January 14: The government is seeking funds to procure vaccine against Covid-19.…
January 14: The government is seeking funds to procure vaccine against Covid-19.…
January 14: Everest Bank has started online tax payment effective from January…
January 13: Although the government has made laws with the aim of facilitating foreign investment in Nepal, Dang Cement has not been able to acquire foreign investment due to the delay in implementation of the Foreign Investment and Technology Transfer Act (FITTA) 2075.…
January 13: Almost 54 percent of the industries and businesses that were closed due to Covid-19 have already resumed operation, according to Nepal Rastra…
January 13: The government has estimated an increase in paddy production in the current fiscal year.…
January 13: Customs clearance of new vehicles has increased at the entry points after banks lowered interest rates on vehicle…
Private sector stakeholders on Monday issued a joint statement saying that their attention has been drawn to the government’s decision to allow foreign investment in agriculture sector of…
January 12: MAW Enterprises Pvt Ltd, the official distributor of ŠKODA cars in Nepal, has introduced the all-new ŠKODA KAROQ in the…
January 12: Laxmi Bank has signed a MOU with Thulung Dudhkoshi Rural Municipality of Solukhumbu to extend concessional loans at subsidized rates to various entrepreneurs, firms, companies, as well as cooperatives under recommendation and facilitation of the rural municipality.…
January 12: Nepal Rastra Bank has opened registration for refinancing facility to microfinance companies until January…
January 12: The arrival of Indian tourists is increasing in Nepal after regular flights resumed between the two countries in nine months under the air transport bubble…
January 12: None of the Nepali companies that had bagged the contract to import fertilizers have fulfilled their obligation.…
January 11: Nepal Electricity Authority (NEA) has submitted proposal to sell electricity to India in response to a tender issued by India’s NTPC Vidyut Vyapar Nigam (NVVN) on behalf of BRPL…
January 11: The government has indicated that it would not extend the deadline for submission of income tax details despite request from the private sector citing the coronavirus…
January 11: KMC Innovation Center of Kathmandu Model College has signed a Memorandum of Understanding (MOU) with Idea Studio Nepal (ISN).…
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', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 14: The government is seeking funds to procure vaccine against Covid-19. The government has pledged to avail the vaccine free-of-cost to the citizens on need basis and is therefor making attempts to raise funds for the purchase of the vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had set up a fund last year in its effort to prevent and control Covid-19 as well as to treat the patients infected with the disease. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the private sector and various agencies provided significant support by contributing generously to the fund in the initial stage, the process of fund collection has started to slow down. The Financial Comptroller General’s Office estimates that around Rs 2.9 billion has been deposited in the fund so far. The government has already spent Rs 2.44 billion from the fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As this fund was primarily set up for the prevention and treatment of Covid-19, the health ministry has established a new fund to seek support for the purchase of vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson at the Ministry of Health and Population Dr Jaageshwar Gautam informed that the government alone cannot manage the budget for procuring vaccine against Covid-19 and has therefore urged domestic and foreign donor agencies to contribute to the fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A meeting of the Council of Ministers on November 9 had given the permission to the health ministry to purchase the vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Spokesperson Gautam, the government will provide the vaccine free-of cost to the targeted groups on the basis of need and priority. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Gautam expressed his belief that the vaccine would protect the lives of the people to a large extent and would also bring back the battered economy on track. He further said that the government is preparing to purchase the vaccine as soon as it is available in the international market.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12684', 'image' => '20210114104505_1610581600.Clipboard18.jpg', 'article_date' => '2021-01-14 10:44:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12940', 'article_category_id' => '1', 'title' => 'Everest Bank Launches Online Tax Payment Service in Collaboration with Fonepay', 'sub_title' => '', 'summary' => 'January 14: Everest Bank has started online tax payment effective from January 12.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">January 14: Everest Bank has started online tax payment effective from January 12.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bank said in a statement that it has launched the Online Inland Revenue Tax Payment System in association with Financial Comptroller General Office (FCGO) and with technical collaboration of Fonepay. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bank expressed its belief that this electronic payment method will benefit the people at large and will eliminate the hassle and lengthy process of visiting tax offices for tax payments during the ongoing COVID-19 pandemic. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The Online Inland Revenue Tax Payment System was digitally inaugurated jointly by GK Negi, CEO of Everest Bank, and Ram Sharan Pudasaini, Revenue Secretary at the Finance Ministry, considering the outbreak of the COVID-19.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Everest Bank said it has a customer base of over 1.1 million and is providing banking services through a network of 100 branches, 33 revenue collection counters, and 132 ATMs across the country.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12683', 'image' => '20210114045945_Online-Tax-Payment-System.jpg', 'article_date' => '2021-01-14 16:58:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12934', 'article_category_id' => '1', 'title' => 'Delay in Implementation of Law Causing Problems in Bringing Investment from Foreign Partners ', 'sub_title' => '', 'summary' => 'January 13: Although the government has made laws with the aim of facilitating foreign investment in Nepal, Dang Cement has not been able to acquire foreign investment due to the delay in implementation of the Foreign Investment and Technology Transfer Act (FITTA) 2075. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">January 13: Although the government has made laws with the aim of facilitating foreign investment in Nepal, Dang Cement has not been able to acquire foreign investment due to the delay in implementation of the Foreign Investment and Technology Transfer Act (FITTA) 2075. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Dang cement has not been able to apply for bringing foreign investment as it took two years to endorse the regulations of the Foreign Investment and Technology Transfer act (FITTA) 2075. Dang Cement Industry was registered 15 years ago. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">One of the promoters of the Dang Cement said that they have not been able to bring investment from Chinese partner Hong Kong Redline as the government was not cooperative. The industry must be registered with the Department of Industry to bring 85 percent investment from its partner. But, the industry has not been able to register with the department due to the delay in implementation of the act (FITTA). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Following the publication of FITTA regulation in Nepal Gazette on Monday (January 11), the cement industry expressed its belief that it will now be easier for the industry acquire foreign investment. The promoter claimed that there have been unnecessary hassles after the process of registering the industry at the department was halted. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"If there are no weaknesses in the regulations and it is easy to register the industry, investment will start coming from the partner company," he said, requesting anonymity. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company has already received approval from the Ministry of Environment to conduct Environmental Impact Assessment (EIA). However, the promoter added that the main work is to attract investment and therefore other works will start only after that. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12681', 'image' => '20210113033332_foreign-investment.jpg', 'article_date' => '2021-01-13 15:32:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12933', 'article_category_id' => '1', 'title' => 'More than 50 Percent of Industries and Enterprises are Fully Operational: NRB', 'sub_title' => '', 'summary' => 'January 13: Almost 54 percent of the industries and businesses that were closed due to Covid-19 have already resumed operation, according to Nepal Rastra Bank.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 13: Almost 54 percent of the industries and businesses that were closed due to Covid-19 have already resumed operation, according to Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A survey report on Impact of Covid-19 on the economy released by the central bank on Tuesday (January 12) states that 9.1 percent of industries and businesses are yet to resume their service.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank report mentions that although all kinds of industries and businesses have reported improvement in day-to-day operation, small and middle scale enterprises are relatively lagging behind. According to the report, most of the big industries have made significant progress in resuming operation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As of mid-December, companies involved in the trade of electricity, LP gas and water have made good progress in resuming their service. A total of 66.67 percent of such industries have started full-fledged operation while 33.33 percent are yet to resume service. During the review period, altogether 64.97 percent of wholesale and retail trade centers have resumed full-fledged operation while 31.33 percent have started partial operation and 3.39 percent are yet to operate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, 63.64 percent of enterprises associated to the agriculture sector, forestry and fishery industries have resumed their business while 33.3 percent are partially operational.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Among the production-oriented industries, 49.04 percent are fully operational while 42.31 percent are partially open.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, 29.7 percent of hotels and restaurants have resumed their services to full extent while 44.44 percent of construction companies have also resumed normal operation. Similarly, 36 percent of media and communication companies have resumed their day-to-day operations.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the central bank’s survey, only a handful of educational institutions have resumed operation. The report states that only 11.36 percent of educational institutions are fully operational. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report clearly shows that more than half of the industries and businesses have started full-fledged operation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report states that most of the businesses have been finding it difficult to manage operational cost while they are also struggling to receive additional loan. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank had conducted the survey from October 28 to December 9. The central bank had surveyed 674 enterprises of 52 districts during this period.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12680', 'image' => '20210113023909_1610496553.Clipboard15.jpg', 'article_date' => '2021-01-13 14:38:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12931', 'article_category_id' => '1', 'title' => 'Low Quality of Paddy Results in Decline in Rice Production', 'sub_title' => '', 'summary' => 'January 13: The government has estimated an increase in paddy production in the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 13: The government has estimated an increase in paddy production in the current fiscal year. However, the paddy produced this year is found to be of low quality due to which less quantity of rice has been yielded after processing the paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The production of rice has declined due to low quality of paddy. Stakeholders have attributed this to non-availability of seeds and fertilizer during planting season. The cost of production has gone up and so has the selling price of rice.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Agriculture experts believe that the lack of fertilizer during the plantation season might be the reason behind low quality of paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The low standard of paddy will have direct impact on production of rice. According to Subodh Kumar Gupta, chairman of Nepal Rice, Oil and Lentil Industry Association, the production of per quintal of rice has gone down due to the low quality of paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Normally, 45 percent of rice is produced from one quintal of paddy while 15 percent is fragments of rice and the remaining by product is husk. But this year, only 35 percent of rice has been produced from one quintal of rice, says Gupta. Likewise, the percentage of rice fragments has increased by 10 percent to a total of 25 percent. This in turn has resulted in increased cost of production and an increase in price of rice.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“This is the main reason for the increase in price of rice,” said Gupta.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Central member of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Avinash Bohora also shares a similar view. Bohora also claimed that the standard of paddy has degraded this year due to which production of rice has declined while more amount of rice fragments have been produced.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the information provided by Nepal Retailers’ Association, the price of rice produced by every brand has increased by Rs 50 per sack.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Factories and industries have just received newly harvested paddy. The price of rice normally does not get hiked during harvesting season. However, industrialists say that they have been forced to increase the price of rice due to low quality or paddy produced this year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The local mills and industries have been producing 60 percent of the annual requirement of rice for the country while they produce 62 percent of lentil and 35 percent of edible oil.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chairman of the association Naresh Rathi says that the international market also has some influence in the price hike in Nepal. According to him, Bangladesh has lowered the customs duty for importing rice. As a result, India has increased its export to Bangladesh while the export of rice to Nepal has declined. This has also contributed to price hike, says Rathi.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12679', 'image' => '20210113120534_20190528010847_aaaa.jpg', 'article_date' => '2021-01-13 12:04:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12932', 'article_category_id' => '1', 'title' => 'Customs Clearance of Vehicles Increasing', 'sub_title' => '', 'summary' => 'January 13: Customs clearance of new vehicles has increased at the entry points after banks lowered interest rates on vehicle loan.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">January 13: Customs clearance of new vehicles has increased at the entry points after banks lowered interest rates on vehicle loan. The number of inspection passes for new vehicles is growing gradually in Birgunj, which is the main checkpoint for importing vehicles.<br /> In the past, importers used to park their vehicles at the customs premises for a long time. According to the Nepal Intermodal Transport Development Committee (NITDB), which operates the Integrated Check Post (ICP) in Birgunj, only 187 vehicles are left to pass the clearance at the ICP as of January 11.<br /> NITDB chief Kamal Gyawali informed that the number of vehicles being released from customs has increased from 250 to 300 within a few months. In the past, the importers reluctant to pass the customs clearance of their vehicles.<br /> According to the customs office, the importers have now lined up for vehicle inspection.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">ICP Customs Information Officer Sumit Gupta said that the number of new vehicles being released from the customs has increased recently.<br /> <br /> “Vehicle inspection passes from the customs office have increased since some time. The importers have swiftly started releasing the vehicles brought to the checkpoint,” Information Officer Gupta told New Business Age.<br /> <br /> The Customs Act has a provision that vehicles entering the country must be inspected within 60 days. There is an arrangement for customs office to auction the vehicles that have not passed inspection within the stipulated time.</span></span></span></p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12678', 'image' => '20210113013004_20150914010543_travel-map.jpg', 'article_date' => '2021-01-13 13:29:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12930', 'article_category_id' => '1', 'title' => 'Private Sector Suggests Government to Weigh Options Before Opening FDI in Agriculture', 'sub_title' => '', 'summary' => 'Private sector stakeholders on Monday issued a joint statement saying that their attention has been drawn to the government’s decision to allow foreign investment in agriculture sector of Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: Stakeholders of the private sector of Nepal including the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) on Monday issued a joint statement saying that their attention has been drawn to the government’s decision published on Nepal Gazette on January 4 to allow foreign investment in agriculture sector of Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The joint statement says that entrepreneurs associated with them have been protesting against the government’s decision because it contradicts the Foreign Investment and Technology Transfer Act introduced in 2075, which completely bans foreign investment in agriculture sector of Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The statement noted that there are questions regarding whether foreign investment should be allowed in agriculture sector which is directly linked with people’s livelihood or should we accept it in order to increase productivity and to reduce trade deficit.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In this context, FNCCI, CNI and NCC held discussions with stakeholders and decided to make certain recommendations to the government. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The statement says foreign investment is necessary for the country and therefore suggested the government to fulfill commitments made in the past. In this regard, they suggested the government to discuss issues related to policies and laws as well as work procedure and amendment of laws with the private sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders are of the view that the government must take a decision to allow foreign investment in agriculture sector depending on the technology transfer, its use, export condition of Nepal among others. They suggested that government must allow foreign investment only if the technology transfer is of high quality and if they ensure the use of locally produced raw materials and also if there is high possibility of exporting the products.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12677', 'image' => '20210112033204_20200512091924_20190527010000_Makai.jpg', 'article_date' => '2021-01-12 15:29:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12929', 'article_category_id' => '236', 'title' => 'ŠKODA Rolls Out Premium SUV, KAROQ, in Nepal', 'sub_title' => '', 'summary' => 'January 12: MAW Enterprises Pvt Ltd, the official distributor of ŠKODA cars in Nepal, has introduced the all-new ŠKODA KAROQ in the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">January 12: MAW Enterprises Pvt Ltd, the official distributor of ŠKODA cars in Nepal, has introduced the all-new ŠKODA KAROQ in the country. The new ŠKODA KAROQ is a completely new compact SUV from the Czech brand, reads a statement issued by the company. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">According to the company, the ŠKODA KAROQ offers modern design, generous dimensions, class leading safety, and intelligent connectivity features.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">The latest ŠKODA will be available in two variants - Ambition and Ambition Plus. Both are powered with 2.0L, 6-speed automatic transmission and Turbo-charged diesel engine which produce a maximum power of 105 KW and torque of 320 NM, the statement added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">The all-new KAROQ measures 4,382 mm in length, is 1,841 mm wide, and 1,624 mm high. The wheelbase of 2,638 mm gives the ŠKODA KAROQ a comfortable stance on the road, the company said. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">“The long wheelbase not only increases the space inside but also carves out a boot space of 521 litres, the largest within its class, which extends to 1,630 litres with the rear seats, capable of a 60:40 split, folded down thereby making space for business, pleasure, and practical essentials.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">According to the company, the headlamps of the new model respond to speed changes as well as to various light and weather conditions.The ŠKODA KAROQ is equipped with electrically adjustable panoramic sunroof with “bounce-back” system.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">The new KAROQ is also equipped with SmartLink technology that mirrors a smartphone for seamless connectivity and undistracted drive besides supporting voice command control, SD card reader, USB ports, and Bluetooth GSM telephony and audio streaming options.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">Furthermore, the ŠKODA KAROQ also comes equipped with cruise control and automatic rain sensing wipers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">According to the company, the Ambition variant is priced at Rs 1,15,00,000 while the Ambition Plus is available for Rs 1,25,00,000.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"> </span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12676', 'image' => '20210112030711_2018.jpg', 'article_date' => '2021-01-12 15:06:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12928', 'article_category_id' => '218', 'title' => 'Laxmi Bank to Provide Concessional Loan to People of Solukhumbu Village', 'sub_title' => '', 'summary' => 'January 12: Laxmi Bank has signed a MOU with Thulung Dudhkoshi Rural Municipality of Solukhumbu to extend concessional loans at subsidized rates to various entrepreneurs, firms, companies, as well as cooperatives under recommendation and facilitation of the rural municipality. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-family:Cambria">January 12: Laxmi Bank has signed a MOU with Thulung Dudhkoshi Rural Municipality of Solukhumbu to extend concessional loans at subsidized rates to various entrepreneurs, firms, companies, as well as cooperatives under recommendation and facilitation of the rural municipality. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-family:Cambria"> Dipesh Amatya, chief of the Retail Financial Services of Laxmi Bank, and chairperson of the rural municipality Ashim Rai signed the agreement on behalf of their respective organisations amid a recent function. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-family:Cambria">Ajaya Bikram Shah, CEO of Laxmi Bank, expressed the bank’s readiness to finance enterprising activities in various potential sectors of the rural municipality like agriculture, tourism, hospitality, reads a statement issued by the bank. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-family:Cambria">The agreement is expected to promote entrepreneurship and self-employment to ultimately help create economically self-dependent rural municipality, the statement added. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12675', 'image' => '20210112025133_IMG - PR.jpg', 'article_date' => '2021-01-12 14:50:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12927', 'article_category_id' => '1', 'title' => 'Central Bank to Provide Refinancing Facility to Microfinance Companies for the First Time', 'sub_title' => '', 'summary' => 'January 12: Nepal Rastra Bank has opened registration for refinancing facility to microfinance companies until January 25.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: Nepal Rastra Bank has opened registration for refinancing facility to microfinance companies until January 25. Issuing a statement on Monday (January 11), the central bank has asked for submission of forms to avail refinance service to the microfinance companies. According to the central bank, bad debtors of microfinance companies since long time can also benefit from the scheme. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Prior to this, the refinance facility was provided only to commercial and development banks and finance companies. The central bank has fixed the maximum interest rate for microfinance companies at 15 percent and this is expected to provide some relief to the bad debtors. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Acting Executive Director of the Banks and Financial Institutions Regulation Department of NRB Kiran Pandit informed that the central bank has allocated a lump sum of Rs 21 billion to provide to the microfinance companies for refinancing.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Pandit, microfinance companies will have to reduce the interest rate of bad debtors to 5 percent irrespective of what rate they were charged before.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We will give a lump sum to the microfinance companies. They will be able to invest the amount,” said Pandit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He added that the central bank has not sought the details of the debtors because microfinance companies provide small scale loan. The central bank will finalize the reduction of interest rate after reviewing the applications submitted by the microfinance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The latest data of NRB show that there are altogether 76 microfinance companies in Nepal after their merger and acquisition. Each microfinance company is entitled to receive Rs 270 million in average. However, microfinance companies can seek funds for refinancing up to 65 percent of their capital fund of last quarter. Therefore, the central bank will be providing between Rs 60 million to Rs 200 million to each microfinance company based on their quarterly report.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12674', 'image' => '20210112023934_1610060919.Clipboard15.jpg', 'article_date' => '2021-01-12 14:39:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12926', 'article_category_id' => '1', 'title' => 'Number of Indian Tourists Increasing under Air Transport Bubble Scheme', 'sub_title' => '', 'summary' => 'January 12: The arrival of Indian tourists is increasing in Nepal after regular flights resumed between the two countries in nine months under the air transport bubble scheme.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: The arrival of Indian tourists is increasing in Nepal after regular flights resumed between the two countries in nine months under the air transport bubble scheme.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The two countries had agreed on December 21 to resume flights under the scheme proposed by India. Air service between Nepal and India was suspended since March 24 after the Government of Nepal imposed a nationwide lockdown to curb coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">India had proposed the air transport bubble scheme to Nepal around two months ago to take back the citizens of various countries. However, Nepal had initially declined the offer.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had lifted a ban on international flights on September 1 while domestic flights resumed three weeks later. The government had resumed air service after five months but the ban on India was still in force considering the number of Covid-19 cases in the country. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">But in late December, the two countries agreed to resume flight operation. Following the agreement, lots of Indian tourists visited Nepal to celebrate the New Year, according to tourism entrepreneurs of Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the air route has been opened between Nepal and India, the border points are still closed due to which thousands of Indian tourists willing to visit Nepal are unable to travel. Stakeholders have demanded the government to open the border and allow Indian tourists who fulfill the health standards set by the government.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Vice President of Siddhartha Hotel Association, Bhairahawa Kishor GC said that the number of Indian tourists will rise significantly if the border is opened.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Indian tourists are making enquiries. But they are unable to visit Nepal through the land route because the border is closed,” said GC, adding, “If the border is opened and Indian tourists arrive, it will be a relief to the tourism industry that has been badly affected by coronavirus.” </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">First Vice President of Pokhara chapter of Restaurants and Bars Association Nepal (REBAN) Naresh Bhattarai says that the arrival of Indian tourists during the New Year was much more than they had anticipated. He further said that the air transport bubble scheme has given the Indian tourists to visit their neighbouring country after a long gap. Stakeholders informed that Indian tourists arrived in considerable numbers to celebrate the New Year in Kathmandu, Pokhara, Chitwan and Lumbini. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Under the air bubble scheme, both countries have been operating flights between New Delhi and Kathmandu with only one airline company. Nepal has selected the state-owned Nepal Airlines Corporation to conduct one flight per day between Kathmandu and New Delhi while Indian Airlines has been operating flights on behalf of India.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Tribhuvan International Airport informed that only Indian tourists with negative PCR report of tests taken 72 hours before boarding the flight have been allowed to enter Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12673', 'image' => '20210112010908_20201211110530_1607643876.11.jpg', 'article_date' => '2021-01-12 13:08:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12925', 'article_category_id' => '1', 'title' => 'Nepali Companies Fail to Import Chemical Fertilizers', 'sub_title' => '', 'summary' => 'January 12: None of the Nepali companies that had bagged the contract to import fertilizers have fulfilled their obligation. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: None of the Nepali companies that had bagged the contract to import fertilizers have fulfilled their obligation. The companies that have failed to import chemical fertilizers do not have prior experience of bringing fertilizers to the country. This year, the government had awarded contracts to new companies for importing chemical fertilizers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">All six contracts awarded to the local companies of Nepal are nowhere near completion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the state-owned Agriculture Inputs Company Limited, Shailung Enterprisies had bagged three separate contracts to import a total of 80,000 metric tons of urea within the last nine months. Likewise, Muktinath Agriculture Company was awarded the contracts during the start of the current fiscal year to import 25,000 metric tons of urea and 30,000 metric tons of DAP. The deadlines of all these contracts have already expired. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The first two contracts of Shailung Enterprises expired in August/September and October/November respectively. Likewise, its third contract also expired in November /December. Similarly, the deadlines for Muktinath Agcitulture Company to import the fertilizers were December 3 and 4.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Spokesperson of the Ministry of Agriculture and Livestock Development Dr Shree Ram Ghimire, the companies failed to import fertilizers because they did not have any previous experience in this field.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“These companies have not been able to penetrate into the international market. Because of this, the farmers had to suffer a lot,” said Ghimire.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Ghimire said that the government awarded the contracts to these two companies despite being aware of their status and lack of experience because they had submitted proposals in response to a global tender quoting the lowest amount. He said that the ministry is holding discussions to avoid similar problem in the future.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Agriculture Inputs Company Limited has confiscated the deposit of Shailung Enterprises for its failure to import the fertilizer.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12672', 'image' => '20210112120013_20200817122726_1597613093.Clipboard02.jpg', 'article_date' => '2021-01-12 11:59:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12924', 'article_category_id' => '1', 'title' => 'NEA Submits Proposal to Sell Electricity to India', 'sub_title' => '', 'summary' => 'January 11: Nepal Electricity Authority (NEA) has submitted proposal to sell electricity to India in response to a tender issued by India’s NTPC Vidyut Vyapar Nigam (NVVN) on behalf of BRPL company.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">January 11: Nepal Electricity Authority (NEA) has submitted proposal to sell electricity to India in response to a tender issued by India’s </span></span><span style="font-size:12.0pt"><span style="font-family:Arial">NTPC Vidyut Vyapar Nigam (NVVN) on behalf of </span></span><span style="font-size:12.0pt"><span style="font-family:Arial">BRPL company.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">The Electricity Regulation Commission last Monday gave permission to the NEA to take part in the bidding process. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">Following the green signal from the commission, NEA submitted the proposal. NEA has proposed to provide 25 megawatts of electricity for four months from June to September.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">Spokesperson for the NEA Madan Timsina confirmed that the state-owned utility submitted proposals last week after getting the nod from the commission.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">Currently, NEA has been purchasing electricity from India through Tanakpur at the rate of Rs 6.62 (IRs 4.14) per unit. NEA has quoted the same rate in its proposal, informed spokesperson Timsina.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">“There will be additional charges for transmission line. But we have quoted the same rate that we have been purchasing as the base rate in our proposal,” he added. Timsina added that the bidder will be selected on the basis of open competition.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">The last date for submission of proposals was January 10. NEA said it submitted the proposal well ahead of the deadline.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">This is the first time that the NEA is making its attempt to sell electricity outside Nepal. Although NEA has been exporting electricity to India since the last few years on the basis of power exchange, but it is yet to enter the commercial market.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-01-11', 'modified' => '2021-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '12671', 'image' => '20210111032406_1610322387.1.jpg', 'article_date' => '2021-01-11 15:23:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12923', 'article_category_id' => '1', 'title' => 'Government Unlikely to Extend Deadline for Submission of Income Details', 'sub_title' => '', 'summary' => 'January 11: The government has indicated that it would not extend the deadline for submission of income tax details despite request from the private sector citing the coronavirus pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 11: The government has indicated that it would not extend the deadline for submission of income tax details despite request from the private sector citing the coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Private sector stakeholders including the Federation of Nepalese Chamber of Commerce and Industries (FNCCI) and the Confederation of Nepalese Industries (CNI) had requested the government to extend the deadline for submission of income tax details stating that it would be difficult for them to do so within the deadline of January 13. However the government has shown little interest toward the request made by the private sector.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Inland Revenue Department informed that the Ministry of Finance has not taken any decision regarding deadline extension and therefore it his unlikely that the demands of the private sector will be addressed.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Deputy Director General of the IRD, the revenue collection in the current fiscal year stands at only Rs 8 billion so far. Pandey informed that there isn’t any difference in the number of individuals submitting details this year compared to last fiscal year. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Demanding deadline extension is understandable. But the industries and entrepreneurs have been submitting income details despite their demand,” said Pandey.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A high-ranking official at the Revenue Department of Finance Ministry informed that the ministry has not discussed the issue of deadline extension. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Now, the excuse of coronavirus is no longer relevant. There isn’t any preparation to extend the deadline,” said the official requesting anonymity.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Officials at the ministry say that the anyone who doesn’t submit the income details within the given deadline will have to pay fine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government has also denied deadline extension for company registration. The officials have urged one and all not to make any further delay in fulfilling their obligations.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">There is a provision for industries and entrepreneurs to submit the income details within mid-October before they pay their income tax of previous fiscal year. If the miss the initial deadline, they can submit it within mid-January after taking permission from the concerned government office. However, the private sector has been arguing that they have not been able to prepare their audit report because most of the auditors are unavailable due to Covid-19 infection.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">CNI Chairman Satish Kumar More said that they have requested the government to extend the deadline for submission of income details as they are unable to complete their internal audit. He added that they had requested for additional time as some industries are on the verge of closure due to coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“In the past, industries and entrepreneurs had been submitting the income details on time. But the system has been badly affected by coronavirus and therefore we have demanded more time,” he said.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had asked the private sector to deposit tax time and again even during the lockdown period in last fiscal year. But the government later extended the time following heavy criticism from all quarters.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-11', 'modified' => '2021-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '12670', 'image' => '20210111024042_1610322546.Clipboard13.jpg', 'article_date' => '2021-01-11 14:40:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12922', 'article_category_id' => '266', 'title' => 'Kathmandu Model College to Collaborate with Idea Studio Nepal', 'sub_title' => '', 'summary' => 'January 11: KMC Innovation Center of Kathmandu Model College has signed a Memorandum of Understanding (MOU) with Idea Studio Nepal (ISN). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">January 11: </span><span style="font-family:Arial">KMC Innovation Center of Kathmandu Model College has signed a Memorandum of Understanding (MOU) with Idea Studio Nepal (ISN). </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">According to a press statement issued by the college, the MOU was signed amid a function held on the college premises on January 10. The agreement will remain in effect for three years, with a provision for further extension.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">The concept of the MoU is to develop a spirit of cooperation and assistance to promote entrepreneurship among the students of KMC.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial">KMC Innovation Center is a lab-based research centre that promotes innovation, business incubation, student service and research. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial">Idea Studio Nepal enables potential entrepreneurs with innovative business ideas to address socio-economic environmental issues faced by local communities across the country. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial">KMC Innovation Center said it considers the MoU an opportunity to collaborate and grow mutually with ISN to provide better opportunities and to connect the dots towards innovation, entrepreneurship development and research.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"> </span></span></p> ', 'published' => true, 'created' => '2021-01-11', 'modified' => '2021-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '12669', 'image' => '20210111021418_1600x960_135073-mou.jpg', 'article_date' => '2021-01-11 14:13:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, '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' => '12936', 'article_category_id' => '1', 'title' => 'Government Seeking Funds to Purchase Covid-19 Vaccine', 'sub_title' => '', 'summary' => 'January 14: The government is seeking funds to procure vaccine against Covid-19. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 14: The government is seeking funds to procure vaccine against Covid-19. The government has pledged to avail the vaccine free-of-cost to the citizens on need basis and is therefor making attempts to raise funds for the purchase of the vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had set up a fund last year in its effort to prevent and control Covid-19 as well as to treat the patients infected with the disease. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the private sector and various agencies provided significant support by contributing generously to the fund in the initial stage, the process of fund collection has started to slow down. The Financial Comptroller General’s Office estimates that around Rs 2.9 billion has been deposited in the fund so far. The government has already spent Rs 2.44 billion from the fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As this fund was primarily set up for the prevention and treatment of Covid-19, the health ministry has established a new fund to seek support for the purchase of vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson at the Ministry of Health and Population Dr Jaageshwar Gautam informed that the government alone cannot manage the budget for procuring vaccine against Covid-19 and has therefore urged domestic and foreign donor agencies to contribute to the fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A meeting of the Council of Ministers on November 9 had given the permission to the health ministry to purchase the vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Spokesperson Gautam, the government will provide the vaccine free-of cost to the targeted groups on the basis of need and priority. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Gautam expressed his belief that the vaccine would protect the lives of the people to a large extent and would also bring back the battered economy on track. He further said that the government is preparing to purchase the vaccine as soon as it is available in the international market.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12684', 'image' => '20210114104505_1610581600.Clipboard18.jpg', 'article_date' => '2021-01-14 10:44:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12940', 'article_category_id' => '1', 'title' => 'Everest Bank Launches Online Tax Payment Service in Collaboration with Fonepay', 'sub_title' => '', 'summary' => 'January 14: Everest Bank has started online tax payment effective from January 12.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">January 14: Everest Bank has started online tax payment effective from January 12.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bank said in a statement that it has launched the Online Inland Revenue Tax Payment System in association with Financial Comptroller General Office (FCGO) and with technical collaboration of Fonepay. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bank expressed its belief that this electronic payment method will benefit the people at large and will eliminate the hassle and lengthy process of visiting tax offices for tax payments during the ongoing COVID-19 pandemic. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The Online Inland Revenue Tax Payment System was digitally inaugurated jointly by GK Negi, CEO of Everest Bank, and Ram Sharan Pudasaini, Revenue Secretary at the Finance Ministry, considering the outbreak of the COVID-19.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Everest Bank said it has a customer base of over 1.1 million and is providing banking services through a network of 100 branches, 33 revenue collection counters, and 132 ATMs across the country.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12683', 'image' => '20210114045945_Online-Tax-Payment-System.jpg', 'article_date' => '2021-01-14 16:58:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12934', 'article_category_id' => '1', 'title' => 'Delay in Implementation of Law Causing Problems in Bringing Investment from Foreign Partners ', 'sub_title' => '', 'summary' => 'January 13: Although the government has made laws with the aim of facilitating foreign investment in Nepal, Dang Cement has not been able to acquire foreign investment due to the delay in implementation of the Foreign Investment and Technology Transfer Act (FITTA) 2075. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">January 13: Although the government has made laws with the aim of facilitating foreign investment in Nepal, Dang Cement has not been able to acquire foreign investment due to the delay in implementation of the Foreign Investment and Technology Transfer Act (FITTA) 2075. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Dang cement has not been able to apply for bringing foreign investment as it took two years to endorse the regulations of the Foreign Investment and Technology Transfer act (FITTA) 2075. Dang Cement Industry was registered 15 years ago. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">One of the promoters of the Dang Cement said that they have not been able to bring investment from Chinese partner Hong Kong Redline as the government was not cooperative. The industry must be registered with the Department of Industry to bring 85 percent investment from its partner. But, the industry has not been able to register with the department due to the delay in implementation of the act (FITTA). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Following the publication of FITTA regulation in Nepal Gazette on Monday (January 11), the cement industry expressed its belief that it will now be easier for the industry acquire foreign investment. The promoter claimed that there have been unnecessary hassles after the process of registering the industry at the department was halted. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"If there are no weaknesses in the regulations and it is easy to register the industry, investment will start coming from the partner company," he said, requesting anonymity. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company has already received approval from the Ministry of Environment to conduct Environmental Impact Assessment (EIA). However, the promoter added that the main work is to attract investment and therefore other works will start only after that. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12681', 'image' => '20210113033332_foreign-investment.jpg', 'article_date' => '2021-01-13 15:32:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12933', 'article_category_id' => '1', 'title' => 'More than 50 Percent of Industries and Enterprises are Fully Operational: NRB', 'sub_title' => '', 'summary' => 'January 13: Almost 54 percent of the industries and businesses that were closed due to Covid-19 have already resumed operation, according to Nepal Rastra Bank.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 13: Almost 54 percent of the industries and businesses that were closed due to Covid-19 have already resumed operation, according to Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A survey report on Impact of Covid-19 on the economy released by the central bank on Tuesday (January 12) states that 9.1 percent of industries and businesses are yet to resume their service.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank report mentions that although all kinds of industries and businesses have reported improvement in day-to-day operation, small and middle scale enterprises are relatively lagging behind. According to the report, most of the big industries have made significant progress in resuming operation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As of mid-December, companies involved in the trade of electricity, LP gas and water have made good progress in resuming their service. A total of 66.67 percent of such industries have started full-fledged operation while 33.33 percent are yet to resume service. During the review period, altogether 64.97 percent of wholesale and retail trade centers have resumed full-fledged operation while 31.33 percent have started partial operation and 3.39 percent are yet to operate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, 63.64 percent of enterprises associated to the agriculture sector, forestry and fishery industries have resumed their business while 33.3 percent are partially operational.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Among the production-oriented industries, 49.04 percent are fully operational while 42.31 percent are partially open.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, 29.7 percent of hotels and restaurants have resumed their services to full extent while 44.44 percent of construction companies have also resumed normal operation. Similarly, 36 percent of media and communication companies have resumed their day-to-day operations.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the central bank’s survey, only a handful of educational institutions have resumed operation. The report states that only 11.36 percent of educational institutions are fully operational. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report clearly shows that more than half of the industries and businesses have started full-fledged operation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report states that most of the businesses have been finding it difficult to manage operational cost while they are also struggling to receive additional loan. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank had conducted the survey from October 28 to December 9. The central bank had surveyed 674 enterprises of 52 districts during this period.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12680', 'image' => '20210113023909_1610496553.Clipboard15.jpg', 'article_date' => '2021-01-13 14:38:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12931', 'article_category_id' => '1', 'title' => 'Low Quality of Paddy Results in Decline in Rice Production', 'sub_title' => '', 'summary' => 'January 13: The government has estimated an increase in paddy production in the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 13: The government has estimated an increase in paddy production in the current fiscal year. However, the paddy produced this year is found to be of low quality due to which less quantity of rice has been yielded after processing the paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The production of rice has declined due to low quality of paddy. Stakeholders have attributed this to non-availability of seeds and fertilizer during planting season. The cost of production has gone up and so has the selling price of rice.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Agriculture experts believe that the lack of fertilizer during the plantation season might be the reason behind low quality of paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The low standard of paddy will have direct impact on production of rice. According to Subodh Kumar Gupta, chairman of Nepal Rice, Oil and Lentil Industry Association, the production of per quintal of rice has gone down due to the low quality of paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Normally, 45 percent of rice is produced from one quintal of paddy while 15 percent is fragments of rice and the remaining by product is husk. But this year, only 35 percent of rice has been produced from one quintal of rice, says Gupta. Likewise, the percentage of rice fragments has increased by 10 percent to a total of 25 percent. This in turn has resulted in increased cost of production and an increase in price of rice.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“This is the main reason for the increase in price of rice,” said Gupta.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Central member of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Avinash Bohora also shares a similar view. Bohora also claimed that the standard of paddy has degraded this year due to which production of rice has declined while more amount of rice fragments have been produced.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the information provided by Nepal Retailers’ Association, the price of rice produced by every brand has increased by Rs 50 per sack.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Factories and industries have just received newly harvested paddy. The price of rice normally does not get hiked during harvesting season. However, industrialists say that they have been forced to increase the price of rice due to low quality or paddy produced this year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The local mills and industries have been producing 60 percent of the annual requirement of rice for the country while they produce 62 percent of lentil and 35 percent of edible oil.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chairman of the association Naresh Rathi says that the international market also has some influence in the price hike in Nepal. According to him, Bangladesh has lowered the customs duty for importing rice. As a result, India has increased its export to Bangladesh while the export of rice to Nepal has declined. This has also contributed to price hike, says Rathi.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12679', 'image' => '20210113120534_20190528010847_aaaa.jpg', 'article_date' => '2021-01-13 12:04:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12932', 'article_category_id' => '1', 'title' => 'Customs Clearance of Vehicles Increasing', 'sub_title' => '', 'summary' => 'January 13: Customs clearance of new vehicles has increased at the entry points after banks lowered interest rates on vehicle loan.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">January 13: Customs clearance of new vehicles has increased at the entry points after banks lowered interest rates on vehicle loan. The number of inspection passes for new vehicles is growing gradually in Birgunj, which is the main checkpoint for importing vehicles.<br /> In the past, importers used to park their vehicles at the customs premises for a long time. According to the Nepal Intermodal Transport Development Committee (NITDB), which operates the Integrated Check Post (ICP) in Birgunj, only 187 vehicles are left to pass the clearance at the ICP as of January 11.<br /> NITDB chief Kamal Gyawali informed that the number of vehicles being released from customs has increased from 250 to 300 within a few months. In the past, the importers reluctant to pass the customs clearance of their vehicles.<br /> According to the customs office, the importers have now lined up for vehicle inspection.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">ICP Customs Information Officer Sumit Gupta said that the number of new vehicles being released from the customs has increased recently.<br /> <br /> “Vehicle inspection passes from the customs office have increased since some time. The importers have swiftly started releasing the vehicles brought to the checkpoint,” Information Officer Gupta told New Business Age.<br /> <br /> The Customs Act has a provision that vehicles entering the country must be inspected within 60 days. There is an arrangement for customs office to auction the vehicles that have not passed inspection within the stipulated time.</span></span></span></p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12678', 'image' => '20210113013004_20150914010543_travel-map.jpg', 'article_date' => '2021-01-13 13:29:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12930', 'article_category_id' => '1', 'title' => 'Private Sector Suggests Government to Weigh Options Before Opening FDI in Agriculture', 'sub_title' => '', 'summary' => 'Private sector stakeholders on Monday issued a joint statement saying that their attention has been drawn to the government’s decision to allow foreign investment in agriculture sector of Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: Stakeholders of the private sector of Nepal including the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) on Monday issued a joint statement saying that their attention has been drawn to the government’s decision published on Nepal Gazette on January 4 to allow foreign investment in agriculture sector of Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The joint statement says that entrepreneurs associated with them have been protesting against the government’s decision because it contradicts the Foreign Investment and Technology Transfer Act introduced in 2075, which completely bans foreign investment in agriculture sector of Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The statement noted that there are questions regarding whether foreign investment should be allowed in agriculture sector which is directly linked with people’s livelihood or should we accept it in order to increase productivity and to reduce trade deficit.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In this context, FNCCI, CNI and NCC held discussions with stakeholders and decided to make certain recommendations to the government. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The statement says foreign investment is necessary for the country and therefore suggested the government to fulfill commitments made in the past. In this regard, they suggested the government to discuss issues related to policies and laws as well as work procedure and amendment of laws with the private sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders are of the view that the government must take a decision to allow foreign investment in agriculture sector depending on the technology transfer, its use, export condition of Nepal among others. They suggested that government must allow foreign investment only if the technology transfer is of high quality and if they ensure the use of locally produced raw materials and also if there is high possibility of exporting the products.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12677', 'image' => '20210112033204_20200512091924_20190527010000_Makai.jpg', 'article_date' => '2021-01-12 15:29:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12929', 'article_category_id' => '236', 'title' => 'ŠKODA Rolls Out Premium SUV, KAROQ, in Nepal', 'sub_title' => '', 'summary' => 'January 12: MAW Enterprises Pvt Ltd, the official distributor of ŠKODA cars in Nepal, has introduced the all-new ŠKODA KAROQ in the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">January 12: MAW Enterprises Pvt Ltd, the official distributor of ŠKODA cars in Nepal, has introduced the all-new ŠKODA KAROQ in the country. The new ŠKODA KAROQ is a completely new compact SUV from the Czech brand, reads a statement issued by the company. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">According to the company, the ŠKODA KAROQ offers modern design, generous dimensions, class leading safety, and intelligent connectivity features.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">The latest ŠKODA will be available in two variants - Ambition and Ambition Plus. Both are powered with 2.0L, 6-speed automatic transmission and Turbo-charged diesel engine which produce a maximum power of 105 KW and torque of 320 NM, the statement added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">The all-new KAROQ measures 4,382 mm in length, is 1,841 mm wide, and 1,624 mm high. The wheelbase of 2,638 mm gives the ŠKODA KAROQ a comfortable stance on the road, the company said. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">“The long wheelbase not only increases the space inside but also carves out a boot space of 521 litres, the largest within its class, which extends to 1,630 litres with the rear seats, capable of a 60:40 split, folded down thereby making space for business, pleasure, and practical essentials.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">According to the company, the headlamps of the new model respond to speed changes as well as to various light and weather conditions.The ŠKODA KAROQ is equipped with electrically adjustable panoramic sunroof with “bounce-back” system.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">The new KAROQ is also equipped with SmartLink technology that mirrors a smartphone for seamless connectivity and undistracted drive besides supporting voice command control, SD card reader, USB ports, and Bluetooth GSM telephony and audio streaming options.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">Furthermore, the ŠKODA KAROQ also comes equipped with cruise control and automatic rain sensing wipers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">According to the company, the Ambition variant is priced at Rs 1,15,00,000 while the Ambition Plus is available for Rs 1,25,00,000.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"> </span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12676', 'image' => '20210112030711_2018.jpg', 'article_date' => '2021-01-12 15:06:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12928', 'article_category_id' => '218', 'title' => 'Laxmi Bank to Provide Concessional Loan to People of Solukhumbu Village', 'sub_title' => '', 'summary' => 'January 12: Laxmi Bank has signed a MOU with Thulung Dudhkoshi Rural Municipality of Solukhumbu to extend concessional loans at subsidized rates to various entrepreneurs, firms, companies, as well as cooperatives under recommendation and facilitation of the rural municipality. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-family:Cambria">January 12: Laxmi Bank has signed a MOU with Thulung Dudhkoshi Rural Municipality of Solukhumbu to extend concessional loans at subsidized rates to various entrepreneurs, firms, companies, as well as cooperatives under recommendation and facilitation of the rural municipality. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-family:Cambria"> Dipesh Amatya, chief of the Retail Financial Services of Laxmi Bank, and chairperson of the rural municipality Ashim Rai signed the agreement on behalf of their respective organisations amid a recent function. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-family:Cambria">Ajaya Bikram Shah, CEO of Laxmi Bank, expressed the bank’s readiness to finance enterprising activities in various potential sectors of the rural municipality like agriculture, tourism, hospitality, reads a statement issued by the bank. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-family:Cambria">The agreement is expected to promote entrepreneurship and self-employment to ultimately help create economically self-dependent rural municipality, the statement added. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12675', 'image' => '20210112025133_IMG - PR.jpg', 'article_date' => '2021-01-12 14:50:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12927', 'article_category_id' => '1', 'title' => 'Central Bank to Provide Refinancing Facility to Microfinance Companies for the First Time', 'sub_title' => '', 'summary' => 'January 12: Nepal Rastra Bank has opened registration for refinancing facility to microfinance companies until January 25.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: Nepal Rastra Bank has opened registration for refinancing facility to microfinance companies until January 25. Issuing a statement on Monday (January 11), the central bank has asked for submission of forms to avail refinance service to the microfinance companies. According to the central bank, bad debtors of microfinance companies since long time can also benefit from the scheme. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Prior to this, the refinance facility was provided only to commercial and development banks and finance companies. The central bank has fixed the maximum interest rate for microfinance companies at 15 percent and this is expected to provide some relief to the bad debtors. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Acting Executive Director of the Banks and Financial Institutions Regulation Department of NRB Kiran Pandit informed that the central bank has allocated a lump sum of Rs 21 billion to provide to the microfinance companies for refinancing.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Pandit, microfinance companies will have to reduce the interest rate of bad debtors to 5 percent irrespective of what rate they were charged before.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We will give a lump sum to the microfinance companies. They will be able to invest the amount,” said Pandit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He added that the central bank has not sought the details of the debtors because microfinance companies provide small scale loan. The central bank will finalize the reduction of interest rate after reviewing the applications submitted by the microfinance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The latest data of NRB show that there are altogether 76 microfinance companies in Nepal after their merger and acquisition. Each microfinance company is entitled to receive Rs 270 million in average. However, microfinance companies can seek funds for refinancing up to 65 percent of their capital fund of last quarter. Therefore, the central bank will be providing between Rs 60 million to Rs 200 million to each microfinance company based on their quarterly report.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12674', 'image' => '20210112023934_1610060919.Clipboard15.jpg', 'article_date' => '2021-01-12 14:39:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12926', 'article_category_id' => '1', 'title' => 'Number of Indian Tourists Increasing under Air Transport Bubble Scheme', 'sub_title' => '', 'summary' => 'January 12: The arrival of Indian tourists is increasing in Nepal after regular flights resumed between the two countries in nine months under the air transport bubble scheme.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: The arrival of Indian tourists is increasing in Nepal after regular flights resumed between the two countries in nine months under the air transport bubble scheme.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The two countries had agreed on December 21 to resume flights under the scheme proposed by India. Air service between Nepal and India was suspended since March 24 after the Government of Nepal imposed a nationwide lockdown to curb coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">India had proposed the air transport bubble scheme to Nepal around two months ago to take back the citizens of various countries. However, Nepal had initially declined the offer.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had lifted a ban on international flights on September 1 while domestic flights resumed three weeks later. The government had resumed air service after five months but the ban on India was still in force considering the number of Covid-19 cases in the country. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">But in late December, the two countries agreed to resume flight operation. Following the agreement, lots of Indian tourists visited Nepal to celebrate the New Year, according to tourism entrepreneurs of Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the air route has been opened between Nepal and India, the border points are still closed due to which thousands of Indian tourists willing to visit Nepal are unable to travel. Stakeholders have demanded the government to open the border and allow Indian tourists who fulfill the health standards set by the government.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Vice President of Siddhartha Hotel Association, Bhairahawa Kishor GC said that the number of Indian tourists will rise significantly if the border is opened.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Indian tourists are making enquiries. But they are unable to visit Nepal through the land route because the border is closed,” said GC, adding, “If the border is opened and Indian tourists arrive, it will be a relief to the tourism industry that has been badly affected by coronavirus.” </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">First Vice President of Pokhara chapter of Restaurants and Bars Association Nepal (REBAN) Naresh Bhattarai says that the arrival of Indian tourists during the New Year was much more than they had anticipated. He further said that the air transport bubble scheme has given the Indian tourists to visit their neighbouring country after a long gap. Stakeholders informed that Indian tourists arrived in considerable numbers to celebrate the New Year in Kathmandu, Pokhara, Chitwan and Lumbini. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Under the air bubble scheme, both countries have been operating flights between New Delhi and Kathmandu with only one airline company. Nepal has selected the state-owned Nepal Airlines Corporation to conduct one flight per day between Kathmandu and New Delhi while Indian Airlines has been operating flights on behalf of India.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Tribhuvan International Airport informed that only Indian tourists with negative PCR report of tests taken 72 hours before boarding the flight have been allowed to enter Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12673', 'image' => '20210112010908_20201211110530_1607643876.11.jpg', 'article_date' => '2021-01-12 13:08:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12925', 'article_category_id' => '1', 'title' => 'Nepali Companies Fail to Import Chemical Fertilizers', 'sub_title' => '', 'summary' => 'January 12: None of the Nepali companies that had bagged the contract to import fertilizers have fulfilled their obligation. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: None of the Nepali companies that had bagged the contract to import fertilizers have fulfilled their obligation. The companies that have failed to import chemical fertilizers do not have prior experience of bringing fertilizers to the country. This year, the government had awarded contracts to new companies for importing chemical fertilizers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">All six contracts awarded to the local companies of Nepal are nowhere near completion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the state-owned Agriculture Inputs Company Limited, Shailung Enterprisies had bagged three separate contracts to import a total of 80,000 metric tons of urea within the last nine months. Likewise, Muktinath Agriculture Company was awarded the contracts during the start of the current fiscal year to import 25,000 metric tons of urea and 30,000 metric tons of DAP. The deadlines of all these contracts have already expired. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The first two contracts of Shailung Enterprises expired in August/September and October/November respectively. Likewise, its third contract also expired in November /December. Similarly, the deadlines for Muktinath Agcitulture Company to import the fertilizers were December 3 and 4.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Spokesperson of the Ministry of Agriculture and Livestock Development Dr Shree Ram Ghimire, the companies failed to import fertilizers because they did not have any previous experience in this field.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“These companies have not been able to penetrate into the international market. Because of this, the farmers had to suffer a lot,” said Ghimire.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Ghimire said that the government awarded the contracts to these two companies despite being aware of their status and lack of experience because they had submitted proposals in response to a global tender quoting the lowest amount. He said that the ministry is holding discussions to avoid similar problem in the future.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Agriculture Inputs Company Limited has confiscated the deposit of Shailung Enterprises for its failure to import the fertilizer.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12672', 'image' => '20210112120013_20200817122726_1597613093.Clipboard02.jpg', 'article_date' => '2021-01-12 11:59:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12924', 'article_category_id' => '1', 'title' => 'NEA Submits Proposal to Sell Electricity to India', 'sub_title' => '', 'summary' => 'January 11: Nepal Electricity Authority (NEA) has submitted proposal to sell electricity to India in response to a tender issued by India’s NTPC Vidyut Vyapar Nigam (NVVN) on behalf of BRPL company.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">January 11: Nepal Electricity Authority (NEA) has submitted proposal to sell electricity to India in response to a tender issued by India’s </span></span><span style="font-size:12.0pt"><span style="font-family:Arial">NTPC Vidyut Vyapar Nigam (NVVN) on behalf of </span></span><span style="font-size:12.0pt"><span style="font-family:Arial">BRPL company.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">The Electricity Regulation Commission last Monday gave permission to the NEA to take part in the bidding process. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">Following the green signal from the commission, NEA submitted the proposal. NEA has proposed to provide 25 megawatts of electricity for four months from June to September.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">Spokesperson for the NEA Madan Timsina confirmed that the state-owned utility submitted proposals last week after getting the nod from the commission.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">Currently, NEA has been purchasing electricity from India through Tanakpur at the rate of Rs 6.62 (IRs 4.14) per unit. NEA has quoted the same rate in its proposal, informed spokesperson Timsina.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">“There will be additional charges for transmission line. But we have quoted the same rate that we have been purchasing as the base rate in our proposal,” he added. Timsina added that the bidder will be selected on the basis of open competition.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">The last date for submission of proposals was January 10. NEA said it submitted the proposal well ahead of the deadline.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">This is the first time that the NEA is making its attempt to sell electricity outside Nepal. Although NEA has been exporting electricity to India since the last few years on the basis of power exchange, but it is yet to enter the commercial market.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-01-11', 'modified' => '2021-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '12671', 'image' => '20210111032406_1610322387.1.jpg', 'article_date' => '2021-01-11 15:23:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12923', 'article_category_id' => '1', 'title' => 'Government Unlikely to Extend Deadline for Submission of Income Details', 'sub_title' => '', 'summary' => 'January 11: The government has indicated that it would not extend the deadline for submission of income tax details despite request from the private sector citing the coronavirus pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 11: The government has indicated that it would not extend the deadline for submission of income tax details despite request from the private sector citing the coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Private sector stakeholders including the Federation of Nepalese Chamber of Commerce and Industries (FNCCI) and the Confederation of Nepalese Industries (CNI) had requested the government to extend the deadline for submission of income tax details stating that it would be difficult for them to do so within the deadline of January 13. However the government has shown little interest toward the request made by the private sector.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Inland Revenue Department informed that the Ministry of Finance has not taken any decision regarding deadline extension and therefore it his unlikely that the demands of the private sector will be addressed.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Deputy Director General of the IRD, the revenue collection in the current fiscal year stands at only Rs 8 billion so far. Pandey informed that there isn’t any difference in the number of individuals submitting details this year compared to last fiscal year. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Demanding deadline extension is understandable. But the industries and entrepreneurs have been submitting income details despite their demand,” said Pandey.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A high-ranking official at the Revenue Department of Finance Ministry informed that the ministry has not discussed the issue of deadline extension. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Now, the excuse of coronavirus is no longer relevant. There isn’t any preparation to extend the deadline,” said the official requesting anonymity.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Officials at the ministry say that the anyone who doesn’t submit the income details within the given deadline will have to pay fine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government has also denied deadline extension for company registration. The officials have urged one and all not to make any further delay in fulfilling their obligations.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">There is a provision for industries and entrepreneurs to submit the income details within mid-October before they pay their income tax of previous fiscal year. If the miss the initial deadline, they can submit it within mid-January after taking permission from the concerned government office. However, the private sector has been arguing that they have not been able to prepare their audit report because most of the auditors are unavailable due to Covid-19 infection.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">CNI Chairman Satish Kumar More said that they have requested the government to extend the deadline for submission of income details as they are unable to complete their internal audit. He added that they had requested for additional time as some industries are on the verge of closure due to coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“In the past, industries and entrepreneurs had been submitting the income details on time. But the system has been badly affected by coronavirus and therefore we have demanded more time,” he said.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had asked the private sector to deposit tax time and again even during the lockdown period in last fiscal year. But the government later extended the time following heavy criticism from all quarters.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-11', 'modified' => '2021-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '12670', 'image' => '20210111024042_1610322546.Clipboard13.jpg', 'article_date' => '2021-01-11 14:40:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12922', 'article_category_id' => '266', 'title' => 'Kathmandu Model College to Collaborate with Idea Studio Nepal', 'sub_title' => '', 'summary' => 'January 11: KMC Innovation Center of Kathmandu Model College has signed a Memorandum of Understanding (MOU) with Idea Studio Nepal (ISN). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">January 11: </span><span style="font-family:Arial">KMC Innovation Center of Kathmandu Model College has signed a Memorandum of Understanding (MOU) with Idea Studio Nepal (ISN). </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">According to a press statement issued by the college, the MOU was signed amid a function held on the college premises on January 10. The agreement will remain in effect for three years, with a provision for further extension.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">The concept of the MoU is to develop a spirit of cooperation and assistance to promote entrepreneurship among the students of KMC.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial">KMC Innovation Center is a lab-based research centre that promotes innovation, business incubation, student service and research. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial">Idea Studio Nepal enables potential entrepreneurs with innovative business ideas to address socio-economic environmental issues faced by local communities across the country. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial">KMC Innovation Center said it considers the MoU an opportunity to collaborate and grow mutually with ISN to provide better opportunities and to connect the dots towards innovation, entrepreneurship development and research.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"> </span></span></p> ', 'published' => true, 'created' => '2021-01-11', 'modified' => '2021-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '12669', 'image' => '20210111021418_1600x960_135073-mou.jpg', 'article_date' => '2021-01-11 14:13:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12936', 'article_category_id' => '1', 'title' => 'Government Seeking Funds to Purchase Covid-19 Vaccine', 'sub_title' => '', 'summary' => 'January 14: The government is seeking funds to procure vaccine against Covid-19. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 14: The government is seeking funds to procure vaccine against Covid-19. The government has pledged to avail the vaccine free-of-cost to the citizens on need basis and is therefor making attempts to raise funds for the purchase of the vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had set up a fund last year in its effort to prevent and control Covid-19 as well as to treat the patients infected with the disease. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the private sector and various agencies provided significant support by contributing generously to the fund in the initial stage, the process of fund collection has started to slow down. The Financial Comptroller General’s Office estimates that around Rs 2.9 billion has been deposited in the fund so far. The government has already spent Rs 2.44 billion from the fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As this fund was primarily set up for the prevention and treatment of Covid-19, the health ministry has established a new fund to seek support for the purchase of vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson at the Ministry of Health and Population Dr Jaageshwar Gautam informed that the government alone cannot manage the budget for procuring vaccine against Covid-19 and has therefore urged domestic and foreign donor agencies to contribute to the fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A meeting of the Council of Ministers on November 9 had given the permission to the health ministry to purchase the vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Spokesperson Gautam, the government will provide the vaccine free-of cost to the targeted groups on the basis of need and priority. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Gautam expressed his belief that the vaccine would protect the lives of the people to a large extent and would also bring back the battered economy on track. He further said that the government is preparing to purchase the vaccine as soon as it is available in the international market.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12684', 'image' => '20210114104505_1610581600.Clipboard18.jpg', 'article_date' => '2021-01-14 10:44:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12940', 'article_category_id' => '1', 'title' => 'Everest Bank Launches Online Tax Payment Service in Collaboration with Fonepay', 'sub_title' => '', 'summary' => 'January 14: Everest Bank has started online tax payment effective from January 12.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">January 14: Everest Bank has started online tax payment effective from January 12.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bank said in a statement that it has launched the Online Inland Revenue Tax Payment System in association with Financial Comptroller General Office (FCGO) and with technical collaboration of Fonepay. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bank expressed its belief that this electronic payment method will benefit the people at large and will eliminate the hassle and lengthy process of visiting tax offices for tax payments during the ongoing COVID-19 pandemic. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The Online Inland Revenue Tax Payment System was digitally inaugurated jointly by GK Negi, CEO of Everest Bank, and Ram Sharan Pudasaini, Revenue Secretary at the Finance Ministry, considering the outbreak of the COVID-19.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Everest Bank said it has a customer base of over 1.1 million and is providing banking services through a network of 100 branches, 33 revenue collection counters, and 132 ATMs across the country.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12683', 'image' => '20210114045945_Online-Tax-Payment-System.jpg', 'article_date' => '2021-01-14 16:58:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12934', 'article_category_id' => '1', 'title' => 'Delay in Implementation of Law Causing Problems in Bringing Investment from Foreign Partners ', 'sub_title' => '', 'summary' => 'January 13: Although the government has made laws with the aim of facilitating foreign investment in Nepal, Dang Cement has not been able to acquire foreign investment due to the delay in implementation of the Foreign Investment and Technology Transfer Act (FITTA) 2075. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">January 13: Although the government has made laws with the aim of facilitating foreign investment in Nepal, Dang Cement has not been able to acquire foreign investment due to the delay in implementation of the Foreign Investment and Technology Transfer Act (FITTA) 2075. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Dang cement has not been able to apply for bringing foreign investment as it took two years to endorse the regulations of the Foreign Investment and Technology Transfer act (FITTA) 2075. Dang Cement Industry was registered 15 years ago. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">One of the promoters of the Dang Cement said that they have not been able to bring investment from Chinese partner Hong Kong Redline as the government was not cooperative. The industry must be registered with the Department of Industry to bring 85 percent investment from its partner. But, the industry has not been able to register with the department due to the delay in implementation of the act (FITTA). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Following the publication of FITTA regulation in Nepal Gazette on Monday (January 11), the cement industry expressed its belief that it will now be easier for the industry acquire foreign investment. The promoter claimed that there have been unnecessary hassles after the process of registering the industry at the department was halted. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"If there are no weaknesses in the regulations and it is easy to register the industry, investment will start coming from the partner company," he said, requesting anonymity. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company has already received approval from the Ministry of Environment to conduct Environmental Impact Assessment (EIA). However, the promoter added that the main work is to attract investment and therefore other works will start only after that. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12681', 'image' => '20210113033332_foreign-investment.jpg', 'article_date' => '2021-01-13 15:32:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12933', 'article_category_id' => '1', 'title' => 'More than 50 Percent of Industries and Enterprises are Fully Operational: NRB', 'sub_title' => '', 'summary' => 'January 13: Almost 54 percent of the industries and businesses that were closed due to Covid-19 have already resumed operation, according to Nepal Rastra Bank.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 13: Almost 54 percent of the industries and businesses that were closed due to Covid-19 have already resumed operation, according to Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A survey report on Impact of Covid-19 on the economy released by the central bank on Tuesday (January 12) states that 9.1 percent of industries and businesses are yet to resume their service.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank report mentions that although all kinds of industries and businesses have reported improvement in day-to-day operation, small and middle scale enterprises are relatively lagging behind. According to the report, most of the big industries have made significant progress in resuming operation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As of mid-December, companies involved in the trade of electricity, LP gas and water have made good progress in resuming their service. A total of 66.67 percent of such industries have started full-fledged operation while 33.33 percent are yet to resume service. During the review period, altogether 64.97 percent of wholesale and retail trade centers have resumed full-fledged operation while 31.33 percent have started partial operation and 3.39 percent are yet to operate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, 63.64 percent of enterprises associated to the agriculture sector, forestry and fishery industries have resumed their business while 33.3 percent are partially operational.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Among the production-oriented industries, 49.04 percent are fully operational while 42.31 percent are partially open.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, 29.7 percent of hotels and restaurants have resumed their services to full extent while 44.44 percent of construction companies have also resumed normal operation. Similarly, 36 percent of media and communication companies have resumed their day-to-day operations.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the central bank’s survey, only a handful of educational institutions have resumed operation. The report states that only 11.36 percent of educational institutions are fully operational. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report clearly shows that more than half of the industries and businesses have started full-fledged operation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report states that most of the businesses have been finding it difficult to manage operational cost while they are also struggling to receive additional loan. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank had conducted the survey from October 28 to December 9. The central bank had surveyed 674 enterprises of 52 districts during this period.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12680', 'image' => '20210113023909_1610496553.Clipboard15.jpg', 'article_date' => '2021-01-13 14:38:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12931', 'article_category_id' => '1', 'title' => 'Low Quality of Paddy Results in Decline in Rice Production', 'sub_title' => '', 'summary' => 'January 13: The government has estimated an increase in paddy production in the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 13: The government has estimated an increase in paddy production in the current fiscal year. However, the paddy produced this year is found to be of low quality due to which less quantity of rice has been yielded after processing the paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The production of rice has declined due to low quality of paddy. Stakeholders have attributed this to non-availability of seeds and fertilizer during planting season. The cost of production has gone up and so has the selling price of rice.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Agriculture experts believe that the lack of fertilizer during the plantation season might be the reason behind low quality of paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The low standard of paddy will have direct impact on production of rice. According to Subodh Kumar Gupta, chairman of Nepal Rice, Oil and Lentil Industry Association, the production of per quintal of rice has gone down due to the low quality of paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Normally, 45 percent of rice is produced from one quintal of paddy while 15 percent is fragments of rice and the remaining by product is husk. But this year, only 35 percent of rice has been produced from one quintal of rice, says Gupta. Likewise, the percentage of rice fragments has increased by 10 percent to a total of 25 percent. This in turn has resulted in increased cost of production and an increase in price of rice.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“This is the main reason for the increase in price of rice,” said Gupta.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Central member of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Avinash Bohora also shares a similar view. Bohora also claimed that the standard of paddy has degraded this year due to which production of rice has declined while more amount of rice fragments have been produced.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the information provided by Nepal Retailers’ Association, the price of rice produced by every brand has increased by Rs 50 per sack.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Factories and industries have just received newly harvested paddy. The price of rice normally does not get hiked during harvesting season. However, industrialists say that they have been forced to increase the price of rice due to low quality or paddy produced this year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The local mills and industries have been producing 60 percent of the annual requirement of rice for the country while they produce 62 percent of lentil and 35 percent of edible oil.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chairman of the association Naresh Rathi says that the international market also has some influence in the price hike in Nepal. According to him, Bangladesh has lowered the customs duty for importing rice. As a result, India has increased its export to Bangladesh while the export of rice to Nepal has declined. This has also contributed to price hike, says Rathi.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12679', 'image' => '20210113120534_20190528010847_aaaa.jpg', 'article_date' => '2021-01-13 12:04:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12932', 'article_category_id' => '1', 'title' => 'Customs Clearance of Vehicles Increasing', 'sub_title' => '', 'summary' => 'January 13: Customs clearance of new vehicles has increased at the entry points after banks lowered interest rates on vehicle loan.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">January 13: Customs clearance of new vehicles has increased at the entry points after banks lowered interest rates on vehicle loan. The number of inspection passes for new vehicles is growing gradually in Birgunj, which is the main checkpoint for importing vehicles.<br /> In the past, importers used to park their vehicles at the customs premises for a long time. According to the Nepal Intermodal Transport Development Committee (NITDB), which operates the Integrated Check Post (ICP) in Birgunj, only 187 vehicles are left to pass the clearance at the ICP as of January 11.<br /> NITDB chief Kamal Gyawali informed that the number of vehicles being released from customs has increased from 250 to 300 within a few months. In the past, the importers reluctant to pass the customs clearance of their vehicles.<br /> According to the customs office, the importers have now lined up for vehicle inspection.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">ICP Customs Information Officer Sumit Gupta said that the number of new vehicles being released from the customs has increased recently.<br /> <br /> “Vehicle inspection passes from the customs office have increased since some time. The importers have swiftly started releasing the vehicles brought to the checkpoint,” Information Officer Gupta told New Business Age.<br /> <br /> The Customs Act has a provision that vehicles entering the country must be inspected within 60 days. There is an arrangement for customs office to auction the vehicles that have not passed inspection within the stipulated time.</span></span></span></p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12678', 'image' => '20210113013004_20150914010543_travel-map.jpg', 'article_date' => '2021-01-13 13:29:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12930', 'article_category_id' => '1', 'title' => 'Private Sector Suggests Government to Weigh Options Before Opening FDI in Agriculture', 'sub_title' => '', 'summary' => 'Private sector stakeholders on Monday issued a joint statement saying that their attention has been drawn to the government’s decision to allow foreign investment in agriculture sector of Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: Stakeholders of the private sector of Nepal including the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) on Monday issued a joint statement saying that their attention has been drawn to the government’s decision published on Nepal Gazette on January 4 to allow foreign investment in agriculture sector of Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The joint statement says that entrepreneurs associated with them have been protesting against the government’s decision because it contradicts the Foreign Investment and Technology Transfer Act introduced in 2075, which completely bans foreign investment in agriculture sector of Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The statement noted that there are questions regarding whether foreign investment should be allowed in agriculture sector which is directly linked with people’s livelihood or should we accept it in order to increase productivity and to reduce trade deficit.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In this context, FNCCI, CNI and NCC held discussions with stakeholders and decided to make certain recommendations to the government. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The statement says foreign investment is necessary for the country and therefore suggested the government to fulfill commitments made in the past. In this regard, they suggested the government to discuss issues related to policies and laws as well as work procedure and amendment of laws with the private sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders are of the view that the government must take a decision to allow foreign investment in agriculture sector depending on the technology transfer, its use, export condition of Nepal among others. They suggested that government must allow foreign investment only if the technology transfer is of high quality and if they ensure the use of locally produced raw materials and also if there is high possibility of exporting the products.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12677', 'image' => '20210112033204_20200512091924_20190527010000_Makai.jpg', 'article_date' => '2021-01-12 15:29:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12929', 'article_category_id' => '236', 'title' => 'ŠKODA Rolls Out Premium SUV, KAROQ, in Nepal', 'sub_title' => '', 'summary' => 'January 12: MAW Enterprises Pvt Ltd, the official distributor of ŠKODA cars in Nepal, has introduced the all-new ŠKODA KAROQ in the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">January 12: MAW Enterprises Pvt Ltd, the official distributor of ŠKODA cars in Nepal, has introduced the all-new ŠKODA KAROQ in the country. The new ŠKODA KAROQ is a completely new compact SUV from the Czech brand, reads a statement issued by the company. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">According to the company, the ŠKODA KAROQ offers modern design, generous dimensions, class leading safety, and intelligent connectivity features.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">The latest ŠKODA will be available in two variants - Ambition and Ambition Plus. Both are powered with 2.0L, 6-speed automatic transmission and Turbo-charged diesel engine which produce a maximum power of 105 KW and torque of 320 NM, the statement added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">The all-new KAROQ measures 4,382 mm in length, is 1,841 mm wide, and 1,624 mm high. The wheelbase of 2,638 mm gives the ŠKODA KAROQ a comfortable stance on the road, the company said. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">“The long wheelbase not only increases the space inside but also carves out a boot space of 521 litres, the largest within its class, which extends to 1,630 litres with the rear seats, capable of a 60:40 split, folded down thereby making space for business, pleasure, and practical essentials.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">According to the company, the headlamps of the new model respond to speed changes as well as to various light and weather conditions.The ŠKODA KAROQ is equipped with electrically adjustable panoramic sunroof with “bounce-back” system.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">The new KAROQ is also equipped with SmartLink technology that mirrors a smartphone for seamless connectivity and undistracted drive besides supporting voice command control, SD card reader, USB ports, and Bluetooth GSM telephony and audio streaming options.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">Furthermore, the ŠKODA KAROQ also comes equipped with cruise control and automatic rain sensing wipers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">According to the company, the Ambition variant is priced at Rs 1,15,00,000 while the Ambition Plus is available for Rs 1,25,00,000.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"> </span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12676', 'image' => '20210112030711_2018.jpg', 'article_date' => '2021-01-12 15:06:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12928', 'article_category_id' => '218', 'title' => 'Laxmi Bank to Provide Concessional Loan to People of Solukhumbu Village', 'sub_title' => '', 'summary' => 'January 12: Laxmi Bank has signed a MOU with Thulung Dudhkoshi Rural Municipality of Solukhumbu to extend concessional loans at subsidized rates to various entrepreneurs, firms, companies, as well as cooperatives under recommendation and facilitation of the rural municipality. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-family:Cambria">January 12: Laxmi Bank has signed a MOU with Thulung Dudhkoshi Rural Municipality of Solukhumbu to extend concessional loans at subsidized rates to various entrepreneurs, firms, companies, as well as cooperatives under recommendation and facilitation of the rural municipality. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-family:Cambria"> Dipesh Amatya, chief of the Retail Financial Services of Laxmi Bank, and chairperson of the rural municipality Ashim Rai signed the agreement on behalf of their respective organisations amid a recent function. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-family:Cambria">Ajaya Bikram Shah, CEO of Laxmi Bank, expressed the bank’s readiness to finance enterprising activities in various potential sectors of the rural municipality like agriculture, tourism, hospitality, reads a statement issued by the bank. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-family:Cambria">The agreement is expected to promote entrepreneurship and self-employment to ultimately help create economically self-dependent rural municipality, the statement added. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12675', 'image' => '20210112025133_IMG - PR.jpg', 'article_date' => '2021-01-12 14:50:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12927', 'article_category_id' => '1', 'title' => 'Central Bank to Provide Refinancing Facility to Microfinance Companies for the First Time', 'sub_title' => '', 'summary' => 'January 12: Nepal Rastra Bank has opened registration for refinancing facility to microfinance companies until January 25.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: Nepal Rastra Bank has opened registration for refinancing facility to microfinance companies until January 25. Issuing a statement on Monday (January 11), the central bank has asked for submission of forms to avail refinance service to the microfinance companies. According to the central bank, bad debtors of microfinance companies since long time can also benefit from the scheme. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Prior to this, the refinance facility was provided only to commercial and development banks and finance companies. The central bank has fixed the maximum interest rate for microfinance companies at 15 percent and this is expected to provide some relief to the bad debtors. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Acting Executive Director of the Banks and Financial Institutions Regulation Department of NRB Kiran Pandit informed that the central bank has allocated a lump sum of Rs 21 billion to provide to the microfinance companies for refinancing.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Pandit, microfinance companies will have to reduce the interest rate of bad debtors to 5 percent irrespective of what rate they were charged before.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We will give a lump sum to the microfinance companies. They will be able to invest the amount,” said Pandit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He added that the central bank has not sought the details of the debtors because microfinance companies provide small scale loan. The central bank will finalize the reduction of interest rate after reviewing the applications submitted by the microfinance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The latest data of NRB show that there are altogether 76 microfinance companies in Nepal after their merger and acquisition. Each microfinance company is entitled to receive Rs 270 million in average. However, microfinance companies can seek funds for refinancing up to 65 percent of their capital fund of last quarter. Therefore, the central bank will be providing between Rs 60 million to Rs 200 million to each microfinance company based on their quarterly report.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12674', 'image' => '20210112023934_1610060919.Clipboard15.jpg', 'article_date' => '2021-01-12 14:39:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12926', 'article_category_id' => '1', 'title' => 'Number of Indian Tourists Increasing under Air Transport Bubble Scheme', 'sub_title' => '', 'summary' => 'January 12: The arrival of Indian tourists is increasing in Nepal after regular flights resumed between the two countries in nine months under the air transport bubble scheme.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: The arrival of Indian tourists is increasing in Nepal after regular flights resumed between the two countries in nine months under the air transport bubble scheme.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The two countries had agreed on December 21 to resume flights under the scheme proposed by India. Air service between Nepal and India was suspended since March 24 after the Government of Nepal imposed a nationwide lockdown to curb coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">India had proposed the air transport bubble scheme to Nepal around two months ago to take back the citizens of various countries. However, Nepal had initially declined the offer.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had lifted a ban on international flights on September 1 while domestic flights resumed three weeks later. The government had resumed air service after five months but the ban on India was still in force considering the number of Covid-19 cases in the country. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">But in late December, the two countries agreed to resume flight operation. Following the agreement, lots of Indian tourists visited Nepal to celebrate the New Year, according to tourism entrepreneurs of Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the air route has been opened between Nepal and India, the border points are still closed due to which thousands of Indian tourists willing to visit Nepal are unable to travel. Stakeholders have demanded the government to open the border and allow Indian tourists who fulfill the health standards set by the government.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Vice President of Siddhartha Hotel Association, Bhairahawa Kishor GC said that the number of Indian tourists will rise significantly if the border is opened.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Indian tourists are making enquiries. But they are unable to visit Nepal through the land route because the border is closed,” said GC, adding, “If the border is opened and Indian tourists arrive, it will be a relief to the tourism industry that has been badly affected by coronavirus.” </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">First Vice President of Pokhara chapter of Restaurants and Bars Association Nepal (REBAN) Naresh Bhattarai says that the arrival of Indian tourists during the New Year was much more than they had anticipated. He further said that the air transport bubble scheme has given the Indian tourists to visit their neighbouring country after a long gap. Stakeholders informed that Indian tourists arrived in considerable numbers to celebrate the New Year in Kathmandu, Pokhara, Chitwan and Lumbini. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Under the air bubble scheme, both countries have been operating flights between New Delhi and Kathmandu with only one airline company. Nepal has selected the state-owned Nepal Airlines Corporation to conduct one flight per day between Kathmandu and New Delhi while Indian Airlines has been operating flights on behalf of India.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Tribhuvan International Airport informed that only Indian tourists with negative PCR report of tests taken 72 hours before boarding the flight have been allowed to enter Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12673', 'image' => '20210112010908_20201211110530_1607643876.11.jpg', 'article_date' => '2021-01-12 13:08:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12925', 'article_category_id' => '1', 'title' => 'Nepali Companies Fail to Import Chemical Fertilizers', 'sub_title' => '', 'summary' => 'January 12: None of the Nepali companies that had bagged the contract to import fertilizers have fulfilled their obligation. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: None of the Nepali companies that had bagged the contract to import fertilizers have fulfilled their obligation. The companies that have failed to import chemical fertilizers do not have prior experience of bringing fertilizers to the country. This year, the government had awarded contracts to new companies for importing chemical fertilizers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">All six contracts awarded to the local companies of Nepal are nowhere near completion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the state-owned Agriculture Inputs Company Limited, Shailung Enterprisies had bagged three separate contracts to import a total of 80,000 metric tons of urea within the last nine months. Likewise, Muktinath Agriculture Company was awarded the contracts during the start of the current fiscal year to import 25,000 metric tons of urea and 30,000 metric tons of DAP. The deadlines of all these contracts have already expired. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The first two contracts of Shailung Enterprises expired in August/September and October/November respectively. Likewise, its third contract also expired in November /December. Similarly, the deadlines for Muktinath Agcitulture Company to import the fertilizers were December 3 and 4.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Spokesperson of the Ministry of Agriculture and Livestock Development Dr Shree Ram Ghimire, the companies failed to import fertilizers because they did not have any previous experience in this field.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“These companies have not been able to penetrate into the international market. Because of this, the farmers had to suffer a lot,” said Ghimire.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Ghimire said that the government awarded the contracts to these two companies despite being aware of their status and lack of experience because they had submitted proposals in response to a global tender quoting the lowest amount. He said that the ministry is holding discussions to avoid similar problem in the future.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Agriculture Inputs Company Limited has confiscated the deposit of Shailung Enterprises for its failure to import the fertilizer.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12672', 'image' => '20210112120013_20200817122726_1597613093.Clipboard02.jpg', 'article_date' => '2021-01-12 11:59:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12924', 'article_category_id' => '1', 'title' => 'NEA Submits Proposal to Sell Electricity to India', 'sub_title' => '', 'summary' => 'January 11: Nepal Electricity Authority (NEA) has submitted proposal to sell electricity to India in response to a tender issued by India’s NTPC Vidyut Vyapar Nigam (NVVN) on behalf of BRPL company.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">January 11: Nepal Electricity Authority (NEA) has submitted proposal to sell electricity to India in response to a tender issued by India’s </span></span><span style="font-size:12.0pt"><span style="font-family:Arial">NTPC Vidyut Vyapar Nigam (NVVN) on behalf of </span></span><span style="font-size:12.0pt"><span style="font-family:Arial">BRPL company.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">The Electricity Regulation Commission last Monday gave permission to the NEA to take part in the bidding process. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">Following the green signal from the commission, NEA submitted the proposal. NEA has proposed to provide 25 megawatts of electricity for four months from June to September.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">Spokesperson for the NEA Madan Timsina confirmed that the state-owned utility submitted proposals last week after getting the nod from the commission.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">Currently, NEA has been purchasing electricity from India through Tanakpur at the rate of Rs 6.62 (IRs 4.14) per unit. NEA has quoted the same rate in its proposal, informed spokesperson Timsina.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">“There will be additional charges for transmission line. But we have quoted the same rate that we have been purchasing as the base rate in our proposal,” he added. Timsina added that the bidder will be selected on the basis of open competition.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">The last date for submission of proposals was January 10. NEA said it submitted the proposal well ahead of the deadline.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">This is the first time that the NEA is making its attempt to sell electricity outside Nepal. Although NEA has been exporting electricity to India since the last few years on the basis of power exchange, but it is yet to enter the commercial market.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-01-11', 'modified' => '2021-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '12671', 'image' => '20210111032406_1610322387.1.jpg', 'article_date' => '2021-01-11 15:23:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12923', 'article_category_id' => '1', 'title' => 'Government Unlikely to Extend Deadline for Submission of Income Details', 'sub_title' => '', 'summary' => 'January 11: The government has indicated that it would not extend the deadline for submission of income tax details despite request from the private sector citing the coronavirus pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 11: The government has indicated that it would not extend the deadline for submission of income tax details despite request from the private sector citing the coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Private sector stakeholders including the Federation of Nepalese Chamber of Commerce and Industries (FNCCI) and the Confederation of Nepalese Industries (CNI) had requested the government to extend the deadline for submission of income tax details stating that it would be difficult for them to do so within the deadline of January 13. However the government has shown little interest toward the request made by the private sector.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Inland Revenue Department informed that the Ministry of Finance has not taken any decision regarding deadline extension and therefore it his unlikely that the demands of the private sector will be addressed.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Deputy Director General of the IRD, the revenue collection in the current fiscal year stands at only Rs 8 billion so far. Pandey informed that there isn’t any difference in the number of individuals submitting details this year compared to last fiscal year. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Demanding deadline extension is understandable. But the industries and entrepreneurs have been submitting income details despite their demand,” said Pandey.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A high-ranking official at the Revenue Department of Finance Ministry informed that the ministry has not discussed the issue of deadline extension. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Now, the excuse of coronavirus is no longer relevant. There isn’t any preparation to extend the deadline,” said the official requesting anonymity.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Officials at the ministry say that the anyone who doesn’t submit the income details within the given deadline will have to pay fine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government has also denied deadline extension for company registration. The officials have urged one and all not to make any further delay in fulfilling their obligations.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">There is a provision for industries and entrepreneurs to submit the income details within mid-October before they pay their income tax of previous fiscal year. If the miss the initial deadline, they can submit it within mid-January after taking permission from the concerned government office. However, the private sector has been arguing that they have not been able to prepare their audit report because most of the auditors are unavailable due to Covid-19 infection.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">CNI Chairman Satish Kumar More said that they have requested the government to extend the deadline for submission of income details as they are unable to complete their internal audit. He added that they had requested for additional time as some industries are on the verge of closure due to coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“In the past, industries and entrepreneurs had been submitting the income details on time. But the system has been badly affected by coronavirus and therefore we have demanded more time,” he said.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had asked the private sector to deposit tax time and again even during the lockdown period in last fiscal year. But the government later extended the time following heavy criticism from all quarters.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-11', 'modified' => '2021-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '12670', 'image' => '20210111024042_1610322546.Clipboard13.jpg', 'article_date' => '2021-01-11 14:40:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12922', 'article_category_id' => '266', 'title' => 'Kathmandu Model College to Collaborate with Idea Studio Nepal', 'sub_title' => '', 'summary' => 'January 11: KMC Innovation Center of Kathmandu Model College has signed a Memorandum of Understanding (MOU) with Idea Studio Nepal (ISN). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">January 11: </span><span style="font-family:Arial">KMC Innovation Center of Kathmandu Model College has signed a Memorandum of Understanding (MOU) with Idea Studio Nepal (ISN). </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">According to a press statement issued by the college, the MOU was signed amid a function held on the college premises on January 10. The agreement will remain in effect for three years, with a provision for further extension.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">The concept of the MoU is to develop a spirit of cooperation and assistance to promote entrepreneurship among the students of KMC.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial">KMC Innovation Center is a lab-based research centre that promotes innovation, business incubation, student service and research. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial">Idea Studio Nepal enables potential entrepreneurs with innovative business ideas to address socio-economic environmental issues faced by local communities across the country. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial">KMC Innovation Center said it considers the MoU an opportunity to collaborate and grow mutually with ISN to provide better opportunities and to connect the dots towards innovation, entrepreneurship development and research.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"> </span></span></p> ', 'published' => true, 'created' => '2021-01-11', 'modified' => '2021-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '12669', 'image' => '20210111021418_1600x960_135073-mou.jpg', 'article_date' => '2021-01-11 14:13:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 14: The government is seeking funds to procure vaccine against Covid-19. The government has pledged to avail the vaccine free-of-cost to the citizens on need basis and is therefor making attempts to raise funds for the purchase of the vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had set up a fund last year in its effort to prevent and control Covid-19 as well as to treat the patients infected with the disease. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the private sector and various agencies provided significant support by contributing generously to the fund in the initial stage, the process of fund collection has started to slow down. The Financial Comptroller General’s Office estimates that around Rs 2.9 billion has been deposited in the fund so far. The government has already spent Rs 2.44 billion from the fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As this fund was primarily set up for the prevention and treatment of Covid-19, the health ministry has established a new fund to seek support for the purchase of vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson at the Ministry of Health and Population Dr Jaageshwar Gautam informed that the government alone cannot manage the budget for procuring vaccine against Covid-19 and has therefore urged domestic and foreign donor agencies to contribute to the fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A meeting of the Council of Ministers on November 9 had given the permission to the health ministry to purchase the vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Spokesperson Gautam, the government will provide the vaccine free-of cost to the targeted groups on the basis of need and priority. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Gautam expressed his belief that the vaccine would protect the lives of the people to a large extent and would also bring back the battered economy on track. He further said that the government is preparing to purchase the vaccine as soon as it is available in the international market.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12684', 'image' => '20210114104505_1610581600.Clipboard18.jpg', 'article_date' => '2021-01-14 10:44:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12940', 'article_category_id' => '1', 'title' => 'Everest Bank Launches Online Tax Payment Service in Collaboration with Fonepay', 'sub_title' => '', 'summary' => 'January 14: Everest Bank has started online tax payment effective from January 12.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">January 14: Everest Bank has started online tax payment effective from January 12.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bank said in a statement that it has launched the Online Inland Revenue Tax Payment System in association with Financial Comptroller General Office (FCGO) and with technical collaboration of Fonepay. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bank expressed its belief that this electronic payment method will benefit the people at large and will eliminate the hassle and lengthy process of visiting tax offices for tax payments during the ongoing COVID-19 pandemic. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The Online Inland Revenue Tax Payment System was digitally inaugurated jointly by GK Negi, CEO of Everest Bank, and Ram Sharan Pudasaini, Revenue Secretary at the Finance Ministry, considering the outbreak of the COVID-19.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Everest Bank said it has a customer base of over 1.1 million and is providing banking services through a network of 100 branches, 33 revenue collection counters, and 132 ATMs across the country.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12683', 'image' => '20210114045945_Online-Tax-Payment-System.jpg', 'article_date' => '2021-01-14 16:58:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12934', 'article_category_id' => '1', 'title' => 'Delay in Implementation of Law Causing Problems in Bringing Investment from Foreign Partners ', 'sub_title' => '', 'summary' => 'January 13: Although the government has made laws with the aim of facilitating foreign investment in Nepal, Dang Cement has not been able to acquire foreign investment due to the delay in implementation of the Foreign Investment and Technology Transfer Act (FITTA) 2075. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">January 13: Although the government has made laws with the aim of facilitating foreign investment in Nepal, Dang Cement has not been able to acquire foreign investment due to the delay in implementation of the Foreign Investment and Technology Transfer Act (FITTA) 2075. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Dang cement has not been able to apply for bringing foreign investment as it took two years to endorse the regulations of the Foreign Investment and Technology Transfer act (FITTA) 2075. Dang Cement Industry was registered 15 years ago. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">One of the promoters of the Dang Cement said that they have not been able to bring investment from Chinese partner Hong Kong Redline as the government was not cooperative. The industry must be registered with the Department of Industry to bring 85 percent investment from its partner. But, the industry has not been able to register with the department due to the delay in implementation of the act (FITTA). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Following the publication of FITTA regulation in Nepal Gazette on Monday (January 11), the cement industry expressed its belief that it will now be easier for the industry acquire foreign investment. The promoter claimed that there have been unnecessary hassles after the process of registering the industry at the department was halted. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"If there are no weaknesses in the regulations and it is easy to register the industry, investment will start coming from the partner company," he said, requesting anonymity. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company has already received approval from the Ministry of Environment to conduct Environmental Impact Assessment (EIA). However, the promoter added that the main work is to attract investment and therefore other works will start only after that. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12681', 'image' => '20210113033332_foreign-investment.jpg', 'article_date' => '2021-01-13 15:32:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12933', 'article_category_id' => '1', 'title' => 'More than 50 Percent of Industries and Enterprises are Fully Operational: NRB', 'sub_title' => '', 'summary' => 'January 13: Almost 54 percent of the industries and businesses that were closed due to Covid-19 have already resumed operation, according to Nepal Rastra Bank.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 13: Almost 54 percent of the industries and businesses that were closed due to Covid-19 have already resumed operation, according to Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A survey report on Impact of Covid-19 on the economy released by the central bank on Tuesday (January 12) states that 9.1 percent of industries and businesses are yet to resume their service.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank report mentions that although all kinds of industries and businesses have reported improvement in day-to-day operation, small and middle scale enterprises are relatively lagging behind. According to the report, most of the big industries have made significant progress in resuming operation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As of mid-December, companies involved in the trade of electricity, LP gas and water have made good progress in resuming their service. A total of 66.67 percent of such industries have started full-fledged operation while 33.33 percent are yet to resume service. During the review period, altogether 64.97 percent of wholesale and retail trade centers have resumed full-fledged operation while 31.33 percent have started partial operation and 3.39 percent are yet to operate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, 63.64 percent of enterprises associated to the agriculture sector, forestry and fishery industries have resumed their business while 33.3 percent are partially operational.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Among the production-oriented industries, 49.04 percent are fully operational while 42.31 percent are partially open.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, 29.7 percent of hotels and restaurants have resumed their services to full extent while 44.44 percent of construction companies have also resumed normal operation. Similarly, 36 percent of media and communication companies have resumed their day-to-day operations.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the central bank’s survey, only a handful of educational institutions have resumed operation. The report states that only 11.36 percent of educational institutions are fully operational. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report clearly shows that more than half of the industries and businesses have started full-fledged operation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report states that most of the businesses have been finding it difficult to manage operational cost while they are also struggling to receive additional loan. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank had conducted the survey from October 28 to December 9. The central bank had surveyed 674 enterprises of 52 districts during this period.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12680', 'image' => '20210113023909_1610496553.Clipboard15.jpg', 'article_date' => '2021-01-13 14:38:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12931', 'article_category_id' => '1', 'title' => 'Low Quality of Paddy Results in Decline in Rice Production', 'sub_title' => '', 'summary' => 'January 13: The government has estimated an increase in paddy production in the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 13: The government has estimated an increase in paddy production in the current fiscal year. However, the paddy produced this year is found to be of low quality due to which less quantity of rice has been yielded after processing the paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The production of rice has declined due to low quality of paddy. Stakeholders have attributed this to non-availability of seeds and fertilizer during planting season. The cost of production has gone up and so has the selling price of rice.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Agriculture experts believe that the lack of fertilizer during the plantation season might be the reason behind low quality of paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The low standard of paddy will have direct impact on production of rice. According to Subodh Kumar Gupta, chairman of Nepal Rice, Oil and Lentil Industry Association, the production of per quintal of rice has gone down due to the low quality of paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Normally, 45 percent of rice is produced from one quintal of paddy while 15 percent is fragments of rice and the remaining by product is husk. But this year, only 35 percent of rice has been produced from one quintal of rice, says Gupta. Likewise, the percentage of rice fragments has increased by 10 percent to a total of 25 percent. This in turn has resulted in increased cost of production and an increase in price of rice.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“This is the main reason for the increase in price of rice,” said Gupta.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Central member of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Avinash Bohora also shares a similar view. Bohora also claimed that the standard of paddy has degraded this year due to which production of rice has declined while more amount of rice fragments have been produced.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the information provided by Nepal Retailers’ Association, the price of rice produced by every brand has increased by Rs 50 per sack.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Factories and industries have just received newly harvested paddy. The price of rice normally does not get hiked during harvesting season. However, industrialists say that they have been forced to increase the price of rice due to low quality or paddy produced this year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The local mills and industries have been producing 60 percent of the annual requirement of rice for the country while they produce 62 percent of lentil and 35 percent of edible oil.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chairman of the association Naresh Rathi says that the international market also has some influence in the price hike in Nepal. According to him, Bangladesh has lowered the customs duty for importing rice. As a result, India has increased its export to Bangladesh while the export of rice to Nepal has declined. This has also contributed to price hike, says Rathi.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12679', 'image' => '20210113120534_20190528010847_aaaa.jpg', 'article_date' => '2021-01-13 12:04:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12932', 'article_category_id' => '1', 'title' => 'Customs Clearance of Vehicles Increasing', 'sub_title' => '', 'summary' => 'January 13: Customs clearance of new vehicles has increased at the entry points after banks lowered interest rates on vehicle loan.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">January 13: Customs clearance of new vehicles has increased at the entry points after banks lowered interest rates on vehicle loan. The number of inspection passes for new vehicles is growing gradually in Birgunj, which is the main checkpoint for importing vehicles.<br /> In the past, importers used to park their vehicles at the customs premises for a long time. According to the Nepal Intermodal Transport Development Committee (NITDB), which operates the Integrated Check Post (ICP) in Birgunj, only 187 vehicles are left to pass the clearance at the ICP as of January 11.<br /> NITDB chief Kamal Gyawali informed that the number of vehicles being released from customs has increased from 250 to 300 within a few months. In the past, the importers reluctant to pass the customs clearance of their vehicles.<br /> According to the customs office, the importers have now lined up for vehicle inspection.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">ICP Customs Information Officer Sumit Gupta said that the number of new vehicles being released from the customs has increased recently.<br /> <br /> “Vehicle inspection passes from the customs office have increased since some time. The importers have swiftly started releasing the vehicles brought to the checkpoint,” Information Officer Gupta told New Business Age.<br /> <br /> The Customs Act has a provision that vehicles entering the country must be inspected within 60 days. There is an arrangement for customs office to auction the vehicles that have not passed inspection within the stipulated time.</span></span></span></p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12678', 'image' => '20210113013004_20150914010543_travel-map.jpg', 'article_date' => '2021-01-13 13:29:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12930', 'article_category_id' => '1', 'title' => 'Private Sector Suggests Government to Weigh Options Before Opening FDI in Agriculture', 'sub_title' => '', 'summary' => 'Private sector stakeholders on Monday issued a joint statement saying that their attention has been drawn to the government’s decision to allow foreign investment in agriculture sector of Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: Stakeholders of the private sector of Nepal including the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) on Monday issued a joint statement saying that their attention has been drawn to the government’s decision published on Nepal Gazette on January 4 to allow foreign investment in agriculture sector of Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The joint statement says that entrepreneurs associated with them have been protesting against the government’s decision because it contradicts the Foreign Investment and Technology Transfer Act introduced in 2075, which completely bans foreign investment in agriculture sector of Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The statement noted that there are questions regarding whether foreign investment should be allowed in agriculture sector which is directly linked with people’s livelihood or should we accept it in order to increase productivity and to reduce trade deficit.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In this context, FNCCI, CNI and NCC held discussions with stakeholders and decided to make certain recommendations to the government. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The statement says foreign investment is necessary for the country and therefore suggested the government to fulfill commitments made in the past. In this regard, they suggested the government to discuss issues related to policies and laws as well as work procedure and amendment of laws with the private sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders are of the view that the government must take a decision to allow foreign investment in agriculture sector depending on the technology transfer, its use, export condition of Nepal among others. They suggested that government must allow foreign investment only if the technology transfer is of high quality and if they ensure the use of locally produced raw materials and also if there is high possibility of exporting the products.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12677', 'image' => '20210112033204_20200512091924_20190527010000_Makai.jpg', 'article_date' => '2021-01-12 15:29:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12929', 'article_category_id' => '236', 'title' => 'ŠKODA Rolls Out Premium SUV, KAROQ, in Nepal', 'sub_title' => '', 'summary' => 'January 12: MAW Enterprises Pvt Ltd, the official distributor of ŠKODA cars in Nepal, has introduced the all-new ŠKODA KAROQ in the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">January 12: MAW Enterprises Pvt Ltd, the official distributor of ŠKODA cars in Nepal, has introduced the all-new ŠKODA KAROQ in the country. The new ŠKODA KAROQ is a completely new compact SUV from the Czech brand, reads a statement issued by the company. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">According to the company, the ŠKODA KAROQ offers modern design, generous dimensions, class leading safety, and intelligent connectivity features.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">The latest ŠKODA will be available in two variants - Ambition and Ambition Plus. Both are powered with 2.0L, 6-speed automatic transmission and Turbo-charged diesel engine which produce a maximum power of 105 KW and torque of 320 NM, the statement added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">The all-new KAROQ measures 4,382 mm in length, is 1,841 mm wide, and 1,624 mm high. The wheelbase of 2,638 mm gives the ŠKODA KAROQ a comfortable stance on the road, the company said. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">“The long wheelbase not only increases the space inside but also carves out a boot space of 521 litres, the largest within its class, which extends to 1,630 litres with the rear seats, capable of a 60:40 split, folded down thereby making space for business, pleasure, and practical essentials.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">According to the company, the headlamps of the new model respond to speed changes as well as to various light and weather conditions.The ŠKODA KAROQ is equipped with electrically adjustable panoramic sunroof with “bounce-back” system.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">The new KAROQ is also equipped with SmartLink technology that mirrors a smartphone for seamless connectivity and undistracted drive besides supporting voice command control, SD card reader, USB ports, and Bluetooth GSM telephony and audio streaming options.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">Furthermore, the ŠKODA KAROQ also comes equipped with cruise control and automatic rain sensing wipers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"><span style="font-size:14.0pt">According to the company, the Ambition variant is priced at Rs 1,15,00,000 while the Ambition Plus is available for Rs 1,25,00,000.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial"> </span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12676', 'image' => '20210112030711_2018.jpg', 'article_date' => '2021-01-12 15:06:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12928', 'article_category_id' => '218', 'title' => 'Laxmi Bank to Provide Concessional Loan to People of Solukhumbu Village', 'sub_title' => '', 'summary' => 'January 12: Laxmi Bank has signed a MOU with Thulung Dudhkoshi Rural Municipality of Solukhumbu to extend concessional loans at subsidized rates to various entrepreneurs, firms, companies, as well as cooperatives under recommendation and facilitation of the rural municipality. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-family:Cambria">January 12: Laxmi Bank has signed a MOU with Thulung Dudhkoshi Rural Municipality of Solukhumbu to extend concessional loans at subsidized rates to various entrepreneurs, firms, companies, as well as cooperatives under recommendation and facilitation of the rural municipality. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-family:Cambria"> Dipesh Amatya, chief of the Retail Financial Services of Laxmi Bank, and chairperson of the rural municipality Ashim Rai signed the agreement on behalf of their respective organisations amid a recent function. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-family:Cambria">Ajaya Bikram Shah, CEO of Laxmi Bank, expressed the bank’s readiness to finance enterprising activities in various potential sectors of the rural municipality like agriculture, tourism, hospitality, reads a statement issued by the bank. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-family:Cambria">The agreement is expected to promote entrepreneurship and self-employment to ultimately help create economically self-dependent rural municipality, the statement added. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12675', 'image' => '20210112025133_IMG - PR.jpg', 'article_date' => '2021-01-12 14:50:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12927', 'article_category_id' => '1', 'title' => 'Central Bank to Provide Refinancing Facility to Microfinance Companies for the First Time', 'sub_title' => '', 'summary' => 'January 12: Nepal Rastra Bank has opened registration for refinancing facility to microfinance companies until January 25.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: Nepal Rastra Bank has opened registration for refinancing facility to microfinance companies until January 25. Issuing a statement on Monday (January 11), the central bank has asked for submission of forms to avail refinance service to the microfinance companies. According to the central bank, bad debtors of microfinance companies since long time can also benefit from the scheme. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Prior to this, the refinance facility was provided only to commercial and development banks and finance companies. The central bank has fixed the maximum interest rate for microfinance companies at 15 percent and this is expected to provide some relief to the bad debtors. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Acting Executive Director of the Banks and Financial Institutions Regulation Department of NRB Kiran Pandit informed that the central bank has allocated a lump sum of Rs 21 billion to provide to the microfinance companies for refinancing.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Pandit, microfinance companies will have to reduce the interest rate of bad debtors to 5 percent irrespective of what rate they were charged before.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We will give a lump sum to the microfinance companies. They will be able to invest the amount,” said Pandit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He added that the central bank has not sought the details of the debtors because microfinance companies provide small scale loan. The central bank will finalize the reduction of interest rate after reviewing the applications submitted by the microfinance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The latest data of NRB show that there are altogether 76 microfinance companies in Nepal after their merger and acquisition. Each microfinance company is entitled to receive Rs 270 million in average. However, microfinance companies can seek funds for refinancing up to 65 percent of their capital fund of last quarter. Therefore, the central bank will be providing between Rs 60 million to Rs 200 million to each microfinance company based on their quarterly report.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12674', 'image' => '20210112023934_1610060919.Clipboard15.jpg', 'article_date' => '2021-01-12 14:39:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12926', 'article_category_id' => '1', 'title' => 'Number of Indian Tourists Increasing under Air Transport Bubble Scheme', 'sub_title' => '', 'summary' => 'January 12: The arrival of Indian tourists is increasing in Nepal after regular flights resumed between the two countries in nine months under the air transport bubble scheme.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: The arrival of Indian tourists is increasing in Nepal after regular flights resumed between the two countries in nine months under the air transport bubble scheme.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The two countries had agreed on December 21 to resume flights under the scheme proposed by India. Air service between Nepal and India was suspended since March 24 after the Government of Nepal imposed a nationwide lockdown to curb coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">India had proposed the air transport bubble scheme to Nepal around two months ago to take back the citizens of various countries. However, Nepal had initially declined the offer.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had lifted a ban on international flights on September 1 while domestic flights resumed three weeks later. The government had resumed air service after five months but the ban on India was still in force considering the number of Covid-19 cases in the country. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">But in late December, the two countries agreed to resume flight operation. Following the agreement, lots of Indian tourists visited Nepal to celebrate the New Year, according to tourism entrepreneurs of Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the air route has been opened between Nepal and India, the border points are still closed due to which thousands of Indian tourists willing to visit Nepal are unable to travel. Stakeholders have demanded the government to open the border and allow Indian tourists who fulfill the health standards set by the government.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Vice President of Siddhartha Hotel Association, Bhairahawa Kishor GC said that the number of Indian tourists will rise significantly if the border is opened.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Indian tourists are making enquiries. But they are unable to visit Nepal through the land route because the border is closed,” said GC, adding, “If the border is opened and Indian tourists arrive, it will be a relief to the tourism industry that has been badly affected by coronavirus.” </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">First Vice President of Pokhara chapter of Restaurants and Bars Association Nepal (REBAN) Naresh Bhattarai says that the arrival of Indian tourists during the New Year was much more than they had anticipated. He further said that the air transport bubble scheme has given the Indian tourists to visit their neighbouring country after a long gap. Stakeholders informed that Indian tourists arrived in considerable numbers to celebrate the New Year in Kathmandu, Pokhara, Chitwan and Lumbini. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Under the air bubble scheme, both countries have been operating flights between New Delhi and Kathmandu with only one airline company. Nepal has selected the state-owned Nepal Airlines Corporation to conduct one flight per day between Kathmandu and New Delhi while Indian Airlines has been operating flights on behalf of India.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Tribhuvan International Airport informed that only Indian tourists with negative PCR report of tests taken 72 hours before boarding the flight have been allowed to enter Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12673', 'image' => '20210112010908_20201211110530_1607643876.11.jpg', 'article_date' => '2021-01-12 13:08:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12925', 'article_category_id' => '1', 'title' => 'Nepali Companies Fail to Import Chemical Fertilizers', 'sub_title' => '', 'summary' => 'January 12: None of the Nepali companies that had bagged the contract to import fertilizers have fulfilled their obligation. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: None of the Nepali companies that had bagged the contract to import fertilizers have fulfilled their obligation. The companies that have failed to import chemical fertilizers do not have prior experience of bringing fertilizers to the country. This year, the government had awarded contracts to new companies for importing chemical fertilizers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">All six contracts awarded to the local companies of Nepal are nowhere near completion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the state-owned Agriculture Inputs Company Limited, Shailung Enterprisies had bagged three separate contracts to import a total of 80,000 metric tons of urea within the last nine months. Likewise, Muktinath Agriculture Company was awarded the contracts during the start of the current fiscal year to import 25,000 metric tons of urea and 30,000 metric tons of DAP. The deadlines of all these contracts have already expired. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The first two contracts of Shailung Enterprises expired in August/September and October/November respectively. Likewise, its third contract also expired in November /December. Similarly, the deadlines for Muktinath Agcitulture Company to import the fertilizers were December 3 and 4.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Spokesperson of the Ministry of Agriculture and Livestock Development Dr Shree Ram Ghimire, the companies failed to import fertilizers because they did not have any previous experience in this field.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“These companies have not been able to penetrate into the international market. Because of this, the farmers had to suffer a lot,” said Ghimire.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Ghimire said that the government awarded the contracts to these two companies despite being aware of their status and lack of experience because they had submitted proposals in response to a global tender quoting the lowest amount. He said that the ministry is holding discussions to avoid similar problem in the future.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Agriculture Inputs Company Limited has confiscated the deposit of Shailung Enterprises for its failure to import the fertilizer.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12672', 'image' => '20210112120013_20200817122726_1597613093.Clipboard02.jpg', 'article_date' => '2021-01-12 11:59:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12924', 'article_category_id' => '1', 'title' => 'NEA Submits Proposal to Sell Electricity to India', 'sub_title' => '', 'summary' => 'January 11: Nepal Electricity Authority (NEA) has submitted proposal to sell electricity to India in response to a tender issued by India’s NTPC Vidyut Vyapar Nigam (NVVN) on behalf of BRPL company.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">January 11: Nepal Electricity Authority (NEA) has submitted proposal to sell electricity to India in response to a tender issued by India’s </span></span><span style="font-size:12.0pt"><span style="font-family:Arial">NTPC Vidyut Vyapar Nigam (NVVN) on behalf of </span></span><span style="font-size:12.0pt"><span style="font-family:Arial">BRPL company.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">The Electricity Regulation Commission last Monday gave permission to the NEA to take part in the bidding process. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">Following the green signal from the commission, NEA submitted the proposal. NEA has proposed to provide 25 megawatts of electricity for four months from June to September.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">Spokesperson for the NEA Madan Timsina confirmed that the state-owned utility submitted proposals last week after getting the nod from the commission.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">Currently, NEA has been purchasing electricity from India through Tanakpur at the rate of Rs 6.62 (IRs 4.14) per unit. NEA has quoted the same rate in its proposal, informed spokesperson Timsina.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">“There will be additional charges for transmission line. But we have quoted the same rate that we have been purchasing as the base rate in our proposal,” he added. Timsina added that the bidder will be selected on the basis of open competition.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">The last date for submission of proposals was January 10. NEA said it submitted the proposal well ahead of the deadline.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Arial">This is the first time that the NEA is making its attempt to sell electricity outside Nepal. Although NEA has been exporting electricity to India since the last few years on the basis of power exchange, but it is yet to enter the commercial market.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-01-11', 'modified' => '2021-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '12671', 'image' => '20210111032406_1610322387.1.jpg', 'article_date' => '2021-01-11 15:23:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12923', 'article_category_id' => '1', 'title' => 'Government Unlikely to Extend Deadline for Submission of Income Details', 'sub_title' => '', 'summary' => 'January 11: The government has indicated that it would not extend the deadline for submission of income tax details despite request from the private sector citing the coronavirus pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 11: The government has indicated that it would not extend the deadline for submission of income tax details despite request from the private sector citing the coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Private sector stakeholders including the Federation of Nepalese Chamber of Commerce and Industries (FNCCI) and the Confederation of Nepalese Industries (CNI) had requested the government to extend the deadline for submission of income tax details stating that it would be difficult for them to do so within the deadline of January 13. However the government has shown little interest toward the request made by the private sector.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Inland Revenue Department informed that the Ministry of Finance has not taken any decision regarding deadline extension and therefore it his unlikely that the demands of the private sector will be addressed.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Deputy Director General of the IRD, the revenue collection in the current fiscal year stands at only Rs 8 billion so far. Pandey informed that there isn’t any difference in the number of individuals submitting details this year compared to last fiscal year. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Demanding deadline extension is understandable. But the industries and entrepreneurs have been submitting income details despite their demand,” said Pandey.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A high-ranking official at the Revenue Department of Finance Ministry informed that the ministry has not discussed the issue of deadline extension. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Now, the excuse of coronavirus is no longer relevant. There isn’t any preparation to extend the deadline,” said the official requesting anonymity.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Officials at the ministry say that the anyone who doesn’t submit the income details within the given deadline will have to pay fine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government has also denied deadline extension for company registration. The officials have urged one and all not to make any further delay in fulfilling their obligations.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">There is a provision for industries and entrepreneurs to submit the income details within mid-October before they pay their income tax of previous fiscal year. If the miss the initial deadline, they can submit it within mid-January after taking permission from the concerned government office. However, the private sector has been arguing that they have not been able to prepare their audit report because most of the auditors are unavailable due to Covid-19 infection.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">CNI Chairman Satish Kumar More said that they have requested the government to extend the deadline for submission of income details as they are unable to complete their internal audit. He added that they had requested for additional time as some industries are on the verge of closure due to coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“In the past, industries and entrepreneurs had been submitting the income details on time. But the system has been badly affected by coronavirus and therefore we have demanded more time,” he said.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had asked the private sector to deposit tax time and again even during the lockdown period in last fiscal year. But the government later extended the time following heavy criticism from all quarters.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-11', 'modified' => '2021-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '12670', 'image' => '20210111024042_1610322546.Clipboard13.jpg', 'article_date' => '2021-01-11 14:40:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12922', 'article_category_id' => '266', 'title' => 'Kathmandu Model College to Collaborate with Idea Studio Nepal', 'sub_title' => '', 'summary' => 'January 11: KMC Innovation Center of Kathmandu Model College has signed a Memorandum of Understanding (MOU) with Idea Studio Nepal (ISN). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">January 11: </span><span style="font-family:Arial">KMC Innovation Center of Kathmandu Model College has signed a Memorandum of Understanding (MOU) with Idea Studio Nepal (ISN). </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">According to a press statement issued by the college, the MOU was signed amid a function held on the college premises on January 10. The agreement will remain in effect for three years, with a provision for further extension.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">The concept of the MoU is to develop a spirit of cooperation and assistance to promote entrepreneurship among the students of KMC.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial">KMC Innovation Center is a lab-based research centre that promotes innovation, business incubation, student service and research. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial">Idea Studio Nepal enables potential entrepreneurs with innovative business ideas to address socio-economic environmental issues faced by local communities across the country. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial">KMC Innovation Center said it considers the MoU an opportunity to collaborate and grow mutually with ISN to provide better opportunities and to connect the dots towards innovation, entrepreneurship development and research.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"> </span></span></p> ', 'published' => true, 'created' => '2021-01-11', 'modified' => '2021-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '12669', 'image' => '20210111021418_1600x960_135073-mou.jpg', 'article_date' => '2021-01-11 14:13:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, '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
