December 24: Nepal’s foreign trade has increased by 63 percent in the first five months of the current fiscal compared to the corresponding period of last fiscal year (FY…
December 24: Nepal’s foreign trade has increased by 63 percent in the first five months of the current fiscal compared to the corresponding period of last fiscal year (FY…
December 23: The government has given a grace period of one month for disgruntled tax payers to withdraw cases filed for tax…
December 23: Power supply to the under-construction Gautam Buddha International Cricket Stadium has been cut off after it failed to pay electricity…
December 23: The import of electric vehicles (EVs) has taken a huge leap after the government lowered the customs…
December 23: The term of the National Reconstruction Authority (NRA), which has been managing the reconstruction of private houses, health posts and hospital buildings, public buildings and archeological heritage sites destroyed by the 2015 earthquake, is expiring on Friday, December…
December 23: Manakamana cable car, the first cable car of Nepal, has resumed its operation after…
December 23: The taskforce formed by the government to forge a consensus regarding the US-funded project, Millennium Challenge Corporation (MCC), held its first meeting on…
December 23: Nepal Rastra Bank, the central bank of Nepal, has taken measures to avert current liquidity crunch and reduce trade…
December 22: The Chamber of Industries, Morang (CIM) has drawn the attention of Nepal Rastra Bank (NRB) citing that the current liquidity crisis in financial sector is having implications in the operation of business…
December 22: Minister for Culture, Tourism and Civil Aviation Prem Bahadur Ale has said that state-owned Nepal Airlines Corporation (NAC) will not be…
December 22: Commercial banks listed in the Nepal Stock Exchange (NEPSE) have announced to pay dividend to investors from the last fiscal year's…
December 21: Nepal Rastra Bank (NRB) has made it mandatory to keep cash margin when opening letter of credit (LC) for importing luxury…
December 21: Nepal has received foreign investment commitment of Rs 30 billion in the first five months of the current fiscal year that began on July…
December 21: The production of mustard has increased in Chitwan district with the increase in area of…
December 21: Nepal's tourism promotion in China has been stalled since the past two years due to the Covid-19…
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Nepal’s foreign trade during the corresponding period of last fiscal year was worth Rs 575 billion. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The latest data issued by the Department of Customs show that the country’s import also increased by 59.55 percent this year compared to the previous year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Likewise, Nepal’s export also rose to 105.61 percent in the review period. The total export of the country was worth Rs 50.05 billion till mid-December last year which has reached Rs 102 billion this year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the department, despite the rise in export this year, the country’s trade deficit has further increased compared to last year. The country recorded a 54.7 percent rise in trade deficit which stands at Rs 735 billion in the first five months of the current fiscal year. Last year, the trade deficit was Rs 475 billion in the corresponding period. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the department, petroleum products formed a large part of Nepal’s import in the first five months of the current fiscal year. Among the sub-categories of petroleum products, diesel worth Rs 49.02 billion was imported till mid-December 2021. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Likewise, crude soybean oil comes second in terms of the highest proportion of import. Nepal’s entrepreneurs import crude soybean oil from different countries and export it to other countries after refining the product. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During the review period, around 980 million litres of soybean oil worth Rs 33.66 billion was imported in the country. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the Department, palm oil worth Rs 24.61 billion, petrol worth Rs 24.10 billion, LP gas worth Rs 23.11 billion and phone sets worth Rs 20.35 billion were also imported. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In the exports section, soybean oil was the country’s main export product during the review period. As per the data of the Department of Customs, soybean oil worth Rs 30.55 billion was exported from Nepal followed by palm oil worth Rs 27.42 billion. <em>(With inputs from RSS) </em></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-24', 'modified' => '2021-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '14278', 'image' => '20211224113150_Trade.jpg', 'article_date' => '2021-12-24 11:31:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14532', 'article_category_id' => '1', 'title' => 'Government Extends Deadline to Withdraw Tax Review Cases', 'sub_title' => '', 'summary' => 'December 23: The government has given a grace period of one month for disgruntled tax payers to withdraw cases filed for tax review.', '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"">December 23: The government has given a grace period of one month for disgruntled tax payers to withdraw cases filed for tax review. In doing so, the taxpayers will get waivers on fine as well as interest on taxes. </span></span></span></span></p> <p><span style="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 taxpayers who have applied for administrative review of tax assessment by various tax offices and filed cases in the court and revenue tribunal can withdraw the case until mid-January 2022 to benefit from the scheme. If the taxpayer withdraws the case within the given period, the interest, additional fee and penalty will be waived.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government had introduced such a provision through the Financial Act. According to the Article 20 of the Act, there is a provision to waive the fees, additional charges and penalties if the taxpayers withdraw the cases of administrative review. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A notice published on Nepal Gazette on December 15 reads 'the deadline has been extended to offer the waiver facility to the taxpayers as the service delivery has been hampered by the delayed appointment of chairperson in Revenue Tribunal in many areas.' </span></span></span></span></p> <p><span style="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 Inland Revenue Department, 1,205 applicants have registered for administrative reviews. According to Raju Prasad Pyakurel, information officer of the department, 94 applications have been withdrawn following the government notice. However, the number of cases pending in the revenue tribunals and courts is not known yet.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Janardan Sharma has even instructed the revenue officials to publish the details of the tax dispute cases. He believes the Inland Revenue and the Revenue Investigation Department should make tax disputes cases public.</span></span></span></span></p> <p><span style="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 budget announcement of the current Fiscal Year, Income Tax Act 2058, Value Added Tax Act 2052 and Excise Duty Act 2058, provides fifty percent waiver on interest for the tax determined until the mid July 2021, if the taxpayers withdraw cases filed for administrative review.</span></span></span></span></p> <p><span style="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, additional fees, penalty and fines will be waived if the due amount determined until mid-July 2020 is paid till mid-January 2022.</span></span></span></span></p> <p><br /> </p> <p><br /> </p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14277', 'image' => '20211223040942_20210116081553_Clipboard36.jpg', 'article_date' => '2021-12-23 16:09:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14530', 'article_category_id' => '1', 'title' => 'NEA Cuts Power Supply to Int’l Cricket Stadium ', 'sub_title' => '', 'summary' => 'December 23: Power supply to the under-construction Gautam Buddha International Cricket Stadium has been cut off after it failed to pay electricity tariff. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 23: Power supply to the under-construction Gautam Buddha International Cricket Stadium has been cut off after it failed to pay electricity tariff. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The construction works of the stadium have been stagnated for the past five months. The Bharatpur Transmission Centre of Nepal Electricity Authority (NEA) on Wednesday cut off power supply to the stadium for not paying the bills. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Engineer at the transmission centre, Rajendra Poudel, the dues have reached Rs 887,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Dhurmus Suntali Foundation that spearheaded the construction works of the cricket stadium had walked away from their responsibility after facing financial crisis. The Foundation has urged Bharatpur Metropolis to take ownership of the stadium saying the Foundation has yet to clear off dues over Rs 170 million. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA has also cut off power supply to Mount Everest Brewery as it has yet to pay electricity tariff dues of over Rs 3.74 million. Along with this, the NEA has cut off the lines of 12 small firms and organization for not paying the electricity bills. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '14276', 'image' => '20211223031018_maxresdefault (1).jpg', 'article_date' => '2021-12-23 15:09:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14529', 'article_category_id' => '1', 'title' => 'Imports of EVs Jump after Government Lowered Customs Duty', 'sub_title' => '', 'summary' => 'December 23: The import of electric vehicles (EVs) has taken a huge leap after the government lowered the customs duty.', '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"">December 23: The import of electric vehicles (EVs) has taken a huge leap after the government lowered the customs duty. The import of EVs has increased tremendously in the first five months of the current fiscal year 2078/79.</span></span></span></span></p> <p><span style="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 import of EVs has increased via the dry port of Birgunj. Balaram Bhandari, the customs officer at Birgunj Dry Port, informed that the import of EVs has increased after the government decided to adopt a policy to encourage the use of clean energy. Bhandari informed that 290 vehicles from various companies worth Rs 891.5 million were imported through the dry port. The data is of mid-July to mid-November.</span></span></span></span></p> <p><span style="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 customs office, 134 EVs worth Rs 439.3 million were imported from the dry port in the last fiscal year. During the review period, only eight such vehicles worth Rs 189 million were cleared through the customs.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“In the current fiscal year, the government has reduced customs duty on imports of EVs and removed excise duty. Due to this reason, the import of EVs has surged in great numbers,” said Bhandari.</span></span></span></span></p> <p><span style="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 then Finance Minister Bishnu Poudel had reduced the customs duty on the import of electric vehicles while introducing the current year’s budget through an ordinance. Customs officials say that there has been an increase in import after the removal of excise duty on imports.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Despite the increase in electricity production in the country, there was no consumption. Therefore, the decision to lower the customs duty on import of EVs was taken. The 80 percent customs duty in the previous fiscal year 2077/78 was reduced to 10 to 40 percent in the current fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the previous fiscal year, the then Finance Minister Yuba Raj Khatiwada received heavy criticism for imposing high tariffs and excise duties that directly affected the import of the EVs.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the previous fiscal year, 30 percent excise duty was fixed for imports but this year's budget has removed the excise duty. At present, importers have to pay 10 to 40 percent customs duty and 13 percent value added tax depending on the capacity of the vehicle. The road improvement fee is 5 percent. Reduction in the excise duty rate has positively affected the import of EVs.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14275', 'image' => '20211223023600_20211103021336_CarPartsCom_EV_1200x628.jpg', 'article_date' => '2021-12-23 14:35:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14528', 'article_category_id' => '1', 'title' => 'NRA’s Term set to Expire on Friday', 'sub_title' => '', 'summary' => 'December 23: The term of the National Reconstruction Authority (NRA), which has been managing the reconstruction of private houses, health posts and hospital buildings, public buildings and archeological heritage sites destroyed by the 2015 earthquake, is expiring on Friday, December 24.', '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"">December 23: The term of the National Reconstruction Authority (NRA), which has been managing the reconstruction of private houses, health posts and hospital buildings, public buildings and archeological heritage sites destroyed by the 2015 earthquake, is expiring on Friday, December 24. The government had established the autonomous body on December 25, 2015 to carry out the reconstruction works. The government had extended the term of NRA in December 2020 for a one year period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During its six year term, NRA has completed of 75 percent of works including the reconstruction of private houses in 31 districts including the 14 most affected by the earthquake. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Till the last fiscal year 2077/78, NRA spent a budget of Rs 381 billion for reconstruction. The Post Disaster Needs Assessment Report (PDNA) had estimated the need of Rs 938 billion investment for the post-earthquake reconstruction. However, the Post Disaster Recovery Framework (PDRF) had downsized the estimated cost to Rs 482 billion from Rs 938 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"">According to Manohar Ghimire, joint spokesperson of NRA, the budget spent in the current fiscal year has not been included in the record books yet. He said that the details of the cost, expenditure and source of funding are yet to be collected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRA has been handing over its works to the concerned agencies since mid-September. A meeting of NRA on Wednesday decided to hand over all of its responsibilities to the concerned bodies from now onward. The meeting chaired by Prime Minister Sher Bahadur Deuba decided to hand over all the responsibilities, assets and other works of reconstruction to other bodies on Wednesday, September 17.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Deuba has instructed the concerned bodies to complete the remaining works on time. Similarly, he has also expressed his commitment not to allow budget shortage for the remaining reconstruction works.</span></span></span></span></p> <p><span style="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 NRA, the total number of beneficiaries in the list so far is 866,207 and the grant agreement has been reached with 827,340. Now, the NRA will be responsible for preparing the integrated financial statement of current and capital expenditure for the fiscal year 2078/079 and the work related to audit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14274', 'image' => '20211223021108_20210628124301_tesXamd4TN210415090728.jpg', 'article_date' => '2021-12-23 14:10:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14531', 'article_category_id' => '1', 'title' => 'Manakamana Cable Car Resumes Operation ', 'sub_title' => '', 'summary' => 'December 23: Manakamana cable car, the first cable car of Nepal, has resumed its operation after maintenance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 23: Manakamana cable car, the first cable car of Nepal, has resumed its operation after maintenance. </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 cable car remained closed for four days from last Sunday for carrying out necessary maintenance in gear box and tower. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to deputy general manager of Manakamana Darshan Pvt Ltd, Ujjwal Sherchan, the cable car service remained shut for four days on December 19-22 for fixing technical glitches. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">He further shared that the cable car service has come into operation from December 23 after completing maintenance works. </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 cable car is upgrading its existing analogue system to digital system as per its plan. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14273', 'image' => '20211223031728_manakamana-Cablecar.jpg', 'article_date' => '2021-12-23 15:16:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14527', 'article_category_id' => '1', 'title' => 'Taskforce Starts Discussion to Forge Consensus on MCC', 'sub_title' => '', 'summary' => 'December 23: The taskforce formed by the government to forge a consensus regarding the US-funded project, Millennium Challenge Corporation (MCC), held its first meeting on Wednesday.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">December 23: The taskforce formed by the government to forge a consensus regarding the US-funded project, Millennium Challenge Corporation (MCC), held its first meeting on Wednesday. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During the meeting reportedly held at the residence of CPN (Unified Socialist) leader Jhalanath Khanal in Dallu, Kathmandu, the taskforce members held preliminary discussion regarding endorsement of the MCC which has courted controversy in Nepal. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Leaders are divided over whether to endorse the grant assistance or not due to the some alleged objectionable provisions of the project. Even some ruling parties including CPN Maoist Centre and CPN Unified Socialist are not in favour of endorsing the MCC grant agreement in its present form. They have been demanding amendment to some provisions while the main opposition party CPN UML has been obstructing house proceedings.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The then government led by Nepali Congress had signed the grant agreement with the MCC in Washington in September 2017. As per the agreement, the United States had agreed to provide US$500 million in grants for two projects, and that the Government of Nepal would contribute $130 million for these projects. The fund would be utilized for road construction and repair and electricity production and construction of transmission lines.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Minister for Communications and Information Technology Gyanendra Bahadur Karki, who is also a taskforce member, said that discussions held on Wednesday were headed in a positive direction. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The ruling coalition had formed a three-member taskforce to solicit support from other political parties to endorse the MCC. The taskforce led by Khanal comprises of CPN (Maoist Center) leader Narayan Kaji Shrestha and Minister Karki. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The task force has been mandated to hold discussions with other political parties on the issues ranging from resuming the parliamentary procedure to advancing several agendas under-consideration in the parliament. </span></span></p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14272', 'image' => '20211223123002_20210905114326_20200704031812_MCC.jpg', 'article_date' => '2021-12-23 12:29:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14526', 'article_category_id' => '1', 'title' => 'Central Bank Zeroes in on Import Replacement and Export Promotion ', 'sub_title' => '', 'summary' => 'December 23: Nepal Rastra Bank, the central bank of Nepal, has taken measures to avert current liquidity crunch and reduce trade deficit. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">December 23: Nepal Rastra Bank, the central bank of Nepal, has taken measures to avert current liquidity crunch and reduce trade deficit. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During a discussion organized by NRB with economic journalists on Wednesday, NRB Governor Maha Prasad Adhikari clarified that the central bank has given high priority to replace imports with export promotion in order to fix the current problem. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">He shared that liquidity flow of Rs 2,500 billion was made through permanent liquidity facility, Rs 69 billion through overnight repo, Rs 220 billion through repo and Rs 27 billion through direct purchase as of December 20.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“An arrangement has been made to keep loan deposit ratio at 90 percent till mid-July 2022 while re-financing facility of Rs 92 billion has been approved as of December 22 in the current fiscal year,” the governor informed. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In order to tame ballooning trade deficit, the central bank has placed different measures, including determining ceiling of foreign currency available for silver import, increment of one percent interest rate in the deposit of bank accounts of the people in foreign employment and arranging cent percent margin in the import of certain goods and commodities. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">He further informed that an arrangement has been made for the Non-Resident Nepalis and their associations to open savings and deposit accounts in foreign currency. Among other measures in place are cut-off in the facility of foreign currency cash exchange, control in the unlawful import of gold and reduction in the ceiling of ‘non-deliverable derivate forward’ that can be kept in foreign countries. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The country is heading towards economic recovery in the current situation with full liberation from the COVID-19 pandemic, he said, adding the situation of trade deficit resulted from the rise in the import and reduction of remittance inflow. “All these happened in course of the economic revival,” he claimed. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The liquidity crunch has resulted due to the decline in deposits compared to the loan flow rate. Liquidity problems are recurring in Nepalese economy in the context when export is weak and dependency on import is on the rise,” the governor shared. -- RSS</span></span></p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14271', 'image' => '20211223091128_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-12-23 09:10:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14522', 'article_category_id' => '1', 'title' => 'Liquidity Crisis having Implications on Business Sector: CIM', 'sub_title' => '', 'summary' => 'December 22: The Chamber of Industries, Morang (CIM) has drawn the attention of Nepal Rastra Bank (NRB) citing that the current liquidity crisis in financial sector is having implications in the operation of business sector. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 22: The Chamber of Industries, Morang (CIM) has drawn the attention of Nepal Rastra Bank (NRB) citing that the current liquidity crisis in financial sector is having implications in the operation of business sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President of the Chamber Suyash Pyakurel and his delegation on Tuesday met with NRB Governor Maha Prasad Adhikari requesting for the central bank’s intervention in the crisis to build conducive atmosphere for trade and industrial sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pyakurel apprised the governor that banks and financial institutions were finding hard to issue a letter of credit for importing industrial raw materials and they expressed fear that a day would come when they will have to suspend production in the lack of raw materials. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In response, the Governor Adhikari pledged to address the issues hampering to open the LC for the regular supplies of raw materials required for industries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Responding to the delegation’s request for discouraging the import of luxury goods, the NRB Governor said the central bank would bring several fiscal measures into practice to save the nation’s economy from the impact of liquidity crisis. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A single digit interest rate in loans for productive sector, and the effective implementation of provisions of re-finance and soft loans were among the demands put forth by the delegation before the NRB Governor. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The delegation comprised senior vice president Pradeep Murarka, vice-presidents Raj Kumar Golchha, Nanda Kishor Rathi and executive committee member Sushil Rijal among others. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-12-22', 'modified' => '2021-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '14267', 'image' => '20211222045734_Chamber of industries morang new.jpg', 'article_date' => '2021-12-22 16:56:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14521', 'article_category_id' => '1', 'title' => 'Tourism Minister Scraps Decision to Privatize NAC', 'sub_title' => '', 'summary' => 'December 22: Minister for Culture, Tourism and Civil Aviation Prem Bahadur Ale has said that state-owned Nepal Airlines Corporation (NAC) will not be privatized.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">December 22: Minister for Culture, Tourism and Civil Aviation Prem Bahadur Ale has said that state-owned Nepal Airlines Corporation (NAC) will not be privatized. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Informing that it was a ministerial decision not to privatize the NAC, he expressed his commitment to enhance the national flag bearer of Nepal. He also said that the Government of Nepal would assist NAC in adding new aircraft to its fleet. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During a meeting with NAC officials on Tuesday, Tourism Minister Ale said that the number of aircraft would be increased and the fares would be made competitive.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Minister Ale also directed officials of NAC to allocate at least 40 low-fare tickets for Nepali migrant workers going abroad for foreign employment. Currently, NAC has been offering 20 such seats to the migrant workers bound for foreign countries. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Minister Ale also asked the NAC team to prevent intermediaries from providing air tickets to the migrant workers at the NAC premises. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During the interaction, secretary at the ministry, Maheshwor Neupane, instructed the NAC to concentrate on profit-making through maximum utilization of its available means, resources and human resources in line with business plan. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Yubaraj Adhikari, executive chairman of NAC, informed that the corporation has been granted permission to transport dangerous goods due to its safety commitments. He added that the NAC has gained worldwide recognition after bilateral agreements with international airliners to use NAC’s ticket for flights to Europe and other destinations. He also said that the corporation has helped expand the market of Nepali products in the international market by opening a sales center.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Stating that the regularity of flights has increased and the number of passengers has also reached 80 percent of the seating capacity, he said that the process of flying to Riyadh in the Middle East has also reached the final stage of agreement. (With inputs from RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-22', 'modified' => '2021-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '14266', 'image' => '20211222044711_20211112081930_20210709080354_20180727021334_2.jpg', 'article_date' => '2021-12-22 16:46:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14519', 'article_category_id' => '1', 'title' => 'Commercial Banks listed in NEPSE Declare Dividends', 'sub_title' => '', 'summary' => 'December 22: Commercial banks listed in the Nepal Stock Exchange (NEPSE) have announced to pay dividend to investors from the last fiscal year's profit. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 22: Commercial banks listed in the Nepal Stock Exchange (NEPSE) have announced to pay dividend to investors from the last fiscal year's profit. </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"">Out of the total 27 commercial banks of the country, 26 listed in NEPSE have declared dividend including cash and bonus shares from the distributable profit of the fiscal year 2077/78. Some of the declared dividends have been decided by the banks after holding general assembly and some of them are preparing for the general assembly to make the announcement. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to figures made public so far, Nabil Bank is set to distribute the highest dividend comprising 33.6 percent bonus shares and 4.4 percent cash dividend. Similarly, Civil Bank will be giving away dividend of 5.26 percent on the basis of last year's distributable profit. The bank has stated that out of the declared dividend, five percent will be bonus shares and 0.26 per cent will be cash. </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 Himalayan Bank will award 21.38 percent bonus share and 4.62 percent cash dividend to its investors. Agriculture Development Bank has decided to distribute 21.0526 percent dividend with 20 percent bonus and 1.56 percent cash. Sanima Bank has announced 17 percent bonus and 0.8947 percent cash, Nepal Bank is giving 14 percent bonus and 3 percent cash, Prime Commercial Bank will give 16 percent bonus and 0.6313 percent cash. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Nepal Investment Bank has stated that it will distribute 16 percent dividend with 12.611 percent bonus and 3.389 percent cash and Citizens Bank will distribute 16 percent dividend with 12.913 bonus and 3.87 percent cash. </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 NMB Bank has offered its shareholders 12.5 per cent bonus shares and 3.3 per cent cash dividend, NIC Asia Bank will give 15 per cent bonus and 0.7895 per cent cash, Nepal Bangladesh Bank is proving 12 per cent bonus shares and 3 per cent cash. Siddhartha Bank will give 14.25 per cent bonus shares and 0.75 percent cash, Machhapuchche Bank has announced 14 percent dividend with 13.3 percent bonus and 0.7 percent cash, Bank of Kathmandu will provide 10 percent bonus and four percent cash. Global IME Bank has announced a 13.5 percent dividend with 10 percent bonus and 3.5 percent cash while Standard Chartered Bank has announced 13.6 percent dividend with 10 percent bonus and 3.6 percent cash. </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"">Prabhu Bank, Mega Bank, Laxmi Bank, Everest Bank, Kumari Bank, Nepal Credit and Commerce Bank (NCC), Sunrise Bank and Century Bank, Nepal SBI Bank have also announced dividend shares and cash bonus. </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"">Out of the declared dividend, the cash is deposited directly in the bank account while bonus shares will be entered into demat account provided by the investor. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-12-22', 'modified' => '2021-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '14265', 'image' => '20211222104354_dividend.jpg', 'article_date' => '2021-12-22 10:43:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14520', 'article_category_id' => '1', 'title' => 'NRB Demands Cash Margin for Opening LC to Import Goods', 'sub_title' => '', 'summary' => 'December 21: Nepal Rastra Bank (NRB) has made it mandatory to keep cash margin when opening letter of credit (LC) for importing luxury goods.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">December 21: Nepal Rastra Bank (NRB) has made it mandatory to keep cash margin when opening letter of credit (LC) for importing luxury goods. Such measure was introduced to control the declining foreign exchange reserves. </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"">NRB issued a directive for its own banking department, provincial offices, commercial banks and national level banks on December 20 and introduced the new provision. When banks open LC for the purpose of importing the goods, they need to take into consideration cash margin from the importer.</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"">NRB has implemented such provisions for the import of goods with various harmonic codes. When importing goods with harmonic codes 0907, 17, 22, 24, 3303, 3304, 3305, 44, 64, 65, 66, 67, 68, 69, 7010, 7106, 8703, 8711, 9403 and 9504.40.00 margin of fifty percent to cent percent should be available. Likewise, while importing items with codes from 8703 to 8711, fifty percent margin should be available.</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"">NRB has directed to keep a hundred percent cash margin on other items. NRB has introduced such provisions for the import of silver, motorcycles, vehicles, sugar, metal furniture, water, lead products, make-up and other items.</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"">According to NRB interest can't be paid on such margin. Also, it has instructed that loans cannot be disbursed for the purpose of keeping margin amount. Banks are required to take margin amount at the time of opening the LC and the amount can be used to pay for imports.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This provision will not apply on imports of medical products. Similarly, this provision will not be applicable to the items imported by the government authorities, diplomatic missions and hospitals.</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"">NRB has made the new provision in view of the declining foreign exchange reserves. Lately, foreign exchange reserves have been steadily declining particularly through imports. As a result, the balance of payments has also incurred a loss of Rs 150 billion.</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"">Gunakar Bhatt, Spokesperson of NRB said the flow of foreign currencies is increasing with the increase in imports. This is having impact on foreign exchange reserves and the balance of payments. The recent decision has been taken to control imports. According to the central bank, this provision will be removed once the situation normalizes. </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"">Some banks are already taking margins when opening LCs for import of various commodities. The central bank has introduced the provision in paper as a short term solution.</span></span></span></p> <p> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-22', 'modified' => '2021-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '14262', 'image' => '20211222044615_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-12-22 16:45:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14515', 'article_category_id' => '1', 'title' => 'Nepal Receives Investment Pledges of Rs 30 Billion in Current FY', 'sub_title' => '', 'summary' => 'December 21: Nepal has received foreign investment commitment of Rs 30 billion in the first five months of the current fiscal year that began on July 16. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">December 21: Nepal has received foreign investment commitment of Rs 30 billion in the first five months of the current fiscal year that began on July 16. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the data unveiled by the Department of Industries, foreign investors have committed to invest around Rs 30 billion in 122 industries in the past five months (July 16 to December 7) of the current fiscal year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The department’s information officer Gyanendra Parajuli said those industries have been registered under six different categories. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The highest commitment is for the service-oriented sector as investors have pledged Rs 15.95 billion for 35 industries under this category. Towards the service sector, pledges have been received from China (Rs 600 million for four industries based on agriculture and forest products), from Netherlands (Rs 56 million for energy-based industry and Rs 450 million for four industries relating to information, communications and broadcasting service. Likewise, Rs 3.24 billion has been pledged for 19 production-based industries and Rs 9.55 billion for 55 tourism industries. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">China is the country that has pledged the highest investment (around 80 percent) in Nepal in the review period. China has pledged for investment of over Rs 23.64 billion in 102 industries. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-21', 'modified' => '2021-12-21', 'keywords' => '', 'description' => '', 'sortorder' => '14260', 'image' => '20211221045946_20210113033332_foreign-investment.jpg', 'article_date' => '2021-12-21 16:59:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14514', 'article_category_id' => '1', 'title' => 'Mustard Production Increasing in Chitwan District', 'sub_title' => '', 'summary' => 'December 21: The production of mustard has increased in Chitwan district with the increase in area of plantation.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 21: The production of mustard has increased in Chitwan district with the increase in area of plantation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the statistics of the Directorate of Agricultural Development, 12,180 metric tons of mustard was produced on 12,255 hectares of land in the fiscal year 2076/77. In the last fiscal year (FY 2077/78), a total of 12,218 metric tons of mustard was produced on 12,260 hectares of land.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As mustard has been planted in 12,270 hectares of land in the current fiscal year, the production is expected to increase this year as well. “The weather is favorable now, the mustard flowers are in good condition and there is no frost. It is likely that the production will increase,” said Yuvraj Pandey, head of the Directorate of Agricultural Development, Chitwan. Lately, farmers have been attracted towards mustard farming.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Madhav Poudel, information officer at the Prime Minister's Agriculture Modernization Project, Chitwan said that the increase in production was due to the increase in attraction towards mustard farming and the implementation of pocket and block programs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“The demand and price of mustard has also increased,” he said, adding, “That is why the farmers have started cultivating mustard instead of other crops.” According to Poudel, a mustard block program has been introduced in Madi of the district this year. Poudel says that there will be an increase in production this year due to good flowering and good pollination.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the last few fiscal years, the area for mustard plantation was fluctuating which directly impacted mustard production. In the fiscal year 2074/75, mustard farming was done on 12,251 hectares of land while the production was 12,200 metric tons and in the fiscal year 2075/76, mustard was planted on 12,260 hectares of land with an output of 12,300 metric tons of mustard.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The production of mustard planted in the district has been fluctuating. According to the Directorate of Agricultural Development, the production of mustard was fluctuating due to changes in irrigation, fertilizer and seasonal adaptations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Center, productivity per hectare is estimated to be 995.83 kg in fiscal year 2074/75, 1003.26 kg in FY 2075/76, 993.88 kg in FY 2076/77, 996.57 kg in FY 2077/78 and 1000 kg in the current Fiscal Year. It is estimated that 10 metric tons more will be produced this year as the area under mustard cultivation has increased by 10 hectares as compared to last year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In Chitwan, mustard and sesame are planted in the category of oilseeds. Local as well as varieties of mustard are grown here. Oilseeds are planted in about 28 percent of the cultivable land in the district.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-21', 'modified' => '2021-12-21', 'keywords' => '', 'description' => '', 'sortorder' => '14259', 'image' => '20211221011631_5632idea99mustard.jpg', 'article_date' => '2021-12-21 13:15:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14513', 'article_category_id' => '1', 'title' => 'Nepal's Tourism Promotion in China Stalled since Covid-19 Outbreak', 'sub_title' => '', 'summary' => 'December 21: Nepal's tourism promotion in China has been stalled since the past two years due to the Covid-19 outbreak.', '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"">December 21: Nepal's tourism promotion in China has been stalled since the past two years due to the Covid-19 outbreak. Although the number of Chinese tourists visiting Nepal is the highest after Indian tourists, Nepal's tourism entrepreneurs have yet to conduct any publicity and marketing activities in China since the outbreak of Covid-19.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the first week of November 2019, government officials and tourism entrepreneurs of Nepal were in China to promote the Visit Nepal 2020 campaign. Since then, Nepal has not made any promotion campaigns in China. Tourism entrepreneurs say they are yet to promote Nepali tourism in China due to the Covid-19 outbreak, lockdown, and restrictions. Strict policies in China have also affected promotion plans.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Sajan Shakya, general secretary of the Hotel Association of Nepal (HAN), said that he visited China for tourism promotion at the end of 2019 and is yet to make any further visit. He said that it is necessary to stress on publicity in China in the current market strategy. In the 'Nepal Tourism Statistics-2020' index, Myanmar has risen to the second position in 2020, surpassing China as the second-largest tourist destination in Nepal in 2019.</span></span></span></span></p> <p><span style="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 tourists coming from China has gradually increased since 2016. However, the number has dropped dramatically since 2020. Around 170,000 Chinese tourists visited Nepal in 2019 which declined to 19,000 in 2020. As of November 2021, altogether 3,239 Chinese tourists visited Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Although the number of tourists from other countries increased in 2021, arrival of Chinese tourists has not improved.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2021-12-21', 'modified' => '2021-12-21', 'keywords' => '', 'description' => '', 'sortorder' => '14258', 'image' => '20211221113521_20210629020224_20210402.jpg', 'article_date' => '2021-12-21 11:34:45', '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' => '14533', 'article_category_id' => '1', 'title' => 'Nepal’s Trade Deficit Ballooning despite Increase in Export', 'sub_title' => '', 'summary' => 'December 24: Nepal’s foreign trade has increased by 63 percent in the first five months of the current fiscal compared to the corresponding period of last fiscal year (FY 2020-21).', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">December 24: Nepal’s foreign trade has increased by 63 percent in the first five months of the current fiscal compared to the corresponding period of last fiscal year (FY 2020-21).</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During the review period, capital outflow of Rs 838.40 billion was recorded for importing goods while the total trade volume stood at Rs 941 billion, according to the Department of Customs. Nepal’s foreign trade during the corresponding period of last fiscal year was worth Rs 575 billion. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The latest data issued by the Department of Customs show that the country’s import also increased by 59.55 percent this year compared to the previous year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Likewise, Nepal’s export also rose to 105.61 percent in the review period. The total export of the country was worth Rs 50.05 billion till mid-December last year which has reached Rs 102 billion this year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the department, despite the rise in export this year, the country’s trade deficit has further increased compared to last year. The country recorded a 54.7 percent rise in trade deficit which stands at Rs 735 billion in the first five months of the current fiscal year. Last year, the trade deficit was Rs 475 billion in the corresponding period. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the department, petroleum products formed a large part of Nepal’s import in the first five months of the current fiscal year. Among the sub-categories of petroleum products, diesel worth Rs 49.02 billion was imported till mid-December 2021. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Likewise, crude soybean oil comes second in terms of the highest proportion of import. Nepal’s entrepreneurs import crude soybean oil from different countries and export it to other countries after refining the product. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During the review period, around 980 million litres of soybean oil worth Rs 33.66 billion was imported in the country. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the Department, palm oil worth Rs 24.61 billion, petrol worth Rs 24.10 billion, LP gas worth Rs 23.11 billion and phone sets worth Rs 20.35 billion were also imported. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In the exports section, soybean oil was the country’s main export product during the review period. As per the data of the Department of Customs, soybean oil worth Rs 30.55 billion was exported from Nepal followed by palm oil worth Rs 27.42 billion. <em>(With inputs from RSS) </em></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-24', 'modified' => '2021-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '14278', 'image' => '20211224113150_Trade.jpg', 'article_date' => '2021-12-24 11:31:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14532', 'article_category_id' => '1', 'title' => 'Government Extends Deadline to Withdraw Tax Review Cases', 'sub_title' => '', 'summary' => 'December 23: The government has given a grace period of one month for disgruntled tax payers to withdraw cases filed for tax review.', '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"">December 23: The government has given a grace period of one month for disgruntled tax payers to withdraw cases filed for tax review. In doing so, the taxpayers will get waivers on fine as well as interest on taxes. </span></span></span></span></p> <p><span style="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 taxpayers who have applied for administrative review of tax assessment by various tax offices and filed cases in the court and revenue tribunal can withdraw the case until mid-January 2022 to benefit from the scheme. If the taxpayer withdraws the case within the given period, the interest, additional fee and penalty will be waived.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government had introduced such a provision through the Financial Act. According to the Article 20 of the Act, there is a provision to waive the fees, additional charges and penalties if the taxpayers withdraw the cases of administrative review. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A notice published on Nepal Gazette on December 15 reads 'the deadline has been extended to offer the waiver facility to the taxpayers as the service delivery has been hampered by the delayed appointment of chairperson in Revenue Tribunal in many areas.' </span></span></span></span></p> <p><span style="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 Inland Revenue Department, 1,205 applicants have registered for administrative reviews. According to Raju Prasad Pyakurel, information officer of the department, 94 applications have been withdrawn following the government notice. However, the number of cases pending in the revenue tribunals and courts is not known yet.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Janardan Sharma has even instructed the revenue officials to publish the details of the tax dispute cases. He believes the Inland Revenue and the Revenue Investigation Department should make tax disputes cases public.</span></span></span></span></p> <p><span style="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 budget announcement of the current Fiscal Year, Income Tax Act 2058, Value Added Tax Act 2052 and Excise Duty Act 2058, provides fifty percent waiver on interest for the tax determined until the mid July 2021, if the taxpayers withdraw cases filed for administrative review.</span></span></span></span></p> <p><span style="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, additional fees, penalty and fines will be waived if the due amount determined until mid-July 2020 is paid till mid-January 2022.</span></span></span></span></p> <p><br /> </p> <p><br /> </p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14277', 'image' => '20211223040942_20210116081553_Clipboard36.jpg', 'article_date' => '2021-12-23 16:09:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14530', 'article_category_id' => '1', 'title' => 'NEA Cuts Power Supply to Int’l Cricket Stadium ', 'sub_title' => '', 'summary' => 'December 23: Power supply to the under-construction Gautam Buddha International Cricket Stadium has been cut off after it failed to pay electricity tariff. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 23: Power supply to the under-construction Gautam Buddha International Cricket Stadium has been cut off after it failed to pay electricity tariff. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The construction works of the stadium have been stagnated for the past five months. The Bharatpur Transmission Centre of Nepal Electricity Authority (NEA) on Wednesday cut off power supply to the stadium for not paying the bills. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Engineer at the transmission centre, Rajendra Poudel, the dues have reached Rs 887,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Dhurmus Suntali Foundation that spearheaded the construction works of the cricket stadium had walked away from their responsibility after facing financial crisis. The Foundation has urged Bharatpur Metropolis to take ownership of the stadium saying the Foundation has yet to clear off dues over Rs 170 million. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA has also cut off power supply to Mount Everest Brewery as it has yet to pay electricity tariff dues of over Rs 3.74 million. Along with this, the NEA has cut off the lines of 12 small firms and organization for not paying the electricity bills. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '14276', 'image' => '20211223031018_maxresdefault (1).jpg', 'article_date' => '2021-12-23 15:09:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14529', 'article_category_id' => '1', 'title' => 'Imports of EVs Jump after Government Lowered Customs Duty', 'sub_title' => '', 'summary' => 'December 23: The import of electric vehicles (EVs) has taken a huge leap after the government lowered the customs duty.', '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"">December 23: The import of electric vehicles (EVs) has taken a huge leap after the government lowered the customs duty. The import of EVs has increased tremendously in the first five months of the current fiscal year 2078/79.</span></span></span></span></p> <p><span style="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 import of EVs has increased via the dry port of Birgunj. Balaram Bhandari, the customs officer at Birgunj Dry Port, informed that the import of EVs has increased after the government decided to adopt a policy to encourage the use of clean energy. Bhandari informed that 290 vehicles from various companies worth Rs 891.5 million were imported through the dry port. The data is of mid-July to mid-November.</span></span></span></span></p> <p><span style="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 customs office, 134 EVs worth Rs 439.3 million were imported from the dry port in the last fiscal year. During the review period, only eight such vehicles worth Rs 189 million were cleared through the customs.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“In the current fiscal year, the government has reduced customs duty on imports of EVs and removed excise duty. Due to this reason, the import of EVs has surged in great numbers,” said Bhandari.</span></span></span></span></p> <p><span style="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 then Finance Minister Bishnu Poudel had reduced the customs duty on the import of electric vehicles while introducing the current year’s budget through an ordinance. Customs officials say that there has been an increase in import after the removal of excise duty on imports.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Despite the increase in electricity production in the country, there was no consumption. Therefore, the decision to lower the customs duty on import of EVs was taken. The 80 percent customs duty in the previous fiscal year 2077/78 was reduced to 10 to 40 percent in the current fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the previous fiscal year, the then Finance Minister Yuba Raj Khatiwada received heavy criticism for imposing high tariffs and excise duties that directly affected the import of the EVs.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the previous fiscal year, 30 percent excise duty was fixed for imports but this year's budget has removed the excise duty. At present, importers have to pay 10 to 40 percent customs duty and 13 percent value added tax depending on the capacity of the vehicle. The road improvement fee is 5 percent. Reduction in the excise duty rate has positively affected the import of EVs.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14275', 'image' => '20211223023600_20211103021336_CarPartsCom_EV_1200x628.jpg', 'article_date' => '2021-12-23 14:35:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14528', 'article_category_id' => '1', 'title' => 'NRA’s Term set to Expire on Friday', 'sub_title' => '', 'summary' => 'December 23: The term of the National Reconstruction Authority (NRA), which has been managing the reconstruction of private houses, health posts and hospital buildings, public buildings and archeological heritage sites destroyed by the 2015 earthquake, is expiring on Friday, December 24.', '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"">December 23: The term of the National Reconstruction Authority (NRA), which has been managing the reconstruction of private houses, health posts and hospital buildings, public buildings and archeological heritage sites destroyed by the 2015 earthquake, is expiring on Friday, December 24. The government had established the autonomous body on December 25, 2015 to carry out the reconstruction works. The government had extended the term of NRA in December 2020 for a one year period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During its six year term, NRA has completed of 75 percent of works including the reconstruction of private houses in 31 districts including the 14 most affected by the earthquake. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Till the last fiscal year 2077/78, NRA spent a budget of Rs 381 billion for reconstruction. The Post Disaster Needs Assessment Report (PDNA) had estimated the need of Rs 938 billion investment for the post-earthquake reconstruction. However, the Post Disaster Recovery Framework (PDRF) had downsized the estimated cost to Rs 482 billion from Rs 938 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"">According to Manohar Ghimire, joint spokesperson of NRA, the budget spent in the current fiscal year has not been included in the record books yet. He said that the details of the cost, expenditure and source of funding are yet to be collected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRA has been handing over its works to the concerned agencies since mid-September. A meeting of NRA on Wednesday decided to hand over all of its responsibilities to the concerned bodies from now onward. The meeting chaired by Prime Minister Sher Bahadur Deuba decided to hand over all the responsibilities, assets and other works of reconstruction to other bodies on Wednesday, September 17.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Deuba has instructed the concerned bodies to complete the remaining works on time. Similarly, he has also expressed his commitment not to allow budget shortage for the remaining reconstruction works.</span></span></span></span></p> <p><span style="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 NRA, the total number of beneficiaries in the list so far is 866,207 and the grant agreement has been reached with 827,340. Now, the NRA will be responsible for preparing the integrated financial statement of current and capital expenditure for the fiscal year 2078/079 and the work related to audit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14274', 'image' => '20211223021108_20210628124301_tesXamd4TN210415090728.jpg', 'article_date' => '2021-12-23 14:10:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14531', 'article_category_id' => '1', 'title' => 'Manakamana Cable Car Resumes Operation ', 'sub_title' => '', 'summary' => 'December 23: Manakamana cable car, the first cable car of Nepal, has resumed its operation after maintenance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 23: Manakamana cable car, the first cable car of Nepal, has resumed its operation after maintenance. </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 cable car remained closed for four days from last Sunday for carrying out necessary maintenance in gear box and tower. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to deputy general manager of Manakamana Darshan Pvt Ltd, Ujjwal Sherchan, the cable car service remained shut for four days on December 19-22 for fixing technical glitches. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">He further shared that the cable car service has come into operation from December 23 after completing maintenance works. </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 cable car is upgrading its existing analogue system to digital system as per its plan. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14273', 'image' => '20211223031728_manakamana-Cablecar.jpg', 'article_date' => '2021-12-23 15:16:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14527', 'article_category_id' => '1', 'title' => 'Taskforce Starts Discussion to Forge Consensus on MCC', 'sub_title' => '', 'summary' => 'December 23: The taskforce formed by the government to forge a consensus regarding the US-funded project, Millennium Challenge Corporation (MCC), held its first meeting on Wednesday.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">December 23: The taskforce formed by the government to forge a consensus regarding the US-funded project, Millennium Challenge Corporation (MCC), held its first meeting on Wednesday. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During the meeting reportedly held at the residence of CPN (Unified Socialist) leader Jhalanath Khanal in Dallu, Kathmandu, the taskforce members held preliminary discussion regarding endorsement of the MCC which has courted controversy in Nepal. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Leaders are divided over whether to endorse the grant assistance or not due to the some alleged objectionable provisions of the project. Even some ruling parties including CPN Maoist Centre and CPN Unified Socialist are not in favour of endorsing the MCC grant agreement in its present form. They have been demanding amendment to some provisions while the main opposition party CPN UML has been obstructing house proceedings.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The then government led by Nepali Congress had signed the grant agreement with the MCC in Washington in September 2017. As per the agreement, the United States had agreed to provide US$500 million in grants for two projects, and that the Government of Nepal would contribute $130 million for these projects. The fund would be utilized for road construction and repair and electricity production and construction of transmission lines.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Minister for Communications and Information Technology Gyanendra Bahadur Karki, who is also a taskforce member, said that discussions held on Wednesday were headed in a positive direction. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The ruling coalition had formed a three-member taskforce to solicit support from other political parties to endorse the MCC. The taskforce led by Khanal comprises of CPN (Maoist Center) leader Narayan Kaji Shrestha and Minister Karki. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The task force has been mandated to hold discussions with other political parties on the issues ranging from resuming the parliamentary procedure to advancing several agendas under-consideration in the parliament. </span></span></p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14272', 'image' => '20211223123002_20210905114326_20200704031812_MCC.jpg', 'article_date' => '2021-12-23 12:29:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14526', 'article_category_id' => '1', 'title' => 'Central Bank Zeroes in on Import Replacement and Export Promotion ', 'sub_title' => '', 'summary' => 'December 23: Nepal Rastra Bank, the central bank of Nepal, has taken measures to avert current liquidity crunch and reduce trade deficit. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">December 23: Nepal Rastra Bank, the central bank of Nepal, has taken measures to avert current liquidity crunch and reduce trade deficit. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During a discussion organized by NRB with economic journalists on Wednesday, NRB Governor Maha Prasad Adhikari clarified that the central bank has given high priority to replace imports with export promotion in order to fix the current problem. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">He shared that liquidity flow of Rs 2,500 billion was made through permanent liquidity facility, Rs 69 billion through overnight repo, Rs 220 billion through repo and Rs 27 billion through direct purchase as of December 20.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“An arrangement has been made to keep loan deposit ratio at 90 percent till mid-July 2022 while re-financing facility of Rs 92 billion has been approved as of December 22 in the current fiscal year,” the governor informed. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In order to tame ballooning trade deficit, the central bank has placed different measures, including determining ceiling of foreign currency available for silver import, increment of one percent interest rate in the deposit of bank accounts of the people in foreign employment and arranging cent percent margin in the import of certain goods and commodities. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">He further informed that an arrangement has been made for the Non-Resident Nepalis and their associations to open savings and deposit accounts in foreign currency. Among other measures in place are cut-off in the facility of foreign currency cash exchange, control in the unlawful import of gold and reduction in the ceiling of ‘non-deliverable derivate forward’ that can be kept in foreign countries. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The country is heading towards economic recovery in the current situation with full liberation from the COVID-19 pandemic, he said, adding the situation of trade deficit resulted from the rise in the import and reduction of remittance inflow. “All these happened in course of the economic revival,” he claimed. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The liquidity crunch has resulted due to the decline in deposits compared to the loan flow rate. Liquidity problems are recurring in Nepalese economy in the context when export is weak and dependency on import is on the rise,” the governor shared. -- RSS</span></span></p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14271', 'image' => '20211223091128_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-12-23 09:10:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14522', 'article_category_id' => '1', 'title' => 'Liquidity Crisis having Implications on Business Sector: CIM', 'sub_title' => '', 'summary' => 'December 22: The Chamber of Industries, Morang (CIM) has drawn the attention of Nepal Rastra Bank (NRB) citing that the current liquidity crisis in financial sector is having implications in the operation of business sector. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 22: The Chamber of Industries, Morang (CIM) has drawn the attention of Nepal Rastra Bank (NRB) citing that the current liquidity crisis in financial sector is having implications in the operation of business sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President of the Chamber Suyash Pyakurel and his delegation on Tuesday met with NRB Governor Maha Prasad Adhikari requesting for the central bank’s intervention in the crisis to build conducive atmosphere for trade and industrial sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pyakurel apprised the governor that banks and financial institutions were finding hard to issue a letter of credit for importing industrial raw materials and they expressed fear that a day would come when they will have to suspend production in the lack of raw materials. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In response, the Governor Adhikari pledged to address the issues hampering to open the LC for the regular supplies of raw materials required for industries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Responding to the delegation’s request for discouraging the import of luxury goods, the NRB Governor said the central bank would bring several fiscal measures into practice to save the nation’s economy from the impact of liquidity crisis. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A single digit interest rate in loans for productive sector, and the effective implementation of provisions of re-finance and soft loans were among the demands put forth by the delegation before the NRB Governor. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The delegation comprised senior vice president Pradeep Murarka, vice-presidents Raj Kumar Golchha, Nanda Kishor Rathi and executive committee member Sushil Rijal among others. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-12-22', 'modified' => '2021-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '14267', 'image' => '20211222045734_Chamber of industries morang new.jpg', 'article_date' => '2021-12-22 16:56:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14521', 'article_category_id' => '1', 'title' => 'Tourism Minister Scraps Decision to Privatize NAC', 'sub_title' => '', 'summary' => 'December 22: Minister for Culture, Tourism and Civil Aviation Prem Bahadur Ale has said that state-owned Nepal Airlines Corporation (NAC) will not be privatized.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">December 22: Minister for Culture, Tourism and Civil Aviation Prem Bahadur Ale has said that state-owned Nepal Airlines Corporation (NAC) will not be privatized. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Informing that it was a ministerial decision not to privatize the NAC, he expressed his commitment to enhance the national flag bearer of Nepal. He also said that the Government of Nepal would assist NAC in adding new aircraft to its fleet. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During a meeting with NAC officials on Tuesday, Tourism Minister Ale said that the number of aircraft would be increased and the fares would be made competitive.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Minister Ale also directed officials of NAC to allocate at least 40 low-fare tickets for Nepali migrant workers going abroad for foreign employment. Currently, NAC has been offering 20 such seats to the migrant workers bound for foreign countries. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Minister Ale also asked the NAC team to prevent intermediaries from providing air tickets to the migrant workers at the NAC premises. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During the interaction, secretary at the ministry, Maheshwor Neupane, instructed the NAC to concentrate on profit-making through maximum utilization of its available means, resources and human resources in line with business plan. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Yubaraj Adhikari, executive chairman of NAC, informed that the corporation has been granted permission to transport dangerous goods due to its safety commitments. He added that the NAC has gained worldwide recognition after bilateral agreements with international airliners to use NAC’s ticket for flights to Europe and other destinations. He also said that the corporation has helped expand the market of Nepali products in the international market by opening a sales center.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Stating that the regularity of flights has increased and the number of passengers has also reached 80 percent of the seating capacity, he said that the process of flying to Riyadh in the Middle East has also reached the final stage of agreement. (With inputs from RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-22', 'modified' => '2021-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '14266', 'image' => '20211222044711_20211112081930_20210709080354_20180727021334_2.jpg', 'article_date' => '2021-12-22 16:46:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14519', 'article_category_id' => '1', 'title' => 'Commercial Banks listed in NEPSE Declare Dividends', 'sub_title' => '', 'summary' => 'December 22: Commercial banks listed in the Nepal Stock Exchange (NEPSE) have announced to pay dividend to investors from the last fiscal year's profit. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 22: Commercial banks listed in the Nepal Stock Exchange (NEPSE) have announced to pay dividend to investors from the last fiscal year's profit. </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"">Out of the total 27 commercial banks of the country, 26 listed in NEPSE have declared dividend including cash and bonus shares from the distributable profit of the fiscal year 2077/78. Some of the declared dividends have been decided by the banks after holding general assembly and some of them are preparing for the general assembly to make the announcement. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to figures made public so far, Nabil Bank is set to distribute the highest dividend comprising 33.6 percent bonus shares and 4.4 percent cash dividend. Similarly, Civil Bank will be giving away dividend of 5.26 percent on the basis of last year's distributable profit. The bank has stated that out of the declared dividend, five percent will be bonus shares and 0.26 per cent will be cash. </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 Himalayan Bank will award 21.38 percent bonus share and 4.62 percent cash dividend to its investors. Agriculture Development Bank has decided to distribute 21.0526 percent dividend with 20 percent bonus and 1.56 percent cash. Sanima Bank has announced 17 percent bonus and 0.8947 percent cash, Nepal Bank is giving 14 percent bonus and 3 percent cash, Prime Commercial Bank will give 16 percent bonus and 0.6313 percent cash. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Nepal Investment Bank has stated that it will distribute 16 percent dividend with 12.611 percent bonus and 3.389 percent cash and Citizens Bank will distribute 16 percent dividend with 12.913 bonus and 3.87 percent cash. </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 NMB Bank has offered its shareholders 12.5 per cent bonus shares and 3.3 per cent cash dividend, NIC Asia Bank will give 15 per cent bonus and 0.7895 per cent cash, Nepal Bangladesh Bank is proving 12 per cent bonus shares and 3 per cent cash. Siddhartha Bank will give 14.25 per cent bonus shares and 0.75 percent cash, Machhapuchche Bank has announced 14 percent dividend with 13.3 percent bonus and 0.7 percent cash, Bank of Kathmandu will provide 10 percent bonus and four percent cash. Global IME Bank has announced a 13.5 percent dividend with 10 percent bonus and 3.5 percent cash while Standard Chartered Bank has announced 13.6 percent dividend with 10 percent bonus and 3.6 percent cash. </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"">Prabhu Bank, Mega Bank, Laxmi Bank, Everest Bank, Kumari Bank, Nepal Credit and Commerce Bank (NCC), Sunrise Bank and Century Bank, Nepal SBI Bank have also announced dividend shares and cash bonus. </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"">Out of the declared dividend, the cash is deposited directly in the bank account while bonus shares will be entered into demat account provided by the investor. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-12-22', 'modified' => '2021-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '14265', 'image' => '20211222104354_dividend.jpg', 'article_date' => '2021-12-22 10:43:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14520', 'article_category_id' => '1', 'title' => 'NRB Demands Cash Margin for Opening LC to Import Goods', 'sub_title' => '', 'summary' => 'December 21: Nepal Rastra Bank (NRB) has made it mandatory to keep cash margin when opening letter of credit (LC) for importing luxury goods.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">December 21: Nepal Rastra Bank (NRB) has made it mandatory to keep cash margin when opening letter of credit (LC) for importing luxury goods. Such measure was introduced to control the declining foreign exchange reserves. </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"">NRB issued a directive for its own banking department, provincial offices, commercial banks and national level banks on December 20 and introduced the new provision. When banks open LC for the purpose of importing the goods, they need to take into consideration cash margin from the importer.</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"">NRB has implemented such provisions for the import of goods with various harmonic codes. When importing goods with harmonic codes 0907, 17, 22, 24, 3303, 3304, 3305, 44, 64, 65, 66, 67, 68, 69, 7010, 7106, 8703, 8711, 9403 and 9504.40.00 margin of fifty percent to cent percent should be available. Likewise, while importing items with codes from 8703 to 8711, fifty percent margin should be available.</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"">NRB has directed to keep a hundred percent cash margin on other items. NRB has introduced such provisions for the import of silver, motorcycles, vehicles, sugar, metal furniture, water, lead products, make-up and other items.</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"">According to NRB interest can't be paid on such margin. Also, it has instructed that loans cannot be disbursed for the purpose of keeping margin amount. Banks are required to take margin amount at the time of opening the LC and the amount can be used to pay for imports.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This provision will not apply on imports of medical products. Similarly, this provision will not be applicable to the items imported by the government authorities, diplomatic missions and hospitals.</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"">NRB has made the new provision in view of the declining foreign exchange reserves. Lately, foreign exchange reserves have been steadily declining particularly through imports. As a result, the balance of payments has also incurred a loss of Rs 150 billion.</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"">Gunakar Bhatt, Spokesperson of NRB said the flow of foreign currencies is increasing with the increase in imports. This is having impact on foreign exchange reserves and the balance of payments. The recent decision has been taken to control imports. According to the central bank, this provision will be removed once the situation normalizes. </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"">Some banks are already taking margins when opening LCs for import of various commodities. The central bank has introduced the provision in paper as a short term solution.</span></span></span></p> <p> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-22', 'modified' => '2021-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '14262', 'image' => '20211222044615_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-12-22 16:45:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14515', 'article_category_id' => '1', 'title' => 'Nepal Receives Investment Pledges of Rs 30 Billion in Current FY', 'sub_title' => '', 'summary' => 'December 21: Nepal has received foreign investment commitment of Rs 30 billion in the first five months of the current fiscal year that began on July 16. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">December 21: Nepal has received foreign investment commitment of Rs 30 billion in the first five months of the current fiscal year that began on July 16. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the data unveiled by the Department of Industries, foreign investors have committed to invest around Rs 30 billion in 122 industries in the past five months (July 16 to December 7) of the current fiscal year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The department’s information officer Gyanendra Parajuli said those industries have been registered under six different categories. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The highest commitment is for the service-oriented sector as investors have pledged Rs 15.95 billion for 35 industries under this category. Towards the service sector, pledges have been received from China (Rs 600 million for four industries based on agriculture and forest products), from Netherlands (Rs 56 million for energy-based industry and Rs 450 million for four industries relating to information, communications and broadcasting service. Likewise, Rs 3.24 billion has been pledged for 19 production-based industries and Rs 9.55 billion for 55 tourism industries. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">China is the country that has pledged the highest investment (around 80 percent) in Nepal in the review period. China has pledged for investment of over Rs 23.64 billion in 102 industries. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-21', 'modified' => '2021-12-21', 'keywords' => '', 'description' => '', 'sortorder' => '14260', 'image' => '20211221045946_20210113033332_foreign-investment.jpg', 'article_date' => '2021-12-21 16:59:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14514', 'article_category_id' => '1', 'title' => 'Mustard Production Increasing in Chitwan District', 'sub_title' => '', 'summary' => 'December 21: The production of mustard has increased in Chitwan district with the increase in area of plantation.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 21: The production of mustard has increased in Chitwan district with the increase in area of plantation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the statistics of the Directorate of Agricultural Development, 12,180 metric tons of mustard was produced on 12,255 hectares of land in the fiscal year 2076/77. In the last fiscal year (FY 2077/78), a total of 12,218 metric tons of mustard was produced on 12,260 hectares of land.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As mustard has been planted in 12,270 hectares of land in the current fiscal year, the production is expected to increase this year as well. “The weather is favorable now, the mustard flowers are in good condition and there is no frost. It is likely that the production will increase,” said Yuvraj Pandey, head of the Directorate of Agricultural Development, Chitwan. Lately, farmers have been attracted towards mustard farming.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Madhav Poudel, information officer at the Prime Minister's Agriculture Modernization Project, Chitwan said that the increase in production was due to the increase in attraction towards mustard farming and the implementation of pocket and block programs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“The demand and price of mustard has also increased,” he said, adding, “That is why the farmers have started cultivating mustard instead of other crops.” According to Poudel, a mustard block program has been introduced in Madi of the district this year. Poudel says that there will be an increase in production this year due to good flowering and good pollination.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the last few fiscal years, the area for mustard plantation was fluctuating which directly impacted mustard production. In the fiscal year 2074/75, mustard farming was done on 12,251 hectares of land while the production was 12,200 metric tons and in the fiscal year 2075/76, mustard was planted on 12,260 hectares of land with an output of 12,300 metric tons of mustard.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The production of mustard planted in the district has been fluctuating. According to the Directorate of Agricultural Development, the production of mustard was fluctuating due to changes in irrigation, fertilizer and seasonal adaptations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Center, productivity per hectare is estimated to be 995.83 kg in fiscal year 2074/75, 1003.26 kg in FY 2075/76, 993.88 kg in FY 2076/77, 996.57 kg in FY 2077/78 and 1000 kg in the current Fiscal Year. It is estimated that 10 metric tons more will be produced this year as the area under mustard cultivation has increased by 10 hectares as compared to last year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In Chitwan, mustard and sesame are planted in the category of oilseeds. Local as well as varieties of mustard are grown here. Oilseeds are planted in about 28 percent of the cultivable land in the district.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-21', 'modified' => '2021-12-21', 'keywords' => '', 'description' => '', 'sortorder' => '14259', 'image' => '20211221011631_5632idea99mustard.jpg', 'article_date' => '2021-12-21 13:15:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14513', 'article_category_id' => '1', 'title' => 'Nepal's Tourism Promotion in China Stalled since Covid-19 Outbreak', 'sub_title' => '', 'summary' => 'December 21: Nepal's tourism promotion in China has been stalled since the past two years due to the Covid-19 outbreak.', '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"">December 21: Nepal's tourism promotion in China has been stalled since the past two years due to the Covid-19 outbreak. Although the number of Chinese tourists visiting Nepal is the highest after Indian tourists, Nepal's tourism entrepreneurs have yet to conduct any publicity and marketing activities in China since the outbreak of Covid-19.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the first week of November 2019, government officials and tourism entrepreneurs of Nepal were in China to promote the Visit Nepal 2020 campaign. Since then, Nepal has not made any promotion campaigns in China. Tourism entrepreneurs say they are yet to promote Nepali tourism in China due to the Covid-19 outbreak, lockdown, and restrictions. Strict policies in China have also affected promotion plans.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Sajan Shakya, general secretary of the Hotel Association of Nepal (HAN), said that he visited China for tourism promotion at the end of 2019 and is yet to make any further visit. He said that it is necessary to stress on publicity in China in the current market strategy. In the 'Nepal Tourism Statistics-2020' index, Myanmar has risen to the second position in 2020, surpassing China as the second-largest tourist destination in Nepal in 2019.</span></span></span></span></p> <p><span style="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 tourists coming from China has gradually increased since 2016. However, the number has dropped dramatically since 2020. Around 170,000 Chinese tourists visited Nepal in 2019 which declined to 19,000 in 2020. As of November 2021, altogether 3,239 Chinese tourists visited Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Although the number of tourists from other countries increased in 2021, arrival of Chinese tourists has not improved.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2021-12-21', 'modified' => '2021-12-21', 'keywords' => '', 'description' => '', 'sortorder' => '14258', 'image' => '20211221113521_20210629020224_20210402.jpg', 'article_date' => '2021-12-21 11:34:45', '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' => '14533', 'article_category_id' => '1', 'title' => 'Nepal’s Trade Deficit Ballooning despite Increase in Export', 'sub_title' => '', 'summary' => 'December 24: Nepal’s foreign trade has increased by 63 percent in the first five months of the current fiscal compared to the corresponding period of last fiscal year (FY 2020-21).', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">December 24: Nepal’s foreign trade has increased by 63 percent in the first five months of the current fiscal compared to the corresponding period of last fiscal year (FY 2020-21).</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During the review period, capital outflow of Rs 838.40 billion was recorded for importing goods while the total trade volume stood at Rs 941 billion, according to the Department of Customs. Nepal’s foreign trade during the corresponding period of last fiscal year was worth Rs 575 billion. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The latest data issued by the Department of Customs show that the country’s import also increased by 59.55 percent this year compared to the previous year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Likewise, Nepal’s export also rose to 105.61 percent in the review period. The total export of the country was worth Rs 50.05 billion till mid-December last year which has reached Rs 102 billion this year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the department, despite the rise in export this year, the country’s trade deficit has further increased compared to last year. The country recorded a 54.7 percent rise in trade deficit which stands at Rs 735 billion in the first five months of the current fiscal year. Last year, the trade deficit was Rs 475 billion in the corresponding period. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the department, petroleum products formed a large part of Nepal’s import in the first five months of the current fiscal year. Among the sub-categories of petroleum products, diesel worth Rs 49.02 billion was imported till mid-December 2021. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Likewise, crude soybean oil comes second in terms of the highest proportion of import. Nepal’s entrepreneurs import crude soybean oil from different countries and export it to other countries after refining the product. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During the review period, around 980 million litres of soybean oil worth Rs 33.66 billion was imported in the country. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the Department, palm oil worth Rs 24.61 billion, petrol worth Rs 24.10 billion, LP gas worth Rs 23.11 billion and phone sets worth Rs 20.35 billion were also imported. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In the exports section, soybean oil was the country’s main export product during the review period. As per the data of the Department of Customs, soybean oil worth Rs 30.55 billion was exported from Nepal followed by palm oil worth Rs 27.42 billion. <em>(With inputs from RSS) </em></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-24', 'modified' => '2021-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '14278', 'image' => '20211224113150_Trade.jpg', 'article_date' => '2021-12-24 11:31:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14532', 'article_category_id' => '1', 'title' => 'Government Extends Deadline to Withdraw Tax Review Cases', 'sub_title' => '', 'summary' => 'December 23: The government has given a grace period of one month for disgruntled tax payers to withdraw cases filed for tax review.', '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"">December 23: The government has given a grace period of one month for disgruntled tax payers to withdraw cases filed for tax review. In doing so, the taxpayers will get waivers on fine as well as interest on taxes. </span></span></span></span></p> <p><span style="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 taxpayers who have applied for administrative review of tax assessment by various tax offices and filed cases in the court and revenue tribunal can withdraw the case until mid-January 2022 to benefit from the scheme. If the taxpayer withdraws the case within the given period, the interest, additional fee and penalty will be waived.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government had introduced such a provision through the Financial Act. According to the Article 20 of the Act, there is a provision to waive the fees, additional charges and penalties if the taxpayers withdraw the cases of administrative review. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A notice published on Nepal Gazette on December 15 reads 'the deadline has been extended to offer the waiver facility to the taxpayers as the service delivery has been hampered by the delayed appointment of chairperson in Revenue Tribunal in many areas.' </span></span></span></span></p> <p><span style="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 Inland Revenue Department, 1,205 applicants have registered for administrative reviews. According to Raju Prasad Pyakurel, information officer of the department, 94 applications have been withdrawn following the government notice. However, the number of cases pending in the revenue tribunals and courts is not known yet.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Janardan Sharma has even instructed the revenue officials to publish the details of the tax dispute cases. He believes the Inland Revenue and the Revenue Investigation Department should make tax disputes cases public.</span></span></span></span></p> <p><span style="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 budget announcement of the current Fiscal Year, Income Tax Act 2058, Value Added Tax Act 2052 and Excise Duty Act 2058, provides fifty percent waiver on interest for the tax determined until the mid July 2021, if the taxpayers withdraw cases filed for administrative review.</span></span></span></span></p> <p><span style="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, additional fees, penalty and fines will be waived if the due amount determined until mid-July 2020 is paid till mid-January 2022.</span></span></span></span></p> <p><br /> </p> <p><br /> </p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14277', 'image' => '20211223040942_20210116081553_Clipboard36.jpg', 'article_date' => '2021-12-23 16:09:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14530', 'article_category_id' => '1', 'title' => 'NEA Cuts Power Supply to Int’l Cricket Stadium ', 'sub_title' => '', 'summary' => 'December 23: Power supply to the under-construction Gautam Buddha International Cricket Stadium has been cut off after it failed to pay electricity tariff. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 23: Power supply to the under-construction Gautam Buddha International Cricket Stadium has been cut off after it failed to pay electricity tariff. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The construction works of the stadium have been stagnated for the past five months. The Bharatpur Transmission Centre of Nepal Electricity Authority (NEA) on Wednesday cut off power supply to the stadium for not paying the bills. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Engineer at the transmission centre, Rajendra Poudel, the dues have reached Rs 887,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Dhurmus Suntali Foundation that spearheaded the construction works of the cricket stadium had walked away from their responsibility after facing financial crisis. The Foundation has urged Bharatpur Metropolis to take ownership of the stadium saying the Foundation has yet to clear off dues over Rs 170 million. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA has also cut off power supply to Mount Everest Brewery as it has yet to pay electricity tariff dues of over Rs 3.74 million. Along with this, the NEA has cut off the lines of 12 small firms and organization for not paying the electricity bills. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '14276', 'image' => '20211223031018_maxresdefault (1).jpg', 'article_date' => '2021-12-23 15:09:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14529', 'article_category_id' => '1', 'title' => 'Imports of EVs Jump after Government Lowered Customs Duty', 'sub_title' => '', 'summary' => 'December 23: The import of electric vehicles (EVs) has taken a huge leap after the government lowered the customs duty.', '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"">December 23: The import of electric vehicles (EVs) has taken a huge leap after the government lowered the customs duty. The import of EVs has increased tremendously in the first five months of the current fiscal year 2078/79.</span></span></span></span></p> <p><span style="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 import of EVs has increased via the dry port of Birgunj. Balaram Bhandari, the customs officer at Birgunj Dry Port, informed that the import of EVs has increased after the government decided to adopt a policy to encourage the use of clean energy. Bhandari informed that 290 vehicles from various companies worth Rs 891.5 million were imported through the dry port. The data is of mid-July to mid-November.</span></span></span></span></p> <p><span style="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 customs office, 134 EVs worth Rs 439.3 million were imported from the dry port in the last fiscal year. During the review period, only eight such vehicles worth Rs 189 million were cleared through the customs.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“In the current fiscal year, the government has reduced customs duty on imports of EVs and removed excise duty. Due to this reason, the import of EVs has surged in great numbers,” said Bhandari.</span></span></span></span></p> <p><span style="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 then Finance Minister Bishnu Poudel had reduced the customs duty on the import of electric vehicles while introducing the current year’s budget through an ordinance. Customs officials say that there has been an increase in import after the removal of excise duty on imports.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Despite the increase in electricity production in the country, there was no consumption. Therefore, the decision to lower the customs duty on import of EVs was taken. The 80 percent customs duty in the previous fiscal year 2077/78 was reduced to 10 to 40 percent in the current fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the previous fiscal year, the then Finance Minister Yuba Raj Khatiwada received heavy criticism for imposing high tariffs and excise duties that directly affected the import of the EVs.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the previous fiscal year, 30 percent excise duty was fixed for imports but this year's budget has removed the excise duty. At present, importers have to pay 10 to 40 percent customs duty and 13 percent value added tax depending on the capacity of the vehicle. The road improvement fee is 5 percent. Reduction in the excise duty rate has positively affected the import of EVs.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14275', 'image' => '20211223023600_20211103021336_CarPartsCom_EV_1200x628.jpg', 'article_date' => '2021-12-23 14:35:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14528', 'article_category_id' => '1', 'title' => 'NRA’s Term set to Expire on Friday', 'sub_title' => '', 'summary' => 'December 23: The term of the National Reconstruction Authority (NRA), which has been managing the reconstruction of private houses, health posts and hospital buildings, public buildings and archeological heritage sites destroyed by the 2015 earthquake, is expiring on Friday, December 24.', '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"">December 23: The term of the National Reconstruction Authority (NRA), which has been managing the reconstruction of private houses, health posts and hospital buildings, public buildings and archeological heritage sites destroyed by the 2015 earthquake, is expiring on Friday, December 24. The government had established the autonomous body on December 25, 2015 to carry out the reconstruction works. The government had extended the term of NRA in December 2020 for a one year period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During its six year term, NRA has completed of 75 percent of works including the reconstruction of private houses in 31 districts including the 14 most affected by the earthquake. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Till the last fiscal year 2077/78, NRA spent a budget of Rs 381 billion for reconstruction. The Post Disaster Needs Assessment Report (PDNA) had estimated the need of Rs 938 billion investment for the post-earthquake reconstruction. However, the Post Disaster Recovery Framework (PDRF) had downsized the estimated cost to Rs 482 billion from Rs 938 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"">According to Manohar Ghimire, joint spokesperson of NRA, the budget spent in the current fiscal year has not been included in the record books yet. He said that the details of the cost, expenditure and source of funding are yet to be collected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRA has been handing over its works to the concerned agencies since mid-September. A meeting of NRA on Wednesday decided to hand over all of its responsibilities to the concerned bodies from now onward. The meeting chaired by Prime Minister Sher Bahadur Deuba decided to hand over all the responsibilities, assets and other works of reconstruction to other bodies on Wednesday, September 17.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Deuba has instructed the concerned bodies to complete the remaining works on time. Similarly, he has also expressed his commitment not to allow budget shortage for the remaining reconstruction works.</span></span></span></span></p> <p><span style="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 NRA, the total number of beneficiaries in the list so far is 866,207 and the grant agreement has been reached with 827,340. Now, the NRA will be responsible for preparing the integrated financial statement of current and capital expenditure for the fiscal year 2078/079 and the work related to audit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14274', 'image' => '20211223021108_20210628124301_tesXamd4TN210415090728.jpg', 'article_date' => '2021-12-23 14:10:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14531', 'article_category_id' => '1', 'title' => 'Manakamana Cable Car Resumes Operation ', 'sub_title' => '', 'summary' => 'December 23: Manakamana cable car, the first cable car of Nepal, has resumed its operation after maintenance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 23: Manakamana cable car, the first cable car of Nepal, has resumed its operation after maintenance. </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 cable car remained closed for four days from last Sunday for carrying out necessary maintenance in gear box and tower. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to deputy general manager of Manakamana Darshan Pvt Ltd, Ujjwal Sherchan, the cable car service remained shut for four days on December 19-22 for fixing technical glitches. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">He further shared that the cable car service has come into operation from December 23 after completing maintenance works. </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 cable car is upgrading its existing analogue system to digital system as per its plan. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14273', 'image' => '20211223031728_manakamana-Cablecar.jpg', 'article_date' => '2021-12-23 15:16:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14527', 'article_category_id' => '1', 'title' => 'Taskforce Starts Discussion to Forge Consensus on MCC', 'sub_title' => '', 'summary' => 'December 23: The taskforce formed by the government to forge a consensus regarding the US-funded project, Millennium Challenge Corporation (MCC), held its first meeting on Wednesday.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">December 23: The taskforce formed by the government to forge a consensus regarding the US-funded project, Millennium Challenge Corporation (MCC), held its first meeting on Wednesday. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During the meeting reportedly held at the residence of CPN (Unified Socialist) leader Jhalanath Khanal in Dallu, Kathmandu, the taskforce members held preliminary discussion regarding endorsement of the MCC which has courted controversy in Nepal. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Leaders are divided over whether to endorse the grant assistance or not due to the some alleged objectionable provisions of the project. Even some ruling parties including CPN Maoist Centre and CPN Unified Socialist are not in favour of endorsing the MCC grant agreement in its present form. They have been demanding amendment to some provisions while the main opposition party CPN UML has been obstructing house proceedings.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The then government led by Nepali Congress had signed the grant agreement with the MCC in Washington in September 2017. As per the agreement, the United States had agreed to provide US$500 million in grants for two projects, and that the Government of Nepal would contribute $130 million for these projects. The fund would be utilized for road construction and repair and electricity production and construction of transmission lines.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Minister for Communications and Information Technology Gyanendra Bahadur Karki, who is also a taskforce member, said that discussions held on Wednesday were headed in a positive direction. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The ruling coalition had formed a three-member taskforce to solicit support from other political parties to endorse the MCC. The taskforce led by Khanal comprises of CPN (Maoist Center) leader Narayan Kaji Shrestha and Minister Karki. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The task force has been mandated to hold discussions with other political parties on the issues ranging from resuming the parliamentary procedure to advancing several agendas under-consideration in the parliament. </span></span></p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14272', 'image' => '20211223123002_20210905114326_20200704031812_MCC.jpg', 'article_date' => '2021-12-23 12:29:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14526', 'article_category_id' => '1', 'title' => 'Central Bank Zeroes in on Import Replacement and Export Promotion ', 'sub_title' => '', 'summary' => 'December 23: Nepal Rastra Bank, the central bank of Nepal, has taken measures to avert current liquidity crunch and reduce trade deficit. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">December 23: Nepal Rastra Bank, the central bank of Nepal, has taken measures to avert current liquidity crunch and reduce trade deficit. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During a discussion organized by NRB with economic journalists on Wednesday, NRB Governor Maha Prasad Adhikari clarified that the central bank has given high priority to replace imports with export promotion in order to fix the current problem. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">He shared that liquidity flow of Rs 2,500 billion was made through permanent liquidity facility, Rs 69 billion through overnight repo, Rs 220 billion through repo and Rs 27 billion through direct purchase as of December 20.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“An arrangement has been made to keep loan deposit ratio at 90 percent till mid-July 2022 while re-financing facility of Rs 92 billion has been approved as of December 22 in the current fiscal year,” the governor informed. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In order to tame ballooning trade deficit, the central bank has placed different measures, including determining ceiling of foreign currency available for silver import, increment of one percent interest rate in the deposit of bank accounts of the people in foreign employment and arranging cent percent margin in the import of certain goods and commodities. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">He further informed that an arrangement has been made for the Non-Resident Nepalis and their associations to open savings and deposit accounts in foreign currency. Among other measures in place are cut-off in the facility of foreign currency cash exchange, control in the unlawful import of gold and reduction in the ceiling of ‘non-deliverable derivate forward’ that can be kept in foreign countries. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The country is heading towards economic recovery in the current situation with full liberation from the COVID-19 pandemic, he said, adding the situation of trade deficit resulted from the rise in the import and reduction of remittance inflow. “All these happened in course of the economic revival,” he claimed. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The liquidity crunch has resulted due to the decline in deposits compared to the loan flow rate. Liquidity problems are recurring in Nepalese economy in the context when export is weak and dependency on import is on the rise,” the governor shared. -- RSS</span></span></p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14271', 'image' => '20211223091128_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-12-23 09:10:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14522', 'article_category_id' => '1', 'title' => 'Liquidity Crisis having Implications on Business Sector: CIM', 'sub_title' => '', 'summary' => 'December 22: The Chamber of Industries, Morang (CIM) has drawn the attention of Nepal Rastra Bank (NRB) citing that the current liquidity crisis in financial sector is having implications in the operation of business sector. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 22: The Chamber of Industries, Morang (CIM) has drawn the attention of Nepal Rastra Bank (NRB) citing that the current liquidity crisis in financial sector is having implications in the operation of business sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President of the Chamber Suyash Pyakurel and his delegation on Tuesday met with NRB Governor Maha Prasad Adhikari requesting for the central bank’s intervention in the crisis to build conducive atmosphere for trade and industrial sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pyakurel apprised the governor that banks and financial institutions were finding hard to issue a letter of credit for importing industrial raw materials and they expressed fear that a day would come when they will have to suspend production in the lack of raw materials. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In response, the Governor Adhikari pledged to address the issues hampering to open the LC for the regular supplies of raw materials required for industries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Responding to the delegation’s request for discouraging the import of luxury goods, the NRB Governor said the central bank would bring several fiscal measures into practice to save the nation’s economy from the impact of liquidity crisis. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A single digit interest rate in loans for productive sector, and the effective implementation of provisions of re-finance and soft loans were among the demands put forth by the delegation before the NRB Governor. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The delegation comprised senior vice president Pradeep Murarka, vice-presidents Raj Kumar Golchha, Nanda Kishor Rathi and executive committee member Sushil Rijal among others. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-12-22', 'modified' => '2021-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '14267', 'image' => '20211222045734_Chamber of industries morang new.jpg', 'article_date' => '2021-12-22 16:56:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14521', 'article_category_id' => '1', 'title' => 'Tourism Minister Scraps Decision to Privatize NAC', 'sub_title' => '', 'summary' => 'December 22: Minister for Culture, Tourism and Civil Aviation Prem Bahadur Ale has said that state-owned Nepal Airlines Corporation (NAC) will not be privatized.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">December 22: Minister for Culture, Tourism and Civil Aviation Prem Bahadur Ale has said that state-owned Nepal Airlines Corporation (NAC) will not be privatized. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Informing that it was a ministerial decision not to privatize the NAC, he expressed his commitment to enhance the national flag bearer of Nepal. He also said that the Government of Nepal would assist NAC in adding new aircraft to its fleet. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During a meeting with NAC officials on Tuesday, Tourism Minister Ale said that the number of aircraft would be increased and the fares would be made competitive.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Minister Ale also directed officials of NAC to allocate at least 40 low-fare tickets for Nepali migrant workers going abroad for foreign employment. Currently, NAC has been offering 20 such seats to the migrant workers bound for foreign countries. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Minister Ale also asked the NAC team to prevent intermediaries from providing air tickets to the migrant workers at the NAC premises. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During the interaction, secretary at the ministry, Maheshwor Neupane, instructed the NAC to concentrate on profit-making through maximum utilization of its available means, resources and human resources in line with business plan. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Yubaraj Adhikari, executive chairman of NAC, informed that the corporation has been granted permission to transport dangerous goods due to its safety commitments. He added that the NAC has gained worldwide recognition after bilateral agreements with international airliners to use NAC’s ticket for flights to Europe and other destinations. He also said that the corporation has helped expand the market of Nepali products in the international market by opening a sales center.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Stating that the regularity of flights has increased and the number of passengers has also reached 80 percent of the seating capacity, he said that the process of flying to Riyadh in the Middle East has also reached the final stage of agreement. (With inputs from RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-22', 'modified' => '2021-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '14266', 'image' => '20211222044711_20211112081930_20210709080354_20180727021334_2.jpg', 'article_date' => '2021-12-22 16:46:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14519', 'article_category_id' => '1', 'title' => 'Commercial Banks listed in NEPSE Declare Dividends', 'sub_title' => '', 'summary' => 'December 22: Commercial banks listed in the Nepal Stock Exchange (NEPSE) have announced to pay dividend to investors from the last fiscal year's profit. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 22: Commercial banks listed in the Nepal Stock Exchange (NEPSE) have announced to pay dividend to investors from the last fiscal year's profit. </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"">Out of the total 27 commercial banks of the country, 26 listed in NEPSE have declared dividend including cash and bonus shares from the distributable profit of the fiscal year 2077/78. Some of the declared dividends have been decided by the banks after holding general assembly and some of them are preparing for the general assembly to make the announcement. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to figures made public so far, Nabil Bank is set to distribute the highest dividend comprising 33.6 percent bonus shares and 4.4 percent cash dividend. Similarly, Civil Bank will be giving away dividend of 5.26 percent on the basis of last year's distributable profit. The bank has stated that out of the declared dividend, five percent will be bonus shares and 0.26 per cent will be cash. </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 Himalayan Bank will award 21.38 percent bonus share and 4.62 percent cash dividend to its investors. Agriculture Development Bank has decided to distribute 21.0526 percent dividend with 20 percent bonus and 1.56 percent cash. Sanima Bank has announced 17 percent bonus and 0.8947 percent cash, Nepal Bank is giving 14 percent bonus and 3 percent cash, Prime Commercial Bank will give 16 percent bonus and 0.6313 percent cash. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Nepal Investment Bank has stated that it will distribute 16 percent dividend with 12.611 percent bonus and 3.389 percent cash and Citizens Bank will distribute 16 percent dividend with 12.913 bonus and 3.87 percent cash. </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 NMB Bank has offered its shareholders 12.5 per cent bonus shares and 3.3 per cent cash dividend, NIC Asia Bank will give 15 per cent bonus and 0.7895 per cent cash, Nepal Bangladesh Bank is proving 12 per cent bonus shares and 3 per cent cash. Siddhartha Bank will give 14.25 per cent bonus shares and 0.75 percent cash, Machhapuchche Bank has announced 14 percent dividend with 13.3 percent bonus and 0.7 percent cash, Bank of Kathmandu will provide 10 percent bonus and four percent cash. Global IME Bank has announced a 13.5 percent dividend with 10 percent bonus and 3.5 percent cash while Standard Chartered Bank has announced 13.6 percent dividend with 10 percent bonus and 3.6 percent cash. </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"">Prabhu Bank, Mega Bank, Laxmi Bank, Everest Bank, Kumari Bank, Nepal Credit and Commerce Bank (NCC), Sunrise Bank and Century Bank, Nepal SBI Bank have also announced dividend shares and cash bonus. </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"">Out of the declared dividend, the cash is deposited directly in the bank account while bonus shares will be entered into demat account provided by the investor. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-12-22', 'modified' => '2021-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '14265', 'image' => '20211222104354_dividend.jpg', 'article_date' => '2021-12-22 10:43:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14520', 'article_category_id' => '1', 'title' => 'NRB Demands Cash Margin for Opening LC to Import Goods', 'sub_title' => '', 'summary' => 'December 21: Nepal Rastra Bank (NRB) has made it mandatory to keep cash margin when opening letter of credit (LC) for importing luxury goods.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">December 21: Nepal Rastra Bank (NRB) has made it mandatory to keep cash margin when opening letter of credit (LC) for importing luxury goods. Such measure was introduced to control the declining foreign exchange reserves. </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"">NRB issued a directive for its own banking department, provincial offices, commercial banks and national level banks on December 20 and introduced the new provision. When banks open LC for the purpose of importing the goods, they need to take into consideration cash margin from the importer.</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"">NRB has implemented such provisions for the import of goods with various harmonic codes. When importing goods with harmonic codes 0907, 17, 22, 24, 3303, 3304, 3305, 44, 64, 65, 66, 67, 68, 69, 7010, 7106, 8703, 8711, 9403 and 9504.40.00 margin of fifty percent to cent percent should be available. Likewise, while importing items with codes from 8703 to 8711, fifty percent margin should be available.</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"">NRB has directed to keep a hundred percent cash margin on other items. NRB has introduced such provisions for the import of silver, motorcycles, vehicles, sugar, metal furniture, water, lead products, make-up and other items.</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"">According to NRB interest can't be paid on such margin. Also, it has instructed that loans cannot be disbursed for the purpose of keeping margin amount. Banks are required to take margin amount at the time of opening the LC and the amount can be used to pay for imports.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This provision will not apply on imports of medical products. Similarly, this provision will not be applicable to the items imported by the government authorities, diplomatic missions and hospitals.</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"">NRB has made the new provision in view of the declining foreign exchange reserves. Lately, foreign exchange reserves have been steadily declining particularly through imports. As a result, the balance of payments has also incurred a loss of Rs 150 billion.</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"">Gunakar Bhatt, Spokesperson of NRB said the flow of foreign currencies is increasing with the increase in imports. This is having impact on foreign exchange reserves and the balance of payments. The recent decision has been taken to control imports. According to the central bank, this provision will be removed once the situation normalizes. </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"">Some banks are already taking margins when opening LCs for import of various commodities. The central bank has introduced the provision in paper as a short term solution.</span></span></span></p> <p> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-22', 'modified' => '2021-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '14262', 'image' => '20211222044615_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-12-22 16:45:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14515', 'article_category_id' => '1', 'title' => 'Nepal Receives Investment Pledges of Rs 30 Billion in Current FY', 'sub_title' => '', 'summary' => 'December 21: Nepal has received foreign investment commitment of Rs 30 billion in the first five months of the current fiscal year that began on July 16. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">December 21: Nepal has received foreign investment commitment of Rs 30 billion in the first five months of the current fiscal year that began on July 16. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the data unveiled by the Department of Industries, foreign investors have committed to invest around Rs 30 billion in 122 industries in the past five months (July 16 to December 7) of the current fiscal year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The department’s information officer Gyanendra Parajuli said those industries have been registered under six different categories. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The highest commitment is for the service-oriented sector as investors have pledged Rs 15.95 billion for 35 industries under this category. Towards the service sector, pledges have been received from China (Rs 600 million for four industries based on agriculture and forest products), from Netherlands (Rs 56 million for energy-based industry and Rs 450 million for four industries relating to information, communications and broadcasting service. Likewise, Rs 3.24 billion has been pledged for 19 production-based industries and Rs 9.55 billion for 55 tourism industries. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">China is the country that has pledged the highest investment (around 80 percent) in Nepal in the review period. China has pledged for investment of over Rs 23.64 billion in 102 industries. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-21', 'modified' => '2021-12-21', 'keywords' => '', 'description' => '', 'sortorder' => '14260', 'image' => '20211221045946_20210113033332_foreign-investment.jpg', 'article_date' => '2021-12-21 16:59:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14514', 'article_category_id' => '1', 'title' => 'Mustard Production Increasing in Chitwan District', 'sub_title' => '', 'summary' => 'December 21: The production of mustard has increased in Chitwan district with the increase in area of plantation.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 21: The production of mustard has increased in Chitwan district with the increase in area of plantation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the statistics of the Directorate of Agricultural Development, 12,180 metric tons of mustard was produced on 12,255 hectares of land in the fiscal year 2076/77. In the last fiscal year (FY 2077/78), a total of 12,218 metric tons of mustard was produced on 12,260 hectares of land.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As mustard has been planted in 12,270 hectares of land in the current fiscal year, the production is expected to increase this year as well. “The weather is favorable now, the mustard flowers are in good condition and there is no frost. It is likely that the production will increase,” said Yuvraj Pandey, head of the Directorate of Agricultural Development, Chitwan. Lately, farmers have been attracted towards mustard farming.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Madhav Poudel, information officer at the Prime Minister's Agriculture Modernization Project, Chitwan said that the increase in production was due to the increase in attraction towards mustard farming and the implementation of pocket and block programs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“The demand and price of mustard has also increased,” he said, adding, “That is why the farmers have started cultivating mustard instead of other crops.” According to Poudel, a mustard block program has been introduced in Madi of the district this year. Poudel says that there will be an increase in production this year due to good flowering and good pollination.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the last few fiscal years, the area for mustard plantation was fluctuating which directly impacted mustard production. In the fiscal year 2074/75, mustard farming was done on 12,251 hectares of land while the production was 12,200 metric tons and in the fiscal year 2075/76, mustard was planted on 12,260 hectares of land with an output of 12,300 metric tons of mustard.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The production of mustard planted in the district has been fluctuating. According to the Directorate of Agricultural Development, the production of mustard was fluctuating due to changes in irrigation, fertilizer and seasonal adaptations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Center, productivity per hectare is estimated to be 995.83 kg in fiscal year 2074/75, 1003.26 kg in FY 2075/76, 993.88 kg in FY 2076/77, 996.57 kg in FY 2077/78 and 1000 kg in the current Fiscal Year. It is estimated that 10 metric tons more will be produced this year as the area under mustard cultivation has increased by 10 hectares as compared to last year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In Chitwan, mustard and sesame are planted in the category of oilseeds. Local as well as varieties of mustard are grown here. Oilseeds are planted in about 28 percent of the cultivable land in the district.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-21', 'modified' => '2021-12-21', 'keywords' => '', 'description' => '', 'sortorder' => '14259', 'image' => '20211221011631_5632idea99mustard.jpg', 'article_date' => '2021-12-21 13:15:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14513', 'article_category_id' => '1', 'title' => 'Nepal's Tourism Promotion in China Stalled since Covid-19 Outbreak', 'sub_title' => '', 'summary' => 'December 21: Nepal's tourism promotion in China has been stalled since the past two years due to the Covid-19 outbreak.', '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"">December 21: Nepal's tourism promotion in China has been stalled since the past two years due to the Covid-19 outbreak. Although the number of Chinese tourists visiting Nepal is the highest after Indian tourists, Nepal's tourism entrepreneurs have yet to conduct any publicity and marketing activities in China since the outbreak of Covid-19.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the first week of November 2019, government officials and tourism entrepreneurs of Nepal were in China to promote the Visit Nepal 2020 campaign. Since then, Nepal has not made any promotion campaigns in China. Tourism entrepreneurs say they are yet to promote Nepali tourism in China due to the Covid-19 outbreak, lockdown, and restrictions. Strict policies in China have also affected promotion plans.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Sajan Shakya, general secretary of the Hotel Association of Nepal (HAN), said that he visited China for tourism promotion at the end of 2019 and is yet to make any further visit. He said that it is necessary to stress on publicity in China in the current market strategy. In the 'Nepal Tourism Statistics-2020' index, Myanmar has risen to the second position in 2020, surpassing China as the second-largest tourist destination in Nepal in 2019.</span></span></span></span></p> <p><span style="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 tourists coming from China has gradually increased since 2016. However, the number has dropped dramatically since 2020. Around 170,000 Chinese tourists visited Nepal in 2019 which declined to 19,000 in 2020. As of November 2021, altogether 3,239 Chinese tourists visited Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Although the number of tourists from other countries increased in 2021, arrival of Chinese tourists has not improved.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2021-12-21', 'modified' => '2021-12-21', 'keywords' => '', 'description' => '', 'sortorder' => '14258', 'image' => '20211221113521_20210629020224_20210402.jpg', 'article_date' => '2021-12-21 11:34:45', '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
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 133]file not found!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' => '14533', 'article_category_id' => '1', 'title' => 'Nepal’s Trade Deficit Ballooning despite Increase in Export', 'sub_title' => '', 'summary' => 'December 24: Nepal’s foreign trade has increased by 63 percent in the first five months of the current fiscal compared to the corresponding period of last fiscal year (FY 2020-21).', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">December 24: Nepal’s foreign trade has increased by 63 percent in the first five months of the current fiscal compared to the corresponding period of last fiscal year (FY 2020-21).</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During the review period, capital outflow of Rs 838.40 billion was recorded for importing goods while the total trade volume stood at Rs 941 billion, according to the Department of Customs. Nepal’s foreign trade during the corresponding period of last fiscal year was worth Rs 575 billion. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The latest data issued by the Department of Customs show that the country’s import also increased by 59.55 percent this year compared to the previous year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Likewise, Nepal’s export also rose to 105.61 percent in the review period. The total export of the country was worth Rs 50.05 billion till mid-December last year which has reached Rs 102 billion this year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the department, despite the rise in export this year, the country’s trade deficit has further increased compared to last year. The country recorded a 54.7 percent rise in trade deficit which stands at Rs 735 billion in the first five months of the current fiscal year. Last year, the trade deficit was Rs 475 billion in the corresponding period. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the department, petroleum products formed a large part of Nepal’s import in the first five months of the current fiscal year. Among the sub-categories of petroleum products, diesel worth Rs 49.02 billion was imported till mid-December 2021. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Likewise, crude soybean oil comes second in terms of the highest proportion of import. Nepal’s entrepreneurs import crude soybean oil from different countries and export it to other countries after refining the product. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During the review period, around 980 million litres of soybean oil worth Rs 33.66 billion was imported in the country. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the Department, palm oil worth Rs 24.61 billion, petrol worth Rs 24.10 billion, LP gas worth Rs 23.11 billion and phone sets worth Rs 20.35 billion were also imported. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In the exports section, soybean oil was the country’s main export product during the review period. As per the data of the Department of Customs, soybean oil worth Rs 30.55 billion was exported from Nepal followed by palm oil worth Rs 27.42 billion. <em>(With inputs from RSS) </em></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-24', 'modified' => '2021-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '14278', 'image' => '20211224113150_Trade.jpg', 'article_date' => '2021-12-24 11:31:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14532', 'article_category_id' => '1', 'title' => 'Government Extends Deadline to Withdraw Tax Review Cases', 'sub_title' => '', 'summary' => 'December 23: The government has given a grace period of one month for disgruntled tax payers to withdraw cases filed for tax review.', '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"">December 23: The government has given a grace period of one month for disgruntled tax payers to withdraw cases filed for tax review. In doing so, the taxpayers will get waivers on fine as well as interest on taxes. </span></span></span></span></p> <p><span style="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 taxpayers who have applied for administrative review of tax assessment by various tax offices and filed cases in the court and revenue tribunal can withdraw the case until mid-January 2022 to benefit from the scheme. If the taxpayer withdraws the case within the given period, the interest, additional fee and penalty will be waived.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government had introduced such a provision through the Financial Act. According to the Article 20 of the Act, there is a provision to waive the fees, additional charges and penalties if the taxpayers withdraw the cases of administrative review. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A notice published on Nepal Gazette on December 15 reads 'the deadline has been extended to offer the waiver facility to the taxpayers as the service delivery has been hampered by the delayed appointment of chairperson in Revenue Tribunal in many areas.' </span></span></span></span></p> <p><span style="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 Inland Revenue Department, 1,205 applicants have registered for administrative reviews. According to Raju Prasad Pyakurel, information officer of the department, 94 applications have been withdrawn following the government notice. However, the number of cases pending in the revenue tribunals and courts is not known yet.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Janardan Sharma has even instructed the revenue officials to publish the details of the tax dispute cases. He believes the Inland Revenue and the Revenue Investigation Department should make tax disputes cases public.</span></span></span></span></p> <p><span style="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 budget announcement of the current Fiscal Year, Income Tax Act 2058, Value Added Tax Act 2052 and Excise Duty Act 2058, provides fifty percent waiver on interest for the tax determined until the mid July 2021, if the taxpayers withdraw cases filed for administrative review.</span></span></span></span></p> <p><span style="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, additional fees, penalty and fines will be waived if the due amount determined until mid-July 2020 is paid till mid-January 2022.</span></span></span></span></p> <p><br /> </p> <p><br /> </p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14277', 'image' => '20211223040942_20210116081553_Clipboard36.jpg', 'article_date' => '2021-12-23 16:09:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14530', 'article_category_id' => '1', 'title' => 'NEA Cuts Power Supply to Int’l Cricket Stadium ', 'sub_title' => '', 'summary' => 'December 23: Power supply to the under-construction Gautam Buddha International Cricket Stadium has been cut off after it failed to pay electricity tariff. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 23: Power supply to the under-construction Gautam Buddha International Cricket Stadium has been cut off after it failed to pay electricity tariff. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The construction works of the stadium have been stagnated for the past five months. The Bharatpur Transmission Centre of Nepal Electricity Authority (NEA) on Wednesday cut off power supply to the stadium for not paying the bills. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Engineer at the transmission centre, Rajendra Poudel, the dues have reached Rs 887,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Dhurmus Suntali Foundation that spearheaded the construction works of the cricket stadium had walked away from their responsibility after facing financial crisis. The Foundation has urged Bharatpur Metropolis to take ownership of the stadium saying the Foundation has yet to clear off dues over Rs 170 million. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA has also cut off power supply to Mount Everest Brewery as it has yet to pay electricity tariff dues of over Rs 3.74 million. Along with this, the NEA has cut off the lines of 12 small firms and organization for not paying the electricity bills. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '14276', 'image' => '20211223031018_maxresdefault (1).jpg', 'article_date' => '2021-12-23 15:09:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14529', 'article_category_id' => '1', 'title' => 'Imports of EVs Jump after Government Lowered Customs Duty', 'sub_title' => '', 'summary' => 'December 23: The import of electric vehicles (EVs) has taken a huge leap after the government lowered the customs duty.', '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"">December 23: The import of electric vehicles (EVs) has taken a huge leap after the government lowered the customs duty. The import of EVs has increased tremendously in the first five months of the current fiscal year 2078/79.</span></span></span></span></p> <p><span style="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 import of EVs has increased via the dry port of Birgunj. Balaram Bhandari, the customs officer at Birgunj Dry Port, informed that the import of EVs has increased after the government decided to adopt a policy to encourage the use of clean energy. Bhandari informed that 290 vehicles from various companies worth Rs 891.5 million were imported through the dry port. The data is of mid-July to mid-November.</span></span></span></span></p> <p><span style="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 customs office, 134 EVs worth Rs 439.3 million were imported from the dry port in the last fiscal year. During the review period, only eight such vehicles worth Rs 189 million were cleared through the customs.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“In the current fiscal year, the government has reduced customs duty on imports of EVs and removed excise duty. Due to this reason, the import of EVs has surged in great numbers,” said Bhandari.</span></span></span></span></p> <p><span style="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 then Finance Minister Bishnu Poudel had reduced the customs duty on the import of electric vehicles while introducing the current year’s budget through an ordinance. Customs officials say that there has been an increase in import after the removal of excise duty on imports.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Despite the increase in electricity production in the country, there was no consumption. Therefore, the decision to lower the customs duty on import of EVs was taken. The 80 percent customs duty in the previous fiscal year 2077/78 was reduced to 10 to 40 percent in the current fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the previous fiscal year, the then Finance Minister Yuba Raj Khatiwada received heavy criticism for imposing high tariffs and excise duties that directly affected the import of the EVs.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the previous fiscal year, 30 percent excise duty was fixed for imports but this year's budget has removed the excise duty. At present, importers have to pay 10 to 40 percent customs duty and 13 percent value added tax depending on the capacity of the vehicle. The road improvement fee is 5 percent. Reduction in the excise duty rate has positively affected the import of EVs.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14275', 'image' => '20211223023600_20211103021336_CarPartsCom_EV_1200x628.jpg', 'article_date' => '2021-12-23 14:35:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14528', 'article_category_id' => '1', 'title' => 'NRA’s Term set to Expire on Friday', 'sub_title' => '', 'summary' => 'December 23: The term of the National Reconstruction Authority (NRA), which has been managing the reconstruction of private houses, health posts and hospital buildings, public buildings and archeological heritage sites destroyed by the 2015 earthquake, is expiring on Friday, December 24.', '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"">December 23: The term of the National Reconstruction Authority (NRA), which has been managing the reconstruction of private houses, health posts and hospital buildings, public buildings and archeological heritage sites destroyed by the 2015 earthquake, is expiring on Friday, December 24. The government had established the autonomous body on December 25, 2015 to carry out the reconstruction works. The government had extended the term of NRA in December 2020 for a one year period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During its six year term, NRA has completed of 75 percent of works including the reconstruction of private houses in 31 districts including the 14 most affected by the earthquake. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Till the last fiscal year 2077/78, NRA spent a budget of Rs 381 billion for reconstruction. The Post Disaster Needs Assessment Report (PDNA) had estimated the need of Rs 938 billion investment for the post-earthquake reconstruction. However, the Post Disaster Recovery Framework (PDRF) had downsized the estimated cost to Rs 482 billion from Rs 938 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"">According to Manohar Ghimire, joint spokesperson of NRA, the budget spent in the current fiscal year has not been included in the record books yet. He said that the details of the cost, expenditure and source of funding are yet to be collected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRA has been handing over its works to the concerned agencies since mid-September. A meeting of NRA on Wednesday decided to hand over all of its responsibilities to the concerned bodies from now onward. The meeting chaired by Prime Minister Sher Bahadur Deuba decided to hand over all the responsibilities, assets and other works of reconstruction to other bodies on Wednesday, September 17.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Deuba has instructed the concerned bodies to complete the remaining works on time. Similarly, he has also expressed his commitment not to allow budget shortage for the remaining reconstruction works.</span></span></span></span></p> <p><span style="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 NRA, the total number of beneficiaries in the list so far is 866,207 and the grant agreement has been reached with 827,340. Now, the NRA will be responsible for preparing the integrated financial statement of current and capital expenditure for the fiscal year 2078/079 and the work related to audit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14274', 'image' => '20211223021108_20210628124301_tesXamd4TN210415090728.jpg', 'article_date' => '2021-12-23 14:10:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14531', 'article_category_id' => '1', 'title' => 'Manakamana Cable Car Resumes Operation ', 'sub_title' => '', 'summary' => 'December 23: Manakamana cable car, the first cable car of Nepal, has resumed its operation after maintenance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 23: Manakamana cable car, the first cable car of Nepal, has resumed its operation after maintenance. </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 cable car remained closed for four days from last Sunday for carrying out necessary maintenance in gear box and tower. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to deputy general manager of Manakamana Darshan Pvt Ltd, Ujjwal Sherchan, the cable car service remained shut for four days on December 19-22 for fixing technical glitches. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">He further shared that the cable car service has come into operation from December 23 after completing maintenance works. </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 cable car is upgrading its existing analogue system to digital system as per its plan. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14273', 'image' => '20211223031728_manakamana-Cablecar.jpg', 'article_date' => '2021-12-23 15:16:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14527', 'article_category_id' => '1', 'title' => 'Taskforce Starts Discussion to Forge Consensus on MCC', 'sub_title' => '', 'summary' => 'December 23: The taskforce formed by the government to forge a consensus regarding the US-funded project, Millennium Challenge Corporation (MCC), held its first meeting on Wednesday.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">December 23: The taskforce formed by the government to forge a consensus regarding the US-funded project, Millennium Challenge Corporation (MCC), held its first meeting on Wednesday. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During the meeting reportedly held at the residence of CPN (Unified Socialist) leader Jhalanath Khanal in Dallu, Kathmandu, the taskforce members held preliminary discussion regarding endorsement of the MCC which has courted controversy in Nepal. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Leaders are divided over whether to endorse the grant assistance or not due to the some alleged objectionable provisions of the project. Even some ruling parties including CPN Maoist Centre and CPN Unified Socialist are not in favour of endorsing the MCC grant agreement in its present form. They have been demanding amendment to some provisions while the main opposition party CPN UML has been obstructing house proceedings.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The then government led by Nepali Congress had signed the grant agreement with the MCC in Washington in September 2017. As per the agreement, the United States had agreed to provide US$500 million in grants for two projects, and that the Government of Nepal would contribute $130 million for these projects. The fund would be utilized for road construction and repair and electricity production and construction of transmission lines.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Minister for Communications and Information Technology Gyanendra Bahadur Karki, who is also a taskforce member, said that discussions held on Wednesday were headed in a positive direction. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The ruling coalition had formed a three-member taskforce to solicit support from other political parties to endorse the MCC. The taskforce led by Khanal comprises of CPN (Maoist Center) leader Narayan Kaji Shrestha and Minister Karki. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The task force has been mandated to hold discussions with other political parties on the issues ranging from resuming the parliamentary procedure to advancing several agendas under-consideration in the parliament. </span></span></p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14272', 'image' => '20211223123002_20210905114326_20200704031812_MCC.jpg', 'article_date' => '2021-12-23 12:29:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14526', 'article_category_id' => '1', 'title' => 'Central Bank Zeroes in on Import Replacement and Export Promotion ', 'sub_title' => '', 'summary' => 'December 23: Nepal Rastra Bank, the central bank of Nepal, has taken measures to avert current liquidity crunch and reduce trade deficit. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">December 23: Nepal Rastra Bank, the central bank of Nepal, has taken measures to avert current liquidity crunch and reduce trade deficit. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During a discussion organized by NRB with economic journalists on Wednesday, NRB Governor Maha Prasad Adhikari clarified that the central bank has given high priority to replace imports with export promotion in order to fix the current problem. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">He shared that liquidity flow of Rs 2,500 billion was made through permanent liquidity facility, Rs 69 billion through overnight repo, Rs 220 billion through repo and Rs 27 billion through direct purchase as of December 20.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“An arrangement has been made to keep loan deposit ratio at 90 percent till mid-July 2022 while re-financing facility of Rs 92 billion has been approved as of December 22 in the current fiscal year,” the governor informed. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In order to tame ballooning trade deficit, the central bank has placed different measures, including determining ceiling of foreign currency available for silver import, increment of one percent interest rate in the deposit of bank accounts of the people in foreign employment and arranging cent percent margin in the import of certain goods and commodities. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">He further informed that an arrangement has been made for the Non-Resident Nepalis and their associations to open savings and deposit accounts in foreign currency. Among other measures in place are cut-off in the facility of foreign currency cash exchange, control in the unlawful import of gold and reduction in the ceiling of ‘non-deliverable derivate forward’ that can be kept in foreign countries. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The country is heading towards economic recovery in the current situation with full liberation from the COVID-19 pandemic, he said, adding the situation of trade deficit resulted from the rise in the import and reduction of remittance inflow. “All these happened in course of the economic revival,” he claimed. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The liquidity crunch has resulted due to the decline in deposits compared to the loan flow rate. Liquidity problems are recurring in Nepalese economy in the context when export is weak and dependency on import is on the rise,” the governor shared. -- RSS</span></span></p> ', 'published' => true, 'created' => '2021-12-23', 'modified' => '2021-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '14271', 'image' => '20211223091128_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-12-23 09:10:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14522', 'article_category_id' => '1', 'title' => 'Liquidity Crisis having Implications on Business Sector: CIM', 'sub_title' => '', 'summary' => 'December 22: The Chamber of Industries, Morang (CIM) has drawn the attention of Nepal Rastra Bank (NRB) citing that the current liquidity crisis in financial sector is having implications in the operation of business sector. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 22: The Chamber of Industries, Morang (CIM) has drawn the attention of Nepal Rastra Bank (NRB) citing that the current liquidity crisis in financial sector is having implications in the operation of business sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President of the Chamber Suyash Pyakurel and his delegation on Tuesday met with NRB Governor Maha Prasad Adhikari requesting for the central bank’s intervention in the crisis to build conducive atmosphere for trade and industrial sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pyakurel apprised the governor that banks and financial institutions were finding hard to issue a letter of credit for importing industrial raw materials and they expressed fear that a day would come when they will have to suspend production in the lack of raw materials. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In response, the Governor Adhikari pledged to address the issues hampering to open the LC for the regular supplies of raw materials required for industries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Responding to the delegation’s request for discouraging the import of luxury goods, the NRB Governor said the central bank would bring several fiscal measures into practice to save the nation’s economy from the impact of liquidity crisis. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A single digit interest rate in loans for productive sector, and the effective implementation of provisions of re-finance and soft loans were among the demands put forth by the delegation before the NRB Governor. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The delegation comprised senior vice president Pradeep Murarka, vice-presidents Raj Kumar Golchha, Nanda Kishor Rathi and executive committee member Sushil Rijal among others. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-12-22', 'modified' => '2021-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '14267', 'image' => '20211222045734_Chamber of industries morang new.jpg', 'article_date' => '2021-12-22 16:56:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14521', 'article_category_id' => '1', 'title' => 'Tourism Minister Scraps Decision to Privatize NAC', 'sub_title' => '', 'summary' => 'December 22: Minister for Culture, Tourism and Civil Aviation Prem Bahadur Ale has said that state-owned Nepal Airlines Corporation (NAC) will not be privatized.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">December 22: Minister for Culture, Tourism and Civil Aviation Prem Bahadur Ale has said that state-owned Nepal Airlines Corporation (NAC) will not be privatized. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Informing that it was a ministerial decision not to privatize the NAC, he expressed his commitment to enhance the national flag bearer of Nepal. He also said that the Government of Nepal would assist NAC in adding new aircraft to its fleet. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During a meeting with NAC officials on Tuesday, Tourism Minister Ale said that the number of aircraft would be increased and the fares would be made competitive.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Minister Ale also directed officials of NAC to allocate at least 40 low-fare tickets for Nepali migrant workers going abroad for foreign employment. Currently, NAC has been offering 20 such seats to the migrant workers bound for foreign countries. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Minister Ale also asked the NAC team to prevent intermediaries from providing air tickets to the migrant workers at the NAC premises. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">During the interaction, secretary at the ministry, Maheshwor Neupane, instructed the NAC to concentrate on profit-making through maximum utilization of its available means, resources and human resources in line with business plan. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Yubaraj Adhikari, executive chairman of NAC, informed that the corporation has been granted permission to transport dangerous goods due to its safety commitments. He added that the NAC has gained worldwide recognition after bilateral agreements with international airliners to use NAC’s ticket for flights to Europe and other destinations. He also said that the corporation has helped expand the market of Nepali products in the international market by opening a sales center.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Stating that the regularity of flights has increased and the number of passengers has also reached 80 percent of the seating capacity, he said that the process of flying to Riyadh in the Middle East has also reached the final stage of agreement. (With inputs from RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-22', 'modified' => '2021-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '14266', 'image' => '20211222044711_20211112081930_20210709080354_20180727021334_2.jpg', 'article_date' => '2021-12-22 16:46:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14519', 'article_category_id' => '1', 'title' => 'Commercial Banks listed in NEPSE Declare Dividends', 'sub_title' => '', 'summary' => 'December 22: Commercial banks listed in the Nepal Stock Exchange (NEPSE) have announced to pay dividend to investors from the last fiscal year's profit. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 22: Commercial banks listed in the Nepal Stock Exchange (NEPSE) have announced to pay dividend to investors from the last fiscal year's profit. </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"">Out of the total 27 commercial banks of the country, 26 listed in NEPSE have declared dividend including cash and bonus shares from the distributable profit of the fiscal year 2077/78. Some of the declared dividends have been decided by the banks after holding general assembly and some of them are preparing for the general assembly to make the announcement. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to figures made public so far, Nabil Bank is set to distribute the highest dividend comprising 33.6 percent bonus shares and 4.4 percent cash dividend. Similarly, Civil Bank will be giving away dividend of 5.26 percent on the basis of last year's distributable profit. The bank has stated that out of the declared dividend, five percent will be bonus shares and 0.26 per cent will be cash. </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 Himalayan Bank will award 21.38 percent bonus share and 4.62 percent cash dividend to its investors. Agriculture Development Bank has decided to distribute 21.0526 percent dividend with 20 percent bonus and 1.56 percent cash. Sanima Bank has announced 17 percent bonus and 0.8947 percent cash, Nepal Bank is giving 14 percent bonus and 3 percent cash, Prime Commercial Bank will give 16 percent bonus and 0.6313 percent cash. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Nepal Investment Bank has stated that it will distribute 16 percent dividend with 12.611 percent bonus and 3.389 percent cash and Citizens Bank will distribute 16 percent dividend with 12.913 bonus and 3.87 percent cash. </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 NMB Bank has offered its shareholders 12.5 per cent bonus shares and 3.3 per cent cash dividend, NIC Asia Bank will give 15 per cent bonus and 0.7895 per cent cash, Nepal Bangladesh Bank is proving 12 per cent bonus shares and 3 per cent cash. Siddhartha Bank will give 14.25 per cent bonus shares and 0.75 percent cash, Machhapuchche Bank has announced 14 percent dividend with 13.3 percent bonus and 0.7 percent cash, Bank of Kathmandu will provide 10 percent bonus and four percent cash. Global IME Bank has announced a 13.5 percent dividend with 10 percent bonus and 3.5 percent cash while Standard Chartered Bank has announced 13.6 percent dividend with 10 percent bonus and 3.6 percent cash. </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"">Prabhu Bank, Mega Bank, Laxmi Bank, Everest Bank, Kumari Bank, Nepal Credit and Commerce Bank (NCC), Sunrise Bank and Century Bank, Nepal SBI Bank have also announced dividend shares and cash bonus. </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"">Out of the declared dividend, the cash is deposited directly in the bank account while bonus shares will be entered into demat account provided by the investor. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-12-22', 'modified' => '2021-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '14265', 'image' => '20211222104354_dividend.jpg', 'article_date' => '2021-12-22 10:43:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14520', 'article_category_id' => '1', 'title' => 'NRB Demands Cash Margin for Opening LC to Import Goods', 'sub_title' => '', 'summary' => 'December 21: Nepal Rastra Bank (NRB) has made it mandatory to keep cash margin when opening letter of credit (LC) for importing luxury goods.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">December 21: Nepal Rastra Bank (NRB) has made it mandatory to keep cash margin when opening letter of credit (LC) for importing luxury goods. Such measure was introduced to control the declining foreign exchange reserves. </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"">NRB issued a directive for its own banking department, provincial offices, commercial banks and national level banks on December 20 and introduced the new provision. When banks open LC for the purpose of importing the goods, they need to take into consideration cash margin from the importer.</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"">NRB has implemented such provisions for the import of goods with various harmonic codes. When importing goods with harmonic codes 0907, 17, 22, 24, 3303, 3304, 3305, 44, 64, 65, 66, 67, 68, 69, 7010, 7106, 8703, 8711, 9403 and 9504.40.00 margin of fifty percent to cent percent should be available. Likewise, while importing items with codes from 8703 to 8711, fifty percent margin should be available.</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"">NRB has directed to keep a hundred percent cash margin on other items. NRB has introduced such provisions for the import of silver, motorcycles, vehicles, sugar, metal furniture, water, lead products, make-up and other items.</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"">According to NRB interest can't be paid on such margin. Also, it has instructed that loans cannot be disbursed for the purpose of keeping margin amount. Banks are required to take margin amount at the time of opening the LC and the amount can be used to pay for imports.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">This provision will not apply on imports of medical products. Similarly, this provision will not be applicable to the items imported by the government authorities, diplomatic missions and hospitals.</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"">NRB has made the new provision in view of the declining foreign exchange reserves. Lately, foreign exchange reserves have been steadily declining particularly through imports. As a result, the balance of payments has also incurred a loss of Rs 150 billion.</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"">Gunakar Bhatt, Spokesperson of NRB said the flow of foreign currencies is increasing with the increase in imports. This is having impact on foreign exchange reserves and the balance of payments. The recent decision has been taken to control imports. According to the central bank, this provision will be removed once the situation normalizes. </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"">Some banks are already taking margins when opening LCs for import of various commodities. The central bank has introduced the provision in paper as a short term solution.</span></span></span></p> <p> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-22', 'modified' => '2021-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '14262', 'image' => '20211222044615_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-12-22 16:45:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14515', 'article_category_id' => '1', 'title' => 'Nepal Receives Investment Pledges of Rs 30 Billion in Current FY', 'sub_title' => '', 'summary' => 'December 21: Nepal has received foreign investment commitment of Rs 30 billion in the first five months of the current fiscal year that began on July 16. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">December 21: Nepal has received foreign investment commitment of Rs 30 billion in the first five months of the current fiscal year that began on July 16. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the data unveiled by the Department of Industries, foreign investors have committed to invest around Rs 30 billion in 122 industries in the past five months (July 16 to December 7) of the current fiscal year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The department’s information officer Gyanendra Parajuli said those industries have been registered under six different categories. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The highest commitment is for the service-oriented sector as investors have pledged Rs 15.95 billion for 35 industries under this category. Towards the service sector, pledges have been received from China (Rs 600 million for four industries based on agriculture and forest products), from Netherlands (Rs 56 million for energy-based industry and Rs 450 million for four industries relating to information, communications and broadcasting service. Likewise, Rs 3.24 billion has been pledged for 19 production-based industries and Rs 9.55 billion for 55 tourism industries. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">China is the country that has pledged the highest investment (around 80 percent) in Nepal in the review period. China has pledged for investment of over Rs 23.64 billion in 102 industries. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-21', 'modified' => '2021-12-21', 'keywords' => '', 'description' => '', 'sortorder' => '14260', 'image' => '20211221045946_20210113033332_foreign-investment.jpg', 'article_date' => '2021-12-21 16:59:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14514', 'article_category_id' => '1', 'title' => 'Mustard Production Increasing in Chitwan District', 'sub_title' => '', 'summary' => 'December 21: The production of mustard has increased in Chitwan district with the increase in area of plantation.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 21: The production of mustard has increased in Chitwan district with the increase in area of plantation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the statistics of the Directorate of Agricultural Development, 12,180 metric tons of mustard was produced on 12,255 hectares of land in the fiscal year 2076/77. In the last fiscal year (FY 2077/78), a total of 12,218 metric tons of mustard was produced on 12,260 hectares of land.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As mustard has been planted in 12,270 hectares of land in the current fiscal year, the production is expected to increase this year as well. “The weather is favorable now, the mustard flowers are in good condition and there is no frost. It is likely that the production will increase,” said Yuvraj Pandey, head of the Directorate of Agricultural Development, Chitwan. Lately, farmers have been attracted towards mustard farming.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Madhav Poudel, information officer at the Prime Minister's Agriculture Modernization Project, Chitwan said that the increase in production was due to the increase in attraction towards mustard farming and the implementation of pocket and block programs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“The demand and price of mustard has also increased,” he said, adding, “That is why the farmers have started cultivating mustard instead of other crops.” According to Poudel, a mustard block program has been introduced in Madi of the district this year. Poudel says that there will be an increase in production this year due to good flowering and good pollination.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the last few fiscal years, the area for mustard plantation was fluctuating which directly impacted mustard production. In the fiscal year 2074/75, mustard farming was done on 12,251 hectares of land while the production was 12,200 metric tons and in the fiscal year 2075/76, mustard was planted on 12,260 hectares of land with an output of 12,300 metric tons of mustard.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The production of mustard planted in the district has been fluctuating. According to the Directorate of Agricultural Development, the production of mustard was fluctuating due to changes in irrigation, fertilizer and seasonal adaptations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Center, productivity per hectare is estimated to be 995.83 kg in fiscal year 2074/75, 1003.26 kg in FY 2075/76, 993.88 kg in FY 2076/77, 996.57 kg in FY 2077/78 and 1000 kg in the current Fiscal Year. It is estimated that 10 metric tons more will be produced this year as the area under mustard cultivation has increased by 10 hectares as compared to last year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In Chitwan, mustard and sesame are planted in the category of oilseeds. Local as well as varieties of mustard are grown here. Oilseeds are planted in about 28 percent of the cultivable land in the district.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-21', 'modified' => '2021-12-21', 'keywords' => '', 'description' => '', 'sortorder' => '14259', 'image' => '20211221011631_5632idea99mustard.jpg', 'article_date' => '2021-12-21 13:15:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14513', 'article_category_id' => '1', 'title' => 'Nepal's Tourism Promotion in China Stalled since Covid-19 Outbreak', 'sub_title' => '', 'summary' => 'December 21: Nepal's tourism promotion in China has been stalled since the past two years due to the Covid-19 outbreak.', '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"">December 21: Nepal's tourism promotion in China has been stalled since the past two years due to the Covid-19 outbreak. Although the number of Chinese tourists visiting Nepal is the highest after Indian tourists, Nepal's tourism entrepreneurs have yet to conduct any publicity and marketing activities in China since the outbreak of Covid-19.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the first week of November 2019, government officials and tourism entrepreneurs of Nepal were in China to promote the Visit Nepal 2020 campaign. Since then, Nepal has not made any promotion campaigns in China. Tourism entrepreneurs say they are yet to promote Nepali tourism in China due to the Covid-19 outbreak, lockdown, and restrictions. Strict policies in China have also affected promotion plans.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Sajan Shakya, general secretary of the Hotel Association of Nepal (HAN), said that he visited China for tourism promotion at the end of 2019 and is yet to make any further visit. He said that it is necessary to stress on publicity in China in the current market strategy. In the 'Nepal Tourism Statistics-2020' index, Myanmar has risen to the second position in 2020, surpassing China as the second-largest tourist destination in Nepal in 2019.</span></span></span></span></p> <p><span style="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 tourists coming from China has gradually increased since 2016. However, the number has dropped dramatically since 2020. Around 170,000 Chinese tourists visited Nepal in 2019 which declined to 19,000 in 2020. As of November 2021, altogether 3,239 Chinese tourists visited Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Although the number of tourists from other countries increased in 2021, arrival of Chinese tourists has not improved.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2021-12-21', 'modified' => '2021-12-21', 'keywords' => '', 'description' => '', 'sortorder' => '14258', 'image' => '20211221113521_20210629020224_20210402.jpg', 'article_date' => '2021-12-21 11:34:45', '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
