February 9: Nepal Rastra Bank (NRB) has termed networking business illegal and has urged the general public to remain cautious about transactions involving…
February 9: Nepal Rastra Bank (NRB) has termed networking business illegal and has urged the general public to remain cautious about transactions involving…
February 7: Jagdamba Steels, one of the leading steel manufacturers of Nepal, has stated that the company has for the first time in the country’s industrial history initiated third-country export of steel…
February: Nepal's non-performing loans (NPLs) in the banking sector are lower than that of other South Asian…
February 7: The average spread rate of 17 development banks of Nepal in the second quarter of the current fiscal year stands at 4.22…
February 7: The odd-even rule enforced on private vehicles and taxis in Kathmandu Valley has been lifted from Sunday…
February 6: The Nepal Infrastructure Bank Limited (NIFRA) has reached an agreement with a US-based company, JLL, to carry out a detailed study of the market for a Smart City project in Panchkhal Municipality of Kavrepalanchok district.…
February 6: The general public will now be able to use mobile banking, wallet or QR code services of one company to make electronic payments for other…
February 6: The government is preparing to amend laws related to the Special Economic Zone (SEZ) after realizing that the weak policy of the state has drawn lukewarm response from the industrialists towards the government…
February 6: The understanding between Prime Minister Sher Bahadur Deuba and Election Commission (EC) to hold the local level elections on May 18 had a positive effect on the stock…
February 6: The Special Economic Zone Authority (SEZA) is preparing to invite industrialists to submit proposals for the operation of the Special Economic Zone (SEZ) in Bara with an investment of Rs 3…
February 6: Amendment to the Nepal-India Railway Service Agreement ended the monopoly of Container Corporation of India (CONCOR) in transporting goods to and from Nepal but it has hardly benefitted Nepal’s foreign…
February 6: With the significant increase in the use of electronic means for transaction, fraudulent activities under various pretexts have also increased to a great…
February 4: It has been found that shareholders of companies distributing dividend income have been forced to pay tax thrice against the…
February 4: Members of the Delegated Management Committee under the National Assembly recently visited the Kathmandu-Terai Fast Track to take stock of the latest…
February 4: Nepal Rastra Bank has expanded its regulatory ambit to supervise non-banking sector.…
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However, virtual currency lacks ‘legal tender status’ and ‘state backing’ and is considered as ‘speculative assets,’ NRB said in the notice. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, networking business, according to the NRB, is such business in which a company gives membership to its customers and encourages them to make new customers in order to sell products and services. Such business is also termed as multi-level marketing (MLM), NRB said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">MLA business involves pyramid scheme which has high chances of customers being duped, the central bank warned. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank also urged one and all to remain cautious stating that the nature of cryptocurrency and networking marketing is not a subject to regulation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NRB has mentioned that there remains high risk for investment in money laundering and terrorist activities from the transaction of cryptocurrency and networking marketing. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Use of cryptocurrency could lead to illegal activities, especially forgery and tax evasion and the networking marketing is also illegal economic act leading to negative impact on revenue collection, the central bank stated. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the central bank said use of cryptocurrency could impact on the regulation of capital flight. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank added that increasing use of cryptocurrency could pose threat to fiscal stability. (With inputs from RSS) </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-09', 'modified' => '2022-02-09', 'keywords' => '', 'description' => '', 'sortorder' => '14480', 'image' => '20220209121517_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-02-09 12:14:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14736', 'article_category_id' => '1', 'title' => 'Jagdamba Steels Initiates Third-Country Export of Steel for the First Time in Nepal', 'sub_title' => '', 'summary' => 'February 7: Jagdamba Steels, one of the leading steel manufacturers of Nepal, has stated that the company has for the first time in the country’s industrial history initiated third-country export of steel products.', 'content' => '<p><em><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">A consignment of colour coated coils and sheets of Jagdamba Steels leaving for Sri Lanka in this handout photo provided by the company on February 6.</span></span></em></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">February 7: Jagdamba Steels, one of the leading steel manufacturers of Nepal, has stated that the company has for the first time in the country’s industrial history initiated third-country export of steel products.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The company said in a statement that it has started exporting colour coated coils and sheets for the first time. According to the statement issued by the company on February 6, a consignment of colour coated coils and sheets was sent to Sri Lanka in its first-ever export to a third country. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The statement further added that the color coated coils and seats of Jagdamba Steels have high demand in Southeast Asia, Middle East Asian countries and South Africa.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Shanker Lal Agrawal, chairman of Shanker Group said, "Consumer satisfaction via excellent quality of our product has been our major commitment and priority. Our products are manufactured in high-tech and first in class manufacturing plants to ensure quality of each product. On this auspicious occasion, we'd like to express our sincere gratitude to all our consumers for their continuous love and support towards our products and brands. It is with their love and support that today we have been established as the first company in Nepal to initiate third-county export.”</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Chairman Agrawal added that this benchmark has further influenced them to keep delivering their “respected consumers” with best in class products in the near future as well.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-02-07', 'modified' => '2022-02-07', 'keywords' => '', 'description' => '', 'sortorder' => '14479', 'image' => '20220207072623_cargo.jpeg', 'article_date' => '2022-02-07 19:25:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14735', 'article_category_id' => '1', 'title' => 'Nepal's Bad Debt Least in South Asia', 'sub_title' => '', 'summary' => 'February: Nepal's non-performing loans (NPLs) in the banking sector are lower than that of other South Asian countries.', '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"">February: Nepal's non-performing loans (NPLs) in the banking sector are lower than that of other South Asian countries. This is the finding of a recent study conducted by the Confederation of Banks and Financial Institutions Nepal (CBIFIN) based on the latest World Bank data.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In 2020, the share of non-performing loans (NPLs) of commercial banks, development banks, and finance companies in Nepal was 1.7%, which is much less than the NPF of other South Asian countries.</span></span></span></span></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"">Among the South Asian countries, Pakistan has the highest non-performing loans at 9.2 percent. The Maldives has 8.3 percent non-performing loans and India has 7.9 percent non-performing loans. Similarly, non-performing loans (NPLs) stood at 7.7 percent in Bangladesh and 4.9 percent in Sri Lanka.</span></span></span></span></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"">While non-performing loans (NPLs) of other South Asian countries are around 5 percent to 9 percent, the fact that Nepal’s bad debts are below 2 percent is a positive outcome, argue experts. As of mid-November, Nepal's non-performing loan has been limited to 1.37 percent.</span></span></span></span></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"">Banking expert BN Gharti said that the situation of Nepal’s banking sector is good in terms of non-performing loans. He said that such a result has come due to the close monitoring and supervision of the regulatory body Nepal Rastra Bank (NRB).</span></span></span></span></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"">“On top of that, Nepali banks have also matured recently. With the reduction in the number of banks, the management has also improved,” he said.</span></span></span></span></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 share of non-performing loans in the Nepali banking sector had reached about 30 percent in 2062-63 BS. Based on that, Gharti understands that Nepali banks have been able to manage loans 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"">He said most economic sectors have been affected by the Covid-19 pandemic, and non-performing loans could be a problem. “NRB has made various policy arrangements to reschedule or restructure loans in the Covid affected 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"">As a result, banks didn't do provisioning on Covid-affected loans and refinancing was used to pay interest on such affected loans. Nepal's problem was covered in the case of non-performing loans, he said.</span></span></span></span></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 International Monetary Fund has also mentioned that non-performing loans are covered in Nepal. CBIFIN has also made public the study report with suggestions for the solution to the liquidity crunch faced by the banking sector of Nepal.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-07', 'modified' => '2022-02-07', 'keywords' => '', 'description' => '', 'sortorder' => '14478', 'image' => '20220207022742_20201209021045_Non-Performing-Loans-890x395_c 2.jpg', 'article_date' => '2022-02-07 14:27:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14734', 'article_category_id' => '1', 'title' => 'Average Spread Rate of 17 Development Banks Stands at 4.22 Percent', 'sub_title' => '', 'summary' => 'February 7: The average spread rate of 17 development banks of Nepal in the second quarter of the current fiscal year stands at 4.22 percent. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 7: The average spread rate of 17 development banks of Nepal in the second quarter of the current fiscal year stands at 4.22 percent. </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"">As per the financial statements of the second quarter of the current fiscal year (FY 2078/79) released by the development banks, the spread rate has decreased by 1.15 percentage points as compared to the corresponding period of the previous fiscal year (FY 2077/78). The average spread rate was 5.37 percent during the corresponding period of last 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"">There are 16 development banks listed in the Nepal Stock Exchange (NEPSE). Salpa Development Bank is not listed in NEPSE. The spread rates of Narayani Development and Salpa Development Bank have increased compared to the second quarter of last year. During the review period, the spread rate of Narayani Development Bank has increased by 2.32 percentage points and stood at 3.88 percent. The bank's spread rate was 1.56 percent in the second quarter of last 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"">The spread rate of Salpa Development Bank, which is not listed in NEPSE, has increased by 0.16 percentage points in the current fiscal year as compared to the second quarter of last fiscal year. The spread rate of the bank was 4.73 percent in the second quarter of last fiscal year which is now 4.89 percent. </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"">Sindhu Development Bank has the highest spread rate. The bank's spread rate stood at 5.22 percent in the second quarter of the current fiscal year. In the second quarter of the last fiscal year, the spread rate of the bank was 6.37 percent. </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"">The spread rates of the 17 development banks are more than 3 percent in the review period while the spread rates of 10 of them are more than 4 percent. </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"">In the second quarter of the current fiscal year, three banks have reduced the spread rate by more than two percentage points. Karnali Development Bank is one of those banks to reduce the spread rate the most. Compared to the second quarter of last year, its spread rate has decreased by 4.3 percentage points. </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"">The bank's spread rate was 8.99 percent in the second quarter of last year and 4.96 percent in the current fiscal 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"">Saptakoshi Development Bank and Axel Development Bank are among those who have also reduced the spread rate. The spread rate of these banks has decreased by more than 2 percentage points. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-07', 'modified' => '2022-02-07', 'keywords' => '', 'description' => '', 'sortorder' => '14477', 'image' => '20220207122057_Banks - Copy.jpg', 'article_date' => '2022-02-07 12:20:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14733', 'article_category_id' => '1', 'title' => 'Odd-Even Rule Enforced on Private Vehicles, Taxis Lifted ', 'sub_title' => '', 'summary' => 'February 7: The odd-even rule enforced on private vehicles and taxis in Kathmandu Valley has been lifted from Sunday night. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 7: The odd-even rule enforced on private vehicles and taxis in Kathmandu Valley has been lifted from Sunday night. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A meeting of the Chief District Officers of the three districts in the Kathmandu Valley on Sunday lifted the odd-even system, enforced by the meeting of the COVID-19 Crisis Management Coordination Centre. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The odd-even system for vehicles was enforced on public and private vehicles in Kathmandu Valley effective from January 22 following a rise in Covid-19 cases. However, the odd-even system imposed on public vehicles was removed since last week. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Sunday’s meeting also decided to allow schools and colleges to run physical class from February 13. However, the schools have been asked to run physical classes by following health safety protocols in case of students above 12 years and to arrange alternative classes in case of students below 12 years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the meeting also decided to allow the operation of night businesses like dance bar and clubs till 10:00 pm from February 13. The meeting, however, has restricted all types of rallies, gatherings, and festivals. -- RSS </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-07', 'modified' => '2022-02-07', 'keywords' => '', 'description' => '', 'sortorder' => '14476', 'image' => '20220207114451_20190505032725_DSC_1925.jpg', 'article_date' => '2022-02-07 11:44:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14732', 'article_category_id' => '1', 'title' => 'US Company to Carry out Detailed Study of Smart City Project in Kavre ', 'sub_title' => '', 'summary' => 'February 6: The Nepal Infrastructure Bank Limited (NIFRA) has reached an agreement with a US-based company, JLL, to carry out a detailed study of the market for a Smart City project in Panchkhal Municipality of Kavrepalanchok district. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">February 6: The Nepal Infrastructure Bank Limited (NIFRA) has reached an agreement with a US-based company, JLL, to carry out a detailed study of the market for a Smart City project in Panchkhal Municipality of Kavrepalanchok district. JLL has been given two months’ time for the work. </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"">NIFRA had reached an agreement with the municipality on July 27 to develop it as a smart city. A seven-point memorandum of an understanding was signed between the municipality and NIFRA in this regard. Mayor of the municipality Mahesh Kharel and NIFRA executive officer Ram Krishna Khatiwada had sighed the MoU. </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 public-private partnership project covering around 4,500 ropanis of land is estimated to cost approximately Rs 2 billion. </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"">After the study report by the JLL, NIFRA would carry out further works. A discussion has also been held with people's representatives, political parties, and concerned stakeholders to take the project forward. </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"">Mayor Kharel further informed that the municipality would assist in administrative works and land management for the project while NIFRA and its business partner would bear the cost of construction of infrastructures. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14475', 'image' => '20220206060744_urban_1630479131.jpg', 'article_date' => '2022-02-06 18:06:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14731', 'article_category_id' => '1', 'title' => 'NRB in Favour of Interlink Between Digital Wallet Companies', 'sub_title' => '', 'summary' => 'February 6: The general public will now be able to use mobile banking, wallet or QR code services of one company to make electronic payments for other companies.', '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"">February 6: The general public will now be able to use mobile banking, wallet or QR code services of one company to make electronic payments for other 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:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has issued a directive to payment service providers and payment system operators to interconnect with each other and provide hassle-free access to each other’s systems.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the new directive, institutions affiliated with mobile banking, wallet and QR codes as well as small payment systems (retail payment) should be interconnected with each other within 6 months. The directive states that the companies can maintain interconnection through mutual agreement. The directive has instructed such companies to clearly mention the fees incurred while maintaining interconnection, division of charges and the action to be taken in case of breach of agreement as well as the provision of compensation.</span></span></span></span></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"">Altogether ten payment system operators and 27 payment service providers are operating the service currently with the permission of NRB. Due to the lack of interconnection between service providers, the general public has not been able to exchange money with one another.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Clearing House Limited (NCHL) had launched the National Payment Switch from November to facilitate the electronic payment system. The interconnection between wallet companies has become possible due to the operation of the Payment Switch.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the NRB, there are currently 14.1 million mobile banking users, 1.16 million internet banking users and 8.88 million people who use digital wallet.</span></span></span></span></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 Nepal Rastra Bank has informed that the interconnection will enable the customers of one payment service provider to be associated with another payment system and exchange information with other systems through the same system. As per the information of NRB, the interconnection will also facilitate financial transactions.</span></span></span></span></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 directive states that payment system operators and payment service providers must comply with the technical and business standards established by international good practice and in case of non-compliance, they will still be able to operate the service with the prior approval of NRB. Similarly, any licensed entity is not allowed to make rules or restrict the use of technology to prevent any other licensed entity from accessing its payment system.</span></span></span></span></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"">However, if the access to interconnection may result in liquidity risk, operational risk and other systemic risks or if there is sufficient basis to negatively affect the security of the system, the licensed institution can block access to its system for a specified period. But, in case of suspension of such access, the service provider must clearly inform the concerned institution and NRB the reasons behind it.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p><br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14474', 'image' => '20220206052645_digital-wallet-trends-main.jpg', 'article_date' => '2022-02-06 17:26:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14730', 'article_category_id' => '1', 'title' => 'Govt to Amend Laws to Attract Industrialists to Special Economic Zone', 'sub_title' => '', 'summary' => 'February 6: The government is preparing to amend laws related to the Special Economic Zone (SEZ) after realizing that the weak policy of the state has drawn lukewarm response from the industrialists towards the government initiative.', 'content' => '<p><em>This file photo shows Special Economic Zone Authority signing agreement with NIFRA. Photo Courtesy: SEZA</em></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">February 6: The government is preparing to amend laws related to the Special Economic Zone (SEZ) after realizing that the weak policy of the state has drawn lukewarm response from the industrialists towards the government initiative.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the Special Economic Zone Authority (SEZA), the government is currently reviewing the drawbacks in the Act related to SEZ and is planning to make the concept more attractive by providing additional facilities to the industrialists through amendment of the laws.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Initially, the laws related to SEZ had a provision requiring the industries to export 80 percent of the products but that was later revised to 60 percent after opposition from the industrialists. The government is planning to further reduce this threshold as the industrialists are still not happy with the provision. Therefore, the government is planning to amend the related laws to facilitate the industries.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Executive Director of the Special Economic Zone Authority Chandika Prasad Bhatta admitted that the main reasons for lack of interest among the industrialists include the provision for export and the charge for using the plots, which the government intends to address through amendment of laws. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to Bhatta, the government is preparing to amend the laws to facilitate the provision of exports. Discussions are currently being held in this regard while additional facilities are being incorporated for the operation of SEZ, he added. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Homework is being done to facilitate the operation of SEZ. For this, a sub-committee has been formed already,” said Bhatta.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to Bhatta, the sub- committee has recommended zero export in the first two years. As per the recommendation of the sub-committee, the exports should be increased to 20 percent in the third year, 40 percent in the fourth year and 60 percent in the fifth year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">If the industries fail to meet the target in the given timeframe, they will be allowed to sell the products in the domestic market after paying fines. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Earlier, the industries were not allowed to sell the products in the local market. But now they are allowed to do so. The fine charged will be equal to the profit they make,” said Bhatta.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">He said that the industries will be given two years’ time initially to find international market and to seek quality assurance certificate. He added that this time period will be enough for the industries. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government is also planning to reduce the charge for operating industries in the SEZ to facilitate small industries. Initially, the government had fixed a rate of Rs 150 per square feet to operate industry in the SEZ. Due to stiff opposition from the industrialists, the rate was dropped to Rs 20 per square feet.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">As the industrialists complained that the reduced rate was still high, the government is preparing to further reduce the charge, informed the authority. The government is holding discussions if the charge for operating industries can be fixed at Rs 10 per square feet but a final decision has not been taken in this regard.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government had decided to set up Special Economic Zones in 2060 to facilitate export business. Although the government has announced to waive income tax, VAT and customs duty for industries set up in the SEZ, the industrialists are not much keen to operate industries in SEZ.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Bhairahawa-based SEZ is the perfect example. Set up five years ago, it has not been able to achieve expected results. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14473', 'image' => '20220206041319_IMG_4830_SEZA_NIFRA_MOU_1638852441.jpg', 'article_date' => '2022-02-06 16:12:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14729', 'article_category_id' => '1', 'title' => 'Elections have had Mixed Impact on Stock Market', 'sub_title' => '', 'summary' => 'February 6: The understanding between Prime Minister Sher Bahadur Deuba and Election Commission (EC) to hold the local level elections on May 18 had a positive effect on the stock market.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">February 6: The understanding between Prime Minister Sher Bahadur Deuba and Election Commission (EC) to hold the local level elections on May 18 had a positive effect on the stock market. However, this enthusiasm did not last long. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On February 1, the day the EC proposed the election date, the Nepse index increased by 19.29 points and closed at 2891.33 points. However, on Thursday, the first trading day after that, the Nepse index fell by 14.60 points and closed at 2876.74 points. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the Nepse index declined and closed on Thursday, shares worth Rs. 8.61 billion were traded. Most investors believe that the stock market will set a new record during the upcoming elections. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to an investor in the stock market, there are ample grounds for the market to reach new heights before the upcoming election. "The stock market has always had a history of rising during elections. Looking at the market trend, this time is different than before. The market will reach new heights before the next election," he said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Looking at the history of the election, the growth of the Nepse index has been mixed. The first election of the Constituent Assembly held in 2064, the second election of the Constituent Assembly held in 2070 and the local, state and federal elections held in 2074 show that the rise and fall of the Nepse index has been mixed. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During the elections held in 2064 and 2070, the Nepse index had increased. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the month before and after the election in 2070, the Nepse index had increased by 37 percent. Similarly, the index had increased by 4 percent in the period one month before and after the election of 2064. However,during the three tiers of elections held in 2074, the index has decreased by 7 percent. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14472', 'image' => '20220206022607_20180911013817_be.jpg', 'article_date' => '2022-02-06 14:25:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14728', 'article_category_id' => '1', 'title' => '68 Plots of Simara SEZ Ready to Set Up Industries', 'sub_title' => '', 'summary' => 'February 6: The Special Economic Zone Authority (SEZA) is preparing to invite industrialists to submit proposals for the operation of the Special Economic Zone (SEZ) in Bara with an investment of Rs 3 billion.', '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"">February 6: The Special Economic Zone Authority (SEZA) is preparing to invite industrialists to submit proposals for the operation of the Special Economic Zone (SEZ) in Bara. Investment worth Rs 3 billion has already been poured into the Simara-based Special Economic Zone while the authority has already set up 68 plots of land for the operation of industries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">SEZA is urging the industrialists to start their business within a month and open all kinds of industries in Simara SEZ. The SEZ is especially targeting garment industries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">SEZA is preparing to operate Simara SEZ at a time when the country’s first Special Economic Zone in Bhairahawa is not fully operational. SEZA's Executive Director Chandika Prasad Bhatta said that the construction of infrastructure in Simara SEZ has reached the final stage.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Other infrastructures related to the SEZ such as sewerage, water, road construction have been completed, and now necessary work is ongoing for internal electrification. He said that 15 MW of electricity is needed immediately for 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"">Service and administrative buildings have also been constructed in Simara SEZ. Bhatta said that the Simara SEZ would be fully operational soon.</span></span></span></span></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"">SEZA is also preparing to demand project work from the industrialists and businessmen who are proposing to set up industries in Simara SEZ. "We are discussing the provision of project loan for the project," Bhatt said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">This provision would allow the bank to take over the assets of the industry and invite other industrialists and businessmen who are willing to operate the industry if the industrialists operating the industry in the SEZ are unable to repay the loan and default.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">If the industrialists are not able to operate the industry, it will create an environment for another industrialist to enter the SEZ and the industry will continue to operate in the SEZ. Bhatta said that even though there are five blocks in Simara SEZ, Block A will be operated first, and other industries from the private sector will be allowed to operate another block. Block A of Simara SEZ is spread over 814 acres of land. </span></span></span></span></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 has announced 14 SEZs across the country, including one each in all seven provinces, to promote exports and reduce the trade deficit and create employment in the country. So far, Bhairahawa SEZ has come into operation while Simara is on its way. </span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14471', 'image' => '20220206012529_IMG-1394_1638940564.jpg', 'article_date' => '2022-02-06 13:24:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14727', 'article_category_id' => '1', 'title' => '4,000 Containers of Goods Stranded in Indian Port after CONCOR Downscales its Service', 'sub_title' => '', 'summary' => 'February 6: Amendment to the Nepal-India Railway Service Agreement ended the monopoly of Container Corporation of India (CONCOR) in transporting goods to and from Nepal but it has hardly benefitted Nepal’s foreign trade.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Om Prakash Khanal</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">February 6: Amendment to the Nepal-India Railway Service Agreement ended the monopoly of Container Corporation of India (CONCOR) in transporting goods to and from Nepal but it hardly profited Nepal’s foreign trade. Instead, Nepali importers have been further burdened after the amendment.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Following the amendment to the railway service agreement, two private railway service providers of India emerged as the main competitors of CONCOR. However, the strategies adopted by CONCOR to keep its competitors at bay has badly affected Nepali importers.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Initially, CONCOR had slashed its freight charges significantly to stem out its competitors. Now, it has cut down the size of regular supply of containers all of a sudden throwing the import business out of gear.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">CONCOR has been causing problems in supply of containers alternatively at Kolkata Port and Visakhapatnam Port. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Sometime ago, CONCOR had caused problems in supplying rail rakes at Kolkata Port but now it has shifted its focus to Visakhapatnam, where it has downsized the regular supply chain. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">As a result, containers inbound for Nepal from third countries have been stuck at the port since the last two months, informed Ashish Lath, a Nepali importer.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“This problem has surfaced at Visakhapatnam port since the last two months after CONCOR refused to provide the required railway service. So we have not received the goods in time,” said Lath, who is also the secretary of Birgunj Chamber of Commerce.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to him, around 4,000 containers of Nepal-bound goods are currently stuck at Visakhapatnam.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Earlier, CONCOR used to avail 20 trains per month for transportation of goods to Nepal but that number has now been reduced to 7 or 8 per month. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The containers have been piling up at the port as the service provider has availed less number of trains than the actual demand.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“There wasn’t any such problem when CONCOR enjoyed its monopoly. As the competition increased, so did the problems,” said Pradeep Kedia, former chair of Birgunj Chamber of Commerce. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">CONCOR is responsible to transfer 90 percent of shipments to Nepal and also has adequate rail rakes to provide the service. However, the problem has surfaced due to the company’s mala fide intention to reduce the number of rail rakes to provide freight service. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Although Hind Terminal and Pristine Logistics from the private sector have started transporting goods up to Nepal, they do not have the required trains to meet the demand.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">CONCOR has exploited this weakness of its competitors in its favour. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">CONCOR had reduced the freight charge from Kolkata and Visahkapatnam to Nepal by 30 to 35 percent to attract Nepali importers. But it has also reduced the number of trains providing the transportation service that has badly affected the import business of Nepal.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The Nepal-India Railway Service Agreement was amended on June 29 last year. CONCOR issued a notice on September 15 confirming a reduction in freight charge.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to sources, CONCOR used to make a profit of IRS 12,000 for transportation of one container of goods. However, its profit has been reduced to IRs 5,000 per containers after adjusting the fare. It has been learnt that CONCOR has been providing additional rail racks for transportation of goods of Indian companies where it makes more profit.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal’s Consul General in Kolkata Ishwar Raj Poudel said a similar problem had emerged at Kolkata Port a month ago. The problem was resolved after establishing proper coordination with CONCOR officials at the initiative of the consulate, said Poudel. However, Visakhapatnam does not fall under the jurisdiction of Nepal’s consulate in Kolkata. Nepal’s embassy in New Delhi has been handling the issues faced by Nepali importers at this port.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepali importers say that CONCOR, which enjoyed its monopoly for almost one and a half decade, has now started raising various issues after its domination was challenged.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Although the importers do not have to directly bear the late fee, the delay has caused them losses from commercial point of view. The Nepali importers fear that the shipping companies are likely to add the late fee and collect it from the importers if such delays persist any longer. It will result in price hike and the consumers will have to eventually face the burden, says Kedia.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">CONCOR needs to agree to ‘no objection’ for other competitors to facilitate Nepal’s import business. However, the Nepali importers say that CONCOR has refused to issue ‘no objection’ letter to its competitors.</span></span></p> <p> </p> <p><span style="font-size:16px"><strong><span style="font-family:Calibri,"sans-serif"">Shipping companies benefit from competition</span></strong></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepali importers have not been able to benefit from the entry of private companies in transportation of goods to Nepal from third companies via India. The shipping companies takes full charge from transporting cargo containers to the CIF Birgunj. That includes the transportation cost from India’s ports to Birgunj customs. Although the transportation company has reduced the fare by 30 to 35 percent, the shipping company charges the old rate to the Nepali importers.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Although a handful of big importers have started benefitting from the reduction in transportation charge, majority of importers are still denied such facility. Just like the monopoly of CONCOR in transportation of containers, Maersk Shipping Company dominates container supply business. As there is no competition in container supply business, the shipping company is benefitting from the reduction in transportation cost instead of the importers.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14470', 'image' => '20220206123218_1644103590.Clipboard06.jpg', 'article_date' => '2022-02-06 12:29:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14726', 'article_category_id' => '1', 'title' => 'NRB Urges Caution for Electronic Transaction ', 'sub_title' => 'Central Bank Warns Fraudulent Activities on the Rise', 'summary' => 'February 6: With the significant increase in the use of electronic means for transaction, fraudulent activities under various pretexts have also increased to a great extent.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 6: With the significant increase in the use of electronic means for transaction, fraudulent activities under various pretexts have also increased to a great extent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Rastra Bank (NRB) has advised the public to remain vigilant about such fraudulent activities and adopt safety measures. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a notice on Friday (February 4), NRB said fraudulent cases of lottery as well as strangers seeking user name, password and OTP for internet banking and mobile banking of customers under various pretexts have been on the rise.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Through the notice, the central bank cautioned the public regarding the risks involved in conducting financial transactions through electronic means, urging users to pay special attention to electronic payments. The public notice has been issued following complaints that criminal groups are using electronic devices and means to defraud customers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank has asked people not to share their passwords, OTP or any other sensitive information, to change their passwords from time to time and to keep such passwords confidential.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the central bank has also advised users not to download unauthorized applications as criminal groups can get access to sensitive information while downloading such applications on mobile or other devices. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the NRB has stated that complaints or grievances can be registered by contacting the concerned banks and financial institutions and the NRB (https://gunaso.nrb.org.np) if there is any suspicion or complaint about fraudulent activities while conducting financial transactions through various mediums. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14469', 'image' => '20220206110136_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-02-06 11:00:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14725', 'article_category_id' => '1', 'title' => 'Investors Unaware of Multiple Taxation on Income from Dividends', 'sub_title' => '', 'summary' => 'February 4: It has been found that shareholders of companies distributing dividend income have been forced to pay tax thrice against the laws.', '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"">February 4:<strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> </span></span></strong>It has been found that shareholders of companies distributing dividend income have been forced to pay tax thrice against the laws. Shareholders of banks, investment companies, hydropower companies, and other companies have been at the receiving end due to the multiple taxation.</span></span></span></span></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"">However, investors and companies are not aware of this. As a result, stock investors are affected. Banks, investment companies, and some hydropower companies in Nepal have been investing in their subsidiaries and other companies. And, they are earning dividends every year from that. Those subsidiaries and other companies pay income tax, or corporate tax, for the first time. The investors then have to pay an additional 5 percent on the dividends they receive from those 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:"Times New Roman","serif"">According to the Income Tax Act, no additional tax is levied on such income. However, the shareholders of such companies have been indirectly paying profit tax on such income.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">No tax is levied if the related companies declare that the income is earned from the dividend. The shareholders of the company can take the dividend automatically without paying any tax. However, companies do not declare such earnings as separate dividends. Such income is included directly in the profit and loss account.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">That is to say, such dividends of companies are also distributed in addition to the total dividend.</span></span></span></span></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 a result, shareholders have been paying tax even on non-taxable dividends, experts say. However, companies have not paid corporate tax on such income.</span></span></span></span></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"">Advocate Jyoti Dahal, a researcher in the securities market, said that investors in companies that earn dividends are hit by double taxation. He said that they have been hit hard especially by the 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:"Times New Roman","serif"">“Companies that distribute dividend income can distribute the same income to shareholders tax-free. For that, the companies have to do separate audits,” he said, “But the companies have not done separate audits on such revenue. As a result, investors have to pay tax even on non-taxable dividends.”</span></span></span></span></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 said such situation has arisen because of the carelessness of the companies. “This is not an issue related to the government. This is the issue of the 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:"Times New Roman","serif"">According to Dahal, the companies need to pay attention to this issue but the government should also intervene if needed.</span></span></span></span></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"">Representatives of some companies admitted that their income is taxed for the third time because they do not conduct a separate audit of the income earned from dividend.</span></span></span></span></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"">"We do not pay corporate tax on such income. However, dividends are declared in one lump sum,” said a company official. </span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-02-04', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14468', 'image' => '20220204021842_Dividend-income.jpg', 'article_date' => '2022-02-04 14:17:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14722', 'article_category_id' => '1', 'title' => 'House Panel says Rs 175 Billion Required to Complete KTM-Terai Fast Track', 'sub_title' => '', 'summary' => 'February 4: Members of the Delegated Management Committee under the National Assembly recently visited the Kathmandu-Terai Fast Track to take stock of the latest development.', '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"">February 4: Members of the Delegated Management Committee under the National Assembly recently visited the Kathmandu-Terai Fast Track to take stock of the latest development. The parliamentary committee then concluded that it will cost an additional Rs 175 billion to complete the Kathmandu-Terai / Fast Track on time.</span></span></span></span></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 parliamentary committee is also preparing to hold discussions with the concerned ministries to manage the required funds. Committee chairman Ram Narayan Bidari said that preparations are underway to hold discussions with the concerned ministries for the management of the required amount for the completion of the fast track.</span></span></span></span></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"">After the meeting of the committee concluded on Thursday, the chairman of the committee, Bidari stated that an additional Rs 175 billion would be required for the completion of the fast track, which would be managed after discussions with the concerned authorities.</span></span></span></span></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 has set a target to complete the fast track by 2024. However, committee chairman Bidari said that after the on-site inspection, there are doubts on whether it would be completed on time. According to Bidari, the committee held discussions with the secretaries of the concerned ministries, especially the Ministry of Forests, Ministry of Physical Infrastructure and Construction, Ministry of Defense, Ministry of Finance, and the Secretariat of the Council of Ministers in this regard.</span></span></span></span></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 committee has concluded that assigning the contract and giving momentum to the work will be hampered until resources are ensured. “The meeting decided to call the vice-chairman of the National Planning Commission, the defense secretary, and the finance secretary to discuss how to solve the problems seen in the construction of the fast track,” Bidari added. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to him, the work is being delayed due to the lack of coordination among various ministries. The committee said it will give instructions in the coming days after discussing with the concerned ministries on the issue of increasing the coordination among the ministries.</span></span></span></span></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 Nepalese Army has been awarded the contract to complete the fast track. It has divided the project in several parts and sub-contracted experienced companies to undertake certain tasks under the project.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-04', 'modified' => '2022-02-04', 'keywords' => '', 'description' => '', 'sortorder' => '14467', 'image' => '20220204125843_20210516122418_20170616052456_fast track nov 21.jpg', 'article_date' => '2022-02-04 12:57:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14724', 'article_category_id' => '1', 'title' => 'NRB Expands it Regulatory Ambit ', 'sub_title' => '', 'summary' => 'February 4: Nepal Rastra Bank has expanded its regulatory ambit to supervise non-banking sector. ', '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"">February 4: Nepal Rastra Bank has expanded its regulatory ambit to supervise non-banking sector. NRB has set up a Non-Bank Financial Institution Supervision Department to indirectly regulate large financial transactions in institutions other than banks and financial institutions licensed by the NRB. </span></span></span></span></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 department formed by the meeting of the NRB Management Committee on January 24 has been assigned the role of supervising and monitoring the foreign regulatory entities, Hydro Electricity Development Company and National Cooperative Bank. </span></span></span></span></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"">"For the time being, the department has been set up to regulate non-financial institutions licensed by the central bank," said NRB spokesperson Gunakar Bhatta, "Once legally clear, other non-financial institutions that conduct financial transactions can also be regulated."</span></span></span></span></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"">Governor of NRB Maha Prasad Adhikari had been saying in formal programs that the department would be formed in such a way as to indirectly regulate even the institutions which are not under the direct regulation of NRB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">At present, cooperatives, Employees Provident Fund, Citizen Investment Fund, Social Security Fund and other institutions have been conducting financial transactions besides BFIs. </span></span></span></span></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 cooperatives registered under the Cooperatives Act have been directly regulated by the Federal Department of Cooperatives as well as the provincial and local levels. Cooperatives currently have a transaction of Rs 700 billion. </span></span></span></span></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"">Although the Federal Cooperatives Act mentions that even the NRB can regulate the institutions doing more than 500 million transactions, it has not done so yet. As the problem in cooperatives is increasing, the Department of Cooperatives is preparing to take the assistance from NRB for monitoring. </span></span></span></span></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"">Similarly, Employees Provident Fund, Citizen Investment Trust and Social Security Fund have been regulated by separate acts. These organizations have also been mobilizing funds for employees of the formal sector. </span></span></span></span></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"">Similarly, NRB has also formed the Financial Institution Supervision Department by merging Development Bank and Finance Company Supervision Department. After the number of development banks and finance companies decreased due to mergers and acquisitions, a new department has been formed by merging the two departments. </span></span></span></span></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 number of development banks and finance companies has decreased significantly after NRB encouraged mergers by issuing merger and acquisition procedures in 2068. The number of development banks, which was 90 in 2070, has decreased to 18 in 2078. Similarly, the number of finance companies which was 79 has also decreased to 17. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-04', 'modified' => '2022-02-04', 'keywords' => '', 'description' => '', 'sortorder' => '14466', 'image' => '20220204014959_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-02-04 13:49:22', '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' => '14737', 'article_category_id' => '1', 'title' => 'Central Bank Warns Public about Cryptocurrency and Networking Business ', 'sub_title' => '', 'summary' => 'February 9: Nepal Rastra Bank (NRB) has termed networking business illegal and has urged the general public to remain cautious about transactions involving cryptocurrency.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 9: Nepal Rastra Bank (NRB) has termed networking business illegal and has urged the general public to remain cautious about transactions involving cryptocurrency.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a public notice on Tuesday (February 8) amid increasing number of networking transactions and cryptocurrency, the central bank said such transactions are not only vulnerable to the country's economy but also for the investors. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the central bank, virtual currency is issued by the private sector and is similar to ‘real money or fiat currency’ and can be used for electronic transaction. However, virtual currency lacks ‘legal tender status’ and ‘state backing’ and is considered as ‘speculative assets,’ NRB said in the notice. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, networking business, according to the NRB, is such business in which a company gives membership to its customers and encourages them to make new customers in order to sell products and services. Such business is also termed as multi-level marketing (MLM), NRB said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">MLA business involves pyramid scheme which has high chances of customers being duped, the central bank warned. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank also urged one and all to remain cautious stating that the nature of cryptocurrency and networking marketing is not a subject to regulation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NRB has mentioned that there remains high risk for investment in money laundering and terrorist activities from the transaction of cryptocurrency and networking marketing. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Use of cryptocurrency could lead to illegal activities, especially forgery and tax evasion and the networking marketing is also illegal economic act leading to negative impact on revenue collection, the central bank stated. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the central bank said use of cryptocurrency could impact on the regulation of capital flight. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank added that increasing use of cryptocurrency could pose threat to fiscal stability. (With inputs from RSS) </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-09', 'modified' => '2022-02-09', 'keywords' => '', 'description' => '', 'sortorder' => '14480', 'image' => '20220209121517_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-02-09 12:14:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14736', 'article_category_id' => '1', 'title' => 'Jagdamba Steels Initiates Third-Country Export of Steel for the First Time in Nepal', 'sub_title' => '', 'summary' => 'February 7: Jagdamba Steels, one of the leading steel manufacturers of Nepal, has stated that the company has for the first time in the country’s industrial history initiated third-country export of steel products.', 'content' => '<p><em><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">A consignment of colour coated coils and sheets of Jagdamba Steels leaving for Sri Lanka in this handout photo provided by the company on February 6.</span></span></em></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">February 7: Jagdamba Steels, one of the leading steel manufacturers of Nepal, has stated that the company has for the first time in the country’s industrial history initiated third-country export of steel products.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The company said in a statement that it has started exporting colour coated coils and sheets for the first time. According to the statement issued by the company on February 6, a consignment of colour coated coils and sheets was sent to Sri Lanka in its first-ever export to a third country. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The statement further added that the color coated coils and seats of Jagdamba Steels have high demand in Southeast Asia, Middle East Asian countries and South Africa.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Shanker Lal Agrawal, chairman of Shanker Group said, "Consumer satisfaction via excellent quality of our product has been our major commitment and priority. Our products are manufactured in high-tech and first in class manufacturing plants to ensure quality of each product. On this auspicious occasion, we'd like to express our sincere gratitude to all our consumers for their continuous love and support towards our products and brands. It is with their love and support that today we have been established as the first company in Nepal to initiate third-county export.”</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Chairman Agrawal added that this benchmark has further influenced them to keep delivering their “respected consumers” with best in class products in the near future as well.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-02-07', 'modified' => '2022-02-07', 'keywords' => '', 'description' => '', 'sortorder' => '14479', 'image' => '20220207072623_cargo.jpeg', 'article_date' => '2022-02-07 19:25:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14735', 'article_category_id' => '1', 'title' => 'Nepal's Bad Debt Least in South Asia', 'sub_title' => '', 'summary' => 'February: Nepal's non-performing loans (NPLs) in the banking sector are lower than that of other South Asian countries.', '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"">February: Nepal's non-performing loans (NPLs) in the banking sector are lower than that of other South Asian countries. This is the finding of a recent study conducted by the Confederation of Banks and Financial Institutions Nepal (CBIFIN) based on the latest World Bank data.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In 2020, the share of non-performing loans (NPLs) of commercial banks, development banks, and finance companies in Nepal was 1.7%, which is much less than the NPF of other South Asian countries.</span></span></span></span></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"">Among the South Asian countries, Pakistan has the highest non-performing loans at 9.2 percent. The Maldives has 8.3 percent non-performing loans and India has 7.9 percent non-performing loans. Similarly, non-performing loans (NPLs) stood at 7.7 percent in Bangladesh and 4.9 percent in Sri Lanka.</span></span></span></span></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"">While non-performing loans (NPLs) of other South Asian countries are around 5 percent to 9 percent, the fact that Nepal’s bad debts are below 2 percent is a positive outcome, argue experts. As of mid-November, Nepal's non-performing loan has been limited to 1.37 percent.</span></span></span></span></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"">Banking expert BN Gharti said that the situation of Nepal’s banking sector is good in terms of non-performing loans. He said that such a result has come due to the close monitoring and supervision of the regulatory body Nepal Rastra Bank (NRB).</span></span></span></span></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"">“On top of that, Nepali banks have also matured recently. With the reduction in the number of banks, the management has also improved,” he said.</span></span></span></span></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 share of non-performing loans in the Nepali banking sector had reached about 30 percent in 2062-63 BS. Based on that, Gharti understands that Nepali banks have been able to manage loans 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"">He said most economic sectors have been affected by the Covid-19 pandemic, and non-performing loans could be a problem. “NRB has made various policy arrangements to reschedule or restructure loans in the Covid affected 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"">As a result, banks didn't do provisioning on Covid-affected loans and refinancing was used to pay interest on such affected loans. Nepal's problem was covered in the case of non-performing loans, he said.</span></span></span></span></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 International Monetary Fund has also mentioned that non-performing loans are covered in Nepal. CBIFIN has also made public the study report with suggestions for the solution to the liquidity crunch faced by the banking sector of Nepal.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-07', 'modified' => '2022-02-07', 'keywords' => '', 'description' => '', 'sortorder' => '14478', 'image' => '20220207022742_20201209021045_Non-Performing-Loans-890x395_c 2.jpg', 'article_date' => '2022-02-07 14:27:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14734', 'article_category_id' => '1', 'title' => 'Average Spread Rate of 17 Development Banks Stands at 4.22 Percent', 'sub_title' => '', 'summary' => 'February 7: The average spread rate of 17 development banks of Nepal in the second quarter of the current fiscal year stands at 4.22 percent. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 7: The average spread rate of 17 development banks of Nepal in the second quarter of the current fiscal year stands at 4.22 percent. </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"">As per the financial statements of the second quarter of the current fiscal year (FY 2078/79) released by the development banks, the spread rate has decreased by 1.15 percentage points as compared to the corresponding period of the previous fiscal year (FY 2077/78). The average spread rate was 5.37 percent during the corresponding period of last 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"">There are 16 development banks listed in the Nepal Stock Exchange (NEPSE). Salpa Development Bank is not listed in NEPSE. The spread rates of Narayani Development and Salpa Development Bank have increased compared to the second quarter of last year. During the review period, the spread rate of Narayani Development Bank has increased by 2.32 percentage points and stood at 3.88 percent. The bank's spread rate was 1.56 percent in the second quarter of last 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"">The spread rate of Salpa Development Bank, which is not listed in NEPSE, has increased by 0.16 percentage points in the current fiscal year as compared to the second quarter of last fiscal year. The spread rate of the bank was 4.73 percent in the second quarter of last fiscal year which is now 4.89 percent. </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"">Sindhu Development Bank has the highest spread rate. The bank's spread rate stood at 5.22 percent in the second quarter of the current fiscal year. In the second quarter of the last fiscal year, the spread rate of the bank was 6.37 percent. </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"">The spread rates of the 17 development banks are more than 3 percent in the review period while the spread rates of 10 of them are more than 4 percent. </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"">In the second quarter of the current fiscal year, three banks have reduced the spread rate by more than two percentage points. Karnali Development Bank is one of those banks to reduce the spread rate the most. Compared to the second quarter of last year, its spread rate has decreased by 4.3 percentage points. </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"">The bank's spread rate was 8.99 percent in the second quarter of last year and 4.96 percent in the current fiscal 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"">Saptakoshi Development Bank and Axel Development Bank are among those who have also reduced the spread rate. The spread rate of these banks has decreased by more than 2 percentage points. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-07', 'modified' => '2022-02-07', 'keywords' => '', 'description' => '', 'sortorder' => '14477', 'image' => '20220207122057_Banks - Copy.jpg', 'article_date' => '2022-02-07 12:20:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14733', 'article_category_id' => '1', 'title' => 'Odd-Even Rule Enforced on Private Vehicles, Taxis Lifted ', 'sub_title' => '', 'summary' => 'February 7: The odd-even rule enforced on private vehicles and taxis in Kathmandu Valley has been lifted from Sunday night. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 7: The odd-even rule enforced on private vehicles and taxis in Kathmandu Valley has been lifted from Sunday night. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A meeting of the Chief District Officers of the three districts in the Kathmandu Valley on Sunday lifted the odd-even system, enforced by the meeting of the COVID-19 Crisis Management Coordination Centre. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The odd-even system for vehicles was enforced on public and private vehicles in Kathmandu Valley effective from January 22 following a rise in Covid-19 cases. However, the odd-even system imposed on public vehicles was removed since last week. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Sunday’s meeting also decided to allow schools and colleges to run physical class from February 13. However, the schools have been asked to run physical classes by following health safety protocols in case of students above 12 years and to arrange alternative classes in case of students below 12 years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the meeting also decided to allow the operation of night businesses like dance bar and clubs till 10:00 pm from February 13. The meeting, however, has restricted all types of rallies, gatherings, and festivals. -- RSS </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-07', 'modified' => '2022-02-07', 'keywords' => '', 'description' => '', 'sortorder' => '14476', 'image' => '20220207114451_20190505032725_DSC_1925.jpg', 'article_date' => '2022-02-07 11:44:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14732', 'article_category_id' => '1', 'title' => 'US Company to Carry out Detailed Study of Smart City Project in Kavre ', 'sub_title' => '', 'summary' => 'February 6: The Nepal Infrastructure Bank Limited (NIFRA) has reached an agreement with a US-based company, JLL, to carry out a detailed study of the market for a Smart City project in Panchkhal Municipality of Kavrepalanchok district. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">February 6: The Nepal Infrastructure Bank Limited (NIFRA) has reached an agreement with a US-based company, JLL, to carry out a detailed study of the market for a Smart City project in Panchkhal Municipality of Kavrepalanchok district. JLL has been given two months’ time for the work. </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"">NIFRA had reached an agreement with the municipality on July 27 to develop it as a smart city. A seven-point memorandum of an understanding was signed between the municipality and NIFRA in this regard. Mayor of the municipality Mahesh Kharel and NIFRA executive officer Ram Krishna Khatiwada had sighed the MoU. </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 public-private partnership project covering around 4,500 ropanis of land is estimated to cost approximately Rs 2 billion. </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"">After the study report by the JLL, NIFRA would carry out further works. A discussion has also been held with people's representatives, political parties, and concerned stakeholders to take the project forward. </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"">Mayor Kharel further informed that the municipality would assist in administrative works and land management for the project while NIFRA and its business partner would bear the cost of construction of infrastructures. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14475', 'image' => '20220206060744_urban_1630479131.jpg', 'article_date' => '2022-02-06 18:06:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14731', 'article_category_id' => '1', 'title' => 'NRB in Favour of Interlink Between Digital Wallet Companies', 'sub_title' => '', 'summary' => 'February 6: The general public will now be able to use mobile banking, wallet or QR code services of one company to make electronic payments for other companies.', '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"">February 6: The general public will now be able to use mobile banking, wallet or QR code services of one company to make electronic payments for other 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:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has issued a directive to payment service providers and payment system operators to interconnect with each other and provide hassle-free access to each other’s systems.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the new directive, institutions affiliated with mobile banking, wallet and QR codes as well as small payment systems (retail payment) should be interconnected with each other within 6 months. The directive states that the companies can maintain interconnection through mutual agreement. The directive has instructed such companies to clearly mention the fees incurred while maintaining interconnection, division of charges and the action to be taken in case of breach of agreement as well as the provision of compensation.</span></span></span></span></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"">Altogether ten payment system operators and 27 payment service providers are operating the service currently with the permission of NRB. Due to the lack of interconnection between service providers, the general public has not been able to exchange money with one another.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Clearing House Limited (NCHL) had launched the National Payment Switch from November to facilitate the electronic payment system. The interconnection between wallet companies has become possible due to the operation of the Payment Switch.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the NRB, there are currently 14.1 million mobile banking users, 1.16 million internet banking users and 8.88 million people who use digital wallet.</span></span></span></span></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 Nepal Rastra Bank has informed that the interconnection will enable the customers of one payment service provider to be associated with another payment system and exchange information with other systems through the same system. As per the information of NRB, the interconnection will also facilitate financial transactions.</span></span></span></span></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 directive states that payment system operators and payment service providers must comply with the technical and business standards established by international good practice and in case of non-compliance, they will still be able to operate the service with the prior approval of NRB. Similarly, any licensed entity is not allowed to make rules or restrict the use of technology to prevent any other licensed entity from accessing its payment system.</span></span></span></span></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"">However, if the access to interconnection may result in liquidity risk, operational risk and other systemic risks or if there is sufficient basis to negatively affect the security of the system, the licensed institution can block access to its system for a specified period. But, in case of suspension of such access, the service provider must clearly inform the concerned institution and NRB the reasons behind it.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p><br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14474', 'image' => '20220206052645_digital-wallet-trends-main.jpg', 'article_date' => '2022-02-06 17:26:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14730', 'article_category_id' => '1', 'title' => 'Govt to Amend Laws to Attract Industrialists to Special Economic Zone', 'sub_title' => '', 'summary' => 'February 6: The government is preparing to amend laws related to the Special Economic Zone (SEZ) after realizing that the weak policy of the state has drawn lukewarm response from the industrialists towards the government initiative.', 'content' => '<p><em>This file photo shows Special Economic Zone Authority signing agreement with NIFRA. Photo Courtesy: SEZA</em></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">February 6: The government is preparing to amend laws related to the Special Economic Zone (SEZ) after realizing that the weak policy of the state has drawn lukewarm response from the industrialists towards the government initiative.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the Special Economic Zone Authority (SEZA), the government is currently reviewing the drawbacks in the Act related to SEZ and is planning to make the concept more attractive by providing additional facilities to the industrialists through amendment of the laws.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Initially, the laws related to SEZ had a provision requiring the industries to export 80 percent of the products but that was later revised to 60 percent after opposition from the industrialists. The government is planning to further reduce this threshold as the industrialists are still not happy with the provision. Therefore, the government is planning to amend the related laws to facilitate the industries.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Executive Director of the Special Economic Zone Authority Chandika Prasad Bhatta admitted that the main reasons for lack of interest among the industrialists include the provision for export and the charge for using the plots, which the government intends to address through amendment of laws. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to Bhatta, the government is preparing to amend the laws to facilitate the provision of exports. Discussions are currently being held in this regard while additional facilities are being incorporated for the operation of SEZ, he added. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Homework is being done to facilitate the operation of SEZ. For this, a sub-committee has been formed already,” said Bhatta.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to Bhatta, the sub- committee has recommended zero export in the first two years. As per the recommendation of the sub-committee, the exports should be increased to 20 percent in the third year, 40 percent in the fourth year and 60 percent in the fifth year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">If the industries fail to meet the target in the given timeframe, they will be allowed to sell the products in the domestic market after paying fines. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Earlier, the industries were not allowed to sell the products in the local market. But now they are allowed to do so. The fine charged will be equal to the profit they make,” said Bhatta.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">He said that the industries will be given two years’ time initially to find international market and to seek quality assurance certificate. He added that this time period will be enough for the industries. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government is also planning to reduce the charge for operating industries in the SEZ to facilitate small industries. Initially, the government had fixed a rate of Rs 150 per square feet to operate industry in the SEZ. Due to stiff opposition from the industrialists, the rate was dropped to Rs 20 per square feet.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">As the industrialists complained that the reduced rate was still high, the government is preparing to further reduce the charge, informed the authority. The government is holding discussions if the charge for operating industries can be fixed at Rs 10 per square feet but a final decision has not been taken in this regard.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government had decided to set up Special Economic Zones in 2060 to facilitate export business. Although the government has announced to waive income tax, VAT and customs duty for industries set up in the SEZ, the industrialists are not much keen to operate industries in SEZ.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Bhairahawa-based SEZ is the perfect example. Set up five years ago, it has not been able to achieve expected results. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14473', 'image' => '20220206041319_IMG_4830_SEZA_NIFRA_MOU_1638852441.jpg', 'article_date' => '2022-02-06 16:12:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14729', 'article_category_id' => '1', 'title' => 'Elections have had Mixed Impact on Stock Market', 'sub_title' => '', 'summary' => 'February 6: The understanding between Prime Minister Sher Bahadur Deuba and Election Commission (EC) to hold the local level elections on May 18 had a positive effect on the stock market.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">February 6: The understanding between Prime Minister Sher Bahadur Deuba and Election Commission (EC) to hold the local level elections on May 18 had a positive effect on the stock market. However, this enthusiasm did not last long. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On February 1, the day the EC proposed the election date, the Nepse index increased by 19.29 points and closed at 2891.33 points. However, on Thursday, the first trading day after that, the Nepse index fell by 14.60 points and closed at 2876.74 points. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the Nepse index declined and closed on Thursday, shares worth Rs. 8.61 billion were traded. Most investors believe that the stock market will set a new record during the upcoming elections. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to an investor in the stock market, there are ample grounds for the market to reach new heights before the upcoming election. "The stock market has always had a history of rising during elections. Looking at the market trend, this time is different than before. The market will reach new heights before the next election," he said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Looking at the history of the election, the growth of the Nepse index has been mixed. The first election of the Constituent Assembly held in 2064, the second election of the Constituent Assembly held in 2070 and the local, state and federal elections held in 2074 show that the rise and fall of the Nepse index has been mixed. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During the elections held in 2064 and 2070, the Nepse index had increased. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the month before and after the election in 2070, the Nepse index had increased by 37 percent. Similarly, the index had increased by 4 percent in the period one month before and after the election of 2064. However,during the three tiers of elections held in 2074, the index has decreased by 7 percent. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14472', 'image' => '20220206022607_20180911013817_be.jpg', 'article_date' => '2022-02-06 14:25:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14728', 'article_category_id' => '1', 'title' => '68 Plots of Simara SEZ Ready to Set Up Industries', 'sub_title' => '', 'summary' => 'February 6: The Special Economic Zone Authority (SEZA) is preparing to invite industrialists to submit proposals for the operation of the Special Economic Zone (SEZ) in Bara with an investment of Rs 3 billion.', '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"">February 6: The Special Economic Zone Authority (SEZA) is preparing to invite industrialists to submit proposals for the operation of the Special Economic Zone (SEZ) in Bara. Investment worth Rs 3 billion has already been poured into the Simara-based Special Economic Zone while the authority has already set up 68 plots of land for the operation of industries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">SEZA is urging the industrialists to start their business within a month and open all kinds of industries in Simara SEZ. The SEZ is especially targeting garment industries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">SEZA is preparing to operate Simara SEZ at a time when the country’s first Special Economic Zone in Bhairahawa is not fully operational. SEZA's Executive Director Chandika Prasad Bhatta said that the construction of infrastructure in Simara SEZ has reached the final stage.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Other infrastructures related to the SEZ such as sewerage, water, road construction have been completed, and now necessary work is ongoing for internal electrification. He said that 15 MW of electricity is needed immediately for 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"">Service and administrative buildings have also been constructed in Simara SEZ. Bhatta said that the Simara SEZ would be fully operational soon.</span></span></span></span></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"">SEZA is also preparing to demand project work from the industrialists and businessmen who are proposing to set up industries in Simara SEZ. "We are discussing the provision of project loan for the project," Bhatt said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">This provision would allow the bank to take over the assets of the industry and invite other industrialists and businessmen who are willing to operate the industry if the industrialists operating the industry in the SEZ are unable to repay the loan and default.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">If the industrialists are not able to operate the industry, it will create an environment for another industrialist to enter the SEZ and the industry will continue to operate in the SEZ. Bhatta said that even though there are five blocks in Simara SEZ, Block A will be operated first, and other industries from the private sector will be allowed to operate another block. Block A of Simara SEZ is spread over 814 acres of land. </span></span></span></span></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 has announced 14 SEZs across the country, including one each in all seven provinces, to promote exports and reduce the trade deficit and create employment in the country. So far, Bhairahawa SEZ has come into operation while Simara is on its way. </span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14471', 'image' => '20220206012529_IMG-1394_1638940564.jpg', 'article_date' => '2022-02-06 13:24:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14727', 'article_category_id' => '1', 'title' => '4,000 Containers of Goods Stranded in Indian Port after CONCOR Downscales its Service', 'sub_title' => '', 'summary' => 'February 6: Amendment to the Nepal-India Railway Service Agreement ended the monopoly of Container Corporation of India (CONCOR) in transporting goods to and from Nepal but it has hardly benefitted Nepal’s foreign trade.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Om Prakash Khanal</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">February 6: Amendment to the Nepal-India Railway Service Agreement ended the monopoly of Container Corporation of India (CONCOR) in transporting goods to and from Nepal but it hardly profited Nepal’s foreign trade. Instead, Nepali importers have been further burdened after the amendment.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Following the amendment to the railway service agreement, two private railway service providers of India emerged as the main competitors of CONCOR. However, the strategies adopted by CONCOR to keep its competitors at bay has badly affected Nepali importers.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Initially, CONCOR had slashed its freight charges significantly to stem out its competitors. Now, it has cut down the size of regular supply of containers all of a sudden throwing the import business out of gear.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">CONCOR has been causing problems in supply of containers alternatively at Kolkata Port and Visakhapatnam Port. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Sometime ago, CONCOR had caused problems in supplying rail rakes at Kolkata Port but now it has shifted its focus to Visakhapatnam, where it has downsized the regular supply chain. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">As a result, containers inbound for Nepal from third countries have been stuck at the port since the last two months, informed Ashish Lath, a Nepali importer.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“This problem has surfaced at Visakhapatnam port since the last two months after CONCOR refused to provide the required railway service. So we have not received the goods in time,” said Lath, who is also the secretary of Birgunj Chamber of Commerce.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to him, around 4,000 containers of Nepal-bound goods are currently stuck at Visakhapatnam.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Earlier, CONCOR used to avail 20 trains per month for transportation of goods to Nepal but that number has now been reduced to 7 or 8 per month. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The containers have been piling up at the port as the service provider has availed less number of trains than the actual demand.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“There wasn’t any such problem when CONCOR enjoyed its monopoly. As the competition increased, so did the problems,” said Pradeep Kedia, former chair of Birgunj Chamber of Commerce. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">CONCOR is responsible to transfer 90 percent of shipments to Nepal and also has adequate rail rakes to provide the service. However, the problem has surfaced due to the company’s mala fide intention to reduce the number of rail rakes to provide freight service. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Although Hind Terminal and Pristine Logistics from the private sector have started transporting goods up to Nepal, they do not have the required trains to meet the demand.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">CONCOR has exploited this weakness of its competitors in its favour. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">CONCOR had reduced the freight charge from Kolkata and Visahkapatnam to Nepal by 30 to 35 percent to attract Nepali importers. But it has also reduced the number of trains providing the transportation service that has badly affected the import business of Nepal.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The Nepal-India Railway Service Agreement was amended on June 29 last year. CONCOR issued a notice on September 15 confirming a reduction in freight charge.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to sources, CONCOR used to make a profit of IRS 12,000 for transportation of one container of goods. However, its profit has been reduced to IRs 5,000 per containers after adjusting the fare. It has been learnt that CONCOR has been providing additional rail racks for transportation of goods of Indian companies where it makes more profit.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal’s Consul General in Kolkata Ishwar Raj Poudel said a similar problem had emerged at Kolkata Port a month ago. The problem was resolved after establishing proper coordination with CONCOR officials at the initiative of the consulate, said Poudel. However, Visakhapatnam does not fall under the jurisdiction of Nepal’s consulate in Kolkata. Nepal’s embassy in New Delhi has been handling the issues faced by Nepali importers at this port.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepali importers say that CONCOR, which enjoyed its monopoly for almost one and a half decade, has now started raising various issues after its domination was challenged.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Although the importers do not have to directly bear the late fee, the delay has caused them losses from commercial point of view. The Nepali importers fear that the shipping companies are likely to add the late fee and collect it from the importers if such delays persist any longer. It will result in price hike and the consumers will have to eventually face the burden, says Kedia.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">CONCOR needs to agree to ‘no objection’ for other competitors to facilitate Nepal’s import business. However, the Nepali importers say that CONCOR has refused to issue ‘no objection’ letter to its competitors.</span></span></p> <p> </p> <p><span style="font-size:16px"><strong><span style="font-family:Calibri,"sans-serif"">Shipping companies benefit from competition</span></strong></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepali importers have not been able to benefit from the entry of private companies in transportation of goods to Nepal from third companies via India. The shipping companies takes full charge from transporting cargo containers to the CIF Birgunj. That includes the transportation cost from India’s ports to Birgunj customs. Although the transportation company has reduced the fare by 30 to 35 percent, the shipping company charges the old rate to the Nepali importers.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Although a handful of big importers have started benefitting from the reduction in transportation charge, majority of importers are still denied such facility. Just like the monopoly of CONCOR in transportation of containers, Maersk Shipping Company dominates container supply business. As there is no competition in container supply business, the shipping company is benefitting from the reduction in transportation cost instead of the importers.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14470', 'image' => '20220206123218_1644103590.Clipboard06.jpg', 'article_date' => '2022-02-06 12:29:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14726', 'article_category_id' => '1', 'title' => 'NRB Urges Caution for Electronic Transaction ', 'sub_title' => 'Central Bank Warns Fraudulent Activities on the Rise', 'summary' => 'February 6: With the significant increase in the use of electronic means for transaction, fraudulent activities under various pretexts have also increased to a great extent.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 6: With the significant increase in the use of electronic means for transaction, fraudulent activities under various pretexts have also increased to a great extent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Rastra Bank (NRB) has advised the public to remain vigilant about such fraudulent activities and adopt safety measures. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a notice on Friday (February 4), NRB said fraudulent cases of lottery as well as strangers seeking user name, password and OTP for internet banking and mobile banking of customers under various pretexts have been on the rise.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Through the notice, the central bank cautioned the public regarding the risks involved in conducting financial transactions through electronic means, urging users to pay special attention to electronic payments. The public notice has been issued following complaints that criminal groups are using electronic devices and means to defraud customers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank has asked people not to share their passwords, OTP or any other sensitive information, to change their passwords from time to time and to keep such passwords confidential.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the central bank has also advised users not to download unauthorized applications as criminal groups can get access to sensitive information while downloading such applications on mobile or other devices. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the NRB has stated that complaints or grievances can be registered by contacting the concerned banks and financial institutions and the NRB (https://gunaso.nrb.org.np) if there is any suspicion or complaint about fraudulent activities while conducting financial transactions through various mediums. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14469', 'image' => '20220206110136_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-02-06 11:00:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14725', 'article_category_id' => '1', 'title' => 'Investors Unaware of Multiple Taxation on Income from Dividends', 'sub_title' => '', 'summary' => 'February 4: It has been found that shareholders of companies distributing dividend income have been forced to pay tax thrice against the laws.', '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"">February 4:<strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> </span></span></strong>It has been found that shareholders of companies distributing dividend income have been forced to pay tax thrice against the laws. Shareholders of banks, investment companies, hydropower companies, and other companies have been at the receiving end due to the multiple taxation.</span></span></span></span></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"">However, investors and companies are not aware of this. As a result, stock investors are affected. Banks, investment companies, and some hydropower companies in Nepal have been investing in their subsidiaries and other companies. And, they are earning dividends every year from that. Those subsidiaries and other companies pay income tax, or corporate tax, for the first time. The investors then have to pay an additional 5 percent on the dividends they receive from those 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:"Times New Roman","serif"">According to the Income Tax Act, no additional tax is levied on such income. However, the shareholders of such companies have been indirectly paying profit tax on such income.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">No tax is levied if the related companies declare that the income is earned from the dividend. The shareholders of the company can take the dividend automatically without paying any tax. However, companies do not declare such earnings as separate dividends. Such income is included directly in the profit and loss account.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">That is to say, such dividends of companies are also distributed in addition to the total dividend.</span></span></span></span></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 a result, shareholders have been paying tax even on non-taxable dividends, experts say. However, companies have not paid corporate tax on such income.</span></span></span></span></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"">Advocate Jyoti Dahal, a researcher in the securities market, said that investors in companies that earn dividends are hit by double taxation. He said that they have been hit hard especially by the 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:"Times New Roman","serif"">“Companies that distribute dividend income can distribute the same income to shareholders tax-free. For that, the companies have to do separate audits,” he said, “But the companies have not done separate audits on such revenue. As a result, investors have to pay tax even on non-taxable dividends.”</span></span></span></span></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 said such situation has arisen because of the carelessness of the companies. “This is not an issue related to the government. This is the issue of the 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:"Times New Roman","serif"">According to Dahal, the companies need to pay attention to this issue but the government should also intervene if needed.</span></span></span></span></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"">Representatives of some companies admitted that their income is taxed for the third time because they do not conduct a separate audit of the income earned from dividend.</span></span></span></span></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"">"We do not pay corporate tax on such income. However, dividends are declared in one lump sum,” said a company official. </span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-02-04', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14468', 'image' => '20220204021842_Dividend-income.jpg', 'article_date' => '2022-02-04 14:17:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14722', 'article_category_id' => '1', 'title' => 'House Panel says Rs 175 Billion Required to Complete KTM-Terai Fast Track', 'sub_title' => '', 'summary' => 'February 4: Members of the Delegated Management Committee under the National Assembly recently visited the Kathmandu-Terai Fast Track to take stock of the latest development.', '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"">February 4: Members of the Delegated Management Committee under the National Assembly recently visited the Kathmandu-Terai Fast Track to take stock of the latest development. The parliamentary committee then concluded that it will cost an additional Rs 175 billion to complete the Kathmandu-Terai / Fast Track on time.</span></span></span></span></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 parliamentary committee is also preparing to hold discussions with the concerned ministries to manage the required funds. Committee chairman Ram Narayan Bidari said that preparations are underway to hold discussions with the concerned ministries for the management of the required amount for the completion of the fast track.</span></span></span></span></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"">After the meeting of the committee concluded on Thursday, the chairman of the committee, Bidari stated that an additional Rs 175 billion would be required for the completion of the fast track, which would be managed after discussions with the concerned authorities.</span></span></span></span></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 has set a target to complete the fast track by 2024. However, committee chairman Bidari said that after the on-site inspection, there are doubts on whether it would be completed on time. According to Bidari, the committee held discussions with the secretaries of the concerned ministries, especially the Ministry of Forests, Ministry of Physical Infrastructure and Construction, Ministry of Defense, Ministry of Finance, and the Secretariat of the Council of Ministers in this regard.</span></span></span></span></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 committee has concluded that assigning the contract and giving momentum to the work will be hampered until resources are ensured. “The meeting decided to call the vice-chairman of the National Planning Commission, the defense secretary, and the finance secretary to discuss how to solve the problems seen in the construction of the fast track,” Bidari added. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to him, the work is being delayed due to the lack of coordination among various ministries. The committee said it will give instructions in the coming days after discussing with the concerned ministries on the issue of increasing the coordination among the ministries.</span></span></span></span></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 Nepalese Army has been awarded the contract to complete the fast track. It has divided the project in several parts and sub-contracted experienced companies to undertake certain tasks under the project.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-04', 'modified' => '2022-02-04', 'keywords' => '', 'description' => '', 'sortorder' => '14467', 'image' => '20220204125843_20210516122418_20170616052456_fast track nov 21.jpg', 'article_date' => '2022-02-04 12:57:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14724', 'article_category_id' => '1', 'title' => 'NRB Expands it Regulatory Ambit ', 'sub_title' => '', 'summary' => 'February 4: Nepal Rastra Bank has expanded its regulatory ambit to supervise non-banking sector. ', '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"">February 4: Nepal Rastra Bank has expanded its regulatory ambit to supervise non-banking sector. NRB has set up a Non-Bank Financial Institution Supervision Department to indirectly regulate large financial transactions in institutions other than banks and financial institutions licensed by the NRB. </span></span></span></span></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 department formed by the meeting of the NRB Management Committee on January 24 has been assigned the role of supervising and monitoring the foreign regulatory entities, Hydro Electricity Development Company and National Cooperative Bank. </span></span></span></span></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"">"For the time being, the department has been set up to regulate non-financial institutions licensed by the central bank," said NRB spokesperson Gunakar Bhatta, "Once legally clear, other non-financial institutions that conduct financial transactions can also be regulated."</span></span></span></span></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"">Governor of NRB Maha Prasad Adhikari had been saying in formal programs that the department would be formed in such a way as to indirectly regulate even the institutions which are not under the direct regulation of NRB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">At present, cooperatives, Employees Provident Fund, Citizen Investment Fund, Social Security Fund and other institutions have been conducting financial transactions besides BFIs. </span></span></span></span></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 cooperatives registered under the Cooperatives Act have been directly regulated by the Federal Department of Cooperatives as well as the provincial and local levels. Cooperatives currently have a transaction of Rs 700 billion. </span></span></span></span></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"">Although the Federal Cooperatives Act mentions that even the NRB can regulate the institutions doing more than 500 million transactions, it has not done so yet. As the problem in cooperatives is increasing, the Department of Cooperatives is preparing to take the assistance from NRB for monitoring. </span></span></span></span></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"">Similarly, Employees Provident Fund, Citizen Investment Trust and Social Security Fund have been regulated by separate acts. These organizations have also been mobilizing funds for employees of the formal sector. </span></span></span></span></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"">Similarly, NRB has also formed the Financial Institution Supervision Department by merging Development Bank and Finance Company Supervision Department. After the number of development banks and finance companies decreased due to mergers and acquisitions, a new department has been formed by merging the two departments. </span></span></span></span></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 number of development banks and finance companies has decreased significantly after NRB encouraged mergers by issuing merger and acquisition procedures in 2068. The number of development banks, which was 90 in 2070, has decreased to 18 in 2078. Similarly, the number of finance companies which was 79 has also decreased to 17. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-04', 'modified' => '2022-02-04', 'keywords' => '', 'description' => '', 'sortorder' => '14466', 'image' => '20220204014959_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-02-04 13:49:22', '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' => '14737', 'article_category_id' => '1', 'title' => 'Central Bank Warns Public about Cryptocurrency and Networking Business ', 'sub_title' => '', 'summary' => 'February 9: Nepal Rastra Bank (NRB) has termed networking business illegal and has urged the general public to remain cautious about transactions involving cryptocurrency.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 9: Nepal Rastra Bank (NRB) has termed networking business illegal and has urged the general public to remain cautious about transactions involving cryptocurrency.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a public notice on Tuesday (February 8) amid increasing number of networking transactions and cryptocurrency, the central bank said such transactions are not only vulnerable to the country's economy but also for the investors. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the central bank, virtual currency is issued by the private sector and is similar to ‘real money or fiat currency’ and can be used for electronic transaction. However, virtual currency lacks ‘legal tender status’ and ‘state backing’ and is considered as ‘speculative assets,’ NRB said in the notice. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, networking business, according to the NRB, is such business in which a company gives membership to its customers and encourages them to make new customers in order to sell products and services. Such business is also termed as multi-level marketing (MLM), NRB said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">MLA business involves pyramid scheme which has high chances of customers being duped, the central bank warned. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank also urged one and all to remain cautious stating that the nature of cryptocurrency and networking marketing is not a subject to regulation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NRB has mentioned that there remains high risk for investment in money laundering and terrorist activities from the transaction of cryptocurrency and networking marketing. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Use of cryptocurrency could lead to illegal activities, especially forgery and tax evasion and the networking marketing is also illegal economic act leading to negative impact on revenue collection, the central bank stated. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the central bank said use of cryptocurrency could impact on the regulation of capital flight. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank added that increasing use of cryptocurrency could pose threat to fiscal stability. (With inputs from RSS) </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-09', 'modified' => '2022-02-09', 'keywords' => '', 'description' => '', 'sortorder' => '14480', 'image' => '20220209121517_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-02-09 12:14:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14736', 'article_category_id' => '1', 'title' => 'Jagdamba Steels Initiates Third-Country Export of Steel for the First Time in Nepal', 'sub_title' => '', 'summary' => 'February 7: Jagdamba Steels, one of the leading steel manufacturers of Nepal, has stated that the company has for the first time in the country’s industrial history initiated third-country export of steel products.', 'content' => '<p><em><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">A consignment of colour coated coils and sheets of Jagdamba Steels leaving for Sri Lanka in this handout photo provided by the company on February 6.</span></span></em></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">February 7: Jagdamba Steels, one of the leading steel manufacturers of Nepal, has stated that the company has for the first time in the country’s industrial history initiated third-country export of steel products.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The company said in a statement that it has started exporting colour coated coils and sheets for the first time. According to the statement issued by the company on February 6, a consignment of colour coated coils and sheets was sent to Sri Lanka in its first-ever export to a third country. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The statement further added that the color coated coils and seats of Jagdamba Steels have high demand in Southeast Asia, Middle East Asian countries and South Africa.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Shanker Lal Agrawal, chairman of Shanker Group said, "Consumer satisfaction via excellent quality of our product has been our major commitment and priority. Our products are manufactured in high-tech and first in class manufacturing plants to ensure quality of each product. On this auspicious occasion, we'd like to express our sincere gratitude to all our consumers for their continuous love and support towards our products and brands. It is with their love and support that today we have been established as the first company in Nepal to initiate third-county export.”</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Chairman Agrawal added that this benchmark has further influenced them to keep delivering their “respected consumers” with best in class products in the near future as well.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-02-07', 'modified' => '2022-02-07', 'keywords' => '', 'description' => '', 'sortorder' => '14479', 'image' => '20220207072623_cargo.jpeg', 'article_date' => '2022-02-07 19:25:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14735', 'article_category_id' => '1', 'title' => 'Nepal's Bad Debt Least in South Asia', 'sub_title' => '', 'summary' => 'February: Nepal's non-performing loans (NPLs) in the banking sector are lower than that of other South Asian countries.', '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"">February: Nepal's non-performing loans (NPLs) in the banking sector are lower than that of other South Asian countries. This is the finding of a recent study conducted by the Confederation of Banks and Financial Institutions Nepal (CBIFIN) based on the latest World Bank data.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In 2020, the share of non-performing loans (NPLs) of commercial banks, development banks, and finance companies in Nepal was 1.7%, which is much less than the NPF of other South Asian countries.</span></span></span></span></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"">Among the South Asian countries, Pakistan has the highest non-performing loans at 9.2 percent. The Maldives has 8.3 percent non-performing loans and India has 7.9 percent non-performing loans. Similarly, non-performing loans (NPLs) stood at 7.7 percent in Bangladesh and 4.9 percent in Sri Lanka.</span></span></span></span></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"">While non-performing loans (NPLs) of other South Asian countries are around 5 percent to 9 percent, the fact that Nepal’s bad debts are below 2 percent is a positive outcome, argue experts. As of mid-November, Nepal's non-performing loan has been limited to 1.37 percent.</span></span></span></span></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"">Banking expert BN Gharti said that the situation of Nepal’s banking sector is good in terms of non-performing loans. He said that such a result has come due to the close monitoring and supervision of the regulatory body Nepal Rastra Bank (NRB).</span></span></span></span></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"">“On top of that, Nepali banks have also matured recently. With the reduction in the number of banks, the management has also improved,” he said.</span></span></span></span></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 share of non-performing loans in the Nepali banking sector had reached about 30 percent in 2062-63 BS. Based on that, Gharti understands that Nepali banks have been able to manage loans 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"">He said most economic sectors have been affected by the Covid-19 pandemic, and non-performing loans could be a problem. “NRB has made various policy arrangements to reschedule or restructure loans in the Covid affected 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"">As a result, banks didn't do provisioning on Covid-affected loans and refinancing was used to pay interest on such affected loans. Nepal's problem was covered in the case of non-performing loans, he said.</span></span></span></span></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 International Monetary Fund has also mentioned that non-performing loans are covered in Nepal. CBIFIN has also made public the study report with suggestions for the solution to the liquidity crunch faced by the banking sector of Nepal.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-07', 'modified' => '2022-02-07', 'keywords' => '', 'description' => '', 'sortorder' => '14478', 'image' => '20220207022742_20201209021045_Non-Performing-Loans-890x395_c 2.jpg', 'article_date' => '2022-02-07 14:27:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14734', 'article_category_id' => '1', 'title' => 'Average Spread Rate of 17 Development Banks Stands at 4.22 Percent', 'sub_title' => '', 'summary' => 'February 7: The average spread rate of 17 development banks of Nepal in the second quarter of the current fiscal year stands at 4.22 percent. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 7: The average spread rate of 17 development banks of Nepal in the second quarter of the current fiscal year stands at 4.22 percent. </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"">As per the financial statements of the second quarter of the current fiscal year (FY 2078/79) released by the development banks, the spread rate has decreased by 1.15 percentage points as compared to the corresponding period of the previous fiscal year (FY 2077/78). The average spread rate was 5.37 percent during the corresponding period of last 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"">There are 16 development banks listed in the Nepal Stock Exchange (NEPSE). Salpa Development Bank is not listed in NEPSE. The spread rates of Narayani Development and Salpa Development Bank have increased compared to the second quarter of last year. During the review period, the spread rate of Narayani Development Bank has increased by 2.32 percentage points and stood at 3.88 percent. The bank's spread rate was 1.56 percent in the second quarter of last 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"">The spread rate of Salpa Development Bank, which is not listed in NEPSE, has increased by 0.16 percentage points in the current fiscal year as compared to the second quarter of last fiscal year. The spread rate of the bank was 4.73 percent in the second quarter of last fiscal year which is now 4.89 percent. </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"">Sindhu Development Bank has the highest spread rate. The bank's spread rate stood at 5.22 percent in the second quarter of the current fiscal year. In the second quarter of the last fiscal year, the spread rate of the bank was 6.37 percent. </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"">The spread rates of the 17 development banks are more than 3 percent in the review period while the spread rates of 10 of them are more than 4 percent. </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"">In the second quarter of the current fiscal year, three banks have reduced the spread rate by more than two percentage points. Karnali Development Bank is one of those banks to reduce the spread rate the most. Compared to the second quarter of last year, its spread rate has decreased by 4.3 percentage points. </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"">The bank's spread rate was 8.99 percent in the second quarter of last year and 4.96 percent in the current fiscal 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"">Saptakoshi Development Bank and Axel Development Bank are among those who have also reduced the spread rate. The spread rate of these banks has decreased by more than 2 percentage points. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-07', 'modified' => '2022-02-07', 'keywords' => '', 'description' => '', 'sortorder' => '14477', 'image' => '20220207122057_Banks - Copy.jpg', 'article_date' => '2022-02-07 12:20:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14733', 'article_category_id' => '1', 'title' => 'Odd-Even Rule Enforced on Private Vehicles, Taxis Lifted ', 'sub_title' => '', 'summary' => 'February 7: The odd-even rule enforced on private vehicles and taxis in Kathmandu Valley has been lifted from Sunday night. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 7: The odd-even rule enforced on private vehicles and taxis in Kathmandu Valley has been lifted from Sunday night. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A meeting of the Chief District Officers of the three districts in the Kathmandu Valley on Sunday lifted the odd-even system, enforced by the meeting of the COVID-19 Crisis Management Coordination Centre. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The odd-even system for vehicles was enforced on public and private vehicles in Kathmandu Valley effective from January 22 following a rise in Covid-19 cases. However, the odd-even system imposed on public vehicles was removed since last week. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Sunday’s meeting also decided to allow schools and colleges to run physical class from February 13. However, the schools have been asked to run physical classes by following health safety protocols in case of students above 12 years and to arrange alternative classes in case of students below 12 years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the meeting also decided to allow the operation of night businesses like dance bar and clubs till 10:00 pm from February 13. The meeting, however, has restricted all types of rallies, gatherings, and festivals. -- RSS </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-07', 'modified' => '2022-02-07', 'keywords' => '', 'description' => '', 'sortorder' => '14476', 'image' => '20220207114451_20190505032725_DSC_1925.jpg', 'article_date' => '2022-02-07 11:44:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14732', 'article_category_id' => '1', 'title' => 'US Company to Carry out Detailed Study of Smart City Project in Kavre ', 'sub_title' => '', 'summary' => 'February 6: The Nepal Infrastructure Bank Limited (NIFRA) has reached an agreement with a US-based company, JLL, to carry out a detailed study of the market for a Smart City project in Panchkhal Municipality of Kavrepalanchok district. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">February 6: The Nepal Infrastructure Bank Limited (NIFRA) has reached an agreement with a US-based company, JLL, to carry out a detailed study of the market for a Smart City project in Panchkhal Municipality of Kavrepalanchok district. JLL has been given two months’ time for the work. </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"">NIFRA had reached an agreement with the municipality on July 27 to develop it as a smart city. A seven-point memorandum of an understanding was signed between the municipality and NIFRA in this regard. Mayor of the municipality Mahesh Kharel and NIFRA executive officer Ram Krishna Khatiwada had sighed the MoU. </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 public-private partnership project covering around 4,500 ropanis of land is estimated to cost approximately Rs 2 billion. </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"">After the study report by the JLL, NIFRA would carry out further works. A discussion has also been held with people's representatives, political parties, and concerned stakeholders to take the project forward. </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"">Mayor Kharel further informed that the municipality would assist in administrative works and land management for the project while NIFRA and its business partner would bear the cost of construction of infrastructures. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14475', 'image' => '20220206060744_urban_1630479131.jpg', 'article_date' => '2022-02-06 18:06:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14731', 'article_category_id' => '1', 'title' => 'NRB in Favour of Interlink Between Digital Wallet Companies', 'sub_title' => '', 'summary' => 'February 6: The general public will now be able to use mobile banking, wallet or QR code services of one company to make electronic payments for other companies.', '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"">February 6: The general public will now be able to use mobile banking, wallet or QR code services of one company to make electronic payments for other 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:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has issued a directive to payment service providers and payment system operators to interconnect with each other and provide hassle-free access to each other’s systems.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the new directive, institutions affiliated with mobile banking, wallet and QR codes as well as small payment systems (retail payment) should be interconnected with each other within 6 months. The directive states that the companies can maintain interconnection through mutual agreement. The directive has instructed such companies to clearly mention the fees incurred while maintaining interconnection, division of charges and the action to be taken in case of breach of agreement as well as the provision of compensation.</span></span></span></span></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"">Altogether ten payment system operators and 27 payment service providers are operating the service currently with the permission of NRB. Due to the lack of interconnection between service providers, the general public has not been able to exchange money with one another.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Clearing House Limited (NCHL) had launched the National Payment Switch from November to facilitate the electronic payment system. The interconnection between wallet companies has become possible due to the operation of the Payment Switch.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the NRB, there are currently 14.1 million mobile banking users, 1.16 million internet banking users and 8.88 million people who use digital wallet.</span></span></span></span></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 Nepal Rastra Bank has informed that the interconnection will enable the customers of one payment service provider to be associated with another payment system and exchange information with other systems through the same system. As per the information of NRB, the interconnection will also facilitate financial transactions.</span></span></span></span></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 directive states that payment system operators and payment service providers must comply with the technical and business standards established by international good practice and in case of non-compliance, they will still be able to operate the service with the prior approval of NRB. Similarly, any licensed entity is not allowed to make rules or restrict the use of technology to prevent any other licensed entity from accessing its payment system.</span></span></span></span></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"">However, if the access to interconnection may result in liquidity risk, operational risk and other systemic risks or if there is sufficient basis to negatively affect the security of the system, the licensed institution can block access to its system for a specified period. But, in case of suspension of such access, the service provider must clearly inform the concerned institution and NRB the reasons behind it.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p><br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14474', 'image' => '20220206052645_digital-wallet-trends-main.jpg', 'article_date' => '2022-02-06 17:26:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14730', 'article_category_id' => '1', 'title' => 'Govt to Amend Laws to Attract Industrialists to Special Economic Zone', 'sub_title' => '', 'summary' => 'February 6: The government is preparing to amend laws related to the Special Economic Zone (SEZ) after realizing that the weak policy of the state has drawn lukewarm response from the industrialists towards the government initiative.', 'content' => '<p><em>This file photo shows Special Economic Zone Authority signing agreement with NIFRA. Photo Courtesy: SEZA</em></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">February 6: The government is preparing to amend laws related to the Special Economic Zone (SEZ) after realizing that the weak policy of the state has drawn lukewarm response from the industrialists towards the government initiative.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the Special Economic Zone Authority (SEZA), the government is currently reviewing the drawbacks in the Act related to SEZ and is planning to make the concept more attractive by providing additional facilities to the industrialists through amendment of the laws.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Initially, the laws related to SEZ had a provision requiring the industries to export 80 percent of the products but that was later revised to 60 percent after opposition from the industrialists. The government is planning to further reduce this threshold as the industrialists are still not happy with the provision. Therefore, the government is planning to amend the related laws to facilitate the industries.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Executive Director of the Special Economic Zone Authority Chandika Prasad Bhatta admitted that the main reasons for lack of interest among the industrialists include the provision for export and the charge for using the plots, which the government intends to address through amendment of laws. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to Bhatta, the government is preparing to amend the laws to facilitate the provision of exports. Discussions are currently being held in this regard while additional facilities are being incorporated for the operation of SEZ, he added. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Homework is being done to facilitate the operation of SEZ. For this, a sub-committee has been formed already,” said Bhatta.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to Bhatta, the sub- committee has recommended zero export in the first two years. As per the recommendation of the sub-committee, the exports should be increased to 20 percent in the third year, 40 percent in the fourth year and 60 percent in the fifth year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">If the industries fail to meet the target in the given timeframe, they will be allowed to sell the products in the domestic market after paying fines. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Earlier, the industries were not allowed to sell the products in the local market. But now they are allowed to do so. The fine charged will be equal to the profit they make,” said Bhatta.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">He said that the industries will be given two years’ time initially to find international market and to seek quality assurance certificate. He added that this time period will be enough for the industries. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government is also planning to reduce the charge for operating industries in the SEZ to facilitate small industries. Initially, the government had fixed a rate of Rs 150 per square feet to operate industry in the SEZ. Due to stiff opposition from the industrialists, the rate was dropped to Rs 20 per square feet.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">As the industrialists complained that the reduced rate was still high, the government is preparing to further reduce the charge, informed the authority. The government is holding discussions if the charge for operating industries can be fixed at Rs 10 per square feet but a final decision has not been taken in this regard.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government had decided to set up Special Economic Zones in 2060 to facilitate export business. Although the government has announced to waive income tax, VAT and customs duty for industries set up in the SEZ, the industrialists are not much keen to operate industries in SEZ.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Bhairahawa-based SEZ is the perfect example. Set up five years ago, it has not been able to achieve expected results. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14473', 'image' => '20220206041319_IMG_4830_SEZA_NIFRA_MOU_1638852441.jpg', 'article_date' => '2022-02-06 16:12:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14729', 'article_category_id' => '1', 'title' => 'Elections have had Mixed Impact on Stock Market', 'sub_title' => '', 'summary' => 'February 6: The understanding between Prime Minister Sher Bahadur Deuba and Election Commission (EC) to hold the local level elections on May 18 had a positive effect on the stock market.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">February 6: The understanding between Prime Minister Sher Bahadur Deuba and Election Commission (EC) to hold the local level elections on May 18 had a positive effect on the stock market. However, this enthusiasm did not last long. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On February 1, the day the EC proposed the election date, the Nepse index increased by 19.29 points and closed at 2891.33 points. However, on Thursday, the first trading day after that, the Nepse index fell by 14.60 points and closed at 2876.74 points. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the Nepse index declined and closed on Thursday, shares worth Rs. 8.61 billion were traded. Most investors believe that the stock market will set a new record during the upcoming elections. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to an investor in the stock market, there are ample grounds for the market to reach new heights before the upcoming election. "The stock market has always had a history of rising during elections. Looking at the market trend, this time is different than before. The market will reach new heights before the next election," he said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Looking at the history of the election, the growth of the Nepse index has been mixed. The first election of the Constituent Assembly held in 2064, the second election of the Constituent Assembly held in 2070 and the local, state and federal elections held in 2074 show that the rise and fall of the Nepse index has been mixed. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During the elections held in 2064 and 2070, the Nepse index had increased. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the month before and after the election in 2070, the Nepse index had increased by 37 percent. Similarly, the index had increased by 4 percent in the period one month before and after the election of 2064. However,during the three tiers of elections held in 2074, the index has decreased by 7 percent. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14472', 'image' => '20220206022607_20180911013817_be.jpg', 'article_date' => '2022-02-06 14:25:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14728', 'article_category_id' => '1', 'title' => '68 Plots of Simara SEZ Ready to Set Up Industries', 'sub_title' => '', 'summary' => 'February 6: The Special Economic Zone Authority (SEZA) is preparing to invite industrialists to submit proposals for the operation of the Special Economic Zone (SEZ) in Bara with an investment of Rs 3 billion.', '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"">February 6: The Special Economic Zone Authority (SEZA) is preparing to invite industrialists to submit proposals for the operation of the Special Economic Zone (SEZ) in Bara. Investment worth Rs 3 billion has already been poured into the Simara-based Special Economic Zone while the authority has already set up 68 plots of land for the operation of industries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">SEZA is urging the industrialists to start their business within a month and open all kinds of industries in Simara SEZ. The SEZ is especially targeting garment industries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">SEZA is preparing to operate Simara SEZ at a time when the country’s first Special Economic Zone in Bhairahawa is not fully operational. SEZA's Executive Director Chandika Prasad Bhatta said that the construction of infrastructure in Simara SEZ has reached the final stage.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Other infrastructures related to the SEZ such as sewerage, water, road construction have been completed, and now necessary work is ongoing for internal electrification. He said that 15 MW of electricity is needed immediately for 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"">Service and administrative buildings have also been constructed in Simara SEZ. Bhatta said that the Simara SEZ would be fully operational soon.</span></span></span></span></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"">SEZA is also preparing to demand project work from the industrialists and businessmen who are proposing to set up industries in Simara SEZ. "We are discussing the provision of project loan for the project," Bhatt said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">This provision would allow the bank to take over the assets of the industry and invite other industrialists and businessmen who are willing to operate the industry if the industrialists operating the industry in the SEZ are unable to repay the loan and default.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">If the industrialists are not able to operate the industry, it will create an environment for another industrialist to enter the SEZ and the industry will continue to operate in the SEZ. Bhatta said that even though there are five blocks in Simara SEZ, Block A will be operated first, and other industries from the private sector will be allowed to operate another block. Block A of Simara SEZ is spread over 814 acres of land. </span></span></span></span></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 has announced 14 SEZs across the country, including one each in all seven provinces, to promote exports and reduce the trade deficit and create employment in the country. So far, Bhairahawa SEZ has come into operation while Simara is on its way. </span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14471', 'image' => '20220206012529_IMG-1394_1638940564.jpg', 'article_date' => '2022-02-06 13:24:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14727', 'article_category_id' => '1', 'title' => '4,000 Containers of Goods Stranded in Indian Port after CONCOR Downscales its Service', 'sub_title' => '', 'summary' => 'February 6: Amendment to the Nepal-India Railway Service Agreement ended the monopoly of Container Corporation of India (CONCOR) in transporting goods to and from Nepal but it has hardly benefitted Nepal’s foreign trade.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Om Prakash Khanal</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">February 6: Amendment to the Nepal-India Railway Service Agreement ended the monopoly of Container Corporation of India (CONCOR) in transporting goods to and from Nepal but it hardly profited Nepal’s foreign trade. Instead, Nepali importers have been further burdened after the amendment.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Following the amendment to the railway service agreement, two private railway service providers of India emerged as the main competitors of CONCOR. However, the strategies adopted by CONCOR to keep its competitors at bay has badly affected Nepali importers.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Initially, CONCOR had slashed its freight charges significantly to stem out its competitors. Now, it has cut down the size of regular supply of containers all of a sudden throwing the import business out of gear.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">CONCOR has been causing problems in supply of containers alternatively at Kolkata Port and Visakhapatnam Port. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Sometime ago, CONCOR had caused problems in supplying rail rakes at Kolkata Port but now it has shifted its focus to Visakhapatnam, where it has downsized the regular supply chain. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">As a result, containers inbound for Nepal from third countries have been stuck at the port since the last two months, informed Ashish Lath, a Nepali importer.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“This problem has surfaced at Visakhapatnam port since the last two months after CONCOR refused to provide the required railway service. So we have not received the goods in time,” said Lath, who is also the secretary of Birgunj Chamber of Commerce.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to him, around 4,000 containers of Nepal-bound goods are currently stuck at Visakhapatnam.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Earlier, CONCOR used to avail 20 trains per month for transportation of goods to Nepal but that number has now been reduced to 7 or 8 per month. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The containers have been piling up at the port as the service provider has availed less number of trains than the actual demand.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“There wasn’t any such problem when CONCOR enjoyed its monopoly. As the competition increased, so did the problems,” said Pradeep Kedia, former chair of Birgunj Chamber of Commerce. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">CONCOR is responsible to transfer 90 percent of shipments to Nepal and also has adequate rail rakes to provide the service. However, the problem has surfaced due to the company’s mala fide intention to reduce the number of rail rakes to provide freight service. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Although Hind Terminal and Pristine Logistics from the private sector have started transporting goods up to Nepal, they do not have the required trains to meet the demand.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">CONCOR has exploited this weakness of its competitors in its favour. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">CONCOR had reduced the freight charge from Kolkata and Visahkapatnam to Nepal by 30 to 35 percent to attract Nepali importers. But it has also reduced the number of trains providing the transportation service that has badly affected the import business of Nepal.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The Nepal-India Railway Service Agreement was amended on June 29 last year. CONCOR issued a notice on September 15 confirming a reduction in freight charge.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to sources, CONCOR used to make a profit of IRS 12,000 for transportation of one container of goods. However, its profit has been reduced to IRs 5,000 per containers after adjusting the fare. It has been learnt that CONCOR has been providing additional rail racks for transportation of goods of Indian companies where it makes more profit.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal’s Consul General in Kolkata Ishwar Raj Poudel said a similar problem had emerged at Kolkata Port a month ago. The problem was resolved after establishing proper coordination with CONCOR officials at the initiative of the consulate, said Poudel. However, Visakhapatnam does not fall under the jurisdiction of Nepal’s consulate in Kolkata. Nepal’s embassy in New Delhi has been handling the issues faced by Nepali importers at this port.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepali importers say that CONCOR, which enjoyed its monopoly for almost one and a half decade, has now started raising various issues after its domination was challenged.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Although the importers do not have to directly bear the late fee, the delay has caused them losses from commercial point of view. The Nepali importers fear that the shipping companies are likely to add the late fee and collect it from the importers if such delays persist any longer. It will result in price hike and the consumers will have to eventually face the burden, says Kedia.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">CONCOR needs to agree to ‘no objection’ for other competitors to facilitate Nepal’s import business. However, the Nepali importers say that CONCOR has refused to issue ‘no objection’ letter to its competitors.</span></span></p> <p> </p> <p><span style="font-size:16px"><strong><span style="font-family:Calibri,"sans-serif"">Shipping companies benefit from competition</span></strong></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepali importers have not been able to benefit from the entry of private companies in transportation of goods to Nepal from third companies via India. The shipping companies takes full charge from transporting cargo containers to the CIF Birgunj. That includes the transportation cost from India’s ports to Birgunj customs. Although the transportation company has reduced the fare by 30 to 35 percent, the shipping company charges the old rate to the Nepali importers.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Although a handful of big importers have started benefitting from the reduction in transportation charge, majority of importers are still denied such facility. Just like the monopoly of CONCOR in transportation of containers, Maersk Shipping Company dominates container supply business. As there is no competition in container supply business, the shipping company is benefitting from the reduction in transportation cost instead of the importers.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14470', 'image' => '20220206123218_1644103590.Clipboard06.jpg', 'article_date' => '2022-02-06 12:29:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14726', 'article_category_id' => '1', 'title' => 'NRB Urges Caution for Electronic Transaction ', 'sub_title' => 'Central Bank Warns Fraudulent Activities on the Rise', 'summary' => 'February 6: With the significant increase in the use of electronic means for transaction, fraudulent activities under various pretexts have also increased to a great extent.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 6: With the significant increase in the use of electronic means for transaction, fraudulent activities under various pretexts have also increased to a great extent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Rastra Bank (NRB) has advised the public to remain vigilant about such fraudulent activities and adopt safety measures. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a notice on Friday (February 4), NRB said fraudulent cases of lottery as well as strangers seeking user name, password and OTP for internet banking and mobile banking of customers under various pretexts have been on the rise.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Through the notice, the central bank cautioned the public regarding the risks involved in conducting financial transactions through electronic means, urging users to pay special attention to electronic payments. The public notice has been issued following complaints that criminal groups are using electronic devices and means to defraud customers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank has asked people not to share their passwords, OTP or any other sensitive information, to change their passwords from time to time and to keep such passwords confidential.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the central bank has also advised users not to download unauthorized applications as criminal groups can get access to sensitive information while downloading such applications on mobile or other devices. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the NRB has stated that complaints or grievances can be registered by contacting the concerned banks and financial institutions and the NRB (https://gunaso.nrb.org.np) if there is any suspicion or complaint about fraudulent activities while conducting financial transactions through various mediums. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14469', 'image' => '20220206110136_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-02-06 11:00:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14725', 'article_category_id' => '1', 'title' => 'Investors Unaware of Multiple Taxation on Income from Dividends', 'sub_title' => '', 'summary' => 'February 4: It has been found that shareholders of companies distributing dividend income have been forced to pay tax thrice against the laws.', '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"">February 4:<strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> </span></span></strong>It has been found that shareholders of companies distributing dividend income have been forced to pay tax thrice against the laws. Shareholders of banks, investment companies, hydropower companies, and other companies have been at the receiving end due to the multiple taxation.</span></span></span></span></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"">However, investors and companies are not aware of this. As a result, stock investors are affected. Banks, investment companies, and some hydropower companies in Nepal have been investing in their subsidiaries and other companies. And, they are earning dividends every year from that. Those subsidiaries and other companies pay income tax, or corporate tax, for the first time. The investors then have to pay an additional 5 percent on the dividends they receive from those 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:"Times New Roman","serif"">According to the Income Tax Act, no additional tax is levied on such income. However, the shareholders of such companies have been indirectly paying profit tax on such income.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">No tax is levied if the related companies declare that the income is earned from the dividend. The shareholders of the company can take the dividend automatically without paying any tax. However, companies do not declare such earnings as separate dividends. Such income is included directly in the profit and loss account.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">That is to say, such dividends of companies are also distributed in addition to the total dividend.</span></span></span></span></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 a result, shareholders have been paying tax even on non-taxable dividends, experts say. However, companies have not paid corporate tax on such income.</span></span></span></span></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"">Advocate Jyoti Dahal, a researcher in the securities market, said that investors in companies that earn dividends are hit by double taxation. He said that they have been hit hard especially by the 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:"Times New Roman","serif"">“Companies that distribute dividend income can distribute the same income to shareholders tax-free. For that, the companies have to do separate audits,” he said, “But the companies have not done separate audits on such revenue. As a result, investors have to pay tax even on non-taxable dividends.”</span></span></span></span></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 said such situation has arisen because of the carelessness of the companies. “This is not an issue related to the government. This is the issue of the 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:"Times New Roman","serif"">According to Dahal, the companies need to pay attention to this issue but the government should also intervene if needed.</span></span></span></span></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"">Representatives of some companies admitted that their income is taxed for the third time because they do not conduct a separate audit of the income earned from dividend.</span></span></span></span></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"">"We do not pay corporate tax on such income. However, dividends are declared in one lump sum,” said a company official. </span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-02-04', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14468', 'image' => '20220204021842_Dividend-income.jpg', 'article_date' => '2022-02-04 14:17:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14722', 'article_category_id' => '1', 'title' => 'House Panel says Rs 175 Billion Required to Complete KTM-Terai Fast Track', 'sub_title' => '', 'summary' => 'February 4: Members of the Delegated Management Committee under the National Assembly recently visited the Kathmandu-Terai Fast Track to take stock of the latest development.', '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"">February 4: Members of the Delegated Management Committee under the National Assembly recently visited the Kathmandu-Terai Fast Track to take stock of the latest development. The parliamentary committee then concluded that it will cost an additional Rs 175 billion to complete the Kathmandu-Terai / Fast Track on time.</span></span></span></span></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 parliamentary committee is also preparing to hold discussions with the concerned ministries to manage the required funds. Committee chairman Ram Narayan Bidari said that preparations are underway to hold discussions with the concerned ministries for the management of the required amount for the completion of the fast track.</span></span></span></span></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"">After the meeting of the committee concluded on Thursday, the chairman of the committee, Bidari stated that an additional Rs 175 billion would be required for the completion of the fast track, which would be managed after discussions with the concerned authorities.</span></span></span></span></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 has set a target to complete the fast track by 2024. However, committee chairman Bidari said that after the on-site inspection, there are doubts on whether it would be completed on time. According to Bidari, the committee held discussions with the secretaries of the concerned ministries, especially the Ministry of Forests, Ministry of Physical Infrastructure and Construction, Ministry of Defense, Ministry of Finance, and the Secretariat of the Council of Ministers in this regard.</span></span></span></span></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 committee has concluded that assigning the contract and giving momentum to the work will be hampered until resources are ensured. “The meeting decided to call the vice-chairman of the National Planning Commission, the defense secretary, and the finance secretary to discuss how to solve the problems seen in the construction of the fast track,” Bidari added. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to him, the work is being delayed due to the lack of coordination among various ministries. The committee said it will give instructions in the coming days after discussing with the concerned ministries on the issue of increasing the coordination among the ministries.</span></span></span></span></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 Nepalese Army has been awarded the contract to complete the fast track. It has divided the project in several parts and sub-contracted experienced companies to undertake certain tasks under the project.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-04', 'modified' => '2022-02-04', 'keywords' => '', 'description' => '', 'sortorder' => '14467', 'image' => '20220204125843_20210516122418_20170616052456_fast track nov 21.jpg', 'article_date' => '2022-02-04 12:57:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14724', 'article_category_id' => '1', 'title' => 'NRB Expands it Regulatory Ambit ', 'sub_title' => '', 'summary' => 'February 4: Nepal Rastra Bank has expanded its regulatory ambit to supervise non-banking sector. ', '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"">February 4: Nepal Rastra Bank has expanded its regulatory ambit to supervise non-banking sector. NRB has set up a Non-Bank Financial Institution Supervision Department to indirectly regulate large financial transactions in institutions other than banks and financial institutions licensed by the NRB. </span></span></span></span></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 department formed by the meeting of the NRB Management Committee on January 24 has been assigned the role of supervising and monitoring the foreign regulatory entities, Hydro Electricity Development Company and National Cooperative Bank. </span></span></span></span></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"">"For the time being, the department has been set up to regulate non-financial institutions licensed by the central bank," said NRB spokesperson Gunakar Bhatta, "Once legally clear, other non-financial institutions that conduct financial transactions can also be regulated."</span></span></span></span></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"">Governor of NRB Maha Prasad Adhikari had been saying in formal programs that the department would be formed in such a way as to indirectly regulate even the institutions which are not under the direct regulation of NRB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">At present, cooperatives, Employees Provident Fund, Citizen Investment Fund, Social Security Fund and other institutions have been conducting financial transactions besides BFIs. </span></span></span></span></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 cooperatives registered under the Cooperatives Act have been directly regulated by the Federal Department of Cooperatives as well as the provincial and local levels. Cooperatives currently have a transaction of Rs 700 billion. </span></span></span></span></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"">Although the Federal Cooperatives Act mentions that even the NRB can regulate the institutions doing more than 500 million transactions, it has not done so yet. As the problem in cooperatives is increasing, the Department of Cooperatives is preparing to take the assistance from NRB for monitoring. </span></span></span></span></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"">Similarly, Employees Provident Fund, Citizen Investment Trust and Social Security Fund have been regulated by separate acts. These organizations have also been mobilizing funds for employees of the formal sector. </span></span></span></span></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"">Similarly, NRB has also formed the Financial Institution Supervision Department by merging Development Bank and Finance Company Supervision Department. After the number of development banks and finance companies decreased due to mergers and acquisitions, a new department has been formed by merging the two departments. </span></span></span></span></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 number of development banks and finance companies has decreased significantly after NRB encouraged mergers by issuing merger and acquisition procedures in 2068. The number of development banks, which was 90 in 2070, has decreased to 18 in 2078. Similarly, the number of finance companies which was 79 has also decreased to 17. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-04', 'modified' => '2022-02-04', 'keywords' => '', 'description' => '', 'sortorder' => '14466', 'image' => '20220204014959_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-02-04 13:49:22', '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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However, virtual currency lacks ‘legal tender status’ and ‘state backing’ and is considered as ‘speculative assets,’ NRB said in the notice. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, networking business, according to the NRB, is such business in which a company gives membership to its customers and encourages them to make new customers in order to sell products and services. Such business is also termed as multi-level marketing (MLM), NRB said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">MLA business involves pyramid scheme which has high chances of customers being duped, the central bank warned. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank also urged one and all to remain cautious stating that the nature of cryptocurrency and networking marketing is not a subject to regulation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NRB has mentioned that there remains high risk for investment in money laundering and terrorist activities from the transaction of cryptocurrency and networking marketing. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Use of cryptocurrency could lead to illegal activities, especially forgery and tax evasion and the networking marketing is also illegal economic act leading to negative impact on revenue collection, the central bank stated. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the central bank said use of cryptocurrency could impact on the regulation of capital flight. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank added that increasing use of cryptocurrency could pose threat to fiscal stability. (With inputs from RSS) </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-09', 'modified' => '2022-02-09', 'keywords' => '', 'description' => '', 'sortorder' => '14480', 'image' => '20220209121517_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-02-09 12:14:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14736', 'article_category_id' => '1', 'title' => 'Jagdamba Steels Initiates Third-Country Export of Steel for the First Time in Nepal', 'sub_title' => '', 'summary' => 'February 7: Jagdamba Steels, one of the leading steel manufacturers of Nepal, has stated that the company has for the first time in the country’s industrial history initiated third-country export of steel products.', 'content' => '<p><em><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">A consignment of colour coated coils and sheets of Jagdamba Steels leaving for Sri Lanka in this handout photo provided by the company on February 6.</span></span></em></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">February 7: Jagdamba Steels, one of the leading steel manufacturers of Nepal, has stated that the company has for the first time in the country’s industrial history initiated third-country export of steel products.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The company said in a statement that it has started exporting colour coated coils and sheets for the first time. According to the statement issued by the company on February 6, a consignment of colour coated coils and sheets was sent to Sri Lanka in its first-ever export to a third country. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The statement further added that the color coated coils and seats of Jagdamba Steels have high demand in Southeast Asia, Middle East Asian countries and South Africa.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Shanker Lal Agrawal, chairman of Shanker Group said, "Consumer satisfaction via excellent quality of our product has been our major commitment and priority. Our products are manufactured in high-tech and first in class manufacturing plants to ensure quality of each product. On this auspicious occasion, we'd like to express our sincere gratitude to all our consumers for their continuous love and support towards our products and brands. It is with their love and support that today we have been established as the first company in Nepal to initiate third-county export.”</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Chairman Agrawal added that this benchmark has further influenced them to keep delivering their “respected consumers” with best in class products in the near future as well.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-02-07', 'modified' => '2022-02-07', 'keywords' => '', 'description' => '', 'sortorder' => '14479', 'image' => '20220207072623_cargo.jpeg', 'article_date' => '2022-02-07 19:25:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14735', 'article_category_id' => '1', 'title' => 'Nepal's Bad Debt Least in South Asia', 'sub_title' => '', 'summary' => 'February: Nepal's non-performing loans (NPLs) in the banking sector are lower than that of other South Asian countries.', '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"">February: Nepal's non-performing loans (NPLs) in the banking sector are lower than that of other South Asian countries. This is the finding of a recent study conducted by the Confederation of Banks and Financial Institutions Nepal (CBIFIN) based on the latest World Bank data.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In 2020, the share of non-performing loans (NPLs) of commercial banks, development banks, and finance companies in Nepal was 1.7%, which is much less than the NPF of other South Asian countries.</span></span></span></span></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"">Among the South Asian countries, Pakistan has the highest non-performing loans at 9.2 percent. The Maldives has 8.3 percent non-performing loans and India has 7.9 percent non-performing loans. Similarly, non-performing loans (NPLs) stood at 7.7 percent in Bangladesh and 4.9 percent in Sri Lanka.</span></span></span></span></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"">While non-performing loans (NPLs) of other South Asian countries are around 5 percent to 9 percent, the fact that Nepal’s bad debts are below 2 percent is a positive outcome, argue experts. As of mid-November, Nepal's non-performing loan has been limited to 1.37 percent.</span></span></span></span></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"">Banking expert BN Gharti said that the situation of Nepal’s banking sector is good in terms of non-performing loans. He said that such a result has come due to the close monitoring and supervision of the regulatory body Nepal Rastra Bank (NRB).</span></span></span></span></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"">“On top of that, Nepali banks have also matured recently. With the reduction in the number of banks, the management has also improved,” he said.</span></span></span></span></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 share of non-performing loans in the Nepali banking sector had reached about 30 percent in 2062-63 BS. Based on that, Gharti understands that Nepali banks have been able to manage loans 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"">He said most economic sectors have been affected by the Covid-19 pandemic, and non-performing loans could be a problem. “NRB has made various policy arrangements to reschedule or restructure loans in the Covid affected 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"">As a result, banks didn't do provisioning on Covid-affected loans and refinancing was used to pay interest on such affected loans. Nepal's problem was covered in the case of non-performing loans, he said.</span></span></span></span></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 International Monetary Fund has also mentioned that non-performing loans are covered in Nepal. CBIFIN has also made public the study report with suggestions for the solution to the liquidity crunch faced by the banking sector of Nepal.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-07', 'modified' => '2022-02-07', 'keywords' => '', 'description' => '', 'sortorder' => '14478', 'image' => '20220207022742_20201209021045_Non-Performing-Loans-890x395_c 2.jpg', 'article_date' => '2022-02-07 14:27:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14734', 'article_category_id' => '1', 'title' => 'Average Spread Rate of 17 Development Banks Stands at 4.22 Percent', 'sub_title' => '', 'summary' => 'February 7: The average spread rate of 17 development banks of Nepal in the second quarter of the current fiscal year stands at 4.22 percent. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 7: The average spread rate of 17 development banks of Nepal in the second quarter of the current fiscal year stands at 4.22 percent. </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"">As per the financial statements of the second quarter of the current fiscal year (FY 2078/79) released by the development banks, the spread rate has decreased by 1.15 percentage points as compared to the corresponding period of the previous fiscal year (FY 2077/78). The average spread rate was 5.37 percent during the corresponding period of last 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"">There are 16 development banks listed in the Nepal Stock Exchange (NEPSE). Salpa Development Bank is not listed in NEPSE. The spread rates of Narayani Development and Salpa Development Bank have increased compared to the second quarter of last year. During the review period, the spread rate of Narayani Development Bank has increased by 2.32 percentage points and stood at 3.88 percent. The bank's spread rate was 1.56 percent in the second quarter of last 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"">The spread rate of Salpa Development Bank, which is not listed in NEPSE, has increased by 0.16 percentage points in the current fiscal year as compared to the second quarter of last fiscal year. The spread rate of the bank was 4.73 percent in the second quarter of last fiscal year which is now 4.89 percent. </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"">Sindhu Development Bank has the highest spread rate. The bank's spread rate stood at 5.22 percent in the second quarter of the current fiscal year. In the second quarter of the last fiscal year, the spread rate of the bank was 6.37 percent. </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"">The spread rates of the 17 development banks are more than 3 percent in the review period while the spread rates of 10 of them are more than 4 percent. </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"">In the second quarter of the current fiscal year, three banks have reduced the spread rate by more than two percentage points. Karnali Development Bank is one of those banks to reduce the spread rate the most. Compared to the second quarter of last year, its spread rate has decreased by 4.3 percentage points. </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"">The bank's spread rate was 8.99 percent in the second quarter of last year and 4.96 percent in the current fiscal 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"">Saptakoshi Development Bank and Axel Development Bank are among those who have also reduced the spread rate. The spread rate of these banks has decreased by more than 2 percentage points. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-07', 'modified' => '2022-02-07', 'keywords' => '', 'description' => '', 'sortorder' => '14477', 'image' => '20220207122057_Banks - Copy.jpg', 'article_date' => '2022-02-07 12:20:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14733', 'article_category_id' => '1', 'title' => 'Odd-Even Rule Enforced on Private Vehicles, Taxis Lifted ', 'sub_title' => '', 'summary' => 'February 7: The odd-even rule enforced on private vehicles and taxis in Kathmandu Valley has been lifted from Sunday night. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 7: The odd-even rule enforced on private vehicles and taxis in Kathmandu Valley has been lifted from Sunday night. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A meeting of the Chief District Officers of the three districts in the Kathmandu Valley on Sunday lifted the odd-even system, enforced by the meeting of the COVID-19 Crisis Management Coordination Centre. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The odd-even system for vehicles was enforced on public and private vehicles in Kathmandu Valley effective from January 22 following a rise in Covid-19 cases. However, the odd-even system imposed on public vehicles was removed since last week. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Sunday’s meeting also decided to allow schools and colleges to run physical class from February 13. However, the schools have been asked to run physical classes by following health safety protocols in case of students above 12 years and to arrange alternative classes in case of students below 12 years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the meeting also decided to allow the operation of night businesses like dance bar and clubs till 10:00 pm from February 13. The meeting, however, has restricted all types of rallies, gatherings, and festivals. -- RSS </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-07', 'modified' => '2022-02-07', 'keywords' => '', 'description' => '', 'sortorder' => '14476', 'image' => '20220207114451_20190505032725_DSC_1925.jpg', 'article_date' => '2022-02-07 11:44:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14732', 'article_category_id' => '1', 'title' => 'US Company to Carry out Detailed Study of Smart City Project in Kavre ', 'sub_title' => '', 'summary' => 'February 6: The Nepal Infrastructure Bank Limited (NIFRA) has reached an agreement with a US-based company, JLL, to carry out a detailed study of the market for a Smart City project in Panchkhal Municipality of Kavrepalanchok district. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">February 6: The Nepal Infrastructure Bank Limited (NIFRA) has reached an agreement with a US-based company, JLL, to carry out a detailed study of the market for a Smart City project in Panchkhal Municipality of Kavrepalanchok district. JLL has been given two months’ time for the work. </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"">NIFRA had reached an agreement with the municipality on July 27 to develop it as a smart city. A seven-point memorandum of an understanding was signed between the municipality and NIFRA in this regard. Mayor of the municipality Mahesh Kharel and NIFRA executive officer Ram Krishna Khatiwada had sighed the MoU. </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 public-private partnership project covering around 4,500 ropanis of land is estimated to cost approximately Rs 2 billion. </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"">After the study report by the JLL, NIFRA would carry out further works. A discussion has also been held with people's representatives, political parties, and concerned stakeholders to take the project forward. </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"">Mayor Kharel further informed that the municipality would assist in administrative works and land management for the project while NIFRA and its business partner would bear the cost of construction of infrastructures. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14475', 'image' => '20220206060744_urban_1630479131.jpg', 'article_date' => '2022-02-06 18:06:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14731', 'article_category_id' => '1', 'title' => 'NRB in Favour of Interlink Between Digital Wallet Companies', 'sub_title' => '', 'summary' => 'February 6: The general public will now be able to use mobile banking, wallet or QR code services of one company to make electronic payments for other companies.', '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"">February 6: The general public will now be able to use mobile banking, wallet or QR code services of one company to make electronic payments for other 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:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has issued a directive to payment service providers and payment system operators to interconnect with each other and provide hassle-free access to each other’s systems.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the new directive, institutions affiliated with mobile banking, wallet and QR codes as well as small payment systems (retail payment) should be interconnected with each other within 6 months. The directive states that the companies can maintain interconnection through mutual agreement. The directive has instructed such companies to clearly mention the fees incurred while maintaining interconnection, division of charges and the action to be taken in case of breach of agreement as well as the provision of compensation.</span></span></span></span></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"">Altogether ten payment system operators and 27 payment service providers are operating the service currently with the permission of NRB. Due to the lack of interconnection between service providers, the general public has not been able to exchange money with one another.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Clearing House Limited (NCHL) had launched the National Payment Switch from November to facilitate the electronic payment system. The interconnection between wallet companies has become possible due to the operation of the Payment Switch.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the NRB, there are currently 14.1 million mobile banking users, 1.16 million internet banking users and 8.88 million people who use digital wallet.</span></span></span></span></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 Nepal Rastra Bank has informed that the interconnection will enable the customers of one payment service provider to be associated with another payment system and exchange information with other systems through the same system. As per the information of NRB, the interconnection will also facilitate financial transactions.</span></span></span></span></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 directive states that payment system operators and payment service providers must comply with the technical and business standards established by international good practice and in case of non-compliance, they will still be able to operate the service with the prior approval of NRB. Similarly, any licensed entity is not allowed to make rules or restrict the use of technology to prevent any other licensed entity from accessing its payment system.</span></span></span></span></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"">However, if the access to interconnection may result in liquidity risk, operational risk and other systemic risks or if there is sufficient basis to negatively affect the security of the system, the licensed institution can block access to its system for a specified period. But, in case of suspension of such access, the service provider must clearly inform the concerned institution and NRB the reasons behind it.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p><br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14474', 'image' => '20220206052645_digital-wallet-trends-main.jpg', 'article_date' => '2022-02-06 17:26:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14730', 'article_category_id' => '1', 'title' => 'Govt to Amend Laws to Attract Industrialists to Special Economic Zone', 'sub_title' => '', 'summary' => 'February 6: The government is preparing to amend laws related to the Special Economic Zone (SEZ) after realizing that the weak policy of the state has drawn lukewarm response from the industrialists towards the government initiative.', 'content' => '<p><em>This file photo shows Special Economic Zone Authority signing agreement with NIFRA. Photo Courtesy: SEZA</em></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">February 6: The government is preparing to amend laws related to the Special Economic Zone (SEZ) after realizing that the weak policy of the state has drawn lukewarm response from the industrialists towards the government initiative.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the Special Economic Zone Authority (SEZA), the government is currently reviewing the drawbacks in the Act related to SEZ and is planning to make the concept more attractive by providing additional facilities to the industrialists through amendment of the laws.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Initially, the laws related to SEZ had a provision requiring the industries to export 80 percent of the products but that was later revised to 60 percent after opposition from the industrialists. The government is planning to further reduce this threshold as the industrialists are still not happy with the provision. Therefore, the government is planning to amend the related laws to facilitate the industries.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Executive Director of the Special Economic Zone Authority Chandika Prasad Bhatta admitted that the main reasons for lack of interest among the industrialists include the provision for export and the charge for using the plots, which the government intends to address through amendment of laws. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to Bhatta, the government is preparing to amend the laws to facilitate the provision of exports. Discussions are currently being held in this regard while additional facilities are being incorporated for the operation of SEZ, he added. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Homework is being done to facilitate the operation of SEZ. For this, a sub-committee has been formed already,” said Bhatta.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to Bhatta, the sub- committee has recommended zero export in the first two years. As per the recommendation of the sub-committee, the exports should be increased to 20 percent in the third year, 40 percent in the fourth year and 60 percent in the fifth year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">If the industries fail to meet the target in the given timeframe, they will be allowed to sell the products in the domestic market after paying fines. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Earlier, the industries were not allowed to sell the products in the local market. But now they are allowed to do so. The fine charged will be equal to the profit they make,” said Bhatta.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">He said that the industries will be given two years’ time initially to find international market and to seek quality assurance certificate. He added that this time period will be enough for the industries. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government is also planning to reduce the charge for operating industries in the SEZ to facilitate small industries. Initially, the government had fixed a rate of Rs 150 per square feet to operate industry in the SEZ. Due to stiff opposition from the industrialists, the rate was dropped to Rs 20 per square feet.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">As the industrialists complained that the reduced rate was still high, the government is preparing to further reduce the charge, informed the authority. The government is holding discussions if the charge for operating industries can be fixed at Rs 10 per square feet but a final decision has not been taken in this regard.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government had decided to set up Special Economic Zones in 2060 to facilitate export business. Although the government has announced to waive income tax, VAT and customs duty for industries set up in the SEZ, the industrialists are not much keen to operate industries in SEZ.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Bhairahawa-based SEZ is the perfect example. Set up five years ago, it has not been able to achieve expected results. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14473', 'image' => '20220206041319_IMG_4830_SEZA_NIFRA_MOU_1638852441.jpg', 'article_date' => '2022-02-06 16:12:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14729', 'article_category_id' => '1', 'title' => 'Elections have had Mixed Impact on Stock Market', 'sub_title' => '', 'summary' => 'February 6: The understanding between Prime Minister Sher Bahadur Deuba and Election Commission (EC) to hold the local level elections on May 18 had a positive effect on the stock market.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">February 6: The understanding between Prime Minister Sher Bahadur Deuba and Election Commission (EC) to hold the local level elections on May 18 had a positive effect on the stock market. However, this enthusiasm did not last long. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On February 1, the day the EC proposed the election date, the Nepse index increased by 19.29 points and closed at 2891.33 points. However, on Thursday, the first trading day after that, the Nepse index fell by 14.60 points and closed at 2876.74 points. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the Nepse index declined and closed on Thursday, shares worth Rs. 8.61 billion were traded. Most investors believe that the stock market will set a new record during the upcoming elections. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to an investor in the stock market, there are ample grounds for the market to reach new heights before the upcoming election. "The stock market has always had a history of rising during elections. Looking at the market trend, this time is different than before. The market will reach new heights before the next election," he said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Looking at the history of the election, the growth of the Nepse index has been mixed. The first election of the Constituent Assembly held in 2064, the second election of the Constituent Assembly held in 2070 and the local, state and federal elections held in 2074 show that the rise and fall of the Nepse index has been mixed. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During the elections held in 2064 and 2070, the Nepse index had increased. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the month before and after the election in 2070, the Nepse index had increased by 37 percent. Similarly, the index had increased by 4 percent in the period one month before and after the election of 2064. However,during the three tiers of elections held in 2074, the index has decreased by 7 percent. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14472', 'image' => '20220206022607_20180911013817_be.jpg', 'article_date' => '2022-02-06 14:25:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14728', 'article_category_id' => '1', 'title' => '68 Plots of Simara SEZ Ready to Set Up Industries', 'sub_title' => '', 'summary' => 'February 6: The Special Economic Zone Authority (SEZA) is preparing to invite industrialists to submit proposals for the operation of the Special Economic Zone (SEZ) in Bara with an investment of Rs 3 billion.', '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"">February 6: The Special Economic Zone Authority (SEZA) is preparing to invite industrialists to submit proposals for the operation of the Special Economic Zone (SEZ) in Bara. Investment worth Rs 3 billion has already been poured into the Simara-based Special Economic Zone while the authority has already set up 68 plots of land for the operation of industries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">SEZA is urging the industrialists to start their business within a month and open all kinds of industries in Simara SEZ. The SEZ is especially targeting garment industries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">SEZA is preparing to operate Simara SEZ at a time when the country’s first Special Economic Zone in Bhairahawa is not fully operational. SEZA's Executive Director Chandika Prasad Bhatta said that the construction of infrastructure in Simara SEZ has reached the final stage.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Other infrastructures related to the SEZ such as sewerage, water, road construction have been completed, and now necessary work is ongoing for internal electrification. He said that 15 MW of electricity is needed immediately for 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"">Service and administrative buildings have also been constructed in Simara SEZ. Bhatta said that the Simara SEZ would be fully operational soon.</span></span></span></span></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"">SEZA is also preparing to demand project work from the industrialists and businessmen who are proposing to set up industries in Simara SEZ. "We are discussing the provision of project loan for the project," Bhatt said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">This provision would allow the bank to take over the assets of the industry and invite other industrialists and businessmen who are willing to operate the industry if the industrialists operating the industry in the SEZ are unable to repay the loan and default.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">If the industrialists are not able to operate the industry, it will create an environment for another industrialist to enter the SEZ and the industry will continue to operate in the SEZ. Bhatta said that even though there are five blocks in Simara SEZ, Block A will be operated first, and other industries from the private sector will be allowed to operate another block. Block A of Simara SEZ is spread over 814 acres of land. </span></span></span></span></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 has announced 14 SEZs across the country, including one each in all seven provinces, to promote exports and reduce the trade deficit and create employment in the country. So far, Bhairahawa SEZ has come into operation while Simara is on its way. </span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14471', 'image' => '20220206012529_IMG-1394_1638940564.jpg', 'article_date' => '2022-02-06 13:24:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14727', 'article_category_id' => '1', 'title' => '4,000 Containers of Goods Stranded in Indian Port after CONCOR Downscales its Service', 'sub_title' => '', 'summary' => 'February 6: Amendment to the Nepal-India Railway Service Agreement ended the monopoly of Container Corporation of India (CONCOR) in transporting goods to and from Nepal but it has hardly benefitted Nepal’s foreign trade.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Om Prakash Khanal</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">February 6: Amendment to the Nepal-India Railway Service Agreement ended the monopoly of Container Corporation of India (CONCOR) in transporting goods to and from Nepal but it hardly profited Nepal’s foreign trade. Instead, Nepali importers have been further burdened after the amendment.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Following the amendment to the railway service agreement, two private railway service providers of India emerged as the main competitors of CONCOR. However, the strategies adopted by CONCOR to keep its competitors at bay has badly affected Nepali importers.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Initially, CONCOR had slashed its freight charges significantly to stem out its competitors. Now, it has cut down the size of regular supply of containers all of a sudden throwing the import business out of gear.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">CONCOR has been causing problems in supply of containers alternatively at Kolkata Port and Visakhapatnam Port. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Sometime ago, CONCOR had caused problems in supplying rail rakes at Kolkata Port but now it has shifted its focus to Visakhapatnam, where it has downsized the regular supply chain. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">As a result, containers inbound for Nepal from third countries have been stuck at the port since the last two months, informed Ashish Lath, a Nepali importer.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“This problem has surfaced at Visakhapatnam port since the last two months after CONCOR refused to provide the required railway service. So we have not received the goods in time,” said Lath, who is also the secretary of Birgunj Chamber of Commerce.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to him, around 4,000 containers of Nepal-bound goods are currently stuck at Visakhapatnam.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Earlier, CONCOR used to avail 20 trains per month for transportation of goods to Nepal but that number has now been reduced to 7 or 8 per month. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The containers have been piling up at the port as the service provider has availed less number of trains than the actual demand.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“There wasn’t any such problem when CONCOR enjoyed its monopoly. As the competition increased, so did the problems,” said Pradeep Kedia, former chair of Birgunj Chamber of Commerce. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">CONCOR is responsible to transfer 90 percent of shipments to Nepal and also has adequate rail rakes to provide the service. However, the problem has surfaced due to the company’s mala fide intention to reduce the number of rail rakes to provide freight service. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Although Hind Terminal and Pristine Logistics from the private sector have started transporting goods up to Nepal, they do not have the required trains to meet the demand.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">CONCOR has exploited this weakness of its competitors in its favour. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">CONCOR had reduced the freight charge from Kolkata and Visahkapatnam to Nepal by 30 to 35 percent to attract Nepali importers. But it has also reduced the number of trains providing the transportation service that has badly affected the import business of Nepal.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The Nepal-India Railway Service Agreement was amended on June 29 last year. CONCOR issued a notice on September 15 confirming a reduction in freight charge.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to sources, CONCOR used to make a profit of IRS 12,000 for transportation of one container of goods. However, its profit has been reduced to IRs 5,000 per containers after adjusting the fare. It has been learnt that CONCOR has been providing additional rail racks for transportation of goods of Indian companies where it makes more profit.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal’s Consul General in Kolkata Ishwar Raj Poudel said a similar problem had emerged at Kolkata Port a month ago. The problem was resolved after establishing proper coordination with CONCOR officials at the initiative of the consulate, said Poudel. However, Visakhapatnam does not fall under the jurisdiction of Nepal’s consulate in Kolkata. Nepal’s embassy in New Delhi has been handling the issues faced by Nepali importers at this port.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepali importers say that CONCOR, which enjoyed its monopoly for almost one and a half decade, has now started raising various issues after its domination was challenged.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Although the importers do not have to directly bear the late fee, the delay has caused them losses from commercial point of view. The Nepali importers fear that the shipping companies are likely to add the late fee and collect it from the importers if such delays persist any longer. It will result in price hike and the consumers will have to eventually face the burden, says Kedia.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">CONCOR needs to agree to ‘no objection’ for other competitors to facilitate Nepal’s import business. However, the Nepali importers say that CONCOR has refused to issue ‘no objection’ letter to its competitors.</span></span></p> <p> </p> <p><span style="font-size:16px"><strong><span style="font-family:Calibri,"sans-serif"">Shipping companies benefit from competition</span></strong></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepali importers have not been able to benefit from the entry of private companies in transportation of goods to Nepal from third companies via India. The shipping companies takes full charge from transporting cargo containers to the CIF Birgunj. That includes the transportation cost from India’s ports to Birgunj customs. Although the transportation company has reduced the fare by 30 to 35 percent, the shipping company charges the old rate to the Nepali importers.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Although a handful of big importers have started benefitting from the reduction in transportation charge, majority of importers are still denied such facility. Just like the monopoly of CONCOR in transportation of containers, Maersk Shipping Company dominates container supply business. As there is no competition in container supply business, the shipping company is benefitting from the reduction in transportation cost instead of the importers.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14470', 'image' => '20220206123218_1644103590.Clipboard06.jpg', 'article_date' => '2022-02-06 12:29:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14726', 'article_category_id' => '1', 'title' => 'NRB Urges Caution for Electronic Transaction ', 'sub_title' => 'Central Bank Warns Fraudulent Activities on the Rise', 'summary' => 'February 6: With the significant increase in the use of electronic means for transaction, fraudulent activities under various pretexts have also increased to a great extent.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 6: With the significant increase in the use of electronic means for transaction, fraudulent activities under various pretexts have also increased to a great extent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Rastra Bank (NRB) has advised the public to remain vigilant about such fraudulent activities and adopt safety measures. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a notice on Friday (February 4), NRB said fraudulent cases of lottery as well as strangers seeking user name, password and OTP for internet banking and mobile banking of customers under various pretexts have been on the rise.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Through the notice, the central bank cautioned the public regarding the risks involved in conducting financial transactions through electronic means, urging users to pay special attention to electronic payments. The public notice has been issued following complaints that criminal groups are using electronic devices and means to defraud customers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank has asked people not to share their passwords, OTP or any other sensitive information, to change their passwords from time to time and to keep such passwords confidential.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the central bank has also advised users not to download unauthorized applications as criminal groups can get access to sensitive information while downloading such applications on mobile or other devices. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the NRB has stated that complaints or grievances can be registered by contacting the concerned banks and financial institutions and the NRB (https://gunaso.nrb.org.np) if there is any suspicion or complaint about fraudulent activities while conducting financial transactions through various mediums. </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-06', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14469', 'image' => '20220206110136_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-02-06 11:00:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14725', 'article_category_id' => '1', 'title' => 'Investors Unaware of Multiple Taxation on Income from Dividends', 'sub_title' => '', 'summary' => 'February 4: It has been found that shareholders of companies distributing dividend income have been forced to pay tax thrice against the laws.', '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"">February 4:<strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> </span></span></strong>It has been found that shareholders of companies distributing dividend income have been forced to pay tax thrice against the laws. Shareholders of banks, investment companies, hydropower companies, and other companies have been at the receiving end due to the multiple taxation.</span></span></span></span></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"">However, investors and companies are not aware of this. As a result, stock investors are affected. Banks, investment companies, and some hydropower companies in Nepal have been investing in their subsidiaries and other companies. And, they are earning dividends every year from that. Those subsidiaries and other companies pay income tax, or corporate tax, for the first time. The investors then have to pay an additional 5 percent on the dividends they receive from those 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:"Times New Roman","serif"">According to the Income Tax Act, no additional tax is levied on such income. However, the shareholders of such companies have been indirectly paying profit tax on such income.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">No tax is levied if the related companies declare that the income is earned from the dividend. The shareholders of the company can take the dividend automatically without paying any tax. However, companies do not declare such earnings as separate dividends. Such income is included directly in the profit and loss account.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">That is to say, such dividends of companies are also distributed in addition to the total dividend.</span></span></span></span></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 a result, shareholders have been paying tax even on non-taxable dividends, experts say. However, companies have not paid corporate tax on such income.</span></span></span></span></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"">Advocate Jyoti Dahal, a researcher in the securities market, said that investors in companies that earn dividends are hit by double taxation. He said that they have been hit hard especially by the 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:"Times New Roman","serif"">“Companies that distribute dividend income can distribute the same income to shareholders tax-free. For that, the companies have to do separate audits,” he said, “But the companies have not done separate audits on such revenue. As a result, investors have to pay tax even on non-taxable dividends.”</span></span></span></span></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 said such situation has arisen because of the carelessness of the companies. “This is not an issue related to the government. This is the issue of the 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:"Times New Roman","serif"">According to Dahal, the companies need to pay attention to this issue but the government should also intervene if needed.</span></span></span></span></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"">Representatives of some companies admitted that their income is taxed for the third time because they do not conduct a separate audit of the income earned from dividend.</span></span></span></span></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"">"We do not pay corporate tax on such income. However, dividends are declared in one lump sum,” said a company official. </span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-02-04', 'modified' => '2022-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '14468', 'image' => '20220204021842_Dividend-income.jpg', 'article_date' => '2022-02-04 14:17:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14722', 'article_category_id' => '1', 'title' => 'House Panel says Rs 175 Billion Required to Complete KTM-Terai Fast Track', 'sub_title' => '', 'summary' => 'February 4: Members of the Delegated Management Committee under the National Assembly recently visited the Kathmandu-Terai Fast Track to take stock of the latest development.', '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"">February 4: Members of the Delegated Management Committee under the National Assembly recently visited the Kathmandu-Terai Fast Track to take stock of the latest development. The parliamentary committee then concluded that it will cost an additional Rs 175 billion to complete the Kathmandu-Terai / Fast Track on time.</span></span></span></span></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 parliamentary committee is also preparing to hold discussions with the concerned ministries to manage the required funds. Committee chairman Ram Narayan Bidari said that preparations are underway to hold discussions with the concerned ministries for the management of the required amount for the completion of the fast track.</span></span></span></span></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"">After the meeting of the committee concluded on Thursday, the chairman of the committee, Bidari stated that an additional Rs 175 billion would be required for the completion of the fast track, which would be managed after discussions with the concerned authorities.</span></span></span></span></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 has set a target to complete the fast track by 2024. However, committee chairman Bidari said that after the on-site inspection, there are doubts on whether it would be completed on time. According to Bidari, the committee held discussions with the secretaries of the concerned ministries, especially the Ministry of Forests, Ministry of Physical Infrastructure and Construction, Ministry of Defense, Ministry of Finance, and the Secretariat of the Council of Ministers in this regard.</span></span></span></span></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 committee has concluded that assigning the contract and giving momentum to the work will be hampered until resources are ensured. “The meeting decided to call the vice-chairman of the National Planning Commission, the defense secretary, and the finance secretary to discuss how to solve the problems seen in the construction of the fast track,” Bidari added. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to him, the work is being delayed due to the lack of coordination among various ministries. The committee said it will give instructions in the coming days after discussing with the concerned ministries on the issue of increasing the coordination among the ministries.</span></span></span></span></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 Nepalese Army has been awarded the contract to complete the fast track. It has divided the project in several parts and sub-contracted experienced companies to undertake certain tasks under the project.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-04', 'modified' => '2022-02-04', 'keywords' => '', 'description' => '', 'sortorder' => '14467', 'image' => '20220204125843_20210516122418_20170616052456_fast track nov 21.jpg', 'article_date' => '2022-02-04 12:57:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14724', 'article_category_id' => '1', 'title' => 'NRB Expands it Regulatory Ambit ', 'sub_title' => '', 'summary' => 'February 4: Nepal Rastra Bank has expanded its regulatory ambit to supervise non-banking sector. ', '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"">February 4: Nepal Rastra Bank has expanded its regulatory ambit to supervise non-banking sector. NRB has set up a Non-Bank Financial Institution Supervision Department to indirectly regulate large financial transactions in institutions other than banks and financial institutions licensed by the NRB. </span></span></span></span></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 department formed by the meeting of the NRB Management Committee on January 24 has been assigned the role of supervising and monitoring the foreign regulatory entities, Hydro Electricity Development Company and National Cooperative Bank. </span></span></span></span></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"">"For the time being, the department has been set up to regulate non-financial institutions licensed by the central bank," said NRB spokesperson Gunakar Bhatta, "Once legally clear, other non-financial institutions that conduct financial transactions can also be regulated."</span></span></span></span></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"">Governor of NRB Maha Prasad Adhikari had been saying in formal programs that the department would be formed in such a way as to indirectly regulate even the institutions which are not under the direct regulation of NRB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">At present, cooperatives, Employees Provident Fund, Citizen Investment Fund, Social Security Fund and other institutions have been conducting financial transactions besides BFIs. </span></span></span></span></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 cooperatives registered under the Cooperatives Act have been directly regulated by the Federal Department of Cooperatives as well as the provincial and local levels. Cooperatives currently have a transaction of Rs 700 billion. </span></span></span></span></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"">Although the Federal Cooperatives Act mentions that even the NRB can regulate the institutions doing more than 500 million transactions, it has not done so yet. As the problem in cooperatives is increasing, the Department of Cooperatives is preparing to take the assistance from NRB for monitoring. </span></span></span></span></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"">Similarly, Employees Provident Fund, Citizen Investment Trust and Social Security Fund have been regulated by separate acts. These organizations have also been mobilizing funds for employees of the formal sector. </span></span></span></span></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"">Similarly, NRB has also formed the Financial Institution Supervision Department by merging Development Bank and Finance Company Supervision Department. After the number of development banks and finance companies decreased due to mergers and acquisitions, a new department has been formed by merging the two departments. </span></span></span></span></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 number of development banks and finance companies has decreased significantly after NRB encouraged mergers by issuing merger and acquisition procedures in 2068. The number of development banks, which was 90 in 2070, has decreased to 18 in 2078. Similarly, the number of finance companies which was 79 has also decreased to 17. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-04', 'modified' => '2022-02-04', 'keywords' => '', 'description' => '', 'sortorder' => '14466', 'image' => '20220204014959_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-02-04 13:49:22', '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
