May 12: As of mid-April this year, 232 industries have been registered so far in the current fiscal…
May 12: As of mid-April this year, 232 industries have been registered so far in the current fiscal…
May 12: Commercial banks have agreed not to raise the interest rate till…
May 12: Nepal’s Balance of Payments (BoP) remained at a deficit of Rs 268.26 billion in the first nine months of the current fiscal year despite improvement in some other macroeconomic…
May 12: Macroeconomic indicators have shown signs of improvement after months of crisis.…
May 12: Nepal’s trade deficit increased 28.5 percent to Rs 1306.09 billion during the first nine months of the current fiscal year (FY 2021/22) despite an increase in exports.…
May 12: The year-on-year consumer price inflation stood at 7.28 percent in the ninth month of the current fiscal year (FY 2021/22) compared to 3.10 percent a year ago, according to the latest report of Nepal Rastra Bank…
May 11: The government’s programme to promote startup business has not been implemented despite being included in the annual budget for the last eight…
May 11: Preparations are underway to bring chemical fertilizer from India within mid-June through the G2G process to prevent shortage of fertilizer during planting season.…
May 11: The season of mango has begun. The fruit which is considered to be the king of fruits is showing its king-like characteristics as its price skyrocketed as soon as it hit the market.…
May 11: Nepal Tourism Board is preparing to operate shuttle bus service for tourists on the day of local level election on May…
May 11: The government's decision to give leave for two days a week has been published in the Nepal Gazette, the state-owned national news agency RSS…
May 11: Even though the country is almost self-sufficient in electricity, 7 percent of the population is yet to get access to electricity.…
May 10: The US dollar has become most expensive compared to the Nepali currency on Tuesday.…
May 10: District administration offices in all three districts in the Kathmandu Valley have decided to ban the supply and consumption of alcoholic products in view of the May 13 local level…
May 10: Stakeholders have expressed their concerns that the domestic production of cigarettes has been affected due to the increase in smuggling of cigarettes.…
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The number is higher than the registration in the corresponding period of the previous fiscal year. According to the Department of Industry, 169 domestic and foreign industries were registered during the same period last year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Department of Industry, so far, 8,687 industries have been registered. During the nine months of the current fiscal year, 67 large, 82 medium and 83 small scale industries were registered. In the corresponding period of the previous year, 33 large, 40 medium and 96 small scale industries were registered. Ram Chandra Tiwari, the director general of the department, said that 1,281 large, 1,991 medium and 5,415 small scale industries have been registered so far.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As per Industrial Business Act, 2076, industries with fixed capital up to Rs 150 million are considered small scale industries, those with fixed capital of Rs 150 million to Rs 500 million are considered medium and industries with fixed capital of more than Rs 500 million are considered as large scale industries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the third quarter of the current fiscal year, Rs 266 billion investment was proposed for the 232 industries. The proposed investment last year was Rs 139 billion. The department informed that an investment of Rs 2.5 trillion has been proposed so far. As of mid-April, 23 designs and 2,356 trademarks have been registered, the department informed.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '15002', 'image' => '20220512050212_Industries.jpg', 'article_date' => '2022-05-12 17:01:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15259', 'article_category_id' => '1', 'title' => 'Interest Rate to Remain Unchanged till mid-June ', 'sub_title' => '', 'summary' => 'May 12: Commercial banks have agreed not to raise the interest rate till mid-June.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 12: Commercial banks have agreed not to raise the interest rate till mid-June. However, the final decision will be made during a meeting of Nepal Bankers Association to be held later on Thursday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Anil Sharma, CEO of the association, informed that the member banks have been suggested not to raise the interest rate till mid-June. A CEO of a commercial bank said that as per the suggestion, a majority of banks have agreed not to raise the interest rate. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">At present, the interest rate of banks for fixed deposits of more than three months is 11.03 percent. There was a rumor in the market that the interest rates of the banks will be increased. After the A class commercial banks did not revise the interest rates, B class development banks and C class finance companies also did not revise the interest rates. Although the banks started to increase the interest rates lately to attract deposits, the deposits did not grow as expected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">There is a provision that the banks and financial institutions are allowed to revise the interest rates up to 10 percent every month. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '15001', 'image' => '20220512043228_Bankkk.jpg', 'article_date' => '2022-05-12 16:31:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15258', 'article_category_id' => '1', 'title' => 'Balance of Payment in Deficit of Rs 268 Billion', 'sub_title' => '', 'summary' => 'May 12: Nepal’s Balance of Payments (BoP) remained at a deficit of Rs 268.26 billion in the first nine months of the current fiscal year despite improvement in some other macroeconomic indicators.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 12: Nepal’s Balance of Payments (BoP) remained at a deficit of Rs 268.26 billion in the first nine months of the current fiscal year despite improvement in some other macroeconomic indicators.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Nepal Rastra Bank (NRB), BoP was in surplus of Rs 42.54 billion in the coresponding period of last fiscal year. In the US Dollar terms, the BOP remained at a deficit of 2.25 billion in the review period against a surplus of 348.1 million in the same period of the previous year, according to the central bank’s Current Macroeconomic and Financial Situation Report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, the current account remained at a deficit of Rs 512.71 billion in the review period compared to a deficit of Rs 210.51 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, capital transfer decreased 39.5 percent to Rs 7.78 billion and net foreign direct investment (FDI) increased 33.7 percent to Rs 16.51 billion. In the same period of the previous year, capital transfer and net FDI amounted to Rs 12.86 billion and Rs 12.35 billion respectively. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '15000', 'image' => '20220512020122_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-05-12 14:00:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15257', 'article_category_id' => '1', 'title' => 'Remittance Inflow Improving, Pressure on Foreign Exchange Reserves Eases to Some Extent', 'sub_title' => '', 'summary' => 'May 12: Macroeconomic indicators have shown signs of improvement after months of crisis. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 12: Macroeconomic indicators have shown signs of improvement after months of crisis. The policies adopted by the government and Nepal Rastra Bank (NRB) has had a positive impact on remittance inflow and foreign exchange reserves.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report published by the central bank on Wednesday shows that the inflow of remittance and foreign exchange reserves in the ninth month (mid-March to mid-April) of the current fiscal year have improved to some extent compared to the previous month.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Remittance inflow had been declining since the start of the current fiscal year but has now become almost stable since mid-March. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The total inflow of remittance in the first nine months of the current fiscal year stands at Rs 724.74 billion which is lightly less compared to that of the corresponding period of last fiscal year by just 0.6 percent.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Remittance inflow in the first month of the current fiscal year had declined by 18 percent.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In the month of Falgun (mid-February to mid-March), the monthly average inflow of remittance was Rs 78 billion which increased to Rs 93 billion in the very next month.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Remittance is the main source of Nepal’s foreign currency reserves. As the inflow of remittance started declining, banks started providing additional interest by one percentage points for Nepali migrant workers depositing remittance sent through formal banking channels. Meanwhile, the NRB fixed a ceiling on internal transfer of money in order to crack down on the illegal hundi business.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Deputy Spokesperson of NRB Narayan Prasad Pokharel informed that the inflow of remittance has shown positive sign as the number of Nepali migrant workers visiting foreign countries has increased after the Covid-19 pandemic subsided while the value of US dollar has also strengthened compared to the Nepali currency, thereby having a positive impact on remittance inflow. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Due to the improvement in remittance inflow, the pressure on foreign exchange reserves has eased to some extent. Nepal’s foreign exchange reserves, which stood at US$ 1399.3 billion in last July had dropped by 16.5 percent to US$ 1167.92 billion as of mid-April.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Based on the imports of nine months of 2021/22, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 7.4 months, and merchandise and services imports of 6.6 months, the NRB report stated.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government and the central bank adopted strict measures to discourage import of luxury goods after the country’s foreign exchange reserves started declining. NRB imposed 100 percent cash margin for opening LC to import luxury goods and has also banned the import of 10 items for the rest of current fiscal year.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '14999', 'image' => '20220512010256_Remittance.jpg', 'article_date' => '2022-05-12 13:01:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15256', 'article_category_id' => '1', 'title' => 'Trade Deficit Increases Despite Improvement in Export', 'sub_title' => '', 'summary' => 'May 12: Nepal’s trade deficit increased 28.5 percent to Rs 1306.09 billion during the first nine months of the current fiscal year (FY 2021/22) despite an increase in exports. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 12: Nepal’s trade deficit increased 28.5 percent to Rs 1306.09 billion during the first nine months of the current fiscal year (FY 2021/22) despite an increase in exports. According to Nepal Rastra Bank (NRB), such a deficit had increased 12.5 percent in the corresponding period of the previous year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The export-import ratio increased to 10.9 percent in the review period from 8.5 percent in the corresponding period of the previous year, according to the Current Macroeconomic and Financial Situation Report published by the central bank on Wednesday.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">As per the report, Nepal's merchandise exports increased by 69.4 percent in the first nine months of the current fiscal year (FY 2021/22) to Rs 160.57 billion compared to an increase of 20.2 percent in the corresponding period of last fiscal year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India and other countries increased 86.9 percent and 25.5 respectively whereas exports to China decreased 21.8 percent, the central bank’s report said.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the report, exports of palm oil, soybean oil, polyester yarn and thread, woolen carpets, oil cakes, among others, increased whereas exports of cardamom, tea, wire, toothpaste, copper wire rod, among others, decreased in the review period. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">During the nine months of 2021/22, merchandise imports increased 32.0 percent to Rs 1466.66 billion compared to an increase of 13.1 percent a year ago. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India, China and other countries increased by 24.4 percent, 28.6 percent, and 59.2 percent respectively. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The report states that imports of petroleum products, medicine, crude palm oil, other machinery and parts, gold, among others, increased whereas imports of MS billet, chemical fertilizer, cement, pulses, molasses sugar, among others, decreased in the review period. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Based on customs points, exports from Kanchanpur and Mechi customs offices decreased whereas exports from all the other major customs points increased in the review period. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">On the import side, imports from all the major customs points increased in the review period. </span></span></p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '14998', 'image' => '20220512113656_Trade.jpg', 'article_date' => '2022-05-12 11:36:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15255', 'article_category_id' => '1', 'title' => 'Inflation Rising: NRB Report', 'sub_title' => '', 'summary' => 'May 12: The year-on-year consumer price inflation stood at 7.28 percent in the ninth month of the current fiscal year (FY 2021/22) compared to 3.10 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 12: The year-on-year consumer price inflation stood at 7.28 percent in the ninth month of the current fiscal year (FY 2021/22) compared to 3.10 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report published by the central bank on Wednesday states that food and beverage inflation stood at 7.40 percent whereas non-food and service inflation stood at 7.18 percent in the review month.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Average inflation remained 5.62 percent during the review period, the report further said.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, the prices of ghee and oil, milk products and eggs, pulses and legumes, and tobacco products and its sub-categories rose by 28.36 percent, 11.56 percent, 10.53 and 8.91 percent respectively on y-o-y basis.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Likewise, under the non-food and services category, the prices of transportation, education, and miscellaneous goods and services sub-categories rose by 20.16 percent, 8.79 percent and 8.17 percent respectively on y-o-y basis.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In the review month, the Kathmandu Valley, Terai, hill and mountain regions witnessed 6.25 percent, 7.61 percent, 7.79 percent and 8.25 percent inflation respectively. According to the NRB report, inflation in these regions was 3.24 percent, 2.92 percent, 3.38 percent and 1.54 percent respectively a year ago. Similarly, the y-o-y wholesale price inflation stood at 14.42 percent in the review month compared to 6.14 percent a year ago. The y-o-y wholesale price of consumption goods, intermediate goods and capital goods increased 17.07 percent, 14.13 percent and 7.22 percent respectively. The y-o-y wholesale price of construction materials increased 25.22 percent in the review month.</span></span></p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '14997', 'image' => '20220512082020_Inflation.jpg', 'article_date' => '2022-05-12 08:19:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15254', 'article_category_id' => '1', 'title' => 'Startup Promotion Limited to Papers since 8 Years ', 'sub_title' => '', 'summary' => 'May 11: The government’s programme to promote startup business has not been implemented despite being included in the annual budget for the last eight years.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 11: The government’s programme to promote startup business has not been implemented despite being included in the annual budget for the last eight years.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Inspired by the popular startup programme of India, the Government of Nepal has included the programme in the annual budget since a long time. However, it has not been implemented yet. Lack of clarity and coordination among concerned agencies are the main reasons behind the delay in implementation</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Indian Prime Minister Narendra Modi had announced a nationwide expansion of startup business in 2015. To make the campaign successful by promoting new entrepreneurs, a fund of Rs 100 billion was set up in 2016 by the Indian government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The programme has become popular even though it has not yielded results as per the expectations of Modi. Due to the popularity of this programme in India, the then Finance Minister Dr. Ram Sharan Mahat had announced a programme with a similar concept in the budget in the Fiscal Year 2071/72. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A startup fund of Rs 500 million was allocated in that year’s budget. However, the then government did not prepare any work procedure to implement the fund.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Since then, it has not been implemented even though the programmes such as challenge fund, grant, and concessional loan have been brought up time and again. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">This programme got continuity in all the three budgets announced by the previous government led by KP Sharma Oli. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the first year, it was said that a grant would be provided by establishing a challenge fund to those with the new ideas. After the programme was announced that year, a committee headed by a member of the National Planning Commission was formed to oversee the programme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government called on interested parties to submit their projects without preparing a draft for the operation of the programme. About 700 applications were received. But no one has been able to receive the fund so far. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the following year’s budget, the government announced to provide a loan at two percent interest rate under the challenge fund instead of grant. However, as the draft was not clear, the programme could not be implemented. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the budget brought by the then Finance Minister Bishnu Poudel through an ordinance for the current fiscal year 2078/79, this programme was revised again. After amendment, the government has decided to provide loan at 1 percent interest rate instead of 2 percent to the applicants. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“With the objective of motivating young entrepreneurs to get involved in startup business, seed capital loan of up to Rs 2.5 million at one percent interest rate will be provided against the project as a collateral,” the budget stated. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the budget brought through the ordinance, it was said that registration, renewal of startup business and other services would be provided free of cost through a one-door system. Nevertheless, the budget has not cleared anything on issues like the process of implementation, while the definition of startup business is also not clear. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government had pledged to facilitate the programme through policy intervention in order to attract foreign investment in startup business and a challenge fund of Rs 1 billion was to be established for this purpose. As the fiscal year draws to a close, there is no sign of implementation of the programme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Joint Secretary at the Ministry of Finance Dhundi Prasad Niraula says that the budget has not been released for this programme yet. He is unaware why the programme, which has been in the budget for a long time, could not be implemented. According to him, the concerned bodies should be held accountable for implementing the programme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Such programmes are being implemented all over the world, including India, to encourage startup business, says the labor expert Dr. Ganesh Gurung. According to him, it is unfortunate that this programme, which encourages employment for a long time, could not be implemented. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Member of National Planning Commission Dr. Ram Kumar Phuyal admitted that it has become too late for the implementation of the programme. He attributed the delay to the existing dilemmas in the work procedure, lack of inter-agency coordination and change of government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Phunyal, a new procedure is being formulated and sent to the Council of Ministers. “We are sending a new procedure to the cabinet. After amending it, we will issue a directive and implement this programme,” he said. </span></span></span></span></p> <p><br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14996', 'image' => '20220511035843_startup.jpg', 'article_date' => '2022-05-11 15:57:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15253', 'article_category_id' => '1', 'title' => 'Preparation Afoot to bring 100,000 Tons of Fertilizer from India', 'sub_title' => '', 'summary' => 'May 11: Preparations are underway to bring chemical fertilizer from India within mid-June through the G2G process to prevent shortage of fertilizer during planting season. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 11: Preparations are underway to bring chemical fertilizer from India within mid-June through the G2G process to prevent shortage of fertilizer during planting season. According to the concerned officials, 100,000 metric tons of fertilizers will be brought to Nepal by mid-June.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Government of Nepal had signed an agreement with the Indian government last February to bring 935,000 metric tons of chemical fertilizer through the G2G process in the next five years. The agreement did not specify when and at what price. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Agriculture Inputs Company Limited, the officials of the two countries have been entrusted with the task of importing fertilizer through fast-track process as the paddy plantation season is just a month away.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A team including Rajendra Bahadur Karki, managing director of the Agriculture Inputs Company, met Indian officials last Thursday and returned back after finalizing a deal to import fertilizers through fast track. According to Karki, the process of importing fertilizers is in its final stage.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">No tax will be levied on import of fertilizers. India has agreed not to collect service charges. Similarly, India will provide fertilizer to Nepal by fixing the price according to the price it originally purchased at. If the price fluctuates in the international market, prices will be fixed accordingly. Karki informed that the government of India also agreed to transport fertilizers to Nepal's warehouse.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the first phase, a of 100,000 metric tons of fertilizers including a shipment of 60,000 metric tons of urea and 40,000 metric tons of DAP will be brought to the warehouses of Agriculture Inputs Company Limited within the next two weeks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Karki said that the remaining 50,000 metric tons of fertilizer agreed to be brought in the current fiscal year will arrive by June 29.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal needs about 800,000 metric tons of chemical fertilizer annually. About 150,000 metric tons are required for the annual crop. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">If it is too late to bring fertilizers via G2G, there will be a shortage of fertilizers at the time of planting this year as well. At present, the Agriculture Inputs Company has only 15,500 metric tons of DAP, 386 metric tons of urea and 6,700 metric tons of potassium. The Salt Trading Corporation, which has been distributing subsidized fertilizers, does not have any fertilizer in stock.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Salt Trading's fertilizer store has been empty for 4 months</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The stockpile of Salt Trading Corporation, which is entrusted with the task of importing and selling government-subsidized fertilizer, has been empty for about four months due to problems in importing fertilizer through global tender along with the rising price of chemical fertilizer in the international market. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Officials of the corporation say that there is a problem in importing fertilizer due to the fluctuation in price at the time of purchase compared to the price at the time of tender.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Due to the recent hike in prices due to Russia-Ukraine war, the corporation has not been able to procure 75,000 metric tons of fertilizers through global tenders. The price of urea has gone up from 455 USD at the time of opening the global tender to</span></span> <span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">1100 USD now.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The price of DAP has gone up from 650 USD to 1300 USD, said Kumar Rajbhandari, spokesperson of the Salt Trading Corporation. He said that if the fertilizer is not received through global tender in time, it will have to depend on the fertilizer imported from G2G.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14995', 'image' => '20220511021548_Fertilizer.jpg', 'article_date' => '2022-05-11 14:14:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15252', 'article_category_id' => '1', 'title' => 'Price of Mango up by 68 Percent', 'sub_title' => '', 'summary' => 'May 11: The season of mango has begun. The fruit which is considered to be the king of fruits is showing its king-like characteristics as its price skyrocketed as soon as it hit the market. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 11: The season of mango has begun. The fruit which is considered to be the king of fruits is showing its king-like characteristics as its price skyrocketed as soon as it hit the market. Compared to the same period last year, the price of mango is up by 68 percent. Nepali mango has not arrived in the market yet and traders say that the market price went up as they have to pay high price for mango imported from India. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the daily price list of Kalimati Fruits and Vegetables Market Development Board, the wholesale price of Calcutta mango was Rs 125 per kg last year, which is Rs 210 per kg as per the price list of May 9 this year. This is 68 percent more than the previous year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the retail market, the price of this mango varies from Rs 250 to Rs 300 per kg.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The price of Dasheri mango is up by 62 percent as compared to last year. The price of mango that was Rs 145 per kg last year reached to Rs 235 per kg this time. In the retail market, its price reaches up to Rs 350 per kg. The price of Malda mango as well is up by 33 percent. Its wholesale price went up from Rs 75 per kg to Rs 100 per kg this year. In the retail market, consumers have to pay up to Rs 150 per kg.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Mangoes produced in Nepal are not yet ready to hit the market.</span></span><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> This is the reason why the market is full of Indian mangoes. Gita Prasad Acharya, chairperson of the board, says that the prices of Indian mangoes have gone up this year in India itself, which has affected the Nepali market. According to him, Nepali mangoes will be available in the market from the third week of May and then the price may come down.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Traders say that both the demand and import of mangoes have declined due to the high prices. According to Amar Bania, chairman of Kuleshwor Fruit Market, 10 to 12 vehicles full of mangoes were imported from India every day at this time last year. This year, only 6/7 vehicles filled with mangoes are imported daily. Traders say that when they import mangoes from India, it costs them between Rs 100 to Rs 150 per kg.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Production of Nepali mangoes is estimated to increase this year. Generally, mango production decreases one year and increases the next. This year, the production is expected to increase. Therefore, mango production in the Terai district is expected to double this year as compared to last year as per the employees of Siraha and Saptari mango zones.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14994', 'image' => '20220511014752_1256.750@2x.jpg', 'article_date' => '2022-05-11 13:47:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15251', 'article_category_id' => '1', 'title' => 'NTB to Operate Shuttle Bus for Tourists on Election Day', 'sub_title' => '', 'summary' => 'May 11: Nepal Tourism Board is preparing to operate shuttle bus service for tourists on the day of local level election on May 13.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">May 11: Nepal Tourism Board is preparing to operate shuttle bus service for tourists on the day of local level election on May 13.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The board issued a notice on Tuesday stating that it is preparing to provide such service to the air passengers in Kathmandu on the day of local election. The NTB believes that the service will facilitate the tourists to commute between the airport and their hotel.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The board is preparing to provide the service with the help of the tourist police and in coordination with the Nepal Tourist Vehicle Association and the Tourist Bus Association of Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The board has mentioned that it will operate a paid shuttle bus service from Tribhuvan International Airport to various hotels and from the hotels to the airport.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Accordingly, the NTB has fixed the first route that passes through airport-NAC-Hotel Annapurna-Hotel Yak & Yeti-Thamel Chowk-Lainchaur Chowk-Shankar Hotel-Ambassador Hotel. Route 2 is via Hotel Radiation-Sangrila Hotel-Narayangopal Chowk-Maharajgunj Chowk-Hyatt Regency-Chabahil Chowk-Hotel Dwarika.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The third route is along Tinkune Chowk-Hotel Everest-Maitighar Chowk-Hotel Himalayan-Hotel Soltee-Grand Hotel and back to the airport. The per person fee for shuttle bus service has been fixed at Rs 300.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14993', 'image' => '20220511010436_1652243406.jpg', 'article_date' => '2022-05-11 13:03:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15248', 'article_category_id' => '1', 'title' => 'Two Days a Week Holiday Comes into Effect ', 'sub_title' => '', 'summary' => 'May 11: The government's decision to give leave for two days a week has been published in the Nepal Gazette, the state-owned national news agency RSS reported.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 11: The government's decision to give leave for two days a week has been published in the Nepal Gazette, the state-owned national news agency RSS reported. As a result, the decision comes into effect on a trial basis from May 15. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the information published in the Nepal Gazette, public holiday's will be available on Saturdays and Sundays. The office hours for the remaining five days will be from 9:30 am to 5:30 pm. It will be an hour less during the winter season, RSS reported. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"If the holidays other than the public holidays of Dashain and Tihar scheduled for 2079 BS are more than two consecutive days, then the government agencies providing essential service including the local level will make arrangements for delivering the service flow as per the schedule fixed by the Ministry of Home Affairs from the third day," RSS quoted the decision published in the Nepal Gazette. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">It may be noted that the meeting of the Council of Ministers on April 26 had decided to grant leave for two days a week. Prior to this, only Saturday was a public holiday with the office hours from 10:00 am to 5:00 pm. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">While announcing the decision on April 27, Minister for Information and Communication Gyanendra Bahadur Karki had said that the cabinet decided to give holidays for two days a week with the belief that it would reduce fuel consumption. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The concept of two-day holiday a week was implemented by the government more than two decades ago. The provision was implemented on July 17, 1999 during the tenure of then then Prime Minister Krishna Prasad Bhattarai. Such decision was taken upon the recommendation of the then Administrative Reform Commission in 1991 with the objective of reducing administrative costs. The provision was revoked almost after three years without conducting a study on its impact.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Recently, the government had floated a similar concept but to boost the tourism sector that has been battered by the Covid-19 pandemic. Experts had suggested the government to give two days holiday in a week in order to promote domestic tourism. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14992', 'image' => '20220511123702_20220428110554_20220427142651_IMGL6946.jpg', 'article_date' => '2022-05-11 08:08:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15250', 'article_category_id' => '1', 'title' => '7 Percent Population of Nepal Deprived of Electricity', 'sub_title' => '', 'summary' => 'May 11: Even though the country is almost self-sufficient in electricity, 7 percent of the population is yet to get access to electricity. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 11: Even though the country is almost self-sufficient in electricity, 7 percent of the population is yet to get access to electricity. According to a report prepared by the Ministry of Energy, Water Resources and Irrigation, access to electricity has reached 93 percent of Nepalis as of mid-April this year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Joint Secretary and Spokesperson of the Ministry Madhu Prasad Bhetwal said that the mountainous areas and remote areas especially lacked the access to electricity. Electricity has not yet reached mountainous districts like Dolpa, Mugu and Humla, in addition to the scattered settlements in far-flung districts. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“There is a challenge in extending electricity as one house is situated much further from another house in some areas. Places that do not have any electricity project lack access to electricity as well,” said Bhetwal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government had set the target of providing electricity to 100 percent Nepalis within the current fiscal year. However, Bhetwal said the target cannot be met this time. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bhetwal denied taking the blame for the failure saying, “First of all, we didn't get the budget we asked for. Secondly, there are technical problems due to the remote location.” </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The practice of not working as planned is not new in Nepal. The fact that only 55.04 percent of the total budget was spent with around 2 months left till the end of the current fiscal year can be considered as a strong example of inefficiency of our authoritative bodies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Joint Secretary Bhetwal said that they will work to supply electricity to 100 percent Nepalis within the next two years. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“It is not 100 percent guaranteed that the goal will be attained completely within the extended period, but the data will basically be around the same,” he told New Business Age.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">It is estimated that a budget of around Rs 54 billion is needed to supply electricity to the remaining 7 percent of the population. Bhetwal said that other works will also pick up pace if the government provides the required amount without any hassles. He said, “Effective work has not been possible mainly because of the lack of budget. On top of that, power expansion is challenging due to procedural hurdles, inaccessible places, lack of infrastructure and so on. However, there will be no delay in work if the required budget is provided.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In some places that do not have access to electricity from the national grid, other methods like generating electricity from solar plants, micro hydro and mini grid are used. However, such electricity lacks efficiency and quality. Such electricity is only suitable for light and normal household chores. Electricity produced from alternative methods is not enough to run the industry, use electric stoves or do heavy household chores. Therefore, experts conclude that the rest of the population as well should be supplied with electricity from the national grid.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14991', 'image' => '20220511083106_1652136985.Clipboard20.jpg', 'article_date' => '2022-05-11 08:30:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15247', 'article_category_id' => '1', 'title' => 'US Dollar at Record High against Nepali Currency', 'sub_title' => '', 'summary' => 'May 10: The US dollar has become most expensive compared to the Nepali currency on Tuesday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 10: The US dollar has become most expensive compared to the Nepali currency on Tuesday. According to the foreign exchange rate announced by Nepal Rastra Bank for Tuesday, the buying rate of one dollar has been fixed at Rs 123.65.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The selling rate of the dollar was Rs 124.25 on Tuesday. It means that Nepali nationals will have to spend Rs 124 and 25 paisa to buy one dollar. This is the first time that the US dollar has become so expensive in the Nepali market. The dollar had reached a new high on the previous day as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The dollar index had risen to 104.19 points in international currency market on Monday. This is the highest since July 2002. As the dollar strengthened, the Indian rupee depreciated to a record low against the dollar, making a direct impact on the Nepalese rupee. The Nepalese rupee is pegged to the Indian rupee.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">That is, there is a fixed exchange rate between the two currencies. The dollar exchange rate has a direct effect on the Nepalese rupee. On Monday, the dollar’s value had closed at IRs 77.31.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The dollar has been gaining ground in recent days after the United States last week raised interest rates to a two-decade high. With the dollar strengthening and US bond yields rising, foreign investors are pulling out of the Indian market. This has put pressure on the rupee.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The recent rise in investment in the dollar as a safe-haven asset has also pushed up its price. The dollar rose against most of the major currencies, including the euro, the yen and the pound, on Monday.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-10', 'modified' => '2022-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '14989', 'image' => '20220510074245_1652147317.jpg', 'article_date' => '2022-05-10 19:41:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15246', 'article_category_id' => '1', 'title' => 'Sale and Consumption of Liquor Banned in View of Local Election ', 'sub_title' => '', 'summary' => 'May 10: District administration offices in all three districts in the Kathmandu Valley have decided to ban the supply and consumption of alcoholic products in view of the May 13 local level elections. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 10: District administration offices in all three districts in the Kathmandu Valley have decided to ban the supply and consumption of alcoholic products in view of the May 13 local level elections. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Issuing separate notices on Tuesday, the respective DAO informed that the decision shall come into effect from midnight today and continue till May 13, the day fixed for holding the elections at entire 753 local units in a single phase. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Lalitpur's chief district officer Ghanshyam Upadhyay confirmed that the office has issued a public notice about the prohibition of sale and intake of alcohol. Security agencies in all six local levels in the district have directed the subordinate security bodies to ensure the effective enforcement of the decision. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to Bhaktapur CDO Rudradevi Sharma, violation of the order is punishable and the sale and consumption of alcohol is prohibited near the vote counting venues until the counting gets over. She said that the use of liquor may rise during the election period and it may jeopardize security, that's why its sale and consumption is prohibited during election. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Kathmandu DAO said it will not allow the sale and use of alcohol from midnight today till May 13. -- RSS</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-05-10', 'modified' => '2022-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '14988', 'image' => '20220510060522_drink.jpg', 'article_date' => '2022-05-10 18:04:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15245', 'article_category_id' => '1', 'title' => 'Stakeholders Demand Crackdown on Smuggled Cigarettes', 'sub_title' => '', 'summary' => 'May 10: Stakeholders have expressed their concerns that the domestic production of cigarettes has been affected due to the increase in smuggling of cigarettes. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">May 10: Stakeholders have expressed their concerns that the domestic production of cigarettes has been affected due to the increase in smuggling of cigarettes. They have demanded to stop the sale and distribution of counterfeit cigarettes that are openly sold in Kathmandu and the Terai region.</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"">Businessmen say that a large amount of revenue is being leaked due to smuggling of cigarettes. Surya Nepal, a domestic cigarette manufacturer, said that with the increase in number of tourists after the decline in Covid-19 cases, the trade of illegally imported cigarettes has increased as well. An official of the company said that illegal (smuggled) cigarettes are sold and distributed in the market unhindered. </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"">“As a result, the domestic industries have lost market and the government has lost revenue. If the smuggling is not controlled, the government won’t be able to collect revenue and the consumption of such products will increase as well,” said the official.</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"">The company also stated that the sale of counterfeit cigarettes has increased in the Kathmandu valley. The official said that cigarettes of international brands are now available in the market targeting tourists. </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"">“Raising taxes also makes a difference in the consumption of cigarettes. Every aspect should be analyzed before imposing taxes on tobacco products. The government should not make decisions based solely on just a single aspect,” the official further said.</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"">The official added that the government should take policy only after analyzing the situation of production of domestic tobacco companies. He said that even though the tax on tobacco products is low, the highest selling Pilot cigarette of Surya Nepal pays 70 percent tax. He said that raising the tax would increase the price of cigarettes and it would lead to consumption of other tobacco products like ‘gutkha’ and reduce revenue collection as well.</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"">The official added that the illegal trade of cigarettes has been taking place in Nepal in two ways -- cigarettes of international brands are being traded illegally in big cities including Kathmandu and Pokhara and counterfeit cigarettes of Nepali brand are being imported from India in the border areas.</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""> Till date, 55 to 70 percent taxes have been levied on the sales of cigarette. Cigarettes are subject to excise duty, health risk tax, value added tax, customs duty and other taxes.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-10', 'modified' => '2022-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '14987', 'image' => '20220510043801_istockphoto-1133345196-612x612.jpg', 'article_date' => '2022-05-10 16:37:04', '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
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '15260', 'article_category_id' => '1', 'title' => '232 Industries Registered till mid-April', 'sub_title' => '', 'summary' => 'May 12: As of mid-April this year, 232 industries have been registered so far in the current fiscal year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 12: As of mid-April this year, 232 industries have been registered so far in the current fiscal year. The number is higher than the registration in the corresponding period of the previous fiscal year. According to the Department of Industry, 169 domestic and foreign industries were registered during the same period last year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Department of Industry, so far, 8,687 industries have been registered. During the nine months of the current fiscal year, 67 large, 82 medium and 83 small scale industries were registered. In the corresponding period of the previous year, 33 large, 40 medium and 96 small scale industries were registered. Ram Chandra Tiwari, the director general of the department, said that 1,281 large, 1,991 medium and 5,415 small scale industries have been registered so far.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As per Industrial Business Act, 2076, industries with fixed capital up to Rs 150 million are considered small scale industries, those with fixed capital of Rs 150 million to Rs 500 million are considered medium and industries with fixed capital of more than Rs 500 million are considered as large scale industries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the third quarter of the current fiscal year, Rs 266 billion investment was proposed for the 232 industries. The proposed investment last year was Rs 139 billion. The department informed that an investment of Rs 2.5 trillion has been proposed so far. As of mid-April, 23 designs and 2,356 trademarks have been registered, the department informed.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '15002', 'image' => '20220512050212_Industries.jpg', 'article_date' => '2022-05-12 17:01:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15259', 'article_category_id' => '1', 'title' => 'Interest Rate to Remain Unchanged till mid-June ', 'sub_title' => '', 'summary' => 'May 12: Commercial banks have agreed not to raise the interest rate till mid-June.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 12: Commercial banks have agreed not to raise the interest rate till mid-June. However, the final decision will be made during a meeting of Nepal Bankers Association to be held later on Thursday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Anil Sharma, CEO of the association, informed that the member banks have been suggested not to raise the interest rate till mid-June. A CEO of a commercial bank said that as per the suggestion, a majority of banks have agreed not to raise the interest rate. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">At present, the interest rate of banks for fixed deposits of more than three months is 11.03 percent. There was a rumor in the market that the interest rates of the banks will be increased. After the A class commercial banks did not revise the interest rates, B class development banks and C class finance companies also did not revise the interest rates. Although the banks started to increase the interest rates lately to attract deposits, the deposits did not grow as expected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">There is a provision that the banks and financial institutions are allowed to revise the interest rates up to 10 percent every month. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '15001', 'image' => '20220512043228_Bankkk.jpg', 'article_date' => '2022-05-12 16:31:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15258', 'article_category_id' => '1', 'title' => 'Balance of Payment in Deficit of Rs 268 Billion', 'sub_title' => '', 'summary' => 'May 12: Nepal’s Balance of Payments (BoP) remained at a deficit of Rs 268.26 billion in the first nine months of the current fiscal year despite improvement in some other macroeconomic indicators.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 12: Nepal’s Balance of Payments (BoP) remained at a deficit of Rs 268.26 billion in the first nine months of the current fiscal year despite improvement in some other macroeconomic indicators.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Nepal Rastra Bank (NRB), BoP was in surplus of Rs 42.54 billion in the coresponding period of last fiscal year. In the US Dollar terms, the BOP remained at a deficit of 2.25 billion in the review period against a surplus of 348.1 million in the same period of the previous year, according to the central bank’s Current Macroeconomic and Financial Situation Report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, the current account remained at a deficit of Rs 512.71 billion in the review period compared to a deficit of Rs 210.51 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, capital transfer decreased 39.5 percent to Rs 7.78 billion and net foreign direct investment (FDI) increased 33.7 percent to Rs 16.51 billion. In the same period of the previous year, capital transfer and net FDI amounted to Rs 12.86 billion and Rs 12.35 billion respectively. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '15000', 'image' => '20220512020122_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-05-12 14:00:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15257', 'article_category_id' => '1', 'title' => 'Remittance Inflow Improving, Pressure on Foreign Exchange Reserves Eases to Some Extent', 'sub_title' => '', 'summary' => 'May 12: Macroeconomic indicators have shown signs of improvement after months of crisis. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 12: Macroeconomic indicators have shown signs of improvement after months of crisis. The policies adopted by the government and Nepal Rastra Bank (NRB) has had a positive impact on remittance inflow and foreign exchange reserves.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report published by the central bank on Wednesday shows that the inflow of remittance and foreign exchange reserves in the ninth month (mid-March to mid-April) of the current fiscal year have improved to some extent compared to the previous month.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Remittance inflow had been declining since the start of the current fiscal year but has now become almost stable since mid-March. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The total inflow of remittance in the first nine months of the current fiscal year stands at Rs 724.74 billion which is lightly less compared to that of the corresponding period of last fiscal year by just 0.6 percent.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Remittance inflow in the first month of the current fiscal year had declined by 18 percent.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In the month of Falgun (mid-February to mid-March), the monthly average inflow of remittance was Rs 78 billion which increased to Rs 93 billion in the very next month.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Remittance is the main source of Nepal’s foreign currency reserves. As the inflow of remittance started declining, banks started providing additional interest by one percentage points for Nepali migrant workers depositing remittance sent through formal banking channels. Meanwhile, the NRB fixed a ceiling on internal transfer of money in order to crack down on the illegal hundi business.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Deputy Spokesperson of NRB Narayan Prasad Pokharel informed that the inflow of remittance has shown positive sign as the number of Nepali migrant workers visiting foreign countries has increased after the Covid-19 pandemic subsided while the value of US dollar has also strengthened compared to the Nepali currency, thereby having a positive impact on remittance inflow. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Due to the improvement in remittance inflow, the pressure on foreign exchange reserves has eased to some extent. Nepal’s foreign exchange reserves, which stood at US$ 1399.3 billion in last July had dropped by 16.5 percent to US$ 1167.92 billion as of mid-April.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Based on the imports of nine months of 2021/22, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 7.4 months, and merchandise and services imports of 6.6 months, the NRB report stated.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government and the central bank adopted strict measures to discourage import of luxury goods after the country’s foreign exchange reserves started declining. NRB imposed 100 percent cash margin for opening LC to import luxury goods and has also banned the import of 10 items for the rest of current fiscal year.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '14999', 'image' => '20220512010256_Remittance.jpg', 'article_date' => '2022-05-12 13:01:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15256', 'article_category_id' => '1', 'title' => 'Trade Deficit Increases Despite Improvement in Export', 'sub_title' => '', 'summary' => 'May 12: Nepal’s trade deficit increased 28.5 percent to Rs 1306.09 billion during the first nine months of the current fiscal year (FY 2021/22) despite an increase in exports. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 12: Nepal’s trade deficit increased 28.5 percent to Rs 1306.09 billion during the first nine months of the current fiscal year (FY 2021/22) despite an increase in exports. According to Nepal Rastra Bank (NRB), such a deficit had increased 12.5 percent in the corresponding period of the previous year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The export-import ratio increased to 10.9 percent in the review period from 8.5 percent in the corresponding period of the previous year, according to the Current Macroeconomic and Financial Situation Report published by the central bank on Wednesday.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">As per the report, Nepal's merchandise exports increased by 69.4 percent in the first nine months of the current fiscal year (FY 2021/22) to Rs 160.57 billion compared to an increase of 20.2 percent in the corresponding period of last fiscal year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India and other countries increased 86.9 percent and 25.5 respectively whereas exports to China decreased 21.8 percent, the central bank’s report said.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the report, exports of palm oil, soybean oil, polyester yarn and thread, woolen carpets, oil cakes, among others, increased whereas exports of cardamom, tea, wire, toothpaste, copper wire rod, among others, decreased in the review period. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">During the nine months of 2021/22, merchandise imports increased 32.0 percent to Rs 1466.66 billion compared to an increase of 13.1 percent a year ago. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India, China and other countries increased by 24.4 percent, 28.6 percent, and 59.2 percent respectively. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The report states that imports of petroleum products, medicine, crude palm oil, other machinery and parts, gold, among others, increased whereas imports of MS billet, chemical fertilizer, cement, pulses, molasses sugar, among others, decreased in the review period. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Based on customs points, exports from Kanchanpur and Mechi customs offices decreased whereas exports from all the other major customs points increased in the review period. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">On the import side, imports from all the major customs points increased in the review period. </span></span></p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '14998', 'image' => '20220512113656_Trade.jpg', 'article_date' => '2022-05-12 11:36:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15255', 'article_category_id' => '1', 'title' => 'Inflation Rising: NRB Report', 'sub_title' => '', 'summary' => 'May 12: The year-on-year consumer price inflation stood at 7.28 percent in the ninth month of the current fiscal year (FY 2021/22) compared to 3.10 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 12: The year-on-year consumer price inflation stood at 7.28 percent in the ninth month of the current fiscal year (FY 2021/22) compared to 3.10 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report published by the central bank on Wednesday states that food and beverage inflation stood at 7.40 percent whereas non-food and service inflation stood at 7.18 percent in the review month.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Average inflation remained 5.62 percent during the review period, the report further said.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, the prices of ghee and oil, milk products and eggs, pulses and legumes, and tobacco products and its sub-categories rose by 28.36 percent, 11.56 percent, 10.53 and 8.91 percent respectively on y-o-y basis.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Likewise, under the non-food and services category, the prices of transportation, education, and miscellaneous goods and services sub-categories rose by 20.16 percent, 8.79 percent and 8.17 percent respectively on y-o-y basis.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In the review month, the Kathmandu Valley, Terai, hill and mountain regions witnessed 6.25 percent, 7.61 percent, 7.79 percent and 8.25 percent inflation respectively. According to the NRB report, inflation in these regions was 3.24 percent, 2.92 percent, 3.38 percent and 1.54 percent respectively a year ago. Similarly, the y-o-y wholesale price inflation stood at 14.42 percent in the review month compared to 6.14 percent a year ago. The y-o-y wholesale price of consumption goods, intermediate goods and capital goods increased 17.07 percent, 14.13 percent and 7.22 percent respectively. The y-o-y wholesale price of construction materials increased 25.22 percent in the review month.</span></span></p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '14997', 'image' => '20220512082020_Inflation.jpg', 'article_date' => '2022-05-12 08:19:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15254', 'article_category_id' => '1', 'title' => 'Startup Promotion Limited to Papers since 8 Years ', 'sub_title' => '', 'summary' => 'May 11: The government’s programme to promote startup business has not been implemented despite being included in the annual budget for the last eight years.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 11: The government’s programme to promote startup business has not been implemented despite being included in the annual budget for the last eight years.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Inspired by the popular startup programme of India, the Government of Nepal has included the programme in the annual budget since a long time. However, it has not been implemented yet. Lack of clarity and coordination among concerned agencies are the main reasons behind the delay in implementation</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Indian Prime Minister Narendra Modi had announced a nationwide expansion of startup business in 2015. To make the campaign successful by promoting new entrepreneurs, a fund of Rs 100 billion was set up in 2016 by the Indian government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The programme has become popular even though it has not yielded results as per the expectations of Modi. Due to the popularity of this programme in India, the then Finance Minister Dr. Ram Sharan Mahat had announced a programme with a similar concept in the budget in the Fiscal Year 2071/72. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A startup fund of Rs 500 million was allocated in that year’s budget. However, the then government did not prepare any work procedure to implement the fund.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Since then, it has not been implemented even though the programmes such as challenge fund, grant, and concessional loan have been brought up time and again. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">This programme got continuity in all the three budgets announced by the previous government led by KP Sharma Oli. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the first year, it was said that a grant would be provided by establishing a challenge fund to those with the new ideas. After the programme was announced that year, a committee headed by a member of the National Planning Commission was formed to oversee the programme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government called on interested parties to submit their projects without preparing a draft for the operation of the programme. About 700 applications were received. But no one has been able to receive the fund so far. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the following year’s budget, the government announced to provide a loan at two percent interest rate under the challenge fund instead of grant. However, as the draft was not clear, the programme could not be implemented. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the budget brought by the then Finance Minister Bishnu Poudel through an ordinance for the current fiscal year 2078/79, this programme was revised again. After amendment, the government has decided to provide loan at 1 percent interest rate instead of 2 percent to the applicants. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“With the objective of motivating young entrepreneurs to get involved in startup business, seed capital loan of up to Rs 2.5 million at one percent interest rate will be provided against the project as a collateral,” the budget stated. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the budget brought through the ordinance, it was said that registration, renewal of startup business and other services would be provided free of cost through a one-door system. Nevertheless, the budget has not cleared anything on issues like the process of implementation, while the definition of startup business is also not clear. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government had pledged to facilitate the programme through policy intervention in order to attract foreign investment in startup business and a challenge fund of Rs 1 billion was to be established for this purpose. As the fiscal year draws to a close, there is no sign of implementation of the programme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Joint Secretary at the Ministry of Finance Dhundi Prasad Niraula says that the budget has not been released for this programme yet. He is unaware why the programme, which has been in the budget for a long time, could not be implemented. According to him, the concerned bodies should be held accountable for implementing the programme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Such programmes are being implemented all over the world, including India, to encourage startup business, says the labor expert Dr. Ganesh Gurung. According to him, it is unfortunate that this programme, which encourages employment for a long time, could not be implemented. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Member of National Planning Commission Dr. Ram Kumar Phuyal admitted that it has become too late for the implementation of the programme. He attributed the delay to the existing dilemmas in the work procedure, lack of inter-agency coordination and change of government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Phunyal, a new procedure is being formulated and sent to the Council of Ministers. “We are sending a new procedure to the cabinet. After amending it, we will issue a directive and implement this programme,” he said. </span></span></span></span></p> <p><br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14996', 'image' => '20220511035843_startup.jpg', 'article_date' => '2022-05-11 15:57:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15253', 'article_category_id' => '1', 'title' => 'Preparation Afoot to bring 100,000 Tons of Fertilizer from India', 'sub_title' => '', 'summary' => 'May 11: Preparations are underway to bring chemical fertilizer from India within mid-June through the G2G process to prevent shortage of fertilizer during planting season. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 11: Preparations are underway to bring chemical fertilizer from India within mid-June through the G2G process to prevent shortage of fertilizer during planting season. According to the concerned officials, 100,000 metric tons of fertilizers will be brought to Nepal by mid-June.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Government of Nepal had signed an agreement with the Indian government last February to bring 935,000 metric tons of chemical fertilizer through the G2G process in the next five years. The agreement did not specify when and at what price. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Agriculture Inputs Company Limited, the officials of the two countries have been entrusted with the task of importing fertilizer through fast-track process as the paddy plantation season is just a month away.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A team including Rajendra Bahadur Karki, managing director of the Agriculture Inputs Company, met Indian officials last Thursday and returned back after finalizing a deal to import fertilizers through fast track. According to Karki, the process of importing fertilizers is in its final stage.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">No tax will be levied on import of fertilizers. India has agreed not to collect service charges. Similarly, India will provide fertilizer to Nepal by fixing the price according to the price it originally purchased at. If the price fluctuates in the international market, prices will be fixed accordingly. Karki informed that the government of India also agreed to transport fertilizers to Nepal's warehouse.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the first phase, a of 100,000 metric tons of fertilizers including a shipment of 60,000 metric tons of urea and 40,000 metric tons of DAP will be brought to the warehouses of Agriculture Inputs Company Limited within the next two weeks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Karki said that the remaining 50,000 metric tons of fertilizer agreed to be brought in the current fiscal year will arrive by June 29.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal needs about 800,000 metric tons of chemical fertilizer annually. About 150,000 metric tons are required for the annual crop. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">If it is too late to bring fertilizers via G2G, there will be a shortage of fertilizers at the time of planting this year as well. At present, the Agriculture Inputs Company has only 15,500 metric tons of DAP, 386 metric tons of urea and 6,700 metric tons of potassium. The Salt Trading Corporation, which has been distributing subsidized fertilizers, does not have any fertilizer in stock.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Salt Trading's fertilizer store has been empty for 4 months</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The stockpile of Salt Trading Corporation, which is entrusted with the task of importing and selling government-subsidized fertilizer, has been empty for about four months due to problems in importing fertilizer through global tender along with the rising price of chemical fertilizer in the international market. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Officials of the corporation say that there is a problem in importing fertilizer due to the fluctuation in price at the time of purchase compared to the price at the time of tender.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Due to the recent hike in prices due to Russia-Ukraine war, the corporation has not been able to procure 75,000 metric tons of fertilizers through global tenders. The price of urea has gone up from 455 USD at the time of opening the global tender to</span></span> <span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">1100 USD now.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The price of DAP has gone up from 650 USD to 1300 USD, said Kumar Rajbhandari, spokesperson of the Salt Trading Corporation. He said that if the fertilizer is not received through global tender in time, it will have to depend on the fertilizer imported from G2G.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14995', 'image' => '20220511021548_Fertilizer.jpg', 'article_date' => '2022-05-11 14:14:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15252', 'article_category_id' => '1', 'title' => 'Price of Mango up by 68 Percent', 'sub_title' => '', 'summary' => 'May 11: The season of mango has begun. The fruit which is considered to be the king of fruits is showing its king-like characteristics as its price skyrocketed as soon as it hit the market. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 11: The season of mango has begun. The fruit which is considered to be the king of fruits is showing its king-like characteristics as its price skyrocketed as soon as it hit the market. Compared to the same period last year, the price of mango is up by 68 percent. Nepali mango has not arrived in the market yet and traders say that the market price went up as they have to pay high price for mango imported from India. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the daily price list of Kalimati Fruits and Vegetables Market Development Board, the wholesale price of Calcutta mango was Rs 125 per kg last year, which is Rs 210 per kg as per the price list of May 9 this year. This is 68 percent more than the previous year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the retail market, the price of this mango varies from Rs 250 to Rs 300 per kg.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The price of Dasheri mango is up by 62 percent as compared to last year. The price of mango that was Rs 145 per kg last year reached to Rs 235 per kg this time. In the retail market, its price reaches up to Rs 350 per kg. The price of Malda mango as well is up by 33 percent. Its wholesale price went up from Rs 75 per kg to Rs 100 per kg this year. In the retail market, consumers have to pay up to Rs 150 per kg.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Mangoes produced in Nepal are not yet ready to hit the market.</span></span><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> This is the reason why the market is full of Indian mangoes. Gita Prasad Acharya, chairperson of the board, says that the prices of Indian mangoes have gone up this year in India itself, which has affected the Nepali market. According to him, Nepali mangoes will be available in the market from the third week of May and then the price may come down.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Traders say that both the demand and import of mangoes have declined due to the high prices. According to Amar Bania, chairman of Kuleshwor Fruit Market, 10 to 12 vehicles full of mangoes were imported from India every day at this time last year. This year, only 6/7 vehicles filled with mangoes are imported daily. Traders say that when they import mangoes from India, it costs them between Rs 100 to Rs 150 per kg.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Production of Nepali mangoes is estimated to increase this year. Generally, mango production decreases one year and increases the next. This year, the production is expected to increase. Therefore, mango production in the Terai district is expected to double this year as compared to last year as per the employees of Siraha and Saptari mango zones.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14994', 'image' => '20220511014752_1256.750@2x.jpg', 'article_date' => '2022-05-11 13:47:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15251', 'article_category_id' => '1', 'title' => 'NTB to Operate Shuttle Bus for Tourists on Election Day', 'sub_title' => '', 'summary' => 'May 11: Nepal Tourism Board is preparing to operate shuttle bus service for tourists on the day of local level election on May 13.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">May 11: Nepal Tourism Board is preparing to operate shuttle bus service for tourists on the day of local level election on May 13.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The board issued a notice on Tuesday stating that it is preparing to provide such service to the air passengers in Kathmandu on the day of local election. The NTB believes that the service will facilitate the tourists to commute between the airport and their hotel.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The board is preparing to provide the service with the help of the tourist police and in coordination with the Nepal Tourist Vehicle Association and the Tourist Bus Association of Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The board has mentioned that it will operate a paid shuttle bus service from Tribhuvan International Airport to various hotels and from the hotels to the airport.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Accordingly, the NTB has fixed the first route that passes through airport-NAC-Hotel Annapurna-Hotel Yak & Yeti-Thamel Chowk-Lainchaur Chowk-Shankar Hotel-Ambassador Hotel. Route 2 is via Hotel Radiation-Sangrila Hotel-Narayangopal Chowk-Maharajgunj Chowk-Hyatt Regency-Chabahil Chowk-Hotel Dwarika.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The third route is along Tinkune Chowk-Hotel Everest-Maitighar Chowk-Hotel Himalayan-Hotel Soltee-Grand Hotel and back to the airport. The per person fee for shuttle bus service has been fixed at Rs 300.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14993', 'image' => '20220511010436_1652243406.jpg', 'article_date' => '2022-05-11 13:03:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15248', 'article_category_id' => '1', 'title' => 'Two Days a Week Holiday Comes into Effect ', 'sub_title' => '', 'summary' => 'May 11: The government's decision to give leave for two days a week has been published in the Nepal Gazette, the state-owned national news agency RSS reported.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 11: The government's decision to give leave for two days a week has been published in the Nepal Gazette, the state-owned national news agency RSS reported. As a result, the decision comes into effect on a trial basis from May 15. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the information published in the Nepal Gazette, public holiday's will be available on Saturdays and Sundays. The office hours for the remaining five days will be from 9:30 am to 5:30 pm. It will be an hour less during the winter season, RSS reported. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"If the holidays other than the public holidays of Dashain and Tihar scheduled for 2079 BS are more than two consecutive days, then the government agencies providing essential service including the local level will make arrangements for delivering the service flow as per the schedule fixed by the Ministry of Home Affairs from the third day," RSS quoted the decision published in the Nepal Gazette. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">It may be noted that the meeting of the Council of Ministers on April 26 had decided to grant leave for two days a week. Prior to this, only Saturday was a public holiday with the office hours from 10:00 am to 5:00 pm. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">While announcing the decision on April 27, Minister for Information and Communication Gyanendra Bahadur Karki had said that the cabinet decided to give holidays for two days a week with the belief that it would reduce fuel consumption. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The concept of two-day holiday a week was implemented by the government more than two decades ago. The provision was implemented on July 17, 1999 during the tenure of then then Prime Minister Krishna Prasad Bhattarai. Such decision was taken upon the recommendation of the then Administrative Reform Commission in 1991 with the objective of reducing administrative costs. The provision was revoked almost after three years without conducting a study on its impact.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Recently, the government had floated a similar concept but to boost the tourism sector that has been battered by the Covid-19 pandemic. Experts had suggested the government to give two days holiday in a week in order to promote domestic tourism. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14992', 'image' => '20220511123702_20220428110554_20220427142651_IMGL6946.jpg', 'article_date' => '2022-05-11 08:08:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15250', 'article_category_id' => '1', 'title' => '7 Percent Population of Nepal Deprived of Electricity', 'sub_title' => '', 'summary' => 'May 11: Even though the country is almost self-sufficient in electricity, 7 percent of the population is yet to get access to electricity. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 11: Even though the country is almost self-sufficient in electricity, 7 percent of the population is yet to get access to electricity. According to a report prepared by the Ministry of Energy, Water Resources and Irrigation, access to electricity has reached 93 percent of Nepalis as of mid-April this year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Joint Secretary and Spokesperson of the Ministry Madhu Prasad Bhetwal said that the mountainous areas and remote areas especially lacked the access to electricity. Electricity has not yet reached mountainous districts like Dolpa, Mugu and Humla, in addition to the scattered settlements in far-flung districts. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“There is a challenge in extending electricity as one house is situated much further from another house in some areas. Places that do not have any electricity project lack access to electricity as well,” said Bhetwal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government had set the target of providing electricity to 100 percent Nepalis within the current fiscal year. However, Bhetwal said the target cannot be met this time. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bhetwal denied taking the blame for the failure saying, “First of all, we didn't get the budget we asked for. Secondly, there are technical problems due to the remote location.” </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The practice of not working as planned is not new in Nepal. The fact that only 55.04 percent of the total budget was spent with around 2 months left till the end of the current fiscal year can be considered as a strong example of inefficiency of our authoritative bodies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Joint Secretary Bhetwal said that they will work to supply electricity to 100 percent Nepalis within the next two years. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“It is not 100 percent guaranteed that the goal will be attained completely within the extended period, but the data will basically be around the same,” he told New Business Age.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">It is estimated that a budget of around Rs 54 billion is needed to supply electricity to the remaining 7 percent of the population. Bhetwal said that other works will also pick up pace if the government provides the required amount without any hassles. He said, “Effective work has not been possible mainly because of the lack of budget. On top of that, power expansion is challenging due to procedural hurdles, inaccessible places, lack of infrastructure and so on. However, there will be no delay in work if the required budget is provided.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In some places that do not have access to electricity from the national grid, other methods like generating electricity from solar plants, micro hydro and mini grid are used. However, such electricity lacks efficiency and quality. Such electricity is only suitable for light and normal household chores. Electricity produced from alternative methods is not enough to run the industry, use electric stoves or do heavy household chores. Therefore, experts conclude that the rest of the population as well should be supplied with electricity from the national grid.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14991', 'image' => '20220511083106_1652136985.Clipboard20.jpg', 'article_date' => '2022-05-11 08:30:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15247', 'article_category_id' => '1', 'title' => 'US Dollar at Record High against Nepali Currency', 'sub_title' => '', 'summary' => 'May 10: The US dollar has become most expensive compared to the Nepali currency on Tuesday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 10: The US dollar has become most expensive compared to the Nepali currency on Tuesday. According to the foreign exchange rate announced by Nepal Rastra Bank for Tuesday, the buying rate of one dollar has been fixed at Rs 123.65.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The selling rate of the dollar was Rs 124.25 on Tuesday. It means that Nepali nationals will have to spend Rs 124 and 25 paisa to buy one dollar. This is the first time that the US dollar has become so expensive in the Nepali market. The dollar had reached a new high on the previous day as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The dollar index had risen to 104.19 points in international currency market on Monday. This is the highest since July 2002. As the dollar strengthened, the Indian rupee depreciated to a record low against the dollar, making a direct impact on the Nepalese rupee. The Nepalese rupee is pegged to the Indian rupee.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">That is, there is a fixed exchange rate between the two currencies. The dollar exchange rate has a direct effect on the Nepalese rupee. On Monday, the dollar’s value had closed at IRs 77.31.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The dollar has been gaining ground in recent days after the United States last week raised interest rates to a two-decade high. With the dollar strengthening and US bond yields rising, foreign investors are pulling out of the Indian market. This has put pressure on the rupee.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The recent rise in investment in the dollar as a safe-haven asset has also pushed up its price. The dollar rose against most of the major currencies, including the euro, the yen and the pound, on Monday.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-10', 'modified' => '2022-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '14989', 'image' => '20220510074245_1652147317.jpg', 'article_date' => '2022-05-10 19:41:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15246', 'article_category_id' => '1', 'title' => 'Sale and Consumption of Liquor Banned in View of Local Election ', 'sub_title' => '', 'summary' => 'May 10: District administration offices in all three districts in the Kathmandu Valley have decided to ban the supply and consumption of alcoholic products in view of the May 13 local level elections. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 10: District administration offices in all three districts in the Kathmandu Valley have decided to ban the supply and consumption of alcoholic products in view of the May 13 local level elections. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Issuing separate notices on Tuesday, the respective DAO informed that the decision shall come into effect from midnight today and continue till May 13, the day fixed for holding the elections at entire 753 local units in a single phase. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Lalitpur's chief district officer Ghanshyam Upadhyay confirmed that the office has issued a public notice about the prohibition of sale and intake of alcohol. Security agencies in all six local levels in the district have directed the subordinate security bodies to ensure the effective enforcement of the decision. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to Bhaktapur CDO Rudradevi Sharma, violation of the order is punishable and the sale and consumption of alcohol is prohibited near the vote counting venues until the counting gets over. She said that the use of liquor may rise during the election period and it may jeopardize security, that's why its sale and consumption is prohibited during election. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Kathmandu DAO said it will not allow the sale and use of alcohol from midnight today till May 13. -- RSS</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-05-10', 'modified' => '2022-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '14988', 'image' => '20220510060522_drink.jpg', 'article_date' => '2022-05-10 18:04:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15245', 'article_category_id' => '1', 'title' => 'Stakeholders Demand Crackdown on Smuggled Cigarettes', 'sub_title' => '', 'summary' => 'May 10: Stakeholders have expressed their concerns that the domestic production of cigarettes has been affected due to the increase in smuggling of cigarettes. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">May 10: Stakeholders have expressed their concerns that the domestic production of cigarettes has been affected due to the increase in smuggling of cigarettes. They have demanded to stop the sale and distribution of counterfeit cigarettes that are openly sold in Kathmandu and the Terai region.</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"">Businessmen say that a large amount of revenue is being leaked due to smuggling of cigarettes. Surya Nepal, a domestic cigarette manufacturer, said that with the increase in number of tourists after the decline in Covid-19 cases, the trade of illegally imported cigarettes has increased as well. An official of the company said that illegal (smuggled) cigarettes are sold and distributed in the market unhindered. </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"">“As a result, the domestic industries have lost market and the government has lost revenue. If the smuggling is not controlled, the government won’t be able to collect revenue and the consumption of such products will increase as well,” said the official.</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"">The company also stated that the sale of counterfeit cigarettes has increased in the Kathmandu valley. The official said that cigarettes of international brands are now available in the market targeting tourists. </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"">“Raising taxes also makes a difference in the consumption of cigarettes. Every aspect should be analyzed before imposing taxes on tobacco products. The government should not make decisions based solely on just a single aspect,” the official further said.</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"">The official added that the government should take policy only after analyzing the situation of production of domestic tobacco companies. He said that even though the tax on tobacco products is low, the highest selling Pilot cigarette of Surya Nepal pays 70 percent tax. He said that raising the tax would increase the price of cigarettes and it would lead to consumption of other tobacco products like ‘gutkha’ and reduce revenue collection as well.</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"">The official added that the illegal trade of cigarettes has been taking place in Nepal in two ways -- cigarettes of international brands are being traded illegally in big cities including Kathmandu and Pokhara and counterfeit cigarettes of Nepali brand are being imported from India in the border areas.</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""> Till date, 55 to 70 percent taxes have been levied on the sales of cigarette. Cigarettes are subject to excise duty, health risk tax, value added tax, customs duty and other taxes.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-10', 'modified' => '2022-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '14987', 'image' => '20220510043801_istockphoto-1133345196-612x612.jpg', 'article_date' => '2022-05-10 16:37:04', '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' => '15260', 'article_category_id' => '1', 'title' => '232 Industries Registered till mid-April', 'sub_title' => '', 'summary' => 'May 12: As of mid-April this year, 232 industries have been registered so far in the current fiscal year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 12: As of mid-April this year, 232 industries have been registered so far in the current fiscal year. The number is higher than the registration in the corresponding period of the previous fiscal year. According to the Department of Industry, 169 domestic and foreign industries were registered during the same period last year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Department of Industry, so far, 8,687 industries have been registered. During the nine months of the current fiscal year, 67 large, 82 medium and 83 small scale industries were registered. In the corresponding period of the previous year, 33 large, 40 medium and 96 small scale industries were registered. Ram Chandra Tiwari, the director general of the department, said that 1,281 large, 1,991 medium and 5,415 small scale industries have been registered so far.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As per Industrial Business Act, 2076, industries with fixed capital up to Rs 150 million are considered small scale industries, those with fixed capital of Rs 150 million to Rs 500 million are considered medium and industries with fixed capital of more than Rs 500 million are considered as large scale industries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the third quarter of the current fiscal year, Rs 266 billion investment was proposed for the 232 industries. The proposed investment last year was Rs 139 billion. The department informed that an investment of Rs 2.5 trillion has been proposed so far. As of mid-April, 23 designs and 2,356 trademarks have been registered, the department informed.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '15002', 'image' => '20220512050212_Industries.jpg', 'article_date' => '2022-05-12 17:01:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15259', 'article_category_id' => '1', 'title' => 'Interest Rate to Remain Unchanged till mid-June ', 'sub_title' => '', 'summary' => 'May 12: Commercial banks have agreed not to raise the interest rate till mid-June.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 12: Commercial banks have agreed not to raise the interest rate till mid-June. However, the final decision will be made during a meeting of Nepal Bankers Association to be held later on Thursday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Anil Sharma, CEO of the association, informed that the member banks have been suggested not to raise the interest rate till mid-June. A CEO of a commercial bank said that as per the suggestion, a majority of banks have agreed not to raise the interest rate. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">At present, the interest rate of banks for fixed deposits of more than three months is 11.03 percent. There was a rumor in the market that the interest rates of the banks will be increased. After the A class commercial banks did not revise the interest rates, B class development banks and C class finance companies also did not revise the interest rates. Although the banks started to increase the interest rates lately to attract deposits, the deposits did not grow as expected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">There is a provision that the banks and financial institutions are allowed to revise the interest rates up to 10 percent every month. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '15001', 'image' => '20220512043228_Bankkk.jpg', 'article_date' => '2022-05-12 16:31:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15258', 'article_category_id' => '1', 'title' => 'Balance of Payment in Deficit of Rs 268 Billion', 'sub_title' => '', 'summary' => 'May 12: Nepal’s Balance of Payments (BoP) remained at a deficit of Rs 268.26 billion in the first nine months of the current fiscal year despite improvement in some other macroeconomic indicators.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 12: Nepal’s Balance of Payments (BoP) remained at a deficit of Rs 268.26 billion in the first nine months of the current fiscal year despite improvement in some other macroeconomic indicators.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Nepal Rastra Bank (NRB), BoP was in surplus of Rs 42.54 billion in the coresponding period of last fiscal year. In the US Dollar terms, the BOP remained at a deficit of 2.25 billion in the review period against a surplus of 348.1 million in the same period of the previous year, according to the central bank’s Current Macroeconomic and Financial Situation Report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, the current account remained at a deficit of Rs 512.71 billion in the review period compared to a deficit of Rs 210.51 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, capital transfer decreased 39.5 percent to Rs 7.78 billion and net foreign direct investment (FDI) increased 33.7 percent to Rs 16.51 billion. In the same period of the previous year, capital transfer and net FDI amounted to Rs 12.86 billion and Rs 12.35 billion respectively. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '15000', 'image' => '20220512020122_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-05-12 14:00:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15257', 'article_category_id' => '1', 'title' => 'Remittance Inflow Improving, Pressure on Foreign Exchange Reserves Eases to Some Extent', 'sub_title' => '', 'summary' => 'May 12: Macroeconomic indicators have shown signs of improvement after months of crisis. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 12: Macroeconomic indicators have shown signs of improvement after months of crisis. The policies adopted by the government and Nepal Rastra Bank (NRB) has had a positive impact on remittance inflow and foreign exchange reserves.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report published by the central bank on Wednesday shows that the inflow of remittance and foreign exchange reserves in the ninth month (mid-March to mid-April) of the current fiscal year have improved to some extent compared to the previous month.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Remittance inflow had been declining since the start of the current fiscal year but has now become almost stable since mid-March. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The total inflow of remittance in the first nine months of the current fiscal year stands at Rs 724.74 billion which is lightly less compared to that of the corresponding period of last fiscal year by just 0.6 percent.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Remittance inflow in the first month of the current fiscal year had declined by 18 percent.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In the month of Falgun (mid-February to mid-March), the monthly average inflow of remittance was Rs 78 billion which increased to Rs 93 billion in the very next month.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Remittance is the main source of Nepal’s foreign currency reserves. As the inflow of remittance started declining, banks started providing additional interest by one percentage points for Nepali migrant workers depositing remittance sent through formal banking channels. Meanwhile, the NRB fixed a ceiling on internal transfer of money in order to crack down on the illegal hundi business.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Deputy Spokesperson of NRB Narayan Prasad Pokharel informed that the inflow of remittance has shown positive sign as the number of Nepali migrant workers visiting foreign countries has increased after the Covid-19 pandemic subsided while the value of US dollar has also strengthened compared to the Nepali currency, thereby having a positive impact on remittance inflow. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Due to the improvement in remittance inflow, the pressure on foreign exchange reserves has eased to some extent. Nepal’s foreign exchange reserves, which stood at US$ 1399.3 billion in last July had dropped by 16.5 percent to US$ 1167.92 billion as of mid-April.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Based on the imports of nine months of 2021/22, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 7.4 months, and merchandise and services imports of 6.6 months, the NRB report stated.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government and the central bank adopted strict measures to discourage import of luxury goods after the country’s foreign exchange reserves started declining. NRB imposed 100 percent cash margin for opening LC to import luxury goods and has also banned the import of 10 items for the rest of current fiscal year.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '14999', 'image' => '20220512010256_Remittance.jpg', 'article_date' => '2022-05-12 13:01:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15256', 'article_category_id' => '1', 'title' => 'Trade Deficit Increases Despite Improvement in Export', 'sub_title' => '', 'summary' => 'May 12: Nepal’s trade deficit increased 28.5 percent to Rs 1306.09 billion during the first nine months of the current fiscal year (FY 2021/22) despite an increase in exports. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 12: Nepal’s trade deficit increased 28.5 percent to Rs 1306.09 billion during the first nine months of the current fiscal year (FY 2021/22) despite an increase in exports. According to Nepal Rastra Bank (NRB), such a deficit had increased 12.5 percent in the corresponding period of the previous year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The export-import ratio increased to 10.9 percent in the review period from 8.5 percent in the corresponding period of the previous year, according to the Current Macroeconomic and Financial Situation Report published by the central bank on Wednesday.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">As per the report, Nepal's merchandise exports increased by 69.4 percent in the first nine months of the current fiscal year (FY 2021/22) to Rs 160.57 billion compared to an increase of 20.2 percent in the corresponding period of last fiscal year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India and other countries increased 86.9 percent and 25.5 respectively whereas exports to China decreased 21.8 percent, the central bank’s report said.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the report, exports of palm oil, soybean oil, polyester yarn and thread, woolen carpets, oil cakes, among others, increased whereas exports of cardamom, tea, wire, toothpaste, copper wire rod, among others, decreased in the review period. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">During the nine months of 2021/22, merchandise imports increased 32.0 percent to Rs 1466.66 billion compared to an increase of 13.1 percent a year ago. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India, China and other countries increased by 24.4 percent, 28.6 percent, and 59.2 percent respectively. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The report states that imports of petroleum products, medicine, crude palm oil, other machinery and parts, gold, among others, increased whereas imports of MS billet, chemical fertilizer, cement, pulses, molasses sugar, among others, decreased in the review period. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Based on customs points, exports from Kanchanpur and Mechi customs offices decreased whereas exports from all the other major customs points increased in the review period. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">On the import side, imports from all the major customs points increased in the review period. </span></span></p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '14998', 'image' => '20220512113656_Trade.jpg', 'article_date' => '2022-05-12 11:36:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15255', 'article_category_id' => '1', 'title' => 'Inflation Rising: NRB Report', 'sub_title' => '', 'summary' => 'May 12: The year-on-year consumer price inflation stood at 7.28 percent in the ninth month of the current fiscal year (FY 2021/22) compared to 3.10 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 12: The year-on-year consumer price inflation stood at 7.28 percent in the ninth month of the current fiscal year (FY 2021/22) compared to 3.10 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report published by the central bank on Wednesday states that food and beverage inflation stood at 7.40 percent whereas non-food and service inflation stood at 7.18 percent in the review month.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Average inflation remained 5.62 percent during the review period, the report further said.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, the prices of ghee and oil, milk products and eggs, pulses and legumes, and tobacco products and its sub-categories rose by 28.36 percent, 11.56 percent, 10.53 and 8.91 percent respectively on y-o-y basis.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Likewise, under the non-food and services category, the prices of transportation, education, and miscellaneous goods and services sub-categories rose by 20.16 percent, 8.79 percent and 8.17 percent respectively on y-o-y basis.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In the review month, the Kathmandu Valley, Terai, hill and mountain regions witnessed 6.25 percent, 7.61 percent, 7.79 percent and 8.25 percent inflation respectively. According to the NRB report, inflation in these regions was 3.24 percent, 2.92 percent, 3.38 percent and 1.54 percent respectively a year ago. Similarly, the y-o-y wholesale price inflation stood at 14.42 percent in the review month compared to 6.14 percent a year ago. The y-o-y wholesale price of consumption goods, intermediate goods and capital goods increased 17.07 percent, 14.13 percent and 7.22 percent respectively. The y-o-y wholesale price of construction materials increased 25.22 percent in the review month.</span></span></p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '14997', 'image' => '20220512082020_Inflation.jpg', 'article_date' => '2022-05-12 08:19:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15254', 'article_category_id' => '1', 'title' => 'Startup Promotion Limited to Papers since 8 Years ', 'sub_title' => '', 'summary' => 'May 11: The government’s programme to promote startup business has not been implemented despite being included in the annual budget for the last eight years.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 11: The government’s programme to promote startup business has not been implemented despite being included in the annual budget for the last eight years.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Inspired by the popular startup programme of India, the Government of Nepal has included the programme in the annual budget since a long time. However, it has not been implemented yet. Lack of clarity and coordination among concerned agencies are the main reasons behind the delay in implementation</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Indian Prime Minister Narendra Modi had announced a nationwide expansion of startup business in 2015. To make the campaign successful by promoting new entrepreneurs, a fund of Rs 100 billion was set up in 2016 by the Indian government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The programme has become popular even though it has not yielded results as per the expectations of Modi. Due to the popularity of this programme in India, the then Finance Minister Dr. Ram Sharan Mahat had announced a programme with a similar concept in the budget in the Fiscal Year 2071/72. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A startup fund of Rs 500 million was allocated in that year’s budget. However, the then government did not prepare any work procedure to implement the fund.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Since then, it has not been implemented even though the programmes such as challenge fund, grant, and concessional loan have been brought up time and again. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">This programme got continuity in all the three budgets announced by the previous government led by KP Sharma Oli. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the first year, it was said that a grant would be provided by establishing a challenge fund to those with the new ideas. After the programme was announced that year, a committee headed by a member of the National Planning Commission was formed to oversee the programme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government called on interested parties to submit their projects without preparing a draft for the operation of the programme. About 700 applications were received. But no one has been able to receive the fund so far. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the following year’s budget, the government announced to provide a loan at two percent interest rate under the challenge fund instead of grant. However, as the draft was not clear, the programme could not be implemented. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the budget brought by the then Finance Minister Bishnu Poudel through an ordinance for the current fiscal year 2078/79, this programme was revised again. After amendment, the government has decided to provide loan at 1 percent interest rate instead of 2 percent to the applicants. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“With the objective of motivating young entrepreneurs to get involved in startup business, seed capital loan of up to Rs 2.5 million at one percent interest rate will be provided against the project as a collateral,” the budget stated. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the budget brought through the ordinance, it was said that registration, renewal of startup business and other services would be provided free of cost through a one-door system. Nevertheless, the budget has not cleared anything on issues like the process of implementation, while the definition of startup business is also not clear. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government had pledged to facilitate the programme through policy intervention in order to attract foreign investment in startup business and a challenge fund of Rs 1 billion was to be established for this purpose. As the fiscal year draws to a close, there is no sign of implementation of the programme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Joint Secretary at the Ministry of Finance Dhundi Prasad Niraula says that the budget has not been released for this programme yet. He is unaware why the programme, which has been in the budget for a long time, could not be implemented. According to him, the concerned bodies should be held accountable for implementing the programme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Such programmes are being implemented all over the world, including India, to encourage startup business, says the labor expert Dr. Ganesh Gurung. According to him, it is unfortunate that this programme, which encourages employment for a long time, could not be implemented. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Member of National Planning Commission Dr. Ram Kumar Phuyal admitted that it has become too late for the implementation of the programme. He attributed the delay to the existing dilemmas in the work procedure, lack of inter-agency coordination and change of government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Phunyal, a new procedure is being formulated and sent to the Council of Ministers. “We are sending a new procedure to the cabinet. After amending it, we will issue a directive and implement this programme,” he said. </span></span></span></span></p> <p><br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14996', 'image' => '20220511035843_startup.jpg', 'article_date' => '2022-05-11 15:57:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15253', 'article_category_id' => '1', 'title' => 'Preparation Afoot to bring 100,000 Tons of Fertilizer from India', 'sub_title' => '', 'summary' => 'May 11: Preparations are underway to bring chemical fertilizer from India within mid-June through the G2G process to prevent shortage of fertilizer during planting season. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 11: Preparations are underway to bring chemical fertilizer from India within mid-June through the G2G process to prevent shortage of fertilizer during planting season. According to the concerned officials, 100,000 metric tons of fertilizers will be brought to Nepal by mid-June.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Government of Nepal had signed an agreement with the Indian government last February to bring 935,000 metric tons of chemical fertilizer through the G2G process in the next five years. The agreement did not specify when and at what price. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Agriculture Inputs Company Limited, the officials of the two countries have been entrusted with the task of importing fertilizer through fast-track process as the paddy plantation season is just a month away.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A team including Rajendra Bahadur Karki, managing director of the Agriculture Inputs Company, met Indian officials last Thursday and returned back after finalizing a deal to import fertilizers through fast track. According to Karki, the process of importing fertilizers is in its final stage.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">No tax will be levied on import of fertilizers. India has agreed not to collect service charges. Similarly, India will provide fertilizer to Nepal by fixing the price according to the price it originally purchased at. If the price fluctuates in the international market, prices will be fixed accordingly. Karki informed that the government of India also agreed to transport fertilizers to Nepal's warehouse.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the first phase, a of 100,000 metric tons of fertilizers including a shipment of 60,000 metric tons of urea and 40,000 metric tons of DAP will be brought to the warehouses of Agriculture Inputs Company Limited within the next two weeks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Karki said that the remaining 50,000 metric tons of fertilizer agreed to be brought in the current fiscal year will arrive by June 29.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal needs about 800,000 metric tons of chemical fertilizer annually. About 150,000 metric tons are required for the annual crop. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">If it is too late to bring fertilizers via G2G, there will be a shortage of fertilizers at the time of planting this year as well. At present, the Agriculture Inputs Company has only 15,500 metric tons of DAP, 386 metric tons of urea and 6,700 metric tons of potassium. The Salt Trading Corporation, which has been distributing subsidized fertilizers, does not have any fertilizer in stock.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Salt Trading's fertilizer store has been empty for 4 months</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The stockpile of Salt Trading Corporation, which is entrusted with the task of importing and selling government-subsidized fertilizer, has been empty for about four months due to problems in importing fertilizer through global tender along with the rising price of chemical fertilizer in the international market. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Officials of the corporation say that there is a problem in importing fertilizer due to the fluctuation in price at the time of purchase compared to the price at the time of tender.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Due to the recent hike in prices due to Russia-Ukraine war, the corporation has not been able to procure 75,000 metric tons of fertilizers through global tenders. The price of urea has gone up from 455 USD at the time of opening the global tender to</span></span> <span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">1100 USD now.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The price of DAP has gone up from 650 USD to 1300 USD, said Kumar Rajbhandari, spokesperson of the Salt Trading Corporation. He said that if the fertilizer is not received through global tender in time, it will have to depend on the fertilizer imported from G2G.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14995', 'image' => '20220511021548_Fertilizer.jpg', 'article_date' => '2022-05-11 14:14:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15252', 'article_category_id' => '1', 'title' => 'Price of Mango up by 68 Percent', 'sub_title' => '', 'summary' => 'May 11: The season of mango has begun. The fruit which is considered to be the king of fruits is showing its king-like characteristics as its price skyrocketed as soon as it hit the market. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 11: The season of mango has begun. The fruit which is considered to be the king of fruits is showing its king-like characteristics as its price skyrocketed as soon as it hit the market. Compared to the same period last year, the price of mango is up by 68 percent. Nepali mango has not arrived in the market yet and traders say that the market price went up as they have to pay high price for mango imported from India. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the daily price list of Kalimati Fruits and Vegetables Market Development Board, the wholesale price of Calcutta mango was Rs 125 per kg last year, which is Rs 210 per kg as per the price list of May 9 this year. This is 68 percent more than the previous year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the retail market, the price of this mango varies from Rs 250 to Rs 300 per kg.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The price of Dasheri mango is up by 62 percent as compared to last year. The price of mango that was Rs 145 per kg last year reached to Rs 235 per kg this time. In the retail market, its price reaches up to Rs 350 per kg. The price of Malda mango as well is up by 33 percent. Its wholesale price went up from Rs 75 per kg to Rs 100 per kg this year. In the retail market, consumers have to pay up to Rs 150 per kg.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Mangoes produced in Nepal are not yet ready to hit the market.</span></span><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> This is the reason why the market is full of Indian mangoes. Gita Prasad Acharya, chairperson of the board, says that the prices of Indian mangoes have gone up this year in India itself, which has affected the Nepali market. According to him, Nepali mangoes will be available in the market from the third week of May and then the price may come down.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Traders say that both the demand and import of mangoes have declined due to the high prices. According to Amar Bania, chairman of Kuleshwor Fruit Market, 10 to 12 vehicles full of mangoes were imported from India every day at this time last year. This year, only 6/7 vehicles filled with mangoes are imported daily. Traders say that when they import mangoes from India, it costs them between Rs 100 to Rs 150 per kg.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Production of Nepali mangoes is estimated to increase this year. Generally, mango production decreases one year and increases the next. This year, the production is expected to increase. Therefore, mango production in the Terai district is expected to double this year as compared to last year as per the employees of Siraha and Saptari mango zones.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14994', 'image' => '20220511014752_1256.750@2x.jpg', 'article_date' => '2022-05-11 13:47:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15251', 'article_category_id' => '1', 'title' => 'NTB to Operate Shuttle Bus for Tourists on Election Day', 'sub_title' => '', 'summary' => 'May 11: Nepal Tourism Board is preparing to operate shuttle bus service for tourists on the day of local level election on May 13.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">May 11: Nepal Tourism Board is preparing to operate shuttle bus service for tourists on the day of local level election on May 13.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The board issued a notice on Tuesday stating that it is preparing to provide such service to the air passengers in Kathmandu on the day of local election. The NTB believes that the service will facilitate the tourists to commute between the airport and their hotel.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The board is preparing to provide the service with the help of the tourist police and in coordination with the Nepal Tourist Vehicle Association and the Tourist Bus Association of Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The board has mentioned that it will operate a paid shuttle bus service from Tribhuvan International Airport to various hotels and from the hotels to the airport.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Accordingly, the NTB has fixed the first route that passes through airport-NAC-Hotel Annapurna-Hotel Yak & Yeti-Thamel Chowk-Lainchaur Chowk-Shankar Hotel-Ambassador Hotel. Route 2 is via Hotel Radiation-Sangrila Hotel-Narayangopal Chowk-Maharajgunj Chowk-Hyatt Regency-Chabahil Chowk-Hotel Dwarika.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The third route is along Tinkune Chowk-Hotel Everest-Maitighar Chowk-Hotel Himalayan-Hotel Soltee-Grand Hotel and back to the airport. The per person fee for shuttle bus service has been fixed at Rs 300.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14993', 'image' => '20220511010436_1652243406.jpg', 'article_date' => '2022-05-11 13:03:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15248', 'article_category_id' => '1', 'title' => 'Two Days a Week Holiday Comes into Effect ', 'sub_title' => '', 'summary' => 'May 11: The government's decision to give leave for two days a week has been published in the Nepal Gazette, the state-owned national news agency RSS reported.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 11: The government's decision to give leave for two days a week has been published in the Nepal Gazette, the state-owned national news agency RSS reported. As a result, the decision comes into effect on a trial basis from May 15. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the information published in the Nepal Gazette, public holiday's will be available on Saturdays and Sundays. The office hours for the remaining five days will be from 9:30 am to 5:30 pm. It will be an hour less during the winter season, RSS reported. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"If the holidays other than the public holidays of Dashain and Tihar scheduled for 2079 BS are more than two consecutive days, then the government agencies providing essential service including the local level will make arrangements for delivering the service flow as per the schedule fixed by the Ministry of Home Affairs from the third day," RSS quoted the decision published in the Nepal Gazette. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">It may be noted that the meeting of the Council of Ministers on April 26 had decided to grant leave for two days a week. Prior to this, only Saturday was a public holiday with the office hours from 10:00 am to 5:00 pm. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">While announcing the decision on April 27, Minister for Information and Communication Gyanendra Bahadur Karki had said that the cabinet decided to give holidays for two days a week with the belief that it would reduce fuel consumption. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The concept of two-day holiday a week was implemented by the government more than two decades ago. The provision was implemented on July 17, 1999 during the tenure of then then Prime Minister Krishna Prasad Bhattarai. Such decision was taken upon the recommendation of the then Administrative Reform Commission in 1991 with the objective of reducing administrative costs. The provision was revoked almost after three years without conducting a study on its impact.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Recently, the government had floated a similar concept but to boost the tourism sector that has been battered by the Covid-19 pandemic. Experts had suggested the government to give two days holiday in a week in order to promote domestic tourism. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14992', 'image' => '20220511123702_20220428110554_20220427142651_IMGL6946.jpg', 'article_date' => '2022-05-11 08:08:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15250', 'article_category_id' => '1', 'title' => '7 Percent Population of Nepal Deprived of Electricity', 'sub_title' => '', 'summary' => 'May 11: Even though the country is almost self-sufficient in electricity, 7 percent of the population is yet to get access to electricity. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 11: Even though the country is almost self-sufficient in electricity, 7 percent of the population is yet to get access to electricity. According to a report prepared by the Ministry of Energy, Water Resources and Irrigation, access to electricity has reached 93 percent of Nepalis as of mid-April this year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Joint Secretary and Spokesperson of the Ministry Madhu Prasad Bhetwal said that the mountainous areas and remote areas especially lacked the access to electricity. Electricity has not yet reached mountainous districts like Dolpa, Mugu and Humla, in addition to the scattered settlements in far-flung districts. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“There is a challenge in extending electricity as one house is situated much further from another house in some areas. Places that do not have any electricity project lack access to electricity as well,” said Bhetwal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government had set the target of providing electricity to 100 percent Nepalis within the current fiscal year. However, Bhetwal said the target cannot be met this time. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bhetwal denied taking the blame for the failure saying, “First of all, we didn't get the budget we asked for. Secondly, there are technical problems due to the remote location.” </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The practice of not working as planned is not new in Nepal. The fact that only 55.04 percent of the total budget was spent with around 2 months left till the end of the current fiscal year can be considered as a strong example of inefficiency of our authoritative bodies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Joint Secretary Bhetwal said that they will work to supply electricity to 100 percent Nepalis within the next two years. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“It is not 100 percent guaranteed that the goal will be attained completely within the extended period, but the data will basically be around the same,” he told New Business Age.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">It is estimated that a budget of around Rs 54 billion is needed to supply electricity to the remaining 7 percent of the population. Bhetwal said that other works will also pick up pace if the government provides the required amount without any hassles. He said, “Effective work has not been possible mainly because of the lack of budget. On top of that, power expansion is challenging due to procedural hurdles, inaccessible places, lack of infrastructure and so on. However, there will be no delay in work if the required budget is provided.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In some places that do not have access to electricity from the national grid, other methods like generating electricity from solar plants, micro hydro and mini grid are used. However, such electricity lacks efficiency and quality. Such electricity is only suitable for light and normal household chores. Electricity produced from alternative methods is not enough to run the industry, use electric stoves or do heavy household chores. Therefore, experts conclude that the rest of the population as well should be supplied with electricity from the national grid.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14991', 'image' => '20220511083106_1652136985.Clipboard20.jpg', 'article_date' => '2022-05-11 08:30:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15247', 'article_category_id' => '1', 'title' => 'US Dollar at Record High against Nepali Currency', 'sub_title' => '', 'summary' => 'May 10: The US dollar has become most expensive compared to the Nepali currency on Tuesday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 10: The US dollar has become most expensive compared to the Nepali currency on Tuesday. According to the foreign exchange rate announced by Nepal Rastra Bank for Tuesday, the buying rate of one dollar has been fixed at Rs 123.65.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The selling rate of the dollar was Rs 124.25 on Tuesday. It means that Nepali nationals will have to spend Rs 124 and 25 paisa to buy one dollar. This is the first time that the US dollar has become so expensive in the Nepali market. The dollar had reached a new high on the previous day as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The dollar index had risen to 104.19 points in international currency market on Monday. This is the highest since July 2002. As the dollar strengthened, the Indian rupee depreciated to a record low against the dollar, making a direct impact on the Nepalese rupee. The Nepalese rupee is pegged to the Indian rupee.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">That is, there is a fixed exchange rate between the two currencies. The dollar exchange rate has a direct effect on the Nepalese rupee. On Monday, the dollar’s value had closed at IRs 77.31.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The dollar has been gaining ground in recent days after the United States last week raised interest rates to a two-decade high. With the dollar strengthening and US bond yields rising, foreign investors are pulling out of the Indian market. This has put pressure on the rupee.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The recent rise in investment in the dollar as a safe-haven asset has also pushed up its price. The dollar rose against most of the major currencies, including the euro, the yen and the pound, on Monday.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-10', 'modified' => '2022-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '14989', 'image' => '20220510074245_1652147317.jpg', 'article_date' => '2022-05-10 19:41:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15246', 'article_category_id' => '1', 'title' => 'Sale and Consumption of Liquor Banned in View of Local Election ', 'sub_title' => '', 'summary' => 'May 10: District administration offices in all three districts in the Kathmandu Valley have decided to ban the supply and consumption of alcoholic products in view of the May 13 local level elections. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 10: District administration offices in all three districts in the Kathmandu Valley have decided to ban the supply and consumption of alcoholic products in view of the May 13 local level elections. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Issuing separate notices on Tuesday, the respective DAO informed that the decision shall come into effect from midnight today and continue till May 13, the day fixed for holding the elections at entire 753 local units in a single phase. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Lalitpur's chief district officer Ghanshyam Upadhyay confirmed that the office has issued a public notice about the prohibition of sale and intake of alcohol. Security agencies in all six local levels in the district have directed the subordinate security bodies to ensure the effective enforcement of the decision. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to Bhaktapur CDO Rudradevi Sharma, violation of the order is punishable and the sale and consumption of alcohol is prohibited near the vote counting venues until the counting gets over. She said that the use of liquor may rise during the election period and it may jeopardize security, that's why its sale and consumption is prohibited during election. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Kathmandu DAO said it will not allow the sale and use of alcohol from midnight today till May 13. -- RSS</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-05-10', 'modified' => '2022-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '14988', 'image' => '20220510060522_drink.jpg', 'article_date' => '2022-05-10 18:04:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15245', 'article_category_id' => '1', 'title' => 'Stakeholders Demand Crackdown on Smuggled Cigarettes', 'sub_title' => '', 'summary' => 'May 10: Stakeholders have expressed their concerns that the domestic production of cigarettes has been affected due to the increase in smuggling of cigarettes. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">May 10: Stakeholders have expressed their concerns that the domestic production of cigarettes has been affected due to the increase in smuggling of cigarettes. They have demanded to stop the sale and distribution of counterfeit cigarettes that are openly sold in Kathmandu and the Terai region.</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"">Businessmen say that a large amount of revenue is being leaked due to smuggling of cigarettes. Surya Nepal, a domestic cigarette manufacturer, said that with the increase in number of tourists after the decline in Covid-19 cases, the trade of illegally imported cigarettes has increased as well. An official of the company said that illegal (smuggled) cigarettes are sold and distributed in the market unhindered. </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"">“As a result, the domestic industries have lost market and the government has lost revenue. If the smuggling is not controlled, the government won’t be able to collect revenue and the consumption of such products will increase as well,” said the official.</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"">The company also stated that the sale of counterfeit cigarettes has increased in the Kathmandu valley. The official said that cigarettes of international brands are now available in the market targeting tourists. </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"">“Raising taxes also makes a difference in the consumption of cigarettes. Every aspect should be analyzed before imposing taxes on tobacco products. The government should not make decisions based solely on just a single aspect,” the official further said.</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"">The official added that the government should take policy only after analyzing the situation of production of domestic tobacco companies. He said that even though the tax on tobacco products is low, the highest selling Pilot cigarette of Surya Nepal pays 70 percent tax. He said that raising the tax would increase the price of cigarettes and it would lead to consumption of other tobacco products like ‘gutkha’ and reduce revenue collection as well.</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"">The official added that the illegal trade of cigarettes has been taking place in Nepal in two ways -- cigarettes of international brands are being traded illegally in big cities including Kathmandu and Pokhara and counterfeit cigarettes of Nepali brand are being imported from India in the border areas.</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""> Till date, 55 to 70 percent taxes have been levied on the sales of cigarette. Cigarettes are subject to excise duty, health risk tax, value added tax, customs duty and other taxes.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-10', 'modified' => '2022-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '14987', 'image' => '20220510043801_istockphoto-1133345196-612x612.jpg', 'article_date' => '2022-05-10 16:37:04', '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 number is higher than the registration in the corresponding period of the previous fiscal year. According to the Department of Industry, 169 domestic and foreign industries were registered during the same period last year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Department of Industry, so far, 8,687 industries have been registered. During the nine months of the current fiscal year, 67 large, 82 medium and 83 small scale industries were registered. In the corresponding period of the previous year, 33 large, 40 medium and 96 small scale industries were registered. Ram Chandra Tiwari, the director general of the department, said that 1,281 large, 1,991 medium and 5,415 small scale industries have been registered so far.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As per Industrial Business Act, 2076, industries with fixed capital up to Rs 150 million are considered small scale industries, those with fixed capital of Rs 150 million to Rs 500 million are considered medium and industries with fixed capital of more than Rs 500 million are considered as large scale industries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the third quarter of the current fiscal year, Rs 266 billion investment was proposed for the 232 industries. The proposed investment last year was Rs 139 billion. The department informed that an investment of Rs 2.5 trillion has been proposed so far. As of mid-April, 23 designs and 2,356 trademarks have been registered, the department informed.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '15002', 'image' => '20220512050212_Industries.jpg', 'article_date' => '2022-05-12 17:01:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15259', 'article_category_id' => '1', 'title' => 'Interest Rate to Remain Unchanged till mid-June ', 'sub_title' => '', 'summary' => 'May 12: Commercial banks have agreed not to raise the interest rate till mid-June.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 12: Commercial banks have agreed not to raise the interest rate till mid-June. However, the final decision will be made during a meeting of Nepal Bankers Association to be held later on Thursday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Anil Sharma, CEO of the association, informed that the member banks have been suggested not to raise the interest rate till mid-June. A CEO of a commercial bank said that as per the suggestion, a majority of banks have agreed not to raise the interest rate. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">At present, the interest rate of banks for fixed deposits of more than three months is 11.03 percent. There was a rumor in the market that the interest rates of the banks will be increased. After the A class commercial banks did not revise the interest rates, B class development banks and C class finance companies also did not revise the interest rates. Although the banks started to increase the interest rates lately to attract deposits, the deposits did not grow as expected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">There is a provision that the banks and financial institutions are allowed to revise the interest rates up to 10 percent every month. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '15001', 'image' => '20220512043228_Bankkk.jpg', 'article_date' => '2022-05-12 16:31:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15258', 'article_category_id' => '1', 'title' => 'Balance of Payment in Deficit of Rs 268 Billion', 'sub_title' => '', 'summary' => 'May 12: Nepal’s Balance of Payments (BoP) remained at a deficit of Rs 268.26 billion in the first nine months of the current fiscal year despite improvement in some other macroeconomic indicators.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 12: Nepal’s Balance of Payments (BoP) remained at a deficit of Rs 268.26 billion in the first nine months of the current fiscal year despite improvement in some other macroeconomic indicators.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Nepal Rastra Bank (NRB), BoP was in surplus of Rs 42.54 billion in the coresponding period of last fiscal year. In the US Dollar terms, the BOP remained at a deficit of 2.25 billion in the review period against a surplus of 348.1 million in the same period of the previous year, according to the central bank’s Current Macroeconomic and Financial Situation Report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, the current account remained at a deficit of Rs 512.71 billion in the review period compared to a deficit of Rs 210.51 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, capital transfer decreased 39.5 percent to Rs 7.78 billion and net foreign direct investment (FDI) increased 33.7 percent to Rs 16.51 billion. In the same period of the previous year, capital transfer and net FDI amounted to Rs 12.86 billion and Rs 12.35 billion respectively. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '15000', 'image' => '20220512020122_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-05-12 14:00:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15257', 'article_category_id' => '1', 'title' => 'Remittance Inflow Improving, Pressure on Foreign Exchange Reserves Eases to Some Extent', 'sub_title' => '', 'summary' => 'May 12: Macroeconomic indicators have shown signs of improvement after months of crisis. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 12: Macroeconomic indicators have shown signs of improvement after months of crisis. The policies adopted by the government and Nepal Rastra Bank (NRB) has had a positive impact on remittance inflow and foreign exchange reserves.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report published by the central bank on Wednesday shows that the inflow of remittance and foreign exchange reserves in the ninth month (mid-March to mid-April) of the current fiscal year have improved to some extent compared to the previous month.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Remittance inflow had been declining since the start of the current fiscal year but has now become almost stable since mid-March. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The total inflow of remittance in the first nine months of the current fiscal year stands at Rs 724.74 billion which is lightly less compared to that of the corresponding period of last fiscal year by just 0.6 percent.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Remittance inflow in the first month of the current fiscal year had declined by 18 percent.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In the month of Falgun (mid-February to mid-March), the monthly average inflow of remittance was Rs 78 billion which increased to Rs 93 billion in the very next month.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Remittance is the main source of Nepal’s foreign currency reserves. As the inflow of remittance started declining, banks started providing additional interest by one percentage points for Nepali migrant workers depositing remittance sent through formal banking channels. Meanwhile, the NRB fixed a ceiling on internal transfer of money in order to crack down on the illegal hundi business.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Deputy Spokesperson of NRB Narayan Prasad Pokharel informed that the inflow of remittance has shown positive sign as the number of Nepali migrant workers visiting foreign countries has increased after the Covid-19 pandemic subsided while the value of US dollar has also strengthened compared to the Nepali currency, thereby having a positive impact on remittance inflow. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Due to the improvement in remittance inflow, the pressure on foreign exchange reserves has eased to some extent. Nepal’s foreign exchange reserves, which stood at US$ 1399.3 billion in last July had dropped by 16.5 percent to US$ 1167.92 billion as of mid-April.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Based on the imports of nine months of 2021/22, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 7.4 months, and merchandise and services imports of 6.6 months, the NRB report stated.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government and the central bank adopted strict measures to discourage import of luxury goods after the country’s foreign exchange reserves started declining. NRB imposed 100 percent cash margin for opening LC to import luxury goods and has also banned the import of 10 items for the rest of current fiscal year.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '14999', 'image' => '20220512010256_Remittance.jpg', 'article_date' => '2022-05-12 13:01:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15256', 'article_category_id' => '1', 'title' => 'Trade Deficit Increases Despite Improvement in Export', 'sub_title' => '', 'summary' => 'May 12: Nepal’s trade deficit increased 28.5 percent to Rs 1306.09 billion during the first nine months of the current fiscal year (FY 2021/22) despite an increase in exports. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 12: Nepal’s trade deficit increased 28.5 percent to Rs 1306.09 billion during the first nine months of the current fiscal year (FY 2021/22) despite an increase in exports. According to Nepal Rastra Bank (NRB), such a deficit had increased 12.5 percent in the corresponding period of the previous year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The export-import ratio increased to 10.9 percent in the review period from 8.5 percent in the corresponding period of the previous year, according to the Current Macroeconomic and Financial Situation Report published by the central bank on Wednesday.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">As per the report, Nepal's merchandise exports increased by 69.4 percent in the first nine months of the current fiscal year (FY 2021/22) to Rs 160.57 billion compared to an increase of 20.2 percent in the corresponding period of last fiscal year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India and other countries increased 86.9 percent and 25.5 respectively whereas exports to China decreased 21.8 percent, the central bank’s report said.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the report, exports of palm oil, soybean oil, polyester yarn and thread, woolen carpets, oil cakes, among others, increased whereas exports of cardamom, tea, wire, toothpaste, copper wire rod, among others, decreased in the review period. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">During the nine months of 2021/22, merchandise imports increased 32.0 percent to Rs 1466.66 billion compared to an increase of 13.1 percent a year ago. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India, China and other countries increased by 24.4 percent, 28.6 percent, and 59.2 percent respectively. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The report states that imports of petroleum products, medicine, crude palm oil, other machinery and parts, gold, among others, increased whereas imports of MS billet, chemical fertilizer, cement, pulses, molasses sugar, among others, decreased in the review period. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Based on customs points, exports from Kanchanpur and Mechi customs offices decreased whereas exports from all the other major customs points increased in the review period. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">On the import side, imports from all the major customs points increased in the review period. </span></span></p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '14998', 'image' => '20220512113656_Trade.jpg', 'article_date' => '2022-05-12 11:36:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15255', 'article_category_id' => '1', 'title' => 'Inflation Rising: NRB Report', 'sub_title' => '', 'summary' => 'May 12: The year-on-year consumer price inflation stood at 7.28 percent in the ninth month of the current fiscal year (FY 2021/22) compared to 3.10 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 12: The year-on-year consumer price inflation stood at 7.28 percent in the ninth month of the current fiscal year (FY 2021/22) compared to 3.10 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report published by the central bank on Wednesday states that food and beverage inflation stood at 7.40 percent whereas non-food and service inflation stood at 7.18 percent in the review month.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Average inflation remained 5.62 percent during the review period, the report further said.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, the prices of ghee and oil, milk products and eggs, pulses and legumes, and tobacco products and its sub-categories rose by 28.36 percent, 11.56 percent, 10.53 and 8.91 percent respectively on y-o-y basis.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Likewise, under the non-food and services category, the prices of transportation, education, and miscellaneous goods and services sub-categories rose by 20.16 percent, 8.79 percent and 8.17 percent respectively on y-o-y basis.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In the review month, the Kathmandu Valley, Terai, hill and mountain regions witnessed 6.25 percent, 7.61 percent, 7.79 percent and 8.25 percent inflation respectively. According to the NRB report, inflation in these regions was 3.24 percent, 2.92 percent, 3.38 percent and 1.54 percent respectively a year ago. Similarly, the y-o-y wholesale price inflation stood at 14.42 percent in the review month compared to 6.14 percent a year ago. The y-o-y wholesale price of consumption goods, intermediate goods and capital goods increased 17.07 percent, 14.13 percent and 7.22 percent respectively. The y-o-y wholesale price of construction materials increased 25.22 percent in the review month.</span></span></p> ', 'published' => true, 'created' => '2022-05-12', 'modified' => '2022-05-12', 'keywords' => '', 'description' => '', 'sortorder' => '14997', 'image' => '20220512082020_Inflation.jpg', 'article_date' => '2022-05-12 08:19:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15254', 'article_category_id' => '1', 'title' => 'Startup Promotion Limited to Papers since 8 Years ', 'sub_title' => '', 'summary' => 'May 11: The government’s programme to promote startup business has not been implemented despite being included in the annual budget for the last eight years.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 11: The government’s programme to promote startup business has not been implemented despite being included in the annual budget for the last eight years.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Inspired by the popular startup programme of India, the Government of Nepal has included the programme in the annual budget since a long time. However, it has not been implemented yet. Lack of clarity and coordination among concerned agencies are the main reasons behind the delay in implementation</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Indian Prime Minister Narendra Modi had announced a nationwide expansion of startup business in 2015. To make the campaign successful by promoting new entrepreneurs, a fund of Rs 100 billion was set up in 2016 by the Indian government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The programme has become popular even though it has not yielded results as per the expectations of Modi. Due to the popularity of this programme in India, the then Finance Minister Dr. Ram Sharan Mahat had announced a programme with a similar concept in the budget in the Fiscal Year 2071/72. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A startup fund of Rs 500 million was allocated in that year’s budget. However, the then government did not prepare any work procedure to implement the fund.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Since then, it has not been implemented even though the programmes such as challenge fund, grant, and concessional loan have been brought up time and again. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">This programme got continuity in all the three budgets announced by the previous government led by KP Sharma Oli. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the first year, it was said that a grant would be provided by establishing a challenge fund to those with the new ideas. After the programme was announced that year, a committee headed by a member of the National Planning Commission was formed to oversee the programme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government called on interested parties to submit their projects without preparing a draft for the operation of the programme. About 700 applications were received. But no one has been able to receive the fund so far. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the following year’s budget, the government announced to provide a loan at two percent interest rate under the challenge fund instead of grant. However, as the draft was not clear, the programme could not be implemented. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the budget brought by the then Finance Minister Bishnu Poudel through an ordinance for the current fiscal year 2078/79, this programme was revised again. After amendment, the government has decided to provide loan at 1 percent interest rate instead of 2 percent to the applicants. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“With the objective of motivating young entrepreneurs to get involved in startup business, seed capital loan of up to Rs 2.5 million at one percent interest rate will be provided against the project as a collateral,” the budget stated. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the budget brought through the ordinance, it was said that registration, renewal of startup business and other services would be provided free of cost through a one-door system. Nevertheless, the budget has not cleared anything on issues like the process of implementation, while the definition of startup business is also not clear. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government had pledged to facilitate the programme through policy intervention in order to attract foreign investment in startup business and a challenge fund of Rs 1 billion was to be established for this purpose. As the fiscal year draws to a close, there is no sign of implementation of the programme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Joint Secretary at the Ministry of Finance Dhundi Prasad Niraula says that the budget has not been released for this programme yet. He is unaware why the programme, which has been in the budget for a long time, could not be implemented. According to him, the concerned bodies should be held accountable for implementing the programme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Such programmes are being implemented all over the world, including India, to encourage startup business, says the labor expert Dr. Ganesh Gurung. According to him, it is unfortunate that this programme, which encourages employment for a long time, could not be implemented. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Member of National Planning Commission Dr. Ram Kumar Phuyal admitted that it has become too late for the implementation of the programme. He attributed the delay to the existing dilemmas in the work procedure, lack of inter-agency coordination and change of government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Phunyal, a new procedure is being formulated and sent to the Council of Ministers. “We are sending a new procedure to the cabinet. After amending it, we will issue a directive and implement this programme,” he said. </span></span></span></span></p> <p><br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14996', 'image' => '20220511035843_startup.jpg', 'article_date' => '2022-05-11 15:57:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15253', 'article_category_id' => '1', 'title' => 'Preparation Afoot to bring 100,000 Tons of Fertilizer from India', 'sub_title' => '', 'summary' => 'May 11: Preparations are underway to bring chemical fertilizer from India within mid-June through the G2G process to prevent shortage of fertilizer during planting season. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 11: Preparations are underway to bring chemical fertilizer from India within mid-June through the G2G process to prevent shortage of fertilizer during planting season. According to the concerned officials, 100,000 metric tons of fertilizers will be brought to Nepal by mid-June.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Government of Nepal had signed an agreement with the Indian government last February to bring 935,000 metric tons of chemical fertilizer through the G2G process in the next five years. The agreement did not specify when and at what price. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Agriculture Inputs Company Limited, the officials of the two countries have been entrusted with the task of importing fertilizer through fast-track process as the paddy plantation season is just a month away.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A team including Rajendra Bahadur Karki, managing director of the Agriculture Inputs Company, met Indian officials last Thursday and returned back after finalizing a deal to import fertilizers through fast track. According to Karki, the process of importing fertilizers is in its final stage.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">No tax will be levied on import of fertilizers. India has agreed not to collect service charges. Similarly, India will provide fertilizer to Nepal by fixing the price according to the price it originally purchased at. If the price fluctuates in the international market, prices will be fixed accordingly. Karki informed that the government of India also agreed to transport fertilizers to Nepal's warehouse.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the first phase, a of 100,000 metric tons of fertilizers including a shipment of 60,000 metric tons of urea and 40,000 metric tons of DAP will be brought to the warehouses of Agriculture Inputs Company Limited within the next two weeks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Karki said that the remaining 50,000 metric tons of fertilizer agreed to be brought in the current fiscal year will arrive by June 29.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal needs about 800,000 metric tons of chemical fertilizer annually. About 150,000 metric tons are required for the annual crop. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">If it is too late to bring fertilizers via G2G, there will be a shortage of fertilizers at the time of planting this year as well. At present, the Agriculture Inputs Company has only 15,500 metric tons of DAP, 386 metric tons of urea and 6,700 metric tons of potassium. The Salt Trading Corporation, which has been distributing subsidized fertilizers, does not have any fertilizer in stock.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Salt Trading's fertilizer store has been empty for 4 months</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The stockpile of Salt Trading Corporation, which is entrusted with the task of importing and selling government-subsidized fertilizer, has been empty for about four months due to problems in importing fertilizer through global tender along with the rising price of chemical fertilizer in the international market. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Officials of the corporation say that there is a problem in importing fertilizer due to the fluctuation in price at the time of purchase compared to the price at the time of tender.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Due to the recent hike in prices due to Russia-Ukraine war, the corporation has not been able to procure 75,000 metric tons of fertilizers through global tenders. The price of urea has gone up from 455 USD at the time of opening the global tender to</span></span> <span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">1100 USD now.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The price of DAP has gone up from 650 USD to 1300 USD, said Kumar Rajbhandari, spokesperson of the Salt Trading Corporation. He said that if the fertilizer is not received through global tender in time, it will have to depend on the fertilizer imported from G2G.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14995', 'image' => '20220511021548_Fertilizer.jpg', 'article_date' => '2022-05-11 14:14:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15252', 'article_category_id' => '1', 'title' => 'Price of Mango up by 68 Percent', 'sub_title' => '', 'summary' => 'May 11: The season of mango has begun. The fruit which is considered to be the king of fruits is showing its king-like characteristics as its price skyrocketed as soon as it hit the market. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 11: The season of mango has begun. The fruit which is considered to be the king of fruits is showing its king-like characteristics as its price skyrocketed as soon as it hit the market. Compared to the same period last year, the price of mango is up by 68 percent. Nepali mango has not arrived in the market yet and traders say that the market price went up as they have to pay high price for mango imported from India. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the daily price list of Kalimati Fruits and Vegetables Market Development Board, the wholesale price of Calcutta mango was Rs 125 per kg last year, which is Rs 210 per kg as per the price list of May 9 this year. This is 68 percent more than the previous year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the retail market, the price of this mango varies from Rs 250 to Rs 300 per kg.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The price of Dasheri mango is up by 62 percent as compared to last year. The price of mango that was Rs 145 per kg last year reached to Rs 235 per kg this time. In the retail market, its price reaches up to Rs 350 per kg. The price of Malda mango as well is up by 33 percent. Its wholesale price went up from Rs 75 per kg to Rs 100 per kg this year. In the retail market, consumers have to pay up to Rs 150 per kg.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Mangoes produced in Nepal are not yet ready to hit the market.</span></span><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> This is the reason why the market is full of Indian mangoes. Gita Prasad Acharya, chairperson of the board, says that the prices of Indian mangoes have gone up this year in India itself, which has affected the Nepali market. According to him, Nepali mangoes will be available in the market from the third week of May and then the price may come down.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Traders say that both the demand and import of mangoes have declined due to the high prices. According to Amar Bania, chairman of Kuleshwor Fruit Market, 10 to 12 vehicles full of mangoes were imported from India every day at this time last year. This year, only 6/7 vehicles filled with mangoes are imported daily. Traders say that when they import mangoes from India, it costs them between Rs 100 to Rs 150 per kg.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Production of Nepali mangoes is estimated to increase this year. Generally, mango production decreases one year and increases the next. This year, the production is expected to increase. Therefore, mango production in the Terai district is expected to double this year as compared to last year as per the employees of Siraha and Saptari mango zones.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14994', 'image' => '20220511014752_1256.750@2x.jpg', 'article_date' => '2022-05-11 13:47:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15251', 'article_category_id' => '1', 'title' => 'NTB to Operate Shuttle Bus for Tourists on Election Day', 'sub_title' => '', 'summary' => 'May 11: Nepal Tourism Board is preparing to operate shuttle bus service for tourists on the day of local level election on May 13.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">May 11: Nepal Tourism Board is preparing to operate shuttle bus service for tourists on the day of local level election on May 13.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The board issued a notice on Tuesday stating that it is preparing to provide such service to the air passengers in Kathmandu on the day of local election. The NTB believes that the service will facilitate the tourists to commute between the airport and their hotel.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The board is preparing to provide the service with the help of the tourist police and in coordination with the Nepal Tourist Vehicle Association and the Tourist Bus Association of Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The board has mentioned that it will operate a paid shuttle bus service from Tribhuvan International Airport to various hotels and from the hotels to the airport.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Accordingly, the NTB has fixed the first route that passes through airport-NAC-Hotel Annapurna-Hotel Yak & Yeti-Thamel Chowk-Lainchaur Chowk-Shankar Hotel-Ambassador Hotel. Route 2 is via Hotel Radiation-Sangrila Hotel-Narayangopal Chowk-Maharajgunj Chowk-Hyatt Regency-Chabahil Chowk-Hotel Dwarika.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The third route is along Tinkune Chowk-Hotel Everest-Maitighar Chowk-Hotel Himalayan-Hotel Soltee-Grand Hotel and back to the airport. The per person fee for shuttle bus service has been fixed at Rs 300.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14993', 'image' => '20220511010436_1652243406.jpg', 'article_date' => '2022-05-11 13:03:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15248', 'article_category_id' => '1', 'title' => 'Two Days a Week Holiday Comes into Effect ', 'sub_title' => '', 'summary' => 'May 11: The government's decision to give leave for two days a week has been published in the Nepal Gazette, the state-owned national news agency RSS reported.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 11: The government's decision to give leave for two days a week has been published in the Nepal Gazette, the state-owned national news agency RSS reported. As a result, the decision comes into effect on a trial basis from May 15. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the information published in the Nepal Gazette, public holiday's will be available on Saturdays and Sundays. The office hours for the remaining five days will be from 9:30 am to 5:30 pm. It will be an hour less during the winter season, RSS reported. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"If the holidays other than the public holidays of Dashain and Tihar scheduled for 2079 BS are more than two consecutive days, then the government agencies providing essential service including the local level will make arrangements for delivering the service flow as per the schedule fixed by the Ministry of Home Affairs from the third day," RSS quoted the decision published in the Nepal Gazette. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">It may be noted that the meeting of the Council of Ministers on April 26 had decided to grant leave for two days a week. Prior to this, only Saturday was a public holiday with the office hours from 10:00 am to 5:00 pm. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">While announcing the decision on April 27, Minister for Information and Communication Gyanendra Bahadur Karki had said that the cabinet decided to give holidays for two days a week with the belief that it would reduce fuel consumption. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The concept of two-day holiday a week was implemented by the government more than two decades ago. The provision was implemented on July 17, 1999 during the tenure of then then Prime Minister Krishna Prasad Bhattarai. Such decision was taken upon the recommendation of the then Administrative Reform Commission in 1991 with the objective of reducing administrative costs. The provision was revoked almost after three years without conducting a study on its impact.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Recently, the government had floated a similar concept but to boost the tourism sector that has been battered by the Covid-19 pandemic. Experts had suggested the government to give two days holiday in a week in order to promote domestic tourism. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14992', 'image' => '20220511123702_20220428110554_20220427142651_IMGL6946.jpg', 'article_date' => '2022-05-11 08:08:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15250', 'article_category_id' => '1', 'title' => '7 Percent Population of Nepal Deprived of Electricity', 'sub_title' => '', 'summary' => 'May 11: Even though the country is almost self-sufficient in electricity, 7 percent of the population is yet to get access to electricity. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 11: Even though the country is almost self-sufficient in electricity, 7 percent of the population is yet to get access to electricity. According to a report prepared by the Ministry of Energy, Water Resources and Irrigation, access to electricity has reached 93 percent of Nepalis as of mid-April this year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Joint Secretary and Spokesperson of the Ministry Madhu Prasad Bhetwal said that the mountainous areas and remote areas especially lacked the access to electricity. Electricity has not yet reached mountainous districts like Dolpa, Mugu and Humla, in addition to the scattered settlements in far-flung districts. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“There is a challenge in extending electricity as one house is situated much further from another house in some areas. Places that do not have any electricity project lack access to electricity as well,” said Bhetwal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government had set the target of providing electricity to 100 percent Nepalis within the current fiscal year. However, Bhetwal said the target cannot be met this time. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bhetwal denied taking the blame for the failure saying, “First of all, we didn't get the budget we asked for. Secondly, there are technical problems due to the remote location.” </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The practice of not working as planned is not new in Nepal. The fact that only 55.04 percent of the total budget was spent with around 2 months left till the end of the current fiscal year can be considered as a strong example of inefficiency of our authoritative bodies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Joint Secretary Bhetwal said that they will work to supply electricity to 100 percent Nepalis within the next two years. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“It is not 100 percent guaranteed that the goal will be attained completely within the extended period, but the data will basically be around the same,” he told New Business Age.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">It is estimated that a budget of around Rs 54 billion is needed to supply electricity to the remaining 7 percent of the population. Bhetwal said that other works will also pick up pace if the government provides the required amount without any hassles. He said, “Effective work has not been possible mainly because of the lack of budget. On top of that, power expansion is challenging due to procedural hurdles, inaccessible places, lack of infrastructure and so on. However, there will be no delay in work if the required budget is provided.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In some places that do not have access to electricity from the national grid, other methods like generating electricity from solar plants, micro hydro and mini grid are used. However, such electricity lacks efficiency and quality. Such electricity is only suitable for light and normal household chores. Electricity produced from alternative methods is not enough to run the industry, use electric stoves or do heavy household chores. Therefore, experts conclude that the rest of the population as well should be supplied with electricity from the national grid.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14991', 'image' => '20220511083106_1652136985.Clipboard20.jpg', 'article_date' => '2022-05-11 08:30:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15247', 'article_category_id' => '1', 'title' => 'US Dollar at Record High against Nepali Currency', 'sub_title' => '', 'summary' => 'May 10: The US dollar has become most expensive compared to the Nepali currency on Tuesday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 10: The US dollar has become most expensive compared to the Nepali currency on Tuesday. According to the foreign exchange rate announced by Nepal Rastra Bank for Tuesday, the buying rate of one dollar has been fixed at Rs 123.65.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The selling rate of the dollar was Rs 124.25 on Tuesday. It means that Nepali nationals will have to spend Rs 124 and 25 paisa to buy one dollar. This is the first time that the US dollar has become so expensive in the Nepali market. The dollar had reached a new high on the previous day as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The dollar index had risen to 104.19 points in international currency market on Monday. This is the highest since July 2002. As the dollar strengthened, the Indian rupee depreciated to a record low against the dollar, making a direct impact on the Nepalese rupee. The Nepalese rupee is pegged to the Indian rupee.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">That is, there is a fixed exchange rate between the two currencies. The dollar exchange rate has a direct effect on the Nepalese rupee. On Monday, the dollar’s value had closed at IRs 77.31.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The dollar has been gaining ground in recent days after the United States last week raised interest rates to a two-decade high. With the dollar strengthening and US bond yields rising, foreign investors are pulling out of the Indian market. This has put pressure on the rupee.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The recent rise in investment in the dollar as a safe-haven asset has also pushed up its price. The dollar rose against most of the major currencies, including the euro, the yen and the pound, on Monday.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-10', 'modified' => '2022-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '14989', 'image' => '20220510074245_1652147317.jpg', 'article_date' => '2022-05-10 19:41:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15246', 'article_category_id' => '1', 'title' => 'Sale and Consumption of Liquor Banned in View of Local Election ', 'sub_title' => '', 'summary' => 'May 10: District administration offices in all three districts in the Kathmandu Valley have decided to ban the supply and consumption of alcoholic products in view of the May 13 local level elections. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 10: District administration offices in all three districts in the Kathmandu Valley have decided to ban the supply and consumption of alcoholic products in view of the May 13 local level elections. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Issuing separate notices on Tuesday, the respective DAO informed that the decision shall come into effect from midnight today and continue till May 13, the day fixed for holding the elections at entire 753 local units in a single phase. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Lalitpur's chief district officer Ghanshyam Upadhyay confirmed that the office has issued a public notice about the prohibition of sale and intake of alcohol. Security agencies in all six local levels in the district have directed the subordinate security bodies to ensure the effective enforcement of the decision. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to Bhaktapur CDO Rudradevi Sharma, violation of the order is punishable and the sale and consumption of alcohol is prohibited near the vote counting venues until the counting gets over. She said that the use of liquor may rise during the election period and it may jeopardize security, that's why its sale and consumption is prohibited during election. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Kathmandu DAO said it will not allow the sale and use of alcohol from midnight today till May 13. -- RSS</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-05-10', 'modified' => '2022-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '14988', 'image' => '20220510060522_drink.jpg', 'article_date' => '2022-05-10 18:04:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15245', 'article_category_id' => '1', 'title' => 'Stakeholders Demand Crackdown on Smuggled Cigarettes', 'sub_title' => '', 'summary' => 'May 10: Stakeholders have expressed their concerns that the domestic production of cigarettes has been affected due to the increase in smuggling of cigarettes. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">May 10: Stakeholders have expressed their concerns that the domestic production of cigarettes has been affected due to the increase in smuggling of cigarettes. They have demanded to stop the sale and distribution of counterfeit cigarettes that are openly sold in Kathmandu and the Terai region.</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"">Businessmen say that a large amount of revenue is being leaked due to smuggling of cigarettes. Surya Nepal, a domestic cigarette manufacturer, said that with the increase in number of tourists after the decline in Covid-19 cases, the trade of illegally imported cigarettes has increased as well. An official of the company said that illegal (smuggled) cigarettes are sold and distributed in the market unhindered. </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"">“As a result, the domestic industries have lost market and the government has lost revenue. If the smuggling is not controlled, the government won’t be able to collect revenue and the consumption of such products will increase as well,” said the official.</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"">The company also stated that the sale of counterfeit cigarettes has increased in the Kathmandu valley. The official said that cigarettes of international brands are now available in the market targeting tourists. </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"">“Raising taxes also makes a difference in the consumption of cigarettes. Every aspect should be analyzed before imposing taxes on tobacco products. The government should not make decisions based solely on just a single aspect,” the official further said.</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"">The official added that the government should take policy only after analyzing the situation of production of domestic tobacco companies. He said that even though the tax on tobacco products is low, the highest selling Pilot cigarette of Surya Nepal pays 70 percent tax. He said that raising the tax would increase the price of cigarettes and it would lead to consumption of other tobacco products like ‘gutkha’ and reduce revenue collection as well.</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"">The official added that the illegal trade of cigarettes has been taking place in Nepal in two ways -- cigarettes of international brands are being traded illegally in big cities including Kathmandu and Pokhara and counterfeit cigarettes of Nepali brand are being imported from India in the border areas.</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""> Till date, 55 to 70 percent taxes have been levied on the sales of cigarette. Cigarettes are subject to excise duty, health risk tax, value added tax, customs duty and other taxes.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-10', 'modified' => '2022-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '14987', 'image' => '20220510043801_istockphoto-1133345196-612x612.jpg', 'article_date' => '2022-05-10 16:37:04', '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
