September 7: It is estimated that the two new international airports of Nepal, which are ready for operation, will take 10 to 15 years to generate…
September 7: It is estimated that the two new international airports of Nepal, which are ready for operation, will take 10 to 15 years to generate…
September 7: It has been found that most of the investments of insurance companies have been accumulated in fixed deposits of banks and financial…
September 7: The external sector of the economy is under pressure due to the devaluation of Nepalese currency.…
September 7: The fourth edition of Nepal Infrastructure Summit is all set to kick off in Kathmandu from…
September 7: Mountaineers are growingly attracted towards climbing Mt Manaslu (8,163m), the eighth highest peak in the world.…
September 6: Rastriya Beema Company, the one and only state-owned non-life insurance company of Nepal, is struggling to meet the paid-up capital limit fixed by the Insurance…
September 6: Deposit collection of banks has improved due to their fixed deposit schemes as well as the upcoming festive season.…
September 6: Manang is one of the most popular trekking destinations among foreign tourists visiting Nepal.…
September 6: The Election Commission (EC) has expressed displeasure over the continuation of terms of parliamentarians even after the filing of nominations for the upcoming election.…
September 6: Yeti Airlines has added one more 70-seat capacity aircraft to its…
September 6: Sher Jung Gurung, a security guard of Garud Securities, who was allegedly arrested for mistreating Minister for Culture, Tourism and Civil Aviation Jeevan Ram Shrestha has been released on Monday…
September 6: Nepal Association of Tour and Travel Agents (NATTA) has urged the government to make arrangements for Nepali tourists to visit foreign countries without any…
September 6: The Election Commission (EC) has fixed a total of 10,888 polling stations across the country for the upcoming elections to the members of House of Representatives and province assembly set for November…
September 5: The government has decided to reimburse three different kinds of industries for developing infrastructures including access road leading to the company’s…
September 5: Nepal Rastra Bank (NRB) has expressed its willingness to invest Rs 2 billion of the Pension Fund in fixed deposits of banks and financial institutions…
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The Civil Aviation Authority of Nepal says that the airports, which are ready after almost seven decades, will take time to make profit.</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"">Bhairahawa-based Gautam Buddha International Airport is the second international airport of Nepal after the Tribhuvan International Airport while the Pokhara Regional International Airport will come into operation from January 1, 2023.</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"">CAAN Spokesperson Jagannath Niraula said that the construction of the airports was delayed due to the Covid-19 pandemic.</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"">Niraula says that Pokhara Regional International Airport will earn profit after 15 years while Gautam Buddha International Airport will generate profit after 10 years. </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"">Spokesperson Niraula said that 50 percent of the Chinese tourists visit Pokhara and Chinese airline companies have also shown interest to operate flights to the Pokhara Regional International Airport. </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"">According to the CAAN, the number of air passengers is increasing every year by ten percent. Therefore, CAAN believes that more airline companies will operate flights to the new airports because the number of passengers is increasing every year.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-09-07', 'modified' => '2022-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '15689', 'image' => '20220907042148_Pokhara-Airport-800X533.jpg', 'article_date' => '2022-09-07 16:20:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15947', 'article_category_id' => '1', 'title' => 'Insurance Companies Deposit Most of the Money in Fixed Deposits of Banks', 'sub_title' => 'Insurance Companies Fail to Diversify Investment', 'summary' => 'September 7: It has been found that most of the investments of insurance companies have been accumulated in fixed deposits of banks and financial institutions.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">September 7: It has been found that most of the investments of insurance companies have been accumulated in fixed deposits of banks and financial institutions. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The insurance companies have deposited the amount collected as insurance fee in fixed deposit accounts after failing to diversify their investment as per the guidelines of the Investment Board.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Insurance Board, by the end of the fiscal year 2021/22, 19 life insurance companies and 20 non-life insurance companies invested a total of Rs 527.8 billion. Among these investments, 408 billion has invested in fixed deposits of banks and financial institutions. This is 77.48 percent of the total investment of insurance companies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Among the fixed deposits, the highest investment is in commercial banks, which accounts for 67.24 percent of the total investment followed by development banks (9.09 percent) and finance companies (1.10 percent).</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Insurance Board had changed the investment guidelines three years ago and allowed to diversify investment as per the suggestion of the insurance companies. However, they are still unable to invest. As a result, they focused on fixed deposits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The guidelines issued by the board in March 2019 has opened way to invest in infrastructure and productive sectors such as real estate business, water resources, agriculture, tourism, in addition to fixed deposits and shares. However, insurance companies do not seem to be attracted to other areas except fixed deposits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As per the guidelines, companies should invest a minimum of 40 percent of their total technical reserve in fixed deposits of commercial and infrastructure banks and a minimum of 5 percent in government bonds. Similarly, a maximum of 20 percent can be invested in development banks and a maximum of 10 percent in finance companies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, they can invest up to 5 percent in real estate business, up to 10 percent in ordinary shares of listed companies, up to 20 percent in preference shares, up to 20 percent in shares of listed companies, up to 20 percent in infrastructure including agriculture, tourism and water resources, and up to 5 percent in Citizens Investment Trust and mutual funds.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The insurance companies are not yet able to diversify their investments according to the guidelines. Most of their investments are concentrated in fixed deposits of banks and financial institutions followed by bonds and stock markets.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Following the guidelines, a minimum of 40 percent should be invested in the fixed deposits of Nepal Infrastructure Bank, but the companies have invested only 0.05 percent. Five life insurance companies namely Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company and Sun Nepal Life Insurance Company have invested Rs 250 million in this bank, which includes Rs 50 million each. Non-life insurance companies are yet to invest in infrastructure banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chairman of the Insurance Board, Surya Prasad Silwal said that insurance companies failed to invest according to the guidelines. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“According to the demand of the companies, we diversified the areas of investment by changing the guidelines. But they do not want to take the investment risk,” said Silwal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Silwal added that the capital accumulated in the insurance companies should contribute to the development of the country and they need to be forced to invest in the productive sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A year ago, the board also issued instructions to invest according to the guidelines, saying that the insurance companies did not invest in the infrastructure development sector. Despite the instructions, the companies invested only 1.41 percent or Rs 7.45 billion in the infrastructure sector. The board informed that out of this amount, the investment of life insurance companies amounted to Rs 7.14 billion and the investment of non-life insurance companies was more than Rs 300 million. The directive allows insurance companies to invest in the real estate sector as well. However, the companies are reluctant to invest in this sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-07', 'modified' => '2022-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '15688', 'image' => '20220907110038_Insurance.jpg', 'article_date' => '2022-09-07 10:59:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15946', 'article_category_id' => '1', 'title' => 'Nepal’s Public Debt Increases by Rs 300 Billion in a Year', 'sub_title' => '', 'summary' => 'September 7: The external sector of the economy is under pressure due to the devaluation of Nepalese currency. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 7: The external sector of the economy is under pressure due to the devaluation of Nepalese currency. As Nepal has to pay the loans and interest taken from different countries and donor agencies in US dollars or other convertible currencies, the external sector is under pressure due to the rising price of US dollar.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal has been taking loans in US dollar, euro, Chinese yuan, Japanese yen, and British pound. The country needs to pay the interest on such loans in foreign currency.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Of late, the Nepalese currency is being devalued against the US dollar and other foreign currencies resulting in pressure to the external sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under Secretary at the Public Debt Management Office, Dinesh Regmi, admits that the country’s external sector is under pressure to manage foreign debt due to the devaluation of Nepalese currency.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The foreign loans have to be paid in terms of US dollars or other foreign currency. Since the value of US dollar is increasing, the amount of loan to be repaid by the country is also increasing,” said Regmi.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The foreign exchange rate is causing problems for us a lot,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal has to bear an additional cost of Rs 22.7 billion while repaying foreign debt every three months due to the volatile foreign exchange rate. According to the office, Nepal paid a total of Rs 117.42 billion as loan and interest during the last fiscal year. During the review year, Nepal repaid loans of Rs 72.8 billion and interest of Rs 44.61.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal had to pay a fine of Rs 41 million during the last fiscal year, the Public Debt Management Office informed. According to the office, the fine was imposed due to the delay in payment of the interest and loans.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Nepal’s public debt has been increasing in recent years. As per the latest data released by the Public Debt Management Office, the total public debt of Nepal is more than Rs 2011 billion. Out of this amount, Nepal’s foreign debt is Rs 1025 billion while internal debt is Rs 900.86 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The public debt of Nepal increased by around Rs 300 billion by the end of last fiscal year (FY 2021/22) as compared to the previous fiscal year (FY 2020/21). Nepal’s public debt was Rs 1737 by the end of Fiscal Year 2020/21.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-09-07', 'modified' => '2022-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '15687', 'image' => '20220907103815_public debt.jpg', 'article_date' => '2022-09-07 10:33:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15945', 'article_category_id' => '1', 'title' => 'Infrastructure Summit to Kick off on Thursday', 'sub_title' => '', 'summary' => 'September 7: The fourth edition of Nepal Infrastructure Summit is all set to kick off in Kathmandu from Thursday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 7: The fourth edition of Nepal Infrastructure Summit is all set to kick off in Kathmandu from Thursday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two-day event is being organized by the Confederation of Nepalese Industries in collaboration with the Ministry of Physical Infrastructure and Transport. The CNI has been organizing this event since 2014. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The organisers informed that the stakeholders will discuss issues ranging from transportation to energy, urban development, drinking water and sanitation, climate change, infrastructure projects among other topics during the summit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The theme of this year’s summit is ‘Infrastructure for Development’.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The organisers expect investment commitment for green infrastructure and economic revival during the summit. The summit is also expected to stress on policy intervention for innovative financial framework, foreign direct investment, participation of private sector and digital transformation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Experts from the country and abroad as well as representatives of all three tiers of government and the private sector will hold indepth discussion on investment for infrastructure, successful practices of infrastructure development across the world and obstacles in achieving infrastructure development,” reads a statement issued by CNI.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the organisers, different sessions of the summit will be attended by former prime ministers, incumbent ministers in the federal government, chief ministers of provinces, mayors, members of National Planning Commission, professors and representatives from Nepal Rastra Bank, World Bank, Asian Development Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Investment Board Nepal and Youth Community for Nepalese Contractors are the co-sponsors of the event. According to the CNI, the event will be held on September 8 and 9.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The summit is expected to draw over 500 participants including representatives of the Government of Nepal, private sector, foreign dignitaries, think tanks and investors.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-07', 'modified' => '2022-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '15686', 'image' => '20220907100040_infra.jpg', 'article_date' => '2022-09-07 10:00:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15944', 'article_category_id' => '1', 'title' => 'Majority of Climbers Acquire Permits to Scale Mt Manaslu during this Autumn', 'sub_title' => '', 'summary' => 'September 7: Mountaineers are growingly attracted towards climbing Mt Manaslu (8,163m), the eighth highest peak in the world. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 7: Mountaineers are growingly attracted towards climbing Mt Manaslu (8,163m), the eighth highest peak in the world. The number of climbers seeking permission to climb Mt Manaslu during this autumn season is highest among all other mountain peaks, reports the state-owned national news agency RSS. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Department of Tourism, a total of 237 climbers of 25 expedition teams have been granted permission to scale different peaks in Nepal including Mt Everest. Most of them will be climbing Mt Manaslu. The department informed RSS that altogether 214 climbers of 19 expedition teams will be climbing Mt Manaslu this season. Among them, 160 are female and 50 are male climbers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Manaslu has become the preferred choice among the climbers as the autumn season is considered ideal for climbing the mountain peak. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former General Secretary of Nepal Mountaineering Association Kul Bahadur Gurung says that the number of climbers aspiring to scale Mt Manaslu is encouraging this year just like in the past years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Managing Director of Seven Summit Treks Pvt Ltd Mingma Sherpa confirmed that lots of tourists are acquiring permits to climb Mt Manaslu this year. According to Sherpa, his company will be assisting 60 climbers to scale Manaslu. He says that the number of climbers is expected to increase as the climbing window will be open for about a month. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government had marked the diamond jubilee (60 years) of the first ascent of Mt Manaslu six years ago. The mountain received good publicity across the world after a 21-member expedition team of Bahrain’s Prince Sheikh Mohammad Hamam Al Khalifa scaled the peak two years ago. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-07', 'modified' => '2022-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '15685', 'image' => '20220907091325_mount-manaslu.jpg', 'article_date' => '2022-09-07 09:12:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15942', 'article_category_id' => '1', 'title' => 'State-Owned Insurance Company Struggling to meet Paid-up Capital Requirement', 'sub_title' => '', 'summary' => 'September 6: Rastriya Beema Company, the one and only state-owned non-life insurance company of Nepal, is struggling to meet the paid-up capital limit fixed by the Insurance Board.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 6: Rastriya Beema Company, the one and only state-owned non-life insurance company of Nepal, is struggling to meet the paid-up capital limit fixed by the Insurance Board. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the directive of the Insurance Board, non-life insurance companies need to raise their paid-up capital to Rs 2.5 billion by mid-April. Currently, the paid-up capital of the Rastriya Beema Company is Rs 266.63 million. The company is in need of an additional Rs 2.23 billion to meet the requirement of the Insurance Board, the regulatory body of the insurance sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rastriya Beema Company split from its parent company Rastriya Beema Sansthan, the state-owned life insurance company, on August 3, 2014 and started providing non-life insurance service. The company has not been able to distribute cash dividend due to its failure to approve the audit report of last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Other non-life insurance companies have already prepared plans to meet the paid-up capital requirement set by the Insurance Board but this company is yet to take any decision.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Insurance Board has approved the audit report of this company till 2015/16 on condition that it cannot distribute cash dividend. Spokesperson of the Insurance Board Raju Raman Poudel says that the company can distribute cash dividend only after the audit report up to last fiscal year gets approved.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The company cannot get off the hook just because it is a state-owned company,” said Poudel, adding, “It must maintain the paid-up capital fixed by the board just like other companies.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Spokesperson Poudel informed New Business Age that the company will face action if it fails to maintain the paid-up capital set by the board within the given timeframe. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“How can we tell other companies to meet the paid-up capital requirement if the state-owned company disobeys the directive?” questioned Poudel. He said that the government must be serious towards this issue.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company’s Acting CEO Subash Koirala says that they are ready to follow the instructions of the Insurance Board. However, he said that he cannot say anything about increasing the capital at the moment because they are awaiting the response from Finance Ministry which owns the company. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Koirala said that the company has sought the view of the Finance Ministry in this regard but has not got any response from the ministry.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15684', 'image' => '20220906045047_rbl.jpg', 'article_date' => '2022-09-06 16:50:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15941', 'article_category_id' => '1', 'title' => 'Bank Deposits Increasing due to New Schemes and Festive Season', 'sub_title' => '', 'summary' => 'September 6: Deposit collection of banks has improved due to their fixed deposit schemes as well as the upcoming festive season. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 6: Deposit collection of banks has improved due to their fixed deposit schemes as well as the upcoming festive season. According to Nepal Bankers’ Association, bank deposits increased by Rs 11.3 billion in the first week of September.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the association, the total deposits of commercial banks was Rs 4426.16 billion as of August 26 which increased to Rs 4437.45 on September 2. Although the bank deposits declined in the third week of August, they have increased since the fourth week of August.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bank deposits declined by Rs 7.72 billion in the third week of August.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After their failure to attract deposits amid financial crisis, banks have launched various schemes including ten times the principle amount to attract deposits. As the banks were under pressure to increase deposits, they unveiled fixed deposit schemes offering ten times the principle amount in 21 years. Besides the high interest rate, such schemes also offer insurance coverage, credit card, easy loan among other facilities. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The attractive schemes of banks have played a positive role in increasing deposits. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">President of Nepal Bankers Association Anil Kumar Upadhyay says that banks were under pressure to increase deposit collection and therefore they announced various schemes. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another reason for increase in bank deposits is believed to be the festive season. During the festive season, Nepalis working abroad send money back to their homes. As a result, bank deposits increase along with economic activities during this time of the year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at a public programme on Saturday, Nepal Rastra Bank’s Governor Maha Prasad Adhikari had said that the overall economy is improving due to the increase in inflow of remittance. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Remittance inflow during the last fiscal year stood at Rs 1007.31 billion.<br /> With the increase in bank deposits, banks have also increased credit flow.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the first week of September, banks disbursed loans of Rs 167 billion from Rs 130 billion a week ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Credit flow of banks, which was Rs 4,177 billion till mid-August increased to Rs 4,181 billion as of September 2. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CD ratio of banks also declined after the deposit collection exceeded credit flow. The average CD ratio of banks dropped to 88.25 percent on September 2 from 88.42 percent on August 26.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15683', 'image' => '20220906041937_Banks - Copy.jpg', 'article_date' => '2022-09-06 16:18:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15940', 'article_category_id' => '1', 'title' => 'Extension of Road Network Shortens Annapurna Trek', 'sub_title' => '', 'summary' => 'September 6: Manang is one of the most popular trekking destinations among foreign tourists visiting Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">September 6: Manang is one of the most popular trekking destinations among foreign tourists visiting Nepal. Meanwhile, the peak tourism season for tourists to visit the Annapurna circuit in Manang has started. This foot trail has become a preferred destination among the trekkers who come here.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the past, tourists used to travel through this trail with a long day schedule, but now it has changed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The journey of trekking that once started from Lamjung's headquarters, Beshisahar, can now be completed in a short time thanks to the expanding network of roads. Now, the journey from Beshisahar to Chame-Khangsar can be reached easily using four-wheelers and the journey can be completed before the specified time, reports the national news agency RSS. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Manang’s Disyang Rural Municipality and Thorang-la Pass fall among the popular choices of tourists in the world. In the past, it used to take 18 days to cross Thorang-la Pass. But now this trip has been shortened by about a week with the expansion of the road network, according to RSS. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Now, one can cross Thorang-la pass in three days after traveling up to Upper Manang by vehicle. Trekking experts shared that individuals are more likely to have altitude sickness while traveling in this way.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Annapurna Circuit touches Lamjung, Manang, Mustang, Myagdi and Kaski district. But with the expansion of the road network, this foot trail is not visible in some places. In some places, the road network has made it difficult to walk on the foot trail. Trekkers have to suffer as the road network has displaced the foot trail. As a result, trekkers are forced to use vehicles.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nia, a citizen of Finland, who came to the Annapurna Circuit with a long schedule, shared that it is good that the road network has been expanded. But the path should not have been displaced, shared Nia. For the tourists who come for trekking, the journey becomes difficult when the road network is narrow and it crosses path with foot trail.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“The people of Manang should pay attention and protect it. The road network has been extended from Mustang to the lower part of Thorang-la,” she shared.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Meanwhile, the booking of external tourists for the Annapurna base camp trek has started. Tourism entrepreneurs are excited as bookings have started from the UK, Australia and other countries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Dilip Gurung, secretary of Chomrong Tourism Business Committee, informed New Business Age that bookings have being done for the upcoming season.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“Recently, Annapurna Base Camp has been equipped with facilities for trekking,” he said, adding that the tourists coming here can trek easily.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">At present, seven new hotels have been added above Sinuwa, and four others are under construction. Until last year, there were 26 hotels in areas including Sinuwa, Bambo, Himalayan, Dobhan, Deurali, Machhapuchhre and Annapurna base camps. Now infrastructures including hotels have been added in those places, said Lalit Gurung, a tourism entrepreneur and social activist.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">This area has been protected by Annapurna Area Conservation Project (ACAP) since 2043. According to the standards set by ACAP, in the past, there were 156 rooms with an average of six rooms per hotel. Given the increasing attraction of tourists for trekking in the area, Annapurna Rural Municipality formed a committee four years ago to study the expansion of hotel capacity and infrastructure in the area and tried to make it well organized.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Lekhnath Gautam, head of the Annapurna Area Conservation Project (ACAP), informed that some parts of the foot trail have been damaged by floods and landslides. He said that they are working to conserve the tracks and have also created new ones in places that have been washed away by floods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15682', 'image' => '20220906024641_20220508080527_Annapurna circuit (3) (1).jpg', 'article_date' => '2022-09-06 14:45:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15939', 'article_category_id' => '1', 'title' => 'EC Expresses its Displeasure Over New Bill to Extend the Terms of MPs', 'sub_title' => '', 'summary' => 'September 6: The Election Commission (EC) has expressed displeasure over the continuation of terms of parliamentarians even after the filing of nominations for the upcoming election. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 6: The Election Commission (EC) has expressed displeasure over the continuation of terms of parliamentarians including the members of House of Representatives (HoR) and Provincial Assembly members even after the filing of nominations for the upcoming election. The EC has termed it as an inappropriate decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC made a formal remark over the issue on Monday after the government tabled the 'Bill designed to amend some Nepal Acts' with the provision that the tenure of the incumbent MPs will expire only upon the commencement of the first meeting of the newly-elected MPs after the fresh election. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC also recalled the practice of consulting with the EC in the processes of law formation and amendment adding that Article 246 of the Constitution of Nepal has mentioned about the function, duties and rights, and procedures of the EC for the operation, monitoring, direction and control of the election under the federal laws. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, the EC has hinted that continuation of the tenure of the MPs could be against the spirit of the election code of conduct if the MPs were vying again in the election. Articles 85 and 177 of the constitution provides for a five-year term of the members of HoR and Provincial Assembly members. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The date for the general elections was announced following consultation that it would be practical and non-disputable to count the term of members of House of Representative and Province Assembly members from the first elected date as there is no clarity regarding beginning of their term," the EC said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In a statement issued on Monday EC Spokesperson, Shaligram Sharma Poudel said that it does not seem relevant to amend the law to make it otherwise in case of the term of the HoR and Province Assembly members at a time when election date has been announced and preparations for it is already underway. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC further said that the new proposed provisions regarding the tenure of the members of parliament would create more confusion. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15681', 'image' => '20220906021429_parliament building.jpg', 'article_date' => '2022-09-06 14:13:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15938', 'article_category_id' => '1', 'title' => 'Yeti Airlines adds new ATR to its Fleet', 'sub_title' => '', 'summary' => 'September 6: Yeti Airlines has added one more 70-seat capacity aircraft to its fleet.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">September 6: Yeti Airlines has added one more 70-seat capacity aircraft to its fleet. The private airline company is planning to add three aircraft this year. As per the plan, the first aircraft arrived in Kathmandu on Monday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The company informed that it added ATR 72-500 aircraft to expand its services. This is Yeti's sixth aircraft. The plane landed at the Tribhuvan International Airport at 1:15 PM on Monday afternoon. Sudarshan Bartaula, Yeti’s spokesperson and head of air security, informed that Yeti brought the 70-seat aircraft from an Australian aviation company on lease. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The first flight of the MSN No. 986 series aircraft took place in 2011. He said that the plane has flown only 10,000 cycles. He informed that this aircraft arrived as per the plan to add three aircraft within the current fiscal year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“We will bring the second aircraft soon. This plane will fly to the regular destinations and there are plans to conduct flights to a new destination after the addition of another aircraft,” said Bartaula.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, Yeti, which currently providing air service with five aircraft, has already completed the necessary paperworks for the new aircraft. The airplane has been painted it and is ready to fly before the Dashain festival. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“This will help to avoid the shortage of air tickets during Dashain to some extent,” added Bartaula. After the new aircraft is ready, the company plans to fly five of them for regular flights and keep one as reserve and will be used during the maintenance of other aircraft or when the flights are delayed.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The company claims that the new aircraft is considered the best aircraft with a turboprop engine. The company also mentioned that the aircraft will emit approximately 50 percent less carbon per passenger kilometer than newer generation jets and three times less carbon emissions than older aircraft. Yeti Airlines is the first carbon neutral airline in South Asia, according to the company. Yeti is currently flying to the most accessible destinations in Nepal including Kathmandu, Chandragadhi, Biratnagar, Janakpur, Simara, Pokhara, Bhairahawa, and Nepalgunj.</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> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15680', 'image' => '20220906012348_1662440771.jpg', 'article_date' => '2022-09-06 13:23:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15943', 'article_category_id' => '1', 'title' => 'Security Guard Gurung Released', 'sub_title' => '', 'summary' => 'September 6: Sher Jung Gurung, a security guard of Garud Securities, who was allegedly arrested for mistreating Minister for Culture, Tourism and Civil Aviation Jeevan Ram Shrestha has been released on Monday evening.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">September 6: Sher Jung Gurung, a security guard of Garud Securities, who was allegedly arrested for mistreating Minister for Culture, Tourism and Civil Aviation Jeevan Ram Shrestha has been released on Monday evening.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Following pressure from all quarters, Gurung was released on a general date by the order of Chief District Officer Govinda Prasad Rijal. Home Minister Bal Krishna Khand had instructed CDO Rijal to release the security guard deputed at VSF in Chhaya Centre, Thamel. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Police had arrested Gurung on Sunday on the charge of misbehaving with Minister for Culture, Tourism and Civil Aviation, Jeevan Ram Shrestha. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">A dispute ensued after Gurung asked Minister Shrestha, who had reached VSF for biometric registration, to follow the queue. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Meanwhile, Garud Securities has maintained that the security guard did not commit any mistake. The company had also filed a case at the Supreme Court demanding the release of Gurung.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Earlier, the association of labourers had demanded the release of Gurung. The association stated that it was unfortunate to arrest Gurung while he was performing his duties. The association has demanded a fair investigation into the incident.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15679', 'image' => '20220906052722_garud.jpg', 'article_date' => '2022-09-06 17:25:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15937', 'article_category_id' => '1', 'title' => 'NATTA Demands Hassle-Free Arrangements for Nepali Tourists', 'sub_title' => '', 'summary' => 'September 6: Nepal Association of Tour and Travel Agents (NATTA) has urged the government to make arrangements for Nepali tourists to visit foreign countries without any hassles.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 6: Nepal Association of Tour and Travel Agents (NATTA) has urged the government to make arrangements for Nepali tourists to visit foreign countries without any hassles. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NATTA President Ramesh Thapa has expressed concerns regarding the new provision related to visit visa that discourages Nepali citizens from visiting foreign countries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a press statement on Monday, NATTA President Thapa said that the Tourist Visa Departure Permission Work Procedure 2079 has provisions that restrict Nepalis from visiting foreign countries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Therefore, Thapa has requested the government to amend such provision to facilitate Nepali tourists.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NATTA argues that the work procedure issued by the government has challenged the basic rights of Nepalis to freely visit foreign countries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“NATTA stands with the government to discourage illegal trafficking of humans in the name of tourist visa. However, the work procedure that discourages tourism business has posed a problem for the tourism entrepreneurs,” reads the statement issued by NATTA.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the work procedure, any Nepali willing to visit foreign countries in tourist visa need to submit details that he/she earns at least Rs 400,000 a year and has a bank balance of at least Rs 200,000. In addition to this, the aspiring tourist also need to present documents that prove that they are paying taxes to the government. </span></span></p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15678', 'image' => '20220906091432_Tourist.jpg', 'article_date' => '2022-09-06 09:13:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15936', 'article_category_id' => '1', 'title' => '10,888 Polling Stations Fixed for Upcoming Elections', 'sub_title' => '', 'summary' => 'September 6: The Election Commission (EC) has fixed a total of 10,888 polling stations across the country for the upcoming elections to the members of House of Representatives and province assembly set for November 20. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 6: The Election Commission (EC) has fixed a total of 10,888 polling stations across the country for the upcoming elections to the members of House of Representatives and province assembly set for November 20. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that there were a total of 10,756 polling stations in the local level elections held on May 13 earlier this year. The Election Commission reviewed the number of polling stations considering the number of voters, convenience and security sensitivities in accordance with the Polling Station and Voting Centre Fixation Work Procedure, 2077. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">EC Spokesperson Shaligram Sharma Poudel confirmed that the number of polling station has been increased to 10,888. The EC took such decision to make polling management effective and ensure easy access of voters to the voting process. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In line with the arrangements specified in the work procedure, the revision was also based on the recommendations received from the district polling station and voting centre fixation recommendation committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The recommendations were made considering several aspects such as voters' density, access to polling station, building, communications, electricity, transport, status of infrastructure, security and geographical situation and consensus among electoral stakeholders. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15677', 'image' => '20220906085356_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-09-06 08:53:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15935', 'article_category_id' => '1', 'title' => 'Government to Reimburse 75 percent of the Cost to Industries Developing Infrastructure Themselves', 'sub_title' => '', 'summary' => 'September 5: The government has decided to reimburse three different kinds of industries for developing infrastructures including access road leading to the company’s plant.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 5: The government has decided to reimburse three different kinds of industries for developing infrastructures including access road leading to the company’s plant. Star-rated hotels, cement industries and iron industries are entitled to receive 75 percent reimbursement for constructing access roads and transmission lines, according to a new work procedure prepared by the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has prepared a work procedure that encourages the investors themselves to prepare infrastructures like access road, water pipelines, sewage facility among other basic infrastructures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Industry, Commerce and Supplies is preparing to implement the provision in the current fiscal year. It was include in the budget of the last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ministry has already issued the Industrial Infrastructure Development and Reimbursement Work Procedure 2079. The ministry has urged the industrialists to submit their proposals within mid-November assuring them to reimburse the amount spent on infrastructure development.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The budget of last fiscal year mentions that the investors of star hotels, cement and iron industries will get refunds up to 75 percent if they construct access roads and transmission lines to their respective company.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Joint Secretary Chandrakala Poudel informed that three cement industries submitted proposals in this regard during the last fiscal year. However, the government could not reimburse the industries last year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We will reimburse those industries as well as new ones this year,” said Poudel, adding that this facility will be provided only to the hotel industry, cement industry and iron industry right now.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“It took long time for the government to make the access roads to the industries,” said Poudel, adding, “Therefore, we decided to encourage the investors to prepare these infrastructures themselves as it will reduce the time required for construction and the industries can come into operation soon.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Joint Secretary Poudel, the government will provide a maximum of Rs 100 million as reimbursement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The industries submitting proposals to avail reimbursement facility should mention the details including the production capacity of the industry, employment opportunity, annual turnover and also justify the need to construct the industrial infrastructure along with feasibility study report, environment impact assessment report, preliminary engineering map, implementation plan, timeframe required for completion of infrastructure, grid connection agreement with Nepal Electricity Authority and the beneficiaries of the industries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of Nepal Cement Producers Association Tara Prasad Pokharel welcomed the belated decision to implement the work procedure which should have been implemented last year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The government’s tender for infrastructure development takes a long time. The work procedure on the other hand will expedite the process,” he said.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-05', 'modified' => '2022-09-05', 'keywords' => '', 'description' => '', 'sortorder' => '15676', 'image' => '20220905065411_indus.jpg', 'article_date' => '2022-09-05 18:51:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15934', 'article_category_id' => '1', 'title' => 'NRB Seeks to Invest Rs 2 Billion in BFIs' Fixed Deposits ', 'sub_title' => '', 'summary' => 'September 5: Nepal Rastra Bank (NRB) has expressed its willingness to invest Rs 2 billion of the Pension Fund in fixed deposits of banks and financial institutions (BFIs). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 5: Nepal Rastra Bank (NRB) has expressed its willingness to invest Rs 2 billion of the Pension Fund in fixed deposits of banks and financial institutions (BFIs). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a notice on Monday, the central bank has asked BFIs to bid for the aforementioned amount. The maturity date to keep the money in their fixed deposits is one year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the notice, the NRB is seeking commercial banks (group 'A') to accept fixed deposits of Rs 1.6 billion, development banks (group 'B') Rs 300 million and national level finance companies (group 'C') Rs 100 million. NRB has asked the BFIs to apply for the loan not late than mid-night of September 7. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">To avail the fund, the beneficiary BFIs should have been operating for at least for two years and must maintain minimum capital fund ratio. Similarly, they should have less than five percent of their total passive loans, and have at least 20 percent or more than that of net liquid assets of internal deposits. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-05', 'modified' => '2022-09-05', 'keywords' => '', 'description' => '', 'sortorder' => '15675', 'image' => '20220905054810_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-09-05 17:47:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, '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
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The Civil Aviation Authority of Nepal says that the airports, which are ready after almost seven decades, will take time to make profit.</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"">Bhairahawa-based Gautam Buddha International Airport is the second international airport of Nepal after the Tribhuvan International Airport while the Pokhara Regional International Airport will come into operation from January 1, 2023.</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"">CAAN Spokesperson Jagannath Niraula said that the construction of the airports was delayed due to the Covid-19 pandemic.</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"">Niraula says that Pokhara Regional International Airport will earn profit after 15 years while Gautam Buddha International Airport will generate profit after 10 years. </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"">Spokesperson Niraula said that 50 percent of the Chinese tourists visit Pokhara and Chinese airline companies have also shown interest to operate flights to the Pokhara Regional International Airport. </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"">According to the CAAN, the number of air passengers is increasing every year by ten percent. Therefore, CAAN believes that more airline companies will operate flights to the new airports because the number of passengers is increasing every year.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-09-07', 'modified' => '2022-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '15689', 'image' => '20220907042148_Pokhara-Airport-800X533.jpg', 'article_date' => '2022-09-07 16:20:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15947', 'article_category_id' => '1', 'title' => 'Insurance Companies Deposit Most of the Money in Fixed Deposits of Banks', 'sub_title' => 'Insurance Companies Fail to Diversify Investment', 'summary' => 'September 7: It has been found that most of the investments of insurance companies have been accumulated in fixed deposits of banks and financial institutions.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">September 7: It has been found that most of the investments of insurance companies have been accumulated in fixed deposits of banks and financial institutions. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The insurance companies have deposited the amount collected as insurance fee in fixed deposit accounts after failing to diversify their investment as per the guidelines of the Investment Board.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Insurance Board, by the end of the fiscal year 2021/22, 19 life insurance companies and 20 non-life insurance companies invested a total of Rs 527.8 billion. Among these investments, 408 billion has invested in fixed deposits of banks and financial institutions. This is 77.48 percent of the total investment of insurance companies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Among the fixed deposits, the highest investment is in commercial banks, which accounts for 67.24 percent of the total investment followed by development banks (9.09 percent) and finance companies (1.10 percent).</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Insurance Board had changed the investment guidelines three years ago and allowed to diversify investment as per the suggestion of the insurance companies. However, they are still unable to invest. As a result, they focused on fixed deposits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The guidelines issued by the board in March 2019 has opened way to invest in infrastructure and productive sectors such as real estate business, water resources, agriculture, tourism, in addition to fixed deposits and shares. However, insurance companies do not seem to be attracted to other areas except fixed deposits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As per the guidelines, companies should invest a minimum of 40 percent of their total technical reserve in fixed deposits of commercial and infrastructure banks and a minimum of 5 percent in government bonds. Similarly, a maximum of 20 percent can be invested in development banks and a maximum of 10 percent in finance companies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, they can invest up to 5 percent in real estate business, up to 10 percent in ordinary shares of listed companies, up to 20 percent in preference shares, up to 20 percent in shares of listed companies, up to 20 percent in infrastructure including agriculture, tourism and water resources, and up to 5 percent in Citizens Investment Trust and mutual funds.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The insurance companies are not yet able to diversify their investments according to the guidelines. Most of their investments are concentrated in fixed deposits of banks and financial institutions followed by bonds and stock markets.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Following the guidelines, a minimum of 40 percent should be invested in the fixed deposits of Nepal Infrastructure Bank, but the companies have invested only 0.05 percent. Five life insurance companies namely Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company and Sun Nepal Life Insurance Company have invested Rs 250 million in this bank, which includes Rs 50 million each. Non-life insurance companies are yet to invest in infrastructure banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chairman of the Insurance Board, Surya Prasad Silwal said that insurance companies failed to invest according to the guidelines. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“According to the demand of the companies, we diversified the areas of investment by changing the guidelines. But they do not want to take the investment risk,” said Silwal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Silwal added that the capital accumulated in the insurance companies should contribute to the development of the country and they need to be forced to invest in the productive sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A year ago, the board also issued instructions to invest according to the guidelines, saying that the insurance companies did not invest in the infrastructure development sector. Despite the instructions, the companies invested only 1.41 percent or Rs 7.45 billion in the infrastructure sector. The board informed that out of this amount, the investment of life insurance companies amounted to Rs 7.14 billion and the investment of non-life insurance companies was more than Rs 300 million. The directive allows insurance companies to invest in the real estate sector as well. However, the companies are reluctant to invest in this sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-07', 'modified' => '2022-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '15688', 'image' => '20220907110038_Insurance.jpg', 'article_date' => '2022-09-07 10:59:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15946', 'article_category_id' => '1', 'title' => 'Nepal’s Public Debt Increases by Rs 300 Billion in a Year', 'sub_title' => '', 'summary' => 'September 7: The external sector of the economy is under pressure due to the devaluation of Nepalese currency. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 7: The external sector of the economy is under pressure due to the devaluation of Nepalese currency. As Nepal has to pay the loans and interest taken from different countries and donor agencies in US dollars or other convertible currencies, the external sector is under pressure due to the rising price of US dollar.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal has been taking loans in US dollar, euro, Chinese yuan, Japanese yen, and British pound. The country needs to pay the interest on such loans in foreign currency.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Of late, the Nepalese currency is being devalued against the US dollar and other foreign currencies resulting in pressure to the external sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under Secretary at the Public Debt Management Office, Dinesh Regmi, admits that the country’s external sector is under pressure to manage foreign debt due to the devaluation of Nepalese currency.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The foreign loans have to be paid in terms of US dollars or other foreign currency. Since the value of US dollar is increasing, the amount of loan to be repaid by the country is also increasing,” said Regmi.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The foreign exchange rate is causing problems for us a lot,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal has to bear an additional cost of Rs 22.7 billion while repaying foreign debt every three months due to the volatile foreign exchange rate. According to the office, Nepal paid a total of Rs 117.42 billion as loan and interest during the last fiscal year. During the review year, Nepal repaid loans of Rs 72.8 billion and interest of Rs 44.61.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal had to pay a fine of Rs 41 million during the last fiscal year, the Public Debt Management Office informed. According to the office, the fine was imposed due to the delay in payment of the interest and loans.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Nepal’s public debt has been increasing in recent years. As per the latest data released by the Public Debt Management Office, the total public debt of Nepal is more than Rs 2011 billion. Out of this amount, Nepal’s foreign debt is Rs 1025 billion while internal debt is Rs 900.86 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The public debt of Nepal increased by around Rs 300 billion by the end of last fiscal year (FY 2021/22) as compared to the previous fiscal year (FY 2020/21). Nepal’s public debt was Rs 1737 by the end of Fiscal Year 2020/21.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-09-07', 'modified' => '2022-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '15687', 'image' => '20220907103815_public debt.jpg', 'article_date' => '2022-09-07 10:33:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15945', 'article_category_id' => '1', 'title' => 'Infrastructure Summit to Kick off on Thursday', 'sub_title' => '', 'summary' => 'September 7: The fourth edition of Nepal Infrastructure Summit is all set to kick off in Kathmandu from Thursday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 7: The fourth edition of Nepal Infrastructure Summit is all set to kick off in Kathmandu from Thursday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two-day event is being organized by the Confederation of Nepalese Industries in collaboration with the Ministry of Physical Infrastructure and Transport. The CNI has been organizing this event since 2014. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The organisers informed that the stakeholders will discuss issues ranging from transportation to energy, urban development, drinking water and sanitation, climate change, infrastructure projects among other topics during the summit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The theme of this year’s summit is ‘Infrastructure for Development’.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The organisers expect investment commitment for green infrastructure and economic revival during the summit. The summit is also expected to stress on policy intervention for innovative financial framework, foreign direct investment, participation of private sector and digital transformation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Experts from the country and abroad as well as representatives of all three tiers of government and the private sector will hold indepth discussion on investment for infrastructure, successful practices of infrastructure development across the world and obstacles in achieving infrastructure development,” reads a statement issued by CNI.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the organisers, different sessions of the summit will be attended by former prime ministers, incumbent ministers in the federal government, chief ministers of provinces, mayors, members of National Planning Commission, professors and representatives from Nepal Rastra Bank, World Bank, Asian Development Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Investment Board Nepal and Youth Community for Nepalese Contractors are the co-sponsors of the event. According to the CNI, the event will be held on September 8 and 9.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The summit is expected to draw over 500 participants including representatives of the Government of Nepal, private sector, foreign dignitaries, think tanks and investors.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-07', 'modified' => '2022-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '15686', 'image' => '20220907100040_infra.jpg', 'article_date' => '2022-09-07 10:00:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15944', 'article_category_id' => '1', 'title' => 'Majority of Climbers Acquire Permits to Scale Mt Manaslu during this Autumn', 'sub_title' => '', 'summary' => 'September 7: Mountaineers are growingly attracted towards climbing Mt Manaslu (8,163m), the eighth highest peak in the world. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 7: Mountaineers are growingly attracted towards climbing Mt Manaslu (8,163m), the eighth highest peak in the world. The number of climbers seeking permission to climb Mt Manaslu during this autumn season is highest among all other mountain peaks, reports the state-owned national news agency RSS. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Department of Tourism, a total of 237 climbers of 25 expedition teams have been granted permission to scale different peaks in Nepal including Mt Everest. Most of them will be climbing Mt Manaslu. The department informed RSS that altogether 214 climbers of 19 expedition teams will be climbing Mt Manaslu this season. Among them, 160 are female and 50 are male climbers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Manaslu has become the preferred choice among the climbers as the autumn season is considered ideal for climbing the mountain peak. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former General Secretary of Nepal Mountaineering Association Kul Bahadur Gurung says that the number of climbers aspiring to scale Mt Manaslu is encouraging this year just like in the past years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Managing Director of Seven Summit Treks Pvt Ltd Mingma Sherpa confirmed that lots of tourists are acquiring permits to climb Mt Manaslu this year. According to Sherpa, his company will be assisting 60 climbers to scale Manaslu. He says that the number of climbers is expected to increase as the climbing window will be open for about a month. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government had marked the diamond jubilee (60 years) of the first ascent of Mt Manaslu six years ago. The mountain received good publicity across the world after a 21-member expedition team of Bahrain’s Prince Sheikh Mohammad Hamam Al Khalifa scaled the peak two years ago. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-07', 'modified' => '2022-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '15685', 'image' => '20220907091325_mount-manaslu.jpg', 'article_date' => '2022-09-07 09:12:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15942', 'article_category_id' => '1', 'title' => 'State-Owned Insurance Company Struggling to meet Paid-up Capital Requirement', 'sub_title' => '', 'summary' => 'September 6: Rastriya Beema Company, the one and only state-owned non-life insurance company of Nepal, is struggling to meet the paid-up capital limit fixed by the Insurance Board.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 6: Rastriya Beema Company, the one and only state-owned non-life insurance company of Nepal, is struggling to meet the paid-up capital limit fixed by the Insurance Board. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the directive of the Insurance Board, non-life insurance companies need to raise their paid-up capital to Rs 2.5 billion by mid-April. Currently, the paid-up capital of the Rastriya Beema Company is Rs 266.63 million. The company is in need of an additional Rs 2.23 billion to meet the requirement of the Insurance Board, the regulatory body of the insurance sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rastriya Beema Company split from its parent company Rastriya Beema Sansthan, the state-owned life insurance company, on August 3, 2014 and started providing non-life insurance service. The company has not been able to distribute cash dividend due to its failure to approve the audit report of last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Other non-life insurance companies have already prepared plans to meet the paid-up capital requirement set by the Insurance Board but this company is yet to take any decision.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Insurance Board has approved the audit report of this company till 2015/16 on condition that it cannot distribute cash dividend. Spokesperson of the Insurance Board Raju Raman Poudel says that the company can distribute cash dividend only after the audit report up to last fiscal year gets approved.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The company cannot get off the hook just because it is a state-owned company,” said Poudel, adding, “It must maintain the paid-up capital fixed by the board just like other companies.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Spokesperson Poudel informed New Business Age that the company will face action if it fails to maintain the paid-up capital set by the board within the given timeframe. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“How can we tell other companies to meet the paid-up capital requirement if the state-owned company disobeys the directive?” questioned Poudel. He said that the government must be serious towards this issue.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company’s Acting CEO Subash Koirala says that they are ready to follow the instructions of the Insurance Board. However, he said that he cannot say anything about increasing the capital at the moment because they are awaiting the response from Finance Ministry which owns the company. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Koirala said that the company has sought the view of the Finance Ministry in this regard but has not got any response from the ministry.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15684', 'image' => '20220906045047_rbl.jpg', 'article_date' => '2022-09-06 16:50:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15941', 'article_category_id' => '1', 'title' => 'Bank Deposits Increasing due to New Schemes and Festive Season', 'sub_title' => '', 'summary' => 'September 6: Deposit collection of banks has improved due to their fixed deposit schemes as well as the upcoming festive season. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 6: Deposit collection of banks has improved due to their fixed deposit schemes as well as the upcoming festive season. According to Nepal Bankers’ Association, bank deposits increased by Rs 11.3 billion in the first week of September.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the association, the total deposits of commercial banks was Rs 4426.16 billion as of August 26 which increased to Rs 4437.45 on September 2. Although the bank deposits declined in the third week of August, they have increased since the fourth week of August.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bank deposits declined by Rs 7.72 billion in the third week of August.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After their failure to attract deposits amid financial crisis, banks have launched various schemes including ten times the principle amount to attract deposits. As the banks were under pressure to increase deposits, they unveiled fixed deposit schemes offering ten times the principle amount in 21 years. Besides the high interest rate, such schemes also offer insurance coverage, credit card, easy loan among other facilities. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The attractive schemes of banks have played a positive role in increasing deposits. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">President of Nepal Bankers Association Anil Kumar Upadhyay says that banks were under pressure to increase deposit collection and therefore they announced various schemes. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another reason for increase in bank deposits is believed to be the festive season. During the festive season, Nepalis working abroad send money back to their homes. As a result, bank deposits increase along with economic activities during this time of the year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at a public programme on Saturday, Nepal Rastra Bank’s Governor Maha Prasad Adhikari had said that the overall economy is improving due to the increase in inflow of remittance. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Remittance inflow during the last fiscal year stood at Rs 1007.31 billion.<br /> With the increase in bank deposits, banks have also increased credit flow.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the first week of September, banks disbursed loans of Rs 167 billion from Rs 130 billion a week ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Credit flow of banks, which was Rs 4,177 billion till mid-August increased to Rs 4,181 billion as of September 2. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CD ratio of banks also declined after the deposit collection exceeded credit flow. The average CD ratio of banks dropped to 88.25 percent on September 2 from 88.42 percent on August 26.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15683', 'image' => '20220906041937_Banks - Copy.jpg', 'article_date' => '2022-09-06 16:18:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15940', 'article_category_id' => '1', 'title' => 'Extension of Road Network Shortens Annapurna Trek', 'sub_title' => '', 'summary' => 'September 6: Manang is one of the most popular trekking destinations among foreign tourists visiting Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">September 6: Manang is one of the most popular trekking destinations among foreign tourists visiting Nepal. Meanwhile, the peak tourism season for tourists to visit the Annapurna circuit in Manang has started. This foot trail has become a preferred destination among the trekkers who come here.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the past, tourists used to travel through this trail with a long day schedule, but now it has changed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The journey of trekking that once started from Lamjung's headquarters, Beshisahar, can now be completed in a short time thanks to the expanding network of roads. Now, the journey from Beshisahar to Chame-Khangsar can be reached easily using four-wheelers and the journey can be completed before the specified time, reports the national news agency RSS. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Manang’s Disyang Rural Municipality and Thorang-la Pass fall among the popular choices of tourists in the world. In the past, it used to take 18 days to cross Thorang-la Pass. But now this trip has been shortened by about a week with the expansion of the road network, according to RSS. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Now, one can cross Thorang-la pass in three days after traveling up to Upper Manang by vehicle. Trekking experts shared that individuals are more likely to have altitude sickness while traveling in this way.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Annapurna Circuit touches Lamjung, Manang, Mustang, Myagdi and Kaski district. But with the expansion of the road network, this foot trail is not visible in some places. In some places, the road network has made it difficult to walk on the foot trail. Trekkers have to suffer as the road network has displaced the foot trail. As a result, trekkers are forced to use vehicles.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nia, a citizen of Finland, who came to the Annapurna Circuit with a long schedule, shared that it is good that the road network has been expanded. But the path should not have been displaced, shared Nia. For the tourists who come for trekking, the journey becomes difficult when the road network is narrow and it crosses path with foot trail.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“The people of Manang should pay attention and protect it. The road network has been extended from Mustang to the lower part of Thorang-la,” she shared.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Meanwhile, the booking of external tourists for the Annapurna base camp trek has started. Tourism entrepreneurs are excited as bookings have started from the UK, Australia and other countries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Dilip Gurung, secretary of Chomrong Tourism Business Committee, informed New Business Age that bookings have being done for the upcoming season.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“Recently, Annapurna Base Camp has been equipped with facilities for trekking,” he said, adding that the tourists coming here can trek easily.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">At present, seven new hotels have been added above Sinuwa, and four others are under construction. Until last year, there were 26 hotels in areas including Sinuwa, Bambo, Himalayan, Dobhan, Deurali, Machhapuchhre and Annapurna base camps. Now infrastructures including hotels have been added in those places, said Lalit Gurung, a tourism entrepreneur and social activist.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">This area has been protected by Annapurna Area Conservation Project (ACAP) since 2043. According to the standards set by ACAP, in the past, there were 156 rooms with an average of six rooms per hotel. Given the increasing attraction of tourists for trekking in the area, Annapurna Rural Municipality formed a committee four years ago to study the expansion of hotel capacity and infrastructure in the area and tried to make it well organized.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Lekhnath Gautam, head of the Annapurna Area Conservation Project (ACAP), informed that some parts of the foot trail have been damaged by floods and landslides. He said that they are working to conserve the tracks and have also created new ones in places that have been washed away by floods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15682', 'image' => '20220906024641_20220508080527_Annapurna circuit (3) (1).jpg', 'article_date' => '2022-09-06 14:45:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15939', 'article_category_id' => '1', 'title' => 'EC Expresses its Displeasure Over New Bill to Extend the Terms of MPs', 'sub_title' => '', 'summary' => 'September 6: The Election Commission (EC) has expressed displeasure over the continuation of terms of parliamentarians even after the filing of nominations for the upcoming election. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 6: The Election Commission (EC) has expressed displeasure over the continuation of terms of parliamentarians including the members of House of Representatives (HoR) and Provincial Assembly members even after the filing of nominations for the upcoming election. The EC has termed it as an inappropriate decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC made a formal remark over the issue on Monday after the government tabled the 'Bill designed to amend some Nepal Acts' with the provision that the tenure of the incumbent MPs will expire only upon the commencement of the first meeting of the newly-elected MPs after the fresh election. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC also recalled the practice of consulting with the EC in the processes of law formation and amendment adding that Article 246 of the Constitution of Nepal has mentioned about the function, duties and rights, and procedures of the EC for the operation, monitoring, direction and control of the election under the federal laws. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, the EC has hinted that continuation of the tenure of the MPs could be against the spirit of the election code of conduct if the MPs were vying again in the election. Articles 85 and 177 of the constitution provides for a five-year term of the members of HoR and Provincial Assembly members. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The date for the general elections was announced following consultation that it would be practical and non-disputable to count the term of members of House of Representative and Province Assembly members from the first elected date as there is no clarity regarding beginning of their term," the EC said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In a statement issued on Monday EC Spokesperson, Shaligram Sharma Poudel said that it does not seem relevant to amend the law to make it otherwise in case of the term of the HoR and Province Assembly members at a time when election date has been announced and preparations for it is already underway. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC further said that the new proposed provisions regarding the tenure of the members of parliament would create more confusion. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15681', 'image' => '20220906021429_parliament building.jpg', 'article_date' => '2022-09-06 14:13:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15938', 'article_category_id' => '1', 'title' => 'Yeti Airlines adds new ATR to its Fleet', 'sub_title' => '', 'summary' => 'September 6: Yeti Airlines has added one more 70-seat capacity aircraft to its fleet.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">September 6: Yeti Airlines has added one more 70-seat capacity aircraft to its fleet. The private airline company is planning to add three aircraft this year. As per the plan, the first aircraft arrived in Kathmandu on Monday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The company informed that it added ATR 72-500 aircraft to expand its services. This is Yeti's sixth aircraft. The plane landed at the Tribhuvan International Airport at 1:15 PM on Monday afternoon. Sudarshan Bartaula, Yeti’s spokesperson and head of air security, informed that Yeti brought the 70-seat aircraft from an Australian aviation company on lease. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The first flight of the MSN No. 986 series aircraft took place in 2011. He said that the plane has flown only 10,000 cycles. He informed that this aircraft arrived as per the plan to add three aircraft within the current fiscal year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“We will bring the second aircraft soon. This plane will fly to the regular destinations and there are plans to conduct flights to a new destination after the addition of another aircraft,” said Bartaula.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, Yeti, which currently providing air service with five aircraft, has already completed the necessary paperworks for the new aircraft. The airplane has been painted it and is ready to fly before the Dashain festival. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“This will help to avoid the shortage of air tickets during Dashain to some extent,” added Bartaula. After the new aircraft is ready, the company plans to fly five of them for regular flights and keep one as reserve and will be used during the maintenance of other aircraft or when the flights are delayed.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The company claims that the new aircraft is considered the best aircraft with a turboprop engine. The company also mentioned that the aircraft will emit approximately 50 percent less carbon per passenger kilometer than newer generation jets and three times less carbon emissions than older aircraft. Yeti Airlines is the first carbon neutral airline in South Asia, according to the company. Yeti is currently flying to the most accessible destinations in Nepal including Kathmandu, Chandragadhi, Biratnagar, Janakpur, Simara, Pokhara, Bhairahawa, and Nepalgunj.</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> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15680', 'image' => '20220906012348_1662440771.jpg', 'article_date' => '2022-09-06 13:23:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15943', 'article_category_id' => '1', 'title' => 'Security Guard Gurung Released', 'sub_title' => '', 'summary' => 'September 6: Sher Jung Gurung, a security guard of Garud Securities, who was allegedly arrested for mistreating Minister for Culture, Tourism and Civil Aviation Jeevan Ram Shrestha has been released on Monday evening.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">September 6: Sher Jung Gurung, a security guard of Garud Securities, who was allegedly arrested for mistreating Minister for Culture, Tourism and Civil Aviation Jeevan Ram Shrestha has been released on Monday evening.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Following pressure from all quarters, Gurung was released on a general date by the order of Chief District Officer Govinda Prasad Rijal. Home Minister Bal Krishna Khand had instructed CDO Rijal to release the security guard deputed at VSF in Chhaya Centre, Thamel. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Police had arrested Gurung on Sunday on the charge of misbehaving with Minister for Culture, Tourism and Civil Aviation, Jeevan Ram Shrestha. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">A dispute ensued after Gurung asked Minister Shrestha, who had reached VSF for biometric registration, to follow the queue. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Meanwhile, Garud Securities has maintained that the security guard did not commit any mistake. The company had also filed a case at the Supreme Court demanding the release of Gurung.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Earlier, the association of labourers had demanded the release of Gurung. The association stated that it was unfortunate to arrest Gurung while he was performing his duties. The association has demanded a fair investigation into the incident.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15679', 'image' => '20220906052722_garud.jpg', 'article_date' => '2022-09-06 17:25:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15937', 'article_category_id' => '1', 'title' => 'NATTA Demands Hassle-Free Arrangements for Nepali Tourists', 'sub_title' => '', 'summary' => 'September 6: Nepal Association of Tour and Travel Agents (NATTA) has urged the government to make arrangements for Nepali tourists to visit foreign countries without any hassles.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 6: Nepal Association of Tour and Travel Agents (NATTA) has urged the government to make arrangements for Nepali tourists to visit foreign countries without any hassles. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NATTA President Ramesh Thapa has expressed concerns regarding the new provision related to visit visa that discourages Nepali citizens from visiting foreign countries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a press statement on Monday, NATTA President Thapa said that the Tourist Visa Departure Permission Work Procedure 2079 has provisions that restrict Nepalis from visiting foreign countries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Therefore, Thapa has requested the government to amend such provision to facilitate Nepali tourists.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NATTA argues that the work procedure issued by the government has challenged the basic rights of Nepalis to freely visit foreign countries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“NATTA stands with the government to discourage illegal trafficking of humans in the name of tourist visa. However, the work procedure that discourages tourism business has posed a problem for the tourism entrepreneurs,” reads the statement issued by NATTA.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the work procedure, any Nepali willing to visit foreign countries in tourist visa need to submit details that he/she earns at least Rs 400,000 a year and has a bank balance of at least Rs 200,000. In addition to this, the aspiring tourist also need to present documents that prove that they are paying taxes to the government. </span></span></p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15678', 'image' => '20220906091432_Tourist.jpg', 'article_date' => '2022-09-06 09:13:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15936', 'article_category_id' => '1', 'title' => '10,888 Polling Stations Fixed for Upcoming Elections', 'sub_title' => '', 'summary' => 'September 6: The Election Commission (EC) has fixed a total of 10,888 polling stations across the country for the upcoming elections to the members of House of Representatives and province assembly set for November 20. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 6: The Election Commission (EC) has fixed a total of 10,888 polling stations across the country for the upcoming elections to the members of House of Representatives and province assembly set for November 20. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that there were a total of 10,756 polling stations in the local level elections held on May 13 earlier this year. The Election Commission reviewed the number of polling stations considering the number of voters, convenience and security sensitivities in accordance with the Polling Station and Voting Centre Fixation Work Procedure, 2077. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">EC Spokesperson Shaligram Sharma Poudel confirmed that the number of polling station has been increased to 10,888. The EC took such decision to make polling management effective and ensure easy access of voters to the voting process. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In line with the arrangements specified in the work procedure, the revision was also based on the recommendations received from the district polling station and voting centre fixation recommendation committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The recommendations were made considering several aspects such as voters' density, access to polling station, building, communications, electricity, transport, status of infrastructure, security and geographical situation and consensus among electoral stakeholders. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15677', 'image' => '20220906085356_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-09-06 08:53:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15935', 'article_category_id' => '1', 'title' => 'Government to Reimburse 75 percent of the Cost to Industries Developing Infrastructure Themselves', 'sub_title' => '', 'summary' => 'September 5: The government has decided to reimburse three different kinds of industries for developing infrastructures including access road leading to the company’s plant.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 5: The government has decided to reimburse three different kinds of industries for developing infrastructures including access road leading to the company’s plant. Star-rated hotels, cement industries and iron industries are entitled to receive 75 percent reimbursement for constructing access roads and transmission lines, according to a new work procedure prepared by the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has prepared a work procedure that encourages the investors themselves to prepare infrastructures like access road, water pipelines, sewage facility among other basic infrastructures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Industry, Commerce and Supplies is preparing to implement the provision in the current fiscal year. It was include in the budget of the last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ministry has already issued the Industrial Infrastructure Development and Reimbursement Work Procedure 2079. The ministry has urged the industrialists to submit their proposals within mid-November assuring them to reimburse the amount spent on infrastructure development.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The budget of last fiscal year mentions that the investors of star hotels, cement and iron industries will get refunds up to 75 percent if they construct access roads and transmission lines to their respective company.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Joint Secretary Chandrakala Poudel informed that three cement industries submitted proposals in this regard during the last fiscal year. However, the government could not reimburse the industries last year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We will reimburse those industries as well as new ones this year,” said Poudel, adding that this facility will be provided only to the hotel industry, cement industry and iron industry right now.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“It took long time for the government to make the access roads to the industries,” said Poudel, adding, “Therefore, we decided to encourage the investors to prepare these infrastructures themselves as it will reduce the time required for construction and the industries can come into operation soon.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Joint Secretary Poudel, the government will provide a maximum of Rs 100 million as reimbursement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The industries submitting proposals to avail reimbursement facility should mention the details including the production capacity of the industry, employment opportunity, annual turnover and also justify the need to construct the industrial infrastructure along with feasibility study report, environment impact assessment report, preliminary engineering map, implementation plan, timeframe required for completion of infrastructure, grid connection agreement with Nepal Electricity Authority and the beneficiaries of the industries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of Nepal Cement Producers Association Tara Prasad Pokharel welcomed the belated decision to implement the work procedure which should have been implemented last year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The government’s tender for infrastructure development takes a long time. The work procedure on the other hand will expedite the process,” he said.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-05', 'modified' => '2022-09-05', 'keywords' => '', 'description' => '', 'sortorder' => '15676', 'image' => '20220905065411_indus.jpg', 'article_date' => '2022-09-05 18:51:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15934', 'article_category_id' => '1', 'title' => 'NRB Seeks to Invest Rs 2 Billion in BFIs' Fixed Deposits ', 'sub_title' => '', 'summary' => 'September 5: Nepal Rastra Bank (NRB) has expressed its willingness to invest Rs 2 billion of the Pension Fund in fixed deposits of banks and financial institutions (BFIs). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 5: Nepal Rastra Bank (NRB) has expressed its willingness to invest Rs 2 billion of the Pension Fund in fixed deposits of banks and financial institutions (BFIs). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a notice on Monday, the central bank has asked BFIs to bid for the aforementioned amount. The maturity date to keep the money in their fixed deposits is one year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the notice, the NRB is seeking commercial banks (group 'A') to accept fixed deposits of Rs 1.6 billion, development banks (group 'B') Rs 300 million and national level finance companies (group 'C') Rs 100 million. NRB has asked the BFIs to apply for the loan not late than mid-night of September 7. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">To avail the fund, the beneficiary BFIs should have been operating for at least for two years and must maintain minimum capital fund ratio. Similarly, they should have less than five percent of their total passive loans, and have at least 20 percent or more than that of net liquid assets of internal deposits. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-05', 'modified' => '2022-09-05', 'keywords' => '', 'description' => '', 'sortorder' => '15675', 'image' => '20220905054810_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-09-05 17:47:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, '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' => '15948', 'article_category_id' => '1', 'title' => 'New Airports to Generate Profit after a Decade', 'sub_title' => '', 'summary' => 'September 7: It is estimated that the two new international airports of Nepal, which are ready for operation, will take 10 to 15 years to generate profit.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">September 7: It is estimated that the two new international airports of Nepal, which are ready for operation, will take 10 to 15 years to generate profit. The Civil Aviation Authority of Nepal says that the airports, which are ready after almost seven decades, will take time to make profit.</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"">Bhairahawa-based Gautam Buddha International Airport is the second international airport of Nepal after the Tribhuvan International Airport while the Pokhara Regional International Airport will come into operation from January 1, 2023.</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"">CAAN Spokesperson Jagannath Niraula said that the construction of the airports was delayed due to the Covid-19 pandemic.</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"">Niraula says that Pokhara Regional International Airport will earn profit after 15 years while Gautam Buddha International Airport will generate profit after 10 years. </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"">Spokesperson Niraula said that 50 percent of the Chinese tourists visit Pokhara and Chinese airline companies have also shown interest to operate flights to the Pokhara Regional International Airport. </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"">According to the CAAN, the number of air passengers is increasing every year by ten percent. Therefore, CAAN believes that more airline companies will operate flights to the new airports because the number of passengers is increasing every year.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-09-07', 'modified' => '2022-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '15689', 'image' => '20220907042148_Pokhara-Airport-800X533.jpg', 'article_date' => '2022-09-07 16:20:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15947', 'article_category_id' => '1', 'title' => 'Insurance Companies Deposit Most of the Money in Fixed Deposits of Banks', 'sub_title' => 'Insurance Companies Fail to Diversify Investment', 'summary' => 'September 7: It has been found that most of the investments of insurance companies have been accumulated in fixed deposits of banks and financial institutions.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">September 7: It has been found that most of the investments of insurance companies have been accumulated in fixed deposits of banks and financial institutions. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The insurance companies have deposited the amount collected as insurance fee in fixed deposit accounts after failing to diversify their investment as per the guidelines of the Investment Board.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Insurance Board, by the end of the fiscal year 2021/22, 19 life insurance companies and 20 non-life insurance companies invested a total of Rs 527.8 billion. Among these investments, 408 billion has invested in fixed deposits of banks and financial institutions. This is 77.48 percent of the total investment of insurance companies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Among the fixed deposits, the highest investment is in commercial banks, which accounts for 67.24 percent of the total investment followed by development banks (9.09 percent) and finance companies (1.10 percent).</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Insurance Board had changed the investment guidelines three years ago and allowed to diversify investment as per the suggestion of the insurance companies. However, they are still unable to invest. As a result, they focused on fixed deposits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The guidelines issued by the board in March 2019 has opened way to invest in infrastructure and productive sectors such as real estate business, water resources, agriculture, tourism, in addition to fixed deposits and shares. However, insurance companies do not seem to be attracted to other areas except fixed deposits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As per the guidelines, companies should invest a minimum of 40 percent of their total technical reserve in fixed deposits of commercial and infrastructure banks and a minimum of 5 percent in government bonds. Similarly, a maximum of 20 percent can be invested in development banks and a maximum of 10 percent in finance companies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, they can invest up to 5 percent in real estate business, up to 10 percent in ordinary shares of listed companies, up to 20 percent in preference shares, up to 20 percent in shares of listed companies, up to 20 percent in infrastructure including agriculture, tourism and water resources, and up to 5 percent in Citizens Investment Trust and mutual funds.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The insurance companies are not yet able to diversify their investments according to the guidelines. Most of their investments are concentrated in fixed deposits of banks and financial institutions followed by bonds and stock markets.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Following the guidelines, a minimum of 40 percent should be invested in the fixed deposits of Nepal Infrastructure Bank, but the companies have invested only 0.05 percent. Five life insurance companies namely Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company and Sun Nepal Life Insurance Company have invested Rs 250 million in this bank, which includes Rs 50 million each. Non-life insurance companies are yet to invest in infrastructure banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chairman of the Insurance Board, Surya Prasad Silwal said that insurance companies failed to invest according to the guidelines. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“According to the demand of the companies, we diversified the areas of investment by changing the guidelines. But they do not want to take the investment risk,” said Silwal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Silwal added that the capital accumulated in the insurance companies should contribute to the development of the country and they need to be forced to invest in the productive sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A year ago, the board also issued instructions to invest according to the guidelines, saying that the insurance companies did not invest in the infrastructure development sector. Despite the instructions, the companies invested only 1.41 percent or Rs 7.45 billion in the infrastructure sector. The board informed that out of this amount, the investment of life insurance companies amounted to Rs 7.14 billion and the investment of non-life insurance companies was more than Rs 300 million. The directive allows insurance companies to invest in the real estate sector as well. However, the companies are reluctant to invest in this sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-07', 'modified' => '2022-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '15688', 'image' => '20220907110038_Insurance.jpg', 'article_date' => '2022-09-07 10:59:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15946', 'article_category_id' => '1', 'title' => 'Nepal’s Public Debt Increases by Rs 300 Billion in a Year', 'sub_title' => '', 'summary' => 'September 7: The external sector of the economy is under pressure due to the devaluation of Nepalese currency. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 7: The external sector of the economy is under pressure due to the devaluation of Nepalese currency. As Nepal has to pay the loans and interest taken from different countries and donor agencies in US dollars or other convertible currencies, the external sector is under pressure due to the rising price of US dollar.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal has been taking loans in US dollar, euro, Chinese yuan, Japanese yen, and British pound. The country needs to pay the interest on such loans in foreign currency.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Of late, the Nepalese currency is being devalued against the US dollar and other foreign currencies resulting in pressure to the external sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under Secretary at the Public Debt Management Office, Dinesh Regmi, admits that the country’s external sector is under pressure to manage foreign debt due to the devaluation of Nepalese currency.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The foreign loans have to be paid in terms of US dollars or other foreign currency. Since the value of US dollar is increasing, the amount of loan to be repaid by the country is also increasing,” said Regmi.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The foreign exchange rate is causing problems for us a lot,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal has to bear an additional cost of Rs 22.7 billion while repaying foreign debt every three months due to the volatile foreign exchange rate. According to the office, Nepal paid a total of Rs 117.42 billion as loan and interest during the last fiscal year. During the review year, Nepal repaid loans of Rs 72.8 billion and interest of Rs 44.61.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal had to pay a fine of Rs 41 million during the last fiscal year, the Public Debt Management Office informed. According to the office, the fine was imposed due to the delay in payment of the interest and loans.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Nepal’s public debt has been increasing in recent years. As per the latest data released by the Public Debt Management Office, the total public debt of Nepal is more than Rs 2011 billion. Out of this amount, Nepal’s foreign debt is Rs 1025 billion while internal debt is Rs 900.86 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The public debt of Nepal increased by around Rs 300 billion by the end of last fiscal year (FY 2021/22) as compared to the previous fiscal year (FY 2020/21). Nepal’s public debt was Rs 1737 by the end of Fiscal Year 2020/21.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-09-07', 'modified' => '2022-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '15687', 'image' => '20220907103815_public debt.jpg', 'article_date' => '2022-09-07 10:33:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15945', 'article_category_id' => '1', 'title' => 'Infrastructure Summit to Kick off on Thursday', 'sub_title' => '', 'summary' => 'September 7: The fourth edition of Nepal Infrastructure Summit is all set to kick off in Kathmandu from Thursday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 7: The fourth edition of Nepal Infrastructure Summit is all set to kick off in Kathmandu from Thursday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two-day event is being organized by the Confederation of Nepalese Industries in collaboration with the Ministry of Physical Infrastructure and Transport. The CNI has been organizing this event since 2014. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The organisers informed that the stakeholders will discuss issues ranging from transportation to energy, urban development, drinking water and sanitation, climate change, infrastructure projects among other topics during the summit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The theme of this year’s summit is ‘Infrastructure for Development’.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The organisers expect investment commitment for green infrastructure and economic revival during the summit. The summit is also expected to stress on policy intervention for innovative financial framework, foreign direct investment, participation of private sector and digital transformation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Experts from the country and abroad as well as representatives of all three tiers of government and the private sector will hold indepth discussion on investment for infrastructure, successful practices of infrastructure development across the world and obstacles in achieving infrastructure development,” reads a statement issued by CNI.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the organisers, different sessions of the summit will be attended by former prime ministers, incumbent ministers in the federal government, chief ministers of provinces, mayors, members of National Planning Commission, professors and representatives from Nepal Rastra Bank, World Bank, Asian Development Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Investment Board Nepal and Youth Community for Nepalese Contractors are the co-sponsors of the event. According to the CNI, the event will be held on September 8 and 9.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The summit is expected to draw over 500 participants including representatives of the Government of Nepal, private sector, foreign dignitaries, think tanks and investors.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-07', 'modified' => '2022-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '15686', 'image' => '20220907100040_infra.jpg', 'article_date' => '2022-09-07 10:00:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15944', 'article_category_id' => '1', 'title' => 'Majority of Climbers Acquire Permits to Scale Mt Manaslu during this Autumn', 'sub_title' => '', 'summary' => 'September 7: Mountaineers are growingly attracted towards climbing Mt Manaslu (8,163m), the eighth highest peak in the world. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 7: Mountaineers are growingly attracted towards climbing Mt Manaslu (8,163m), the eighth highest peak in the world. The number of climbers seeking permission to climb Mt Manaslu during this autumn season is highest among all other mountain peaks, reports the state-owned national news agency RSS. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Department of Tourism, a total of 237 climbers of 25 expedition teams have been granted permission to scale different peaks in Nepal including Mt Everest. Most of them will be climbing Mt Manaslu. The department informed RSS that altogether 214 climbers of 19 expedition teams will be climbing Mt Manaslu this season. Among them, 160 are female and 50 are male climbers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Manaslu has become the preferred choice among the climbers as the autumn season is considered ideal for climbing the mountain peak. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former General Secretary of Nepal Mountaineering Association Kul Bahadur Gurung says that the number of climbers aspiring to scale Mt Manaslu is encouraging this year just like in the past years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Managing Director of Seven Summit Treks Pvt Ltd Mingma Sherpa confirmed that lots of tourists are acquiring permits to climb Mt Manaslu this year. According to Sherpa, his company will be assisting 60 climbers to scale Manaslu. He says that the number of climbers is expected to increase as the climbing window will be open for about a month. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government had marked the diamond jubilee (60 years) of the first ascent of Mt Manaslu six years ago. The mountain received good publicity across the world after a 21-member expedition team of Bahrain’s Prince Sheikh Mohammad Hamam Al Khalifa scaled the peak two years ago. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-07', 'modified' => '2022-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '15685', 'image' => '20220907091325_mount-manaslu.jpg', 'article_date' => '2022-09-07 09:12:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15942', 'article_category_id' => '1', 'title' => 'State-Owned Insurance Company Struggling to meet Paid-up Capital Requirement', 'sub_title' => '', 'summary' => 'September 6: Rastriya Beema Company, the one and only state-owned non-life insurance company of Nepal, is struggling to meet the paid-up capital limit fixed by the Insurance Board.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 6: Rastriya Beema Company, the one and only state-owned non-life insurance company of Nepal, is struggling to meet the paid-up capital limit fixed by the Insurance Board. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the directive of the Insurance Board, non-life insurance companies need to raise their paid-up capital to Rs 2.5 billion by mid-April. Currently, the paid-up capital of the Rastriya Beema Company is Rs 266.63 million. The company is in need of an additional Rs 2.23 billion to meet the requirement of the Insurance Board, the regulatory body of the insurance sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rastriya Beema Company split from its parent company Rastriya Beema Sansthan, the state-owned life insurance company, on August 3, 2014 and started providing non-life insurance service. The company has not been able to distribute cash dividend due to its failure to approve the audit report of last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Other non-life insurance companies have already prepared plans to meet the paid-up capital requirement set by the Insurance Board but this company is yet to take any decision.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Insurance Board has approved the audit report of this company till 2015/16 on condition that it cannot distribute cash dividend. Spokesperson of the Insurance Board Raju Raman Poudel says that the company can distribute cash dividend only after the audit report up to last fiscal year gets approved.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The company cannot get off the hook just because it is a state-owned company,” said Poudel, adding, “It must maintain the paid-up capital fixed by the board just like other companies.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Spokesperson Poudel informed New Business Age that the company will face action if it fails to maintain the paid-up capital set by the board within the given timeframe. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“How can we tell other companies to meet the paid-up capital requirement if the state-owned company disobeys the directive?” questioned Poudel. He said that the government must be serious towards this issue.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company’s Acting CEO Subash Koirala says that they are ready to follow the instructions of the Insurance Board. However, he said that he cannot say anything about increasing the capital at the moment because they are awaiting the response from Finance Ministry which owns the company. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Koirala said that the company has sought the view of the Finance Ministry in this regard but has not got any response from the ministry.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15684', 'image' => '20220906045047_rbl.jpg', 'article_date' => '2022-09-06 16:50:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15941', 'article_category_id' => '1', 'title' => 'Bank Deposits Increasing due to New Schemes and Festive Season', 'sub_title' => '', 'summary' => 'September 6: Deposit collection of banks has improved due to their fixed deposit schemes as well as the upcoming festive season. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 6: Deposit collection of banks has improved due to their fixed deposit schemes as well as the upcoming festive season. According to Nepal Bankers’ Association, bank deposits increased by Rs 11.3 billion in the first week of September.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the association, the total deposits of commercial banks was Rs 4426.16 billion as of August 26 which increased to Rs 4437.45 on September 2. Although the bank deposits declined in the third week of August, they have increased since the fourth week of August.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bank deposits declined by Rs 7.72 billion in the third week of August.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After their failure to attract deposits amid financial crisis, banks have launched various schemes including ten times the principle amount to attract deposits. As the banks were under pressure to increase deposits, they unveiled fixed deposit schemes offering ten times the principle amount in 21 years. Besides the high interest rate, such schemes also offer insurance coverage, credit card, easy loan among other facilities. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The attractive schemes of banks have played a positive role in increasing deposits. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">President of Nepal Bankers Association Anil Kumar Upadhyay says that banks were under pressure to increase deposit collection and therefore they announced various schemes. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another reason for increase in bank deposits is believed to be the festive season. During the festive season, Nepalis working abroad send money back to their homes. As a result, bank deposits increase along with economic activities during this time of the year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at a public programme on Saturday, Nepal Rastra Bank’s Governor Maha Prasad Adhikari had said that the overall economy is improving due to the increase in inflow of remittance. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Remittance inflow during the last fiscal year stood at Rs 1007.31 billion.<br /> With the increase in bank deposits, banks have also increased credit flow.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the first week of September, banks disbursed loans of Rs 167 billion from Rs 130 billion a week ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Credit flow of banks, which was Rs 4,177 billion till mid-August increased to Rs 4,181 billion as of September 2. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CD ratio of banks also declined after the deposit collection exceeded credit flow. The average CD ratio of banks dropped to 88.25 percent on September 2 from 88.42 percent on August 26.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15683', 'image' => '20220906041937_Banks - Copy.jpg', 'article_date' => '2022-09-06 16:18:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15940', 'article_category_id' => '1', 'title' => 'Extension of Road Network Shortens Annapurna Trek', 'sub_title' => '', 'summary' => 'September 6: Manang is one of the most popular trekking destinations among foreign tourists visiting Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">September 6: Manang is one of the most popular trekking destinations among foreign tourists visiting Nepal. Meanwhile, the peak tourism season for tourists to visit the Annapurna circuit in Manang has started. This foot trail has become a preferred destination among the trekkers who come here.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the past, tourists used to travel through this trail with a long day schedule, but now it has changed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The journey of trekking that once started from Lamjung's headquarters, Beshisahar, can now be completed in a short time thanks to the expanding network of roads. Now, the journey from Beshisahar to Chame-Khangsar can be reached easily using four-wheelers and the journey can be completed before the specified time, reports the national news agency RSS. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Manang’s Disyang Rural Municipality and Thorang-la Pass fall among the popular choices of tourists in the world. In the past, it used to take 18 days to cross Thorang-la Pass. But now this trip has been shortened by about a week with the expansion of the road network, according to RSS. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Now, one can cross Thorang-la pass in three days after traveling up to Upper Manang by vehicle. Trekking experts shared that individuals are more likely to have altitude sickness while traveling in this way.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Annapurna Circuit touches Lamjung, Manang, Mustang, Myagdi and Kaski district. But with the expansion of the road network, this foot trail is not visible in some places. In some places, the road network has made it difficult to walk on the foot trail. Trekkers have to suffer as the road network has displaced the foot trail. As a result, trekkers are forced to use vehicles.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nia, a citizen of Finland, who came to the Annapurna Circuit with a long schedule, shared that it is good that the road network has been expanded. But the path should not have been displaced, shared Nia. For the tourists who come for trekking, the journey becomes difficult when the road network is narrow and it crosses path with foot trail.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“The people of Manang should pay attention and protect it. The road network has been extended from Mustang to the lower part of Thorang-la,” she shared.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Meanwhile, the booking of external tourists for the Annapurna base camp trek has started. Tourism entrepreneurs are excited as bookings have started from the UK, Australia and other countries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Dilip Gurung, secretary of Chomrong Tourism Business Committee, informed New Business Age that bookings have being done for the upcoming season.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“Recently, Annapurna Base Camp has been equipped with facilities for trekking,” he said, adding that the tourists coming here can trek easily.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">At present, seven new hotels have been added above Sinuwa, and four others are under construction. Until last year, there were 26 hotels in areas including Sinuwa, Bambo, Himalayan, Dobhan, Deurali, Machhapuchhre and Annapurna base camps. Now infrastructures including hotels have been added in those places, said Lalit Gurung, a tourism entrepreneur and social activist.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">This area has been protected by Annapurna Area Conservation Project (ACAP) since 2043. According to the standards set by ACAP, in the past, there were 156 rooms with an average of six rooms per hotel. Given the increasing attraction of tourists for trekking in the area, Annapurna Rural Municipality formed a committee four years ago to study the expansion of hotel capacity and infrastructure in the area and tried to make it well organized.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Lekhnath Gautam, head of the Annapurna Area Conservation Project (ACAP), informed that some parts of the foot trail have been damaged by floods and landslides. He said that they are working to conserve the tracks and have also created new ones in places that have been washed away by floods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15682', 'image' => '20220906024641_20220508080527_Annapurna circuit (3) (1).jpg', 'article_date' => '2022-09-06 14:45:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15939', 'article_category_id' => '1', 'title' => 'EC Expresses its Displeasure Over New Bill to Extend the Terms of MPs', 'sub_title' => '', 'summary' => 'September 6: The Election Commission (EC) has expressed displeasure over the continuation of terms of parliamentarians even after the filing of nominations for the upcoming election. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 6: The Election Commission (EC) has expressed displeasure over the continuation of terms of parliamentarians including the members of House of Representatives (HoR) and Provincial Assembly members even after the filing of nominations for the upcoming election. The EC has termed it as an inappropriate decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC made a formal remark over the issue on Monday after the government tabled the 'Bill designed to amend some Nepal Acts' with the provision that the tenure of the incumbent MPs will expire only upon the commencement of the first meeting of the newly-elected MPs after the fresh election. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC also recalled the practice of consulting with the EC in the processes of law formation and amendment adding that Article 246 of the Constitution of Nepal has mentioned about the function, duties and rights, and procedures of the EC for the operation, monitoring, direction and control of the election under the federal laws. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, the EC has hinted that continuation of the tenure of the MPs could be against the spirit of the election code of conduct if the MPs were vying again in the election. Articles 85 and 177 of the constitution provides for a five-year term of the members of HoR and Provincial Assembly members. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The date for the general elections was announced following consultation that it would be practical and non-disputable to count the term of members of House of Representative and Province Assembly members from the first elected date as there is no clarity regarding beginning of their term," the EC said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In a statement issued on Monday EC Spokesperson, Shaligram Sharma Poudel said that it does not seem relevant to amend the law to make it otherwise in case of the term of the HoR and Province Assembly members at a time when election date has been announced and preparations for it is already underway. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC further said that the new proposed provisions regarding the tenure of the members of parliament would create more confusion. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15681', 'image' => '20220906021429_parliament building.jpg', 'article_date' => '2022-09-06 14:13:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15938', 'article_category_id' => '1', 'title' => 'Yeti Airlines adds new ATR to its Fleet', 'sub_title' => '', 'summary' => 'September 6: Yeti Airlines has added one more 70-seat capacity aircraft to its fleet.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">September 6: Yeti Airlines has added one more 70-seat capacity aircraft to its fleet. The private airline company is planning to add three aircraft this year. As per the plan, the first aircraft arrived in Kathmandu on Monday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The company informed that it added ATR 72-500 aircraft to expand its services. This is Yeti's sixth aircraft. The plane landed at the Tribhuvan International Airport at 1:15 PM on Monday afternoon. Sudarshan Bartaula, Yeti’s spokesperson and head of air security, informed that Yeti brought the 70-seat aircraft from an Australian aviation company on lease. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The first flight of the MSN No. 986 series aircraft took place in 2011. He said that the plane has flown only 10,000 cycles. He informed that this aircraft arrived as per the plan to add three aircraft within the current fiscal year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“We will bring the second aircraft soon. This plane will fly to the regular destinations and there are plans to conduct flights to a new destination after the addition of another aircraft,” said Bartaula.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, Yeti, which currently providing air service with five aircraft, has already completed the necessary paperworks for the new aircraft. The airplane has been painted it and is ready to fly before the Dashain festival. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“This will help to avoid the shortage of air tickets during Dashain to some extent,” added Bartaula. After the new aircraft is ready, the company plans to fly five of them for regular flights and keep one as reserve and will be used during the maintenance of other aircraft or when the flights are delayed.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The company claims that the new aircraft is considered the best aircraft with a turboprop engine. The company also mentioned that the aircraft will emit approximately 50 percent less carbon per passenger kilometer than newer generation jets and three times less carbon emissions than older aircraft. Yeti Airlines is the first carbon neutral airline in South Asia, according to the company. Yeti is currently flying to the most accessible destinations in Nepal including Kathmandu, Chandragadhi, Biratnagar, Janakpur, Simara, Pokhara, Bhairahawa, and Nepalgunj.</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> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15680', 'image' => '20220906012348_1662440771.jpg', 'article_date' => '2022-09-06 13:23:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15943', 'article_category_id' => '1', 'title' => 'Security Guard Gurung Released', 'sub_title' => '', 'summary' => 'September 6: Sher Jung Gurung, a security guard of Garud Securities, who was allegedly arrested for mistreating Minister for Culture, Tourism and Civil Aviation Jeevan Ram Shrestha has been released on Monday evening.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">September 6: Sher Jung Gurung, a security guard of Garud Securities, who was allegedly arrested for mistreating Minister for Culture, Tourism and Civil Aviation Jeevan Ram Shrestha has been released on Monday evening.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Following pressure from all quarters, Gurung was released on a general date by the order of Chief District Officer Govinda Prasad Rijal. Home Minister Bal Krishna Khand had instructed CDO Rijal to release the security guard deputed at VSF in Chhaya Centre, Thamel. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Police had arrested Gurung on Sunday on the charge of misbehaving with Minister for Culture, Tourism and Civil Aviation, Jeevan Ram Shrestha. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">A dispute ensued after Gurung asked Minister Shrestha, who had reached VSF for biometric registration, to follow the queue. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Meanwhile, Garud Securities has maintained that the security guard did not commit any mistake. The company had also filed a case at the Supreme Court demanding the release of Gurung.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Earlier, the association of labourers had demanded the release of Gurung. The association stated that it was unfortunate to arrest Gurung while he was performing his duties. The association has demanded a fair investigation into the incident.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15679', 'image' => '20220906052722_garud.jpg', 'article_date' => '2022-09-06 17:25:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15937', 'article_category_id' => '1', 'title' => 'NATTA Demands Hassle-Free Arrangements for Nepali Tourists', 'sub_title' => '', 'summary' => 'September 6: Nepal Association of Tour and Travel Agents (NATTA) has urged the government to make arrangements for Nepali tourists to visit foreign countries without any hassles.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 6: Nepal Association of Tour and Travel Agents (NATTA) has urged the government to make arrangements for Nepali tourists to visit foreign countries without any hassles. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NATTA President Ramesh Thapa has expressed concerns regarding the new provision related to visit visa that discourages Nepali citizens from visiting foreign countries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a press statement on Monday, NATTA President Thapa said that the Tourist Visa Departure Permission Work Procedure 2079 has provisions that restrict Nepalis from visiting foreign countries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Therefore, Thapa has requested the government to amend such provision to facilitate Nepali tourists.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NATTA argues that the work procedure issued by the government has challenged the basic rights of Nepalis to freely visit foreign countries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“NATTA stands with the government to discourage illegal trafficking of humans in the name of tourist visa. However, the work procedure that discourages tourism business has posed a problem for the tourism entrepreneurs,” reads the statement issued by NATTA.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the work procedure, any Nepali willing to visit foreign countries in tourist visa need to submit details that he/she earns at least Rs 400,000 a year and has a bank balance of at least Rs 200,000. In addition to this, the aspiring tourist also need to present documents that prove that they are paying taxes to the government. </span></span></p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15678', 'image' => '20220906091432_Tourist.jpg', 'article_date' => '2022-09-06 09:13:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15936', 'article_category_id' => '1', 'title' => '10,888 Polling Stations Fixed for Upcoming Elections', 'sub_title' => '', 'summary' => 'September 6: The Election Commission (EC) has fixed a total of 10,888 polling stations across the country for the upcoming elections to the members of House of Representatives and province assembly set for November 20. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 6: The Election Commission (EC) has fixed a total of 10,888 polling stations across the country for the upcoming elections to the members of House of Representatives and province assembly set for November 20. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that there were a total of 10,756 polling stations in the local level elections held on May 13 earlier this year. The Election Commission reviewed the number of polling stations considering the number of voters, convenience and security sensitivities in accordance with the Polling Station and Voting Centre Fixation Work Procedure, 2077. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">EC Spokesperson Shaligram Sharma Poudel confirmed that the number of polling station has been increased to 10,888. The EC took such decision to make polling management effective and ensure easy access of voters to the voting process. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In line with the arrangements specified in the work procedure, the revision was also based on the recommendations received from the district polling station and voting centre fixation recommendation committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The recommendations were made considering several aspects such as voters' density, access to polling station, building, communications, electricity, transport, status of infrastructure, security and geographical situation and consensus among electoral stakeholders. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15677', 'image' => '20220906085356_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-09-06 08:53:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15935', 'article_category_id' => '1', 'title' => 'Government to Reimburse 75 percent of the Cost to Industries Developing Infrastructure Themselves', 'sub_title' => '', 'summary' => 'September 5: The government has decided to reimburse three different kinds of industries for developing infrastructures including access road leading to the company’s plant.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 5: The government has decided to reimburse three different kinds of industries for developing infrastructures including access road leading to the company’s plant. Star-rated hotels, cement industries and iron industries are entitled to receive 75 percent reimbursement for constructing access roads and transmission lines, according to a new work procedure prepared by the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has prepared a work procedure that encourages the investors themselves to prepare infrastructures like access road, water pipelines, sewage facility among other basic infrastructures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Industry, Commerce and Supplies is preparing to implement the provision in the current fiscal year. It was include in the budget of the last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ministry has already issued the Industrial Infrastructure Development and Reimbursement Work Procedure 2079. The ministry has urged the industrialists to submit their proposals within mid-November assuring them to reimburse the amount spent on infrastructure development.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The budget of last fiscal year mentions that the investors of star hotels, cement and iron industries will get refunds up to 75 percent if they construct access roads and transmission lines to their respective company.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Joint Secretary Chandrakala Poudel informed that three cement industries submitted proposals in this regard during the last fiscal year. However, the government could not reimburse the industries last year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We will reimburse those industries as well as new ones this year,” said Poudel, adding that this facility will be provided only to the hotel industry, cement industry and iron industry right now.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“It took long time for the government to make the access roads to the industries,” said Poudel, adding, “Therefore, we decided to encourage the investors to prepare these infrastructures themselves as it will reduce the time required for construction and the industries can come into operation soon.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Joint Secretary Poudel, the government will provide a maximum of Rs 100 million as reimbursement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The industries submitting proposals to avail reimbursement facility should mention the details including the production capacity of the industry, employment opportunity, annual turnover and also justify the need to construct the industrial infrastructure along with feasibility study report, environment impact assessment report, preliminary engineering map, implementation plan, timeframe required for completion of infrastructure, grid connection agreement with Nepal Electricity Authority and the beneficiaries of the industries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of Nepal Cement Producers Association Tara Prasad Pokharel welcomed the belated decision to implement the work procedure which should have been implemented last year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The government’s tender for infrastructure development takes a long time. The work procedure on the other hand will expedite the process,” he said.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-05', 'modified' => '2022-09-05', 'keywords' => '', 'description' => '', 'sortorder' => '15676', 'image' => '20220905065411_indus.jpg', 'article_date' => '2022-09-05 18:51:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15934', 'article_category_id' => '1', 'title' => 'NRB Seeks to Invest Rs 2 Billion in BFIs' Fixed Deposits ', 'sub_title' => '', 'summary' => 'September 5: Nepal Rastra Bank (NRB) has expressed its willingness to invest Rs 2 billion of the Pension Fund in fixed deposits of banks and financial institutions (BFIs). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 5: Nepal Rastra Bank (NRB) has expressed its willingness to invest Rs 2 billion of the Pension Fund in fixed deposits of banks and financial institutions (BFIs). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a notice on Monday, the central bank has asked BFIs to bid for the aforementioned amount. The maturity date to keep the money in their fixed deposits is one year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the notice, the NRB is seeking commercial banks (group 'A') to accept fixed deposits of Rs 1.6 billion, development banks (group 'B') Rs 300 million and national level finance companies (group 'C') Rs 100 million. NRB has asked the BFIs to apply for the loan not late than mid-night of September 7. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">To avail the fund, the beneficiary BFIs should have been operating for at least for two years and must maintain minimum capital fund ratio. Similarly, they should have less than five percent of their total passive loans, and have at least 20 percent or more than that of net liquid assets of internal deposits. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-05', 'modified' => '2022-09-05', 'keywords' => '', 'description' => '', 'sortorder' => '15675', 'image' => '20220905054810_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-09-05 17:47:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, '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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The Civil Aviation Authority of Nepal says that the airports, which are ready after almost seven decades, will take time to make profit.</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"">Bhairahawa-based Gautam Buddha International Airport is the second international airport of Nepal after the Tribhuvan International Airport while the Pokhara Regional International Airport will come into operation from January 1, 2023.</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"">CAAN Spokesperson Jagannath Niraula said that the construction of the airports was delayed due to the Covid-19 pandemic.</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"">Niraula says that Pokhara Regional International Airport will earn profit after 15 years while Gautam Buddha International Airport will generate profit after 10 years. </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"">Spokesperson Niraula said that 50 percent of the Chinese tourists visit Pokhara and Chinese airline companies have also shown interest to operate flights to the Pokhara Regional International Airport. </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"">According to the CAAN, the number of air passengers is increasing every year by ten percent. Therefore, CAAN believes that more airline companies will operate flights to the new airports because the number of passengers is increasing every year.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-09-07', 'modified' => '2022-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '15689', 'image' => '20220907042148_Pokhara-Airport-800X533.jpg', 'article_date' => '2022-09-07 16:20:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15947', 'article_category_id' => '1', 'title' => 'Insurance Companies Deposit Most of the Money in Fixed Deposits of Banks', 'sub_title' => 'Insurance Companies Fail to Diversify Investment', 'summary' => 'September 7: It has been found that most of the investments of insurance companies have been accumulated in fixed deposits of banks and financial institutions.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">September 7: It has been found that most of the investments of insurance companies have been accumulated in fixed deposits of banks and financial institutions. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The insurance companies have deposited the amount collected as insurance fee in fixed deposit accounts after failing to diversify their investment as per the guidelines of the Investment Board.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Insurance Board, by the end of the fiscal year 2021/22, 19 life insurance companies and 20 non-life insurance companies invested a total of Rs 527.8 billion. Among these investments, 408 billion has invested in fixed deposits of banks and financial institutions. This is 77.48 percent of the total investment of insurance companies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Among the fixed deposits, the highest investment is in commercial banks, which accounts for 67.24 percent of the total investment followed by development banks (9.09 percent) and finance companies (1.10 percent).</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Insurance Board had changed the investment guidelines three years ago and allowed to diversify investment as per the suggestion of the insurance companies. However, they are still unable to invest. As a result, they focused on fixed deposits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The guidelines issued by the board in March 2019 has opened way to invest in infrastructure and productive sectors such as real estate business, water resources, agriculture, tourism, in addition to fixed deposits and shares. However, insurance companies do not seem to be attracted to other areas except fixed deposits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As per the guidelines, companies should invest a minimum of 40 percent of their total technical reserve in fixed deposits of commercial and infrastructure banks and a minimum of 5 percent in government bonds. Similarly, a maximum of 20 percent can be invested in development banks and a maximum of 10 percent in finance companies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, they can invest up to 5 percent in real estate business, up to 10 percent in ordinary shares of listed companies, up to 20 percent in preference shares, up to 20 percent in shares of listed companies, up to 20 percent in infrastructure including agriculture, tourism and water resources, and up to 5 percent in Citizens Investment Trust and mutual funds.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The insurance companies are not yet able to diversify their investments according to the guidelines. Most of their investments are concentrated in fixed deposits of banks and financial institutions followed by bonds and stock markets.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Following the guidelines, a minimum of 40 percent should be invested in the fixed deposits of Nepal Infrastructure Bank, but the companies have invested only 0.05 percent. Five life insurance companies namely Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company and Sun Nepal Life Insurance Company have invested Rs 250 million in this bank, which includes Rs 50 million each. Non-life insurance companies are yet to invest in infrastructure banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chairman of the Insurance Board, Surya Prasad Silwal said that insurance companies failed to invest according to the guidelines. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“According to the demand of the companies, we diversified the areas of investment by changing the guidelines. But they do not want to take the investment risk,” said Silwal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Silwal added that the capital accumulated in the insurance companies should contribute to the development of the country and they need to be forced to invest in the productive sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A year ago, the board also issued instructions to invest according to the guidelines, saying that the insurance companies did not invest in the infrastructure development sector. Despite the instructions, the companies invested only 1.41 percent or Rs 7.45 billion in the infrastructure sector. The board informed that out of this amount, the investment of life insurance companies amounted to Rs 7.14 billion and the investment of non-life insurance companies was more than Rs 300 million. The directive allows insurance companies to invest in the real estate sector as well. However, the companies are reluctant to invest in this sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-07', 'modified' => '2022-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '15688', 'image' => '20220907110038_Insurance.jpg', 'article_date' => '2022-09-07 10:59:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15946', 'article_category_id' => '1', 'title' => 'Nepal’s Public Debt Increases by Rs 300 Billion in a Year', 'sub_title' => '', 'summary' => 'September 7: The external sector of the economy is under pressure due to the devaluation of Nepalese currency. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 7: The external sector of the economy is under pressure due to the devaluation of Nepalese currency. As Nepal has to pay the loans and interest taken from different countries and donor agencies in US dollars or other convertible currencies, the external sector is under pressure due to the rising price of US dollar.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal has been taking loans in US dollar, euro, Chinese yuan, Japanese yen, and British pound. The country needs to pay the interest on such loans in foreign currency.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Of late, the Nepalese currency is being devalued against the US dollar and other foreign currencies resulting in pressure to the external sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under Secretary at the Public Debt Management Office, Dinesh Regmi, admits that the country’s external sector is under pressure to manage foreign debt due to the devaluation of Nepalese currency.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The foreign loans have to be paid in terms of US dollars or other foreign currency. Since the value of US dollar is increasing, the amount of loan to be repaid by the country is also increasing,” said Regmi.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The foreign exchange rate is causing problems for us a lot,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal has to bear an additional cost of Rs 22.7 billion while repaying foreign debt every three months due to the volatile foreign exchange rate. According to the office, Nepal paid a total of Rs 117.42 billion as loan and interest during the last fiscal year. During the review year, Nepal repaid loans of Rs 72.8 billion and interest of Rs 44.61.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal had to pay a fine of Rs 41 million during the last fiscal year, the Public Debt Management Office informed. According to the office, the fine was imposed due to the delay in payment of the interest and loans.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Nepal’s public debt has been increasing in recent years. As per the latest data released by the Public Debt Management Office, the total public debt of Nepal is more than Rs 2011 billion. Out of this amount, Nepal’s foreign debt is Rs 1025 billion while internal debt is Rs 900.86 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The public debt of Nepal increased by around Rs 300 billion by the end of last fiscal year (FY 2021/22) as compared to the previous fiscal year (FY 2020/21). Nepal’s public debt was Rs 1737 by the end of Fiscal Year 2020/21.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-09-07', 'modified' => '2022-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '15687', 'image' => '20220907103815_public debt.jpg', 'article_date' => '2022-09-07 10:33:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15945', 'article_category_id' => '1', 'title' => 'Infrastructure Summit to Kick off on Thursday', 'sub_title' => '', 'summary' => 'September 7: The fourth edition of Nepal Infrastructure Summit is all set to kick off in Kathmandu from Thursday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 7: The fourth edition of Nepal Infrastructure Summit is all set to kick off in Kathmandu from Thursday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two-day event is being organized by the Confederation of Nepalese Industries in collaboration with the Ministry of Physical Infrastructure and Transport. The CNI has been organizing this event since 2014. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The organisers informed that the stakeholders will discuss issues ranging from transportation to energy, urban development, drinking water and sanitation, climate change, infrastructure projects among other topics during the summit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The theme of this year’s summit is ‘Infrastructure for Development’.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The organisers expect investment commitment for green infrastructure and economic revival during the summit. The summit is also expected to stress on policy intervention for innovative financial framework, foreign direct investment, participation of private sector and digital transformation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Experts from the country and abroad as well as representatives of all three tiers of government and the private sector will hold indepth discussion on investment for infrastructure, successful practices of infrastructure development across the world and obstacles in achieving infrastructure development,” reads a statement issued by CNI.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the organisers, different sessions of the summit will be attended by former prime ministers, incumbent ministers in the federal government, chief ministers of provinces, mayors, members of National Planning Commission, professors and representatives from Nepal Rastra Bank, World Bank, Asian Development Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Investment Board Nepal and Youth Community for Nepalese Contractors are the co-sponsors of the event. According to the CNI, the event will be held on September 8 and 9.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The summit is expected to draw over 500 participants including representatives of the Government of Nepal, private sector, foreign dignitaries, think tanks and investors.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-07', 'modified' => '2022-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '15686', 'image' => '20220907100040_infra.jpg', 'article_date' => '2022-09-07 10:00:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15944', 'article_category_id' => '1', 'title' => 'Majority of Climbers Acquire Permits to Scale Mt Manaslu during this Autumn', 'sub_title' => '', 'summary' => 'September 7: Mountaineers are growingly attracted towards climbing Mt Manaslu (8,163m), the eighth highest peak in the world. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 7: Mountaineers are growingly attracted towards climbing Mt Manaslu (8,163m), the eighth highest peak in the world. The number of climbers seeking permission to climb Mt Manaslu during this autumn season is highest among all other mountain peaks, reports the state-owned national news agency RSS. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Department of Tourism, a total of 237 climbers of 25 expedition teams have been granted permission to scale different peaks in Nepal including Mt Everest. Most of them will be climbing Mt Manaslu. The department informed RSS that altogether 214 climbers of 19 expedition teams will be climbing Mt Manaslu this season. Among them, 160 are female and 50 are male climbers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Manaslu has become the preferred choice among the climbers as the autumn season is considered ideal for climbing the mountain peak. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former General Secretary of Nepal Mountaineering Association Kul Bahadur Gurung says that the number of climbers aspiring to scale Mt Manaslu is encouraging this year just like in the past years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Managing Director of Seven Summit Treks Pvt Ltd Mingma Sherpa confirmed that lots of tourists are acquiring permits to climb Mt Manaslu this year. According to Sherpa, his company will be assisting 60 climbers to scale Manaslu. He says that the number of climbers is expected to increase as the climbing window will be open for about a month. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government had marked the diamond jubilee (60 years) of the first ascent of Mt Manaslu six years ago. The mountain received good publicity across the world after a 21-member expedition team of Bahrain’s Prince Sheikh Mohammad Hamam Al Khalifa scaled the peak two years ago. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-07', 'modified' => '2022-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '15685', 'image' => '20220907091325_mount-manaslu.jpg', 'article_date' => '2022-09-07 09:12:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15942', 'article_category_id' => '1', 'title' => 'State-Owned Insurance Company Struggling to meet Paid-up Capital Requirement', 'sub_title' => '', 'summary' => 'September 6: Rastriya Beema Company, the one and only state-owned non-life insurance company of Nepal, is struggling to meet the paid-up capital limit fixed by the Insurance Board.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 6: Rastriya Beema Company, the one and only state-owned non-life insurance company of Nepal, is struggling to meet the paid-up capital limit fixed by the Insurance Board. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the directive of the Insurance Board, non-life insurance companies need to raise their paid-up capital to Rs 2.5 billion by mid-April. Currently, the paid-up capital of the Rastriya Beema Company is Rs 266.63 million. The company is in need of an additional Rs 2.23 billion to meet the requirement of the Insurance Board, the regulatory body of the insurance sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rastriya Beema Company split from its parent company Rastriya Beema Sansthan, the state-owned life insurance company, on August 3, 2014 and started providing non-life insurance service. The company has not been able to distribute cash dividend due to its failure to approve the audit report of last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Other non-life insurance companies have already prepared plans to meet the paid-up capital requirement set by the Insurance Board but this company is yet to take any decision.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Insurance Board has approved the audit report of this company till 2015/16 on condition that it cannot distribute cash dividend. Spokesperson of the Insurance Board Raju Raman Poudel says that the company can distribute cash dividend only after the audit report up to last fiscal year gets approved.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The company cannot get off the hook just because it is a state-owned company,” said Poudel, adding, “It must maintain the paid-up capital fixed by the board just like other companies.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Spokesperson Poudel informed New Business Age that the company will face action if it fails to maintain the paid-up capital set by the board within the given timeframe. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“How can we tell other companies to meet the paid-up capital requirement if the state-owned company disobeys the directive?” questioned Poudel. He said that the government must be serious towards this issue.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company’s Acting CEO Subash Koirala says that they are ready to follow the instructions of the Insurance Board. However, he said that he cannot say anything about increasing the capital at the moment because they are awaiting the response from Finance Ministry which owns the company. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Koirala said that the company has sought the view of the Finance Ministry in this regard but has not got any response from the ministry.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15684', 'image' => '20220906045047_rbl.jpg', 'article_date' => '2022-09-06 16:50:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15941', 'article_category_id' => '1', 'title' => 'Bank Deposits Increasing due to New Schemes and Festive Season', 'sub_title' => '', 'summary' => 'September 6: Deposit collection of banks has improved due to their fixed deposit schemes as well as the upcoming festive season. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 6: Deposit collection of banks has improved due to their fixed deposit schemes as well as the upcoming festive season. According to Nepal Bankers’ Association, bank deposits increased by Rs 11.3 billion in the first week of September.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the association, the total deposits of commercial banks was Rs 4426.16 billion as of August 26 which increased to Rs 4437.45 on September 2. Although the bank deposits declined in the third week of August, they have increased since the fourth week of August.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bank deposits declined by Rs 7.72 billion in the third week of August.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After their failure to attract deposits amid financial crisis, banks have launched various schemes including ten times the principle amount to attract deposits. As the banks were under pressure to increase deposits, they unveiled fixed deposit schemes offering ten times the principle amount in 21 years. Besides the high interest rate, such schemes also offer insurance coverage, credit card, easy loan among other facilities. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The attractive schemes of banks have played a positive role in increasing deposits. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">President of Nepal Bankers Association Anil Kumar Upadhyay says that banks were under pressure to increase deposit collection and therefore they announced various schemes. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another reason for increase in bank deposits is believed to be the festive season. During the festive season, Nepalis working abroad send money back to their homes. As a result, bank deposits increase along with economic activities during this time of the year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at a public programme on Saturday, Nepal Rastra Bank’s Governor Maha Prasad Adhikari had said that the overall economy is improving due to the increase in inflow of remittance. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Remittance inflow during the last fiscal year stood at Rs 1007.31 billion.<br /> With the increase in bank deposits, banks have also increased credit flow.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the first week of September, banks disbursed loans of Rs 167 billion from Rs 130 billion a week ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Credit flow of banks, which was Rs 4,177 billion till mid-August increased to Rs 4,181 billion as of September 2. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CD ratio of banks also declined after the deposit collection exceeded credit flow. The average CD ratio of banks dropped to 88.25 percent on September 2 from 88.42 percent on August 26.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15683', 'image' => '20220906041937_Banks - Copy.jpg', 'article_date' => '2022-09-06 16:18:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15940', 'article_category_id' => '1', 'title' => 'Extension of Road Network Shortens Annapurna Trek', 'sub_title' => '', 'summary' => 'September 6: Manang is one of the most popular trekking destinations among foreign tourists visiting Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">September 6: Manang is one of the most popular trekking destinations among foreign tourists visiting Nepal. Meanwhile, the peak tourism season for tourists to visit the Annapurna circuit in Manang has started. This foot trail has become a preferred destination among the trekkers who come here.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the past, tourists used to travel through this trail with a long day schedule, but now it has changed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The journey of trekking that once started from Lamjung's headquarters, Beshisahar, can now be completed in a short time thanks to the expanding network of roads. Now, the journey from Beshisahar to Chame-Khangsar can be reached easily using four-wheelers and the journey can be completed before the specified time, reports the national news agency RSS. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Manang’s Disyang Rural Municipality and Thorang-la Pass fall among the popular choices of tourists in the world. In the past, it used to take 18 days to cross Thorang-la Pass. But now this trip has been shortened by about a week with the expansion of the road network, according to RSS. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Now, one can cross Thorang-la pass in three days after traveling up to Upper Manang by vehicle. Trekking experts shared that individuals are more likely to have altitude sickness while traveling in this way.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Annapurna Circuit touches Lamjung, Manang, Mustang, Myagdi and Kaski district. But with the expansion of the road network, this foot trail is not visible in some places. In some places, the road network has made it difficult to walk on the foot trail. Trekkers have to suffer as the road network has displaced the foot trail. As a result, trekkers are forced to use vehicles.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nia, a citizen of Finland, who came to the Annapurna Circuit with a long schedule, shared that it is good that the road network has been expanded. But the path should not have been displaced, shared Nia. For the tourists who come for trekking, the journey becomes difficult when the road network is narrow and it crosses path with foot trail.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“The people of Manang should pay attention and protect it. The road network has been extended from Mustang to the lower part of Thorang-la,” she shared.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Meanwhile, the booking of external tourists for the Annapurna base camp trek has started. Tourism entrepreneurs are excited as bookings have started from the UK, Australia and other countries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Dilip Gurung, secretary of Chomrong Tourism Business Committee, informed New Business Age that bookings have being done for the upcoming season.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“Recently, Annapurna Base Camp has been equipped with facilities for trekking,” he said, adding that the tourists coming here can trek easily.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">At present, seven new hotels have been added above Sinuwa, and four others are under construction. Until last year, there were 26 hotels in areas including Sinuwa, Bambo, Himalayan, Dobhan, Deurali, Machhapuchhre and Annapurna base camps. Now infrastructures including hotels have been added in those places, said Lalit Gurung, a tourism entrepreneur and social activist.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">This area has been protected by Annapurna Area Conservation Project (ACAP) since 2043. According to the standards set by ACAP, in the past, there were 156 rooms with an average of six rooms per hotel. Given the increasing attraction of tourists for trekking in the area, Annapurna Rural Municipality formed a committee four years ago to study the expansion of hotel capacity and infrastructure in the area and tried to make it well organized.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Lekhnath Gautam, head of the Annapurna Area Conservation Project (ACAP), informed that some parts of the foot trail have been damaged by floods and landslides. He said that they are working to conserve the tracks and have also created new ones in places that have been washed away by floods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15682', 'image' => '20220906024641_20220508080527_Annapurna circuit (3) (1).jpg', 'article_date' => '2022-09-06 14:45:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15939', 'article_category_id' => '1', 'title' => 'EC Expresses its Displeasure Over New Bill to Extend the Terms of MPs', 'sub_title' => '', 'summary' => 'September 6: The Election Commission (EC) has expressed displeasure over the continuation of terms of parliamentarians even after the filing of nominations for the upcoming election. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 6: The Election Commission (EC) has expressed displeasure over the continuation of terms of parliamentarians including the members of House of Representatives (HoR) and Provincial Assembly members even after the filing of nominations for the upcoming election. The EC has termed it as an inappropriate decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC made a formal remark over the issue on Monday after the government tabled the 'Bill designed to amend some Nepal Acts' with the provision that the tenure of the incumbent MPs will expire only upon the commencement of the first meeting of the newly-elected MPs after the fresh election. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC also recalled the practice of consulting with the EC in the processes of law formation and amendment adding that Article 246 of the Constitution of Nepal has mentioned about the function, duties and rights, and procedures of the EC for the operation, monitoring, direction and control of the election under the federal laws. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, the EC has hinted that continuation of the tenure of the MPs could be against the spirit of the election code of conduct if the MPs were vying again in the election. Articles 85 and 177 of the constitution provides for a five-year term of the members of HoR and Provincial Assembly members. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The date for the general elections was announced following consultation that it would be practical and non-disputable to count the term of members of House of Representative and Province Assembly members from the first elected date as there is no clarity regarding beginning of their term," the EC said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In a statement issued on Monday EC Spokesperson, Shaligram Sharma Poudel said that it does not seem relevant to amend the law to make it otherwise in case of the term of the HoR and Province Assembly members at a time when election date has been announced and preparations for it is already underway. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC further said that the new proposed provisions regarding the tenure of the members of parliament would create more confusion. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15681', 'image' => '20220906021429_parliament building.jpg', 'article_date' => '2022-09-06 14:13:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15938', 'article_category_id' => '1', 'title' => 'Yeti Airlines adds new ATR to its Fleet', 'sub_title' => '', 'summary' => 'September 6: Yeti Airlines has added one more 70-seat capacity aircraft to its fleet.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">September 6: Yeti Airlines has added one more 70-seat capacity aircraft to its fleet. The private airline company is planning to add three aircraft this year. As per the plan, the first aircraft arrived in Kathmandu on Monday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The company informed that it added ATR 72-500 aircraft to expand its services. This is Yeti's sixth aircraft. The plane landed at the Tribhuvan International Airport at 1:15 PM on Monday afternoon. Sudarshan Bartaula, Yeti’s spokesperson and head of air security, informed that Yeti brought the 70-seat aircraft from an Australian aviation company on lease. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The first flight of the MSN No. 986 series aircraft took place in 2011. He said that the plane has flown only 10,000 cycles. He informed that this aircraft arrived as per the plan to add three aircraft within the current fiscal year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“We will bring the second aircraft soon. This plane will fly to the regular destinations and there are plans to conduct flights to a new destination after the addition of another aircraft,” said Bartaula.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, Yeti, which currently providing air service with five aircraft, has already completed the necessary paperworks for the new aircraft. The airplane has been painted it and is ready to fly before the Dashain festival. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“This will help to avoid the shortage of air tickets during Dashain to some extent,” added Bartaula. After the new aircraft is ready, the company plans to fly five of them for regular flights and keep one as reserve and will be used during the maintenance of other aircraft or when the flights are delayed.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The company claims that the new aircraft is considered the best aircraft with a turboprop engine. The company also mentioned that the aircraft will emit approximately 50 percent less carbon per passenger kilometer than newer generation jets and three times less carbon emissions than older aircraft. Yeti Airlines is the first carbon neutral airline in South Asia, according to the company. Yeti is currently flying to the most accessible destinations in Nepal including Kathmandu, Chandragadhi, Biratnagar, Janakpur, Simara, Pokhara, Bhairahawa, and Nepalgunj.</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> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15680', 'image' => '20220906012348_1662440771.jpg', 'article_date' => '2022-09-06 13:23:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15943', 'article_category_id' => '1', 'title' => 'Security Guard Gurung Released', 'sub_title' => '', 'summary' => 'September 6: Sher Jung Gurung, a security guard of Garud Securities, who was allegedly arrested for mistreating Minister for Culture, Tourism and Civil Aviation Jeevan Ram Shrestha has been released on Monday evening.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">September 6: Sher Jung Gurung, a security guard of Garud Securities, who was allegedly arrested for mistreating Minister for Culture, Tourism and Civil Aviation Jeevan Ram Shrestha has been released on Monday evening.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Following pressure from all quarters, Gurung was released on a general date by the order of Chief District Officer Govinda Prasad Rijal. Home Minister Bal Krishna Khand had instructed CDO Rijal to release the security guard deputed at VSF in Chhaya Centre, Thamel. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Police had arrested Gurung on Sunday on the charge of misbehaving with Minister for Culture, Tourism and Civil Aviation, Jeevan Ram Shrestha. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">A dispute ensued after Gurung asked Minister Shrestha, who had reached VSF for biometric registration, to follow the queue. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Meanwhile, Garud Securities has maintained that the security guard did not commit any mistake. The company had also filed a case at the Supreme Court demanding the release of Gurung.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Earlier, the association of labourers had demanded the release of Gurung. The association stated that it was unfortunate to arrest Gurung while he was performing his duties. The association has demanded a fair investigation into the incident.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15679', 'image' => '20220906052722_garud.jpg', 'article_date' => '2022-09-06 17:25:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15937', 'article_category_id' => '1', 'title' => 'NATTA Demands Hassle-Free Arrangements for Nepali Tourists', 'sub_title' => '', 'summary' => 'September 6: Nepal Association of Tour and Travel Agents (NATTA) has urged the government to make arrangements for Nepali tourists to visit foreign countries without any hassles.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 6: Nepal Association of Tour and Travel Agents (NATTA) has urged the government to make arrangements for Nepali tourists to visit foreign countries without any hassles. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NATTA President Ramesh Thapa has expressed concerns regarding the new provision related to visit visa that discourages Nepali citizens from visiting foreign countries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a press statement on Monday, NATTA President Thapa said that the Tourist Visa Departure Permission Work Procedure 2079 has provisions that restrict Nepalis from visiting foreign countries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Therefore, Thapa has requested the government to amend such provision to facilitate Nepali tourists.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NATTA argues that the work procedure issued by the government has challenged the basic rights of Nepalis to freely visit foreign countries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“NATTA stands with the government to discourage illegal trafficking of humans in the name of tourist visa. However, the work procedure that discourages tourism business has posed a problem for the tourism entrepreneurs,” reads the statement issued by NATTA.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the work procedure, any Nepali willing to visit foreign countries in tourist visa need to submit details that he/she earns at least Rs 400,000 a year and has a bank balance of at least Rs 200,000. In addition to this, the aspiring tourist also need to present documents that prove that they are paying taxes to the government. </span></span></p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15678', 'image' => '20220906091432_Tourist.jpg', 'article_date' => '2022-09-06 09:13:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15936', 'article_category_id' => '1', 'title' => '10,888 Polling Stations Fixed for Upcoming Elections', 'sub_title' => '', 'summary' => 'September 6: The Election Commission (EC) has fixed a total of 10,888 polling stations across the country for the upcoming elections to the members of House of Representatives and province assembly set for November 20. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 6: The Election Commission (EC) has fixed a total of 10,888 polling stations across the country for the upcoming elections to the members of House of Representatives and province assembly set for November 20. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that there were a total of 10,756 polling stations in the local level elections held on May 13 earlier this year. The Election Commission reviewed the number of polling stations considering the number of voters, convenience and security sensitivities in accordance with the Polling Station and Voting Centre Fixation Work Procedure, 2077. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">EC Spokesperson Shaligram Sharma Poudel confirmed that the number of polling station has been increased to 10,888. The EC took such decision to make polling management effective and ensure easy access of voters to the voting process. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In line with the arrangements specified in the work procedure, the revision was also based on the recommendations received from the district polling station and voting centre fixation recommendation committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The recommendations were made considering several aspects such as voters' density, access to polling station, building, communications, electricity, transport, status of infrastructure, security and geographical situation and consensus among electoral stakeholders. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-09-06', 'modified' => '2022-09-06', 'keywords' => '', 'description' => '', 'sortorder' => '15677', 'image' => '20220906085356_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-09-06 08:53:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15935', 'article_category_id' => '1', 'title' => 'Government to Reimburse 75 percent of the Cost to Industries Developing Infrastructure Themselves', 'sub_title' => '', 'summary' => 'September 5: The government has decided to reimburse three different kinds of industries for developing infrastructures including access road leading to the company’s plant.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">September 5: The government has decided to reimburse three different kinds of industries for developing infrastructures including access road leading to the company’s plant. Star-rated hotels, cement industries and iron industries are entitled to receive 75 percent reimbursement for constructing access roads and transmission lines, according to a new work procedure prepared by the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has prepared a work procedure that encourages the investors themselves to prepare infrastructures like access road, water pipelines, sewage facility among other basic infrastructures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Industry, Commerce and Supplies is preparing to implement the provision in the current fiscal year. It was include in the budget of the last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ministry has already issued the Industrial Infrastructure Development and Reimbursement Work Procedure 2079. The ministry has urged the industrialists to submit their proposals within mid-November assuring them to reimburse the amount spent on infrastructure development.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The budget of last fiscal year mentions that the investors of star hotels, cement and iron industries will get refunds up to 75 percent if they construct access roads and transmission lines to their respective company.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Joint Secretary Chandrakala Poudel informed that three cement industries submitted proposals in this regard during the last fiscal year. However, the government could not reimburse the industries last year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We will reimburse those industries as well as new ones this year,” said Poudel, adding that this facility will be provided only to the hotel industry, cement industry and iron industry right now.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“It took long time for the government to make the access roads to the industries,” said Poudel, adding, “Therefore, we decided to encourage the investors to prepare these infrastructures themselves as it will reduce the time required for construction and the industries can come into operation soon.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Joint Secretary Poudel, the government will provide a maximum of Rs 100 million as reimbursement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The industries submitting proposals to avail reimbursement facility should mention the details including the production capacity of the industry, employment opportunity, annual turnover and also justify the need to construct the industrial infrastructure along with feasibility study report, environment impact assessment report, preliminary engineering map, implementation plan, timeframe required for completion of infrastructure, grid connection agreement with Nepal Electricity Authority and the beneficiaries of the industries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of Nepal Cement Producers Association Tara Prasad Pokharel welcomed the belated decision to implement the work procedure which should have been implemented last year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The government’s tender for infrastructure development takes a long time. The work procedure on the other hand will expedite the process,” he said.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-09-05', 'modified' => '2022-09-05', 'keywords' => '', 'description' => '', 'sortorder' => '15676', 'image' => '20220905065411_indus.jpg', 'article_date' => '2022-09-05 18:51:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15934', 'article_category_id' => '1', 'title' => 'NRB Seeks to Invest Rs 2 Billion in BFIs' Fixed Deposits ', 'sub_title' => '', 'summary' => 'September 5: Nepal Rastra Bank (NRB) has expressed its willingness to invest Rs 2 billion of the Pension Fund in fixed deposits of banks and financial institutions (BFIs). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 5: Nepal Rastra Bank (NRB) has expressed its willingness to invest Rs 2 billion of the Pension Fund in fixed deposits of banks and financial institutions (BFIs). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a notice on Monday, the central bank has asked BFIs to bid for the aforementioned amount. The maturity date to keep the money in their fixed deposits is one year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the notice, the NRB is seeking commercial banks (group 'A') to accept fixed deposits of Rs 1.6 billion, development banks (group 'B') Rs 300 million and national level finance companies (group 'C') Rs 100 million. NRB has asked the BFIs to apply for the loan not late than mid-night of September 7. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">To avail the fund, the beneficiary BFIs should have been operating for at least for two years and must maintain minimum capital fund ratio. Similarly, they should have less than five percent of their total passive loans, and have at least 20 percent or more than that of net liquid assets of internal deposits. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-09-05', 'modified' => '2022-09-05', 'keywords' => '', 'description' => '', 'sortorder' => '15675', 'image' => '20220905054810_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-09-05 17:47:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, '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
