December 2: Nepal Railway Company has asked for a budget of Rs 350 million with the government to operate two sets of trains stranded in Inaruwa for the last fourteen…
December 2: Nepal Railway Company has asked for a budget of Rs 350 million with the government to operate two sets of trains stranded in Inaruwa for the last fourteen…
December 2: The Ministry of Health and Population has appealed to one and all not to consider travelling abroad unless absolutely…
December 2: NMB Bank has succeeded to become the best bank in Asia. It has been awarded with the "The Bank of the Year Asia 2021" award by London-based The Banker…
December 1: The government’s plan to upgrade Biratnagar Airport to the international standard has not progressed effectively.…
December 1: Banks of Nepal have been receiving various awards from international organizations but such awards are limited to the category of ‘best bank in…
December 1: Food industry leaders have accused banks of manipulating data related to agriculture sector which falls under priority sector lending.…
December 1: The import of fuel and spare parts of vehicles from Birgunj customs, the country’s largest customs in terms of import and export, has outnumbered other…
December 1: The preliminary report of the 12th National Census conducted from November 11 to 25 is likely to be unveiled within the next three…
December 1: Minister for Physical Infrastructure and Transport Renu Yadav informed that preparations are underway to bring necessary laws related to the operation of railway service through an…
December 1: The government has decided to take necessary precaution to prevent the entry of Omicron variant of COVID-19.…
November 30: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Tribhuvan University School of Management (SOMTU) have decided join hands with each other for the development of human…
November 30: Three hydropower projects included in the People’s Hydropower Programme by the government with special emphasis have not made any progress as per the…
November 30: Nepal Rastra Bank (NRB) has amended the unified directive allowing non-resident Nepalis (NRNs) to open savings accounts in foreign currency.…
November 30: Airport authorities at the Tribhuvan International Airport (TIA) have stepped up security checking of passengers returning from abroad on suspicion of gold…
November 30: Industrialists of Province 1 have urged the central bank to review its monetary policy stating that the current liquidity crunch faced by banks and financial institutions (BFIs) is a due to the provisions of the monetary…
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President Bidyadevi Bhandari issued the Railway Ordinance on Wednesday (December 1) which paved the way to operate these trains. But the company is still unable to operate the trains immediately due to lack of budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Niranjan Jha, general manager of the company, said that the legal hurdle has been removed to operate the railway service but the trains will run once the budget is released."We had written to the Ministry of Finance one and half months ago asking to release the budget. In response, the ministry said it will release the budget soon and asked us carry on the service with the company's budget for the time being," he added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He claimed that if the budget is released soon, the railway service can begin within a few months. Nepal Railway Company needs to make payment of Rs 350 million to the Indian railway manufacturer Konkan and has to pay Rs100 million in 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"">He said that the due amount has to be paid to 26 staffers of the Indian company Konkan required for the operation of the trains, as well as for equipment required for the technical tests. According to Jha, the budget is expected to be released in the next one week. He said that the technical aspects of railway operation will be tested and training will be provided to the employees once the budget is released. </span></span></span></span></p> <p><span style="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 ordinance has paved the way to determine the railway fares and freight charges. Earlier, the Railway Bill was issued during the tenure of the outgoing Prime Minister KP Sharma Oli which was later scrapped. The government had purchased two trains at Rs 856 million and brought them to Nepal in September, 2020 and a test operation was also conducted. A total of Rs 1 billion has already been invested in the procurement along with the customs duty. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-02', 'modified' => '2021-12-02', 'keywords' => '', 'description' => '', 'sortorder' => '14148', 'image' => '20211202121118_20211201110915_20190325112130_Clipboard43-5.jpg', 'article_date' => '2021-12-02 12:10:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14402', 'article_category_id' => '1', 'title' => 'Government Urges Citizens not to Travel Abroad Unless Absolutely Necessary', 'sub_title' => '', 'summary' => 'December 2: The Ministry of Health and Population has appealed to one and all not to consider travelling abroad unless absolutely necessary.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 2:<strong> </strong>The</span><strong> </strong><span style="font-family:"Arial Unicode MS","sans-serif"">Ministry of Health and Population has appealed to one and all not to consider travelling abroad unless absolutely necessary. According to the state-owned national news agency RSS, the ministry made such appeal in the wake of the spread of the 'Omicron' variant of COVID-19 in various countries. Urging all Nepalis to observe precaution against COVID-19, the ministry reportedly said that the 'Omicron' variant has not been detected in Nepal yet. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The monitoring and testing of this new variant has been expanded, RSS reported citing Joint Spokesperson at the Ministry Dr Samir Adhikari. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a press statement on Wednesday, Dr Adhikari said that the new variant is very contagious and it would infect people of any age group. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Omicron variant was first detected in African countries some days ago and has been expanding rapidly across South Africa and Asia lately. The WHO has declared the new variant as the 'universal variant of concern'. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Ministry has also urged one and all to get vaccinated against Coronavirus infection. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-12-02', 'modified' => '2021-12-02', 'keywords' => '', 'description' => '', 'sortorder' => '14147', 'image' => '20211202081956_Hc74d_0_0.jpg', 'article_date' => '2021-12-02 08:19:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14401', 'article_category_id' => '1', 'title' => 'NMB Bank wins 'The Bank of the Year Asia 2021' Award ', 'sub_title' => '', 'summary' => 'December 2: NMB Bank has succeeded to become the best bank in Asia. It has been awarded with the "The Bank of the Year Asia 2021" award by London-based The Banker magazine.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 2: NMB Bank has succeeded to become the best bank in Asia. It has been awarded with the "The Bank of the Year Asia 2021" award by London-based The Banker magazine. </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"">NMB Bank has been adjudged the best bank in Asia beating out stiff competition from banks based in Asian giants such as China, India, Hong Kong, South Korea and Japan. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The reportedly bank won this award because of its focus on sustainable banking, commitment towards digital transformation and high corporate governance standards. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Sher Bahadur Deuba on Wednesday handed over the award jointly to NMB Chairperson Pawan Golyan, chief executive officer Sunil KC and the Board of Directors of the bank amid a programme organised at the official residence of the PM. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, PM Sher Deuba congratulated all those associated with the bank for creating a history, adding that the bank has enhanced the prestige of the entire banking industry of Nepal by being honoured with the coveted award. -- RSS </span></span></span><br /> <br /> </p> ', 'published' => true, 'created' => '2021-12-02', 'modified' => '2021-12-02', 'keywords' => '', 'description' => '', 'sortorder' => '14146', 'image' => '20211202081130_BOTY-Awards-2021-thumbnail.jpg', 'article_date' => '2021-12-02 08:10:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14400', 'article_category_id' => '1', 'title' => 'No Progress in Expansion of Biratnagar Airport due to Delay in Compensation', 'sub_title' => '', 'summary' => 'December 1: The government’s plan to upgrade Biratnagar Airport to the international standard has not progressed effectively. ', '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 1: The government’s plan to upgrade Biratnagar Airport to the international standard has not progressed effectively. Despite issuing an order to halt the transfer and transactions of 126 bighas of land in order to acquire them, the concerned authorities have not evaluated those land yet even in 15 months. The locals have been enraged due to this negligent attitude of the government. Although all three tiers of government had reached an agreement regarding this issue a long time ago, the work of airport expansion has still not gained any momentum.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Biratnagar Metropolitan City, the state government and the Civil Aviation Authority of Nepal (CAAN) had reached an understanding to upgrade the airport on September 5, 2020. However, any work of the airport expansion has not been able to move forward as the concerned authorities have not able to ask for the budget with the government in time due to the delay in study for the compensation criteria.</span></span></span></span></p> <p><span style="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 agreement states that the runway length of the airport will be extended up to 3,000 meters. It has been agreed that the federal government will bear 50 percent of the total cost, the state government will bear 40 percent and the local government will bear 10 percent for land acquisition.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As per the agreement, the government has already an order to withhold transfer of 126 bighas of land in order to acquire those lands from the locals. The issue of compensating the land owners has not moved ahead even after such a long time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government had blocked the transfer of the land by issuing a notice in Gorkhapatra on April 6, 2021 to acquire 1,400 plots of land for the expansion of the airport. According to Uddhav Karki, a member of the Biratnagar Airport Victims' Struggle Committee, the problem has arisen as the work procedure for land acquisition does not clearly mention the time interval between land acquisition and compensation distribution.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He complained that even the municipality and ward offices have stopped other development work in those areas since one year arguing that the land now belongs to the airport.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Ministry of Industry, Forest and Tourism of Province 1 has been saying that the work of preparing the Detailed Project Report (DPR) is still underway.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">At present, the ministry itself does not have a minister. Mayor of Biratnagar Metropolitan City, Bhim Parajuli said that the work of Biratnagar Airport has been stalled due to the negligence of the central and state governments.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Airport chief Utsav Kharel said that the expansion of the airport has slowed down as the government has not managed the budget for the compensation. “Now the government has to tell us to either work or stop the work,” he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A Compensation Evaluation Committee has been formed under the coordination of Morang’s Assistant Chief District Officer Mahesh Raj Timsina for the distribution of compensation. The committee has not been able to resolve the issue of compensation yet. Assistant Chief District Officer Timsina said that a study is being conducted on what basis the compensation should be provided.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Work is being done to determine the basis of compensation including the tax paid by the landowner to the municipality, the investment made by the banks and financial institution, the valuation of the land and the current price of the land, the condition of the infrastructure etc.</span></span></span></span></p> <p><span style="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 expansion of the airport is estimated to cost Rs 13 billion except for land acquisition. It is estimated that Rs. 4 billion will be spent for the construction of terminal building and expansion of the runway within five years. A cost Rs 2 billion has been estimated for a three-kilometer diversion of Bastakhola water and approach light management. Plans have been made to build additional infrastructure worth Rs 7 billion by 2027-2030.</span></span></span></span></p> <p><span style="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 current evaluation of the land of the locals which has been withheld from transfer or transaction to upgrade the airport is Rs 300,000 to Rs 500,000 per 16.929 square meters (1 dhur).</span></span></span></span></p> <p><span style="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 airport currently has infrastructures that include an airplane apron that can accommodate five aircraft with a capacity of 72 seats, two taxiways connecting the runway and the apron, airfield lighting systems for night flights and landings, firefighting and rescue services, aviation fuel, air communication services, air traffic controller services, and seasonal services.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14145', 'image' => '20211201071952_1638316047.Clipboard03.jpg', 'article_date' => '2021-12-01 19:19:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14399', 'article_category_id' => '1', 'title' => 'What is Obstructing Nepali Banks from Winning International Awards?', 'sub_title' => '', 'summary' => 'December 1: Banks of Nepal have been receiving various awards from international organizations but such awards are limited to the category of ‘best bank in Nepal’.', '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 1: Banks of Nepal have been receiving various awards from international organizations but such awards are limited to the category of ‘best bank in Nepal’. The banks of Nepal are yet to receive international awards at the South Asian, Asian, or other international levels.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Why hasn't the banking sector of Nepal received any international recognition even after eight decades of history? What do stakeholders say?</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">London-based The Banker magazine has been awarding banks from around the world in various categories. Nepali banks do participate in it. The banks have received the 'Bank of the Year' award which is the best among the banks of Nepal. But they have not yet received the award for being the best bank in South Asia or the Asia-Pacific region.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">So far, NMB, Investment Bank, Mega Bank, Global IME Bank, and Standard Chartered Bank of Nepal have received the Bank of the Year award from The Banker. However, the banks here have not received the award for being the best bank in South Asia or Asia, or for being at the forefront of digitization, working, or contributing in the areas of sustainable banking, environment, and social management.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">When asked about the reasons why are Nepali banks deprived of such awards, bankers said that they do not want to take such awards as they have to pay fees and provide various information. Some other bankers replied that there are better banks in South Asia than Nepali banks.</span></span></span></span></p> <p><span style="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 Ratna Raj Bajracharya, Chief Executive Officer (CEO) of Global IME Bank, most of the banks of other South Asian countries look better in some aspects by the standards of The Banker because their market is larger than that of Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> "Nepali banks still have a long way to go," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">This means that the backwardness of Nepali banks seems to be the criteria set by the organisers of the awards. The organizing bodies have set such standards and criteria that are hardly practices in 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"">According to Pranu Singh, head of corporate affairs, brand, and marketing at Standard Chartered Bank of Nepal, the banks of Nepal must have contributed to the regional level for being decorated with the regional award.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As the banks of Nepal are unable to show any initiative taken at the international level, they are deprived of international awards, argues Singh.</span></span></span></span></p> <p><span style="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 Banker has been giving such awards by setting the standard for banks' strategic initiatives, digital initiatives, sustainable banking initiatives, sustainable banking practices, institutional good governance, and environmental and social management systems. It is said that Nepali banks do not meet some of these standards.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Especially Nepali banks have not done much in the field of environment and social management. Also, Nepali banks are not leading much in international partnerships. As a result, Nepali banks have not been able to get such an award, experts say.</span></span></span></span></p> <p><span style="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, Nepali banks are lagging in strategic leadership. The Banker evaluates the diversification of funds by raising funds from local bonds and international credit markets and investing in small businesses, and the flow of green loans.</span></span></span></span></p> <p><span style="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, emphasis has been laid on green investment under the Sustainable Banking Initiative. Under this category, The Banker looks at investments in projects that make the country self-sufficient in green energy.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Since Nepali banks have not started investing in hydropower and solar energy for a long time, Nepali banks may be lagging in this regard. But it can be expected to improve gradually.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Another criterion evaluates investment in the productive and real sectors. Nepali banks might be lagging behind because the major investment of Nepali banks is in the import business.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Experts opined that in the aftermath of the Covid-19 pandemic, the organizers of the international awards recognized the banks that kept their system afloat along with those able to serve their customers better at the time of crisis.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14144', 'image' => '20211201022713_Banks.jpg', 'article_date' => '2021-12-01 14:26:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14398', 'article_category_id' => '1', 'title' => 'Food Manufacturers Accuse Banks of Data Manipulation', 'sub_title' => '', 'summary' => 'December 1: Food industry leaders have accused banks of manipulating data related to agriculture sector which falls under priority sector lending. ', '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 1: Food industry leaders have accused banks of manipulating data related to agriculture sector which falls under priority sector lending. The government has listed agriculture as a priority sector making banks and financial institutions to release ten percent of the total loans to the agriculture sector. But the food industrialists claim that loans issued at a high interest rate of fifteen percent for industries manufacturing rice and oil have also been included in agriculture sector lending data. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Officials of the Association of Nepalese Rice, Oil and Pulses Industry met Finance Secretary Madhu Kumar Marasini, Director General of the Department of Industry Jiv Lal Bhusal and Director General of the Department of Commerce, Supply and Consumer Protection Prem Kumar Shrestha separately and complained that the government has become mute spectator to the irregularities conducted by banks. They have demanded concessional loans to be provided to such industries on priority basis and punish the banks for manipulating lending data. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issuing a press statement, the association has demanded concessional loans to agro-based industries such as rice, oil and pulses or else stop deceiving people by showing fake lending data to these industries.</span></span></span></span></p> <p><strong><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Strict provision on rice import</span></span></span></span></strong></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">To protect the rice industries, entrepreneurs have urged government officials to reduce the duty on import of paddy from five percent to one percent and increase import duty on rice to fifteen percent from eight percent.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">They have urged the concerned authorities to open the export of Basmati rice from Nepal. They have also requested to check the maximum price and quality of food items imported in Nepal and make arrangements to disclose the name, address and expiration date of the imported product.</span></span></span></span></p> <p><strong><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Reduce tax on edible oil </span></span></span></span></strong></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Entrepreneurs have demanded that the government reduce VAT applied on edible oil to five percent. “If the five percent customs duty on mustard oil is reduced to one percent, domestic oil industries can get some relief,” said Subodh Kumar Gupta, president of the Association.</span></span></span></span></p> <p><span style="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 entrepreneurs, oil produced in Nepal has become more expensive than the Indian oil due to five percent customs duty on import of mustard and 13 percent value added tax on processed oil. This has made the business challenging for homegrown manufacturers, they claimed.</span></span></span></span></p> <p><strong><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Dissatisfaction over reduction in subsidy</span></span></span></span></strong></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Entrepreneurs are dissatisfied with the government over the removal of provision of cash subsidy on export of pulses. The government used to provide a four percent cash subsidy on pulses export. Removal of cash subsidy has made it challenging for the Nepali industries to export pulses to Bangladesh, said Gupta.</span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14143', 'image' => '20211201013325_1638316112.Clipboard01.jpg', 'article_date' => '2021-12-01 13:31:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14397', 'article_category_id' => '1', 'title' => 'Fuel, Vehicle Spare Parts Dominate Import List', 'sub_title' => '', 'summary' => 'December 1: The import of fuel and spare parts of vehicles from Birgunj customs, the country’s largest customs in terms of import and export, has outnumbered other products.', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">December 1: The import of fuel and spare parts of vehicles from Birgunj customs, the country’s largest customs in terms of import and export, has outnumbered other products. Among the 20 major items that are imported via this customs, 11 of them are related to petroleum products and vehicles. Besides these products, semi-refined soybean oil, HR seat, raw sunflower oil, raw palm oil, steel steppe, polythene granules, MS billets, concentrated beverages and other industrial raw materials are also imported in large quantities.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Readymade garments are also one of the main items entering the country through this checkpoint. Fuel and vehicles seem to be the biggest contributors to the revenue collected by the customs.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">As per the data of the customs office, they have collected the highest revenue from the import of such products in the first four months of the current fiscal year.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">According to the Birgunj Customs Office, about two-thirds of the revenue collected accounted for the import of petroleum products and vehicles from mid-July to mid-November of the current fiscal year.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Chief customs officer Harihar Poudel said that in the last four month, petroleum products have contributed 33.23 percent of the total revenue while vehicle imports have contributed 28.87 percent. The Department of Customs had collected more than Rs 70 billion in the first four months.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The construction of a petroleum pipeline from Motihari to Amalekhgunj in India has facilitated the transportation of fuel.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Import of such items has increased significantly during the review period this year while there was lockdown and prohibitory order during most of the time in the corresponding period of last fiscal year. Imports and exports were also affected due to closure of production and market last year.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The information technology branch of Birgunj customs informed that the import of diesel increased by 41 percent, petrol by 36 percent and cooking gas (LPG) by 14 percent in the review period of the current fiscal year.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Similarly, import of aviation fuel also increased by 162 percent, according to the data provided by the customs. The import of such fuel was very low last year due to the disruption of domestic and international aviation services. The import of coal and mobil has increased by 34 ad 29 percent respectively.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The import of vehicles has also increased significantly this year. Imports of jeeps, cars and vans have increased the most. In the corresponding period of last year, 1,963 such vehicles had entered through Birgunj customs. According to the customs, the number has reached 3,406 this year. The import of jeeps, cars and vans have increased by 74 percent.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Similarly, the import of pickup vehicles, trucks/buses, vehicle parts, equipment and tools used in development works have also increased significantly.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Poudel said that due to the Covid-19 pandemic last year, there was a shortage of production and this year such items did not enter as expected. “Vehicle imports should have been higher. But due to coronavirus, vehicle and spare parts manufacturers had stopped production for a long time and now they are not able to supply as per the demand,” he said, “If manufacturers could supply as many vehicles as per the demand, the import of vehicles would have been much higher.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14142', 'image' => '20211201010810_Birgunj.jpg', 'article_date' => '2021-12-01 13:07:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14396', 'article_category_id' => '1', 'title' => 'Preliminary Report of National Census to Include Details of Areas ‘Encroached’ by India', 'sub_title' => '', 'summary' => 'December 1: The preliminary report of the 12th National Census conducted from November 11 to 25 is likely to be unveiled within the next three months. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">December 1: The preliminary report of the 12th National Census conducted from November 11 to 25 is likely to be unveiled within the next three months. <br /> The document is to incorporate details concerning Lipulek, Limpiyadhura and Kalapani as well. Though the Central Bureau of Statistics (CBS) could not ensure the census in the above mentioned areas physically, it is to feature the details of households and demographic size of the areas by using alternative methods. <br /> According to the director general of the bureau, Nebin Lal Shrestha, they tried diplomatic efforts to reach Limpiyadhura, Kalapani and Lipulek physically for the collection of details, but it was not possible. Now, the collection of details has begun with the use of a technology and the bureau has received cooperation from the locals. <br /> He explained that people only reside in Kuti, Nabhi and Gunji villages in the region. It is estimated that around 300 households are there and the number of estimated population is maximum 800. During winter, the locals move downhill to avoid cold, and they would possibility have meetings with the people of Chhangru and Tinkar in Darchula and could be connected by phone calls. According to the Bureau, the tracking of households is possible through the use of a satellite. <br /> The government had issued a new administrative map on May 18, 2020 incorporating Lipulek, Limpiyadhura and Kalapani areas in Darchula on the basis of various facts and evidences and after various rounds of discussions. The parliament on June 13, 2020 ratified this new map with an overwhelming majority votes and with this decision the areas which India had been occupying were officially included for the first time in Nepal's map. The Coat-of-Arms was amended accordingly. <br /> So, the latest National Census is the first census after incorporating the territories in the map of Nepal and so it has been seen with significance. <br /> The map made public in 1827 by the British Surveyor of India indicates that Kalapani is Nepal's westernmost border front. Surveyors and cartographers claim that the map released by the British Surveyor of India clearly shows that the Kali River that originates from Limpiyadhura marks Nepal's westernmost boundary with India. Kalapani and Lipulek areas lie to the east of this river. <br /> Experts say that in recent times, India has named a stream flowing down from Lipulek as the Kali river and encroached upon the whole area east of the Kali river that flows down from Limpiyadhura. <br /> According to historians, the then Government of Nepal in the past had allowed India to station its security force in the area at the latter's request for defending its territories from the Chinese, and since that time India has continued to occupy the territories belonging to Nepal. <br /> Senior geographer and a scholar on border matters Buddhi Narayan Shrestha asserted that every document before 1860 established that the Kali river originating from Limpiyadhura is the original Kali river. According to him, India has captured the territories of Nepal by publishing a map after that period by naming the stream that flows down from Lipulek as the Kali river. <br /> The Central Bureau of Statistics which conducted the National Census stated that the data from these territories could not be collected directly for the census due to various difficulties but it has started counting the population through several other means. <br /> The main task of the 12th National Census concluded on November 25. -- RSS </span></span></span></span></p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14141', 'image' => '20211201114001_20211126095913_20211109080004_20211108052804_National-Census-2021.jpg', 'article_date' => '2021-12-01 11:39:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14395', 'article_category_id' => '1', 'title' => 'Law on Railways in the Offing: Minister Yadav ', 'sub_title' => '', 'summary' => 'December 1: Minister for Physical Infrastructure and Transport Renu Yadav informed that preparations are underway to bring necessary laws related to the operation of railway service through an ordinance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 1: Minister for Physical Infrastructure and Transport Renu Yadav informed that preparations are underway to bring necessary laws related to the operation of railway service through an ordinance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minister reportedly made such remark on Tuesday (November 30) while inspecting the physical infrastructure prepared for the operation of the train from Kurtha in Dhanusha to Jayanagar of India. Minister Yadav said that the government has taken steps to bring necessary legislation as it has not been possible to operate the train due to lack of law. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The government has prepared an ordinance for the laws required for the operation of the railways," the state-owned national news agency RSS quoted Minister Yadav as saying. </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 RSS, Minister Yadav said that the law would be brought through an ordinance after the documents are finalized. She shared that the Prime Ministers of India and Nepal will jointly inaugurate the railway through virtual means after the necessary laws, staff management and budget have been determined for the operation of the railway. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, General Manager of Nepal Railway Company Niranjan Jha briefed Minister Yadav about the progress made so far in terms of railway operation. Minister Yadav was accompanied by Director General of Department of Railway Deepak Bhattarai and Mayor of Janakpurdham Sub-Metropolis Lal Kishor Saha, RSS reported. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14140', 'image' => '20211201110915_20190325112130_Clipboard43-5.jpg', 'article_date' => '2021-12-01 11:08:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14394', 'article_category_id' => '1', 'title' => 'Government Issues Order to Prevent Entry of 'Omicron' Variant ', 'sub_title' => '', 'summary' => 'December 1: The government has decided to take necessary precaution to prevent the entry of Omicron variant of COVID-19. ', 'content' => '<p><em>Tribhuvan International Airport. Photo Courtesy: Aviation Nepal/TIA Facebook Page</em></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 1: The government has decided to take necessary precaution to prevent the entry of Omicron variant of COVID-19. According to the state-owned national news agency RSS, a cabinet meeting held on November 29 issued an order regarding the travel management of passengers coming to Nepal from countries where Omicron has been detected. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The World Health Organization (WHO) has warned that the new variant could spread rapidly and cause serious infection. The new variant has been detected in South Africa, Australia, Belgium, Germany, Hong Kong, the Netherlands and the United Kingdom, RSS further reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Arrangements have been made for passengers coming from countries with reported case of the variant to undergo tests at Tribhuvan International Airport and to be kept in hotel quarantine, according to government's spokesperson Gyanendra Bahadur Karki. </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 cabinet meeting also decided to form a negotiating team on behalf of the Government of Nepal to receive a concessional loan of 10 billion Japanese yen (approximately Rs 10.39 billion) from the Japanese government for economic growth and productivity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting approved the protocol prepared for the agreement between Nepal and China on exporting helix (processed grass) to China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Ministry of Foreign Affairs has given approval to send a diplomatic note to the United Nations to implement the Standard Basic Assistance Agreement between the Government of Nepal and the UNDP. </span></span></span></p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14139', 'image' => '20211201111050_20211201080915_TIA.jpg', 'article_date' => '2021-12-01 08:04:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14393', 'article_category_id' => '1', 'title' => 'FNCCI, TU School of Management Join Hands for Development of Human Capital', 'sub_title' => '', 'summary' => 'November 30: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Tribhuvan University School of Management (SOMTU) have decided join hands with each other for the development of human capital.', '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"">November 30: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Tribhuvan University School of Management (SOMTU) have decided join hands with each other for the development of human capital. Both the institutions have reached an agreement to form an “Industry Academia Forum” for institutional cooperation in this regard.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The announcement was made during a programme organised jointly by the Commodity Council of the FNCCI and SOMTU on Sunday at the Federation’s Secretariat. FNCCI President Shekhar Golchha said that the Tribhuvan University could be of a great assistance for human resource development while the federation gives special priority to the campaigns like small and medium enterprises in Nepal. He emphasized on establishing a permanent type of structure to attain the goal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On the occasion, Dinesh Mani Ghimire, assistant dean of the Faculty of Management, Tribhuvan University and Prof. Dr. Dev Raj Adhikari, the former member secretary of the University Grants Commission and former dean of the Faculty of Management said that the university was ready to support Nepal’s the efforts made by the private sector in the economic development of the country. They also expressed their commitment to cooperate with the federation in this regard.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During the program, a detailed discussion was held regarding the new ‘Course of Study’ prepared by SOMTU and suggestions and advice on the same were collected from the entrepreneurs who attended the programme. The SOMTU was suggested to revise the courses in such a way that it would help produce skilled and technical manpower.</span></span></span></span></p> <p><span style="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 Vice President of FNCCI, Dinesh Shrestha suggested that the education given by the university should be practical, focused on industry and business development of the country and should incorporate high technical knowledge. Chairperson and the Vice-President of the Commodity Council Anjan Shrestha expressed the belief that such cooperation between the university and the private sector could benefit the academic sector, industry and business sector, society as well as the nation as a whole.</span></span></span></span></p> <p><span style="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 the program, Assistant Professor Dr. Gangaram Bishwokarma, Assistant Professor Dr. Dhruvalal Pandey and Assistant Professor Dr. Jitendra Dangol shed light about the new course of study.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-30', 'modified' => '2021-11-30', 'keywords' => '', 'description' => '', 'sortorder' => '14138', 'image' => '20211130022021_study01_20211129101354.jpg', 'article_date' => '2021-11-30 14:19:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14392', 'article_category_id' => '1', 'title' => 'Poor Performance of Hydro Projects under People’s Hydropower Programme', 'sub_title' => '', 'summary' => 'November 30: Three hydropower projects included in the People’s Hydropower Programme by the government with special emphasis have not made any progress as per the expectation.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 30: Three hydropower projects included in the People’s Hydropower Programme by the government with special emphasis have not made any progress as per the expectation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The power generation date of those projects located in Rasuwa has been deferred every year. Despite repeated instructions from the Minister for Energy, Water Resources and Irrigation as well as the secretary at the ministry and Executive Director of Nepal Electricity Authority, the work of the project has not been effective.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A subsidiary of Chilime Hydropower Company is constructing 111 MW Rasuwagadhi Hydropower Project, 42.5 MW Sanjen Hydropower Project and 14.8 MW Upper Sanjen Hydropower Projects. It has become uncertain when these projects will start generating electricity. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Both the time and cost of the projects are increasing due to natural disasters and Covid-19 pandemic. Although the Executive Director of NEA Kulma Ghising has been urging the project officials to expedite the projects, there has not been any improvement.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The delay in completion of the projects constructed with public investment under the People’s Hydropower Project, has also resulted in the delay in construction of transmission lines. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ghising has instructed the projects to complete the remaining works as soon as possible after monitoring the construction sites and holding discussings with the project officials, construction entrepreneurs, contractors and consultants. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The construction of the main civil structures has been completed. The construction of the project with public investment should be completed as soon as possible and the investors should be rewarded,” said Ghising, adding, “The remaining works should be carried out side-by-side and completed within 7/8 months.” </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-11-30', 'modified' => '2021-11-30', 'keywords' => '', 'description' => '', 'sortorder' => '14137', 'image' => '20211130020819_hydro.jpg', 'article_date' => '2021-11-30 14:07:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14391', 'article_category_id' => '1', 'title' => 'Central Bank Allows NRNs to Open Savings Accounts in Foreign Currency', 'sub_title' => '', 'summary' => 'November 30: Nepal Rastra Bank (NRB) has amended the unified directive allowing non-resident Nepalis (NRNs) to open savings accounts in foreign currency. ', '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"">November 30: Nepal Rastra Bank (NRB) has amended the unified directive allowing non-resident Nepalis (NRNs) to open savings accounts in foreign currency. Along with the NRNs, even the companies promoted by NRNs are permitted to open bank accounts here in the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank made such provision by amending the directive after reviewing the monetary policy for the first quarter of 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"">Earlier, NRNs were allowed to open only fixed deposit accounts in the country. From now on, they are allowed to open savings accounts as well, said Dev Kumar Dhakal, spokesperson of NRB. The new provision is introduced in view of the current liquidity crunch and declining foreign exchange reserves. When opening such an account, a minimum deposit of USD 5,000 is required and such deposits have to come through the banking system from abroad. Also, the principal and interest have to be paid through the banking system.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Likewise, the process has been easier to open deposit accounts for NRNs. They will now be able to open deposits for a minimum of USD 5,000. And the minimum term of fixed deposit has been fixed for one 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"">Earlier, a minimum deposit of US dollar 10,000 was required for fixed deposit and the minimum term was two years. Dhakal said that such provision has been made with the aim of increasing foreign exchange deposits. This type of account can be opened in US Dollar, Euro, Pound Sterling, Australian Dollar, Canadian Dollar, Japanese Yen and Chinese Yuan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><em><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">New limit on silver import</span></span></em></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB has also introduced strict provisions on the import of silver. To import silver, foreign exchange facility of USD 35,000 will only be provided at a time. Earlier, no such limit was set on imports of silver. The new rule has been introduced to discourage the unnecessary import of silver and minimize negative impact on the foreign exchange reserves.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB has also revised the limit of Document Against Payment (DAP) and Document Against Acceptance (DAA) to USD 50,000 from USD 100,000. From now on, only goods up to USD 50,000 can be imported at a time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">If companies related to commercial agriculture, manufacturing industries, infrastructure construction and tourism try to take loans from abroad, banks can issue guarantee. Banks have also been discouraged to deal in derivatives. NRB has now directed the banks to trade in derivatives not exceeding fifteen percent of the initial capital. Earlier, the limit was set at thirty percent. Dhakal said that the limit has been reduced in view of declining foreign exchange reserves. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-11-30', 'modified' => '2021-11-30', 'keywords' => '', 'description' => '', 'sortorder' => '14136', 'image' => '20211130015256_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-11-30 13:52:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14390', 'article_category_id' => '1', 'title' => 'Security Checking Intensified at TIA to Curb Gold Smuggling', 'sub_title' => '', 'summary' => 'November 30: Airport authorities at the Tribhuvan International Airport (TIA) have stepped up security checking of passengers returning from abroad on suspicion of gold smuggling.', '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"">November 30: Airport authorities at the Tribhuvan International Airport (TIA) have stepped up security checking of passengers returning from abroad on suspicion of gold smuggling.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Passengers coming to Nepal especially from Dubai, Qatar and Malaysia are being strictly checked by the airport customs. After the checkpoints were tightened, the crowd at the airport has also increased since Monday.</span></span></span></span></p> <p><span style="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 Mahesh Bhattarai, chief of the airport customs office, monitoring of passengers returning from these countries has been intensified on suspicion that raw gold is being smuggled through returning passengers wearing bangles. He said the passenger checking has been tightened on the suspicion that the facility provided to the passengers has been misused.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Bhattarai claimed that the security has been tightened for those bringing gold against the rule and making them pay the revenue as the risk of smugglers sending gold with the Nepalis returning from foreign employment has increased.</span></span></span></span></p> <p><span style="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 rule, passengers who bring up to 50 grams of gold as jewelry do not have to pay any revenue. However, passengers who bring up to 200 grams of gold as jewelry will have to pay revenue. </span></span></span></span></p> <p><span style="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, Bhattarai said that it has been made mandatory to pay revenue if 50 grams or more of raw gold is imported under any pretext. </span></span></span></span></p> <p><span style="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, screening of passengers coming from Saudi Arabia, Dubai and Malaysia, who may bring gold illegally, has become a high priority.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Department of Customs claimed that illegal gold is being smuggled into Nepal through passengers returning from abroad for foreign employment and other work. The department had published a notice on Sunday stating that gold was being hidden in flashlights, irons, mixers, radios, speakers, water pumps among others without the knowledge of those coming to Nepal from abroad.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Punya Bikram Khadka, director of the Department of Customs, said that the unsuspecting passengers are requested to deliver such goods to their relatives by the smugglers. Khadka urged the passengers not to carry the goods given by any acquaintance or stranger unless it is ensured that illegal items are not hidden.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to him, the passengers were unaware about the laws and that gold was being smuggled on the items they were given. The passengers informed that unknown persons also requested them to take such items. Especially gold and gold jewelry, mobile phones, laptops and alcoholic beverages are entering Nepal in large quantities in such ways. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-30', 'modified' => '2021-11-30', 'keywords' => '', 'description' => '', 'sortorder' => '14135', 'image' => '20211130012708_1638229524.1.jpg', 'article_date' => '2021-11-30 13:26:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14389', 'article_category_id' => '1', 'title' => 'Industrialists Urge NRB to Review Monetary Policy', 'sub_title' => '', 'summary' => 'November 30: Industrialists of Province 1 have urged the central bank to review its monetary policy stating that the current liquidity crunch faced by banks and financial institutions (BFIs) is a due to the provisions of the monetary policy.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">November 30: Industrialists of Province 1 have urged the central bank to review its monetary policy stating that the current liquidity crunch faced by banks and financial institutions (BFIs) is a due to the provisions of the monetary policy. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Issuing separate press statements, the Chamber of Industries Morang and the Confederation of Nepalese Industries (CNI) have pointed to the monetary policy for the current fiscal year as the main reason behind the liquidity crisis. They argued that the current crisis emerged after the central bank introduced a provision of 90 percent CD ratio that limited investment. Both the organisations have urged the central bank to scrap the CD ratio. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">They have also urged the central bank to fix the interest on loans provided to the productive sector within a single digit in the context of increasing rate of interest at a time when the industries were slowly clawing back to normalcy after a long time amid the Covid-19 pandemic. They argued that the rising interest rates due to the liquidity crunch faced by BFIs have had direct impact on production cost. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">They also stated that government has been collecting revenue through various means but its capital expenditure has been extremely low, which is another reason for the liquidity crunch. In this context, they urged the government to make its spending in public sector more effective. They also suggested Nepal Rastra Bank to increase cash flow in the market.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The two bodies of industries also provided a five-point suggestion to NRB which includes transferring the money deposited by the Government of Nepal in the central bank to BFIs for the management of the liquidity crisis.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">CNI concluded that the increase in interest rates has caused problems to the industrialists who have invested in the productive sector. It has also requested the central bank to maintain a stable rate of interest until the financial situation of the country improves.</span></span></span></p> ', 'published' => true, 'created' => '2021-11-30', 'modified' => '2021-11-30', 'keywords' => '', 'description' => '', 'sortorder' => '14134', 'image' => '20211130114649_Chamber of industries morang new.jpg', 'article_date' => '2021-11-30 11:46:08', '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' => '14403', 'article_category_id' => '1', 'title' => 'Railway Company Seeks Rs 350 Million Budget to Operate Trains', 'sub_title' => '', 'summary' => 'December 2: Nepal Railway Company has asked for a budget of Rs 350 million with the government to operate two sets of trains stranded in Inaruwa for the last fourteen months.', '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 2: Nepal Railway Company has asked for a budget of Rs 350 million with the government to operate two sets of trains stranded in Inaruwa for the last fourteen months. President Bidyadevi Bhandari issued the Railway Ordinance on Wednesday (December 1) which paved the way to operate these trains. But the company is still unable to operate the trains immediately due to lack of budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Niranjan Jha, general manager of the company, said that the legal hurdle has been removed to operate the railway service but the trains will run once the budget is released."We had written to the Ministry of Finance one and half months ago asking to release the budget. In response, the ministry said it will release the budget soon and asked us carry on the service with the company's budget for the time being," he added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He claimed that if the budget is released soon, the railway service can begin within a few months. Nepal Railway Company needs to make payment of Rs 350 million to the Indian railway manufacturer Konkan and has to pay Rs100 million in 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"">He said that the due amount has to be paid to 26 staffers of the Indian company Konkan required for the operation of the trains, as well as for equipment required for the technical tests. According to Jha, the budget is expected to be released in the next one week. He said that the technical aspects of railway operation will be tested and training will be provided to the employees once the budget is released. </span></span></span></span></p> <p><span style="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 ordinance has paved the way to determine the railway fares and freight charges. Earlier, the Railway Bill was issued during the tenure of the outgoing Prime Minister KP Sharma Oli which was later scrapped. The government had purchased two trains at Rs 856 million and brought them to Nepal in September, 2020 and a test operation was also conducted. A total of Rs 1 billion has already been invested in the procurement along with the customs duty. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-02', 'modified' => '2021-12-02', 'keywords' => '', 'description' => '', 'sortorder' => '14148', 'image' => '20211202121118_20211201110915_20190325112130_Clipboard43-5.jpg', 'article_date' => '2021-12-02 12:10:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14402', 'article_category_id' => '1', 'title' => 'Government Urges Citizens not to Travel Abroad Unless Absolutely Necessary', 'sub_title' => '', 'summary' => 'December 2: The Ministry of Health and Population has appealed to one and all not to consider travelling abroad unless absolutely necessary.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 2:<strong> </strong>The</span><strong> </strong><span style="font-family:"Arial Unicode MS","sans-serif"">Ministry of Health and Population has appealed to one and all not to consider travelling abroad unless absolutely necessary. According to the state-owned national news agency RSS, the ministry made such appeal in the wake of the spread of the 'Omicron' variant of COVID-19 in various countries. Urging all Nepalis to observe precaution against COVID-19, the ministry reportedly said that the 'Omicron' variant has not been detected in Nepal yet. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The monitoring and testing of this new variant has been expanded, RSS reported citing Joint Spokesperson at the Ministry Dr Samir Adhikari. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a press statement on Wednesday, Dr Adhikari said that the new variant is very contagious and it would infect people of any age group. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Omicron variant was first detected in African countries some days ago and has been expanding rapidly across South Africa and Asia lately. The WHO has declared the new variant as the 'universal variant of concern'. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Ministry has also urged one and all to get vaccinated against Coronavirus infection. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-12-02', 'modified' => '2021-12-02', 'keywords' => '', 'description' => '', 'sortorder' => '14147', 'image' => '20211202081956_Hc74d_0_0.jpg', 'article_date' => '2021-12-02 08:19:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14401', 'article_category_id' => '1', 'title' => 'NMB Bank wins 'The Bank of the Year Asia 2021' Award ', 'sub_title' => '', 'summary' => 'December 2: NMB Bank has succeeded to become the best bank in Asia. It has been awarded with the "The Bank of the Year Asia 2021" award by London-based The Banker magazine.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 2: NMB Bank has succeeded to become the best bank in Asia. It has been awarded with the "The Bank of the Year Asia 2021" award by London-based The Banker magazine. </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"">NMB Bank has been adjudged the best bank in Asia beating out stiff competition from banks based in Asian giants such as China, India, Hong Kong, South Korea and Japan. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The reportedly bank won this award because of its focus on sustainable banking, commitment towards digital transformation and high corporate governance standards. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Sher Bahadur Deuba on Wednesday handed over the award jointly to NMB Chairperson Pawan Golyan, chief executive officer Sunil KC and the Board of Directors of the bank amid a programme organised at the official residence of the PM. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, PM Sher Deuba congratulated all those associated with the bank for creating a history, adding that the bank has enhanced the prestige of the entire banking industry of Nepal by being honoured with the coveted award. -- RSS </span></span></span><br /> <br /> </p> ', 'published' => true, 'created' => '2021-12-02', 'modified' => '2021-12-02', 'keywords' => '', 'description' => '', 'sortorder' => '14146', 'image' => '20211202081130_BOTY-Awards-2021-thumbnail.jpg', 'article_date' => '2021-12-02 08:10:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14400', 'article_category_id' => '1', 'title' => 'No Progress in Expansion of Biratnagar Airport due to Delay in Compensation', 'sub_title' => '', 'summary' => 'December 1: The government’s plan to upgrade Biratnagar Airport to the international standard has not progressed effectively. ', '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 1: The government’s plan to upgrade Biratnagar Airport to the international standard has not progressed effectively. Despite issuing an order to halt the transfer and transactions of 126 bighas of land in order to acquire them, the concerned authorities have not evaluated those land yet even in 15 months. The locals have been enraged due to this negligent attitude of the government. Although all three tiers of government had reached an agreement regarding this issue a long time ago, the work of airport expansion has still not gained any momentum.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Biratnagar Metropolitan City, the state government and the Civil Aviation Authority of Nepal (CAAN) had reached an understanding to upgrade the airport on September 5, 2020. However, any work of the airport expansion has not been able to move forward as the concerned authorities have not able to ask for the budget with the government in time due to the delay in study for the compensation criteria.</span></span></span></span></p> <p><span style="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 agreement states that the runway length of the airport will be extended up to 3,000 meters. It has been agreed that the federal government will bear 50 percent of the total cost, the state government will bear 40 percent and the local government will bear 10 percent for land acquisition.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As per the agreement, the government has already an order to withhold transfer of 126 bighas of land in order to acquire those lands from the locals. The issue of compensating the land owners has not moved ahead even after such a long time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government had blocked the transfer of the land by issuing a notice in Gorkhapatra on April 6, 2021 to acquire 1,400 plots of land for the expansion of the airport. According to Uddhav Karki, a member of the Biratnagar Airport Victims' Struggle Committee, the problem has arisen as the work procedure for land acquisition does not clearly mention the time interval between land acquisition and compensation distribution.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He complained that even the municipality and ward offices have stopped other development work in those areas since one year arguing that the land now belongs to the airport.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Ministry of Industry, Forest and Tourism of Province 1 has been saying that the work of preparing the Detailed Project Report (DPR) is still underway.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">At present, the ministry itself does not have a minister. Mayor of Biratnagar Metropolitan City, Bhim Parajuli said that the work of Biratnagar Airport has been stalled due to the negligence of the central and state governments.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Airport chief Utsav Kharel said that the expansion of the airport has slowed down as the government has not managed the budget for the compensation. “Now the government has to tell us to either work or stop the work,” he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A Compensation Evaluation Committee has been formed under the coordination of Morang’s Assistant Chief District Officer Mahesh Raj Timsina for the distribution of compensation. The committee has not been able to resolve the issue of compensation yet. Assistant Chief District Officer Timsina said that a study is being conducted on what basis the compensation should be provided.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Work is being done to determine the basis of compensation including the tax paid by the landowner to the municipality, the investment made by the banks and financial institution, the valuation of the land and the current price of the land, the condition of the infrastructure etc.</span></span></span></span></p> <p><span style="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 expansion of the airport is estimated to cost Rs 13 billion except for land acquisition. It is estimated that Rs. 4 billion will be spent for the construction of terminal building and expansion of the runway within five years. A cost Rs 2 billion has been estimated for a three-kilometer diversion of Bastakhola water and approach light management. Plans have been made to build additional infrastructure worth Rs 7 billion by 2027-2030.</span></span></span></span></p> <p><span style="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 current evaluation of the land of the locals which has been withheld from transfer or transaction to upgrade the airport is Rs 300,000 to Rs 500,000 per 16.929 square meters (1 dhur).</span></span></span></span></p> <p><span style="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 airport currently has infrastructures that include an airplane apron that can accommodate five aircraft with a capacity of 72 seats, two taxiways connecting the runway and the apron, airfield lighting systems for night flights and landings, firefighting and rescue services, aviation fuel, air communication services, air traffic controller services, and seasonal services.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14145', 'image' => '20211201071952_1638316047.Clipboard03.jpg', 'article_date' => '2021-12-01 19:19:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14399', 'article_category_id' => '1', 'title' => 'What is Obstructing Nepali Banks from Winning International Awards?', 'sub_title' => '', 'summary' => 'December 1: Banks of Nepal have been receiving various awards from international organizations but such awards are limited to the category of ‘best bank in Nepal’.', '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 1: Banks of Nepal have been receiving various awards from international organizations but such awards are limited to the category of ‘best bank in Nepal’. The banks of Nepal are yet to receive international awards at the South Asian, Asian, or other international levels.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Why hasn't the banking sector of Nepal received any international recognition even after eight decades of history? What do stakeholders say?</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">London-based The Banker magazine has been awarding banks from around the world in various categories. Nepali banks do participate in it. The banks have received the 'Bank of the Year' award which is the best among the banks of Nepal. But they have not yet received the award for being the best bank in South Asia or the Asia-Pacific region.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">So far, NMB, Investment Bank, Mega Bank, Global IME Bank, and Standard Chartered Bank of Nepal have received the Bank of the Year award from The Banker. However, the banks here have not received the award for being the best bank in South Asia or Asia, or for being at the forefront of digitization, working, or contributing in the areas of sustainable banking, environment, and social management.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">When asked about the reasons why are Nepali banks deprived of such awards, bankers said that they do not want to take such awards as they have to pay fees and provide various information. Some other bankers replied that there are better banks in South Asia than Nepali banks.</span></span></span></span></p> <p><span style="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 Ratna Raj Bajracharya, Chief Executive Officer (CEO) of Global IME Bank, most of the banks of other South Asian countries look better in some aspects by the standards of The Banker because their market is larger than that of Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> "Nepali banks still have a long way to go," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">This means that the backwardness of Nepali banks seems to be the criteria set by the organisers of the awards. The organizing bodies have set such standards and criteria that are hardly practices in 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"">According to Pranu Singh, head of corporate affairs, brand, and marketing at Standard Chartered Bank of Nepal, the banks of Nepal must have contributed to the regional level for being decorated with the regional award.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As the banks of Nepal are unable to show any initiative taken at the international level, they are deprived of international awards, argues Singh.</span></span></span></span></p> <p><span style="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 Banker has been giving such awards by setting the standard for banks' strategic initiatives, digital initiatives, sustainable banking initiatives, sustainable banking practices, institutional good governance, and environmental and social management systems. It is said that Nepali banks do not meet some of these standards.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Especially Nepali banks have not done much in the field of environment and social management. Also, Nepali banks are not leading much in international partnerships. As a result, Nepali banks have not been able to get such an award, experts say.</span></span></span></span></p> <p><span style="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, Nepali banks are lagging in strategic leadership. The Banker evaluates the diversification of funds by raising funds from local bonds and international credit markets and investing in small businesses, and the flow of green loans.</span></span></span></span></p> <p><span style="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, emphasis has been laid on green investment under the Sustainable Banking Initiative. Under this category, The Banker looks at investments in projects that make the country self-sufficient in green energy.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Since Nepali banks have not started investing in hydropower and solar energy for a long time, Nepali banks may be lagging in this regard. But it can be expected to improve gradually.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Another criterion evaluates investment in the productive and real sectors. Nepali banks might be lagging behind because the major investment of Nepali banks is in the import business.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Experts opined that in the aftermath of the Covid-19 pandemic, the organizers of the international awards recognized the banks that kept their system afloat along with those able to serve their customers better at the time of crisis.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14144', 'image' => '20211201022713_Banks.jpg', 'article_date' => '2021-12-01 14:26:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14398', 'article_category_id' => '1', 'title' => 'Food Manufacturers Accuse Banks of Data Manipulation', 'sub_title' => '', 'summary' => 'December 1: Food industry leaders have accused banks of manipulating data related to agriculture sector which falls under priority sector lending. ', '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 1: Food industry leaders have accused banks of manipulating data related to agriculture sector which falls under priority sector lending. The government has listed agriculture as a priority sector making banks and financial institutions to release ten percent of the total loans to the agriculture sector. But the food industrialists claim that loans issued at a high interest rate of fifteen percent for industries manufacturing rice and oil have also been included in agriculture sector lending data. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Officials of the Association of Nepalese Rice, Oil and Pulses Industry met Finance Secretary Madhu Kumar Marasini, Director General of the Department of Industry Jiv Lal Bhusal and Director General of the Department of Commerce, Supply and Consumer Protection Prem Kumar Shrestha separately and complained that the government has become mute spectator to the irregularities conducted by banks. They have demanded concessional loans to be provided to such industries on priority basis and punish the banks for manipulating lending data. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issuing a press statement, the association has demanded concessional loans to agro-based industries such as rice, oil and pulses or else stop deceiving people by showing fake lending data to these industries.</span></span></span></span></p> <p><strong><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Strict provision on rice import</span></span></span></span></strong></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">To protect the rice industries, entrepreneurs have urged government officials to reduce the duty on import of paddy from five percent to one percent and increase import duty on rice to fifteen percent from eight percent.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">They have urged the concerned authorities to open the export of Basmati rice from Nepal. They have also requested to check the maximum price and quality of food items imported in Nepal and make arrangements to disclose the name, address and expiration date of the imported product.</span></span></span></span></p> <p><strong><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Reduce tax on edible oil </span></span></span></span></strong></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Entrepreneurs have demanded that the government reduce VAT applied on edible oil to five percent. “If the five percent customs duty on mustard oil is reduced to one percent, domestic oil industries can get some relief,” said Subodh Kumar Gupta, president of the Association.</span></span></span></span></p> <p><span style="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 entrepreneurs, oil produced in Nepal has become more expensive than the Indian oil due to five percent customs duty on import of mustard and 13 percent value added tax on processed oil. This has made the business challenging for homegrown manufacturers, they claimed.</span></span></span></span></p> <p><strong><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Dissatisfaction over reduction in subsidy</span></span></span></span></strong></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Entrepreneurs are dissatisfied with the government over the removal of provision of cash subsidy on export of pulses. The government used to provide a four percent cash subsidy on pulses export. Removal of cash subsidy has made it challenging for the Nepali industries to export pulses to Bangladesh, said Gupta.</span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14143', 'image' => '20211201013325_1638316112.Clipboard01.jpg', 'article_date' => '2021-12-01 13:31:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14397', 'article_category_id' => '1', 'title' => 'Fuel, Vehicle Spare Parts Dominate Import List', 'sub_title' => '', 'summary' => 'December 1: The import of fuel and spare parts of vehicles from Birgunj customs, the country’s largest customs in terms of import and export, has outnumbered other products.', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">December 1: The import of fuel and spare parts of vehicles from Birgunj customs, the country’s largest customs in terms of import and export, has outnumbered other products. Among the 20 major items that are imported via this customs, 11 of them are related to petroleum products and vehicles. Besides these products, semi-refined soybean oil, HR seat, raw sunflower oil, raw palm oil, steel steppe, polythene granules, MS billets, concentrated beverages and other industrial raw materials are also imported in large quantities.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Readymade garments are also one of the main items entering the country through this checkpoint. Fuel and vehicles seem to be the biggest contributors to the revenue collected by the customs.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">As per the data of the customs office, they have collected the highest revenue from the import of such products in the first four months of the current fiscal year.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">According to the Birgunj Customs Office, about two-thirds of the revenue collected accounted for the import of petroleum products and vehicles from mid-July to mid-November of the current fiscal year.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Chief customs officer Harihar Poudel said that in the last four month, petroleum products have contributed 33.23 percent of the total revenue while vehicle imports have contributed 28.87 percent. The Department of Customs had collected more than Rs 70 billion in the first four months.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The construction of a petroleum pipeline from Motihari to Amalekhgunj in India has facilitated the transportation of fuel.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Import of such items has increased significantly during the review period this year while there was lockdown and prohibitory order during most of the time in the corresponding period of last fiscal year. Imports and exports were also affected due to closure of production and market last year.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The information technology branch of Birgunj customs informed that the import of diesel increased by 41 percent, petrol by 36 percent and cooking gas (LPG) by 14 percent in the review period of the current fiscal year.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Similarly, import of aviation fuel also increased by 162 percent, according to the data provided by the customs. The import of such fuel was very low last year due to the disruption of domestic and international aviation services. The import of coal and mobil has increased by 34 ad 29 percent respectively.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The import of vehicles has also increased significantly this year. Imports of jeeps, cars and vans have increased the most. In the corresponding period of last year, 1,963 such vehicles had entered through Birgunj customs. According to the customs, the number has reached 3,406 this year. The import of jeeps, cars and vans have increased by 74 percent.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Similarly, the import of pickup vehicles, trucks/buses, vehicle parts, equipment and tools used in development works have also increased significantly.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Poudel said that due to the Covid-19 pandemic last year, there was a shortage of production and this year such items did not enter as expected. “Vehicle imports should have been higher. But due to coronavirus, vehicle and spare parts manufacturers had stopped production for a long time and now they are not able to supply as per the demand,” he said, “If manufacturers could supply as many vehicles as per the demand, the import of vehicles would have been much higher.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14142', 'image' => '20211201010810_Birgunj.jpg', 'article_date' => '2021-12-01 13:07:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14396', 'article_category_id' => '1', 'title' => 'Preliminary Report of National Census to Include Details of Areas ‘Encroached’ by India', 'sub_title' => '', 'summary' => 'December 1: The preliminary report of the 12th National Census conducted from November 11 to 25 is likely to be unveiled within the next three months. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">December 1: The preliminary report of the 12th National Census conducted from November 11 to 25 is likely to be unveiled within the next three months. <br /> The document is to incorporate details concerning Lipulek, Limpiyadhura and Kalapani as well. Though the Central Bureau of Statistics (CBS) could not ensure the census in the above mentioned areas physically, it is to feature the details of households and demographic size of the areas by using alternative methods. <br /> According to the director general of the bureau, Nebin Lal Shrestha, they tried diplomatic efforts to reach Limpiyadhura, Kalapani and Lipulek physically for the collection of details, but it was not possible. Now, the collection of details has begun with the use of a technology and the bureau has received cooperation from the locals. <br /> He explained that people only reside in Kuti, Nabhi and Gunji villages in the region. It is estimated that around 300 households are there and the number of estimated population is maximum 800. During winter, the locals move downhill to avoid cold, and they would possibility have meetings with the people of Chhangru and Tinkar in Darchula and could be connected by phone calls. According to the Bureau, the tracking of households is possible through the use of a satellite. <br /> The government had issued a new administrative map on May 18, 2020 incorporating Lipulek, Limpiyadhura and Kalapani areas in Darchula on the basis of various facts and evidences and after various rounds of discussions. The parliament on June 13, 2020 ratified this new map with an overwhelming majority votes and with this decision the areas which India had been occupying were officially included for the first time in Nepal's map. The Coat-of-Arms was amended accordingly. <br /> So, the latest National Census is the first census after incorporating the territories in the map of Nepal and so it has been seen with significance. <br /> The map made public in 1827 by the British Surveyor of India indicates that Kalapani is Nepal's westernmost border front. Surveyors and cartographers claim that the map released by the British Surveyor of India clearly shows that the Kali River that originates from Limpiyadhura marks Nepal's westernmost boundary with India. Kalapani and Lipulek areas lie to the east of this river. <br /> Experts say that in recent times, India has named a stream flowing down from Lipulek as the Kali river and encroached upon the whole area east of the Kali river that flows down from Limpiyadhura. <br /> According to historians, the then Government of Nepal in the past had allowed India to station its security force in the area at the latter's request for defending its territories from the Chinese, and since that time India has continued to occupy the territories belonging to Nepal. <br /> Senior geographer and a scholar on border matters Buddhi Narayan Shrestha asserted that every document before 1860 established that the Kali river originating from Limpiyadhura is the original Kali river. According to him, India has captured the territories of Nepal by publishing a map after that period by naming the stream that flows down from Lipulek as the Kali river. <br /> The Central Bureau of Statistics which conducted the National Census stated that the data from these territories could not be collected directly for the census due to various difficulties but it has started counting the population through several other means. <br /> The main task of the 12th National Census concluded on November 25. -- RSS </span></span></span></span></p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14141', 'image' => '20211201114001_20211126095913_20211109080004_20211108052804_National-Census-2021.jpg', 'article_date' => '2021-12-01 11:39:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14395', 'article_category_id' => '1', 'title' => 'Law on Railways in the Offing: Minister Yadav ', 'sub_title' => '', 'summary' => 'December 1: Minister for Physical Infrastructure and Transport Renu Yadav informed that preparations are underway to bring necessary laws related to the operation of railway service through an ordinance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 1: Minister for Physical Infrastructure and Transport Renu Yadav informed that preparations are underway to bring necessary laws related to the operation of railway service through an ordinance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minister reportedly made such remark on Tuesday (November 30) while inspecting the physical infrastructure prepared for the operation of the train from Kurtha in Dhanusha to Jayanagar of India. Minister Yadav said that the government has taken steps to bring necessary legislation as it has not been possible to operate the train due to lack of law. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The government has prepared an ordinance for the laws required for the operation of the railways," the state-owned national news agency RSS quoted Minister Yadav as saying. </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 RSS, Minister Yadav said that the law would be brought through an ordinance after the documents are finalized. She shared that the Prime Ministers of India and Nepal will jointly inaugurate the railway through virtual means after the necessary laws, staff management and budget have been determined for the operation of the railway. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, General Manager of Nepal Railway Company Niranjan Jha briefed Minister Yadav about the progress made so far in terms of railway operation. Minister Yadav was accompanied by Director General of Department of Railway Deepak Bhattarai and Mayor of Janakpurdham Sub-Metropolis Lal Kishor Saha, RSS reported. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14140', 'image' => '20211201110915_20190325112130_Clipboard43-5.jpg', 'article_date' => '2021-12-01 11:08:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14394', 'article_category_id' => '1', 'title' => 'Government Issues Order to Prevent Entry of 'Omicron' Variant ', 'sub_title' => '', 'summary' => 'December 1: The government has decided to take necessary precaution to prevent the entry of Omicron variant of COVID-19. ', 'content' => '<p><em>Tribhuvan International Airport. Photo Courtesy: Aviation Nepal/TIA Facebook Page</em></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 1: The government has decided to take necessary precaution to prevent the entry of Omicron variant of COVID-19. According to the state-owned national news agency RSS, a cabinet meeting held on November 29 issued an order regarding the travel management of passengers coming to Nepal from countries where Omicron has been detected. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The World Health Organization (WHO) has warned that the new variant could spread rapidly and cause serious infection. The new variant has been detected in South Africa, Australia, Belgium, Germany, Hong Kong, the Netherlands and the United Kingdom, RSS further reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Arrangements have been made for passengers coming from countries with reported case of the variant to undergo tests at Tribhuvan International Airport and to be kept in hotel quarantine, according to government's spokesperson Gyanendra Bahadur Karki. </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 cabinet meeting also decided to form a negotiating team on behalf of the Government of Nepal to receive a concessional loan of 10 billion Japanese yen (approximately Rs 10.39 billion) from the Japanese government for economic growth and productivity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting approved the protocol prepared for the agreement between Nepal and China on exporting helix (processed grass) to China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Ministry of Foreign Affairs has given approval to send a diplomatic note to the United Nations to implement the Standard Basic Assistance Agreement between the Government of Nepal and the UNDP. </span></span></span></p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14139', 'image' => '20211201111050_20211201080915_TIA.jpg', 'article_date' => '2021-12-01 08:04:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14393', 'article_category_id' => '1', 'title' => 'FNCCI, TU School of Management Join Hands for Development of Human Capital', 'sub_title' => '', 'summary' => 'November 30: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Tribhuvan University School of Management (SOMTU) have decided join hands with each other for the development of human capital.', '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"">November 30: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Tribhuvan University School of Management (SOMTU) have decided join hands with each other for the development of human capital. Both the institutions have reached an agreement to form an “Industry Academia Forum” for institutional cooperation in this regard.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The announcement was made during a programme organised jointly by the Commodity Council of the FNCCI and SOMTU on Sunday at the Federation’s Secretariat. FNCCI President Shekhar Golchha said that the Tribhuvan University could be of a great assistance for human resource development while the federation gives special priority to the campaigns like small and medium enterprises in Nepal. He emphasized on establishing a permanent type of structure to attain the goal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On the occasion, Dinesh Mani Ghimire, assistant dean of the Faculty of Management, Tribhuvan University and Prof. Dr. Dev Raj Adhikari, the former member secretary of the University Grants Commission and former dean of the Faculty of Management said that the university was ready to support Nepal’s the efforts made by the private sector in the economic development of the country. They also expressed their commitment to cooperate with the federation in this regard.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During the program, a detailed discussion was held regarding the new ‘Course of Study’ prepared by SOMTU and suggestions and advice on the same were collected from the entrepreneurs who attended the programme. The SOMTU was suggested to revise the courses in such a way that it would help produce skilled and technical manpower.</span></span></span></span></p> <p><span style="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 Vice President of FNCCI, Dinesh Shrestha suggested that the education given by the university should be practical, focused on industry and business development of the country and should incorporate high technical knowledge. Chairperson and the Vice-President of the Commodity Council Anjan Shrestha expressed the belief that such cooperation between the university and the private sector could benefit the academic sector, industry and business sector, society as well as the nation as a whole.</span></span></span></span></p> <p><span style="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 the program, Assistant Professor Dr. Gangaram Bishwokarma, Assistant Professor Dr. Dhruvalal Pandey and Assistant Professor Dr. Jitendra Dangol shed light about the new course of study.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-30', 'modified' => '2021-11-30', 'keywords' => '', 'description' => '', 'sortorder' => '14138', 'image' => '20211130022021_study01_20211129101354.jpg', 'article_date' => '2021-11-30 14:19:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14392', 'article_category_id' => '1', 'title' => 'Poor Performance of Hydro Projects under People’s Hydropower Programme', 'sub_title' => '', 'summary' => 'November 30: Three hydropower projects included in the People’s Hydropower Programme by the government with special emphasis have not made any progress as per the expectation.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 30: Three hydropower projects included in the People’s Hydropower Programme by the government with special emphasis have not made any progress as per the expectation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The power generation date of those projects located in Rasuwa has been deferred every year. Despite repeated instructions from the Minister for Energy, Water Resources and Irrigation as well as the secretary at the ministry and Executive Director of Nepal Electricity Authority, the work of the project has not been effective.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A subsidiary of Chilime Hydropower Company is constructing 111 MW Rasuwagadhi Hydropower Project, 42.5 MW Sanjen Hydropower Project and 14.8 MW Upper Sanjen Hydropower Projects. It has become uncertain when these projects will start generating electricity. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Both the time and cost of the projects are increasing due to natural disasters and Covid-19 pandemic. Although the Executive Director of NEA Kulma Ghising has been urging the project officials to expedite the projects, there has not been any improvement.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The delay in completion of the projects constructed with public investment under the People’s Hydropower Project, has also resulted in the delay in construction of transmission lines. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ghising has instructed the projects to complete the remaining works as soon as possible after monitoring the construction sites and holding discussings with the project officials, construction entrepreneurs, contractors and consultants. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The construction of the main civil structures has been completed. The construction of the project with public investment should be completed as soon as possible and the investors should be rewarded,” said Ghising, adding, “The remaining works should be carried out side-by-side and completed within 7/8 months.” </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-11-30', 'modified' => '2021-11-30', 'keywords' => '', 'description' => '', 'sortorder' => '14137', 'image' => '20211130020819_hydro.jpg', 'article_date' => '2021-11-30 14:07:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14391', 'article_category_id' => '1', 'title' => 'Central Bank Allows NRNs to Open Savings Accounts in Foreign Currency', 'sub_title' => '', 'summary' => 'November 30: Nepal Rastra Bank (NRB) has amended the unified directive allowing non-resident Nepalis (NRNs) to open savings accounts in foreign currency. ', '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"">November 30: Nepal Rastra Bank (NRB) has amended the unified directive allowing non-resident Nepalis (NRNs) to open savings accounts in foreign currency. Along with the NRNs, even the companies promoted by NRNs are permitted to open bank accounts here in the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank made such provision by amending the directive after reviewing the monetary policy for the first quarter of 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"">Earlier, NRNs were allowed to open only fixed deposit accounts in the country. From now on, they are allowed to open savings accounts as well, said Dev Kumar Dhakal, spokesperson of NRB. The new provision is introduced in view of the current liquidity crunch and declining foreign exchange reserves. When opening such an account, a minimum deposit of USD 5,000 is required and such deposits have to come through the banking system from abroad. Also, the principal and interest have to be paid through the banking system.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Likewise, the process has been easier to open deposit accounts for NRNs. They will now be able to open deposits for a minimum of USD 5,000. And the minimum term of fixed deposit has been fixed for one 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"">Earlier, a minimum deposit of US dollar 10,000 was required for fixed deposit and the minimum term was two years. Dhakal said that such provision has been made with the aim of increasing foreign exchange deposits. This type of account can be opened in US Dollar, Euro, Pound Sterling, Australian Dollar, Canadian Dollar, Japanese Yen and Chinese Yuan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><em><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">New limit on silver import</span></span></em></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB has also introduced strict provisions on the import of silver. To import silver, foreign exchange facility of USD 35,000 will only be provided at a time. Earlier, no such limit was set on imports of silver. The new rule has been introduced to discourage the unnecessary import of silver and minimize negative impact on the foreign exchange reserves.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB has also revised the limit of Document Against Payment (DAP) and Document Against Acceptance (DAA) to USD 50,000 from USD 100,000. From now on, only goods up to USD 50,000 can be imported at a time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">If companies related to commercial agriculture, manufacturing industries, infrastructure construction and tourism try to take loans from abroad, banks can issue guarantee. Banks have also been discouraged to deal in derivatives. NRB has now directed the banks to trade in derivatives not exceeding fifteen percent of the initial capital. Earlier, the limit was set at thirty percent. Dhakal said that the limit has been reduced in view of declining foreign exchange reserves. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-11-30', 'modified' => '2021-11-30', 'keywords' => '', 'description' => '', 'sortorder' => '14136', 'image' => '20211130015256_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-11-30 13:52:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14390', 'article_category_id' => '1', 'title' => 'Security Checking Intensified at TIA to Curb Gold Smuggling', 'sub_title' => '', 'summary' => 'November 30: Airport authorities at the Tribhuvan International Airport (TIA) have stepped up security checking of passengers returning from abroad on suspicion of gold smuggling.', '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"">November 30: Airport authorities at the Tribhuvan International Airport (TIA) have stepped up security checking of passengers returning from abroad on suspicion of gold smuggling.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Passengers coming to Nepal especially from Dubai, Qatar and Malaysia are being strictly checked by the airport customs. After the checkpoints were tightened, the crowd at the airport has also increased since Monday.</span></span></span></span></p> <p><span style="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 Mahesh Bhattarai, chief of the airport customs office, monitoring of passengers returning from these countries has been intensified on suspicion that raw gold is being smuggled through returning passengers wearing bangles. He said the passenger checking has been tightened on the suspicion that the facility provided to the passengers has been misused.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Bhattarai claimed that the security has been tightened for those bringing gold against the rule and making them pay the revenue as the risk of smugglers sending gold with the Nepalis returning from foreign employment has increased.</span></span></span></span></p> <p><span style="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 rule, passengers who bring up to 50 grams of gold as jewelry do not have to pay any revenue. However, passengers who bring up to 200 grams of gold as jewelry will have to pay revenue. </span></span></span></span></p> <p><span style="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, Bhattarai said that it has been made mandatory to pay revenue if 50 grams or more of raw gold is imported under any pretext. </span></span></span></span></p> <p><span style="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, screening of passengers coming from Saudi Arabia, Dubai and Malaysia, who may bring gold illegally, has become a high priority.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Department of Customs claimed that illegal gold is being smuggled into Nepal through passengers returning from abroad for foreign employment and other work. The department had published a notice on Sunday stating that gold was being hidden in flashlights, irons, mixers, radios, speakers, water pumps among others without the knowledge of those coming to Nepal from abroad.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Punya Bikram Khadka, director of the Department of Customs, said that the unsuspecting passengers are requested to deliver such goods to their relatives by the smugglers. Khadka urged the passengers not to carry the goods given by any acquaintance or stranger unless it is ensured that illegal items are not hidden.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to him, the passengers were unaware about the laws and that gold was being smuggled on the items they were given. The passengers informed that unknown persons also requested them to take such items. Especially gold and gold jewelry, mobile phones, laptops and alcoholic beverages are entering Nepal in large quantities in such ways. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-30', 'modified' => '2021-11-30', 'keywords' => '', 'description' => '', 'sortorder' => '14135', 'image' => '20211130012708_1638229524.1.jpg', 'article_date' => '2021-11-30 13:26:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14389', 'article_category_id' => '1', 'title' => 'Industrialists Urge NRB to Review Monetary Policy', 'sub_title' => '', 'summary' => 'November 30: Industrialists of Province 1 have urged the central bank to review its monetary policy stating that the current liquidity crunch faced by banks and financial institutions (BFIs) is a due to the provisions of the monetary policy.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">November 30: Industrialists of Province 1 have urged the central bank to review its monetary policy stating that the current liquidity crunch faced by banks and financial institutions (BFIs) is a due to the provisions of the monetary policy. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Issuing separate press statements, the Chamber of Industries Morang and the Confederation of Nepalese Industries (CNI) have pointed to the monetary policy for the current fiscal year as the main reason behind the liquidity crisis. They argued that the current crisis emerged after the central bank introduced a provision of 90 percent CD ratio that limited investment. Both the organisations have urged the central bank to scrap the CD ratio. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">They have also urged the central bank to fix the interest on loans provided to the productive sector within a single digit in the context of increasing rate of interest at a time when the industries were slowly clawing back to normalcy after a long time amid the Covid-19 pandemic. They argued that the rising interest rates due to the liquidity crunch faced by BFIs have had direct impact on production cost. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">They also stated that government has been collecting revenue through various means but its capital expenditure has been extremely low, which is another reason for the liquidity crunch. In this context, they urged the government to make its spending in public sector more effective. They also suggested Nepal Rastra Bank to increase cash flow in the market.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The two bodies of industries also provided a five-point suggestion to NRB which includes transferring the money deposited by the Government of Nepal in the central bank to BFIs for the management of the liquidity crisis.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">CNI concluded that the increase in interest rates has caused problems to the industrialists who have invested in the productive sector. It has also requested the central bank to maintain a stable rate of interest until the financial situation of the country improves.</span></span></span></p> ', 'published' => true, 'created' => '2021-11-30', 'modified' => '2021-11-30', 'keywords' => '', 'description' => '', 'sortorder' => '14134', 'image' => '20211130114649_Chamber of industries morang new.jpg', 'article_date' => '2021-11-30 11:46:08', '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
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President Bidyadevi Bhandari issued the Railway Ordinance on Wednesday (December 1) which paved the way to operate these trains. But the company is still unable to operate the trains immediately due to lack of budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Niranjan Jha, general manager of the company, said that the legal hurdle has been removed to operate the railway service but the trains will run once the budget is released."We had written to the Ministry of Finance one and half months ago asking to release the budget. In response, the ministry said it will release the budget soon and asked us carry on the service with the company's budget for the time being," he added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He claimed that if the budget is released soon, the railway service can begin within a few months. Nepal Railway Company needs to make payment of Rs 350 million to the Indian railway manufacturer Konkan and has to pay Rs100 million in 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"">He said that the due amount has to be paid to 26 staffers of the Indian company Konkan required for the operation of the trains, as well as for equipment required for the technical tests. According to Jha, the budget is expected to be released in the next one week. He said that the technical aspects of railway operation will be tested and training will be provided to the employees once the budget is released. </span></span></span></span></p> <p><span style="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 ordinance has paved the way to determine the railway fares and freight charges. Earlier, the Railway Bill was issued during the tenure of the outgoing Prime Minister KP Sharma Oli which was later scrapped. The government had purchased two trains at Rs 856 million and brought them to Nepal in September, 2020 and a test operation was also conducted. A total of Rs 1 billion has already been invested in the procurement along with the customs duty. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-02', 'modified' => '2021-12-02', 'keywords' => '', 'description' => '', 'sortorder' => '14148', 'image' => '20211202121118_20211201110915_20190325112130_Clipboard43-5.jpg', 'article_date' => '2021-12-02 12:10:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14402', 'article_category_id' => '1', 'title' => 'Government Urges Citizens not to Travel Abroad Unless Absolutely Necessary', 'sub_title' => '', 'summary' => 'December 2: The Ministry of Health and Population has appealed to one and all not to consider travelling abroad unless absolutely necessary.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 2:<strong> </strong>The</span><strong> </strong><span style="font-family:"Arial Unicode MS","sans-serif"">Ministry of Health and Population has appealed to one and all not to consider travelling abroad unless absolutely necessary. According to the state-owned national news agency RSS, the ministry made such appeal in the wake of the spread of the 'Omicron' variant of COVID-19 in various countries. Urging all Nepalis to observe precaution against COVID-19, the ministry reportedly said that the 'Omicron' variant has not been detected in Nepal yet. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The monitoring and testing of this new variant has been expanded, RSS reported citing Joint Spokesperson at the Ministry Dr Samir Adhikari. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a press statement on Wednesday, Dr Adhikari said that the new variant is very contagious and it would infect people of any age group. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Omicron variant was first detected in African countries some days ago and has been expanding rapidly across South Africa and Asia lately. The WHO has declared the new variant as the 'universal variant of concern'. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Ministry has also urged one and all to get vaccinated against Coronavirus infection. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-12-02', 'modified' => '2021-12-02', 'keywords' => '', 'description' => '', 'sortorder' => '14147', 'image' => '20211202081956_Hc74d_0_0.jpg', 'article_date' => '2021-12-02 08:19:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14401', 'article_category_id' => '1', 'title' => 'NMB Bank wins 'The Bank of the Year Asia 2021' Award ', 'sub_title' => '', 'summary' => 'December 2: NMB Bank has succeeded to become the best bank in Asia. It has been awarded with the "The Bank of the Year Asia 2021" award by London-based The Banker magazine.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 2: NMB Bank has succeeded to become the best bank in Asia. It has been awarded with the "The Bank of the Year Asia 2021" award by London-based The Banker magazine. </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"">NMB Bank has been adjudged the best bank in Asia beating out stiff competition from banks based in Asian giants such as China, India, Hong Kong, South Korea and Japan. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The reportedly bank won this award because of its focus on sustainable banking, commitment towards digital transformation and high corporate governance standards. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Sher Bahadur Deuba on Wednesday handed over the award jointly to NMB Chairperson Pawan Golyan, chief executive officer Sunil KC and the Board of Directors of the bank amid a programme organised at the official residence of the PM. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, PM Sher Deuba congratulated all those associated with the bank for creating a history, adding that the bank has enhanced the prestige of the entire banking industry of Nepal by being honoured with the coveted award. -- RSS </span></span></span><br /> <br /> </p> ', 'published' => true, 'created' => '2021-12-02', 'modified' => '2021-12-02', 'keywords' => '', 'description' => '', 'sortorder' => '14146', 'image' => '20211202081130_BOTY-Awards-2021-thumbnail.jpg', 'article_date' => '2021-12-02 08:10:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14400', 'article_category_id' => '1', 'title' => 'No Progress in Expansion of Biratnagar Airport due to Delay in Compensation', 'sub_title' => '', 'summary' => 'December 1: The government’s plan to upgrade Biratnagar Airport to the international standard has not progressed effectively. ', '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 1: The government’s plan to upgrade Biratnagar Airport to the international standard has not progressed effectively. Despite issuing an order to halt the transfer and transactions of 126 bighas of land in order to acquire them, the concerned authorities have not evaluated those land yet even in 15 months. The locals have been enraged due to this negligent attitude of the government. Although all three tiers of government had reached an agreement regarding this issue a long time ago, the work of airport expansion has still not gained any momentum.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Biratnagar Metropolitan City, the state government and the Civil Aviation Authority of Nepal (CAAN) had reached an understanding to upgrade the airport on September 5, 2020. However, any work of the airport expansion has not been able to move forward as the concerned authorities have not able to ask for the budget with the government in time due to the delay in study for the compensation criteria.</span></span></span></span></p> <p><span style="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 agreement states that the runway length of the airport will be extended up to 3,000 meters. It has been agreed that the federal government will bear 50 percent of the total cost, the state government will bear 40 percent and the local government will bear 10 percent for land acquisition.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As per the agreement, the government has already an order to withhold transfer of 126 bighas of land in order to acquire those lands from the locals. The issue of compensating the land owners has not moved ahead even after such a long time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government had blocked the transfer of the land by issuing a notice in Gorkhapatra on April 6, 2021 to acquire 1,400 plots of land for the expansion of the airport. According to Uddhav Karki, a member of the Biratnagar Airport Victims' Struggle Committee, the problem has arisen as the work procedure for land acquisition does not clearly mention the time interval between land acquisition and compensation distribution.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He complained that even the municipality and ward offices have stopped other development work in those areas since one year arguing that the land now belongs to the airport.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Ministry of Industry, Forest and Tourism of Province 1 has been saying that the work of preparing the Detailed Project Report (DPR) is still underway.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">At present, the ministry itself does not have a minister. Mayor of Biratnagar Metropolitan City, Bhim Parajuli said that the work of Biratnagar Airport has been stalled due to the negligence of the central and state governments.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Airport chief Utsav Kharel said that the expansion of the airport has slowed down as the government has not managed the budget for the compensation. “Now the government has to tell us to either work or stop the work,” he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A Compensation Evaluation Committee has been formed under the coordination of Morang’s Assistant Chief District Officer Mahesh Raj Timsina for the distribution of compensation. The committee has not been able to resolve the issue of compensation yet. Assistant Chief District Officer Timsina said that a study is being conducted on what basis the compensation should be provided.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Work is being done to determine the basis of compensation including the tax paid by the landowner to the municipality, the investment made by the banks and financial institution, the valuation of the land and the current price of the land, the condition of the infrastructure etc.</span></span></span></span></p> <p><span style="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 expansion of the airport is estimated to cost Rs 13 billion except for land acquisition. It is estimated that Rs. 4 billion will be spent for the construction of terminal building and expansion of the runway within five years. A cost Rs 2 billion has been estimated for a three-kilometer diversion of Bastakhola water and approach light management. Plans have been made to build additional infrastructure worth Rs 7 billion by 2027-2030.</span></span></span></span></p> <p><span style="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 current evaluation of the land of the locals which has been withheld from transfer or transaction to upgrade the airport is Rs 300,000 to Rs 500,000 per 16.929 square meters (1 dhur).</span></span></span></span></p> <p><span style="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 airport currently has infrastructures that include an airplane apron that can accommodate five aircraft with a capacity of 72 seats, two taxiways connecting the runway and the apron, airfield lighting systems for night flights and landings, firefighting and rescue services, aviation fuel, air communication services, air traffic controller services, and seasonal services.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14145', 'image' => '20211201071952_1638316047.Clipboard03.jpg', 'article_date' => '2021-12-01 19:19:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14399', 'article_category_id' => '1', 'title' => 'What is Obstructing Nepali Banks from Winning International Awards?', 'sub_title' => '', 'summary' => 'December 1: Banks of Nepal have been receiving various awards from international organizations but such awards are limited to the category of ‘best bank in Nepal’.', '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 1: Banks of Nepal have been receiving various awards from international organizations but such awards are limited to the category of ‘best bank in Nepal’. The banks of Nepal are yet to receive international awards at the South Asian, Asian, or other international levels.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Why hasn't the banking sector of Nepal received any international recognition even after eight decades of history? What do stakeholders say?</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">London-based The Banker magazine has been awarding banks from around the world in various categories. Nepali banks do participate in it. The banks have received the 'Bank of the Year' award which is the best among the banks of Nepal. But they have not yet received the award for being the best bank in South Asia or the Asia-Pacific region.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">So far, NMB, Investment Bank, Mega Bank, Global IME Bank, and Standard Chartered Bank of Nepal have received the Bank of the Year award from The Banker. However, the banks here have not received the award for being the best bank in South Asia or Asia, or for being at the forefront of digitization, working, or contributing in the areas of sustainable banking, environment, and social management.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">When asked about the reasons why are Nepali banks deprived of such awards, bankers said that they do not want to take such awards as they have to pay fees and provide various information. Some other bankers replied that there are better banks in South Asia than Nepali banks.</span></span></span></span></p> <p><span style="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 Ratna Raj Bajracharya, Chief Executive Officer (CEO) of Global IME Bank, most of the banks of other South Asian countries look better in some aspects by the standards of The Banker because their market is larger than that of Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> "Nepali banks still have a long way to go," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">This means that the backwardness of Nepali banks seems to be the criteria set by the organisers of the awards. The organizing bodies have set such standards and criteria that are hardly practices in 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"">According to Pranu Singh, head of corporate affairs, brand, and marketing at Standard Chartered Bank of Nepal, the banks of Nepal must have contributed to the regional level for being decorated with the regional award.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As the banks of Nepal are unable to show any initiative taken at the international level, they are deprived of international awards, argues Singh.</span></span></span></span></p> <p><span style="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 Banker has been giving such awards by setting the standard for banks' strategic initiatives, digital initiatives, sustainable banking initiatives, sustainable banking practices, institutional good governance, and environmental and social management systems. It is said that Nepali banks do not meet some of these standards.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Especially Nepali banks have not done much in the field of environment and social management. Also, Nepali banks are not leading much in international partnerships. As a result, Nepali banks have not been able to get such an award, experts say.</span></span></span></span></p> <p><span style="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, Nepali banks are lagging in strategic leadership. The Banker evaluates the diversification of funds by raising funds from local bonds and international credit markets and investing in small businesses, and the flow of green loans.</span></span></span></span></p> <p><span style="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, emphasis has been laid on green investment under the Sustainable Banking Initiative. Under this category, The Banker looks at investments in projects that make the country self-sufficient in green energy.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Since Nepali banks have not started investing in hydropower and solar energy for a long time, Nepali banks may be lagging in this regard. But it can be expected to improve gradually.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Another criterion evaluates investment in the productive and real sectors. Nepali banks might be lagging behind because the major investment of Nepali banks is in the import business.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Experts opined that in the aftermath of the Covid-19 pandemic, the organizers of the international awards recognized the banks that kept their system afloat along with those able to serve their customers better at the time of crisis.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14144', 'image' => '20211201022713_Banks.jpg', 'article_date' => '2021-12-01 14:26:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14398', 'article_category_id' => '1', 'title' => 'Food Manufacturers Accuse Banks of Data Manipulation', 'sub_title' => '', 'summary' => 'December 1: Food industry leaders have accused banks of manipulating data related to agriculture sector which falls under priority sector lending. ', '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 1: Food industry leaders have accused banks of manipulating data related to agriculture sector which falls under priority sector lending. The government has listed agriculture as a priority sector making banks and financial institutions to release ten percent of the total loans to the agriculture sector. But the food industrialists claim that loans issued at a high interest rate of fifteen percent for industries manufacturing rice and oil have also been included in agriculture sector lending data. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Officials of the Association of Nepalese Rice, Oil and Pulses Industry met Finance Secretary Madhu Kumar Marasini, Director General of the Department of Industry Jiv Lal Bhusal and Director General of the Department of Commerce, Supply and Consumer Protection Prem Kumar Shrestha separately and complained that the government has become mute spectator to the irregularities conducted by banks. They have demanded concessional loans to be provided to such industries on priority basis and punish the banks for manipulating lending data. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issuing a press statement, the association has demanded concessional loans to agro-based industries such as rice, oil and pulses or else stop deceiving people by showing fake lending data to these industries.</span></span></span></span></p> <p><strong><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Strict provision on rice import</span></span></span></span></strong></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">To protect the rice industries, entrepreneurs have urged government officials to reduce the duty on import of paddy from five percent to one percent and increase import duty on rice to fifteen percent from eight percent.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">They have urged the concerned authorities to open the export of Basmati rice from Nepal. They have also requested to check the maximum price and quality of food items imported in Nepal and make arrangements to disclose the name, address and expiration date of the imported product.</span></span></span></span></p> <p><strong><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Reduce tax on edible oil </span></span></span></span></strong></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Entrepreneurs have demanded that the government reduce VAT applied on edible oil to five percent. “If the five percent customs duty on mustard oil is reduced to one percent, domestic oil industries can get some relief,” said Subodh Kumar Gupta, president of the Association.</span></span></span></span></p> <p><span style="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 entrepreneurs, oil produced in Nepal has become more expensive than the Indian oil due to five percent customs duty on import of mustard and 13 percent value added tax on processed oil. This has made the business challenging for homegrown manufacturers, they claimed.</span></span></span></span></p> <p><strong><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Dissatisfaction over reduction in subsidy</span></span></span></span></strong></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Entrepreneurs are dissatisfied with the government over the removal of provision of cash subsidy on export of pulses. The government used to provide a four percent cash subsidy on pulses export. Removal of cash subsidy has made it challenging for the Nepali industries to export pulses to Bangladesh, said Gupta.</span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14143', 'image' => '20211201013325_1638316112.Clipboard01.jpg', 'article_date' => '2021-12-01 13:31:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14397', 'article_category_id' => '1', 'title' => 'Fuel, Vehicle Spare Parts Dominate Import List', 'sub_title' => '', 'summary' => 'December 1: The import of fuel and spare parts of vehicles from Birgunj customs, the country’s largest customs in terms of import and export, has outnumbered other products.', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">December 1: The import of fuel and spare parts of vehicles from Birgunj customs, the country’s largest customs in terms of import and export, has outnumbered other products. Among the 20 major items that are imported via this customs, 11 of them are related to petroleum products and vehicles. Besides these products, semi-refined soybean oil, HR seat, raw sunflower oil, raw palm oil, steel steppe, polythene granules, MS billets, concentrated beverages and other industrial raw materials are also imported in large quantities.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Readymade garments are also one of the main items entering the country through this checkpoint. Fuel and vehicles seem to be the biggest contributors to the revenue collected by the customs.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">As per the data of the customs office, they have collected the highest revenue from the import of such products in the first four months of the current fiscal year.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">According to the Birgunj Customs Office, about two-thirds of the revenue collected accounted for the import of petroleum products and vehicles from mid-July to mid-November of the current fiscal year.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Chief customs officer Harihar Poudel said that in the last four month, petroleum products have contributed 33.23 percent of the total revenue while vehicle imports have contributed 28.87 percent. The Department of Customs had collected more than Rs 70 billion in the first four months.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The construction of a petroleum pipeline from Motihari to Amalekhgunj in India has facilitated the transportation of fuel.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Import of such items has increased significantly during the review period this year while there was lockdown and prohibitory order during most of the time in the corresponding period of last fiscal year. Imports and exports were also affected due to closure of production and market last year.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The information technology branch of Birgunj customs informed that the import of diesel increased by 41 percent, petrol by 36 percent and cooking gas (LPG) by 14 percent in the review period of the current fiscal year.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Similarly, import of aviation fuel also increased by 162 percent, according to the data provided by the customs. The import of such fuel was very low last year due to the disruption of domestic and international aviation services. The import of coal and mobil has increased by 34 ad 29 percent respectively.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The import of vehicles has also increased significantly this year. Imports of jeeps, cars and vans have increased the most. In the corresponding period of last year, 1,963 such vehicles had entered through Birgunj customs. According to the customs, the number has reached 3,406 this year. The import of jeeps, cars and vans have increased by 74 percent.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Similarly, the import of pickup vehicles, trucks/buses, vehicle parts, equipment and tools used in development works have also increased significantly.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Poudel said that due to the Covid-19 pandemic last year, there was a shortage of production and this year such items did not enter as expected. “Vehicle imports should have been higher. But due to coronavirus, vehicle and spare parts manufacturers had stopped production for a long time and now they are not able to supply as per the demand,” he said, “If manufacturers could supply as many vehicles as per the demand, the import of vehicles would have been much higher.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14142', 'image' => '20211201010810_Birgunj.jpg', 'article_date' => '2021-12-01 13:07:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14396', 'article_category_id' => '1', 'title' => 'Preliminary Report of National Census to Include Details of Areas ‘Encroached’ by India', 'sub_title' => '', 'summary' => 'December 1: The preliminary report of the 12th National Census conducted from November 11 to 25 is likely to be unveiled within the next three months. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">December 1: The preliminary report of the 12th National Census conducted from November 11 to 25 is likely to be unveiled within the next three months. <br /> The document is to incorporate details concerning Lipulek, Limpiyadhura and Kalapani as well. Though the Central Bureau of Statistics (CBS) could not ensure the census in the above mentioned areas physically, it is to feature the details of households and demographic size of the areas by using alternative methods. <br /> According to the director general of the bureau, Nebin Lal Shrestha, they tried diplomatic efforts to reach Limpiyadhura, Kalapani and Lipulek physically for the collection of details, but it was not possible. Now, the collection of details has begun with the use of a technology and the bureau has received cooperation from the locals. <br /> He explained that people only reside in Kuti, Nabhi and Gunji villages in the region. It is estimated that around 300 households are there and the number of estimated population is maximum 800. During winter, the locals move downhill to avoid cold, and they would possibility have meetings with the people of Chhangru and Tinkar in Darchula and could be connected by phone calls. According to the Bureau, the tracking of households is possible through the use of a satellite. <br /> The government had issued a new administrative map on May 18, 2020 incorporating Lipulek, Limpiyadhura and Kalapani areas in Darchula on the basis of various facts and evidences and after various rounds of discussions. The parliament on June 13, 2020 ratified this new map with an overwhelming majority votes and with this decision the areas which India had been occupying were officially included for the first time in Nepal's map. The Coat-of-Arms was amended accordingly. <br /> So, the latest National Census is the first census after incorporating the territories in the map of Nepal and so it has been seen with significance. <br /> The map made public in 1827 by the British Surveyor of India indicates that Kalapani is Nepal's westernmost border front. Surveyors and cartographers claim that the map released by the British Surveyor of India clearly shows that the Kali River that originates from Limpiyadhura marks Nepal's westernmost boundary with India. Kalapani and Lipulek areas lie to the east of this river. <br /> Experts say that in recent times, India has named a stream flowing down from Lipulek as the Kali river and encroached upon the whole area east of the Kali river that flows down from Limpiyadhura. <br /> According to historians, the then Government of Nepal in the past had allowed India to station its security force in the area at the latter's request for defending its territories from the Chinese, and since that time India has continued to occupy the territories belonging to Nepal. <br /> Senior geographer and a scholar on border matters Buddhi Narayan Shrestha asserted that every document before 1860 established that the Kali river originating from Limpiyadhura is the original Kali river. According to him, India has captured the territories of Nepal by publishing a map after that period by naming the stream that flows down from Lipulek as the Kali river. <br /> The Central Bureau of Statistics which conducted the National Census stated that the data from these territories could not be collected directly for the census due to various difficulties but it has started counting the population through several other means. <br /> The main task of the 12th National Census concluded on November 25. -- RSS </span></span></span></span></p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14141', 'image' => '20211201114001_20211126095913_20211109080004_20211108052804_National-Census-2021.jpg', 'article_date' => '2021-12-01 11:39:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14395', 'article_category_id' => '1', 'title' => 'Law on Railways in the Offing: Minister Yadav ', 'sub_title' => '', 'summary' => 'December 1: Minister for Physical Infrastructure and Transport Renu Yadav informed that preparations are underway to bring necessary laws related to the operation of railway service through an ordinance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 1: Minister for Physical Infrastructure and Transport Renu Yadav informed that preparations are underway to bring necessary laws related to the operation of railway service through an ordinance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minister reportedly made such remark on Tuesday (November 30) while inspecting the physical infrastructure prepared for the operation of the train from Kurtha in Dhanusha to Jayanagar of India. Minister Yadav said that the government has taken steps to bring necessary legislation as it has not been possible to operate the train due to lack of law. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The government has prepared an ordinance for the laws required for the operation of the railways," the state-owned national news agency RSS quoted Minister Yadav as saying. </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 RSS, Minister Yadav said that the law would be brought through an ordinance after the documents are finalized. She shared that the Prime Ministers of India and Nepal will jointly inaugurate the railway through virtual means after the necessary laws, staff management and budget have been determined for the operation of the railway. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, General Manager of Nepal Railway Company Niranjan Jha briefed Minister Yadav about the progress made so far in terms of railway operation. Minister Yadav was accompanied by Director General of Department of Railway Deepak Bhattarai and Mayor of Janakpurdham Sub-Metropolis Lal Kishor Saha, RSS reported. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14140', 'image' => '20211201110915_20190325112130_Clipboard43-5.jpg', 'article_date' => '2021-12-01 11:08:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14394', 'article_category_id' => '1', 'title' => 'Government Issues Order to Prevent Entry of 'Omicron' Variant ', 'sub_title' => '', 'summary' => 'December 1: The government has decided to take necessary precaution to prevent the entry of Omicron variant of COVID-19. ', 'content' => '<p><em>Tribhuvan International Airport. Photo Courtesy: Aviation Nepal/TIA Facebook Page</em></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 1: The government has decided to take necessary precaution to prevent the entry of Omicron variant of COVID-19. According to the state-owned national news agency RSS, a cabinet meeting held on November 29 issued an order regarding the travel management of passengers coming to Nepal from countries where Omicron has been detected. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The World Health Organization (WHO) has warned that the new variant could spread rapidly and cause serious infection. The new variant has been detected in South Africa, Australia, Belgium, Germany, Hong Kong, the Netherlands and the United Kingdom, RSS further reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Arrangements have been made for passengers coming from countries with reported case of the variant to undergo tests at Tribhuvan International Airport and to be kept in hotel quarantine, according to government's spokesperson Gyanendra Bahadur Karki. </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 cabinet meeting also decided to form a negotiating team on behalf of the Government of Nepal to receive a concessional loan of 10 billion Japanese yen (approximately Rs 10.39 billion) from the Japanese government for economic growth and productivity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting approved the protocol prepared for the agreement between Nepal and China on exporting helix (processed grass) to China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Ministry of Foreign Affairs has given approval to send a diplomatic note to the United Nations to implement the Standard Basic Assistance Agreement between the Government of Nepal and the UNDP. </span></span></span></p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14139', 'image' => '20211201111050_20211201080915_TIA.jpg', 'article_date' => '2021-12-01 08:04:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14393', 'article_category_id' => '1', 'title' => 'FNCCI, TU School of Management Join Hands for Development of Human Capital', 'sub_title' => '', 'summary' => 'November 30: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Tribhuvan University School of Management (SOMTU) have decided join hands with each other for the development of human capital.', '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"">November 30: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Tribhuvan University School of Management (SOMTU) have decided join hands with each other for the development of human capital. Both the institutions have reached an agreement to form an “Industry Academia Forum” for institutional cooperation in this regard.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The announcement was made during a programme organised jointly by the Commodity Council of the FNCCI and SOMTU on Sunday at the Federation’s Secretariat. FNCCI President Shekhar Golchha said that the Tribhuvan University could be of a great assistance for human resource development while the federation gives special priority to the campaigns like small and medium enterprises in Nepal. He emphasized on establishing a permanent type of structure to attain the goal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On the occasion, Dinesh Mani Ghimire, assistant dean of the Faculty of Management, Tribhuvan University and Prof. Dr. Dev Raj Adhikari, the former member secretary of the University Grants Commission and former dean of the Faculty of Management said that the university was ready to support Nepal’s the efforts made by the private sector in the economic development of the country. They also expressed their commitment to cooperate with the federation in this regard.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During the program, a detailed discussion was held regarding the new ‘Course of Study’ prepared by SOMTU and suggestions and advice on the same were collected from the entrepreneurs who attended the programme. The SOMTU was suggested to revise the courses in such a way that it would help produce skilled and technical manpower.</span></span></span></span></p> <p><span style="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 Vice President of FNCCI, Dinesh Shrestha suggested that the education given by the university should be practical, focused on industry and business development of the country and should incorporate high technical knowledge. Chairperson and the Vice-President of the Commodity Council Anjan Shrestha expressed the belief that such cooperation between the university and the private sector could benefit the academic sector, industry and business sector, society as well as the nation as a whole.</span></span></span></span></p> <p><span style="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 the program, Assistant Professor Dr. Gangaram Bishwokarma, Assistant Professor Dr. Dhruvalal Pandey and Assistant Professor Dr. Jitendra Dangol shed light about the new course of study.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-30', 'modified' => '2021-11-30', 'keywords' => '', 'description' => '', 'sortorder' => '14138', 'image' => '20211130022021_study01_20211129101354.jpg', 'article_date' => '2021-11-30 14:19:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14392', 'article_category_id' => '1', 'title' => 'Poor Performance of Hydro Projects under People’s Hydropower Programme', 'sub_title' => '', 'summary' => 'November 30: Three hydropower projects included in the People’s Hydropower Programme by the government with special emphasis have not made any progress as per the expectation.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 30: Three hydropower projects included in the People’s Hydropower Programme by the government with special emphasis have not made any progress as per the expectation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The power generation date of those projects located in Rasuwa has been deferred every year. Despite repeated instructions from the Minister for Energy, Water Resources and Irrigation as well as the secretary at the ministry and Executive Director of Nepal Electricity Authority, the work of the project has not been effective.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A subsidiary of Chilime Hydropower Company is constructing 111 MW Rasuwagadhi Hydropower Project, 42.5 MW Sanjen Hydropower Project and 14.8 MW Upper Sanjen Hydropower Projects. It has become uncertain when these projects will start generating electricity. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Both the time and cost of the projects are increasing due to natural disasters and Covid-19 pandemic. Although the Executive Director of NEA Kulma Ghising has been urging the project officials to expedite the projects, there has not been any improvement.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The delay in completion of the projects constructed with public investment under the People’s Hydropower Project, has also resulted in the delay in construction of transmission lines. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ghising has instructed the projects to complete the remaining works as soon as possible after monitoring the construction sites and holding discussings with the project officials, construction entrepreneurs, contractors and consultants. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The construction of the main civil structures has been completed. The construction of the project with public investment should be completed as soon as possible and the investors should be rewarded,” said Ghising, adding, “The remaining works should be carried out side-by-side and completed within 7/8 months.” </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-11-30', 'modified' => '2021-11-30', 'keywords' => '', 'description' => '', 'sortorder' => '14137', 'image' => '20211130020819_hydro.jpg', 'article_date' => '2021-11-30 14:07:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14391', 'article_category_id' => '1', 'title' => 'Central Bank Allows NRNs to Open Savings Accounts in Foreign Currency', 'sub_title' => '', 'summary' => 'November 30: Nepal Rastra Bank (NRB) has amended the unified directive allowing non-resident Nepalis (NRNs) to open savings accounts in foreign currency. ', '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"">November 30: Nepal Rastra Bank (NRB) has amended the unified directive allowing non-resident Nepalis (NRNs) to open savings accounts in foreign currency. Along with the NRNs, even the companies promoted by NRNs are permitted to open bank accounts here in the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank made such provision by amending the directive after reviewing the monetary policy for the first quarter of 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"">Earlier, NRNs were allowed to open only fixed deposit accounts in the country. From now on, they are allowed to open savings accounts as well, said Dev Kumar Dhakal, spokesperson of NRB. The new provision is introduced in view of the current liquidity crunch and declining foreign exchange reserves. When opening such an account, a minimum deposit of USD 5,000 is required and such deposits have to come through the banking system from abroad. Also, the principal and interest have to be paid through the banking system.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Likewise, the process has been easier to open deposit accounts for NRNs. They will now be able to open deposits for a minimum of USD 5,000. And the minimum term of fixed deposit has been fixed for one 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"">Earlier, a minimum deposit of US dollar 10,000 was required for fixed deposit and the minimum term was two years. Dhakal said that such provision has been made with the aim of increasing foreign exchange deposits. This type of account can be opened in US Dollar, Euro, Pound Sterling, Australian Dollar, Canadian Dollar, Japanese Yen and Chinese Yuan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><em><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">New limit on silver import</span></span></em></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB has also introduced strict provisions on the import of silver. To import silver, foreign exchange facility of USD 35,000 will only be provided at a time. Earlier, no such limit was set on imports of silver. The new rule has been introduced to discourage the unnecessary import of silver and minimize negative impact on the foreign exchange reserves.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB has also revised the limit of Document Against Payment (DAP) and Document Against Acceptance (DAA) to USD 50,000 from USD 100,000. From now on, only goods up to USD 50,000 can be imported at a time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">If companies related to commercial agriculture, manufacturing industries, infrastructure construction and tourism try to take loans from abroad, banks can issue guarantee. Banks have also been discouraged to deal in derivatives. NRB has now directed the banks to trade in derivatives not exceeding fifteen percent of the initial capital. Earlier, the limit was set at thirty percent. Dhakal said that the limit has been reduced in view of declining foreign exchange reserves. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-11-30', 'modified' => '2021-11-30', 'keywords' => '', 'description' => '', 'sortorder' => '14136', 'image' => '20211130015256_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-11-30 13:52:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14390', 'article_category_id' => '1', 'title' => 'Security Checking Intensified at TIA to Curb Gold Smuggling', 'sub_title' => '', 'summary' => 'November 30: Airport authorities at the Tribhuvan International Airport (TIA) have stepped up security checking of passengers returning from abroad on suspicion of gold smuggling.', '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"">November 30: Airport authorities at the Tribhuvan International Airport (TIA) have stepped up security checking of passengers returning from abroad on suspicion of gold smuggling.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Passengers coming to Nepal especially from Dubai, Qatar and Malaysia are being strictly checked by the airport customs. After the checkpoints were tightened, the crowd at the airport has also increased since Monday.</span></span></span></span></p> <p><span style="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 Mahesh Bhattarai, chief of the airport customs office, monitoring of passengers returning from these countries has been intensified on suspicion that raw gold is being smuggled through returning passengers wearing bangles. He said the passenger checking has been tightened on the suspicion that the facility provided to the passengers has been misused.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Bhattarai claimed that the security has been tightened for those bringing gold against the rule and making them pay the revenue as the risk of smugglers sending gold with the Nepalis returning from foreign employment has increased.</span></span></span></span></p> <p><span style="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 rule, passengers who bring up to 50 grams of gold as jewelry do not have to pay any revenue. However, passengers who bring up to 200 grams of gold as jewelry will have to pay revenue. </span></span></span></span></p> <p><span style="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, Bhattarai said that it has been made mandatory to pay revenue if 50 grams or more of raw gold is imported under any pretext. </span></span></span></span></p> <p><span style="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, screening of passengers coming from Saudi Arabia, Dubai and Malaysia, who may bring gold illegally, has become a high priority.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Department of Customs claimed that illegal gold is being smuggled into Nepal through passengers returning from abroad for foreign employment and other work. The department had published a notice on Sunday stating that gold was being hidden in flashlights, irons, mixers, radios, speakers, water pumps among others without the knowledge of those coming to Nepal from abroad.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Punya Bikram Khadka, director of the Department of Customs, said that the unsuspecting passengers are requested to deliver such goods to their relatives by the smugglers. Khadka urged the passengers not to carry the goods given by any acquaintance or stranger unless it is ensured that illegal items are not hidden.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to him, the passengers were unaware about the laws and that gold was being smuggled on the items they were given. The passengers informed that unknown persons also requested them to take such items. Especially gold and gold jewelry, mobile phones, laptops and alcoholic beverages are entering Nepal in large quantities in such ways. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-30', 'modified' => '2021-11-30', 'keywords' => '', 'description' => '', 'sortorder' => '14135', 'image' => '20211130012708_1638229524.1.jpg', 'article_date' => '2021-11-30 13:26:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14389', 'article_category_id' => '1', 'title' => 'Industrialists Urge NRB to Review Monetary Policy', 'sub_title' => '', 'summary' => 'November 30: Industrialists of Province 1 have urged the central bank to review its monetary policy stating that the current liquidity crunch faced by banks and financial institutions (BFIs) is a due to the provisions of the monetary policy.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">November 30: Industrialists of Province 1 have urged the central bank to review its monetary policy stating that the current liquidity crunch faced by banks and financial institutions (BFIs) is a due to the provisions of the monetary policy. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Issuing separate press statements, the Chamber of Industries Morang and the Confederation of Nepalese Industries (CNI) have pointed to the monetary policy for the current fiscal year as the main reason behind the liquidity crisis. They argued that the current crisis emerged after the central bank introduced a provision of 90 percent CD ratio that limited investment. Both the organisations have urged the central bank to scrap the CD ratio. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">They have also urged the central bank to fix the interest on loans provided to the productive sector within a single digit in the context of increasing rate of interest at a time when the industries were slowly clawing back to normalcy after a long time amid the Covid-19 pandemic. They argued that the rising interest rates due to the liquidity crunch faced by BFIs have had direct impact on production cost. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">They also stated that government has been collecting revenue through various means but its capital expenditure has been extremely low, which is another reason for the liquidity crunch. In this context, they urged the government to make its spending in public sector more effective. They also suggested Nepal Rastra Bank to increase cash flow in the market.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The two bodies of industries also provided a five-point suggestion to NRB which includes transferring the money deposited by the Government of Nepal in the central bank to BFIs for the management of the liquidity crisis.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">CNI concluded that the increase in interest rates has caused problems to the industrialists who have invested in the productive sector. It has also requested the central bank to maintain a stable rate of interest until the financial situation of the country improves.</span></span></span></p> ', 'published' => true, 'created' => '2021-11-30', 'modified' => '2021-11-30', 'keywords' => '', 'description' => '', 'sortorder' => '14134', 'image' => '20211130114649_Chamber of industries morang new.jpg', 'article_date' => '2021-11-30 11:46:08', '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' => '14403', 'article_category_id' => '1', 'title' => 'Railway Company Seeks Rs 350 Million Budget to Operate Trains', 'sub_title' => '', 'summary' => 'December 2: Nepal Railway Company has asked for a budget of Rs 350 million with the government to operate two sets of trains stranded in Inaruwa for the last fourteen months.', '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 2: Nepal Railway Company has asked for a budget of Rs 350 million with the government to operate two sets of trains stranded in Inaruwa for the last fourteen months. President Bidyadevi Bhandari issued the Railway Ordinance on Wednesday (December 1) which paved the way to operate these trains. But the company is still unable to operate the trains immediately due to lack of budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Niranjan Jha, general manager of the company, said that the legal hurdle has been removed to operate the railway service but the trains will run once the budget is released."We had written to the Ministry of Finance one and half months ago asking to release the budget. In response, the ministry said it will release the budget soon and asked us carry on the service with the company's budget for the time being," he added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He claimed that if the budget is released soon, the railway service can begin within a few months. Nepal Railway Company needs to make payment of Rs 350 million to the Indian railway manufacturer Konkan and has to pay Rs100 million in 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"">He said that the due amount has to be paid to 26 staffers of the Indian company Konkan required for the operation of the trains, as well as for equipment required for the technical tests. According to Jha, the budget is expected to be released in the next one week. He said that the technical aspects of railway operation will be tested and training will be provided to the employees once the budget is released. </span></span></span></span></p> <p><span style="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 ordinance has paved the way to determine the railway fares and freight charges. Earlier, the Railway Bill was issued during the tenure of the outgoing Prime Minister KP Sharma Oli which was later scrapped. The government had purchased two trains at Rs 856 million and brought them to Nepal in September, 2020 and a test operation was also conducted. A total of Rs 1 billion has already been invested in the procurement along with the customs duty. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-02', 'modified' => '2021-12-02', 'keywords' => '', 'description' => '', 'sortorder' => '14148', 'image' => '20211202121118_20211201110915_20190325112130_Clipboard43-5.jpg', 'article_date' => '2021-12-02 12:10:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14402', 'article_category_id' => '1', 'title' => 'Government Urges Citizens not to Travel Abroad Unless Absolutely Necessary', 'sub_title' => '', 'summary' => 'December 2: The Ministry of Health and Population has appealed to one and all not to consider travelling abroad unless absolutely necessary.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 2:<strong> </strong>The</span><strong> </strong><span style="font-family:"Arial Unicode MS","sans-serif"">Ministry of Health and Population has appealed to one and all not to consider travelling abroad unless absolutely necessary. According to the state-owned national news agency RSS, the ministry made such appeal in the wake of the spread of the 'Omicron' variant of COVID-19 in various countries. Urging all Nepalis to observe precaution against COVID-19, the ministry reportedly said that the 'Omicron' variant has not been detected in Nepal yet. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The monitoring and testing of this new variant has been expanded, RSS reported citing Joint Spokesperson at the Ministry Dr Samir Adhikari. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a press statement on Wednesday, Dr Adhikari said that the new variant is very contagious and it would infect people of any age group. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Omicron variant was first detected in African countries some days ago and has been expanding rapidly across South Africa and Asia lately. The WHO has declared the new variant as the 'universal variant of concern'. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Ministry has also urged one and all to get vaccinated against Coronavirus infection. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-12-02', 'modified' => '2021-12-02', 'keywords' => '', 'description' => '', 'sortorder' => '14147', 'image' => '20211202081956_Hc74d_0_0.jpg', 'article_date' => '2021-12-02 08:19:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14401', 'article_category_id' => '1', 'title' => 'NMB Bank wins 'The Bank of the Year Asia 2021' Award ', 'sub_title' => '', 'summary' => 'December 2: NMB Bank has succeeded to become the best bank in Asia. It has been awarded with the "The Bank of the Year Asia 2021" award by London-based The Banker magazine.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 2: NMB Bank has succeeded to become the best bank in Asia. It has been awarded with the "The Bank of the Year Asia 2021" award by London-based The Banker magazine. </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"">NMB Bank has been adjudged the best bank in Asia beating out stiff competition from banks based in Asian giants such as China, India, Hong Kong, South Korea and Japan. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The reportedly bank won this award because of its focus on sustainable banking, commitment towards digital transformation and high corporate governance standards. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Sher Bahadur Deuba on Wednesday handed over the award jointly to NMB Chairperson Pawan Golyan, chief executive officer Sunil KC and the Board of Directors of the bank amid a programme organised at the official residence of the PM. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, PM Sher Deuba congratulated all those associated with the bank for creating a history, adding that the bank has enhanced the prestige of the entire banking industry of Nepal by being honoured with the coveted award. -- RSS </span></span></span><br /> <br /> </p> ', 'published' => true, 'created' => '2021-12-02', 'modified' => '2021-12-02', 'keywords' => '', 'description' => '', 'sortorder' => '14146', 'image' => '20211202081130_BOTY-Awards-2021-thumbnail.jpg', 'article_date' => '2021-12-02 08:10:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14400', 'article_category_id' => '1', 'title' => 'No Progress in Expansion of Biratnagar Airport due to Delay in Compensation', 'sub_title' => '', 'summary' => 'December 1: The government’s plan to upgrade Biratnagar Airport to the international standard has not progressed effectively. ', '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 1: The government’s plan to upgrade Biratnagar Airport to the international standard has not progressed effectively. Despite issuing an order to halt the transfer and transactions of 126 bighas of land in order to acquire them, the concerned authorities have not evaluated those land yet even in 15 months. The locals have been enraged due to this negligent attitude of the government. Although all three tiers of government had reached an agreement regarding this issue a long time ago, the work of airport expansion has still not gained any momentum.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Biratnagar Metropolitan City, the state government and the Civil Aviation Authority of Nepal (CAAN) had reached an understanding to upgrade the airport on September 5, 2020. However, any work of the airport expansion has not been able to move forward as the concerned authorities have not able to ask for the budget with the government in time due to the delay in study for the compensation criteria.</span></span></span></span></p> <p><span style="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 agreement states that the runway length of the airport will be extended up to 3,000 meters. It has been agreed that the federal government will bear 50 percent of the total cost, the state government will bear 40 percent and the local government will bear 10 percent for land acquisition.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As per the agreement, the government has already an order to withhold transfer of 126 bighas of land in order to acquire those lands from the locals. The issue of compensating the land owners has not moved ahead even after such a long time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government had blocked the transfer of the land by issuing a notice in Gorkhapatra on April 6, 2021 to acquire 1,400 plots of land for the expansion of the airport. According to Uddhav Karki, a member of the Biratnagar Airport Victims' Struggle Committee, the problem has arisen as the work procedure for land acquisition does not clearly mention the time interval between land acquisition and compensation distribution.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He complained that even the municipality and ward offices have stopped other development work in those areas since one year arguing that the land now belongs to the airport.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Ministry of Industry, Forest and Tourism of Province 1 has been saying that the work of preparing the Detailed Project Report (DPR) is still underway.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">At present, the ministry itself does not have a minister. Mayor of Biratnagar Metropolitan City, Bhim Parajuli said that the work of Biratnagar Airport has been stalled due to the negligence of the central and state governments.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Airport chief Utsav Kharel said that the expansion of the airport has slowed down as the government has not managed the budget for the compensation. “Now the government has to tell us to either work or stop the work,” he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A Compensation Evaluation Committee has been formed under the coordination of Morang’s Assistant Chief District Officer Mahesh Raj Timsina for the distribution of compensation. The committee has not been able to resolve the issue of compensation yet. Assistant Chief District Officer Timsina said that a study is being conducted on what basis the compensation should be provided.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Work is being done to determine the basis of compensation including the tax paid by the landowner to the municipality, the investment made by the banks and financial institution, the valuation of the land and the current price of the land, the condition of the infrastructure etc.</span></span></span></span></p> <p><span style="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 expansion of the airport is estimated to cost Rs 13 billion except for land acquisition. It is estimated that Rs. 4 billion will be spent for the construction of terminal building and expansion of the runway within five years. A cost Rs 2 billion has been estimated for a three-kilometer diversion of Bastakhola water and approach light management. Plans have been made to build additional infrastructure worth Rs 7 billion by 2027-2030.</span></span></span></span></p> <p><span style="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 current evaluation of the land of the locals which has been withheld from transfer or transaction to upgrade the airport is Rs 300,000 to Rs 500,000 per 16.929 square meters (1 dhur).</span></span></span></span></p> <p><span style="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 airport currently has infrastructures that include an airplane apron that can accommodate five aircraft with a capacity of 72 seats, two taxiways connecting the runway and the apron, airfield lighting systems for night flights and landings, firefighting and rescue services, aviation fuel, air communication services, air traffic controller services, and seasonal services.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14145', 'image' => '20211201071952_1638316047.Clipboard03.jpg', 'article_date' => '2021-12-01 19:19:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14399', 'article_category_id' => '1', 'title' => 'What is Obstructing Nepali Banks from Winning International Awards?', 'sub_title' => '', 'summary' => 'December 1: Banks of Nepal have been receiving various awards from international organizations but such awards are limited to the category of ‘best bank in Nepal’.', '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 1: Banks of Nepal have been receiving various awards from international organizations but such awards are limited to the category of ‘best bank in Nepal’. The banks of Nepal are yet to receive international awards at the South Asian, Asian, or other international levels.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Why hasn't the banking sector of Nepal received any international recognition even after eight decades of history? What do stakeholders say?</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">London-based The Banker magazine has been awarding banks from around the world in various categories. Nepali banks do participate in it. The banks have received the 'Bank of the Year' award which is the best among the banks of Nepal. But they have not yet received the award for being the best bank in South Asia or the Asia-Pacific region.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">So far, NMB, Investment Bank, Mega Bank, Global IME Bank, and Standard Chartered Bank of Nepal have received the Bank of the Year award from The Banker. However, the banks here have not received the award for being the best bank in South Asia or Asia, or for being at the forefront of digitization, working, or contributing in the areas of sustainable banking, environment, and social management.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">When asked about the reasons why are Nepali banks deprived of such awards, bankers said that they do not want to take such awards as they have to pay fees and provide various information. Some other bankers replied that there are better banks in South Asia than Nepali banks.</span></span></span></span></p> <p><span style="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 Ratna Raj Bajracharya, Chief Executive Officer (CEO) of Global IME Bank, most of the banks of other South Asian countries look better in some aspects by the standards of The Banker because their market is larger than that of Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> "Nepali banks still have a long way to go," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">This means that the backwardness of Nepali banks seems to be the criteria set by the organisers of the awards. The organizing bodies have set such standards and criteria that are hardly practices in 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"">According to Pranu Singh, head of corporate affairs, brand, and marketing at Standard Chartered Bank of Nepal, the banks of Nepal must have contributed to the regional level for being decorated with the regional award.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As the banks of Nepal are unable to show any initiative taken at the international level, they are deprived of international awards, argues Singh.</span></span></span></span></p> <p><span style="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 Banker has been giving such awards by setting the standard for banks' strategic initiatives, digital initiatives, sustainable banking initiatives, sustainable banking practices, institutional good governance, and environmental and social management systems. It is said that Nepali banks do not meet some of these standards.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Especially Nepali banks have not done much in the field of environment and social management. Also, Nepali banks are not leading much in international partnerships. As a result, Nepali banks have not been able to get such an award, experts say.</span></span></span></span></p> <p><span style="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, Nepali banks are lagging in strategic leadership. The Banker evaluates the diversification of funds by raising funds from local bonds and international credit markets and investing in small businesses, and the flow of green loans.</span></span></span></span></p> <p><span style="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, emphasis has been laid on green investment under the Sustainable Banking Initiative. Under this category, The Banker looks at investments in projects that make the country self-sufficient in green energy.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Since Nepali banks have not started investing in hydropower and solar energy for a long time, Nepali banks may be lagging in this regard. But it can be expected to improve gradually.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Another criterion evaluates investment in the productive and real sectors. Nepali banks might be lagging behind because the major investment of Nepali banks is in the import business.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Experts opined that in the aftermath of the Covid-19 pandemic, the organizers of the international awards recognized the banks that kept their system afloat along with those able to serve their customers better at the time of crisis.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14144', 'image' => '20211201022713_Banks.jpg', 'article_date' => '2021-12-01 14:26:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14398', 'article_category_id' => '1', 'title' => 'Food Manufacturers Accuse Banks of Data Manipulation', 'sub_title' => '', 'summary' => 'December 1: Food industry leaders have accused banks of manipulating data related to agriculture sector which falls under priority sector lending. ', '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 1: Food industry leaders have accused banks of manipulating data related to agriculture sector which falls under priority sector lending. The government has listed agriculture as a priority sector making banks and financial institutions to release ten percent of the total loans to the agriculture sector. But the food industrialists claim that loans issued at a high interest rate of fifteen percent for industries manufacturing rice and oil have also been included in agriculture sector lending data. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Officials of the Association of Nepalese Rice, Oil and Pulses Industry met Finance Secretary Madhu Kumar Marasini, Director General of the Department of Industry Jiv Lal Bhusal and Director General of the Department of Commerce, Supply and Consumer Protection Prem Kumar Shrestha separately and complained that the government has become mute spectator to the irregularities conducted by banks. They have demanded concessional loans to be provided to such industries on priority basis and punish the banks for manipulating lending data. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issuing a press statement, the association has demanded concessional loans to agro-based industries such as rice, oil and pulses or else stop deceiving people by showing fake lending data to these industries.</span></span></span></span></p> <p><strong><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Strict provision on rice import</span></span></span></span></strong></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">To protect the rice industries, entrepreneurs have urged government officials to reduce the duty on import of paddy from five percent to one percent and increase import duty on rice to fifteen percent from eight percent.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">They have urged the concerned authorities to open the export of Basmati rice from Nepal. They have also requested to check the maximum price and quality of food items imported in Nepal and make arrangements to disclose the name, address and expiration date of the imported product.</span></span></span></span></p> <p><strong><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Reduce tax on edible oil </span></span></span></span></strong></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Entrepreneurs have demanded that the government reduce VAT applied on edible oil to five percent. “If the five percent customs duty on mustard oil is reduced to one percent, domestic oil industries can get some relief,” said Subodh Kumar Gupta, president of the Association.</span></span></span></span></p> <p><span style="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 entrepreneurs, oil produced in Nepal has become more expensive than the Indian oil due to five percent customs duty on import of mustard and 13 percent value added tax on processed oil. This has made the business challenging for homegrown manufacturers, they claimed.</span></span></span></span></p> <p><strong><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Dissatisfaction over reduction in subsidy</span></span></span></span></strong></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Entrepreneurs are dissatisfied with the government over the removal of provision of cash subsidy on export of pulses. The government used to provide a four percent cash subsidy on pulses export. Removal of cash subsidy has made it challenging for the Nepali industries to export pulses to Bangladesh, said Gupta.</span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14143', 'image' => '20211201013325_1638316112.Clipboard01.jpg', 'article_date' => '2021-12-01 13:31:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14397', 'article_category_id' => '1', 'title' => 'Fuel, Vehicle Spare Parts Dominate Import List', 'sub_title' => '', 'summary' => 'December 1: The import of fuel and spare parts of vehicles from Birgunj customs, the country’s largest customs in terms of import and export, has outnumbered other products.', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">December 1: The import of fuel and spare parts of vehicles from Birgunj customs, the country’s largest customs in terms of import and export, has outnumbered other products. Among the 20 major items that are imported via this customs, 11 of them are related to petroleum products and vehicles. Besides these products, semi-refined soybean oil, HR seat, raw sunflower oil, raw palm oil, steel steppe, polythene granules, MS billets, concentrated beverages and other industrial raw materials are also imported in large quantities.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Readymade garments are also one of the main items entering the country through this checkpoint. Fuel and vehicles seem to be the biggest contributors to the revenue collected by the customs.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">As per the data of the customs office, they have collected the highest revenue from the import of such products in the first four months of the current fiscal year.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">According to the Birgunj Customs Office, about two-thirds of the revenue collected accounted for the import of petroleum products and vehicles from mid-July to mid-November of the current fiscal year.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Chief customs officer Harihar Poudel said that in the last four month, petroleum products have contributed 33.23 percent of the total revenue while vehicle imports have contributed 28.87 percent. The Department of Customs had collected more than Rs 70 billion in the first four months.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The construction of a petroleum pipeline from Motihari to Amalekhgunj in India has facilitated the transportation of fuel.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Import of such items has increased significantly during the review period this year while there was lockdown and prohibitory order during most of the time in the corresponding period of last fiscal year. Imports and exports were also affected due to closure of production and market last year.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The information technology branch of Birgunj customs informed that the import of diesel increased by 41 percent, petrol by 36 percent and cooking gas (LPG) by 14 percent in the review period of the current fiscal year.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Similarly, import of aviation fuel also increased by 162 percent, according to the data provided by the customs. The import of such fuel was very low last year due to the disruption of domestic and international aviation services. The import of coal and mobil has increased by 34 ad 29 percent respectively.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">The import of vehicles has also increased significantly this year. Imports of jeeps, cars and vans have increased the most. In the corresponding period of last year, 1,963 such vehicles had entered through Birgunj customs. According to the customs, the number has reached 3,406 this year. The import of jeeps, cars and vans have increased by 74 percent.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Similarly, the import of pickup vehicles, trucks/buses, vehicle parts, equipment and tools used in development works have also increased significantly.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif"">Poudel said that due to the Covid-19 pandemic last year, there was a shortage of production and this year such items did not enter as expected. “Vehicle imports should have been higher. But due to coronavirus, vehicle and spare parts manufacturers had stopped production for a long time and now they are not able to supply as per the demand,” he said, “If manufacturers could supply as many vehicles as per the demand, the import of vehicles would have been much higher.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14142', 'image' => '20211201010810_Birgunj.jpg', 'article_date' => '2021-12-01 13:07:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14396', 'article_category_id' => '1', 'title' => 'Preliminary Report of National Census to Include Details of Areas ‘Encroached’ by India', 'sub_title' => '', 'summary' => 'December 1: The preliminary report of the 12th National Census conducted from November 11 to 25 is likely to be unveiled within the next three months. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">December 1: The preliminary report of the 12th National Census conducted from November 11 to 25 is likely to be unveiled within the next three months. <br /> The document is to incorporate details concerning Lipulek, Limpiyadhura and Kalapani as well. Though the Central Bureau of Statistics (CBS) could not ensure the census in the above mentioned areas physically, it is to feature the details of households and demographic size of the areas by using alternative methods. <br /> According to the director general of the bureau, Nebin Lal Shrestha, they tried diplomatic efforts to reach Limpiyadhura, Kalapani and Lipulek physically for the collection of details, but it was not possible. Now, the collection of details has begun with the use of a technology and the bureau has received cooperation from the locals. <br /> He explained that people only reside in Kuti, Nabhi and Gunji villages in the region. It is estimated that around 300 households are there and the number of estimated population is maximum 800. During winter, the locals move downhill to avoid cold, and they would possibility have meetings with the people of Chhangru and Tinkar in Darchula and could be connected by phone calls. According to the Bureau, the tracking of households is possible through the use of a satellite. <br /> The government had issued a new administrative map on May 18, 2020 incorporating Lipulek, Limpiyadhura and Kalapani areas in Darchula on the basis of various facts and evidences and after various rounds of discussions. The parliament on June 13, 2020 ratified this new map with an overwhelming majority votes and with this decision the areas which India had been occupying were officially included for the first time in Nepal's map. The Coat-of-Arms was amended accordingly. <br /> So, the latest National Census is the first census after incorporating the territories in the map of Nepal and so it has been seen with significance. <br /> The map made public in 1827 by the British Surveyor of India indicates that Kalapani is Nepal's westernmost border front. Surveyors and cartographers claim that the map released by the British Surveyor of India clearly shows that the Kali River that originates from Limpiyadhura marks Nepal's westernmost boundary with India. Kalapani and Lipulek areas lie to the east of this river. <br /> Experts say that in recent times, India has named a stream flowing down from Lipulek as the Kali river and encroached upon the whole area east of the Kali river that flows down from Limpiyadhura. <br /> According to historians, the then Government of Nepal in the past had allowed India to station its security force in the area at the latter's request for defending its territories from the Chinese, and since that time India has continued to occupy the territories belonging to Nepal. <br /> Senior geographer and a scholar on border matters Buddhi Narayan Shrestha asserted that every document before 1860 established that the Kali river originating from Limpiyadhura is the original Kali river. According to him, India has captured the territories of Nepal by publishing a map after that period by naming the stream that flows down from Lipulek as the Kali river. <br /> The Central Bureau of Statistics which conducted the National Census stated that the data from these territories could not be collected directly for the census due to various difficulties but it has started counting the population through several other means. <br /> The main task of the 12th National Census concluded on November 25. -- RSS </span></span></span></span></p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14141', 'image' => '20211201114001_20211126095913_20211109080004_20211108052804_National-Census-2021.jpg', 'article_date' => '2021-12-01 11:39:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14395', 'article_category_id' => '1', 'title' => 'Law on Railways in the Offing: Minister Yadav ', 'sub_title' => '', 'summary' => 'December 1: Minister for Physical Infrastructure and Transport Renu Yadav informed that preparations are underway to bring necessary laws related to the operation of railway service through an ordinance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 1: Minister for Physical Infrastructure and Transport Renu Yadav informed that preparations are underway to bring necessary laws related to the operation of railway service through an ordinance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minister reportedly made such remark on Tuesday (November 30) while inspecting the physical infrastructure prepared for the operation of the train from Kurtha in Dhanusha to Jayanagar of India. Minister Yadav said that the government has taken steps to bring necessary legislation as it has not been possible to operate the train due to lack of law. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The government has prepared an ordinance for the laws required for the operation of the railways," the state-owned national news agency RSS quoted Minister Yadav as saying. </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 RSS, Minister Yadav said that the law would be brought through an ordinance after the documents are finalized. She shared that the Prime Ministers of India and Nepal will jointly inaugurate the railway through virtual means after the necessary laws, staff management and budget have been determined for the operation of the railway. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, General Manager of Nepal Railway Company Niranjan Jha briefed Minister Yadav about the progress made so far in terms of railway operation. Minister Yadav was accompanied by Director General of Department of Railway Deepak Bhattarai and Mayor of Janakpurdham Sub-Metropolis Lal Kishor Saha, RSS reported. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14140', 'image' => '20211201110915_20190325112130_Clipboard43-5.jpg', 'article_date' => '2021-12-01 11:08:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14394', 'article_category_id' => '1', 'title' => 'Government Issues Order to Prevent Entry of 'Omicron' Variant ', 'sub_title' => '', 'summary' => 'December 1: The government has decided to take necessary precaution to prevent the entry of Omicron variant of COVID-19. ', 'content' => '<p><em>Tribhuvan International Airport. Photo Courtesy: Aviation Nepal/TIA Facebook Page</em></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 1: The government has decided to take necessary precaution to prevent the entry of Omicron variant of COVID-19. According to the state-owned national news agency RSS, a cabinet meeting held on November 29 issued an order regarding the travel management of passengers coming to Nepal from countries where Omicron has been detected. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The World Health Organization (WHO) has warned that the new variant could spread rapidly and cause serious infection. The new variant has been detected in South Africa, Australia, Belgium, Germany, Hong Kong, the Netherlands and the United Kingdom, RSS further reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Arrangements have been made for passengers coming from countries with reported case of the variant to undergo tests at Tribhuvan International Airport and to be kept in hotel quarantine, according to government's spokesperson Gyanendra Bahadur Karki. </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 cabinet meeting also decided to form a negotiating team on behalf of the Government of Nepal to receive a concessional loan of 10 billion Japanese yen (approximately Rs 10.39 billion) from the Japanese government for economic growth and productivity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting approved the protocol prepared for the agreement between Nepal and China on exporting helix (processed grass) to China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Ministry of Foreign Affairs has given approval to send a diplomatic note to the United Nations to implement the Standard Basic Assistance Agreement between the Government of Nepal and the UNDP. </span></span></span></p> ', 'published' => true, 'created' => '2021-12-01', 'modified' => '2021-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '14139', 'image' => '20211201111050_20211201080915_TIA.jpg', 'article_date' => '2021-12-01 08:04:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14393', 'article_category_id' => '1', 'title' => 'FNCCI, TU School of Management Join Hands for Development of Human Capital', 'sub_title' => '', 'summary' => 'November 30: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Tribhuvan University School of Management (SOMTU) have decided join hands with each other for the development of human capital.', '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"">November 30: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Tribhuvan University School of Management (SOMTU) have decided join hands with each other for the development of human capital. Both the institutions have reached an agreement to form an “Industry Academia Forum” for institutional cooperation in this regard.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The announcement was made during a programme organised jointly by the Commodity Council of the FNCCI and SOMTU on Sunday at the Federation’s Secretariat. FNCCI President Shekhar Golchha said that the Tribhuvan University could be of a great assistance for human resource development while the federation gives special priority to the campaigns like small and medium enterprises in Nepal. He emphasized on establishing a permanent type of structure to attain the goal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On the occasion, Dinesh Mani Ghimire, assistant dean of the Faculty of Management, Tribhuvan University and Prof. Dr. Dev Raj Adhikari, the former member secretary of the University Grants Commission and former dean of the Faculty of Management said that the university was ready to support Nepal’s the efforts made by the private sector in the economic development of the country. They also expressed their commitment to cooperate with the federation in this regard.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During the program, a detailed discussion was held regarding the new ‘Course of Study’ prepared by SOMTU and suggestions and advice on the same were collected from the entrepreneurs who attended the programme. The SOMTU was suggested to revise the courses in such a way that it would help produce skilled and technical manpower.</span></span></span></span></p> <p><span style="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 Vice President of FNCCI, Dinesh Shrestha suggested that the education given by the university should be practical, focused on industry and business development of the country and should incorporate high technical knowledge. Chairperson and the Vice-President of the Commodity Council Anjan Shrestha expressed the belief that such cooperation between the university and the private sector could benefit the academic sector, industry and business sector, society as well as the nation as a whole.</span></span></span></span></p> <p><span style="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 the program, Assistant Professor Dr. Gangaram Bishwokarma, Assistant Professor Dr. Dhruvalal Pandey and Assistant Professor Dr. Jitendra Dangol shed light about the new course of study.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-30', 'modified' => '2021-11-30', 'keywords' => '', 'description' => '', 'sortorder' => '14138', 'image' => '20211130022021_study01_20211129101354.jpg', 'article_date' => '2021-11-30 14:19:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14392', 'article_category_id' => '1', 'title' => 'Poor Performance of Hydro Projects under People’s Hydropower Programme', 'sub_title' => '', 'summary' => 'November 30: Three hydropower projects included in the People’s Hydropower Programme by the government with special emphasis have not made any progress as per the expectation.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 30: Three hydropower projects included in the People’s Hydropower Programme by the government with special emphasis have not made any progress as per the expectation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The power generation date of those projects located in Rasuwa has been deferred every year. Despite repeated instructions from the Minister for Energy, Water Resources and Irrigation as well as the secretary at the ministry and Executive Director of Nepal Electricity Authority, the work of the project has not been effective.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A subsidiary of Chilime Hydropower Company is constructing 111 MW Rasuwagadhi Hydropower Project, 42.5 MW Sanjen Hydropower Project and 14.8 MW Upper Sanjen Hydropower Projects. It has become uncertain when these projects will start generating electricity. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Both the time and cost of the projects are increasing due to natural disasters and Covid-19 pandemic. Although the Executive Director of NEA Kulma Ghising has been urging the project officials to expedite the projects, there has not been any improvement.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The delay in completion of the projects constructed with public investment under the People’s Hydropower Project, has also resulted in the delay in construction of transmission lines. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ghising has instructed the projects to complete the remaining works as soon as possible after monitoring the construction sites and holding discussings with the project officials, construction entrepreneurs, contractors and consultants. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The construction of the main civil structures has been completed. The construction of the project with public investment should be completed as soon as possible and the investors should be rewarded,” said Ghising, adding, “The remaining works should be carried out side-by-side and completed within 7/8 months.” </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-11-30', 'modified' => '2021-11-30', 'keywords' => '', 'description' => '', 'sortorder' => '14137', 'image' => '20211130020819_hydro.jpg', 'article_date' => '2021-11-30 14:07:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14391', 'article_category_id' => '1', 'title' => 'Central Bank Allows NRNs to Open Savings Accounts in Foreign Currency', 'sub_title' => '', 'summary' => 'November 30: Nepal Rastra Bank (NRB) has amended the unified directive allowing non-resident Nepalis (NRNs) to open savings accounts in foreign currency. ', '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"">November 30: Nepal Rastra Bank (NRB) has amended the unified directive allowing non-resident Nepalis (NRNs) to open savings accounts in foreign currency. Along with the NRNs, even the companies promoted by NRNs are permitted to open bank accounts here in the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank made such provision by amending the directive after reviewing the monetary policy for the first quarter of 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"">Earlier, NRNs were allowed to open only fixed deposit accounts in the country. From now on, they are allowed to open savings accounts as well, said Dev Kumar Dhakal, spokesperson of NRB. The new provision is introduced in view of the current liquidity crunch and declining foreign exchange reserves. When opening such an account, a minimum deposit of USD 5,000 is required and such deposits have to come through the banking system from abroad. Also, the principal and interest have to be paid through the banking system.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Likewise, the process has been easier to open deposit accounts for NRNs. They will now be able to open deposits for a minimum of USD 5,000. And the minimum term of fixed deposit has been fixed for one 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"">Earlier, a minimum deposit of US dollar 10,000 was required for fixed deposit and the minimum term was two years. Dhakal said that such provision has been made with the aim of increasing foreign exchange deposits. This type of account can be opened in US Dollar, Euro, Pound Sterling, Australian Dollar, Canadian Dollar, Japanese Yen and Chinese Yuan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><em><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">New limit on silver import</span></span></em></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB has also introduced strict provisions on the import of silver. To import silver, foreign exchange facility of USD 35,000 will only be provided at a time. Earlier, no such limit was set on imports of silver. The new rule has been introduced to discourage the unnecessary import of silver and minimize negative impact on the foreign exchange reserves.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB has also revised the limit of Document Against Payment (DAP) and Document Against Acceptance (DAA) to USD 50,000 from USD 100,000. From now on, only goods up to USD 50,000 can be imported at a time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">If companies related to commercial agriculture, manufacturing industries, infrastructure construction and tourism try to take loans from abroad, banks can issue guarantee. Banks have also been discouraged to deal in derivatives. NRB has now directed the banks to trade in derivatives not exceeding fifteen percent of the initial capital. Earlier, the limit was set at thirty percent. Dhakal said that the limit has been reduced in view of declining foreign exchange reserves. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-11-30', 'modified' => '2021-11-30', 'keywords' => '', 'description' => '', 'sortorder' => '14136', 'image' => '20211130015256_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-11-30 13:52:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14390', 'article_category_id' => '1', 'title' => 'Security Checking Intensified at TIA to Curb Gold Smuggling', 'sub_title' => '', 'summary' => 'November 30: Airport authorities at the Tribhuvan International Airport (TIA) have stepped up security checking of passengers returning from abroad on suspicion of gold smuggling.', '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"">November 30: Airport authorities at the Tribhuvan International Airport (TIA) have stepped up security checking of passengers returning from abroad on suspicion of gold smuggling.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Passengers coming to Nepal especially from Dubai, Qatar and Malaysia are being strictly checked by the airport customs. After the checkpoints were tightened, the crowd at the airport has also increased since Monday.</span></span></span></span></p> <p><span style="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 Mahesh Bhattarai, chief of the airport customs office, monitoring of passengers returning from these countries has been intensified on suspicion that raw gold is being smuggled through returning passengers wearing bangles. He said the passenger checking has been tightened on the suspicion that the facility provided to the passengers has been misused.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Bhattarai claimed that the security has been tightened for those bringing gold against the rule and making them pay the revenue as the risk of smugglers sending gold with the Nepalis returning from foreign employment has increased.</span></span></span></span></p> <p><span style="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 rule, passengers who bring up to 50 grams of gold as jewelry do not have to pay any revenue. However, passengers who bring up to 200 grams of gold as jewelry will have to pay revenue. </span></span></span></span></p> <p><span style="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, Bhattarai said that it has been made mandatory to pay revenue if 50 grams or more of raw gold is imported under any pretext. </span></span></span></span></p> <p><span style="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, screening of passengers coming from Saudi Arabia, Dubai and Malaysia, who may bring gold illegally, has become a high priority.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Department of Customs claimed that illegal gold is being smuggled into Nepal through passengers returning from abroad for foreign employment and other work. The department had published a notice on Sunday stating that gold was being hidden in flashlights, irons, mixers, radios, speakers, water pumps among others without the knowledge of those coming to Nepal from abroad.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Punya Bikram Khadka, director of the Department of Customs, said that the unsuspecting passengers are requested to deliver such goods to their relatives by the smugglers. Khadka urged the passengers not to carry the goods given by any acquaintance or stranger unless it is ensured that illegal items are not hidden.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to him, the passengers were unaware about the laws and that gold was being smuggled on the items they were given. The passengers informed that unknown persons also requested them to take such items. Especially gold and gold jewelry, mobile phones, laptops and alcoholic beverages are entering Nepal in large quantities in such ways. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-30', 'modified' => '2021-11-30', 'keywords' => '', 'description' => '', 'sortorder' => '14135', 'image' => '20211130012708_1638229524.1.jpg', 'article_date' => '2021-11-30 13:26:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14389', 'article_category_id' => '1', 'title' => 'Industrialists Urge NRB to Review Monetary Policy', 'sub_title' => '', 'summary' => 'November 30: Industrialists of Province 1 have urged the central bank to review its monetary policy stating that the current liquidity crunch faced by banks and financial institutions (BFIs) is a due to the provisions of the monetary policy.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">November 30: Industrialists of Province 1 have urged the central bank to review its monetary policy stating that the current liquidity crunch faced by banks and financial institutions (BFIs) is a due to the provisions of the monetary policy. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Issuing separate press statements, the Chamber of Industries Morang and the Confederation of Nepalese Industries (CNI) have pointed to the monetary policy for the current fiscal year as the main reason behind the liquidity crisis. They argued that the current crisis emerged after the central bank introduced a provision of 90 percent CD ratio that limited investment. Both the organisations have urged the central bank to scrap the CD ratio. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">They have also urged the central bank to fix the interest on loans provided to the productive sector within a single digit in the context of increasing rate of interest at a time when the industries were slowly clawing back to normalcy after a long time amid the Covid-19 pandemic. They argued that the rising interest rates due to the liquidity crunch faced by BFIs have had direct impact on production cost. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">They also stated that government has been collecting revenue through various means but its capital expenditure has been extremely low, which is another reason for the liquidity crunch. In this context, they urged the government to make its spending in public sector more effective. They also suggested Nepal Rastra Bank to increase cash flow in the market.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The two bodies of industries also provided a five-point suggestion to NRB which includes transferring the money deposited by the Government of Nepal in the central bank to BFIs for the management of the liquidity crisis.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">CNI concluded that the increase in interest rates has caused problems to the industrialists who have invested in the productive sector. It has also requested the central bank to maintain a stable rate of interest until the financial situation of the country improves.</span></span></span></p> ', 'published' => true, 'created' => '2021-11-30', 'modified' => '2021-11-30', 'keywords' => '', 'description' => '', 'sortorder' => '14134', 'image' => '20211130114649_Chamber of industries morang new.jpg', 'article_date' => '2021-11-30 11:46:08', '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
