March 30: The two sets of trains brought from India 19 months back will finally operate with passengers from coming…
March 30: The two sets of trains brought from India 19 months back will finally operate with passengers from coming…
March 30: The government has decided to approve grant assistance and the technical assistance related to the feasibility study of trans-border railway under the Economic and Technical Cooperation Agreement proposed by the People's Republic of…
March 29: Although the Insurance Board of Nepal had issued a circular last Thursday directing insurance companies to increase their paid-up capital, the companies say that they are not in a position to do so under current…
March 29: Industrialist Vinay Shah had planned to open a new industry in the Bara-Parsa Industrial Corridor and had allocated money to buy land for establishing the…
March 29: Finance Minister Janardan Sharma on Monday sought the opinion of bankers regarding an individual or a group operating both business enterprise as well as bank at a…
March 29: The government has introduced the Foreign Employment Welfare Information Management System for the welfare of the Nepali migrant…
March 28: Nepal’s newly-appointed ambassador to India Dr Shankar Prasad Sharma has pledged to help promote small industries and their products in the international…
March 28: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Investment Board Nepal (IBN) have signed a Memorandum of Understanding (MoU) for cooperation in promoting domestic and foreign investment in the…
March 28: Six international companies have been shortlisted for the detailed feasibility study of Dhaubadi iron…
March 27: The night-time business has started flourishing in the lakeside area of Pokhara ever since the stakeholders decided to keep the area open for 24 hours a…
March 27: Excessive price hike in India, which produces electricity from coal plants, has had a direct impact on Nepal.…
March 27: The Chinese government has agreed to provide more than Rs 11.40 billion as grant assistance to the Government of Nepal under its financial and technical…
March 27: The Birgunj Chamber of Commerce and Industry (BICCI) has demanded the government to formulate several policies to help resolve the problems faced by the private…
March 27: The Pokhara Regional International Airport,which is being developed by Chinese construction company CAMC Engineering, has been handed over to Nepal on…
March 27: Nepal and China have signed nine different agreements to enhance mutual cooperation and partnership between the two…
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The date of operation of the train was repeatedly postponed due to lack of law, staff and budget. The government brought the Railway Ordinance for the third time to remove the legal obstacle to operate the trains. The last ordinance was published in the Nepal Gazette last Wednesday, paving the way to operate the trains.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The trains which stood in the parking lot for a long time were running without passengers since February 13. But now, the trains will be carrying passengers. About 2,600 passengers can travel on the train at once with passengers beyond seating capacity allowed to travel by standing. Jha also informed that the train fare has been fixed at Rs 90 per passenger for general seats and Rs 450 for AC enabled seats.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has announced plans to connect major destinations in the border areas of Nepal and India by rail link, out of which, the Janakpur-Jaynagar rail will be operational in the first phase. The government had bought the train from Indian railway company Konkan with an investment of Rs 1 billion last year. Twenty six employees have come from India to run the train while the state-owned company has hired 56 Nepali employees.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14757', 'image' => '20220330124244_Railwayy (2).jpg', 'article_date' => '2022-03-30 12:41:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15014', 'article_category_id' => '1', 'title' => 'Detailed Study of Kathmandu-Kerung Railway Soon', 'sub_title' => '', 'summary' => 'March 30: The government has decided to approve grant assistance and the technical assistance related to the feasibility study of trans-border railway under the Economic and Technical Cooperation Agreement proposed by the People's Republic of China. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 30: The government has decided to approve grant assistance and the technical assistance related to the feasibility study of trans-border railway under the Economic and Technical Cooperation Agreement proposed by the People's Republic of China. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Government spokesperson and Minister for Communication and Information Technology Gyanendra Bahadur Karki confirmed the decision on Tuesday during a news conference organized at the ministry to unveil the decisions made by a meeting of the Council of Ministers on March 28. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two countries had signed an agreement for further study of the Kerung-Kathmandu railway during the recent state visit of Chinese Foreign Minister Wang Yi.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Keshav Kumar Sharma, joint secretary at the Ministry of Physical Infrastructure and Transport informed said that although the detailed study of the railway will be carried out soon with the help of China, it is not certain when it will start again due to the reappearance of Covid-19 in China.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A preliminary study conducted with the help of the Chinese government had shown that Rs 257 billion would be required to build the Kathmandu-Kerung railway in nine years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Minister Karki said the Cabinet meeting decided to extend the term of the agreement with China concerning the survey of oil and natural gas resources in Nepal by two years. The cabinet meeting also decided to approve the letter of intent related to zero customs and quota-free facility between Nepal and China as well as the agreement regarding feasibility of grid connection between the two countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the government spokesperson, the meeting decided to declare Tilaurakot Kapilbastu area as a 'protected monument zone'. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Monday's Cabinet meeting has also made appointments to various government bodies. Accordingly, Lekhnath Sharma Pangeni and Dr Jeevan Angai have been appointed the members of Nepal Revenue Advisory Committee, and Sanjeev Jha the General Manager of Dairy Development Corporation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Bhairab Raj Regmi has been appointed the member of the National Land Commission while Karuna KC has been designated as the Deputy Director-General of the Survey Department. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has formed a recommendation committee under the convenorship of the Secretary at the Ministry of Communication and Information Technology for appointing a member to Nepal Telecommunication Authority. (With inputs from RSS)</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14756', 'image' => '20220330122710_Flag-Pins-Nepal-China.jpg', 'article_date' => '2022-03-30 12:26:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15012', 'article_category_id' => '1', 'title' => '‘Immediate Capital Expansion of Insurance Companies Impossible’ ', 'sub_title' => '', 'summary' => 'March 29: Although the Insurance Board of Nepal had issued a circular last Thursday directing insurance companies to increase their paid-up capital, the companies say that they are not in a position to do so under current circumstances. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 29: Although the Insurance Board of Nepal had issued a circular last Thursday directing insurance companies to increase their paid-up capital, the companies say that they are not in a position to do so under current circumstances. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Directors and investors of insurance companies argue that capital expansion is challenging during the Covid-19 pandemic and liquidity crisis continues unabated. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">At present, the minimum paid-up capital of a life insurance company is Rs 2 billion and that of a non-life insurance company is Rs 1 billion. The latest circular of the Insurance Board states that life insurance companies should have a paid-up capital of Rs 5 billion and non-life insurance companies Rs 2.5 billion. The board has directed the insurance companies to increase the minimum paid-up capital by mid-April 2023. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">However, the operators of the insurance companies say that it is not possible to meet the demand of the board in such a short period. They say that the issue of raising capital immediately could be detrimental to the insurance sector. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Non-Life Insurance Practitioners Association Rajendra Malla said that it would be difficult to increase the capital as per the directive of the board. "It is necessary to revise the paid-up capital of the insurance companies with time. But, increasing it suddenly is challenging," he said, adding, "It would have been easier if the board had given at least 3-4 years. It is difficult to increase the paid-up capital by 150 percent in one year." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the liquidity crisis and the economic instability caused by the pandemic have made it difficult to increase investment. "There is a liquidity crunch in the banking sector right now. As a result, there is a shortage of capital in all sectors," he said, "On top of that, inflation has also increased. It's difficult to invest more in this situation." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Furthermore, he said that the new limit on paid-up capital set by the board was more than required in the case of non-life insurance companies. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"At present, the average annual transaction of a non-life insurance company is around Rs 1.5 billion. In this case, I don't think it would be better to make the size of paid-up capital more than Rs 2.5 billion or more than the business transactions. It seems that such a policy has been taken to forcefully merge the companies rather than increase their capital." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Investors of life insurance companies also say that the immediate capital increase is challenging. Stating that it would be difficult to raise the capital immediately, an investor said, "Increasing their paid-up capital in such a short span of time is challenging to life insurance companies as well. The board needs to reconsider its decision." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chief executive officers (CEOs) of insurance companies say this could lead to a merger. "The best way to raise capital is through rights shares. But shareholders say there is not enough capital," said a CEO of an insurance company. "In that case, the companies would be forced to merge." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Earlier, on January 27, 2018, the board had directed to increase the minimum paid-up capital to Rs 2 billion for life insurance companies and Rs 1 billion for non-life insurance companies. For that, the board gave a deadline till mid-July 2018. However, the companies reached the prescribed paid-up capital only towards mid-April 2020. This time too, there is a challenge for the insurance companies to increase their capital on time. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Investors point out that an increase in capital will reduce the dividend potential of companies. "Now the insurance company will have a lot of paid-up capital. However, the growth of the business will not be immediate," said one investor, "In this case, their dividend potential decreases. Because, we don't make money by investing like a bank. As we do risky business, investment should be done in a safe place. We do not get a huge return. Therefore, the dividend potential seems to be declining." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This argument is also confirmed by the banking sector as well. With a paid-up capital of Rs 2 billion, commercial banks have an average dividend potential of 30-35 percent. The dividend capacity of commercial banks has been declining after raising their paid-up capital to Rs 8 billion. Last year, the average dividend capacity of commercial banks was only 12-13 percent. Investors say that this could happen in the insurance sector as well. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Increasing the company's paid-up capital is a good thing in itself. But, the market and the business also need to happen accordingly. When the paid-up capital is more than the business, there will be a problem," said one investor. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">Investors engaging in discussions</span></strong> </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Directors of insurance companies are preparing for discussion after the board decided to increase the paid-up capital. According to Malla, a memorandum will be submitted to the Insurance Board on the basis of the decision taken during that discussion. "Investors are meeting to discuss the board's decision to increase the paid-up capital. We plan to submit a memorandum to the board with necessary suggestions after the discussion," he said. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14754', 'image' => '20220329024737_Insurance.jpg', 'article_date' => '2022-03-29 14:46:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15011', 'article_category_id' => '1', 'title' => 'Industrialists Struggling to Get Land in Industrial Corridor', 'sub_title' => '', 'summary' => 'March 29: Industrialist Vinay Shah had planned to open a new industry in the Bara-Parsa Industrial Corridor and had allocated money to buy land for establishing the factory.', '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"">March 29: Industrialist Vinay Shah had planned to open a new industry in the Bara-Parsa Industrial Corridor and had allocated money to buy land for establishing the factory. However, after months of struggle, he couldn't find the needed space to set up the factory.</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"">"It simply came to our notice that despite having capital for investment, we couldn’t find land,” complained industrialist Shah.</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"">Shah is not the only industrialist who is facing problems to get land for setting up a new industry in the industrial corridor. Chairman of the Bara-Parsa chapter of the Confederation of Nepalese Industries, Birendra Kumar Shanghai said that it has become very difficult to find land for new industries in this corridor where about a thousand industries are operating.</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"">Investors are attracted to this corridor due to its prime location, physical infrastructure and easy access to sea routes and major ports. Bara-Parsa is expanding as an industrial corridor not because of government incentives but because of this convenience. With the opening of the industry, the price of land has also skyrocketed.</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"">So much so that more than 25 percent of the industry's total investment goes for the purchase of land. "It is now challenging to set up a new industry in the Bara-Parsa corridor," said Hari Gautam, coordinator of the industry committee under the Birgunj Chamber of Commerce and Industry.</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 Birgunj is a suitable area for industrial establishment due to the availability of physical infrastructure and geography, the industrialists said that the government should arrange land for industry in the Bara-Parsa area.</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"">Industrialists say that getting land for industry in Bara-Parsa is almost impossible at the moment, and opening an industry on highly-rated land would be risky. Entrepreneurs say that the price of land that used to be Rs 500,000 per Kattha has now reached as much as Rs 3 million per kattha.</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 Bara-Parsa Industrial Corridor is ahead of other areas in terms of industrial potential. However, a study report made public by Nepal Rastra Bank some time ago said that it is difficult to get land, and even if you get it, you have to pay a high 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"">The industrialists of Birgunj have urged the government to find at least 2,000 bighas of land in the Thori area of Parsa and create a new industrial zone.</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"">Shanghai said that the industrialists would be attracted to the area as the main checkpoint is close to Birgunj, and the postal highway is easily accessible.</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"">Industrialist Shah suggested that the government should sell the land in such areas by preparing the minimum infrastructure required for the industries. “The land should be sold to the industrialists on condition that the industry should be opened within a certain time and the land is utilized for the intended purpose,” he said.</span></span></span></span></p> <p> </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 announced to create a new industrial zone in the same province five years ago. An industrial zone has been proposed in the Sagarnath forest area of Sarlahi for Madhes Province. However, compared to the Bara-Parsa region, it will not be suitable, says the entrepreneur.</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 Gajendra Narayan Singh Industrial Area which has already been set up in Saptari is not in use.</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 industrialists say they are more interested in this region than the special economic zone of Simara, Bara because of the requirement of export-oriented industries in the SEZ.</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"">Conflict has escalated in the Bara-Parsa corridor due to the simultaneous expansion of industry and human settlements. Entrepreneurs suggest setting standards for expansion of human settlement around the newly opened industrial zone.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14753', 'image' => '20220329021109_Industries.jpg', 'article_date' => '2022-03-29 14:10:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15010', 'article_category_id' => '1', 'title' => 'Is it Fair for an Individual or a Group to Run Business Enterprise and Bank Simultaneously? ', 'sub_title' => '', 'summary' => 'March 29: Finance Minister Janardan Sharma on Monday sought the opinion of bankers regarding an individual or a group operating both business enterprise as well as bank at a time.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">March 29: <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Janardan Sharma on Monday sought the opinion of bankers regarding an individual or a group operating both business enterprise as well as bank at a time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The minister made such query during a discussion with the representatives of banks and financial institutions (BFIs) and the insurance companies at the Ministry of Finance on Monday (March 28). The ministry had organized the discussion to seek the feedback from private sector stakeholders regarding the government’s upcoming policies and programmes as well as the budget for the upcoming fiscal year.</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"">On the occasion, Minister Sharma asked whether it was beneficial for the economy for the same individual to be a banker and also a businessperson. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"It seems that the same individual or group is involved in banking sector and business. Is this a good practice? If yes, then I have no objections. But please provide me some suggestions if some amendments are needed in this regard," the finance minister said.</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"">Minister Sharma said that the government had already held similar discussions with stakeholders from the agriculture and education sectors and were now holding discussions with representatives of BFIs and insurance companies.</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"">Minister Sharma also shared his idea of establishing a microfinance fund to provide concessional loan to the general people. </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"">“We are contemplating about setting up a microfinance fund but not to charge high interest. Instead, the fund will be utilized with the concept of providing concessional loans to the general public through microfinance companies,” added the minister.</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"">During the discussion, former vice chair of the National Planning Commission Min Bahadur Shrestha pointed out to the need of attracting foreign direct investment. He opined that the government has invested heavily on insurance for the agriculture sector but the results were not satisfactory. He suggested the government to improve the economy by cracking down hyperfund, cryptocurrency and by controlling the interest skyrocketing interest rates.</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"">Former vice chair of the NPC Dipendra Bahadur Chhetri said that the loan allocated for the agricultural sector was been distributed for the import of industrial and agricultural products and the genuine farmers were deprived from such facility.</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"">He also said that he heard rumors of demonetization for curbing the liquidity crisis. He warned that the notes of Rs 500 denomination accounted for 21 percent of the total money circulating in the market and Rs 1000 denomination notes comprised of 70 percent and said it would be a great challenge for the government to demonetize the currency. </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"">Speaking on the occasion, former chairman of Nepal Bankers’ Association Anil Shah said that the government needs to make new arrangements for renewal of labour permit in order to increase the inflow of remittance by facilitating the Nepali migrant workers aspiring to work overseas.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“The government can find out the estimated earnings of the workers. Therefore, it can keep a record of the money sent back to Nepal and easily find out if it has been sent through official channels or through the illegal hundi system,” said Shah.</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"">Others attending the discussion suggested the government to resume bancassurance service, setting up of an insurance fund, easy access to banking services in all seven provinces among others.</span></span></span></p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14752', 'image' => '20220329115010_fin min sharma.jpg', 'article_date' => '2022-03-29 11:49:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15009', 'article_category_id' => '1', 'title' => 'Government Introduces Foreign Employment Welfare Information Management System', 'sub_title' => '', 'summary' => 'March 29: The government has introduced the Foreign Employment Welfare Information Management System for the welfare of the Nepali migrant workers.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 29: The government has introduced the Foreign Employment Welfare Information Management System for the welfare of the Nepali migrant workers. According to government sources, the new system that offers various facilities to the workers has come into effect from March 28.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister for Labour, Employment and Social Security Krishna Shrestha officially launched the system on Monday to provide welfare services ensured by the state to the Nepali migrant workers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency RSS, Minister Shrestha said that now the system has been put in place, the outbound Nepali migrant workers with labour permit can claim compensation for death, injury, serious ailment among others within one year of the expiry of the contract period and within one year of the incident. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The migrant workers and their families avail the services online through the website of the Foreign Employment Board (www.feb.gov.np). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the fifth amendment to the Foreign Employment Regulations-2064 BS, the Nepali migrant workers going abroad with labour permit can avail services such as financial assistance in case of injury, educational scholarships for dependent children in case of death of migrant worker, brining home dead bodies of the Nepali migrant workers for free of cost and evacuation of stranded Nepali migrant workers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, the beneficiaries of the deceased Nepali migrant workers can claim insurance through the newly introduced system, RSS reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, Minister Shrestha shared that a curriculum has been designed to provide on-the-job practical skills training in six various subjects to enlist unemployed youths at the local levels. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Minister Shrestha shared that the government had taken forward various measures aimed at securing welfare of the outbound and returning Nepali migrant workers such as formulation of new foreign employment policy, preparation for building labour hospital and creating enabling environment at policy level for the Nepali women working as domestic workers abroad to return home and go for foreign employment yet again. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14751', 'image' => '20220329081003_labour.jpg', 'article_date' => '2022-03-29 08:09:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15007', 'article_category_id' => '1', 'title' => 'Nepal’s Ambassador to India pledges to Promote Small Industries', 'sub_title' => '', 'summary' => 'March 28: Nepal’s newly-appointed ambassador to India Dr Shankar Prasad Sharma has pledged to help promote small industries and their products in the international 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"">March 28: Nepal’s newly-appointed ambassador to India Dr Shankar Prasad Sharma has pledged to help promote small industries and their products in the international market. In a program organized by the Federation of Nepalese Cottage and Small Industries, ambassador Sharma said that he would take the initiatives to promote home-grown Nepali products in 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"">He was of the view that the government and private sector can work hand in hand after determining the sectors of investment and export. He affirmed that he would take initiatives to improve the relations between the two nations and facilitate easy investment. </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"">Stating that Nepal and India have good relations, he stated that the area for business is broad in both the countries 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"">“Two-third of Nepal’s trade is done with India. Even in exports, 75 percent of the exports are made to India,” said Sharma.</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"">Umesh Prasad Singh, the chairman of the federation, stated that it is a challenge to expand productive sector industries to replace import and promote export-oriented busiensses. He expects ambassador Sharma to play a role at the diplomatic level to promote the export of domestic products. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14748', 'image' => '20220328030443_sharma.jpg', 'article_date' => '2022-03-28 15:04:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15003', 'article_category_id' => '1', 'title' => 'FNCCI signs Pact with Investment Board to Promote Investment', 'sub_title' => '', 'summary' => 'March 28: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Investment Board Nepal (IBN) have signed a Memorandum of Understanding (MoU) for cooperation in promoting domestic and foreign investment in the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 28: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Investment Board Nepal (IBN) have signed a Memorandum of Understanding (MoU) for cooperation in promoting domestic and foreign investment in the country. </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"">FNCCI President Shekhar Golchha and IBN Chief Executive Officer Sushil Bhatta signed the MoU to this effect in the presence of Finance Minister Janardan Sharma, who is also the vice chairperson of the board, amid a function on Sunday (March 27). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the MoU, a help desk related to foreign direct investment (FDI) will be set up at the FNCCI Secretariat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the FNCCI will actively help the IBN to identify and search for foreign investment projects. It will organise programmes relating to investments at home and in foreign countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, both the FNCCI and IBN have agreed to cooperate on topics related to acquiring knowledge and sharing experiences and information, and in carrying out policy reforms in investment through public private partnership concept. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also, both the organisations agreed to cooperate in organising investment-related assemblies, conferences, exhibitions, seminars, workshops and training sessions at national and international levels in order to promote foreign direct investment and other investments. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Finance Minister Sharma said that the MoU between the FNCCI and IBN has been exemplary for the promotion of domestic and foreign investment in the country and expressed the hope that both the institutions would implement the decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Others present on the occasion were the IBN member and FNCCI outgoing President Bhawani Rana, the IBN joint secretary Bhagawan Aryal, the FNCCI senior vice president Chandra Prasad Dhakal, vice presidents, Dinesh Shrestha, Anjana Shrestha and Ram Chandra Sanghai and President of the International Investment Promotion Committee, of FNCCI, Aananda Bagadiya. <em>(With inputs from RSS)</em></span></span></span></p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14747', 'image' => '20220328080628_MOU SAill003.jpg', 'article_date' => '2022-03-28 07:52:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15005', 'article_category_id' => '1', 'title' => 'Six Int’l Companies shortlisted for Feasibility Study of Dhaubadi Iron Mine', 'sub_title' => '', 'summary' => 'March 28: Six international companies have been shortlisted for the detailed feasibility study of Dhaubadi iron mine.', '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"">March 28: Six international companies have been shortlisted for the detailed feasibility study of Dhaubadi iron mine.</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 six companies shortlisted for the detailed feasibility study of Hupsekot-based iron mine in East Nawalparasi are from India, China, the UK, Canada and Austria.</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"">Dr. Janak Bahadur Chand, Chief Executive Officer (CEO) of Dhaubadi Iron Company Limited informed that all the companies that had applied for the feasibility study have been shortlisted.</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"">According to Chand, two Chinese companies -- Capital Engineering and Research Incorporation Limited and China in Association with Development Support Consult, Canada's Mycon International Limited JV ERMC, India's Duster-SRK-Jade JV, England's London Road and Austria's Hurst Wissinger Consulting GMBH JV have been shortlisted for the feasibility study.</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"">Chand informed that one of the six shortlisted companies will conduct the feasibility study of the iron in Dhaubadi mine of East Nawalparasi. He said that the project office has called for financial and technical proposals from the shortlisted companies.</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"">One of the selected companies will submit the feasibility study report within 3/4 months. Although preliminary data show that the mine has 100 million metric tons of iron reserves, a recent study conducted by the company with the participation of an expert team found that the capacity of the ore storage to be even more.</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"">Chand informed that the mine has 150 million metric tons of iron reserves. He said that the details had been obtained through drilling. The company has informed that the detailed project report (DPR) will be prepared only after the completion of the feasibility study.</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"">International bids will also be invited for the DPR. A test conducted in China has already confirmed that iron and billets can be made from iron ore present in the mine.</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"">However, Chand said that a detailed feasibility study would provide information on how much iron can be extracted commercially from the mine. Stating that the feasibility study will be completed in the current fiscal year, he informed that the DPR report will not be ready this 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:"Arial","sans-serif"">He said that they are working with international companies as mining is being done for the first time in Nepal. He said that commercial production from the Dhaubadi iron mile will take some more time. The mine was explored for the first time almost a decade ago.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14745', 'image' => '20220328101003_1648364690.धौबादी_फलाम_कम्पनी_लिमिटेड.jpg', 'article_date' => '2022-03-28 10:08:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15002', 'article_category_id' => '1', 'title' => 'Government Allows 24-Hour Business in Lakeside Pokhara', 'sub_title' => '', 'summary' => 'March 27: The night-time business has started flourishing in the lakeside area of Pokhara ever since the stakeholders decided to keep the area open for 24 hours a day.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: The night-time business has started flourishing in the lakeside area of Pokhara ever since the stakeholders decided to keep the area open for 24 hours a day. Such decision was taken in an attempt to encourage the business activities which had hit a slump due to Covid-19 pandemic. The government decided to keep the business open at night as well in the areas that receive higher tourists like Lakeside of Pokhara, Sauraha of Chitwan, and Thamel and Durbarmarg of Kathmandu.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Earlier, the police administration used to allow night-time businesses in Lakeside Pokhara till 10 PM. Both the business community and the tourists had been complain that they were not able to avail services at night time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the businessmen, the businesses which had hit a slump due to Covid-19 are expected to gain momentum with this decision of the government to allow 24-hour business.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Govinda Sharma, a local tourism entrepreneur, said the government's decision has raised hopes of revival of the Covid-19 affected tourism industry. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The business has come to a standstill due to the Covid-19 infection. Even when the Covid-19 infection was less, only domestic tourists visited this area. Influx of domestic tourists alone cannot sustain the business,” he said adding “Now that the Covid-19 infection has decreased and night-time business is on the rise, the business community is excited about revival of their businesses.” He said that the decision taken by the government, although late, would send a positive message about Nepal's tourism sector. He also added that the police had been harassing the businessmen to close hotels and restaurants before 10 pm.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Domestic and foreign tourists have been eager to visit Pokhara after the business started opening till late night. Night businesses include hotels, lounge bars, dance clubs, restaurants, among others.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chairman of the Western Regional Hotel Association Laxman Subedi said that the decision to open 24-hour business is a positive move and in the best interest of the business community. He is confident that it will also help in reviving the long-stalled tourism activities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Opening a 24-hour business requires more employees -- in two shifts, which creates more employment opportunities. Along with employment, the income of entrepreneurs also increases,” said Subedi. He expressed that the long-time wish of businessmen of Lakeside to be able to operate business for 24 hours has finally been fulfilled. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">s</span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14744', 'image' => '20220327062910_lakeside (1).jpg', 'article_date' => '2022-03-27 18:28:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15001', 'article_category_id' => '1', 'title' => 'Energy Crisis puts Hydro Power Projects under Pressure for Timely Completion', 'sub_title' => '', 'summary' => 'March 27: Excessive price hike in India, which produces electricity from coal plants, has had a direct impact on Nepal. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: Excessive price hike in India, which produces electricity from coal plants, has had a direct impact on Nepal. Nepal Electricity Authority is distributing electricity imported from India at Rs 38 per unit. At present, it is not possible to predict how long the effects of the continuous increase in electricity prices in the energy exchange market will last. But for Nepal, the NEA says, such problems will persist only for the next one and a half months.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal produces excess of electricity during the rainy season, but it has import electricity during the winter. The NEA, which felt a relief after the electricity produced by the Upper Tamakoshi Hydropower Project was connected to the national grid, is still facing problem in the dry season. However, there is no need to import large amount of electricity from India at present, says NEA.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NEA Executive Director Kulman Ghising, only 350 to 400 MW electricity is being imported depending on the need. Most of the projects in Nepal are based on run-of-the-river system. Due to the severe dry weather, the water level in the rivers has dropped and only one third of the electricity is generated from these projects. Most of the private sector projects are of the same nature as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The total demand of electricity in Nepal is around 1,600 MW. A total of 1,300 MW of electricity flows from NEA's own projects, subsidiaries and private sector projects. The remaining 300 MW is insufficient. In such situation, there is no alternative to importing that amount of electricity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In India, electricity generated from solar projects is supplied throughout the day. When evening falls, the solar system's power generation stops and the coal plant has to run. Nepal has to import electricity even though it has to pay a high price for evening time management due to the global impact of price hike of coal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Due to the crisis, the under-construction projects are in pressure to complete the works soon. If the transmission system and other technical preparations are completed, it is possible to add 150 to 200 MW of electricity to the national grid by the end of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Executive Director Ghising said that they have requested the hydropower projects to complete the final stage of construction as soon as possible. If work is done a little harder than usual, 118 MW of electricity will be added in the Dordi corridor. Similarly, there is a possibility of adding 150 MW of electricity in Solu Corridor. NEA has completed the construction of a 132 KV transmission line. This has put an end to the fear of wasting electricity due to lack of transmission lines.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, the private sector is constructing projects of 3,500 MW capacity. The recent crisis has created pressure to complete these projects as soon as possible. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14743', 'image' => '20220327035308_hydro.jpg', 'article_date' => '2022-03-27 15:52:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15000', 'article_category_id' => '1', 'title' => 'China Pledges Rs 11.4 Billion Grant Assistance for Nepal', 'sub_title' => '', 'summary' => 'March 27: The Chinese government has agreed to provide more than Rs 11.40 billion as grant assistance to the Government of Nepal under its financial and technical assistance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: The Chinese government has agreed to provide more than Rs 11.40 billion as grant assistance to the Government of Nepal under its financial and technical assistance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ministry of Finance, the amount will be spent on the implementation of China-backed projects. Visiting Chinese Foreign Minister Wang Yi confirmed the grant assistance to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Wang, who is on a three-day visit to Nepal, also pledged to provide development assistance announced during Chinese President Xi Jinping's 2019 visit to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He expressed such commitment during the Nepal-China Foreign Ministerial Talks held in the capital on Saturday, the state-owned national news agency RSS reported. He also agreed to fully operate the two-way movement of goods and services through the Rasuwagadhi and Tatopani border points. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the talks, the foreign ministers of Nepal and China agreed to instruct the concerned authorities to make necessary preparations for speedy operation of the border points. The Chinese foreign minister also assured that China will allow Nepali students to return to their universities and educational institutions as soon as possible. </span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14742', 'image' => '20220327013813_Flag-Pins-Nepal-China.jpg', 'article_date' => '2022-03-27 13:37:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14999', 'article_category_id' => '1', 'title' => 'Birgunj Entrepreneurs Demand Credit Act ', 'sub_title' => '', 'summary' => 'March 27: The Birgunj Chamber of Commerce and Industry (BICCI) has demanded the government to formulate several policies to help resolve the problems faced by the private sector.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: The Birgunj Chamber of Commerce and Industry (BICCI) has demanded the government to formulate several policies to help resolve the problems faced by the private sector. The chamber has urged the government to lower the interest rates to single digit, and has also sought income tax exemption, proper management of bank loans in addition to the introduction of credit act. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The BICCI delegation was in Kathmandu for a visit last week. The delegation met Prime Minister Sher Bahadur Deuba, Home Minister Bal Krishna Khand, Finance Minister Janardan Sharma, Health and Population Minister Birodh Khatiwada, secretary at the Ministry of Industry, Commerce and Supplies Dr Ganesh Prasad Pandey, Inspector General of Nepal Police Shailesh Thapa Chhetri, Inspector General of Armed Police Force Shailendra Khanal, Nepal Rastra Bank Governor Maha Prasad Adhikari, Director General of the Department of Customs Kamal Prasad Poudel, Director General of the Department of Revenue Investigation Prakash Poudel and Director General of Inland Revenue Department Ritesh Man Shakya and put forward their demand. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Organising a press conference in Kathmandu on Friday, BICCI president Dr Subodh Kumar Gupta said that the problems of the private sector have been brought to the notice of the government bodies. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During their meeting with Prime Minister Deuba, the chamber demanded to establish a new industrial zone. They also demanded the establishment of industrial security force. They urged home minister Bal Krishna Khand to hold regular border security meetings. The delegation members said that the government should be sensitive in this regard as the industrial sector has also been affected by the criminal activities taking place from across the border. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In a meeting with Finance Minister Janardan Sharma, they demanded tax exemption on income of up to Rs 800,000 for a single person and up to Rs 850,000 for a couple. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The delegation also insisted that there should be a difference of 15 percent in the customs duty for finished goods and industrial raw materials, and the tariff on import of pulses should be revised according to the present time. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The private sector stakeholders also urged the government to fix the rent of the Special Economic Zone at Rs 5 per square feet. The chamber also said that the provision of 60 percent export for industries operating in the SEZ should be reduced to 25 percent. Likewise, they have also demanded reduction of interest rates on concessional loans and refinancing. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition, the chamber has also demanded the introduction of a credit act. The delegation also demanded 50 percent exemption in income tax for industries related to basic essentials and education. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14741', 'image' => '20220327010059_1648337823.1.jpg', 'article_date' => '2022-03-27 13:00:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14998', 'article_category_id' => '1', 'title' => 'China Hands over Pokhara International Airport to Nepal', 'sub_title' => 'Tourism Minister says the airport will come into operation within 6 months ', 'summary' => 'March 27: The Pokhara Regional International Airport,which is being developed by Chinese construction company CAMC Engineering, has been handed over to Nepal on Saturday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: The Pokhara Regional International Airport, which is being developed by Chinese construction company CAMC Engineering, has been handed over to Nepal on Saturday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Pokhara Regional International Airport was handed over to Nepal on Saturday evening on the occasion of the state visit of China's Foreign Affairs Minister Wang Yi to Nepal. Separate programmes were organized in Kathmandu and Pokhara Airport for the handover of the airport. In Kathmandu, Chinese Affairs Minister Wang handed over a symbolic key to Minister for Foreign Affairs Dr Narayan Khadka at the presence of Prime Minister Sher Bahadur Deuba. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In Pokhara, Minister for Tourism, Culture and Civil Aviation Prem Bahadur Ale felicitated Chairman of CAMC Engineering Lu Yan for completing the construction of the airport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Project Chief of the Pokhara Regional International Airport Binesh Munakarmi said the handover ceremony was organised after the completion of major construction works. The airport was constructed with a concessional loan and grant assistance of Rs 22 billion from EXIM Bank of China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the project officials, 93 per cent of the physical works have been completed and the construction company would continue its works until the airport is 100 percent ready.</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"">So far, the runway, terminal building, air traffic control building, taxiway and other main works have been completed. The project which was estimated to complete by July 10, 2021 was extended for a year due to the COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Ale said that the airport would be brought into operation soon. He claimed that the government would run the airport within six months after completing all necessary preparations. </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"">Minister Ale urged investors to invest in paragliding, rafting and golf targeting internal and foreign tourists following the handover of the airport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also shared that the government was doing ground work to announce Pokhara as a tourism capital. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">General-Manager of the Civil Aviation Authority of Nepal, Pradeep Adhikari said though main part of the airport construction was completed some problems are yet to be fixed. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14740', 'image' => '20220327113443_Pokhara-Airportd.jpg', 'article_date' => '2022-03-27 11:31:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14997', 'article_category_id' => '1', 'title' => 'Nepal, China Ink 9 Deals to Enhance Mutual Cooperation and Partnership ', 'sub_title' => '', 'summary' => 'March 27: Nepal and China have signed nine different agreements to enhance mutual cooperation and partnership between the two countries. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: Nepal and China have signed nine different agreements to enhance mutual cooperation and partnership between the two countries. </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"">Both the countries have agreed to further strengthen the relation and partnership between Nepal and China. The two countries reached an understanding to this effect during the Nepal-China Foreign Minister-level meeting held in Kathmandu on Saturday (March 26). After bilateral talks between Foreign Minister Dr Narayan Khadka and Chinese State Councilor and Foreign Minister Wang Yi, officials from both the countries also signed nine sets of agreements on enhancing mutual cooperation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Secretary Madhu Kumar Marasini and Chinese Ambassador to Nepal Hou Yanqi signed the agreement on economic and technical cooperation, and technical assistance schemes for China aid and feasibility study of China-Nepal cross-border railway project in Nepal on behalf of their respective governments. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the agreement for the feasibility study of China-Nepal power grid interconnection was signed by Secretary at the Ministry of Energy, Water Resources and Irrigation, Devendra Karki and Ambassador Yanqi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary at the Ministry of Agriculture and Livestock Development Niru Dahal Pandey and Ambassador Yanqi signed a protocol on the safety and health conditions of haylage export from Nepal to China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A letter of exchange on duty-free treatment for 98 percent of goods imported to China was signed by Secretary at the Ministry of Industry, Commerce and Supplies Ganesh Prasad Pandey and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Secretary at the Ministry of Physical Infrastructure and Transport Rabindra Nath Shrestha and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping signed an agreement to handover certificate of Araniko Highway Maintenance Project (phase-3) and the minutes of the 7th meeting on enhancing cooperation in Railway sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In addition, the delivery and acceptance certificates of Chinese aid for COVID-19 vaccines to Nepal (fifth and sixth batches -- million Sinovac Vaccines) was signed by Health Secretary Dr Roshan Pokharel and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping. </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, a protocol on sending a Chinese Medical team to work in Nepal was signed by Health Secretary Dr Pokharel and Ambassador Yanqi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Welcoming his Chinese counterpart to the bilateral talks, Minister Khadka expressed his desire to take the centuries-old Nepal-China relations to a new height. He stressed the need for the timely completion of Chinese-assisted development projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He highlighted the adverse impact on the economy of Nepal due to non-operation of Nepal-China border trade points, the problems added to the economic activities by the Covid-19 pandemic, Nepal's challenges in reviving the economy, declining remittance inflows and other challenges faced by the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Stressing on the implementation of past treaties and agreements between the two countries, Foreign Minister Khadka requested for the early implementation of the financial assistance announced during the visit of Chinese President Xi Jinping to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also drew the attention of the Chinese side to implement the past agreement to expand the Trans Himalayan Multi-dimensional Network for the construction of physical infrastructure in the border areas essential for further strengthening people-to-people relations between Nepal and China and promoting bilateral trade and commerce. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On behalf of the Government of Nepal, the Foreign Minister expressed his heartfelt gratitude for providing various health equipment including vaccines during difficult situation and for reconstruction of the physical infrastructure destroyed by the earthquakes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The foreign ministers of the two countries also expressed their commitment to cooperate and share issues of mutual interest and common concern. RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14739', 'image' => '20220327082158_RoS-KTM-PMDeubae.jpg', 'article_date' => '2022-03-27 08:21:10', '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' => '15015', 'article_category_id' => '1', 'title' => 'Janakpur-Jaynagar Railway to Operate with Passengers from April 2', 'sub_title' => '', 'summary' => 'March 30: The two sets of trains brought from India 19 months back will finally operate with passengers from coming Saturday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 30: The two sets of trains brought from India 19 months back will finally operate with passengers from coming Saturday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prime Minister Sher Bahadur Deuba and his Indian counterpart Narendra Modi will jointly inaugurate the 35-kilometres railway service that stretches from Jayanagar of India to Kurtha in Dhanusha district, informed the Ministry of Physical Infrastructure and Transport. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The inauguration will take place virtually from New Delhi, India during PM Deuba's official visit to India starting from April 1. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">General Manager of the Nepal Railway Company Niranjan Jha informed that the inauguration program has been scheduled for April 2 during the prime minister’s state visit to India.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> “The prime ministers of both the countries will virtually inaugurate the train in the physical presence of the minister for physical infrastructure and transport at the site.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two sets of trains brought in September 2020 were lying at the parking lot till January 2021. The date of operation of the train was repeatedly postponed due to lack of law, staff and budget. The government brought the Railway Ordinance for the third time to remove the legal obstacle to operate the trains. The last ordinance was published in the Nepal Gazette last Wednesday, paving the way to operate the trains.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The trains which stood in the parking lot for a long time were running without passengers since February 13. But now, the trains will be carrying passengers. About 2,600 passengers can travel on the train at once with passengers beyond seating capacity allowed to travel by standing. Jha also informed that the train fare has been fixed at Rs 90 per passenger for general seats and Rs 450 for AC enabled seats.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has announced plans to connect major destinations in the border areas of Nepal and India by rail link, out of which, the Janakpur-Jaynagar rail will be operational in the first phase. The government had bought the train from Indian railway company Konkan with an investment of Rs 1 billion last year. Twenty six employees have come from India to run the train while the state-owned company has hired 56 Nepali employees.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14757', 'image' => '20220330124244_Railwayy (2).jpg', 'article_date' => '2022-03-30 12:41:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15014', 'article_category_id' => '1', 'title' => 'Detailed Study of Kathmandu-Kerung Railway Soon', 'sub_title' => '', 'summary' => 'March 30: The government has decided to approve grant assistance and the technical assistance related to the feasibility study of trans-border railway under the Economic and Technical Cooperation Agreement proposed by the People's Republic of China. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 30: The government has decided to approve grant assistance and the technical assistance related to the feasibility study of trans-border railway under the Economic and Technical Cooperation Agreement proposed by the People's Republic of China. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Government spokesperson and Minister for Communication and Information Technology Gyanendra Bahadur Karki confirmed the decision on Tuesday during a news conference organized at the ministry to unveil the decisions made by a meeting of the Council of Ministers on March 28. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two countries had signed an agreement for further study of the Kerung-Kathmandu railway during the recent state visit of Chinese Foreign Minister Wang Yi.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Keshav Kumar Sharma, joint secretary at the Ministry of Physical Infrastructure and Transport informed said that although the detailed study of the railway will be carried out soon with the help of China, it is not certain when it will start again due to the reappearance of Covid-19 in China.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A preliminary study conducted with the help of the Chinese government had shown that Rs 257 billion would be required to build the Kathmandu-Kerung railway in nine years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Minister Karki said the Cabinet meeting decided to extend the term of the agreement with China concerning the survey of oil and natural gas resources in Nepal by two years. The cabinet meeting also decided to approve the letter of intent related to zero customs and quota-free facility between Nepal and China as well as the agreement regarding feasibility of grid connection between the two countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the government spokesperson, the meeting decided to declare Tilaurakot Kapilbastu area as a 'protected monument zone'. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Monday's Cabinet meeting has also made appointments to various government bodies. Accordingly, Lekhnath Sharma Pangeni and Dr Jeevan Angai have been appointed the members of Nepal Revenue Advisory Committee, and Sanjeev Jha the General Manager of Dairy Development Corporation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Bhairab Raj Regmi has been appointed the member of the National Land Commission while Karuna KC has been designated as the Deputy Director-General of the Survey Department. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has formed a recommendation committee under the convenorship of the Secretary at the Ministry of Communication and Information Technology for appointing a member to Nepal Telecommunication Authority. (With inputs from RSS)</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14756', 'image' => '20220330122710_Flag-Pins-Nepal-China.jpg', 'article_date' => '2022-03-30 12:26:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15012', 'article_category_id' => '1', 'title' => '‘Immediate Capital Expansion of Insurance Companies Impossible’ ', 'sub_title' => '', 'summary' => 'March 29: Although the Insurance Board of Nepal had issued a circular last Thursday directing insurance companies to increase their paid-up capital, the companies say that they are not in a position to do so under current circumstances. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 29: Although the Insurance Board of Nepal had issued a circular last Thursday directing insurance companies to increase their paid-up capital, the companies say that they are not in a position to do so under current circumstances. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Directors and investors of insurance companies argue that capital expansion is challenging during the Covid-19 pandemic and liquidity crisis continues unabated. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">At present, the minimum paid-up capital of a life insurance company is Rs 2 billion and that of a non-life insurance company is Rs 1 billion. The latest circular of the Insurance Board states that life insurance companies should have a paid-up capital of Rs 5 billion and non-life insurance companies Rs 2.5 billion. The board has directed the insurance companies to increase the minimum paid-up capital by mid-April 2023. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">However, the operators of the insurance companies say that it is not possible to meet the demand of the board in such a short period. They say that the issue of raising capital immediately could be detrimental to the insurance sector. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Non-Life Insurance Practitioners Association Rajendra Malla said that it would be difficult to increase the capital as per the directive of the board. "It is necessary to revise the paid-up capital of the insurance companies with time. But, increasing it suddenly is challenging," he said, adding, "It would have been easier if the board had given at least 3-4 years. It is difficult to increase the paid-up capital by 150 percent in one year." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the liquidity crisis and the economic instability caused by the pandemic have made it difficult to increase investment. "There is a liquidity crunch in the banking sector right now. As a result, there is a shortage of capital in all sectors," he said, "On top of that, inflation has also increased. It's difficult to invest more in this situation." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Furthermore, he said that the new limit on paid-up capital set by the board was more than required in the case of non-life insurance companies. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"At present, the average annual transaction of a non-life insurance company is around Rs 1.5 billion. In this case, I don't think it would be better to make the size of paid-up capital more than Rs 2.5 billion or more than the business transactions. It seems that such a policy has been taken to forcefully merge the companies rather than increase their capital." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Investors of life insurance companies also say that the immediate capital increase is challenging. Stating that it would be difficult to raise the capital immediately, an investor said, "Increasing their paid-up capital in such a short span of time is challenging to life insurance companies as well. The board needs to reconsider its decision." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chief executive officers (CEOs) of insurance companies say this could lead to a merger. "The best way to raise capital is through rights shares. But shareholders say there is not enough capital," said a CEO of an insurance company. "In that case, the companies would be forced to merge." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Earlier, on January 27, 2018, the board had directed to increase the minimum paid-up capital to Rs 2 billion for life insurance companies and Rs 1 billion for non-life insurance companies. For that, the board gave a deadline till mid-July 2018. However, the companies reached the prescribed paid-up capital only towards mid-April 2020. This time too, there is a challenge for the insurance companies to increase their capital on time. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Investors point out that an increase in capital will reduce the dividend potential of companies. "Now the insurance company will have a lot of paid-up capital. However, the growth of the business will not be immediate," said one investor, "In this case, their dividend potential decreases. Because, we don't make money by investing like a bank. As we do risky business, investment should be done in a safe place. We do not get a huge return. Therefore, the dividend potential seems to be declining." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This argument is also confirmed by the banking sector as well. With a paid-up capital of Rs 2 billion, commercial banks have an average dividend potential of 30-35 percent. The dividend capacity of commercial banks has been declining after raising their paid-up capital to Rs 8 billion. Last year, the average dividend capacity of commercial banks was only 12-13 percent. Investors say that this could happen in the insurance sector as well. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Increasing the company's paid-up capital is a good thing in itself. But, the market and the business also need to happen accordingly. When the paid-up capital is more than the business, there will be a problem," said one investor. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">Investors engaging in discussions</span></strong> </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Directors of insurance companies are preparing for discussion after the board decided to increase the paid-up capital. According to Malla, a memorandum will be submitted to the Insurance Board on the basis of the decision taken during that discussion. "Investors are meeting to discuss the board's decision to increase the paid-up capital. We plan to submit a memorandum to the board with necessary suggestions after the discussion," he said. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14754', 'image' => '20220329024737_Insurance.jpg', 'article_date' => '2022-03-29 14:46:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15011', 'article_category_id' => '1', 'title' => 'Industrialists Struggling to Get Land in Industrial Corridor', 'sub_title' => '', 'summary' => 'March 29: Industrialist Vinay Shah had planned to open a new industry in the Bara-Parsa Industrial Corridor and had allocated money to buy land for establishing the factory.', '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"">March 29: Industrialist Vinay Shah had planned to open a new industry in the Bara-Parsa Industrial Corridor and had allocated money to buy land for establishing the factory. However, after months of struggle, he couldn't find the needed space to set up the factory.</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"">"It simply came to our notice that despite having capital for investment, we couldn’t find land,” complained industrialist Shah.</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"">Shah is not the only industrialist who is facing problems to get land for setting up a new industry in the industrial corridor. Chairman of the Bara-Parsa chapter of the Confederation of Nepalese Industries, Birendra Kumar Shanghai said that it has become very difficult to find land for new industries in this corridor where about a thousand industries are operating.</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"">Investors are attracted to this corridor due to its prime location, physical infrastructure and easy access to sea routes and major ports. Bara-Parsa is expanding as an industrial corridor not because of government incentives but because of this convenience. With the opening of the industry, the price of land has also skyrocketed.</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"">So much so that more than 25 percent of the industry's total investment goes for the purchase of land. "It is now challenging to set up a new industry in the Bara-Parsa corridor," said Hari Gautam, coordinator of the industry committee under the Birgunj Chamber of Commerce and Industry.</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 Birgunj is a suitable area for industrial establishment due to the availability of physical infrastructure and geography, the industrialists said that the government should arrange land for industry in the Bara-Parsa area.</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"">Industrialists say that getting land for industry in Bara-Parsa is almost impossible at the moment, and opening an industry on highly-rated land would be risky. Entrepreneurs say that the price of land that used to be Rs 500,000 per Kattha has now reached as much as Rs 3 million per kattha.</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 Bara-Parsa Industrial Corridor is ahead of other areas in terms of industrial potential. However, a study report made public by Nepal Rastra Bank some time ago said that it is difficult to get land, and even if you get it, you have to pay a high 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"">The industrialists of Birgunj have urged the government to find at least 2,000 bighas of land in the Thori area of Parsa and create a new industrial zone.</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"">Shanghai said that the industrialists would be attracted to the area as the main checkpoint is close to Birgunj, and the postal highway is easily accessible.</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"">Industrialist Shah suggested that the government should sell the land in such areas by preparing the minimum infrastructure required for the industries. “The land should be sold to the industrialists on condition that the industry should be opened within a certain time and the land is utilized for the intended purpose,” he said.</span></span></span></span></p> <p> </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 announced to create a new industrial zone in the same province five years ago. An industrial zone has been proposed in the Sagarnath forest area of Sarlahi for Madhes Province. However, compared to the Bara-Parsa region, it will not be suitable, says the entrepreneur.</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 Gajendra Narayan Singh Industrial Area which has already been set up in Saptari is not in use.</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 industrialists say they are more interested in this region than the special economic zone of Simara, Bara because of the requirement of export-oriented industries in the SEZ.</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"">Conflict has escalated in the Bara-Parsa corridor due to the simultaneous expansion of industry and human settlements. Entrepreneurs suggest setting standards for expansion of human settlement around the newly opened industrial zone.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14753', 'image' => '20220329021109_Industries.jpg', 'article_date' => '2022-03-29 14:10:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15010', 'article_category_id' => '1', 'title' => 'Is it Fair for an Individual or a Group to Run Business Enterprise and Bank Simultaneously? ', 'sub_title' => '', 'summary' => 'March 29: Finance Minister Janardan Sharma on Monday sought the opinion of bankers regarding an individual or a group operating both business enterprise as well as bank at a time.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">March 29: <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Janardan Sharma on Monday sought the opinion of bankers regarding an individual or a group operating both business enterprise as well as bank at a time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The minister made such query during a discussion with the representatives of banks and financial institutions (BFIs) and the insurance companies at the Ministry of Finance on Monday (March 28). The ministry had organized the discussion to seek the feedback from private sector stakeholders regarding the government’s upcoming policies and programmes as well as the budget for the upcoming fiscal year.</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"">On the occasion, Minister Sharma asked whether it was beneficial for the economy for the same individual to be a banker and also a businessperson. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"It seems that the same individual or group is involved in banking sector and business. Is this a good practice? If yes, then I have no objections. But please provide me some suggestions if some amendments are needed in this regard," the finance minister said.</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"">Minister Sharma said that the government had already held similar discussions with stakeholders from the agriculture and education sectors and were now holding discussions with representatives of BFIs and insurance companies.</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"">Minister Sharma also shared his idea of establishing a microfinance fund to provide concessional loan to the general people. </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"">“We are contemplating about setting up a microfinance fund but not to charge high interest. Instead, the fund will be utilized with the concept of providing concessional loans to the general public through microfinance companies,” added the minister.</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"">During the discussion, former vice chair of the National Planning Commission Min Bahadur Shrestha pointed out to the need of attracting foreign direct investment. He opined that the government has invested heavily on insurance for the agriculture sector but the results were not satisfactory. He suggested the government to improve the economy by cracking down hyperfund, cryptocurrency and by controlling the interest skyrocketing interest rates.</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"">Former vice chair of the NPC Dipendra Bahadur Chhetri said that the loan allocated for the agricultural sector was been distributed for the import of industrial and agricultural products and the genuine farmers were deprived from such facility.</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"">He also said that he heard rumors of demonetization for curbing the liquidity crisis. He warned that the notes of Rs 500 denomination accounted for 21 percent of the total money circulating in the market and Rs 1000 denomination notes comprised of 70 percent and said it would be a great challenge for the government to demonetize the currency. </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"">Speaking on the occasion, former chairman of Nepal Bankers’ Association Anil Shah said that the government needs to make new arrangements for renewal of labour permit in order to increase the inflow of remittance by facilitating the Nepali migrant workers aspiring to work overseas.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“The government can find out the estimated earnings of the workers. Therefore, it can keep a record of the money sent back to Nepal and easily find out if it has been sent through official channels or through the illegal hundi system,” said Shah.</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"">Others attending the discussion suggested the government to resume bancassurance service, setting up of an insurance fund, easy access to banking services in all seven provinces among others.</span></span></span></p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14752', 'image' => '20220329115010_fin min sharma.jpg', 'article_date' => '2022-03-29 11:49:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15009', 'article_category_id' => '1', 'title' => 'Government Introduces Foreign Employment Welfare Information Management System', 'sub_title' => '', 'summary' => 'March 29: The government has introduced the Foreign Employment Welfare Information Management System for the welfare of the Nepali migrant workers.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 29: The government has introduced the Foreign Employment Welfare Information Management System for the welfare of the Nepali migrant workers. According to government sources, the new system that offers various facilities to the workers has come into effect from March 28.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister for Labour, Employment and Social Security Krishna Shrestha officially launched the system on Monday to provide welfare services ensured by the state to the Nepali migrant workers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency RSS, Minister Shrestha said that now the system has been put in place, the outbound Nepali migrant workers with labour permit can claim compensation for death, injury, serious ailment among others within one year of the expiry of the contract period and within one year of the incident. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The migrant workers and their families avail the services online through the website of the Foreign Employment Board (www.feb.gov.np). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the fifth amendment to the Foreign Employment Regulations-2064 BS, the Nepali migrant workers going abroad with labour permit can avail services such as financial assistance in case of injury, educational scholarships for dependent children in case of death of migrant worker, brining home dead bodies of the Nepali migrant workers for free of cost and evacuation of stranded Nepali migrant workers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, the beneficiaries of the deceased Nepali migrant workers can claim insurance through the newly introduced system, RSS reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, Minister Shrestha shared that a curriculum has been designed to provide on-the-job practical skills training in six various subjects to enlist unemployed youths at the local levels. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Minister Shrestha shared that the government had taken forward various measures aimed at securing welfare of the outbound and returning Nepali migrant workers such as formulation of new foreign employment policy, preparation for building labour hospital and creating enabling environment at policy level for the Nepali women working as domestic workers abroad to return home and go for foreign employment yet again. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14751', 'image' => '20220329081003_labour.jpg', 'article_date' => '2022-03-29 08:09:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15007', 'article_category_id' => '1', 'title' => 'Nepal’s Ambassador to India pledges to Promote Small Industries', 'sub_title' => '', 'summary' => 'March 28: Nepal’s newly-appointed ambassador to India Dr Shankar Prasad Sharma has pledged to help promote small industries and their products in the international 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"">March 28: Nepal’s newly-appointed ambassador to India Dr Shankar Prasad Sharma has pledged to help promote small industries and their products in the international market. In a program organized by the Federation of Nepalese Cottage and Small Industries, ambassador Sharma said that he would take the initiatives to promote home-grown Nepali products in 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"">He was of the view that the government and private sector can work hand in hand after determining the sectors of investment and export. He affirmed that he would take initiatives to improve the relations between the two nations and facilitate easy investment. </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"">Stating that Nepal and India have good relations, he stated that the area for business is broad in both the countries 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"">“Two-third of Nepal’s trade is done with India. Even in exports, 75 percent of the exports are made to India,” said Sharma.</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"">Umesh Prasad Singh, the chairman of the federation, stated that it is a challenge to expand productive sector industries to replace import and promote export-oriented busiensses. He expects ambassador Sharma to play a role at the diplomatic level to promote the export of domestic products. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14748', 'image' => '20220328030443_sharma.jpg', 'article_date' => '2022-03-28 15:04:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15003', 'article_category_id' => '1', 'title' => 'FNCCI signs Pact with Investment Board to Promote Investment', 'sub_title' => '', 'summary' => 'March 28: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Investment Board Nepal (IBN) have signed a Memorandum of Understanding (MoU) for cooperation in promoting domestic and foreign investment in the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 28: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Investment Board Nepal (IBN) have signed a Memorandum of Understanding (MoU) for cooperation in promoting domestic and foreign investment in the country. </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"">FNCCI President Shekhar Golchha and IBN Chief Executive Officer Sushil Bhatta signed the MoU to this effect in the presence of Finance Minister Janardan Sharma, who is also the vice chairperson of the board, amid a function on Sunday (March 27). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the MoU, a help desk related to foreign direct investment (FDI) will be set up at the FNCCI Secretariat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the FNCCI will actively help the IBN to identify and search for foreign investment projects. It will organise programmes relating to investments at home and in foreign countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, both the FNCCI and IBN have agreed to cooperate on topics related to acquiring knowledge and sharing experiences and information, and in carrying out policy reforms in investment through public private partnership concept. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also, both the organisations agreed to cooperate in organising investment-related assemblies, conferences, exhibitions, seminars, workshops and training sessions at national and international levels in order to promote foreign direct investment and other investments. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Finance Minister Sharma said that the MoU between the FNCCI and IBN has been exemplary for the promotion of domestic and foreign investment in the country and expressed the hope that both the institutions would implement the decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Others present on the occasion were the IBN member and FNCCI outgoing President Bhawani Rana, the IBN joint secretary Bhagawan Aryal, the FNCCI senior vice president Chandra Prasad Dhakal, vice presidents, Dinesh Shrestha, Anjana Shrestha and Ram Chandra Sanghai and President of the International Investment Promotion Committee, of FNCCI, Aananda Bagadiya. <em>(With inputs from RSS)</em></span></span></span></p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14747', 'image' => '20220328080628_MOU SAill003.jpg', 'article_date' => '2022-03-28 07:52:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15005', 'article_category_id' => '1', 'title' => 'Six Int’l Companies shortlisted for Feasibility Study of Dhaubadi Iron Mine', 'sub_title' => '', 'summary' => 'March 28: Six international companies have been shortlisted for the detailed feasibility study of Dhaubadi iron mine.', '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"">March 28: Six international companies have been shortlisted for the detailed feasibility study of Dhaubadi iron mine.</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 six companies shortlisted for the detailed feasibility study of Hupsekot-based iron mine in East Nawalparasi are from India, China, the UK, Canada and Austria.</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"">Dr. Janak Bahadur Chand, Chief Executive Officer (CEO) of Dhaubadi Iron Company Limited informed that all the companies that had applied for the feasibility study have been shortlisted.</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"">According to Chand, two Chinese companies -- Capital Engineering and Research Incorporation Limited and China in Association with Development Support Consult, Canada's Mycon International Limited JV ERMC, India's Duster-SRK-Jade JV, England's London Road and Austria's Hurst Wissinger Consulting GMBH JV have been shortlisted for the feasibility study.</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"">Chand informed that one of the six shortlisted companies will conduct the feasibility study of the iron in Dhaubadi mine of East Nawalparasi. He said that the project office has called for financial and technical proposals from the shortlisted companies.</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"">One of the selected companies will submit the feasibility study report within 3/4 months. Although preliminary data show that the mine has 100 million metric tons of iron reserves, a recent study conducted by the company with the participation of an expert team found that the capacity of the ore storage to be even more.</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"">Chand informed that the mine has 150 million metric tons of iron reserves. He said that the details had been obtained through drilling. The company has informed that the detailed project report (DPR) will be prepared only after the completion of the feasibility study.</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"">International bids will also be invited for the DPR. A test conducted in China has already confirmed that iron and billets can be made from iron ore present in the mine.</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"">However, Chand said that a detailed feasibility study would provide information on how much iron can be extracted commercially from the mine. Stating that the feasibility study will be completed in the current fiscal year, he informed that the DPR report will not be ready this 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:"Arial","sans-serif"">He said that they are working with international companies as mining is being done for the first time in Nepal. He said that commercial production from the Dhaubadi iron mile will take some more time. The mine was explored for the first time almost a decade ago.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14745', 'image' => '20220328101003_1648364690.धौबादी_फलाम_कम्पनी_लिमिटेड.jpg', 'article_date' => '2022-03-28 10:08:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15002', 'article_category_id' => '1', 'title' => 'Government Allows 24-Hour Business in Lakeside Pokhara', 'sub_title' => '', 'summary' => 'March 27: The night-time business has started flourishing in the lakeside area of Pokhara ever since the stakeholders decided to keep the area open for 24 hours a day.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: The night-time business has started flourishing in the lakeside area of Pokhara ever since the stakeholders decided to keep the area open for 24 hours a day. Such decision was taken in an attempt to encourage the business activities which had hit a slump due to Covid-19 pandemic. The government decided to keep the business open at night as well in the areas that receive higher tourists like Lakeside of Pokhara, Sauraha of Chitwan, and Thamel and Durbarmarg of Kathmandu.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Earlier, the police administration used to allow night-time businesses in Lakeside Pokhara till 10 PM. Both the business community and the tourists had been complain that they were not able to avail services at night time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the businessmen, the businesses which had hit a slump due to Covid-19 are expected to gain momentum with this decision of the government to allow 24-hour business.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Govinda Sharma, a local tourism entrepreneur, said the government's decision has raised hopes of revival of the Covid-19 affected tourism industry. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The business has come to a standstill due to the Covid-19 infection. Even when the Covid-19 infection was less, only domestic tourists visited this area. Influx of domestic tourists alone cannot sustain the business,” he said adding “Now that the Covid-19 infection has decreased and night-time business is on the rise, the business community is excited about revival of their businesses.” He said that the decision taken by the government, although late, would send a positive message about Nepal's tourism sector. He also added that the police had been harassing the businessmen to close hotels and restaurants before 10 pm.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Domestic and foreign tourists have been eager to visit Pokhara after the business started opening till late night. Night businesses include hotels, lounge bars, dance clubs, restaurants, among others.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chairman of the Western Regional Hotel Association Laxman Subedi said that the decision to open 24-hour business is a positive move and in the best interest of the business community. He is confident that it will also help in reviving the long-stalled tourism activities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Opening a 24-hour business requires more employees -- in two shifts, which creates more employment opportunities. Along with employment, the income of entrepreneurs also increases,” said Subedi. He expressed that the long-time wish of businessmen of Lakeside to be able to operate business for 24 hours has finally been fulfilled. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">s</span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14744', 'image' => '20220327062910_lakeside (1).jpg', 'article_date' => '2022-03-27 18:28:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15001', 'article_category_id' => '1', 'title' => 'Energy Crisis puts Hydro Power Projects under Pressure for Timely Completion', 'sub_title' => '', 'summary' => 'March 27: Excessive price hike in India, which produces electricity from coal plants, has had a direct impact on Nepal. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: Excessive price hike in India, which produces electricity from coal plants, has had a direct impact on Nepal. Nepal Electricity Authority is distributing electricity imported from India at Rs 38 per unit. At present, it is not possible to predict how long the effects of the continuous increase in electricity prices in the energy exchange market will last. But for Nepal, the NEA says, such problems will persist only for the next one and a half months.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal produces excess of electricity during the rainy season, but it has import electricity during the winter. The NEA, which felt a relief after the electricity produced by the Upper Tamakoshi Hydropower Project was connected to the national grid, is still facing problem in the dry season. However, there is no need to import large amount of electricity from India at present, says NEA.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NEA Executive Director Kulman Ghising, only 350 to 400 MW electricity is being imported depending on the need. Most of the projects in Nepal are based on run-of-the-river system. Due to the severe dry weather, the water level in the rivers has dropped and only one third of the electricity is generated from these projects. Most of the private sector projects are of the same nature as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The total demand of electricity in Nepal is around 1,600 MW. A total of 1,300 MW of electricity flows from NEA's own projects, subsidiaries and private sector projects. The remaining 300 MW is insufficient. In such situation, there is no alternative to importing that amount of electricity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In India, electricity generated from solar projects is supplied throughout the day. When evening falls, the solar system's power generation stops and the coal plant has to run. Nepal has to import electricity even though it has to pay a high price for evening time management due to the global impact of price hike of coal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Due to the crisis, the under-construction projects are in pressure to complete the works soon. If the transmission system and other technical preparations are completed, it is possible to add 150 to 200 MW of electricity to the national grid by the end of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Executive Director Ghising said that they have requested the hydropower projects to complete the final stage of construction as soon as possible. If work is done a little harder than usual, 118 MW of electricity will be added in the Dordi corridor. Similarly, there is a possibility of adding 150 MW of electricity in Solu Corridor. NEA has completed the construction of a 132 KV transmission line. This has put an end to the fear of wasting electricity due to lack of transmission lines.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, the private sector is constructing projects of 3,500 MW capacity. The recent crisis has created pressure to complete these projects as soon as possible. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14743', 'image' => '20220327035308_hydro.jpg', 'article_date' => '2022-03-27 15:52:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15000', 'article_category_id' => '1', 'title' => 'China Pledges Rs 11.4 Billion Grant Assistance for Nepal', 'sub_title' => '', 'summary' => 'March 27: The Chinese government has agreed to provide more than Rs 11.40 billion as grant assistance to the Government of Nepal under its financial and technical assistance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: The Chinese government has agreed to provide more than Rs 11.40 billion as grant assistance to the Government of Nepal under its financial and technical assistance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ministry of Finance, the amount will be spent on the implementation of China-backed projects. Visiting Chinese Foreign Minister Wang Yi confirmed the grant assistance to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Wang, who is on a three-day visit to Nepal, also pledged to provide development assistance announced during Chinese President Xi Jinping's 2019 visit to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He expressed such commitment during the Nepal-China Foreign Ministerial Talks held in the capital on Saturday, the state-owned national news agency RSS reported. He also agreed to fully operate the two-way movement of goods and services through the Rasuwagadhi and Tatopani border points. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the talks, the foreign ministers of Nepal and China agreed to instruct the concerned authorities to make necessary preparations for speedy operation of the border points. The Chinese foreign minister also assured that China will allow Nepali students to return to their universities and educational institutions as soon as possible. </span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14742', 'image' => '20220327013813_Flag-Pins-Nepal-China.jpg', 'article_date' => '2022-03-27 13:37:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14999', 'article_category_id' => '1', 'title' => 'Birgunj Entrepreneurs Demand Credit Act ', 'sub_title' => '', 'summary' => 'March 27: The Birgunj Chamber of Commerce and Industry (BICCI) has demanded the government to formulate several policies to help resolve the problems faced by the private sector.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: The Birgunj Chamber of Commerce and Industry (BICCI) has demanded the government to formulate several policies to help resolve the problems faced by the private sector. The chamber has urged the government to lower the interest rates to single digit, and has also sought income tax exemption, proper management of bank loans in addition to the introduction of credit act. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The BICCI delegation was in Kathmandu for a visit last week. The delegation met Prime Minister Sher Bahadur Deuba, Home Minister Bal Krishna Khand, Finance Minister Janardan Sharma, Health and Population Minister Birodh Khatiwada, secretary at the Ministry of Industry, Commerce and Supplies Dr Ganesh Prasad Pandey, Inspector General of Nepal Police Shailesh Thapa Chhetri, Inspector General of Armed Police Force Shailendra Khanal, Nepal Rastra Bank Governor Maha Prasad Adhikari, Director General of the Department of Customs Kamal Prasad Poudel, Director General of the Department of Revenue Investigation Prakash Poudel and Director General of Inland Revenue Department Ritesh Man Shakya and put forward their demand. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Organising a press conference in Kathmandu on Friday, BICCI president Dr Subodh Kumar Gupta said that the problems of the private sector have been brought to the notice of the government bodies. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During their meeting with Prime Minister Deuba, the chamber demanded to establish a new industrial zone. They also demanded the establishment of industrial security force. They urged home minister Bal Krishna Khand to hold regular border security meetings. The delegation members said that the government should be sensitive in this regard as the industrial sector has also been affected by the criminal activities taking place from across the border. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In a meeting with Finance Minister Janardan Sharma, they demanded tax exemption on income of up to Rs 800,000 for a single person and up to Rs 850,000 for a couple. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The delegation also insisted that there should be a difference of 15 percent in the customs duty for finished goods and industrial raw materials, and the tariff on import of pulses should be revised according to the present time. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The private sector stakeholders also urged the government to fix the rent of the Special Economic Zone at Rs 5 per square feet. The chamber also said that the provision of 60 percent export for industries operating in the SEZ should be reduced to 25 percent. Likewise, they have also demanded reduction of interest rates on concessional loans and refinancing. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition, the chamber has also demanded the introduction of a credit act. The delegation also demanded 50 percent exemption in income tax for industries related to basic essentials and education. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14741', 'image' => '20220327010059_1648337823.1.jpg', 'article_date' => '2022-03-27 13:00:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14998', 'article_category_id' => '1', 'title' => 'China Hands over Pokhara International Airport to Nepal', 'sub_title' => 'Tourism Minister says the airport will come into operation within 6 months ', 'summary' => 'March 27: The Pokhara Regional International Airport,which is being developed by Chinese construction company CAMC Engineering, has been handed over to Nepal on Saturday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: The Pokhara Regional International Airport, which is being developed by Chinese construction company CAMC Engineering, has been handed over to Nepal on Saturday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Pokhara Regional International Airport was handed over to Nepal on Saturday evening on the occasion of the state visit of China's Foreign Affairs Minister Wang Yi to Nepal. Separate programmes were organized in Kathmandu and Pokhara Airport for the handover of the airport. In Kathmandu, Chinese Affairs Minister Wang handed over a symbolic key to Minister for Foreign Affairs Dr Narayan Khadka at the presence of Prime Minister Sher Bahadur Deuba. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In Pokhara, Minister for Tourism, Culture and Civil Aviation Prem Bahadur Ale felicitated Chairman of CAMC Engineering Lu Yan for completing the construction of the airport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Project Chief of the Pokhara Regional International Airport Binesh Munakarmi said the handover ceremony was organised after the completion of major construction works. The airport was constructed with a concessional loan and grant assistance of Rs 22 billion from EXIM Bank of China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the project officials, 93 per cent of the physical works have been completed and the construction company would continue its works until the airport is 100 percent ready.</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"">So far, the runway, terminal building, air traffic control building, taxiway and other main works have been completed. The project which was estimated to complete by July 10, 2021 was extended for a year due to the COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Ale said that the airport would be brought into operation soon. He claimed that the government would run the airport within six months after completing all necessary preparations. </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"">Minister Ale urged investors to invest in paragliding, rafting and golf targeting internal and foreign tourists following the handover of the airport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also shared that the government was doing ground work to announce Pokhara as a tourism capital. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">General-Manager of the Civil Aviation Authority of Nepal, Pradeep Adhikari said though main part of the airport construction was completed some problems are yet to be fixed. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14740', 'image' => '20220327113443_Pokhara-Airportd.jpg', 'article_date' => '2022-03-27 11:31:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14997', 'article_category_id' => '1', 'title' => 'Nepal, China Ink 9 Deals to Enhance Mutual Cooperation and Partnership ', 'sub_title' => '', 'summary' => 'March 27: Nepal and China have signed nine different agreements to enhance mutual cooperation and partnership between the two countries. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: Nepal and China have signed nine different agreements to enhance mutual cooperation and partnership between the two countries. </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"">Both the countries have agreed to further strengthen the relation and partnership between Nepal and China. The two countries reached an understanding to this effect during the Nepal-China Foreign Minister-level meeting held in Kathmandu on Saturday (March 26). After bilateral talks between Foreign Minister Dr Narayan Khadka and Chinese State Councilor and Foreign Minister Wang Yi, officials from both the countries also signed nine sets of agreements on enhancing mutual cooperation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Secretary Madhu Kumar Marasini and Chinese Ambassador to Nepal Hou Yanqi signed the agreement on economic and technical cooperation, and technical assistance schemes for China aid and feasibility study of China-Nepal cross-border railway project in Nepal on behalf of their respective governments. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the agreement for the feasibility study of China-Nepal power grid interconnection was signed by Secretary at the Ministry of Energy, Water Resources and Irrigation, Devendra Karki and Ambassador Yanqi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary at the Ministry of Agriculture and Livestock Development Niru Dahal Pandey and Ambassador Yanqi signed a protocol on the safety and health conditions of haylage export from Nepal to China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A letter of exchange on duty-free treatment for 98 percent of goods imported to China was signed by Secretary at the Ministry of Industry, Commerce and Supplies Ganesh Prasad Pandey and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Secretary at the Ministry of Physical Infrastructure and Transport Rabindra Nath Shrestha and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping signed an agreement to handover certificate of Araniko Highway Maintenance Project (phase-3) and the minutes of the 7th meeting on enhancing cooperation in Railway sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In addition, the delivery and acceptance certificates of Chinese aid for COVID-19 vaccines to Nepal (fifth and sixth batches -- million Sinovac Vaccines) was signed by Health Secretary Dr Roshan Pokharel and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping. </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, a protocol on sending a Chinese Medical team to work in Nepal was signed by Health Secretary Dr Pokharel and Ambassador Yanqi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Welcoming his Chinese counterpart to the bilateral talks, Minister Khadka expressed his desire to take the centuries-old Nepal-China relations to a new height. He stressed the need for the timely completion of Chinese-assisted development projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He highlighted the adverse impact on the economy of Nepal due to non-operation of Nepal-China border trade points, the problems added to the economic activities by the Covid-19 pandemic, Nepal's challenges in reviving the economy, declining remittance inflows and other challenges faced by the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Stressing on the implementation of past treaties and agreements between the two countries, Foreign Minister Khadka requested for the early implementation of the financial assistance announced during the visit of Chinese President Xi Jinping to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also drew the attention of the Chinese side to implement the past agreement to expand the Trans Himalayan Multi-dimensional Network for the construction of physical infrastructure in the border areas essential for further strengthening people-to-people relations between Nepal and China and promoting bilateral trade and commerce. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On behalf of the Government of Nepal, the Foreign Minister expressed his heartfelt gratitude for providing various health equipment including vaccines during difficult situation and for reconstruction of the physical infrastructure destroyed by the earthquakes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The foreign ministers of the two countries also expressed their commitment to cooperate and share issues of mutual interest and common concern. RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14739', 'image' => '20220327082158_RoS-KTM-PMDeubae.jpg', 'article_date' => '2022-03-27 08:21:10', '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' => '15015', 'article_category_id' => '1', 'title' => 'Janakpur-Jaynagar Railway to Operate with Passengers from April 2', 'sub_title' => '', 'summary' => 'March 30: The two sets of trains brought from India 19 months back will finally operate with passengers from coming Saturday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 30: The two sets of trains brought from India 19 months back will finally operate with passengers from coming Saturday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prime Minister Sher Bahadur Deuba and his Indian counterpart Narendra Modi will jointly inaugurate the 35-kilometres railway service that stretches from Jayanagar of India to Kurtha in Dhanusha district, informed the Ministry of Physical Infrastructure and Transport. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The inauguration will take place virtually from New Delhi, India during PM Deuba's official visit to India starting from April 1. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">General Manager of the Nepal Railway Company Niranjan Jha informed that the inauguration program has been scheduled for April 2 during the prime minister’s state visit to India.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> “The prime ministers of both the countries will virtually inaugurate the train in the physical presence of the minister for physical infrastructure and transport at the site.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two sets of trains brought in September 2020 were lying at the parking lot till January 2021. The date of operation of the train was repeatedly postponed due to lack of law, staff and budget. The government brought the Railway Ordinance for the third time to remove the legal obstacle to operate the trains. The last ordinance was published in the Nepal Gazette last Wednesday, paving the way to operate the trains.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The trains which stood in the parking lot for a long time were running without passengers since February 13. But now, the trains will be carrying passengers. About 2,600 passengers can travel on the train at once with passengers beyond seating capacity allowed to travel by standing. Jha also informed that the train fare has been fixed at Rs 90 per passenger for general seats and Rs 450 for AC enabled seats.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has announced plans to connect major destinations in the border areas of Nepal and India by rail link, out of which, the Janakpur-Jaynagar rail will be operational in the first phase. The government had bought the train from Indian railway company Konkan with an investment of Rs 1 billion last year. Twenty six employees have come from India to run the train while the state-owned company has hired 56 Nepali employees.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14757', 'image' => '20220330124244_Railwayy (2).jpg', 'article_date' => '2022-03-30 12:41:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15014', 'article_category_id' => '1', 'title' => 'Detailed Study of Kathmandu-Kerung Railway Soon', 'sub_title' => '', 'summary' => 'March 30: The government has decided to approve grant assistance and the technical assistance related to the feasibility study of trans-border railway under the Economic and Technical Cooperation Agreement proposed by the People's Republic of China. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 30: The government has decided to approve grant assistance and the technical assistance related to the feasibility study of trans-border railway under the Economic and Technical Cooperation Agreement proposed by the People's Republic of China. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Government spokesperson and Minister for Communication and Information Technology Gyanendra Bahadur Karki confirmed the decision on Tuesday during a news conference organized at the ministry to unveil the decisions made by a meeting of the Council of Ministers on March 28. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two countries had signed an agreement for further study of the Kerung-Kathmandu railway during the recent state visit of Chinese Foreign Minister Wang Yi.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Keshav Kumar Sharma, joint secretary at the Ministry of Physical Infrastructure and Transport informed said that although the detailed study of the railway will be carried out soon with the help of China, it is not certain when it will start again due to the reappearance of Covid-19 in China.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A preliminary study conducted with the help of the Chinese government had shown that Rs 257 billion would be required to build the Kathmandu-Kerung railway in nine years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Minister Karki said the Cabinet meeting decided to extend the term of the agreement with China concerning the survey of oil and natural gas resources in Nepal by two years. The cabinet meeting also decided to approve the letter of intent related to zero customs and quota-free facility between Nepal and China as well as the agreement regarding feasibility of grid connection between the two countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the government spokesperson, the meeting decided to declare Tilaurakot Kapilbastu area as a 'protected monument zone'. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Monday's Cabinet meeting has also made appointments to various government bodies. Accordingly, Lekhnath Sharma Pangeni and Dr Jeevan Angai have been appointed the members of Nepal Revenue Advisory Committee, and Sanjeev Jha the General Manager of Dairy Development Corporation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Bhairab Raj Regmi has been appointed the member of the National Land Commission while Karuna KC has been designated as the Deputy Director-General of the Survey Department. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has formed a recommendation committee under the convenorship of the Secretary at the Ministry of Communication and Information Technology for appointing a member to Nepal Telecommunication Authority. (With inputs from RSS)</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14756', 'image' => '20220330122710_Flag-Pins-Nepal-China.jpg', 'article_date' => '2022-03-30 12:26:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15012', 'article_category_id' => '1', 'title' => '‘Immediate Capital Expansion of Insurance Companies Impossible’ ', 'sub_title' => '', 'summary' => 'March 29: Although the Insurance Board of Nepal had issued a circular last Thursday directing insurance companies to increase their paid-up capital, the companies say that they are not in a position to do so under current circumstances. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 29: Although the Insurance Board of Nepal had issued a circular last Thursday directing insurance companies to increase their paid-up capital, the companies say that they are not in a position to do so under current circumstances. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Directors and investors of insurance companies argue that capital expansion is challenging during the Covid-19 pandemic and liquidity crisis continues unabated. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">At present, the minimum paid-up capital of a life insurance company is Rs 2 billion and that of a non-life insurance company is Rs 1 billion. The latest circular of the Insurance Board states that life insurance companies should have a paid-up capital of Rs 5 billion and non-life insurance companies Rs 2.5 billion. The board has directed the insurance companies to increase the minimum paid-up capital by mid-April 2023. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">However, the operators of the insurance companies say that it is not possible to meet the demand of the board in such a short period. They say that the issue of raising capital immediately could be detrimental to the insurance sector. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Non-Life Insurance Practitioners Association Rajendra Malla said that it would be difficult to increase the capital as per the directive of the board. "It is necessary to revise the paid-up capital of the insurance companies with time. But, increasing it suddenly is challenging," he said, adding, "It would have been easier if the board had given at least 3-4 years. It is difficult to increase the paid-up capital by 150 percent in one year." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the liquidity crisis and the economic instability caused by the pandemic have made it difficult to increase investment. "There is a liquidity crunch in the banking sector right now. As a result, there is a shortage of capital in all sectors," he said, "On top of that, inflation has also increased. It's difficult to invest more in this situation." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Furthermore, he said that the new limit on paid-up capital set by the board was more than required in the case of non-life insurance companies. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"At present, the average annual transaction of a non-life insurance company is around Rs 1.5 billion. In this case, I don't think it would be better to make the size of paid-up capital more than Rs 2.5 billion or more than the business transactions. It seems that such a policy has been taken to forcefully merge the companies rather than increase their capital." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Investors of life insurance companies also say that the immediate capital increase is challenging. Stating that it would be difficult to raise the capital immediately, an investor said, "Increasing their paid-up capital in such a short span of time is challenging to life insurance companies as well. The board needs to reconsider its decision." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chief executive officers (CEOs) of insurance companies say this could lead to a merger. "The best way to raise capital is through rights shares. But shareholders say there is not enough capital," said a CEO of an insurance company. "In that case, the companies would be forced to merge." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Earlier, on January 27, 2018, the board had directed to increase the minimum paid-up capital to Rs 2 billion for life insurance companies and Rs 1 billion for non-life insurance companies. For that, the board gave a deadline till mid-July 2018. However, the companies reached the prescribed paid-up capital only towards mid-April 2020. This time too, there is a challenge for the insurance companies to increase their capital on time. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Investors point out that an increase in capital will reduce the dividend potential of companies. "Now the insurance company will have a lot of paid-up capital. However, the growth of the business will not be immediate," said one investor, "In this case, their dividend potential decreases. Because, we don't make money by investing like a bank. As we do risky business, investment should be done in a safe place. We do not get a huge return. Therefore, the dividend potential seems to be declining." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This argument is also confirmed by the banking sector as well. With a paid-up capital of Rs 2 billion, commercial banks have an average dividend potential of 30-35 percent. The dividend capacity of commercial banks has been declining after raising their paid-up capital to Rs 8 billion. Last year, the average dividend capacity of commercial banks was only 12-13 percent. Investors say that this could happen in the insurance sector as well. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Increasing the company's paid-up capital is a good thing in itself. But, the market and the business also need to happen accordingly. When the paid-up capital is more than the business, there will be a problem," said one investor. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">Investors engaging in discussions</span></strong> </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Directors of insurance companies are preparing for discussion after the board decided to increase the paid-up capital. According to Malla, a memorandum will be submitted to the Insurance Board on the basis of the decision taken during that discussion. "Investors are meeting to discuss the board's decision to increase the paid-up capital. We plan to submit a memorandum to the board with necessary suggestions after the discussion," he said. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14754', 'image' => '20220329024737_Insurance.jpg', 'article_date' => '2022-03-29 14:46:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15011', 'article_category_id' => '1', 'title' => 'Industrialists Struggling to Get Land in Industrial Corridor', 'sub_title' => '', 'summary' => 'March 29: Industrialist Vinay Shah had planned to open a new industry in the Bara-Parsa Industrial Corridor and had allocated money to buy land for establishing the factory.', '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"">March 29: Industrialist Vinay Shah had planned to open a new industry in the Bara-Parsa Industrial Corridor and had allocated money to buy land for establishing the factory. However, after months of struggle, he couldn't find the needed space to set up the factory.</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"">"It simply came to our notice that despite having capital for investment, we couldn’t find land,” complained industrialist Shah.</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"">Shah is not the only industrialist who is facing problems to get land for setting up a new industry in the industrial corridor. Chairman of the Bara-Parsa chapter of the Confederation of Nepalese Industries, Birendra Kumar Shanghai said that it has become very difficult to find land for new industries in this corridor where about a thousand industries are operating.</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"">Investors are attracted to this corridor due to its prime location, physical infrastructure and easy access to sea routes and major ports. Bara-Parsa is expanding as an industrial corridor not because of government incentives but because of this convenience. With the opening of the industry, the price of land has also skyrocketed.</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"">So much so that more than 25 percent of the industry's total investment goes for the purchase of land. "It is now challenging to set up a new industry in the Bara-Parsa corridor," said Hari Gautam, coordinator of the industry committee under the Birgunj Chamber of Commerce and Industry.</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 Birgunj is a suitable area for industrial establishment due to the availability of physical infrastructure and geography, the industrialists said that the government should arrange land for industry in the Bara-Parsa area.</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"">Industrialists say that getting land for industry in Bara-Parsa is almost impossible at the moment, and opening an industry on highly-rated land would be risky. Entrepreneurs say that the price of land that used to be Rs 500,000 per Kattha has now reached as much as Rs 3 million per kattha.</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 Bara-Parsa Industrial Corridor is ahead of other areas in terms of industrial potential. However, a study report made public by Nepal Rastra Bank some time ago said that it is difficult to get land, and even if you get it, you have to pay a high 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"">The industrialists of Birgunj have urged the government to find at least 2,000 bighas of land in the Thori area of Parsa and create a new industrial zone.</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"">Shanghai said that the industrialists would be attracted to the area as the main checkpoint is close to Birgunj, and the postal highway is easily accessible.</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"">Industrialist Shah suggested that the government should sell the land in such areas by preparing the minimum infrastructure required for the industries. “The land should be sold to the industrialists on condition that the industry should be opened within a certain time and the land is utilized for the intended purpose,” he said.</span></span></span></span></p> <p> </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 announced to create a new industrial zone in the same province five years ago. An industrial zone has been proposed in the Sagarnath forest area of Sarlahi for Madhes Province. However, compared to the Bara-Parsa region, it will not be suitable, says the entrepreneur.</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 Gajendra Narayan Singh Industrial Area which has already been set up in Saptari is not in use.</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 industrialists say they are more interested in this region than the special economic zone of Simara, Bara because of the requirement of export-oriented industries in the SEZ.</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"">Conflict has escalated in the Bara-Parsa corridor due to the simultaneous expansion of industry and human settlements. Entrepreneurs suggest setting standards for expansion of human settlement around the newly opened industrial zone.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14753', 'image' => '20220329021109_Industries.jpg', 'article_date' => '2022-03-29 14:10:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15010', 'article_category_id' => '1', 'title' => 'Is it Fair for an Individual or a Group to Run Business Enterprise and Bank Simultaneously? ', 'sub_title' => '', 'summary' => 'March 29: Finance Minister Janardan Sharma on Monday sought the opinion of bankers regarding an individual or a group operating both business enterprise as well as bank at a time.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">March 29: <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Janardan Sharma on Monday sought the opinion of bankers regarding an individual or a group operating both business enterprise as well as bank at a time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The minister made such query during a discussion with the representatives of banks and financial institutions (BFIs) and the insurance companies at the Ministry of Finance on Monday (March 28). The ministry had organized the discussion to seek the feedback from private sector stakeholders regarding the government’s upcoming policies and programmes as well as the budget for the upcoming fiscal year.</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"">On the occasion, Minister Sharma asked whether it was beneficial for the economy for the same individual to be a banker and also a businessperson. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"It seems that the same individual or group is involved in banking sector and business. Is this a good practice? If yes, then I have no objections. But please provide me some suggestions if some amendments are needed in this regard," the finance minister said.</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"">Minister Sharma said that the government had already held similar discussions with stakeholders from the agriculture and education sectors and were now holding discussions with representatives of BFIs and insurance companies.</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"">Minister Sharma also shared his idea of establishing a microfinance fund to provide concessional loan to the general people. </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"">“We are contemplating about setting up a microfinance fund but not to charge high interest. Instead, the fund will be utilized with the concept of providing concessional loans to the general public through microfinance companies,” added the minister.</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"">During the discussion, former vice chair of the National Planning Commission Min Bahadur Shrestha pointed out to the need of attracting foreign direct investment. He opined that the government has invested heavily on insurance for the agriculture sector but the results were not satisfactory. He suggested the government to improve the economy by cracking down hyperfund, cryptocurrency and by controlling the interest skyrocketing interest rates.</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"">Former vice chair of the NPC Dipendra Bahadur Chhetri said that the loan allocated for the agricultural sector was been distributed for the import of industrial and agricultural products and the genuine farmers were deprived from such facility.</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"">He also said that he heard rumors of demonetization for curbing the liquidity crisis. He warned that the notes of Rs 500 denomination accounted for 21 percent of the total money circulating in the market and Rs 1000 denomination notes comprised of 70 percent and said it would be a great challenge for the government to demonetize the currency. </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"">Speaking on the occasion, former chairman of Nepal Bankers’ Association Anil Shah said that the government needs to make new arrangements for renewal of labour permit in order to increase the inflow of remittance by facilitating the Nepali migrant workers aspiring to work overseas.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“The government can find out the estimated earnings of the workers. Therefore, it can keep a record of the money sent back to Nepal and easily find out if it has been sent through official channels or through the illegal hundi system,” said Shah.</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"">Others attending the discussion suggested the government to resume bancassurance service, setting up of an insurance fund, easy access to banking services in all seven provinces among others.</span></span></span></p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14752', 'image' => '20220329115010_fin min sharma.jpg', 'article_date' => '2022-03-29 11:49:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15009', 'article_category_id' => '1', 'title' => 'Government Introduces Foreign Employment Welfare Information Management System', 'sub_title' => '', 'summary' => 'March 29: The government has introduced the Foreign Employment Welfare Information Management System for the welfare of the Nepali migrant workers.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 29: The government has introduced the Foreign Employment Welfare Information Management System for the welfare of the Nepali migrant workers. According to government sources, the new system that offers various facilities to the workers has come into effect from March 28.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister for Labour, Employment and Social Security Krishna Shrestha officially launched the system on Monday to provide welfare services ensured by the state to the Nepali migrant workers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency RSS, Minister Shrestha said that now the system has been put in place, the outbound Nepali migrant workers with labour permit can claim compensation for death, injury, serious ailment among others within one year of the expiry of the contract period and within one year of the incident. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The migrant workers and their families avail the services online through the website of the Foreign Employment Board (www.feb.gov.np). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the fifth amendment to the Foreign Employment Regulations-2064 BS, the Nepali migrant workers going abroad with labour permit can avail services such as financial assistance in case of injury, educational scholarships for dependent children in case of death of migrant worker, brining home dead bodies of the Nepali migrant workers for free of cost and evacuation of stranded Nepali migrant workers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, the beneficiaries of the deceased Nepali migrant workers can claim insurance through the newly introduced system, RSS reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, Minister Shrestha shared that a curriculum has been designed to provide on-the-job practical skills training in six various subjects to enlist unemployed youths at the local levels. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Minister Shrestha shared that the government had taken forward various measures aimed at securing welfare of the outbound and returning Nepali migrant workers such as formulation of new foreign employment policy, preparation for building labour hospital and creating enabling environment at policy level for the Nepali women working as domestic workers abroad to return home and go for foreign employment yet again. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14751', 'image' => '20220329081003_labour.jpg', 'article_date' => '2022-03-29 08:09:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15007', 'article_category_id' => '1', 'title' => 'Nepal’s Ambassador to India pledges to Promote Small Industries', 'sub_title' => '', 'summary' => 'March 28: Nepal’s newly-appointed ambassador to India Dr Shankar Prasad Sharma has pledged to help promote small industries and their products in the international 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"">March 28: Nepal’s newly-appointed ambassador to India Dr Shankar Prasad Sharma has pledged to help promote small industries and their products in the international market. In a program organized by the Federation of Nepalese Cottage and Small Industries, ambassador Sharma said that he would take the initiatives to promote home-grown Nepali products in 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"">He was of the view that the government and private sector can work hand in hand after determining the sectors of investment and export. He affirmed that he would take initiatives to improve the relations between the two nations and facilitate easy investment. </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"">Stating that Nepal and India have good relations, he stated that the area for business is broad in both the countries 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"">“Two-third of Nepal’s trade is done with India. Even in exports, 75 percent of the exports are made to India,” said Sharma.</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"">Umesh Prasad Singh, the chairman of the federation, stated that it is a challenge to expand productive sector industries to replace import and promote export-oriented busiensses. He expects ambassador Sharma to play a role at the diplomatic level to promote the export of domestic products. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14748', 'image' => '20220328030443_sharma.jpg', 'article_date' => '2022-03-28 15:04:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15003', 'article_category_id' => '1', 'title' => 'FNCCI signs Pact with Investment Board to Promote Investment', 'sub_title' => '', 'summary' => 'March 28: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Investment Board Nepal (IBN) have signed a Memorandum of Understanding (MoU) for cooperation in promoting domestic and foreign investment in the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 28: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Investment Board Nepal (IBN) have signed a Memorandum of Understanding (MoU) for cooperation in promoting domestic and foreign investment in the country. </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"">FNCCI President Shekhar Golchha and IBN Chief Executive Officer Sushil Bhatta signed the MoU to this effect in the presence of Finance Minister Janardan Sharma, who is also the vice chairperson of the board, amid a function on Sunday (March 27). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the MoU, a help desk related to foreign direct investment (FDI) will be set up at the FNCCI Secretariat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the FNCCI will actively help the IBN to identify and search for foreign investment projects. It will organise programmes relating to investments at home and in foreign countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, both the FNCCI and IBN have agreed to cooperate on topics related to acquiring knowledge and sharing experiences and information, and in carrying out policy reforms in investment through public private partnership concept. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also, both the organisations agreed to cooperate in organising investment-related assemblies, conferences, exhibitions, seminars, workshops and training sessions at national and international levels in order to promote foreign direct investment and other investments. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Finance Minister Sharma said that the MoU between the FNCCI and IBN has been exemplary for the promotion of domestic and foreign investment in the country and expressed the hope that both the institutions would implement the decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Others present on the occasion were the IBN member and FNCCI outgoing President Bhawani Rana, the IBN joint secretary Bhagawan Aryal, the FNCCI senior vice president Chandra Prasad Dhakal, vice presidents, Dinesh Shrestha, Anjana Shrestha and Ram Chandra Sanghai and President of the International Investment Promotion Committee, of FNCCI, Aananda Bagadiya. <em>(With inputs from RSS)</em></span></span></span></p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14747', 'image' => '20220328080628_MOU SAill003.jpg', 'article_date' => '2022-03-28 07:52:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15005', 'article_category_id' => '1', 'title' => 'Six Int’l Companies shortlisted for Feasibility Study of Dhaubadi Iron Mine', 'sub_title' => '', 'summary' => 'March 28: Six international companies have been shortlisted for the detailed feasibility study of Dhaubadi iron mine.', '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"">March 28: Six international companies have been shortlisted for the detailed feasibility study of Dhaubadi iron mine.</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 six companies shortlisted for the detailed feasibility study of Hupsekot-based iron mine in East Nawalparasi are from India, China, the UK, Canada and Austria.</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"">Dr. Janak Bahadur Chand, Chief Executive Officer (CEO) of Dhaubadi Iron Company Limited informed that all the companies that had applied for the feasibility study have been shortlisted.</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"">According to Chand, two Chinese companies -- Capital Engineering and Research Incorporation Limited and China in Association with Development Support Consult, Canada's Mycon International Limited JV ERMC, India's Duster-SRK-Jade JV, England's London Road and Austria's Hurst Wissinger Consulting GMBH JV have been shortlisted for the feasibility study.</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"">Chand informed that one of the six shortlisted companies will conduct the feasibility study of the iron in Dhaubadi mine of East Nawalparasi. He said that the project office has called for financial and technical proposals from the shortlisted companies.</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"">One of the selected companies will submit the feasibility study report within 3/4 months. Although preliminary data show that the mine has 100 million metric tons of iron reserves, a recent study conducted by the company with the participation of an expert team found that the capacity of the ore storage to be even more.</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"">Chand informed that the mine has 150 million metric tons of iron reserves. He said that the details had been obtained through drilling. The company has informed that the detailed project report (DPR) will be prepared only after the completion of the feasibility study.</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"">International bids will also be invited for the DPR. A test conducted in China has already confirmed that iron and billets can be made from iron ore present in the mine.</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"">However, Chand said that a detailed feasibility study would provide information on how much iron can be extracted commercially from the mine. Stating that the feasibility study will be completed in the current fiscal year, he informed that the DPR report will not be ready this 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:"Arial","sans-serif"">He said that they are working with international companies as mining is being done for the first time in Nepal. He said that commercial production from the Dhaubadi iron mile will take some more time. The mine was explored for the first time almost a decade ago.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14745', 'image' => '20220328101003_1648364690.धौबादी_फलाम_कम्पनी_लिमिटेड.jpg', 'article_date' => '2022-03-28 10:08:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15002', 'article_category_id' => '1', 'title' => 'Government Allows 24-Hour Business in Lakeside Pokhara', 'sub_title' => '', 'summary' => 'March 27: The night-time business has started flourishing in the lakeside area of Pokhara ever since the stakeholders decided to keep the area open for 24 hours a day.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: The night-time business has started flourishing in the lakeside area of Pokhara ever since the stakeholders decided to keep the area open for 24 hours a day. Such decision was taken in an attempt to encourage the business activities which had hit a slump due to Covid-19 pandemic. The government decided to keep the business open at night as well in the areas that receive higher tourists like Lakeside of Pokhara, Sauraha of Chitwan, and Thamel and Durbarmarg of Kathmandu.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Earlier, the police administration used to allow night-time businesses in Lakeside Pokhara till 10 PM. Both the business community and the tourists had been complain that they were not able to avail services at night time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the businessmen, the businesses which had hit a slump due to Covid-19 are expected to gain momentum with this decision of the government to allow 24-hour business.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Govinda Sharma, a local tourism entrepreneur, said the government's decision has raised hopes of revival of the Covid-19 affected tourism industry. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The business has come to a standstill due to the Covid-19 infection. Even when the Covid-19 infection was less, only domestic tourists visited this area. Influx of domestic tourists alone cannot sustain the business,” he said adding “Now that the Covid-19 infection has decreased and night-time business is on the rise, the business community is excited about revival of their businesses.” He said that the decision taken by the government, although late, would send a positive message about Nepal's tourism sector. He also added that the police had been harassing the businessmen to close hotels and restaurants before 10 pm.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Domestic and foreign tourists have been eager to visit Pokhara after the business started opening till late night. Night businesses include hotels, lounge bars, dance clubs, restaurants, among others.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chairman of the Western Regional Hotel Association Laxman Subedi said that the decision to open 24-hour business is a positive move and in the best interest of the business community. He is confident that it will also help in reviving the long-stalled tourism activities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Opening a 24-hour business requires more employees -- in two shifts, which creates more employment opportunities. Along with employment, the income of entrepreneurs also increases,” said Subedi. He expressed that the long-time wish of businessmen of Lakeside to be able to operate business for 24 hours has finally been fulfilled. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">s</span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14744', 'image' => '20220327062910_lakeside (1).jpg', 'article_date' => '2022-03-27 18:28:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15001', 'article_category_id' => '1', 'title' => 'Energy Crisis puts Hydro Power Projects under Pressure for Timely Completion', 'sub_title' => '', 'summary' => 'March 27: Excessive price hike in India, which produces electricity from coal plants, has had a direct impact on Nepal. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: Excessive price hike in India, which produces electricity from coal plants, has had a direct impact on Nepal. Nepal Electricity Authority is distributing electricity imported from India at Rs 38 per unit. At present, it is not possible to predict how long the effects of the continuous increase in electricity prices in the energy exchange market will last. But for Nepal, the NEA says, such problems will persist only for the next one and a half months.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal produces excess of electricity during the rainy season, but it has import electricity during the winter. The NEA, which felt a relief after the electricity produced by the Upper Tamakoshi Hydropower Project was connected to the national grid, is still facing problem in the dry season. However, there is no need to import large amount of electricity from India at present, says NEA.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NEA Executive Director Kulman Ghising, only 350 to 400 MW electricity is being imported depending on the need. Most of the projects in Nepal are based on run-of-the-river system. Due to the severe dry weather, the water level in the rivers has dropped and only one third of the electricity is generated from these projects. Most of the private sector projects are of the same nature as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The total demand of electricity in Nepal is around 1,600 MW. A total of 1,300 MW of electricity flows from NEA's own projects, subsidiaries and private sector projects. The remaining 300 MW is insufficient. In such situation, there is no alternative to importing that amount of electricity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In India, electricity generated from solar projects is supplied throughout the day. When evening falls, the solar system's power generation stops and the coal plant has to run. Nepal has to import electricity even though it has to pay a high price for evening time management due to the global impact of price hike of coal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Due to the crisis, the under-construction projects are in pressure to complete the works soon. If the transmission system and other technical preparations are completed, it is possible to add 150 to 200 MW of electricity to the national grid by the end of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Executive Director Ghising said that they have requested the hydropower projects to complete the final stage of construction as soon as possible. If work is done a little harder than usual, 118 MW of electricity will be added in the Dordi corridor. Similarly, there is a possibility of adding 150 MW of electricity in Solu Corridor. NEA has completed the construction of a 132 KV transmission line. This has put an end to the fear of wasting electricity due to lack of transmission lines.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, the private sector is constructing projects of 3,500 MW capacity. The recent crisis has created pressure to complete these projects as soon as possible. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14743', 'image' => '20220327035308_hydro.jpg', 'article_date' => '2022-03-27 15:52:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15000', 'article_category_id' => '1', 'title' => 'China Pledges Rs 11.4 Billion Grant Assistance for Nepal', 'sub_title' => '', 'summary' => 'March 27: The Chinese government has agreed to provide more than Rs 11.40 billion as grant assistance to the Government of Nepal under its financial and technical assistance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: The Chinese government has agreed to provide more than Rs 11.40 billion as grant assistance to the Government of Nepal under its financial and technical assistance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ministry of Finance, the amount will be spent on the implementation of China-backed projects. Visiting Chinese Foreign Minister Wang Yi confirmed the grant assistance to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Wang, who is on a three-day visit to Nepal, also pledged to provide development assistance announced during Chinese President Xi Jinping's 2019 visit to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He expressed such commitment during the Nepal-China Foreign Ministerial Talks held in the capital on Saturday, the state-owned national news agency RSS reported. He also agreed to fully operate the two-way movement of goods and services through the Rasuwagadhi and Tatopani border points. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the talks, the foreign ministers of Nepal and China agreed to instruct the concerned authorities to make necessary preparations for speedy operation of the border points. The Chinese foreign minister also assured that China will allow Nepali students to return to their universities and educational institutions as soon as possible. </span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14742', 'image' => '20220327013813_Flag-Pins-Nepal-China.jpg', 'article_date' => '2022-03-27 13:37:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14999', 'article_category_id' => '1', 'title' => 'Birgunj Entrepreneurs Demand Credit Act ', 'sub_title' => '', 'summary' => 'March 27: The Birgunj Chamber of Commerce and Industry (BICCI) has demanded the government to formulate several policies to help resolve the problems faced by the private sector.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: The Birgunj Chamber of Commerce and Industry (BICCI) has demanded the government to formulate several policies to help resolve the problems faced by the private sector. The chamber has urged the government to lower the interest rates to single digit, and has also sought income tax exemption, proper management of bank loans in addition to the introduction of credit act. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The BICCI delegation was in Kathmandu for a visit last week. The delegation met Prime Minister Sher Bahadur Deuba, Home Minister Bal Krishna Khand, Finance Minister Janardan Sharma, Health and Population Minister Birodh Khatiwada, secretary at the Ministry of Industry, Commerce and Supplies Dr Ganesh Prasad Pandey, Inspector General of Nepal Police Shailesh Thapa Chhetri, Inspector General of Armed Police Force Shailendra Khanal, Nepal Rastra Bank Governor Maha Prasad Adhikari, Director General of the Department of Customs Kamal Prasad Poudel, Director General of the Department of Revenue Investigation Prakash Poudel and Director General of Inland Revenue Department Ritesh Man Shakya and put forward their demand. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Organising a press conference in Kathmandu on Friday, BICCI president Dr Subodh Kumar Gupta said that the problems of the private sector have been brought to the notice of the government bodies. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During their meeting with Prime Minister Deuba, the chamber demanded to establish a new industrial zone. They also demanded the establishment of industrial security force. They urged home minister Bal Krishna Khand to hold regular border security meetings. The delegation members said that the government should be sensitive in this regard as the industrial sector has also been affected by the criminal activities taking place from across the border. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In a meeting with Finance Minister Janardan Sharma, they demanded tax exemption on income of up to Rs 800,000 for a single person and up to Rs 850,000 for a couple. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The delegation also insisted that there should be a difference of 15 percent in the customs duty for finished goods and industrial raw materials, and the tariff on import of pulses should be revised according to the present time. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The private sector stakeholders also urged the government to fix the rent of the Special Economic Zone at Rs 5 per square feet. The chamber also said that the provision of 60 percent export for industries operating in the SEZ should be reduced to 25 percent. Likewise, they have also demanded reduction of interest rates on concessional loans and refinancing. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition, the chamber has also demanded the introduction of a credit act. The delegation also demanded 50 percent exemption in income tax for industries related to basic essentials and education. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14741', 'image' => '20220327010059_1648337823.1.jpg', 'article_date' => '2022-03-27 13:00:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14998', 'article_category_id' => '1', 'title' => 'China Hands over Pokhara International Airport to Nepal', 'sub_title' => 'Tourism Minister says the airport will come into operation within 6 months ', 'summary' => 'March 27: The Pokhara Regional International Airport,which is being developed by Chinese construction company CAMC Engineering, has been handed over to Nepal on Saturday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: The Pokhara Regional International Airport, which is being developed by Chinese construction company CAMC Engineering, has been handed over to Nepal on Saturday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Pokhara Regional International Airport was handed over to Nepal on Saturday evening on the occasion of the state visit of China's Foreign Affairs Minister Wang Yi to Nepal. Separate programmes were organized in Kathmandu and Pokhara Airport for the handover of the airport. In Kathmandu, Chinese Affairs Minister Wang handed over a symbolic key to Minister for Foreign Affairs Dr Narayan Khadka at the presence of Prime Minister Sher Bahadur Deuba. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In Pokhara, Minister for Tourism, Culture and Civil Aviation Prem Bahadur Ale felicitated Chairman of CAMC Engineering Lu Yan for completing the construction of the airport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Project Chief of the Pokhara Regional International Airport Binesh Munakarmi said the handover ceremony was organised after the completion of major construction works. The airport was constructed with a concessional loan and grant assistance of Rs 22 billion from EXIM Bank of China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the project officials, 93 per cent of the physical works have been completed and the construction company would continue its works until the airport is 100 percent ready.</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"">So far, the runway, terminal building, air traffic control building, taxiway and other main works have been completed. The project which was estimated to complete by July 10, 2021 was extended for a year due to the COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Ale said that the airport would be brought into operation soon. He claimed that the government would run the airport within six months after completing all necessary preparations. </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"">Minister Ale urged investors to invest in paragliding, rafting and golf targeting internal and foreign tourists following the handover of the airport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also shared that the government was doing ground work to announce Pokhara as a tourism capital. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">General-Manager of the Civil Aviation Authority of Nepal, Pradeep Adhikari said though main part of the airport construction was completed some problems are yet to be fixed. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14740', 'image' => '20220327113443_Pokhara-Airportd.jpg', 'article_date' => '2022-03-27 11:31:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14997', 'article_category_id' => '1', 'title' => 'Nepal, China Ink 9 Deals to Enhance Mutual Cooperation and Partnership ', 'sub_title' => '', 'summary' => 'March 27: Nepal and China have signed nine different agreements to enhance mutual cooperation and partnership between the two countries. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: Nepal and China have signed nine different agreements to enhance mutual cooperation and partnership between the two countries. </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"">Both the countries have agreed to further strengthen the relation and partnership between Nepal and China. The two countries reached an understanding to this effect during the Nepal-China Foreign Minister-level meeting held in Kathmandu on Saturday (March 26). After bilateral talks between Foreign Minister Dr Narayan Khadka and Chinese State Councilor and Foreign Minister Wang Yi, officials from both the countries also signed nine sets of agreements on enhancing mutual cooperation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Secretary Madhu Kumar Marasini and Chinese Ambassador to Nepal Hou Yanqi signed the agreement on economic and technical cooperation, and technical assistance schemes for China aid and feasibility study of China-Nepal cross-border railway project in Nepal on behalf of their respective governments. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the agreement for the feasibility study of China-Nepal power grid interconnection was signed by Secretary at the Ministry of Energy, Water Resources and Irrigation, Devendra Karki and Ambassador Yanqi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary at the Ministry of Agriculture and Livestock Development Niru Dahal Pandey and Ambassador Yanqi signed a protocol on the safety and health conditions of haylage export from Nepal to China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A letter of exchange on duty-free treatment for 98 percent of goods imported to China was signed by Secretary at the Ministry of Industry, Commerce and Supplies Ganesh Prasad Pandey and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Secretary at the Ministry of Physical Infrastructure and Transport Rabindra Nath Shrestha and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping signed an agreement to handover certificate of Araniko Highway Maintenance Project (phase-3) and the minutes of the 7th meeting on enhancing cooperation in Railway sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In addition, the delivery and acceptance certificates of Chinese aid for COVID-19 vaccines to Nepal (fifth and sixth batches -- million Sinovac Vaccines) was signed by Health Secretary Dr Roshan Pokharel and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping. </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, a protocol on sending a Chinese Medical team to work in Nepal was signed by Health Secretary Dr Pokharel and Ambassador Yanqi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Welcoming his Chinese counterpart to the bilateral talks, Minister Khadka expressed his desire to take the centuries-old Nepal-China relations to a new height. He stressed the need for the timely completion of Chinese-assisted development projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He highlighted the adverse impact on the economy of Nepal due to non-operation of Nepal-China border trade points, the problems added to the economic activities by the Covid-19 pandemic, Nepal's challenges in reviving the economy, declining remittance inflows and other challenges faced by the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Stressing on the implementation of past treaties and agreements between the two countries, Foreign Minister Khadka requested for the early implementation of the financial assistance announced during the visit of Chinese President Xi Jinping to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also drew the attention of the Chinese side to implement the past agreement to expand the Trans Himalayan Multi-dimensional Network for the construction of physical infrastructure in the border areas essential for further strengthening people-to-people relations between Nepal and China and promoting bilateral trade and commerce. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On behalf of the Government of Nepal, the Foreign Minister expressed his heartfelt gratitude for providing various health equipment including vaccines during difficult situation and for reconstruction of the physical infrastructure destroyed by the earthquakes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The foreign ministers of the two countries also expressed their commitment to cooperate and share issues of mutual interest and common concern. RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14739', 'image' => '20220327082158_RoS-KTM-PMDeubae.jpg', 'article_date' => '2022-03-27 08:21:10', '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 date of operation of the train was repeatedly postponed due to lack of law, staff and budget. The government brought the Railway Ordinance for the third time to remove the legal obstacle to operate the trains. The last ordinance was published in the Nepal Gazette last Wednesday, paving the way to operate the trains.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The trains which stood in the parking lot for a long time were running without passengers since February 13. But now, the trains will be carrying passengers. About 2,600 passengers can travel on the train at once with passengers beyond seating capacity allowed to travel by standing. Jha also informed that the train fare has been fixed at Rs 90 per passenger for general seats and Rs 450 for AC enabled seats.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has announced plans to connect major destinations in the border areas of Nepal and India by rail link, out of which, the Janakpur-Jaynagar rail will be operational in the first phase. The government had bought the train from Indian railway company Konkan with an investment of Rs 1 billion last year. Twenty six employees have come from India to run the train while the state-owned company has hired 56 Nepali employees.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14757', 'image' => '20220330124244_Railwayy (2).jpg', 'article_date' => '2022-03-30 12:41:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15014', 'article_category_id' => '1', 'title' => 'Detailed Study of Kathmandu-Kerung Railway Soon', 'sub_title' => '', 'summary' => 'March 30: The government has decided to approve grant assistance and the technical assistance related to the feasibility study of trans-border railway under the Economic and Technical Cooperation Agreement proposed by the People's Republic of China. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 30: The government has decided to approve grant assistance and the technical assistance related to the feasibility study of trans-border railway under the Economic and Technical Cooperation Agreement proposed by the People's Republic of China. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Government spokesperson and Minister for Communication and Information Technology Gyanendra Bahadur Karki confirmed the decision on Tuesday during a news conference organized at the ministry to unveil the decisions made by a meeting of the Council of Ministers on March 28. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two countries had signed an agreement for further study of the Kerung-Kathmandu railway during the recent state visit of Chinese Foreign Minister Wang Yi.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Keshav Kumar Sharma, joint secretary at the Ministry of Physical Infrastructure and Transport informed said that although the detailed study of the railway will be carried out soon with the help of China, it is not certain when it will start again due to the reappearance of Covid-19 in China.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A preliminary study conducted with the help of the Chinese government had shown that Rs 257 billion would be required to build the Kathmandu-Kerung railway in nine years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Minister Karki said the Cabinet meeting decided to extend the term of the agreement with China concerning the survey of oil and natural gas resources in Nepal by two years. The cabinet meeting also decided to approve the letter of intent related to zero customs and quota-free facility between Nepal and China as well as the agreement regarding feasibility of grid connection between the two countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the government spokesperson, the meeting decided to declare Tilaurakot Kapilbastu area as a 'protected monument zone'. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Monday's Cabinet meeting has also made appointments to various government bodies. Accordingly, Lekhnath Sharma Pangeni and Dr Jeevan Angai have been appointed the members of Nepal Revenue Advisory Committee, and Sanjeev Jha the General Manager of Dairy Development Corporation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Bhairab Raj Regmi has been appointed the member of the National Land Commission while Karuna KC has been designated as the Deputy Director-General of the Survey Department. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has formed a recommendation committee under the convenorship of the Secretary at the Ministry of Communication and Information Technology for appointing a member to Nepal Telecommunication Authority. (With inputs from RSS)</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-30', 'modified' => '2022-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '14756', 'image' => '20220330122710_Flag-Pins-Nepal-China.jpg', 'article_date' => '2022-03-30 12:26:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15012', 'article_category_id' => '1', 'title' => '‘Immediate Capital Expansion of Insurance Companies Impossible’ ', 'sub_title' => '', 'summary' => 'March 29: Although the Insurance Board of Nepal had issued a circular last Thursday directing insurance companies to increase their paid-up capital, the companies say that they are not in a position to do so under current circumstances. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 29: Although the Insurance Board of Nepal had issued a circular last Thursday directing insurance companies to increase their paid-up capital, the companies say that they are not in a position to do so under current circumstances. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Directors and investors of insurance companies argue that capital expansion is challenging during the Covid-19 pandemic and liquidity crisis continues unabated. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">At present, the minimum paid-up capital of a life insurance company is Rs 2 billion and that of a non-life insurance company is Rs 1 billion. The latest circular of the Insurance Board states that life insurance companies should have a paid-up capital of Rs 5 billion and non-life insurance companies Rs 2.5 billion. The board has directed the insurance companies to increase the minimum paid-up capital by mid-April 2023. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">However, the operators of the insurance companies say that it is not possible to meet the demand of the board in such a short period. They say that the issue of raising capital immediately could be detrimental to the insurance sector. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Non-Life Insurance Practitioners Association Rajendra Malla said that it would be difficult to increase the capital as per the directive of the board. "It is necessary to revise the paid-up capital of the insurance companies with time. But, increasing it suddenly is challenging," he said, adding, "It would have been easier if the board had given at least 3-4 years. It is difficult to increase the paid-up capital by 150 percent in one year." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the liquidity crisis and the economic instability caused by the pandemic have made it difficult to increase investment. "There is a liquidity crunch in the banking sector right now. As a result, there is a shortage of capital in all sectors," he said, "On top of that, inflation has also increased. It's difficult to invest more in this situation." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Furthermore, he said that the new limit on paid-up capital set by the board was more than required in the case of non-life insurance companies. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"At present, the average annual transaction of a non-life insurance company is around Rs 1.5 billion. In this case, I don't think it would be better to make the size of paid-up capital more than Rs 2.5 billion or more than the business transactions. It seems that such a policy has been taken to forcefully merge the companies rather than increase their capital." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Investors of life insurance companies also say that the immediate capital increase is challenging. Stating that it would be difficult to raise the capital immediately, an investor said, "Increasing their paid-up capital in such a short span of time is challenging to life insurance companies as well. The board needs to reconsider its decision." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chief executive officers (CEOs) of insurance companies say this could lead to a merger. "The best way to raise capital is through rights shares. But shareholders say there is not enough capital," said a CEO of an insurance company. "In that case, the companies would be forced to merge." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Earlier, on January 27, 2018, the board had directed to increase the minimum paid-up capital to Rs 2 billion for life insurance companies and Rs 1 billion for non-life insurance companies. For that, the board gave a deadline till mid-July 2018. However, the companies reached the prescribed paid-up capital only towards mid-April 2020. This time too, there is a challenge for the insurance companies to increase their capital on time. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Investors point out that an increase in capital will reduce the dividend potential of companies. "Now the insurance company will have a lot of paid-up capital. However, the growth of the business will not be immediate," said one investor, "In this case, their dividend potential decreases. Because, we don't make money by investing like a bank. As we do risky business, investment should be done in a safe place. We do not get a huge return. Therefore, the dividend potential seems to be declining." </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This argument is also confirmed by the banking sector as well. With a paid-up capital of Rs 2 billion, commercial banks have an average dividend potential of 30-35 percent. The dividend capacity of commercial banks has been declining after raising their paid-up capital to Rs 8 billion. Last year, the average dividend capacity of commercial banks was only 12-13 percent. Investors say that this could happen in the insurance sector as well. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Increasing the company's paid-up capital is a good thing in itself. But, the market and the business also need to happen accordingly. When the paid-up capital is more than the business, there will be a problem," said one investor. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">Investors engaging in discussions</span></strong> </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Directors of insurance companies are preparing for discussion after the board decided to increase the paid-up capital. According to Malla, a memorandum will be submitted to the Insurance Board on the basis of the decision taken during that discussion. "Investors are meeting to discuss the board's decision to increase the paid-up capital. We plan to submit a memorandum to the board with necessary suggestions after the discussion," he said. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14754', 'image' => '20220329024737_Insurance.jpg', 'article_date' => '2022-03-29 14:46:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15011', 'article_category_id' => '1', 'title' => 'Industrialists Struggling to Get Land in Industrial Corridor', 'sub_title' => '', 'summary' => 'March 29: Industrialist Vinay Shah had planned to open a new industry in the Bara-Parsa Industrial Corridor and had allocated money to buy land for establishing the factory.', '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"">March 29: Industrialist Vinay Shah had planned to open a new industry in the Bara-Parsa Industrial Corridor and had allocated money to buy land for establishing the factory. However, after months of struggle, he couldn't find the needed space to set up the factory.</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"">"It simply came to our notice that despite having capital for investment, we couldn’t find land,” complained industrialist Shah.</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"">Shah is not the only industrialist who is facing problems to get land for setting up a new industry in the industrial corridor. Chairman of the Bara-Parsa chapter of the Confederation of Nepalese Industries, Birendra Kumar Shanghai said that it has become very difficult to find land for new industries in this corridor where about a thousand industries are operating.</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"">Investors are attracted to this corridor due to its prime location, physical infrastructure and easy access to sea routes and major ports. Bara-Parsa is expanding as an industrial corridor not because of government incentives but because of this convenience. With the opening of the industry, the price of land has also skyrocketed.</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"">So much so that more than 25 percent of the industry's total investment goes for the purchase of land. "It is now challenging to set up a new industry in the Bara-Parsa corridor," said Hari Gautam, coordinator of the industry committee under the Birgunj Chamber of Commerce and Industry.</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 Birgunj is a suitable area for industrial establishment due to the availability of physical infrastructure and geography, the industrialists said that the government should arrange land for industry in the Bara-Parsa area.</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"">Industrialists say that getting land for industry in Bara-Parsa is almost impossible at the moment, and opening an industry on highly-rated land would be risky. Entrepreneurs say that the price of land that used to be Rs 500,000 per Kattha has now reached as much as Rs 3 million per kattha.</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 Bara-Parsa Industrial Corridor is ahead of other areas in terms of industrial potential. However, a study report made public by Nepal Rastra Bank some time ago said that it is difficult to get land, and even if you get it, you have to pay a high 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"">The industrialists of Birgunj have urged the government to find at least 2,000 bighas of land in the Thori area of Parsa and create a new industrial zone.</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"">Shanghai said that the industrialists would be attracted to the area as the main checkpoint is close to Birgunj, and the postal highway is easily accessible.</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"">Industrialist Shah suggested that the government should sell the land in such areas by preparing the minimum infrastructure required for the industries. “The land should be sold to the industrialists on condition that the industry should be opened within a certain time and the land is utilized for the intended purpose,” he said.</span></span></span></span></p> <p> </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 announced to create a new industrial zone in the same province five years ago. An industrial zone has been proposed in the Sagarnath forest area of Sarlahi for Madhes Province. However, compared to the Bara-Parsa region, it will not be suitable, says the entrepreneur.</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 Gajendra Narayan Singh Industrial Area which has already been set up in Saptari is not in use.</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 industrialists say they are more interested in this region than the special economic zone of Simara, Bara because of the requirement of export-oriented industries in the SEZ.</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"">Conflict has escalated in the Bara-Parsa corridor due to the simultaneous expansion of industry and human settlements. Entrepreneurs suggest setting standards for expansion of human settlement around the newly opened industrial zone.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14753', 'image' => '20220329021109_Industries.jpg', 'article_date' => '2022-03-29 14:10:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15010', 'article_category_id' => '1', 'title' => 'Is it Fair for an Individual or a Group to Run Business Enterprise and Bank Simultaneously? ', 'sub_title' => '', 'summary' => 'March 29: Finance Minister Janardan Sharma on Monday sought the opinion of bankers regarding an individual or a group operating both business enterprise as well as bank at a time.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">March 29: <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Janardan Sharma on Monday sought the opinion of bankers regarding an individual or a group operating both business enterprise as well as bank at a time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The minister made such query during a discussion with the representatives of banks and financial institutions (BFIs) and the insurance companies at the Ministry of Finance on Monday (March 28). The ministry had organized the discussion to seek the feedback from private sector stakeholders regarding the government’s upcoming policies and programmes as well as the budget for the upcoming fiscal year.</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"">On the occasion, Minister Sharma asked whether it was beneficial for the economy for the same individual to be a banker and also a businessperson. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"It seems that the same individual or group is involved in banking sector and business. Is this a good practice? If yes, then I have no objections. But please provide me some suggestions if some amendments are needed in this regard," the finance minister said.</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"">Minister Sharma said that the government had already held similar discussions with stakeholders from the agriculture and education sectors and were now holding discussions with representatives of BFIs and insurance companies.</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"">Minister Sharma also shared his idea of establishing a microfinance fund to provide concessional loan to the general people. </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"">“We are contemplating about setting up a microfinance fund but not to charge high interest. Instead, the fund will be utilized with the concept of providing concessional loans to the general public through microfinance companies,” added the minister.</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"">During the discussion, former vice chair of the National Planning Commission Min Bahadur Shrestha pointed out to the need of attracting foreign direct investment. He opined that the government has invested heavily on insurance for the agriculture sector but the results were not satisfactory. He suggested the government to improve the economy by cracking down hyperfund, cryptocurrency and by controlling the interest skyrocketing interest rates.</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"">Former vice chair of the NPC Dipendra Bahadur Chhetri said that the loan allocated for the agricultural sector was been distributed for the import of industrial and agricultural products and the genuine farmers were deprived from such facility.</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"">He also said that he heard rumors of demonetization for curbing the liquidity crisis. He warned that the notes of Rs 500 denomination accounted for 21 percent of the total money circulating in the market and Rs 1000 denomination notes comprised of 70 percent and said it would be a great challenge for the government to demonetize the currency. </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"">Speaking on the occasion, former chairman of Nepal Bankers’ Association Anil Shah said that the government needs to make new arrangements for renewal of labour permit in order to increase the inflow of remittance by facilitating the Nepali migrant workers aspiring to work overseas.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“The government can find out the estimated earnings of the workers. Therefore, it can keep a record of the money sent back to Nepal and easily find out if it has been sent through official channels or through the illegal hundi system,” said Shah.</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"">Others attending the discussion suggested the government to resume bancassurance service, setting up of an insurance fund, easy access to banking services in all seven provinces among others.</span></span></span></p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14752', 'image' => '20220329115010_fin min sharma.jpg', 'article_date' => '2022-03-29 11:49:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15009', 'article_category_id' => '1', 'title' => 'Government Introduces Foreign Employment Welfare Information Management System', 'sub_title' => '', 'summary' => 'March 29: The government has introduced the Foreign Employment Welfare Information Management System for the welfare of the Nepali migrant workers.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 29: The government has introduced the Foreign Employment Welfare Information Management System for the welfare of the Nepali migrant workers. According to government sources, the new system that offers various facilities to the workers has come into effect from March 28.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister for Labour, Employment and Social Security Krishna Shrestha officially launched the system on Monday to provide welfare services ensured by the state to the Nepali migrant workers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency RSS, Minister Shrestha said that now the system has been put in place, the outbound Nepali migrant workers with labour permit can claim compensation for death, injury, serious ailment among others within one year of the expiry of the contract period and within one year of the incident. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The migrant workers and their families avail the services online through the website of the Foreign Employment Board (www.feb.gov.np). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the fifth amendment to the Foreign Employment Regulations-2064 BS, the Nepali migrant workers going abroad with labour permit can avail services such as financial assistance in case of injury, educational scholarships for dependent children in case of death of migrant worker, brining home dead bodies of the Nepali migrant workers for free of cost and evacuation of stranded Nepali migrant workers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, the beneficiaries of the deceased Nepali migrant workers can claim insurance through the newly introduced system, RSS reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, Minister Shrestha shared that a curriculum has been designed to provide on-the-job practical skills training in six various subjects to enlist unemployed youths at the local levels. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Minister Shrestha shared that the government had taken forward various measures aimed at securing welfare of the outbound and returning Nepali migrant workers such as formulation of new foreign employment policy, preparation for building labour hospital and creating enabling environment at policy level for the Nepali women working as domestic workers abroad to return home and go for foreign employment yet again. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-29', 'modified' => '2022-03-29', 'keywords' => '', 'description' => '', 'sortorder' => '14751', 'image' => '20220329081003_labour.jpg', 'article_date' => '2022-03-29 08:09:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15007', 'article_category_id' => '1', 'title' => 'Nepal’s Ambassador to India pledges to Promote Small Industries', 'sub_title' => '', 'summary' => 'March 28: Nepal’s newly-appointed ambassador to India Dr Shankar Prasad Sharma has pledged to help promote small industries and their products in the international 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"">March 28: Nepal’s newly-appointed ambassador to India Dr Shankar Prasad Sharma has pledged to help promote small industries and their products in the international market. In a program organized by the Federation of Nepalese Cottage and Small Industries, ambassador Sharma said that he would take the initiatives to promote home-grown Nepali products in 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"">He was of the view that the government and private sector can work hand in hand after determining the sectors of investment and export. He affirmed that he would take initiatives to improve the relations between the two nations and facilitate easy investment. </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"">Stating that Nepal and India have good relations, he stated that the area for business is broad in both the countries 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"">“Two-third of Nepal’s trade is done with India. Even in exports, 75 percent of the exports are made to India,” said Sharma.</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"">Umesh Prasad Singh, the chairman of the federation, stated that it is a challenge to expand productive sector industries to replace import and promote export-oriented busiensses. He expects ambassador Sharma to play a role at the diplomatic level to promote the export of domestic products. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14748', 'image' => '20220328030443_sharma.jpg', 'article_date' => '2022-03-28 15:04:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15003', 'article_category_id' => '1', 'title' => 'FNCCI signs Pact with Investment Board to Promote Investment', 'sub_title' => '', 'summary' => 'March 28: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Investment Board Nepal (IBN) have signed a Memorandum of Understanding (MoU) for cooperation in promoting domestic and foreign investment in the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 28: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Investment Board Nepal (IBN) have signed a Memorandum of Understanding (MoU) for cooperation in promoting domestic and foreign investment in the country. </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"">FNCCI President Shekhar Golchha and IBN Chief Executive Officer Sushil Bhatta signed the MoU to this effect in the presence of Finance Minister Janardan Sharma, who is also the vice chairperson of the board, amid a function on Sunday (March 27). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the MoU, a help desk related to foreign direct investment (FDI) will be set up at the FNCCI Secretariat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the FNCCI will actively help the IBN to identify and search for foreign investment projects. It will organise programmes relating to investments at home and in foreign countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, both the FNCCI and IBN have agreed to cooperate on topics related to acquiring knowledge and sharing experiences and information, and in carrying out policy reforms in investment through public private partnership concept. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also, both the organisations agreed to cooperate in organising investment-related assemblies, conferences, exhibitions, seminars, workshops and training sessions at national and international levels in order to promote foreign direct investment and other investments. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Finance Minister Sharma said that the MoU between the FNCCI and IBN has been exemplary for the promotion of domestic and foreign investment in the country and expressed the hope that both the institutions would implement the decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Others present on the occasion were the IBN member and FNCCI outgoing President Bhawani Rana, the IBN joint secretary Bhagawan Aryal, the FNCCI senior vice president Chandra Prasad Dhakal, vice presidents, Dinesh Shrestha, Anjana Shrestha and Ram Chandra Sanghai and President of the International Investment Promotion Committee, of FNCCI, Aananda Bagadiya. <em>(With inputs from RSS)</em></span></span></span></p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14747', 'image' => '20220328080628_MOU SAill003.jpg', 'article_date' => '2022-03-28 07:52:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15005', 'article_category_id' => '1', 'title' => 'Six Int’l Companies shortlisted for Feasibility Study of Dhaubadi Iron Mine', 'sub_title' => '', 'summary' => 'March 28: Six international companies have been shortlisted for the detailed feasibility study of Dhaubadi iron mine.', '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"">March 28: Six international companies have been shortlisted for the detailed feasibility study of Dhaubadi iron mine.</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 six companies shortlisted for the detailed feasibility study of Hupsekot-based iron mine in East Nawalparasi are from India, China, the UK, Canada and Austria.</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"">Dr. Janak Bahadur Chand, Chief Executive Officer (CEO) of Dhaubadi Iron Company Limited informed that all the companies that had applied for the feasibility study have been shortlisted.</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"">According to Chand, two Chinese companies -- Capital Engineering and Research Incorporation Limited and China in Association with Development Support Consult, Canada's Mycon International Limited JV ERMC, India's Duster-SRK-Jade JV, England's London Road and Austria's Hurst Wissinger Consulting GMBH JV have been shortlisted for the feasibility study.</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"">Chand informed that one of the six shortlisted companies will conduct the feasibility study of the iron in Dhaubadi mine of East Nawalparasi. He said that the project office has called for financial and technical proposals from the shortlisted companies.</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"">One of the selected companies will submit the feasibility study report within 3/4 months. Although preliminary data show that the mine has 100 million metric tons of iron reserves, a recent study conducted by the company with the participation of an expert team found that the capacity of the ore storage to be even more.</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"">Chand informed that the mine has 150 million metric tons of iron reserves. He said that the details had been obtained through drilling. The company has informed that the detailed project report (DPR) will be prepared only after the completion of the feasibility study.</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"">International bids will also be invited for the DPR. A test conducted in China has already confirmed that iron and billets can be made from iron ore present in the mine.</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"">However, Chand said that a detailed feasibility study would provide information on how much iron can be extracted commercially from the mine. Stating that the feasibility study will be completed in the current fiscal year, he informed that the DPR report will not be ready this 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:"Arial","sans-serif"">He said that they are working with international companies as mining is being done for the first time in Nepal. He said that commercial production from the Dhaubadi iron mile will take some more time. The mine was explored for the first time almost a decade ago.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-28', 'modified' => '2022-03-28', 'keywords' => '', 'description' => '', 'sortorder' => '14745', 'image' => '20220328101003_1648364690.धौबादी_फलाम_कम्पनी_लिमिटेड.jpg', 'article_date' => '2022-03-28 10:08:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15002', 'article_category_id' => '1', 'title' => 'Government Allows 24-Hour Business in Lakeside Pokhara', 'sub_title' => '', 'summary' => 'March 27: The night-time business has started flourishing in the lakeside area of Pokhara ever since the stakeholders decided to keep the area open for 24 hours a day.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: The night-time business has started flourishing in the lakeside area of Pokhara ever since the stakeholders decided to keep the area open for 24 hours a day. Such decision was taken in an attempt to encourage the business activities which had hit a slump due to Covid-19 pandemic. The government decided to keep the business open at night as well in the areas that receive higher tourists like Lakeside of Pokhara, Sauraha of Chitwan, and Thamel and Durbarmarg of Kathmandu.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Earlier, the police administration used to allow night-time businesses in Lakeside Pokhara till 10 PM. Both the business community and the tourists had been complain that they were not able to avail services at night time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the businessmen, the businesses which had hit a slump due to Covid-19 are expected to gain momentum with this decision of the government to allow 24-hour business.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Govinda Sharma, a local tourism entrepreneur, said the government's decision has raised hopes of revival of the Covid-19 affected tourism industry. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The business has come to a standstill due to the Covid-19 infection. Even when the Covid-19 infection was less, only domestic tourists visited this area. Influx of domestic tourists alone cannot sustain the business,” he said adding “Now that the Covid-19 infection has decreased and night-time business is on the rise, the business community is excited about revival of their businesses.” He said that the decision taken by the government, although late, would send a positive message about Nepal's tourism sector. He also added that the police had been harassing the businessmen to close hotels and restaurants before 10 pm.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Domestic and foreign tourists have been eager to visit Pokhara after the business started opening till late night. Night businesses include hotels, lounge bars, dance clubs, restaurants, among others.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chairman of the Western Regional Hotel Association Laxman Subedi said that the decision to open 24-hour business is a positive move and in the best interest of the business community. He is confident that it will also help in reviving the long-stalled tourism activities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“Opening a 24-hour business requires more employees -- in two shifts, which creates more employment opportunities. Along with employment, the income of entrepreneurs also increases,” said Subedi. He expressed that the long-time wish of businessmen of Lakeside to be able to operate business for 24 hours has finally been fulfilled. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">s</span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14744', 'image' => '20220327062910_lakeside (1).jpg', 'article_date' => '2022-03-27 18:28:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15001', 'article_category_id' => '1', 'title' => 'Energy Crisis puts Hydro Power Projects under Pressure for Timely Completion', 'sub_title' => '', 'summary' => 'March 27: Excessive price hike in India, which produces electricity from coal plants, has had a direct impact on Nepal. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: Excessive price hike in India, which produces electricity from coal plants, has had a direct impact on Nepal. Nepal Electricity Authority is distributing electricity imported from India at Rs 38 per unit. At present, it is not possible to predict how long the effects of the continuous increase in electricity prices in the energy exchange market will last. But for Nepal, the NEA says, such problems will persist only for the next one and a half months.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal produces excess of electricity during the rainy season, but it has import electricity during the winter. The NEA, which felt a relief after the electricity produced by the Upper Tamakoshi Hydropower Project was connected to the national grid, is still facing problem in the dry season. However, there is no need to import large amount of electricity from India at present, says NEA.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to NEA Executive Director Kulman Ghising, only 350 to 400 MW electricity is being imported depending on the need. Most of the projects in Nepal are based on run-of-the-river system. Due to the severe dry weather, the water level in the rivers has dropped and only one third of the electricity is generated from these projects. Most of the private sector projects are of the same nature as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The total demand of electricity in Nepal is around 1,600 MW. A total of 1,300 MW of electricity flows from NEA's own projects, subsidiaries and private sector projects. The remaining 300 MW is insufficient. In such situation, there is no alternative to importing that amount of electricity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In India, electricity generated from solar projects is supplied throughout the day. When evening falls, the solar system's power generation stops and the coal plant has to run. Nepal has to import electricity even though it has to pay a high price for evening time management due to the global impact of price hike of coal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Due to the crisis, the under-construction projects are in pressure to complete the works soon. If the transmission system and other technical preparations are completed, it is possible to add 150 to 200 MW of electricity to the national grid by the end of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Executive Director Ghising said that they have requested the hydropower projects to complete the final stage of construction as soon as possible. If work is done a little harder than usual, 118 MW of electricity will be added in the Dordi corridor. Similarly, there is a possibility of adding 150 MW of electricity in Solu Corridor. NEA has completed the construction of a 132 KV transmission line. This has put an end to the fear of wasting electricity due to lack of transmission lines.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, the private sector is constructing projects of 3,500 MW capacity. The recent crisis has created pressure to complete these projects as soon as possible. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14743', 'image' => '20220327035308_hydro.jpg', 'article_date' => '2022-03-27 15:52:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15000', 'article_category_id' => '1', 'title' => 'China Pledges Rs 11.4 Billion Grant Assistance for Nepal', 'sub_title' => '', 'summary' => 'March 27: The Chinese government has agreed to provide more than Rs 11.40 billion as grant assistance to the Government of Nepal under its financial and technical assistance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: The Chinese government has agreed to provide more than Rs 11.40 billion as grant assistance to the Government of Nepal under its financial and technical assistance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ministry of Finance, the amount will be spent on the implementation of China-backed projects. Visiting Chinese Foreign Minister Wang Yi confirmed the grant assistance to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Wang, who is on a three-day visit to Nepal, also pledged to provide development assistance announced during Chinese President Xi Jinping's 2019 visit to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He expressed such commitment during the Nepal-China Foreign Ministerial Talks held in the capital on Saturday, the state-owned national news agency RSS reported. He also agreed to fully operate the two-way movement of goods and services through the Rasuwagadhi and Tatopani border points. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the talks, the foreign ministers of Nepal and China agreed to instruct the concerned authorities to make necessary preparations for speedy operation of the border points. The Chinese foreign minister also assured that China will allow Nepali students to return to their universities and educational institutions as soon as possible. </span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14742', 'image' => '20220327013813_Flag-Pins-Nepal-China.jpg', 'article_date' => '2022-03-27 13:37:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14999', 'article_category_id' => '1', 'title' => 'Birgunj Entrepreneurs Demand Credit Act ', 'sub_title' => '', 'summary' => 'March 27: The Birgunj Chamber of Commerce and Industry (BICCI) has demanded the government to formulate several policies to help resolve the problems faced by the private sector.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 27: The Birgunj Chamber of Commerce and Industry (BICCI) has demanded the government to formulate several policies to help resolve the problems faced by the private sector. The chamber has urged the government to lower the interest rates to single digit, and has also sought income tax exemption, proper management of bank loans in addition to the introduction of credit act. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The BICCI delegation was in Kathmandu for a visit last week. The delegation met Prime Minister Sher Bahadur Deuba, Home Minister Bal Krishna Khand, Finance Minister Janardan Sharma, Health and Population Minister Birodh Khatiwada, secretary at the Ministry of Industry, Commerce and Supplies Dr Ganesh Prasad Pandey, Inspector General of Nepal Police Shailesh Thapa Chhetri, Inspector General of Armed Police Force Shailendra Khanal, Nepal Rastra Bank Governor Maha Prasad Adhikari, Director General of the Department of Customs Kamal Prasad Poudel, Director General of the Department of Revenue Investigation Prakash Poudel and Director General of Inland Revenue Department Ritesh Man Shakya and put forward their demand. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Organising a press conference in Kathmandu on Friday, BICCI president Dr Subodh Kumar Gupta said that the problems of the private sector have been brought to the notice of the government bodies. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During their meeting with Prime Minister Deuba, the chamber demanded to establish a new industrial zone. They also demanded the establishment of industrial security force. They urged home minister Bal Krishna Khand to hold regular border security meetings. The delegation members said that the government should be sensitive in this regard as the industrial sector has also been affected by the criminal activities taking place from across the border. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In a meeting with Finance Minister Janardan Sharma, they demanded tax exemption on income of up to Rs 800,000 for a single person and up to Rs 850,000 for a couple. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The delegation also insisted that there should be a difference of 15 percent in the customs duty for finished goods and industrial raw materials, and the tariff on import of pulses should be revised according to the present time. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The private sector stakeholders also urged the government to fix the rent of the Special Economic Zone at Rs 5 per square feet. The chamber also said that the provision of 60 percent export for industries operating in the SEZ should be reduced to 25 percent. Likewise, they have also demanded reduction of interest rates on concessional loans and refinancing. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition, the chamber has also demanded the introduction of a credit act. The delegation also demanded 50 percent exemption in income tax for industries related to basic essentials and education. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14741', 'image' => '20220327010059_1648337823.1.jpg', 'article_date' => '2022-03-27 13:00:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14998', 'article_category_id' => '1', 'title' => 'China Hands over Pokhara International Airport to Nepal', 'sub_title' => 'Tourism Minister says the airport will come into operation within 6 months ', 'summary' => 'March 27: The Pokhara Regional International Airport,which is being developed by Chinese construction company CAMC Engineering, has been handed over to Nepal on Saturday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: The Pokhara Regional International Airport, which is being developed by Chinese construction company CAMC Engineering, has been handed over to Nepal on Saturday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Pokhara Regional International Airport was handed over to Nepal on Saturday evening on the occasion of the state visit of China's Foreign Affairs Minister Wang Yi to Nepal. Separate programmes were organized in Kathmandu and Pokhara Airport for the handover of the airport. In Kathmandu, Chinese Affairs Minister Wang handed over a symbolic key to Minister for Foreign Affairs Dr Narayan Khadka at the presence of Prime Minister Sher Bahadur Deuba. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In Pokhara, Minister for Tourism, Culture and Civil Aviation Prem Bahadur Ale felicitated Chairman of CAMC Engineering Lu Yan for completing the construction of the airport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Project Chief of the Pokhara Regional International Airport Binesh Munakarmi said the handover ceremony was organised after the completion of major construction works. The airport was constructed with a concessional loan and grant assistance of Rs 22 billion from EXIM Bank of China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the project officials, 93 per cent of the physical works have been completed and the construction company would continue its works until the airport is 100 percent ready.</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"">So far, the runway, terminal building, air traffic control building, taxiway and other main works have been completed. The project which was estimated to complete by July 10, 2021 was extended for a year due to the COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Ale said that the airport would be brought into operation soon. He claimed that the government would run the airport within six months after completing all necessary preparations. </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"">Minister Ale urged investors to invest in paragliding, rafting and golf targeting internal and foreign tourists following the handover of the airport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also shared that the government was doing ground work to announce Pokhara as a tourism capital. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">General-Manager of the Civil Aviation Authority of Nepal, Pradeep Adhikari said though main part of the airport construction was completed some problems are yet to be fixed. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14740', 'image' => '20220327113443_Pokhara-Airportd.jpg', 'article_date' => '2022-03-27 11:31:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14997', 'article_category_id' => '1', 'title' => 'Nepal, China Ink 9 Deals to Enhance Mutual Cooperation and Partnership ', 'sub_title' => '', 'summary' => 'March 27: Nepal and China have signed nine different agreements to enhance mutual cooperation and partnership between the two countries. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 27: Nepal and China have signed nine different agreements to enhance mutual cooperation and partnership between the two countries. </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"">Both the countries have agreed to further strengthen the relation and partnership between Nepal and China. The two countries reached an understanding to this effect during the Nepal-China Foreign Minister-level meeting held in Kathmandu on Saturday (March 26). After bilateral talks between Foreign Minister Dr Narayan Khadka and Chinese State Councilor and Foreign Minister Wang Yi, officials from both the countries also signed nine sets of agreements on enhancing mutual cooperation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Secretary Madhu Kumar Marasini and Chinese Ambassador to Nepal Hou Yanqi signed the agreement on economic and technical cooperation, and technical assistance schemes for China aid and feasibility study of China-Nepal cross-border railway project in Nepal on behalf of their respective governments. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the agreement for the feasibility study of China-Nepal power grid interconnection was signed by Secretary at the Ministry of Energy, Water Resources and Irrigation, Devendra Karki and Ambassador Yanqi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary at the Ministry of Agriculture and Livestock Development Niru Dahal Pandey and Ambassador Yanqi signed a protocol on the safety and health conditions of haylage export from Nepal to China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A letter of exchange on duty-free treatment for 98 percent of goods imported to China was signed by Secretary at the Ministry of Industry, Commerce and Supplies Ganesh Prasad Pandey and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Secretary at the Ministry of Physical Infrastructure and Transport Rabindra Nath Shrestha and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping signed an agreement to handover certificate of Araniko Highway Maintenance Project (phase-3) and the minutes of the 7th meeting on enhancing cooperation in Railway sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In addition, the delivery and acceptance certificates of Chinese aid for COVID-19 vaccines to Nepal (fifth and sixth batches -- million Sinovac Vaccines) was signed by Health Secretary Dr Roshan Pokharel and Assistant Minister at the Ministry of Commerce of China, Sheng Qiuping. </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, a protocol on sending a Chinese Medical team to work in Nepal was signed by Health Secretary Dr Pokharel and Ambassador Yanqi. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Welcoming his Chinese counterpart to the bilateral talks, Minister Khadka expressed his desire to take the centuries-old Nepal-China relations to a new height. He stressed the need for the timely completion of Chinese-assisted development projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He highlighted the adverse impact on the economy of Nepal due to non-operation of Nepal-China border trade points, the problems added to the economic activities by the Covid-19 pandemic, Nepal's challenges in reviving the economy, declining remittance inflows and other challenges faced by the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Stressing on the implementation of past treaties and agreements between the two countries, Foreign Minister Khadka requested for the early implementation of the financial assistance announced during the visit of Chinese President Xi Jinping to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also drew the attention of the Chinese side to implement the past agreement to expand the Trans Himalayan Multi-dimensional Network for the construction of physical infrastructure in the border areas essential for further strengthening people-to-people relations between Nepal and China and promoting bilateral trade and commerce. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On behalf of the Government of Nepal, the Foreign Minister expressed his heartfelt gratitude for providing various health equipment including vaccines during difficult situation and for reconstruction of the physical infrastructure destroyed by the earthquakes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The foreign ministers of the two countries also expressed their commitment to cooperate and share issues of mutual interest and common concern. RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-03-27', 'modified' => '2022-03-27', 'keywords' => '', 'description' => '', 'sortorder' => '14739', 'image' => '20220327082158_RoS-KTM-PMDeubae.jpg', 'article_date' => '2022-03-27 08:21:10', '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
