 'image' => '20221118010721_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-11-18 13:06:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16330', 'article_category_id' => '1', 'title' => 'EC Plans to Make Public FPTP Results within Three Days ', 'sub_title' => '', 'summary' => 'November 18: The Election Commission is planning to make public the result of the first-past-the-post (FPTP) election to the House of Representatives and Provincial Assembly within three days. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 18: The Election Commission is planning to make public the result of the first-past-the-post (FPTP) election to the House of Representatives and Provincial Assembly within three days. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">At a news conference organized on Thursday to share information about poll preparations, Chief Election Commissioner Dinesh Kumar Thapaliya, said, "Vote count begins immediately after all ballot boxes are collected. EC is planning to complete the vote count of FPTP election within three days while that of proportional representation in eight days." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further informed that the EC is planning to submit the report of election results to the president within December 8. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"The Election Commission is determined in its objectives and expects cooperation and commitment from all sides," Thapaliya said, adding that every polling centre will have three layers of security. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Effective security arrangement is in place so that the Nepalese Army reaches the incident site within 30 minutes in case of any untoward incident, said thapaliya. He ruled out the possibility of booth capture and said no one can use his/her representative to cast vote. According to the EC, there are over 17.9 million voters enlisted for this election in Nepal. Anyone completing 18 years by November 19 will be eligible to vote. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC has managed 10,892 polling stations and 22,227 voting centres. Similarly, there are 141 temporary polling centres where some 450, 000 voters can cast votes. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-18', 'modified' => '2022-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '16071', 'image' => '20221118093247_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-11-18 09:32:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16329', 'article_category_id' => '1', 'title' => 'Election Silence Period Starts from Today ', 'sub_title' => '', 'summary' => 'November 18: The silence period for the upcoming election has started from 12 am today (November 18). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 18: The silence period for the upcoming election has started from 12 am today (November 18). The election to the House of Representatives (HoR) and Provincial Assembly is taking place throughout the country in a single phase on November 20. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Election Code of Conduct, 2022, the silence period comes into effect 48 hours before the voting day and remains in force until the polls are closed. The voting under the election to the HoR and Province Assembly is taking place from 7 am to 5 pm on Sunday, November 20. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Political party leaders, candidates, sister organisations of the parties or related individuals have to abide by the Code of Conduct and maintain the silence period. Election campaigning as well as any type of discussion, interaction, assemblies, workshop seminar and gatherings are not allowed during this period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Code of Conduct states that the election publicity materials of the political parties or candidates kept 300 metres around the polling station should be removed 48 hours before the voting day. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, canvassing by any method, process or means, and posting or sharing any message, information or publicity material in support or against any political party or candidate on social sites, online, print or any medium is prohibited during the silence period. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-18', 'modified' => '2022-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '16070', 'image' => '20221118092547_BK_Kimathanka.01(1).jpg', 'article_date' => '2022-11-18 09:25:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16328', 'article_category_id' => '1', 'title' => 'Sugarcane Production Declined by 1.1 Million Tons in 6 Years', 'sub_title' => '', 'summary' => 'November 17: Sugarcane production has declined by 1.15 million metric tons in the last six years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 17: Sugarcane production has declined by 1.15 million metric tons in the last six years. The production decreased after the farmers repeatedly faced problems in the payment of sugarcane sold on credit. The data provided by the Ministry of Agriculture and Livestock Development shows that sugarcane production is declining in recent years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the data of the ministry, 4.3 million metric tons of sugarcane were produced in the country in the fiscal year 2015/16. Coming to the year 2020/21, sugarcane production has dropped to 3.1 million metric tons. Compared to the fiscal year 2015/16, sugarcane production in FY 2020/21 dropped by 1.1 metric tons.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During this period, the area for sugarcane cultivation also decreased by 16,500 hectares. In FY 2015/16, sugarcane was cultivated in 80,900 hectares of land, but in FY 2020/21, it has reduced to 64,300 hectares.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">While sugar is being imported from abroad to meet the domestic demand, it has been observed that the production of sugarcane, the raw material of sugar, is decreasing. The data confirms that sugarcane production is continuously declining along with the area of sugarcane cultivation as the sugar mills started giving trouble to the farmers by not paying them on time under various pretexts.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kapil Mani Mainali, central president of the Sugarcane Producers' Federation, said that the main reason for the continuous decline in sugarcane production graph in Nepal is the payment problem and non-fixation of prices according to production costs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"To get money for their hard work, the sugarcane farmers had to protest at Maitighar Mandala every year. The sugarcane farmers had to leave all other jobs and come from the Terai in the bitter cold and protest at Maitighar for months. So, sugarcane farmers looked for an alternative. Now the farmers have left sugarcane farming and are engaged in vegetable and fruit farming," he told New Business Age.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Mainali, the government has not fixed the price of sugarcane according to the production cost in the last five years. In 2017, the government had fixed the price of sugarcane at Rs 536.56 per quintal. Since then, the government has increased the price of sugarcane by only Rs 54 per quintal, even though the price of labour, fertilizer and seeds has doubled. Last year, the government fixed the support price of sugarcane at Rs 590 per quintal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16069', 'image' => '20221117014847_20190107104522_sugarcane.jpg', 'article_date' => '2022-11-17 13:48:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16327', 'article_category_id' => '1', 'title' => 'Trade Deficit Declines in First Quarter of Current FY', 'sub_title' => '', 'summary' => 'November 17: Trade deficit of Nepal decreased by 13.1 percent in the first three months of the current fiscal year (FY 2022/23) compared to the corresponding period of last fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 17: Trade deficit of Nepal decreased by 13.1 percent in the first three months of the current fiscal year (FY 2022/23) compared to the corresponding period of last fiscal year. According to Nepal Rastra Bank, the total trade deficit of the country currently stands at Rs 359.18 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Such a deficit had increased 58.3 percent in the corresponding period of the previous year, states the Current Macroeconomic and Financial Situation Report published by the central bank on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, the export-import ratio decreased to 10.4 percent in the review period from 13.6 percent in the corresponding period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the three months of FY 2022/23, merchandise imports from India by paying convertible foreign currency amounted Rs 34.59 billion. Such amount was Rs 54.17 billion in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the review period, merchandise exports decreased by 35.7 percent to Rs 41.82 billion against an increase of 109.5 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India and China decreased 45.0 percent and 35.0 percent respectively whereas exports to other countries increased 5.0 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Exports of zinc sheet, particle board, woolen carpets, readymade garments, tea, among others, increased whereas exports of soybean oil, palm oil, oil cakes, jute goods, silverware and jewelries, among others, decreased in the review period, the report further stated. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, merchandise imports decreased by 16.2 percent to Rs 401 billion in the review period against an increase of 63.7 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India, China and other countries decreased 14.8 percent, 16.7 percent, and 19.2 percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Imports of petroleum products, chemical fertilizer, sponge iron, medicine, coal, among others, increased whereas imports of transport equipment and spare parts, silver, telecommunication equipment and parts, crude soybean oil, MS wire rod, bars, coils and others, among others, decreased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on customs points, exports from Dry Port, Jaleshwor, Kailali, Krishnanagar, Mechi and Tribhuwan Airport Customs Offices increased whereas exports from all the other major customs points decreased in the review period. On the import side, imports from Dry Port, Jaleshwor and Tatopani Customs Offices increased whereas imports from all the other major customs points decreased in the review period. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16068', 'image' => '20221117014758_Trade.jpg', 'article_date' => '2022-11-17 13:47:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16326', 'article_category_id' => '1', 'title' => 'Balance of Payments in Surplus after Fourteen Months', 'sub_title' => '', 'summary' => 'November 17: The country recorded a surplus in Balance of Payments (BOP) in the first quarter of the current fiscal year after a gap of 14 months. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 17: The country recorded a surplus in Balance of Payments (BOP) in the first quarter of the current fiscal year after a gap of 14 months. Until now, the BOP remained at a deficit due to high imports and declining remittances. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">However, the policy adopted by the government to tighten imports and the rise in remittance inflow in the post-pandemic period led to an improvement in Balance of Payments.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report published by Nepal Rastra Bank on Wednesday, the Balance of Payments (BOP) remained at a surplus of Rs 12.43 billion in the review period compared to a deficit of Rs 87.71 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the current account remained at a deficit of Rs 34.28 billion in the review period compared to a deficit of Rs 149.81 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In the review period, capital transfer increased 34.8 percent to Rs 2.59 billion and net foreign direct investment (FDI) remained Rs 79.6 million. In the same period of the previous year, capital transfer and net FDI amounted to Rs 1.92 billion and Rs 5.07 billion respectively. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16067', 'image' => '20221117013204_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-11-17 13:31:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16325', 'article_category_id' => '1', 'title' => 'Special Security Plan Prepared on the Basis of Sensitivity of Polling Stations ', 'sub_title' => '', 'summary' => 'November 17: A special security plan has been prepared for mobilizing all the four security agencies of the state in an effective and coordinated manner in view of the elections to the Member of the House of Representatives and Provincial Assembly taking place on November 20. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 17: A special security plan has been prepared for mobilizing all the four security agencies of the state in an effective and coordinated manner in view of the elections to the Member of the House of Representatives and Provincial Assembly taking place on November 20. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The High-level Election Security Committee of the Election Commission has decided to implement the special security plan prepared by the Ministry of Home Affairs. A decision to this effect was taken after a recent meeting of the committee. The committee has held three meetings so far since the announcement of the election date. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The election security special plan includes 20 strategies and the activities with a time-line The responsibilities of coordination and monitoring agencies have been clearly outlined. The sensitiveness of polling stations has been classified on the basis of the security analysis. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Election Commissioner Ishowori Prasad Poudyal has said the special plan has emphasized on clear work responsibilities, coordination and effectiveness. He added that provisions have been made for intelligence gathering and analysis from security point of view, and mobilization of mobile and surveillance teams by forming units under the Central Security Committee as well as the District Security Committee, the Joint Command Post and temporary police. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The special plan categorizes the polling stations into general, sensitive and highly sensitive categories. Poudyal made it clear that groups and individuals boycotting the election and issuing threats and creating terror would be taken under control. He also reminded that election campaigning has been prohibited from November 17 till the voting day. No person except security personnel can move around carrying weapons during the silence period. Similarly, arrangements have been to prohibit voters to carry mobile phones and other prohibited articles while going for voting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Arrangements have been made by which additional security backup would reach within 30 minutes in case the security sensitivity at any polling station is disturbed or there is rioting and if such security backup is needed. Air patrolling would also be carried out from time to time," said Poudyal, who is also the coordinator of the High-level Election Security Committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, the Election Commission is actively working to conduct the election in a free, fair, impartial, independent, fear-free and secured manner.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Fool-proof security arrangements have been made for the election. I urge all the voters to exercise their voting rights confidently," he asserted. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On Tuesday, the High-level Election Security Committee made a review of efforts undertaken to control the use of vehicles bearing Indian number plates in some districts of the Madhesh Province during the election publicity campaign. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A mechanism has been in place to meticulously analyze the management of logistics and human resources, security arrangements and observations in course of the election preparations and address the issues requiring a prompt response. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Joint Election Operation Centre based in the Commission is mandated to establish a direct and regular connections with the voting places, to take updates whether employees have reached the assigned stations, to take stock about the situation of voter education underway at the ward level, to facilitate in the implementation of the election Code of Conduct, to increase coordination with the district-based election command cell, and coordinate and facilitate in the safe transport and reliable counting of votes following the voting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The centre coordinated by the EC Secretary comprises employees of the joint-secretary level from the Ministry of Home Affairs, the Nepalese Army, Nepal Police, Armed Police Force and the National Investigation Department and other employees form the EC. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16066', 'image' => '20221117123013_Pro-KTM-ECChiefThapaliyab.jpg', 'article_date' => '2022-11-17 12:29:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16324', 'article_category_id' => '1', 'title' => 'Remittance Inflow Rises by 17 Percent', 'sub_title' => '', 'summary' => 'November 17: The country received remittances of Rs 281 billion in the first three months of the current fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 17: The country received remittances of Rs 281 billion in the first three months of the current fiscal year, a 17 percent rise compared to remittances inflow in the corresponding period of last year. The remittance inflow in the same period last year saw a fall of 7.9 percent compared to the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, the number of Nepali citizens obtaining labour permit (new- institutional and individual) for foreign employment increased by 123.1 percent. According to the data published by Nepal Rastra Bank, a total of 147,932 individuals took labour permits in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the number of Nepali renewing the labour permit for foreign jobs increased 66.2 percent to 57,861. Last year, there was a rise in this figure by 217.7 percent as compared to the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review time, the net transfer rose by 17.1 percent to 310.4 billion. Such a transfer had decreased 7.6 percent in the same period of the previous year. </span></span><em><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">(With inputs from RSS)</span></span></em></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16065', 'image' => '20221117115804_Remittance.jpg', 'article_date' => '2022-11-17 11:56:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16323', 'article_category_id' => '1', 'title' => 'Consumer Price Inflation Hits 8.50 Percent: NRB Report ', 'sub_title' => '', 'summary' => 'November 17: The year-on-year (y-o-y) consumer price inflation has hit 8.50 per cent in the first quarter of the current fiscal year (FY 2022/23) compared to 4.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 17: The year-on-year (y-o-y) consumer price inflation has hit 8.50 per cent in the first quarter of the current fiscal year (FY 2022/23) compared to 4.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report released by the central bank on Wednesday shows that inflation is highest is the Terai region at 9.42 percent followed by 8.84 percent in the hills, 7.07 in the mountainous region and 6.93 in the Kathmandu Valley.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In the review period, food and beverage inflation stood at 8.05 percent whereas non-food and service inflation registered 8.85 percent.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, the y-o-y consumer price inflation of restaurant and hotel sub-category increased 15.91 percent, followed by fruit (12.06 percent), alcoholic drinks (10.24 percent), milk products and eggs (9.45 percent) and tobacco products (8.44 percent). </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Under the non-food and services category, y-o-y consumer price inflation of transportation sub-category increased 21.15 percent, followed by health (10.54 percent), furnishing and household equipment (9.45 percent), education (8.11 percent) and housing and utilities (7.68 percent).</span></span></p> <p> </p> <p> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-17', 'modified' => '2022-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '16064', 'image' => '20221117094725_Inflation.jpg', 'article_date' => '2022-11-17 09:46:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16322', 'article_category_id' => '1', 'title' => 'Prices of Consumer Goods up by 15 Percent in the Run-up to the Elections', 'sub_title' => '', 'summary' => 'November 16: Businessmen have hiked the prices of consumer goods in the market taking advantage of the upcoming elections.', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">November 16: Businessmen have hiked the prices of consumer goods in the market taking advantage of the upcoming elections. With the November 20 the elections to the House of Representatives and the Provincial Assembly just around the corner, businessmen have increased the prices of consumer goods by more than 15 per cent in the market.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">As all the attention of the government is focused on the elections, the consumers have been hit by the price hike. Consumers have complained that even the employees of the market regulatory agencies of the government are focused on the election, and the traders have started setting prices arbitrarily.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Pabitra Bajracharya, former president of Nepal Retail Trade Association, said that the price of every commodity has increased by 15 per cent after Dashain and Tihar. Bajracharya said that the prices of all the items have increased recently.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Bajracharya added that the prices of consumer goods have increased by more than 30 per cent in one year. According to Bajracharya, cooking oil which used to cost Rs 240 per litre during Dashain and Tihar, has now reached Rs 280. Bajracharya informed that the prices of sunflower, soybean and mustard oil have also increased by Rs 40 per litre.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Manoj Shrestha, a wholesaler from Kuleshwar, said that the prices of cooking oil, pulses and rice have increased. Shrestha argued that the price of cooking oil has increased in the market due to the increase in the value of the dollar.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Bishnu Pradhan, who came to Kuleshwar to buy food grains, complained that he was unable to buy pulses, rice and oil because of the high prices. He said that although India has reduced the tax on rice, traders have not reduced the price yet. He urged the government to pay attention to market monitoring.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Traders said that only the price of rice from India has increased, but the price of rice produced in Nepal has decreased. But the consumers are not ready to buy into the idea.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16063', 'image' => '20221116040530_fair price shoppp.jpg', 'article_date' => '2022-11-16 16:04:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16321', 'article_category_id' => '1', 'title' => 'Supreme Court Seeks Original Documents from SEBON over License Issue', 'sub_title' => '', 'summary' => 'November 16: The Supreme Court has directed the Securities Board of Nepal (SEBON) to produce original copies of documents pertaining to the decision for providing licenses to a new stock exchange company, commodity exchange and stock brokers.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: The Supreme Court has directed the Securities Board of Nepal (SEBON) to produce original copies of documents pertaining to the decision for providing licenses to a new stock exchange company, commodity exchange and stock brokers. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Responding to a writ petition filed against the decision of SEBON to issue new licenses, a joint bench of justices Biswombhar Prasad Shrestha and Hari Prasad Phuyal has ordered the board to submit original copies of the decision for granting new licenses. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a notice on September 18, the SEBON had opened applications of new licenses for one stock exchange company, two commodity exchanges and stock brokers. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Advocate Dipak Bikram Mishra had filed the writ petition at the apex court against providing the new licenses on October 17. The writ petition had named the Office of the Prime Minister and Council of Ministers, Finance Ministry, Securities Board of Nepal and Nepal Stock Exchange as the defendants. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In a preliminary hearing on October 21, a single bench of justice Til Prasad Shrestha had issued an interim decree to stop the process of distributing licenses in this regard. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Complying with the court order, SEBON had halted the process of receiving applications for licenses on November 1.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Though both sides were summoned to the court for discussion on November 8, the hearing was held on November 15 due to lack of time. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The board argues that there is no reason to stop the license distribution process as the Government of Nepal has full support for the same. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Securities Board of Nepal (SEBON) Chairman Ramesh Kumar Hamal made it clear that the plan to distribute licenses of stock exchange, stock brokers and commodity exchanges was not only of the board but also of the government. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The government has incorporated new license distribution plan in the budget. We started the process of providing new licenses to make capital market competitive in accordance with the demand of the investors and the government’s policy,” Hamal said. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The board has received 45 applications for stock broker licenses. It had opened applications for three types of stock brokers licenses based on their capital structure. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The capital requirement for new broker license has been fixed between Rs 200 million to Rs 1.5 billion.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">As per the new provision, the first kind of brokers providing limited services of stock market transaction require a minimum capital of Rs 200 million to acquire license. Likewise, the brokers providing services like share transaction, depository participant, investment consultancy, investment management and margin business need to have a minimum paid-up capital of Rs 600 million.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Similarly, the third type of license will be issued for stock dealers who must maintain a minimum capital of Rs 1.5 billion.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The minimum paid-up capital required for the new stock exchange company is Rs 3 billion. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16062', 'image' => '20221116040421_Supreme Court.jpg', 'article_date' => '2022-11-16 16:03:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16320', 'article_category_id' => '1', 'title' => 'Nepal’s Graduation from LDC will have Trade Implications: Study', 'sub_title' => '', 'summary' => 'November 16: A study conducted by South Asia Watch on Trade, Economics and Commerce (SAWTEE) suggests that Nepal’s graduation from LDC status in 2026 will have trade implications in terms of higher tariffs and more stringent rules of origin in preference-granting countries.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: A study conducted by South Asia Watch on Trade, Economics and Commerce (SAWTEE) suggests that Nepal’s graduation from LDC status in 2026 will have trade implications in terms of higher tariffs and more stringent rules of origin in preference-granting countries.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the findings of the study shared by SAWTEE, the projected loss in total exports emanating from the increase in tariffs will be moderate. However, the loss emanating from more stringent rules of origin, while uncertain, could be significant, especially in the garments sector, according to the study report.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Wednesday, SAWTEE said that Nepal’s graduation could result in a loss of policy space, either through the loss of current flexibilities and special treatment, such as in the area of intellectual property rights, or through greater scrutiny of certain practices, such as the subsidy regime. “The policy space to promote infant industries and exports, and pursue public health objectives, could be squeezed.” </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the study, the impact on development cooperation will be modest as most of the development partners—multilateral and bilateral—have indicated that LDC status is not the main criteria for aid flows. However, some development partners may switch from grants to concessional loans or increase interest rates for concessional loans, added the report. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Furthermore, Nepal could lose access to specific instruments and funds dedicated exclusively to LDCs, particularly with regard to climate change-related funds, after a transition period.”</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The study report has recommended Nepal to aspire to become a party to the more generous preferential schemes such as the EU’s Generalized System of Preferences Plus (GSP+) and the UK’s GSP Enhanced Framework, while studying the implications of acceding to the additional conventions that Nepal needs to ratify to qualify for these schemes. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Nepal should also initiate dialogue with other trading partners seeking an extension to LDC-specific concessions and preferences for another 3-5 years following graduation,” the report further states. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Other recommendations include lobbying for lenient rules of origin (ROOs) for LDCs for a period sufficient for the private sector to adjust to the new ROOs.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“To realize the untapped export potential of Nepal, the government should prepare trade strategies in consultation with the private sector to strengthen the overall competitiveness of the economy, upgrade exporter’s capabilities, diversify export products and markets, simplify and streamline processes to attract more foreign direct investment and encourage enterprises to participate in regional/global value chains.”</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the study report, the government should explore new forms of finance, including blended finance, public-private partnerships, private philanthropies and co-financing, among others, and work with development partners for new forms of support mechanisms such as dedicated funds for graduated countries, disaster insurance, and technology transfer mechanisms.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16061', 'image' => '20221116031937_LDC.jpg', 'article_date' => '2022-11-16 15:18:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16319', 'article_category_id' => '1', 'title' => 'World Bank to Provide $4.5 Million Grant to Strengthen Role of Forest-Dependent Communities', 'sub_title' => '', 'summary' => 'November 16: The World Bank and Rural Reconstruction Nepal (RRN) signed a US$4.5 million grant agreement to strengthen the capacity of Indigenous Peoples and Local Communities (IPLCs) in Nepal’s forest sector.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">November 16: The World Bank and Rural Reconstruction Nepal (RRN) signed a US$4.5 million grant agreement to strengthen the capacity of Indigenous Peoples and Local Communities (IPLCs) in Nepal’s forest sector. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Wednesday, the World Bank said that the five-year Dedicated Grant Mechanism for Indigenous Peoples and Local Communities in Nepal project will help enhance the capacity of IPLCs to participate in Nepal’s REDD+ (Reducing Emissions from Deforestation and Forest Degradation) processes at the local, national, and global levels for the sustainable management of forests. This will help create livelihood opportunities and increase the income of forest-dependent communities in the Madhesh and Lumbini provinces, added the statement. Rural Reconstruction Nepal is the national executing agency for the project.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Lada Strelkova, World Bank’s operations manager for the Maldives, Nepal, and Sri Lanka, and Dr Arjun Karki, president of Rural Reconstruction Nepal, signed the agreement on behalf of their respective organisations.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“This project supports Nepal’s Indigenous Peoples and Local Communities through a dedicated funding mechanism that will promote and protect their customary institutions that are crucial for the sustainable management of natural resources and climate resilience,” the statement quoted Strelkova as saying. “The project contributes significantly to Nepal’s transition to Green, Resilient, and Inclusive Development (GRID) for sustainable recovery, growth, and jobs.” </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the DGM Nepal project aims to provide long‐term benefits to IPLCs from the sustainable use of forests, including adding value to products and more active involvement in Nepal’s policy-making process. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The project provides much-needed support to forest-dependent indigenous peoples and local communities to enhance their resilience and build livelihoods through small-scale forest and non-forest-based business and employment opportunities,” said Dr Arjun Karki, president of Rural Reconstruction Nepal. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">IPLCs are both beneficiaries and active proponents and participants in the project. During implementation, they will preside over the use of the grant resources in Nepal through a National Steering Committee (NSC) to provide strategic and leadership guidance to the RRN as executing agency, the World Bank further said. The NSC is a 14-member team of representative NGOs identified through a self-selection process with an equal representation of IPLC representatives as decision-making members. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The DGM Nepal project is funded by the Climate Investment Funds (CIF) Forest Investment Program (FIP) implemented by the World Bank to enhance the role of IPLCs in protecting the forests they depend on. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“If forest-dependent indigenous peoples and local communities from Madhesh and Lumbini Provinces can generate income from forest-related activities and foster innovation through this project’s capacity building and competitive grants mechanism, it will encourage IPLCs to ensure that their traditional knowledge, norms, and values are recognized alongside with the customary law,” said Jagat Baram, co-chair of the National Steering Committee.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16060', 'image' => '20221116022531_World Bank RRN DGM signing .jpg', 'article_date' => '2022-11-16 14:24:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16318', 'article_category_id' => '1', 'title' => 'Development Banks, Finance Companies Slash Interest on Deposits; Commercial Banks Keep it Stable', 'sub_title' => '', 'summary' => 'November 16: At a time when industrialists are protesting against the hike in interest rate on lending by banks and financial institutions, development banks and finance companies have decreased the interest rate on deposits. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 16: At a time when industrialists are protesting against the hike in interest rate on lending by banks and financial institutions, development banks and finance companies have decreased the interest rate on deposits. Citing slight improvement in state of liquidity and ease in credit-deposit ratio, development banks and finance companies took the decision to cut the interest on deposits. Meanwhile, commercial banks have decided to keep the current interest rates stable for the next month as well. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Development Bankers Association Nepal has decided to slash the interest on deposits by 0.15 per cent for a month starting from mid-November till mid-December. As of mid-November, development banks were providing up to 13 per cent interest on fixed deposits. They have set the maximum interest on fixed deposits at 12.85 per cent for the next one month period. Likewise, they have reduced the maximum interest on savings from 10 per cent to 9.85 percent for the next one month period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of Development Bankers Association Nepal and Muktinath Bikash Bank’s Chief Executive Officer Pradyuman Pokhrel said that they had decided to lower the interest on deposits as the credit-deposit ratio had eased of late. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of Nepal Financial Institutions Association, Saroj Kaji Tuladhar, informed that the association has decided to decrease the interest on deposits by 0.20 per cent for the next month. Finance companies were providing a maximum of 13.20 per cent interest on three-month fixed deposits and 13.45 per cent on one-year fixed deposits. The association has set the interest on three-month fixed deposits at 13 per cent and 13.30 per cent for one-year fixed deposits for the next month. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Meanwhile, commercial banks have decided to keep the interest rate unchanged for the next month. Nepal Bankers Association Chairman Anil Kumar Upadhayay said that they have decided to keep the interest rate stable as frequent changing of it would have negative impact. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“Nepal Bankers Association will take further decision keeping in view of post-election scenario and Nepal Rastra Bank’s review on monetary policy of the first quarter,” Upadhayay added.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Banks had been providing interest rate on individual fixed deposits at 12.33 per cent in the Nepali month of Kartik (mid-October to mid-November ). The same interest rate will come into effect for the next one-month period as well. </span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-16', 'modified' => '2022-11-16', 'keywords' => '', 'description' => '', 'sortorder' => '16059', 'image' => '20221116011323_Banks - Copy.jpg', 'article_date' => '2022-11-16 13:12:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
