October 13: The Electricity Regulatory Commission has directed Nepal Electricity Authority not to charge any kind of fine or penalty to the hydropower companies with the capacity of 10 Mega Watt in case of reduction of electricity generation due to natural causes.…
October 13: Microfinance companies have been more active in the process of merger and acquisition as compared to commercial banks, development banks and finance…
October 13: Coronavirus has not only weakened the country’s economy but also disrupted production and supply…
October 13: Newly-appointed General Manager of Nepal Airlines Corporation Dim Prasad Poudel has assumed his responsibilities at the state-owned airline…
October 12: The government has eased the restriction imposed on the import of luxurious vehicles to some extent.…
October 12: The government has lifted a ban on import of foreign…
October 12: Nepal Rastra Bank has announced to issue treasury bills worth Rs 18.25 billion on Monday (October 12).…
October 12: A delegation of the Federation of Contractors’ Associations of Nepal (FCAN) met with Minister for Physical Infrastructure and Transport Basanta Kumar Nembang on Sunday (October 11) and drew his attention towards the impacts of COVID-19 on the real-estate business and construction works.…
October 12: An automated system has been brought into operation at the customs point in Birgunj to make the import business through the checkpoint quick and…
October 11: The trend of taking multiple loans from different microfinance companies (duplication) has started to…
October 11: The construction work of Gautam Buddha International Airport in Bhairahawa has reached the final stage.…
October 11: The government has decided to charge an additional fare for the payment of taxes through digital wallets of payment gateways associated with the Revenue Management Information…
October 11: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai has confirmed himself testing positive for coronavirus.…
October 9: The debtors of microfinance companies have been facing difficulties in repaying the installments and loans due to the coronavirus…
October 9: The government has failed to regulate the shipping companies involved in transporting goods to Nepal from…
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', '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"">October 13: The Electricity Regulatory Commission has directed Nepal Electricity Authority not to charge any kind of fine or penalty to the hydropower companies with the capacity of 10 Mega Watt in case of reduction of electricity generation due to natural causes. </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 commission gave such directive to the NEA after it did not comply with the existing legal provisions. </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 promoter company normally sign a power purchase agreement with NEA to provide a certain amount of electricity in a month. The company has to provide at least 80 percent electricity to the NEA as per the commitment within the stipulated time. If the company fails to provide electricity, they will have to pay fine to NEA. But the commission has made it clear that the NEA should not charge any fine in case the company fails to provide electricity as promised due to natural calamities.</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"">It has been directed not to charge any fine in case of damage to the transmission line or substation due to floods, landslides, earthquake and other out of control conditions. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-13', 'modified' => '2020-10-13', 'keywords' => '', 'description' => '', 'sortorder' => '12338', 'image' => '20201013023211_1602544752.11.jpg', 'article_date' => '2020-10-13 14:31:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12591', 'article_category_id' => '1', 'title' => 'Two Dozen Microfinance Companies in the Process of Merger and Acquisition', 'sub_title' => '', 'summary' => 'October 13: Microfinance companies have been more active in the process of merger and acquisition as compared to commercial banks, development banks and finance companies.', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">October 13: Microfinance companies have been more active in the process of merger and acquisition as compared to commercial banks, development banks and finance companies.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to Nepal Rastra Bank, around two dozen microfinance companies are currently in the process of merger and acquisition. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank is currently analyzing the process of merger and acquisition of eight such companies. Swastik and Samaj Microfinance, and CYC Nepal and Shaligram Microfinance are in the process of merger. Similarly, Mirmire and Srijansheel microfinance, and Global IME Microfinance and Sparsh Microfinance are in the process of acquisitions.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Similarly, the process of merger and acquisition of eight organizations has moved forward after their analysis was completed. The microfinance companies opting for mergers include OMI and Grameen Swayamsevak Microfinance, NIC Asia Microfinance and Swadeshi Microfinance, Mahuli and Nawikaran Microfinance, and Jalpa and Mahila Samudayik Microfinance.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">In addition, the central bank has given agreement in principle to 12 institutions to come for the final approval. Nepal Rastra Bank has given an agreement letter for the merger between Samata and Gharelu Microfinance. Unique Nepal and Buddhajyoti Microfinance were given the agreement letter to merge four months ago. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Narayan Pokharel, deputy spokesperson of Nepal Rastra Bank, informed that Dhaulagiri Microfinance and Nesdo Sambridha Microfinance were given agreement letters two months ago to merge with Aandhikhola Microfinance and Nepal Agro Microfinance respectively.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">A total of 207 banks and financial institutions have joined the merger/acquisition procedure as of October 11, after the central bank started the process of mergers and acquisitions between banks and financial institutions with the objective of strengthening their financial stability. Out of these, the licenses of 157 organizations have been revoked whereas 50 organizations have been established.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Some microfinance companies have also taken their steps back from the merger process. The acquisition process between Vijay Microfinance and Sweda was canceled even though they had already received an agreement letter from Nepal Rastra Bank. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Sweda has already merged with another microfinance and Vijay Microfinance has signed an agreement to acquire Khaptad Microfinance.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to Prakash Kumar Shrestha, executive director of the Microfinance Supervision Department of Nepal Rastra Bank, says that most of the microfinance companies are in the process of merger and acquisition in order to strengthen their capital as all of them were struggling due the coronavirus pandemic. He also believes that the facility provided by the central bank to those who go for mergers and acquisitions has also encouraged them to merge/acquire.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“Coronavirus has affected the microfinance companies. Some of the organizations have chosen the path of merger and acquisition to become stronger,” he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank has formulated a strategy to reduce the number of microfinance companies from 84 to 30. The central bank has made an arrangement to provide incentives to the merged/acquired entities by permitting them to issue their right shares.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank says that the process of merger and acquisition will strengthen the paid-up capital and ensure reliable financial services.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank has also emphasized the microfinance companies to raise their capital. At present, there is a provision to have Rs 10 million as the paid-up capital for state-level microfinance company and Rs 100 million as the paid-up capital for national level microfinance company. Executive Director Shrestha informed that Nepal Rastra Bank is now thinking of increasing the minimum paid-up capital of microfinance institutions.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-13', 'modified' => '2020-10-13', 'keywords' => '', 'description' => '', 'sortorder' => '12337', 'image' => '20201013051444_1602545132.Clipboard10.jpg', 'article_date' => '2020-10-13 17:14:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12588', 'article_category_id' => '1', 'title' => 'Import Takes a Nosedive due to Covid-19 Crisis', 'sub_title' => '', 'summary' => 'October 13: Coronavirus has not only weakened the country’s economy but also disrupted production and supply chain.', '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"">October 13: Coronavirus has not only weakened the country’s economy but also disrupted production and supply chain. The effect of coronavirus is now being observed in the core of the economic activities.</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"">Birgunj customs point, which accounts for the maximum foreign trade of Nepal, has witnessed a massive decline in import of vehicles, petroleum products and raw materials for industries.</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 import of these vital products took a nosedive in the first three months of the current 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"">The Birgunj Customs Office informed that the import has declined drastically compared to the last fiscal year. Customs officer Ramesh Sukmani informed that the import of vehicles, petroleum product as well as raw materials has declined to a great extent.</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"">Birgunj is the major entry point for vehicles, petroleum products and raw materials.</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"">Data kept by the customs office shows that the import of vehicles has dropped by more than 50 percent and so has the revenue.</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"">Altogether 1174 jeeps and cars have been imported as of October 9 in the current fiscal year. The import of vehicles during the corresponding period of last FY was 2786.</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 import of morotcycles, pick-up vans, trucks, mini trucks, auto rickshaw have also declined during the review period.</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, the import of diesel, petrol and aviation turbine fuel (ATF) have dropped by 51, 25 and 77 percent respectively.</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"">Information officer of the customs office Bimal Kumar Sah says that the import through the customs point declined heavily due to the obstruction in transportation after the government imposed lockdown and prohibitory order.</span></span></span></span></p> <p> </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"">Industrialists say that the lack of demand in the market has also led to a decline in import of raw materials. </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"">Industrialist Rajesh Kyal says the decline in import of raw materials and petroleum products as well as luxurious goods is a sign of economic contraction.</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 lockdown has taken toll on employment opportunities which in turn has hit earning capacity of the people. This has led to a decline in demand and production. In such a scenario, it is obvious for import to decline,” says Kyal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-13', 'modified' => '2020-10-13', 'keywords' => '', 'description' => '', 'sortorder' => '12336', 'image' => '20201013113700_1602546054.Clipboard05.jpg', 'article_date' => '2020-10-13 11:36:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12589', 'article_category_id' => '1', 'title' => 'Poudel Assumes Responsibility of NAC General Manager ', 'sub_title' => '', 'summary' => 'October 13: Newly-appointed General Manager of Nepal Airlines Corporation Dim Prasad Poudel has assumed his responsibilities at the state-owned airline company.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">October 13: Newly-appointed General Manager of Nepal Airlines Corporation Dim Prasad Poudel has assumed his responsibilities at the state-owned airline company.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">The government has appointed his to the post for a four-year period. Poudel, a chartered accountant by profession and a management expert, was a member of the board of directors of NAC. </span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">NAC Chairman Sushil Ghimire handed over the responsibilities of NAC to Poudel amid a function held on Monday (October 12) and expressed happiness in getting some with great experience as chartered accountant as the GM of NAC.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">Chairman Ghimire said that the new GM was appointed as per the common understanding among the board members and also added that they were proud as an airliner for providing service during Covid-19 crisis.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">Meanwhile, Poudel said that although he is new to the aviation sector he would work towards revitalizing the NAC. Poudel also thanked the government for putting its trust on him.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">During the function, Poudel said that they cannot achieve must with the traditional working style and therefore stressed on a new approach and creativity for taking NAC to new heights.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-13', 'modified' => '2020-10-13', 'keywords' => '', 'description' => '', 'sortorder' => '12335', 'image' => '20201013124741_1602514117.ra_jm.jpg', 'article_date' => '2020-10-13 12:46:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12587', 'article_category_id' => '1', 'title' => 'Government Allows Diplomatic Missions to Import Luxurious Vehicles', 'sub_title' => '', 'summary' => 'October 12: The government has eased the restriction imposed on the import of luxurious vehicles to some extent. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">October 12: The government has eased the restriction imposed on the import of luxurious vehicles to some extent. The cabinet has decided to allow the import of luxurious vehicles for the diplomatic missions in 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:"Bangla MN"">Minister for Foreign Affairs Pradeep Gyawali, who is also the government’s spokesperson, informed that the Council of Ministers had decided to allow the diplomatic missions in Nepal and other organisations that enjoy diplomatic facilities to import luxurious cars. </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:"Bangla MN"">The government had banned the import of luxurious goods including vehicles in mid-March stating that the country’s economy was in grave danger due to coronavirus. Back then, the government had completely banned the import of vehicles that cost more than US$ 50,000.</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:"Bangla MN"">The government had decided to ban import of such vehicles arguing that the country’s economy was badly affected due to the outflow of Nepali currency as a result of importing luxurious vehicles. </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:"Bangla MN"">However, that decision caused problems for the diplomatic missions in Nepal and therefore the government lifted the ban for that specific purpose.</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:"Bangla MN"">The cost of vehicles worth US$ 50,000 increases up to Rs 20 million by the time it arrives in Nepal due to high customs duty. Such vehicles were basically used by high-class businessmen and government officials.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-12', 'modified' => '2020-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '12334', 'image' => '20201012043452_1602458890.Clipboard01.jpg', 'article_date' => '2020-10-12 16:34:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12583', 'article_category_id' => '1', 'title' => 'Government Lifts Ban on Import of Foreign Liquor', 'sub_title' => '', 'summary' => 'October 12: The government has lifted a ban on import of foreign liquor.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">October 12: The government has lifted a ban on import of foreign liquor. The Council of Ministers has decided to lift the ban which was in force since the last seven months. </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:"Bangla MN"">Minister for Foreign Affairs Pradeep Gyawali, who is also the government’s spokesperson, informed that the cabinet decided to lift the ban upon the recommendation of the Ministry of Industry, Commerce and Supplies.</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:"Bangla MN"">Issuing a notice in the Nepal Gazette, the government had banned the import of foreign liquor on March 24 while imposing the lockdown to contain the spread of 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:"Bangla MN"">With the ban in place for several months, liquors of foreign brand were being smuggled from India after running out of stock. The government has stated that the ban was lifted to discourage illegal smuggling of liquor. The government is also expecting an increase in revenue collection after lifting the ban.</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:"Bangla MN"">The import of whiskey in the current fiscal year has been worth Rs 820 million so far while its import was worth Rs 1.7 billion during the 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:"Bangla MN"">SPG Trading, Global Trading, Sahara Allied are some of the companies that import foreign liquor to 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:"Bangla MN"">Liquors like whiskey, wine, vodka, gin among others are mostly imported from India, Germany, Scotland, Italy, the USA, Belgium, Cuba as well as Gulf countries. The liquor dealers say that the consumption of foreign liquor goes up during the festive season. </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:"Bangla MN"">Nepal imports liquor as well as raw materials for liquor worth Rs 5 billion every year. The government collects revenue of Rs500 million from the import of such products.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-12', 'modified' => '2020-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '12333', 'image' => '20201012113827_1602459694.Clipboard16.jpg', 'article_date' => '2020-10-12 11:37:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12586', 'article_category_id' => '1', 'title' => 'Central Bank Issuing Treasury Bills Worth Rs 18.25 Billion', 'sub_title' => '', 'summary' => 'October 12: Nepal Rastra Bank has announced to issue treasury bills worth Rs 18.25 billion on Monday (October 12). ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">October 12: Nepal Rastra Bank has announced to issue treasury bills worth Rs 18.25 billion on Monday (October 12). Amongst the treasury bills issued by the central bank, bills worth Rs 3 billion are newly issued while the remaining bills worth Rs 15.25 billion are renewed ones.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The notice from Nepal Rastra Bank specifies that the treasury bills will have a maturity period of 364 days. According to the central bank, both new and renewed treasury bills will mature on October 11, 2021.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The treasury bills will be sold through auction. The central bank had also sold development bonds worth Rs 10 billion on October 6, 2020 through bidding. --RSS</span></span></span></p> ', 'published' => true, 'created' => '2020-10-12', 'modified' => '2020-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '12332', 'image' => '20201012033818_nrb.jpg', 'article_date' => '2020-10-12 15:37:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12584', 'article_category_id' => '1', 'title' => 'FCAN Draws Government Attention toward their Problems', 'sub_title' => '', 'summary' => 'October 12: A delegation of the Federation of Contractors’ Associations of Nepal (FCAN) met with Minister for Physical Infrastructure and Transport Basanta Kumar Nembang on Sunday (October 11) and drew his attention towards the impacts of COVID-19 on the real-estate business and construction works. ', '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"">October 12: A delegation of the Federation of Contractors’ Associations of Nepal (FCAN) met with Minister for Physical Infrastructure and Transport Basanta Kumar Nembang on Sunday (October 11) and drew his attention towards the impacts of COVID-19 on the real-estate business and construction works. They also discussed ways to resolve the problem with the minister. </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 delegation led by FCAN president Ravi Singh discussed about extension of project deadlines, bank guarantee and insurance, credit line commission among others. </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"">Minister Nembang said that he would work with the stakeholders to resolve the problems seen in the construction business. </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 federation demanded a policy-level decision from the government to extend the term of all projects and contracts by one year as the Public Procurement Act has defined the epidemic as a special circumstance. </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 federation also said that even if the deadline is extended for only six months, the deadline won’t be sufficient. The deadline for all the construction works should be automatically extended by one year as per the decision of the council of ministers. </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"">According to the federation, the cash flow in the construction sector has been low due to overhead expenses such as house rent, bank installments, staff salaries, etc. </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"">In order to revive the closed construction work and make the business run smoothly, the federation said that it is necessary for the construction entrepreneurs to get back the amount of five percent (retention money) deposit in the state treasury on the basis of bank guarantee. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-12', 'modified' => '2020-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '12331', 'image' => '20201012125336_1602414565.nirman_bybsai.jpg', 'article_date' => '2020-10-12 12:52:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12585', 'article_category_id' => '1', 'title' => 'Automated System Introduced at Birgunj Customs', 'sub_title' => '', 'summary' => 'October 12: An automated system has been brought into operation at the customs point in Birgunj to make the import business through the checkpoint quick and effective.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 12: An automated system has been brought into operation at the customs point in Birgunj to make the import business through the checkpoint quick and effective. For the first time, an automatic barrier has been set up at the Inaruwa-Raxaul checkpoint in Birgunj.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Customs Officer Ramesh Sukmani informed that the import from the checkpoint will be more transparent as the gate will be opened automatically based on the exit notes provided to the vehicles that have passed the inspection from the customs office. Sukmani informed that the gate will open automatically after the system approves the bar code given to each vehicle.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">With the implementation of the automated system, there will be no need for staff to open the gate of the customs office.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri"> "Importers can no longer pass more than one vehicle with the same exit note by deception or in collusion with employees," an official informed. The technology will also update the details of vehicles entering and leaving the customs premises, the customs officer added.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-12', 'modified' => '2020-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '12330', 'image' => '20201012023113_1602458957.Clipboard15.jpg', 'article_date' => '2020-10-12 14:30:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12582', 'article_category_id' => '1', 'title' => 'Duplication of Customers of Microfinance Companies Declining', 'sub_title' => '', 'summary' => 'October 11: The trend of taking multiple loans from different microfinance companies (duplication) has started to decrease.', 'content' => '<h1><span style="font-size:18px"><span style="font-family:"Times New Roman"">October 11: The trend of taking multiple loans from different microfinance companies (duplication) has started to decrease. This trend of duplication has decreased after Nepal Rastra Bank (NRB) made a provision to blacklist the non-performing borrowers at the Credit Information Center.</span></span></h1> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Dr Prakash Kumar Shrestha, executive director of the Department of Microfinance Supervision at Nepal Rastra Bank, says that cases of duplication has decreased by about 66,000 as compared to the previous year due to this arrangement. According to him, the names of all of the debtors of all microfinance companies are yet to be included in the system. After all the debtors are listed in the system, it will become very easy to find out the names of debtors along with the details of their creditor microfinance as well as the loan amount. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">“On this basis, the information of all indebted members can be taken from the credit information center,” Dr Shrestha told New Business Age, adding, "It is easy to find out whether the borrower has taken a loan from other microfinance institutions and if so, the information about the amount of the loan, the name of the microfinance institutions and if they’ve been blacklisted can also be easily found out. The institutions will be able to give loans without repeating the debtors in this way.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Microfinance companies say that it has become easy to identify the debt history of the debtors from the credit information center due to this arrangement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The amendment made on Nepal Rastra Bank’s directive for all ‘D’ class institutions, 2076 recommends the microfinance institutions to enlist any debtors in the blacklist if they have a loan of Rs 500,000 or more and are in a condition of turning into a non-performing loan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The directive has also made a provision directing the concerned microfinance companies to make a recommendation to the credit information center to blacklist the borrowers, who have not paid their loans intentionally. Another provision was made through the monetary policy to blacklist those borrowers, who have fallen into a debt trap by borrowing from more than one microfinance institution.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">There were no provisions for the removal of the names of the debtors from the blacklist after they had repaid their loans. The directive of the current fiscal year, has however made an arrangement for this.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The revised and amended directive for the ‘D’ class institutions issued by the central bank states, "If the debtors, who have been blacklisted for not paying their loans, pay back their loan along with the interest amount, the concerned microfinance institutions should recommend the credit information center to remove the debtors’ names from the blacklist." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Chairman of the Nepal Microfinance Bankers' Association, Basanta Raj Lamsal, says that the provision for removing the blacklisted name has brought a sense of completion to the blacklisting procedure. “Earlier, there was no provision to remove the name of a debtor from the blacklist even after he/she had repaid their loans," he said. Debtors are deprived of any government benefits until they get their names removed from the blacklist.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">There are 84 microfinance institutions across the country. There are about 3,900 branches of these companies. There are about 4,600,000 members of these microfinances. Among them, about 2,800,000 members are debtors. In previous years, a maximum of Rs 500,000 to Rs 1,000,000 could be taken as a loan from a microfinance. Since last year, the maximum amount of loan that can be taken has increased to Rs 1,500,000. The central bank says that risk and abuse of loans may increase with the increase of the maximum limit, which may lead to an increase in the number of blacklisted debtors.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-11', 'modified' => '2020-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '12329', 'image' => '20201011061054_My Effect.jpg', 'article_date' => '2020-10-11 18:10:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12581', 'article_category_id' => '1', 'title' => 'Construction of Gautam Buddha International Airport in the Final Stage', 'sub_title' => 'Disputes over air entry routes remain unresolved', 'summary' => 'October 11: The construction work of Gautam Buddha International Airport in Bhairahawa has reached the final stage. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">October 11: The construction work of Gautam Buddha International Airport in Bhairahawa has reached the final stage. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, to make optimal use of this airport, international flights coming to Nepal need to use the air entry points of Mahendranagar and Nepalgunj via India, for which India has not yet given positive response. As these entry routes are uncertain, the prospect of flight operation at the under-construction airport has become uncertain and complicated.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Even if India does not approve flights to enter Nepal through its airspace from the routes requested by Nepal, it does not mean that there will be no flight. However, the Mahendranagar and Nepalgunj air entry routes via Indian airspace will save both time and fuel for the flights.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, the Ministry of Culture, Tourism and Civil Aviation has been informing that the Gautam Buddha Airport will be operational from the beginning of 2021 and everything is being done accordingly.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During Prime Minister KP Oli's recent visit to India, the issue was discussed with his Indian counterpart Narendra Modi. However, no further progress has been made since then, according to tourism ministry officials. Aviation experts, officials of the ministry and officials of the Civil Aviation Authority of Nepal have been saying that the issue of airspace should be resolved by initiating a high level diplomatic discussion.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Indian authorities have so far disagreed to the air route citing security reasons, according to CAAN officials.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-11', 'modified' => '2020-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '12328', 'image' => '20201011031237_1602374658.1594332606.Clipboard04.jpg', 'article_date' => '2020-10-11 15:11:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12580', 'article_category_id' => '1', 'title' => 'Government Planning to Collect Service Charge for Payment of Taxes through Digital Wallets', 'sub_title' => '', 'summary' => 'October 11: The government has decided to charge an additional fare for the payment of taxes through digital wallets of payment gateways associated with the Revenue Management Information System.', '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"">October 11: The government has decided to charge an additional fare for the payment of taxes through digital wallets of payment gateways associated with the Revenue Management Information System.</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 Nepal Rastra Bank, the service charge is free of cost for the time being due to Covid-19 crisis. However, service seekers will have to pay anything between Rs 5 to Rs 30 for the payment of taxes effective from mid-January. </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 amended the Unified Directive 2077 on Friday, adding a provision that makes transactions up to Rs 1000 free of cost for an indefinite period. </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"">However, it has fixed service charge of Rs 5 for transaction between Rs 1000 to Rs 3000. Likewise, the service charge for transaction between Rs 3001 to Rs 10,000 has been fixed at Rs 10 while the transactions above Rs 10,001 has been fixed at Rs 30.</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 has said that the payment of taxes through digital wallets will be free of cost until January 13 considering the crisis created 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"">Executive Director of the Payments Management Department of Nepal Rastra Bank Bhuvan Kandel confirmed that the taxpayers can enjoy waiver of service charge for payments made through digital wallets until mid-January.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-11', 'modified' => '2020-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '12327', 'image' => '20201011123329_nrb.jpg', 'article_date' => '2020-10-11 12:32:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12579', 'article_category_id' => '1', 'title' => 'Tourism Minister Tests Positive for Covid-19', 'sub_title' => '', 'summary' => 'October 11: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai has confirmed himself testing positive for coronavirus. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">October 11: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai has confirmed himself testing positive for coronavirus. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">He posted on Facebook Saturday that his test report turned out positive.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">In the post, Minister Bhattarai said that he suffered from mild fever on Friday and got tested for coronavirus again for the second time on Saturday. The result came out positive.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">His PCR test taken last Monday had turned out negative, after which the minister attended a few programmes outside the valley.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">He further added that he is not facing any other problems besides mild fever.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The minister also urged everyone who has come into contact with him to remain alert and undergo test if they develop any symptoms.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS""><img alt="" src="/app/webroot/userfiles/images/yogesh%20bhattarai.jpg" style="height:464px; width:800px" /></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-11', 'modified' => '2020-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '12326', 'image' => '20201011111501_yogesh_bhattarai.jpg', 'article_date' => '2020-10-11 11:13:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12578', 'article_category_id' => '1', 'title' => 'Debtors of Microfinances Facing Difficulties in Loan Repayment', 'sub_title' => '', 'summary' => 'October 9: The debtors of microfinance companies have been facing difficulties in repaying the installments and loans due to the coronavirus pandemic.', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">October 9: The debtors of microfinance companies have been facing difficulties in repaying the installments and loans due to the coronavirus pandemic. A study by the Center for Microfinance Nepal (CMF) has shown that debtors from manufacturing and industrial sector are struggling more to repay their loans.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">CMF had conducted a study of 25 percent of the total microfinances in Nepal during the months of Chaitra and Baisakh (mid-March to mid-May). It released its study report on the impact of COVID-19 on microfinance on Thursday.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to the study done by CMF, the debtors from urban areas have more difficulties in repaying loans than the debtors in rural areas. The report shows that 63.82 percent of the borrowers in rural areas have difficulty in repaying their loans whereas 68.63 percent of urban borrowers have difficulty in repaying their loans.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">A total of 22.66 percent of the rural population have partial difficulty in repaying the loan while 13.53 percent of the debtors have no problem in repaying the loan. However, 21.47 percent of debtors from urban areas have partial difficulty in repaying their loans while 9.89 percent have no difficulty in repaying their loans.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Debtors of the urban areas are struggling to repay their loans more as the businesses in the urban areas have come to a standstill. Presenting the study report, CMF's Operations Manager Jagdish Tiwari stressed on the need to adopt collateral strategy to get rid of such problems. Prakash Kumar Shrestha, executive director of the Department of Supervision of Microfinance Financial Institutions of Nepal Rastra Bank, says that the 18 percent of the loan is based on collateral at present. He said, “Recently, the number of debtors who have exceeded the loan payment period has reached 1,256,000. Therefore, collateral loans need to be emphasized as they have less risks.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">About 79 percent of those who take loans from microfinance have said that their ability to repay loans has become weaker. Similarly, the study showed that the condition of 42 percent of agriculture, 68 percent of productive loans and 32 percent of consumer loans has become weak. The CMF has also suggested to increase investments in digitization for the technical development of microfinances. The study has also brought attention to changing the model of services as new methods and technologies are now needed in microfinance too.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The trend of saving in microfinance has increased since the beginning of the coronavirus pandemic. According to the study, deposits in MFIs have increased by 47 percent despite the decrease in the flow of credit. The trend of withdrawing money has also increased by 80 percent during this period. The study has also shown that e-transactions have increased by 10 percent during this period. According to the institutions that were part of the study, about 70 percent of the customers have psychosocial problems due to lack of income. Customers are worried because of their unfavorable household budgets.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The study points out that the recent 5 percent interest rebate given to revive businesses through relief packages is not enough for small businesses. Therefore, the study has suggested that the government should give income tax exemption for two years as an incentive. "As Nepal Rastra Bank regulates and supervises all banks and financial institutions in Nepal, a separate regulatory body is now needed for microfinance institutions," Tiwari said while presenting the report, adding, “There is a separate regulatory body for microfinances in countries like Bangladesh. Nepal also needs a separate regulator for microfinance institutions.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Rewat Bahadur Karki, executive chairman of CMF, says that the main objective of the study was to assess and analyze the overall, immediate, short-term and the long-term impacts of COVID-19 in the operation of microfinance institutions and their customers.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-09', 'modified' => '2020-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '12325', 'image' => '20201009055110_microfinance.jpg', 'article_date' => '2020-10-09 17:50:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12577', 'article_category_id' => '1', 'title' => 'Government Fails to Regulate Shipping Companies', 'sub_title' => 'Foreign Companies Ignore Government Directive to Conduct Business Only after Registration', 'summary' => 'October 9: The government has failed to regulate the shipping companies involved in transporting goods to Nepal from overseas.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">October 9: The government has failed to regulate the shipping companies involved in transporting goods to Nepal from overseas.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had announced to make the transport of goods cost-effective, transparent and economical by making a separate law, but the plan has not been able to move ahead as planned.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The private sector has been complaining that the shipping companies transporting containers to Nepal from third countries have been charging fare as per their will because they have not been registered in Nepal. In such condition, the government has not been able to regulate such companies. Such companies have been charging massive amounts to the importers in the name of freight and fines.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Since the government can only regulate companies registered in Nepal, the shipping companies are still out of the government's control. A few months ago, the Ministry of Industry, Commerce and Supplies took the initiative of bringing the shipping companies under the registration process. However, that effort has slowed down.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Bilateral and Regional Trade Division under the ministry had instructed Nepal-based representative of foreign shipping companies to conduct business only after registering their company here. The representatives were asked to write to the concerned company immediately for the registration process. However, after three months, not a single shipping company has been registered.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-09', 'modified' => '2020-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '12324', 'image' => '20201009043033_1602200812.Clipboard01.jpg', 'article_date' => '2020-10-09 16:29:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12590', 'article_category_id' => '1', 'title' => 'NEA Instructed not to fine Hydropower Companies below 10MW Capacity', 'sub_title' => '', 'summary' => 'October 13: The Electricity Regulatory Commission has directed Nepal Electricity Authority not to charge any kind of fine or penalty to the hydropower companies with the capacity of 10 Mega Watt in case of reduction of electricity generation due to natural causes. ', '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"">October 13: The Electricity Regulatory Commission has directed Nepal Electricity Authority not to charge any kind of fine or penalty to the hydropower companies with the capacity of 10 Mega Watt in case of reduction of electricity generation due to natural causes. </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 commission gave such directive to the NEA after it did not comply with the existing legal provisions. </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 promoter company normally sign a power purchase agreement with NEA to provide a certain amount of electricity in a month. The company has to provide at least 80 percent electricity to the NEA as per the commitment within the stipulated time. If the company fails to provide electricity, they will have to pay fine to NEA. But the commission has made it clear that the NEA should not charge any fine in case the company fails to provide electricity as promised due to natural calamities.</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"">It has been directed not to charge any fine in case of damage to the transmission line or substation due to floods, landslides, earthquake and other out of control conditions. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-13', 'modified' => '2020-10-13', 'keywords' => '', 'description' => '', 'sortorder' => '12338', 'image' => '20201013023211_1602544752.11.jpg', 'article_date' => '2020-10-13 14:31:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12591', 'article_category_id' => '1', 'title' => 'Two Dozen Microfinance Companies in the Process of Merger and Acquisition', 'sub_title' => '', 'summary' => 'October 13: Microfinance companies have been more active in the process of merger and acquisition as compared to commercial banks, development banks and finance companies.', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">October 13: Microfinance companies have been more active in the process of merger and acquisition as compared to commercial banks, development banks and finance companies.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to Nepal Rastra Bank, around two dozen microfinance companies are currently in the process of merger and acquisition. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank is currently analyzing the process of merger and acquisition of eight such companies. Swastik and Samaj Microfinance, and CYC Nepal and Shaligram Microfinance are in the process of merger. Similarly, Mirmire and Srijansheel microfinance, and Global IME Microfinance and Sparsh Microfinance are in the process of acquisitions.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Similarly, the process of merger and acquisition of eight organizations has moved forward after their analysis was completed. The microfinance companies opting for mergers include OMI and Grameen Swayamsevak Microfinance, NIC Asia Microfinance and Swadeshi Microfinance, Mahuli and Nawikaran Microfinance, and Jalpa and Mahila Samudayik Microfinance.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">In addition, the central bank has given agreement in principle to 12 institutions to come for the final approval. Nepal Rastra Bank has given an agreement letter for the merger between Samata and Gharelu Microfinance. Unique Nepal and Buddhajyoti Microfinance were given the agreement letter to merge four months ago. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Narayan Pokharel, deputy spokesperson of Nepal Rastra Bank, informed that Dhaulagiri Microfinance and Nesdo Sambridha Microfinance were given agreement letters two months ago to merge with Aandhikhola Microfinance and Nepal Agro Microfinance respectively.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">A total of 207 banks and financial institutions have joined the merger/acquisition procedure as of October 11, after the central bank started the process of mergers and acquisitions between banks and financial institutions with the objective of strengthening their financial stability. Out of these, the licenses of 157 organizations have been revoked whereas 50 organizations have been established.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Some microfinance companies have also taken their steps back from the merger process. The acquisition process between Vijay Microfinance and Sweda was canceled even though they had already received an agreement letter from Nepal Rastra Bank. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Sweda has already merged with another microfinance and Vijay Microfinance has signed an agreement to acquire Khaptad Microfinance.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to Prakash Kumar Shrestha, executive director of the Microfinance Supervision Department of Nepal Rastra Bank, says that most of the microfinance companies are in the process of merger and acquisition in order to strengthen their capital as all of them were struggling due the coronavirus pandemic. He also believes that the facility provided by the central bank to those who go for mergers and acquisitions has also encouraged them to merge/acquire.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“Coronavirus has affected the microfinance companies. Some of the organizations have chosen the path of merger and acquisition to become stronger,” he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank has formulated a strategy to reduce the number of microfinance companies from 84 to 30. The central bank has made an arrangement to provide incentives to the merged/acquired entities by permitting them to issue their right shares.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank says that the process of merger and acquisition will strengthen the paid-up capital and ensure reliable financial services.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank has also emphasized the microfinance companies to raise their capital. At present, there is a provision to have Rs 10 million as the paid-up capital for state-level microfinance company and Rs 100 million as the paid-up capital for national level microfinance company. Executive Director Shrestha informed that Nepal Rastra Bank is now thinking of increasing the minimum paid-up capital of microfinance institutions.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-13', 'modified' => '2020-10-13', 'keywords' => '', 'description' => '', 'sortorder' => '12337', 'image' => '20201013051444_1602545132.Clipboard10.jpg', 'article_date' => '2020-10-13 17:14:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12588', 'article_category_id' => '1', 'title' => 'Import Takes a Nosedive due to Covid-19 Crisis', 'sub_title' => '', 'summary' => 'October 13: Coronavirus has not only weakened the country’s economy but also disrupted production and supply chain.', '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"">October 13: Coronavirus has not only weakened the country’s economy but also disrupted production and supply chain. The effect of coronavirus is now being observed in the core of the economic activities.</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"">Birgunj customs point, which accounts for the maximum foreign trade of Nepal, has witnessed a massive decline in import of vehicles, petroleum products and raw materials for industries.</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 import of these vital products took a nosedive in the first three months of the current 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"">The Birgunj Customs Office informed that the import has declined drastically compared to the last fiscal year. Customs officer Ramesh Sukmani informed that the import of vehicles, petroleum product as well as raw materials has declined to a great extent.</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"">Birgunj is the major entry point for vehicles, petroleum products and raw materials.</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"">Data kept by the customs office shows that the import of vehicles has dropped by more than 50 percent and so has the revenue.</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"">Altogether 1174 jeeps and cars have been imported as of October 9 in the current fiscal year. The import of vehicles during the corresponding period of last FY was 2786.</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 import of morotcycles, pick-up vans, trucks, mini trucks, auto rickshaw have also declined during the review period.</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, the import of diesel, petrol and aviation turbine fuel (ATF) have dropped by 51, 25 and 77 percent respectively.</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"">Information officer of the customs office Bimal Kumar Sah says that the import through the customs point declined heavily due to the obstruction in transportation after the government imposed lockdown and prohibitory order.</span></span></span></span></p> <p> </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"">Industrialists say that the lack of demand in the market has also led to a decline in import of raw materials. </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"">Industrialist Rajesh Kyal says the decline in import of raw materials and petroleum products as well as luxurious goods is a sign of economic contraction.</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 lockdown has taken toll on employment opportunities which in turn has hit earning capacity of the people. This has led to a decline in demand and production. In such a scenario, it is obvious for import to decline,” says Kyal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-13', 'modified' => '2020-10-13', 'keywords' => '', 'description' => '', 'sortorder' => '12336', 'image' => '20201013113700_1602546054.Clipboard05.jpg', 'article_date' => '2020-10-13 11:36:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12589', 'article_category_id' => '1', 'title' => 'Poudel Assumes Responsibility of NAC General Manager ', 'sub_title' => '', 'summary' => 'October 13: Newly-appointed General Manager of Nepal Airlines Corporation Dim Prasad Poudel has assumed his responsibilities at the state-owned airline company.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">October 13: Newly-appointed General Manager of Nepal Airlines Corporation Dim Prasad Poudel has assumed his responsibilities at the state-owned airline company.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">The government has appointed his to the post for a four-year period. Poudel, a chartered accountant by profession and a management expert, was a member of the board of directors of NAC. </span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">NAC Chairman Sushil Ghimire handed over the responsibilities of NAC to Poudel amid a function held on Monday (October 12) and expressed happiness in getting some with great experience as chartered accountant as the GM of NAC.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">Chairman Ghimire said that the new GM was appointed as per the common understanding among the board members and also added that they were proud as an airliner for providing service during Covid-19 crisis.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">Meanwhile, Poudel said that although he is new to the aviation sector he would work towards revitalizing the NAC. Poudel also thanked the government for putting its trust on him.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">During the function, Poudel said that they cannot achieve must with the traditional working style and therefore stressed on a new approach and creativity for taking NAC to new heights.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-13', 'modified' => '2020-10-13', 'keywords' => '', 'description' => '', 'sortorder' => '12335', 'image' => '20201013124741_1602514117.ra_jm.jpg', 'article_date' => '2020-10-13 12:46:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12587', 'article_category_id' => '1', 'title' => 'Government Allows Diplomatic Missions to Import Luxurious Vehicles', 'sub_title' => '', 'summary' => 'October 12: The government has eased the restriction imposed on the import of luxurious vehicles to some extent. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">October 12: The government has eased the restriction imposed on the import of luxurious vehicles to some extent. The cabinet has decided to allow the import of luxurious vehicles for the diplomatic missions in 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:"Bangla MN"">Minister for Foreign Affairs Pradeep Gyawali, who is also the government’s spokesperson, informed that the Council of Ministers had decided to allow the diplomatic missions in Nepal and other organisations that enjoy diplomatic facilities to import luxurious cars. </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:"Bangla MN"">The government had banned the import of luxurious goods including vehicles in mid-March stating that the country’s economy was in grave danger due to coronavirus. Back then, the government had completely banned the import of vehicles that cost more than US$ 50,000.</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:"Bangla MN"">The government had decided to ban import of such vehicles arguing that the country’s economy was badly affected due to the outflow of Nepali currency as a result of importing luxurious vehicles. </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:"Bangla MN"">However, that decision caused problems for the diplomatic missions in Nepal and therefore the government lifted the ban for that specific purpose.</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:"Bangla MN"">The cost of vehicles worth US$ 50,000 increases up to Rs 20 million by the time it arrives in Nepal due to high customs duty. Such vehicles were basically used by high-class businessmen and government officials.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-12', 'modified' => '2020-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '12334', 'image' => '20201012043452_1602458890.Clipboard01.jpg', 'article_date' => '2020-10-12 16:34:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12583', 'article_category_id' => '1', 'title' => 'Government Lifts Ban on Import of Foreign Liquor', 'sub_title' => '', 'summary' => 'October 12: The government has lifted a ban on import of foreign liquor.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">October 12: The government has lifted a ban on import of foreign liquor. The Council of Ministers has decided to lift the ban which was in force since the last seven months. </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:"Bangla MN"">Minister for Foreign Affairs Pradeep Gyawali, who is also the government’s spokesperson, informed that the cabinet decided to lift the ban upon the recommendation of the Ministry of Industry, Commerce and Supplies.</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:"Bangla MN"">Issuing a notice in the Nepal Gazette, the government had banned the import of foreign liquor on March 24 while imposing the lockdown to contain the spread of 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:"Bangla MN"">With the ban in place for several months, liquors of foreign brand were being smuggled from India after running out of stock. The government has stated that the ban was lifted to discourage illegal smuggling of liquor. The government is also expecting an increase in revenue collection after lifting the ban.</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:"Bangla MN"">The import of whiskey in the current fiscal year has been worth Rs 820 million so far while its import was worth Rs 1.7 billion during the 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:"Bangla MN"">SPG Trading, Global Trading, Sahara Allied are some of the companies that import foreign liquor to 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:"Bangla MN"">Liquors like whiskey, wine, vodka, gin among others are mostly imported from India, Germany, Scotland, Italy, the USA, Belgium, Cuba as well as Gulf countries. The liquor dealers say that the consumption of foreign liquor goes up during the festive season. </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:"Bangla MN"">Nepal imports liquor as well as raw materials for liquor worth Rs 5 billion every year. The government collects revenue of Rs500 million from the import of such products.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-12', 'modified' => '2020-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '12333', 'image' => '20201012113827_1602459694.Clipboard16.jpg', 'article_date' => '2020-10-12 11:37:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12586', 'article_category_id' => '1', 'title' => 'Central Bank Issuing Treasury Bills Worth Rs 18.25 Billion', 'sub_title' => '', 'summary' => 'October 12: Nepal Rastra Bank has announced to issue treasury bills worth Rs 18.25 billion on Monday (October 12). ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">October 12: Nepal Rastra Bank has announced to issue treasury bills worth Rs 18.25 billion on Monday (October 12). Amongst the treasury bills issued by the central bank, bills worth Rs 3 billion are newly issued while the remaining bills worth Rs 15.25 billion are renewed ones.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The notice from Nepal Rastra Bank specifies that the treasury bills will have a maturity period of 364 days. According to the central bank, both new and renewed treasury bills will mature on October 11, 2021.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The treasury bills will be sold through auction. The central bank had also sold development bonds worth Rs 10 billion on October 6, 2020 through bidding. --RSS</span></span></span></p> ', 'published' => true, 'created' => '2020-10-12', 'modified' => '2020-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '12332', 'image' => '20201012033818_nrb.jpg', 'article_date' => '2020-10-12 15:37:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12584', 'article_category_id' => '1', 'title' => 'FCAN Draws Government Attention toward their Problems', 'sub_title' => '', 'summary' => 'October 12: A delegation of the Federation of Contractors’ Associations of Nepal (FCAN) met with Minister for Physical Infrastructure and Transport Basanta Kumar Nembang on Sunday (October 11) and drew his attention towards the impacts of COVID-19 on the real-estate business and construction works. ', '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"">October 12: A delegation of the Federation of Contractors’ Associations of Nepal (FCAN) met with Minister for Physical Infrastructure and Transport Basanta Kumar Nembang on Sunday (October 11) and drew his attention towards the impacts of COVID-19 on the real-estate business and construction works. They also discussed ways to resolve the problem with the minister. </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 delegation led by FCAN president Ravi Singh discussed about extension of project deadlines, bank guarantee and insurance, credit line commission among others. </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"">Minister Nembang said that he would work with the stakeholders to resolve the problems seen in the construction business. </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 federation demanded a policy-level decision from the government to extend the term of all projects and contracts by one year as the Public Procurement Act has defined the epidemic as a special circumstance. </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 federation also said that even if the deadline is extended for only six months, the deadline won’t be sufficient. The deadline for all the construction works should be automatically extended by one year as per the decision of the council of ministers. </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"">According to the federation, the cash flow in the construction sector has been low due to overhead expenses such as house rent, bank installments, staff salaries, etc. </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"">In order to revive the closed construction work and make the business run smoothly, the federation said that it is necessary for the construction entrepreneurs to get back the amount of five percent (retention money) deposit in the state treasury on the basis of bank guarantee. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-12', 'modified' => '2020-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '12331', 'image' => '20201012125336_1602414565.nirman_bybsai.jpg', 'article_date' => '2020-10-12 12:52:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12585', 'article_category_id' => '1', 'title' => 'Automated System Introduced at Birgunj Customs', 'sub_title' => '', 'summary' => 'October 12: An automated system has been brought into operation at the customs point in Birgunj to make the import business through the checkpoint quick and effective.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 12: An automated system has been brought into operation at the customs point in Birgunj to make the import business through the checkpoint quick and effective. For the first time, an automatic barrier has been set up at the Inaruwa-Raxaul checkpoint in Birgunj.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Customs Officer Ramesh Sukmani informed that the import from the checkpoint will be more transparent as the gate will be opened automatically based on the exit notes provided to the vehicles that have passed the inspection from the customs office. Sukmani informed that the gate will open automatically after the system approves the bar code given to each vehicle.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">With the implementation of the automated system, there will be no need for staff to open the gate of the customs office.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri"> "Importers can no longer pass more than one vehicle with the same exit note by deception or in collusion with employees," an official informed. The technology will also update the details of vehicles entering and leaving the customs premises, the customs officer added.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-12', 'modified' => '2020-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '12330', 'image' => '20201012023113_1602458957.Clipboard15.jpg', 'article_date' => '2020-10-12 14:30:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12582', 'article_category_id' => '1', 'title' => 'Duplication of Customers of Microfinance Companies Declining', 'sub_title' => '', 'summary' => 'October 11: The trend of taking multiple loans from different microfinance companies (duplication) has started to decrease.', 'content' => '<h1><span style="font-size:18px"><span style="font-family:"Times New Roman"">October 11: The trend of taking multiple loans from different microfinance companies (duplication) has started to decrease. This trend of duplication has decreased after Nepal Rastra Bank (NRB) made a provision to blacklist the non-performing borrowers at the Credit Information Center.</span></span></h1> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Dr Prakash Kumar Shrestha, executive director of the Department of Microfinance Supervision at Nepal Rastra Bank, says that cases of duplication has decreased by about 66,000 as compared to the previous year due to this arrangement. According to him, the names of all of the debtors of all microfinance companies are yet to be included in the system. After all the debtors are listed in the system, it will become very easy to find out the names of debtors along with the details of their creditor microfinance as well as the loan amount. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">“On this basis, the information of all indebted members can be taken from the credit information center,” Dr Shrestha told New Business Age, adding, "It is easy to find out whether the borrower has taken a loan from other microfinance institutions and if so, the information about the amount of the loan, the name of the microfinance institutions and if they’ve been blacklisted can also be easily found out. The institutions will be able to give loans without repeating the debtors in this way.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Microfinance companies say that it has become easy to identify the debt history of the debtors from the credit information center due to this arrangement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The amendment made on Nepal Rastra Bank’s directive for all ‘D’ class institutions, 2076 recommends the microfinance institutions to enlist any debtors in the blacklist if they have a loan of Rs 500,000 or more and are in a condition of turning into a non-performing loan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The directive has also made a provision directing the concerned microfinance companies to make a recommendation to the credit information center to blacklist the borrowers, who have not paid their loans intentionally. Another provision was made through the monetary policy to blacklist those borrowers, who have fallen into a debt trap by borrowing from more than one microfinance institution.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">There were no provisions for the removal of the names of the debtors from the blacklist after they had repaid their loans. The directive of the current fiscal year, has however made an arrangement for this.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The revised and amended directive for the ‘D’ class institutions issued by the central bank states, "If the debtors, who have been blacklisted for not paying their loans, pay back their loan along with the interest amount, the concerned microfinance institutions should recommend the credit information center to remove the debtors’ names from the blacklist." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Chairman of the Nepal Microfinance Bankers' Association, Basanta Raj Lamsal, says that the provision for removing the blacklisted name has brought a sense of completion to the blacklisting procedure. “Earlier, there was no provision to remove the name of a debtor from the blacklist even after he/she had repaid their loans," he said. Debtors are deprived of any government benefits until they get their names removed from the blacklist.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">There are 84 microfinance institutions across the country. There are about 3,900 branches of these companies. There are about 4,600,000 members of these microfinances. Among them, about 2,800,000 members are debtors. In previous years, a maximum of Rs 500,000 to Rs 1,000,000 could be taken as a loan from a microfinance. Since last year, the maximum amount of loan that can be taken has increased to Rs 1,500,000. The central bank says that risk and abuse of loans may increase with the increase of the maximum limit, which may lead to an increase in the number of blacklisted debtors.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-11', 'modified' => '2020-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '12329', 'image' => '20201011061054_My Effect.jpg', 'article_date' => '2020-10-11 18:10:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12581', 'article_category_id' => '1', 'title' => 'Construction of Gautam Buddha International Airport in the Final Stage', 'sub_title' => 'Disputes over air entry routes remain unresolved', 'summary' => 'October 11: The construction work of Gautam Buddha International Airport in Bhairahawa has reached the final stage. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">October 11: The construction work of Gautam Buddha International Airport in Bhairahawa has reached the final stage. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, to make optimal use of this airport, international flights coming to Nepal need to use the air entry points of Mahendranagar and Nepalgunj via India, for which India has not yet given positive response. As these entry routes are uncertain, the prospect of flight operation at the under-construction airport has become uncertain and complicated.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Even if India does not approve flights to enter Nepal through its airspace from the routes requested by Nepal, it does not mean that there will be no flight. However, the Mahendranagar and Nepalgunj air entry routes via Indian airspace will save both time and fuel for the flights.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, the Ministry of Culture, Tourism and Civil Aviation has been informing that the Gautam Buddha Airport will be operational from the beginning of 2021 and everything is being done accordingly.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During Prime Minister KP Oli's recent visit to India, the issue was discussed with his Indian counterpart Narendra Modi. However, no further progress has been made since then, according to tourism ministry officials. Aviation experts, officials of the ministry and officials of the Civil Aviation Authority of Nepal have been saying that the issue of airspace should be resolved by initiating a high level diplomatic discussion.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Indian authorities have so far disagreed to the air route citing security reasons, according to CAAN officials.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-11', 'modified' => '2020-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '12328', 'image' => '20201011031237_1602374658.1594332606.Clipboard04.jpg', 'article_date' => '2020-10-11 15:11:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12580', 'article_category_id' => '1', 'title' => 'Government Planning to Collect Service Charge for Payment of Taxes through Digital Wallets', 'sub_title' => '', 'summary' => 'October 11: The government has decided to charge an additional fare for the payment of taxes through digital wallets of payment gateways associated with the Revenue Management Information System.', '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"">October 11: The government has decided to charge an additional fare for the payment of taxes through digital wallets of payment gateways associated with the Revenue Management Information System.</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 Nepal Rastra Bank, the service charge is free of cost for the time being due to Covid-19 crisis. However, service seekers will have to pay anything between Rs 5 to Rs 30 for the payment of taxes effective from mid-January. </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 amended the Unified Directive 2077 on Friday, adding a provision that makes transactions up to Rs 1000 free of cost for an indefinite period. </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"">However, it has fixed service charge of Rs 5 for transaction between Rs 1000 to Rs 3000. Likewise, the service charge for transaction between Rs 3001 to Rs 10,000 has been fixed at Rs 10 while the transactions above Rs 10,001 has been fixed at Rs 30.</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 has said that the payment of taxes through digital wallets will be free of cost until January 13 considering the crisis created 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"">Executive Director of the Payments Management Department of Nepal Rastra Bank Bhuvan Kandel confirmed that the taxpayers can enjoy waiver of service charge for payments made through digital wallets until mid-January.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-11', 'modified' => '2020-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '12327', 'image' => '20201011123329_nrb.jpg', 'article_date' => '2020-10-11 12:32:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12579', 'article_category_id' => '1', 'title' => 'Tourism Minister Tests Positive for Covid-19', 'sub_title' => '', 'summary' => 'October 11: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai has confirmed himself testing positive for coronavirus. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">October 11: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai has confirmed himself testing positive for coronavirus. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">He posted on Facebook Saturday that his test report turned out positive.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">In the post, Minister Bhattarai said that he suffered from mild fever on Friday and got tested for coronavirus again for the second time on Saturday. The result came out positive.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">His PCR test taken last Monday had turned out negative, after which the minister attended a few programmes outside the valley.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">He further added that he is not facing any other problems besides mild fever.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The minister also urged everyone who has come into contact with him to remain alert and undergo test if they develop any symptoms.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS""><img alt="" src="/app/webroot/userfiles/images/yogesh%20bhattarai.jpg" style="height:464px; width:800px" /></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-11', 'modified' => '2020-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '12326', 'image' => '20201011111501_yogesh_bhattarai.jpg', 'article_date' => '2020-10-11 11:13:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12578', 'article_category_id' => '1', 'title' => 'Debtors of Microfinances Facing Difficulties in Loan Repayment', 'sub_title' => '', 'summary' => 'October 9: The debtors of microfinance companies have been facing difficulties in repaying the installments and loans due to the coronavirus pandemic.', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">October 9: The debtors of microfinance companies have been facing difficulties in repaying the installments and loans due to the coronavirus pandemic. A study by the Center for Microfinance Nepal (CMF) has shown that debtors from manufacturing and industrial sector are struggling more to repay their loans.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">CMF had conducted a study of 25 percent of the total microfinances in Nepal during the months of Chaitra and Baisakh (mid-March to mid-May). It released its study report on the impact of COVID-19 on microfinance on Thursday.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to the study done by CMF, the debtors from urban areas have more difficulties in repaying loans than the debtors in rural areas. The report shows that 63.82 percent of the borrowers in rural areas have difficulty in repaying their loans whereas 68.63 percent of urban borrowers have difficulty in repaying their loans.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">A total of 22.66 percent of the rural population have partial difficulty in repaying the loan while 13.53 percent of the debtors have no problem in repaying the loan. However, 21.47 percent of debtors from urban areas have partial difficulty in repaying their loans while 9.89 percent have no difficulty in repaying their loans.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Debtors of the urban areas are struggling to repay their loans more as the businesses in the urban areas have come to a standstill. Presenting the study report, CMF's Operations Manager Jagdish Tiwari stressed on the need to adopt collateral strategy to get rid of such problems. Prakash Kumar Shrestha, executive director of the Department of Supervision of Microfinance Financial Institutions of Nepal Rastra Bank, says that the 18 percent of the loan is based on collateral at present. He said, “Recently, the number of debtors who have exceeded the loan payment period has reached 1,256,000. Therefore, collateral loans need to be emphasized as they have less risks.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">About 79 percent of those who take loans from microfinance have said that their ability to repay loans has become weaker. Similarly, the study showed that the condition of 42 percent of agriculture, 68 percent of productive loans and 32 percent of consumer loans has become weak. The CMF has also suggested to increase investments in digitization for the technical development of microfinances. The study has also brought attention to changing the model of services as new methods and technologies are now needed in microfinance too.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The trend of saving in microfinance has increased since the beginning of the coronavirus pandemic. According to the study, deposits in MFIs have increased by 47 percent despite the decrease in the flow of credit. The trend of withdrawing money has also increased by 80 percent during this period. The study has also shown that e-transactions have increased by 10 percent during this period. According to the institutions that were part of the study, about 70 percent of the customers have psychosocial problems due to lack of income. Customers are worried because of their unfavorable household budgets.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The study points out that the recent 5 percent interest rebate given to revive businesses through relief packages is not enough for small businesses. Therefore, the study has suggested that the government should give income tax exemption for two years as an incentive. "As Nepal Rastra Bank regulates and supervises all banks and financial institutions in Nepal, a separate regulatory body is now needed for microfinance institutions," Tiwari said while presenting the report, adding, “There is a separate regulatory body for microfinances in countries like Bangladesh. Nepal also needs a separate regulator for microfinance institutions.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Rewat Bahadur Karki, executive chairman of CMF, says that the main objective of the study was to assess and analyze the overall, immediate, short-term and the long-term impacts of COVID-19 in the operation of microfinance institutions and their customers.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-09', 'modified' => '2020-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '12325', 'image' => '20201009055110_microfinance.jpg', 'article_date' => '2020-10-09 17:50:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12577', 'article_category_id' => '1', 'title' => 'Government Fails to Regulate Shipping Companies', 'sub_title' => 'Foreign Companies Ignore Government Directive to Conduct Business Only after Registration', 'summary' => 'October 9: The government has failed to regulate the shipping companies involved in transporting goods to Nepal from overseas.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">October 9: The government has failed to regulate the shipping companies involved in transporting goods to Nepal from overseas.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had announced to make the transport of goods cost-effective, transparent and economical by making a separate law, but the plan has not been able to move ahead as planned.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The private sector has been complaining that the shipping companies transporting containers to Nepal from third countries have been charging fare as per their will because they have not been registered in Nepal. In such condition, the government has not been able to regulate such companies. Such companies have been charging massive amounts to the importers in the name of freight and fines.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Since the government can only regulate companies registered in Nepal, the shipping companies are still out of the government's control. A few months ago, the Ministry of Industry, Commerce and Supplies took the initiative of bringing the shipping companies under the registration process. However, that effort has slowed down.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Bilateral and Regional Trade Division under the ministry had instructed Nepal-based representative of foreign shipping companies to conduct business only after registering their company here. The representatives were asked to write to the concerned company immediately for the registration process. However, after three months, not a single shipping company has been registered.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-09', 'modified' => '2020-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '12324', 'image' => '20201009043033_1602200812.Clipboard01.jpg', 'article_date' => '2020-10-09 16:29:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12590', 'article_category_id' => '1', 'title' => 'NEA Instructed not to fine Hydropower Companies below 10MW Capacity', 'sub_title' => '', 'summary' => 'October 13: The Electricity Regulatory Commission has directed Nepal Electricity Authority not to charge any kind of fine or penalty to the hydropower companies with the capacity of 10 Mega Watt in case of reduction of electricity generation due to natural causes. ', '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"">October 13: The Electricity Regulatory Commission has directed Nepal Electricity Authority not to charge any kind of fine or penalty to the hydropower companies with the capacity of 10 Mega Watt in case of reduction of electricity generation due to natural causes. </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 commission gave such directive to the NEA after it did not comply with the existing legal provisions. </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 promoter company normally sign a power purchase agreement with NEA to provide a certain amount of electricity in a month. The company has to provide at least 80 percent electricity to the NEA as per the commitment within the stipulated time. If the company fails to provide electricity, they will have to pay fine to NEA. But the commission has made it clear that the NEA should not charge any fine in case the company fails to provide electricity as promised due to natural calamities.</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"">It has been directed not to charge any fine in case of damage to the transmission line or substation due to floods, landslides, earthquake and other out of control conditions. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-13', 'modified' => '2020-10-13', 'keywords' => '', 'description' => '', 'sortorder' => '12338', 'image' => '20201013023211_1602544752.11.jpg', 'article_date' => '2020-10-13 14:31:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12591', 'article_category_id' => '1', 'title' => 'Two Dozen Microfinance Companies in the Process of Merger and Acquisition', 'sub_title' => '', 'summary' => 'October 13: Microfinance companies have been more active in the process of merger and acquisition as compared to commercial banks, development banks and finance companies.', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">October 13: Microfinance companies have been more active in the process of merger and acquisition as compared to commercial banks, development banks and finance companies.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to Nepal Rastra Bank, around two dozen microfinance companies are currently in the process of merger and acquisition. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank is currently analyzing the process of merger and acquisition of eight such companies. Swastik and Samaj Microfinance, and CYC Nepal and Shaligram Microfinance are in the process of merger. Similarly, Mirmire and Srijansheel microfinance, and Global IME Microfinance and Sparsh Microfinance are in the process of acquisitions.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Similarly, the process of merger and acquisition of eight organizations has moved forward after their analysis was completed. The microfinance companies opting for mergers include OMI and Grameen Swayamsevak Microfinance, NIC Asia Microfinance and Swadeshi Microfinance, Mahuli and Nawikaran Microfinance, and Jalpa and Mahila Samudayik Microfinance.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">In addition, the central bank has given agreement in principle to 12 institutions to come for the final approval. Nepal Rastra Bank has given an agreement letter for the merger between Samata and Gharelu Microfinance. Unique Nepal and Buddhajyoti Microfinance were given the agreement letter to merge four months ago. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Narayan Pokharel, deputy spokesperson of Nepal Rastra Bank, informed that Dhaulagiri Microfinance and Nesdo Sambridha Microfinance were given agreement letters two months ago to merge with Aandhikhola Microfinance and Nepal Agro Microfinance respectively.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">A total of 207 banks and financial institutions have joined the merger/acquisition procedure as of October 11, after the central bank started the process of mergers and acquisitions between banks and financial institutions with the objective of strengthening their financial stability. Out of these, the licenses of 157 organizations have been revoked whereas 50 organizations have been established.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Some microfinance companies have also taken their steps back from the merger process. The acquisition process between Vijay Microfinance and Sweda was canceled even though they had already received an agreement letter from Nepal Rastra Bank. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Sweda has already merged with another microfinance and Vijay Microfinance has signed an agreement to acquire Khaptad Microfinance.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to Prakash Kumar Shrestha, executive director of the Microfinance Supervision Department of Nepal Rastra Bank, says that most of the microfinance companies are in the process of merger and acquisition in order to strengthen their capital as all of them were struggling due the coronavirus pandemic. He also believes that the facility provided by the central bank to those who go for mergers and acquisitions has also encouraged them to merge/acquire.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“Coronavirus has affected the microfinance companies. Some of the organizations have chosen the path of merger and acquisition to become stronger,” he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank has formulated a strategy to reduce the number of microfinance companies from 84 to 30. The central bank has made an arrangement to provide incentives to the merged/acquired entities by permitting them to issue their right shares.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank says that the process of merger and acquisition will strengthen the paid-up capital and ensure reliable financial services.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank has also emphasized the microfinance companies to raise their capital. At present, there is a provision to have Rs 10 million as the paid-up capital for state-level microfinance company and Rs 100 million as the paid-up capital for national level microfinance company. Executive Director Shrestha informed that Nepal Rastra Bank is now thinking of increasing the minimum paid-up capital of microfinance institutions.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-13', 'modified' => '2020-10-13', 'keywords' => '', 'description' => '', 'sortorder' => '12337', 'image' => '20201013051444_1602545132.Clipboard10.jpg', 'article_date' => '2020-10-13 17:14:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12588', 'article_category_id' => '1', 'title' => 'Import Takes a Nosedive due to Covid-19 Crisis', 'sub_title' => '', 'summary' => 'October 13: Coronavirus has not only weakened the country’s economy but also disrupted production and supply chain.', '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"">October 13: Coronavirus has not only weakened the country’s economy but also disrupted production and supply chain. The effect of coronavirus is now being observed in the core of the economic activities.</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"">Birgunj customs point, which accounts for the maximum foreign trade of Nepal, has witnessed a massive decline in import of vehicles, petroleum products and raw materials for industries.</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 import of these vital products took a nosedive in the first three months of the current 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"">The Birgunj Customs Office informed that the import has declined drastically compared to the last fiscal year. Customs officer Ramesh Sukmani informed that the import of vehicles, petroleum product as well as raw materials has declined to a great extent.</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"">Birgunj is the major entry point for vehicles, petroleum products and raw materials.</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"">Data kept by the customs office shows that the import of vehicles has dropped by more than 50 percent and so has the revenue.</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"">Altogether 1174 jeeps and cars have been imported as of October 9 in the current fiscal year. The import of vehicles during the corresponding period of last FY was 2786.</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 import of morotcycles, pick-up vans, trucks, mini trucks, auto rickshaw have also declined during the review period.</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, the import of diesel, petrol and aviation turbine fuel (ATF) have dropped by 51, 25 and 77 percent respectively.</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"">Information officer of the customs office Bimal Kumar Sah says that the import through the customs point declined heavily due to the obstruction in transportation after the government imposed lockdown and prohibitory order.</span></span></span></span></p> <p> </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"">Industrialists say that the lack of demand in the market has also led to a decline in import of raw materials. </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"">Industrialist Rajesh Kyal says the decline in import of raw materials and petroleum products as well as luxurious goods is a sign of economic contraction.</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 lockdown has taken toll on employment opportunities which in turn has hit earning capacity of the people. This has led to a decline in demand and production. In such a scenario, it is obvious for import to decline,” says Kyal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-13', 'modified' => '2020-10-13', 'keywords' => '', 'description' => '', 'sortorder' => '12336', 'image' => '20201013113700_1602546054.Clipboard05.jpg', 'article_date' => '2020-10-13 11:36:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12589', 'article_category_id' => '1', 'title' => 'Poudel Assumes Responsibility of NAC General Manager ', 'sub_title' => '', 'summary' => 'October 13: Newly-appointed General Manager of Nepal Airlines Corporation Dim Prasad Poudel has assumed his responsibilities at the state-owned airline company.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">October 13: Newly-appointed General Manager of Nepal Airlines Corporation Dim Prasad Poudel has assumed his responsibilities at the state-owned airline company.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">The government has appointed his to the post for a four-year period. Poudel, a chartered accountant by profession and a management expert, was a member of the board of directors of NAC. </span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">NAC Chairman Sushil Ghimire handed over the responsibilities of NAC to Poudel amid a function held on Monday (October 12) and expressed happiness in getting some with great experience as chartered accountant as the GM of NAC.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">Chairman Ghimire said that the new GM was appointed as per the common understanding among the board members and also added that they were proud as an airliner for providing service during Covid-19 crisis.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">Meanwhile, Poudel said that although he is new to the aviation sector he would work towards revitalizing the NAC. Poudel also thanked the government for putting its trust on him.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">During the function, Poudel said that they cannot achieve must with the traditional working style and therefore stressed on a new approach and creativity for taking NAC to new heights.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-13', 'modified' => '2020-10-13', 'keywords' => '', 'description' => '', 'sortorder' => '12335', 'image' => '20201013124741_1602514117.ra_jm.jpg', 'article_date' => '2020-10-13 12:46:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12587', 'article_category_id' => '1', 'title' => 'Government Allows Diplomatic Missions to Import Luxurious Vehicles', 'sub_title' => '', 'summary' => 'October 12: The government has eased the restriction imposed on the import of luxurious vehicles to some extent. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">October 12: The government has eased the restriction imposed on the import of luxurious vehicles to some extent. The cabinet has decided to allow the import of luxurious vehicles for the diplomatic missions in 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:"Bangla MN"">Minister for Foreign Affairs Pradeep Gyawali, who is also the government’s spokesperson, informed that the Council of Ministers had decided to allow the diplomatic missions in Nepal and other organisations that enjoy diplomatic facilities to import luxurious cars. </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:"Bangla MN"">The government had banned the import of luxurious goods including vehicles in mid-March stating that the country’s economy was in grave danger due to coronavirus. Back then, the government had completely banned the import of vehicles that cost more than US$ 50,000.</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:"Bangla MN"">The government had decided to ban import of such vehicles arguing that the country’s economy was badly affected due to the outflow of Nepali currency as a result of importing luxurious vehicles. </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:"Bangla MN"">However, that decision caused problems for the diplomatic missions in Nepal and therefore the government lifted the ban for that specific purpose.</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:"Bangla MN"">The cost of vehicles worth US$ 50,000 increases up to Rs 20 million by the time it arrives in Nepal due to high customs duty. Such vehicles were basically used by high-class businessmen and government officials.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-12', 'modified' => '2020-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '12334', 'image' => '20201012043452_1602458890.Clipboard01.jpg', 'article_date' => '2020-10-12 16:34:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12583', 'article_category_id' => '1', 'title' => 'Government Lifts Ban on Import of Foreign Liquor', 'sub_title' => '', 'summary' => 'October 12: The government has lifted a ban on import of foreign liquor.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">October 12: The government has lifted a ban on import of foreign liquor. The Council of Ministers has decided to lift the ban which was in force since the last seven months. </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:"Bangla MN"">Minister for Foreign Affairs Pradeep Gyawali, who is also the government’s spokesperson, informed that the cabinet decided to lift the ban upon the recommendation of the Ministry of Industry, Commerce and Supplies.</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:"Bangla MN"">Issuing a notice in the Nepal Gazette, the government had banned the import of foreign liquor on March 24 while imposing the lockdown to contain the spread of 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:"Bangla MN"">With the ban in place for several months, liquors of foreign brand were being smuggled from India after running out of stock. The government has stated that the ban was lifted to discourage illegal smuggling of liquor. The government is also expecting an increase in revenue collection after lifting the ban.</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:"Bangla MN"">The import of whiskey in the current fiscal year has been worth Rs 820 million so far while its import was worth Rs 1.7 billion during the 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:"Bangla MN"">SPG Trading, Global Trading, Sahara Allied are some of the companies that import foreign liquor to 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:"Bangla MN"">Liquors like whiskey, wine, vodka, gin among others are mostly imported from India, Germany, Scotland, Italy, the USA, Belgium, Cuba as well as Gulf countries. The liquor dealers say that the consumption of foreign liquor goes up during the festive season. </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:"Bangla MN"">Nepal imports liquor as well as raw materials for liquor worth Rs 5 billion every year. The government collects revenue of Rs500 million from the import of such products.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-12', 'modified' => '2020-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '12333', 'image' => '20201012113827_1602459694.Clipboard16.jpg', 'article_date' => '2020-10-12 11:37:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12586', 'article_category_id' => '1', 'title' => 'Central Bank Issuing Treasury Bills Worth Rs 18.25 Billion', 'sub_title' => '', 'summary' => 'October 12: Nepal Rastra Bank has announced to issue treasury bills worth Rs 18.25 billion on Monday (October 12). ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">October 12: Nepal Rastra Bank has announced to issue treasury bills worth Rs 18.25 billion on Monday (October 12). Amongst the treasury bills issued by the central bank, bills worth Rs 3 billion are newly issued while the remaining bills worth Rs 15.25 billion are renewed ones.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The notice from Nepal Rastra Bank specifies that the treasury bills will have a maturity period of 364 days. According to the central bank, both new and renewed treasury bills will mature on October 11, 2021.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The treasury bills will be sold through auction. The central bank had also sold development bonds worth Rs 10 billion on October 6, 2020 through bidding. --RSS</span></span></span></p> ', 'published' => true, 'created' => '2020-10-12', 'modified' => '2020-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '12332', 'image' => '20201012033818_nrb.jpg', 'article_date' => '2020-10-12 15:37:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12584', 'article_category_id' => '1', 'title' => 'FCAN Draws Government Attention toward their Problems', 'sub_title' => '', 'summary' => 'October 12: A delegation of the Federation of Contractors’ Associations of Nepal (FCAN) met with Minister for Physical Infrastructure and Transport Basanta Kumar Nembang on Sunday (October 11) and drew his attention towards the impacts of COVID-19 on the real-estate business and construction works. ', '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"">October 12: A delegation of the Federation of Contractors’ Associations of Nepal (FCAN) met with Minister for Physical Infrastructure and Transport Basanta Kumar Nembang on Sunday (October 11) and drew his attention towards the impacts of COVID-19 on the real-estate business and construction works. They also discussed ways to resolve the problem with the minister. </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 delegation led by FCAN president Ravi Singh discussed about extension of project deadlines, bank guarantee and insurance, credit line commission among others. </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"">Minister Nembang said that he would work with the stakeholders to resolve the problems seen in the construction business. </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 federation demanded a policy-level decision from the government to extend the term of all projects and contracts by one year as the Public Procurement Act has defined the epidemic as a special circumstance. </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 federation also said that even if the deadline is extended for only six months, the deadline won’t be sufficient. The deadline for all the construction works should be automatically extended by one year as per the decision of the council of ministers. </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"">According to the federation, the cash flow in the construction sector has been low due to overhead expenses such as house rent, bank installments, staff salaries, etc. </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"">In order to revive the closed construction work and make the business run smoothly, the federation said that it is necessary for the construction entrepreneurs to get back the amount of five percent (retention money) deposit in the state treasury on the basis of bank guarantee. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-12', 'modified' => '2020-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '12331', 'image' => '20201012125336_1602414565.nirman_bybsai.jpg', 'article_date' => '2020-10-12 12:52:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12585', 'article_category_id' => '1', 'title' => 'Automated System Introduced at Birgunj Customs', 'sub_title' => '', 'summary' => 'October 12: An automated system has been brought into operation at the customs point in Birgunj to make the import business through the checkpoint quick and effective.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 12: An automated system has been brought into operation at the customs point in Birgunj to make the import business through the checkpoint quick and effective. For the first time, an automatic barrier has been set up at the Inaruwa-Raxaul checkpoint in Birgunj.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Customs Officer Ramesh Sukmani informed that the import from the checkpoint will be more transparent as the gate will be opened automatically based on the exit notes provided to the vehicles that have passed the inspection from the customs office. Sukmani informed that the gate will open automatically after the system approves the bar code given to each vehicle.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">With the implementation of the automated system, there will be no need for staff to open the gate of the customs office.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri"> "Importers can no longer pass more than one vehicle with the same exit note by deception or in collusion with employees," an official informed. The technology will also update the details of vehicles entering and leaving the customs premises, the customs officer added.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-12', 'modified' => '2020-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '12330', 'image' => '20201012023113_1602458957.Clipboard15.jpg', 'article_date' => '2020-10-12 14:30:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12582', 'article_category_id' => '1', 'title' => 'Duplication of Customers of Microfinance Companies Declining', 'sub_title' => '', 'summary' => 'October 11: The trend of taking multiple loans from different microfinance companies (duplication) has started to decrease.', 'content' => '<h1><span style="font-size:18px"><span style="font-family:"Times New Roman"">October 11: The trend of taking multiple loans from different microfinance companies (duplication) has started to decrease. This trend of duplication has decreased after Nepal Rastra Bank (NRB) made a provision to blacklist the non-performing borrowers at the Credit Information Center.</span></span></h1> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Dr Prakash Kumar Shrestha, executive director of the Department of Microfinance Supervision at Nepal Rastra Bank, says that cases of duplication has decreased by about 66,000 as compared to the previous year due to this arrangement. According to him, the names of all of the debtors of all microfinance companies are yet to be included in the system. After all the debtors are listed in the system, it will become very easy to find out the names of debtors along with the details of their creditor microfinance as well as the loan amount. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">“On this basis, the information of all indebted members can be taken from the credit information center,” Dr Shrestha told New Business Age, adding, "It is easy to find out whether the borrower has taken a loan from other microfinance institutions and if so, the information about the amount of the loan, the name of the microfinance institutions and if they’ve been blacklisted can also be easily found out. The institutions will be able to give loans without repeating the debtors in this way.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Microfinance companies say that it has become easy to identify the debt history of the debtors from the credit information center due to this arrangement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The amendment made on Nepal Rastra Bank’s directive for all ‘D’ class institutions, 2076 recommends the microfinance institutions to enlist any debtors in the blacklist if they have a loan of Rs 500,000 or more and are in a condition of turning into a non-performing loan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The directive has also made a provision directing the concerned microfinance companies to make a recommendation to the credit information center to blacklist the borrowers, who have not paid their loans intentionally. Another provision was made through the monetary policy to blacklist those borrowers, who have fallen into a debt trap by borrowing from more than one microfinance institution.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">There were no provisions for the removal of the names of the debtors from the blacklist after they had repaid their loans. The directive of the current fiscal year, has however made an arrangement for this.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The revised and amended directive for the ‘D’ class institutions issued by the central bank states, "If the debtors, who have been blacklisted for not paying their loans, pay back their loan along with the interest amount, the concerned microfinance institutions should recommend the credit information center to remove the debtors’ names from the blacklist." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Chairman of the Nepal Microfinance Bankers' Association, Basanta Raj Lamsal, says that the provision for removing the blacklisted name has brought a sense of completion to the blacklisting procedure. “Earlier, there was no provision to remove the name of a debtor from the blacklist even after he/she had repaid their loans," he said. Debtors are deprived of any government benefits until they get their names removed from the blacklist.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">There are 84 microfinance institutions across the country. There are about 3,900 branches of these companies. There are about 4,600,000 members of these microfinances. Among them, about 2,800,000 members are debtors. In previous years, a maximum of Rs 500,000 to Rs 1,000,000 could be taken as a loan from a microfinance. Since last year, the maximum amount of loan that can be taken has increased to Rs 1,500,000. The central bank says that risk and abuse of loans may increase with the increase of the maximum limit, which may lead to an increase in the number of blacklisted debtors.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-11', 'modified' => '2020-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '12329', 'image' => '20201011061054_My Effect.jpg', 'article_date' => '2020-10-11 18:10:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12581', 'article_category_id' => '1', 'title' => 'Construction of Gautam Buddha International Airport in the Final Stage', 'sub_title' => 'Disputes over air entry routes remain unresolved', 'summary' => 'October 11: The construction work of Gautam Buddha International Airport in Bhairahawa has reached the final stage. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">October 11: The construction work of Gautam Buddha International Airport in Bhairahawa has reached the final stage. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, to make optimal use of this airport, international flights coming to Nepal need to use the air entry points of Mahendranagar and Nepalgunj via India, for which India has not yet given positive response. As these entry routes are uncertain, the prospect of flight operation at the under-construction airport has become uncertain and complicated.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Even if India does not approve flights to enter Nepal through its airspace from the routes requested by Nepal, it does not mean that there will be no flight. However, the Mahendranagar and Nepalgunj air entry routes via Indian airspace will save both time and fuel for the flights.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, the Ministry of Culture, Tourism and Civil Aviation has been informing that the Gautam Buddha Airport will be operational from the beginning of 2021 and everything is being done accordingly.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During Prime Minister KP Oli's recent visit to India, the issue was discussed with his Indian counterpart Narendra Modi. However, no further progress has been made since then, according to tourism ministry officials. Aviation experts, officials of the ministry and officials of the Civil Aviation Authority of Nepal have been saying that the issue of airspace should be resolved by initiating a high level diplomatic discussion.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Indian authorities have so far disagreed to the air route citing security reasons, according to CAAN officials.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-11', 'modified' => '2020-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '12328', 'image' => '20201011031237_1602374658.1594332606.Clipboard04.jpg', 'article_date' => '2020-10-11 15:11:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12580', 'article_category_id' => '1', 'title' => 'Government Planning to Collect Service Charge for Payment of Taxes through Digital Wallets', 'sub_title' => '', 'summary' => 'October 11: The government has decided to charge an additional fare for the payment of taxes through digital wallets of payment gateways associated with the Revenue Management Information System.', '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"">October 11: The government has decided to charge an additional fare for the payment of taxes through digital wallets of payment gateways associated with the Revenue Management Information System.</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 Nepal Rastra Bank, the service charge is free of cost for the time being due to Covid-19 crisis. However, service seekers will have to pay anything between Rs 5 to Rs 30 for the payment of taxes effective from mid-January. </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 amended the Unified Directive 2077 on Friday, adding a provision that makes transactions up to Rs 1000 free of cost for an indefinite period. </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"">However, it has fixed service charge of Rs 5 for transaction between Rs 1000 to Rs 3000. Likewise, the service charge for transaction between Rs 3001 to Rs 10,000 has been fixed at Rs 10 while the transactions above Rs 10,001 has been fixed at Rs 30.</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 has said that the payment of taxes through digital wallets will be free of cost until January 13 considering the crisis created 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"">Executive Director of the Payments Management Department of Nepal Rastra Bank Bhuvan Kandel confirmed that the taxpayers can enjoy waiver of service charge for payments made through digital wallets until mid-January.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-11', 'modified' => '2020-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '12327', 'image' => '20201011123329_nrb.jpg', 'article_date' => '2020-10-11 12:32:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12579', 'article_category_id' => '1', 'title' => 'Tourism Minister Tests Positive for Covid-19', 'sub_title' => '', 'summary' => 'October 11: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai has confirmed himself testing positive for coronavirus. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">October 11: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai has confirmed himself testing positive for coronavirus. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">He posted on Facebook Saturday that his test report turned out positive.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">In the post, Minister Bhattarai said that he suffered from mild fever on Friday and got tested for coronavirus again for the second time on Saturday. The result came out positive.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">His PCR test taken last Monday had turned out negative, after which the minister attended a few programmes outside the valley.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">He further added that he is not facing any other problems besides mild fever.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The minister also urged everyone who has come into contact with him to remain alert and undergo test if they develop any symptoms.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS""><img alt="" src="/app/webroot/userfiles/images/yogesh%20bhattarai.jpg" style="height:464px; width:800px" /></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-11', 'modified' => '2020-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '12326', 'image' => '20201011111501_yogesh_bhattarai.jpg', 'article_date' => '2020-10-11 11:13:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12578', 'article_category_id' => '1', 'title' => 'Debtors of Microfinances Facing Difficulties in Loan Repayment', 'sub_title' => '', 'summary' => 'October 9: The debtors of microfinance companies have been facing difficulties in repaying the installments and loans due to the coronavirus pandemic.', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">October 9: The debtors of microfinance companies have been facing difficulties in repaying the installments and loans due to the coronavirus pandemic. A study by the Center for Microfinance Nepal (CMF) has shown that debtors from manufacturing and industrial sector are struggling more to repay their loans.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">CMF had conducted a study of 25 percent of the total microfinances in Nepal during the months of Chaitra and Baisakh (mid-March to mid-May). It released its study report on the impact of COVID-19 on microfinance on Thursday.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to the study done by CMF, the debtors from urban areas have more difficulties in repaying loans than the debtors in rural areas. The report shows that 63.82 percent of the borrowers in rural areas have difficulty in repaying their loans whereas 68.63 percent of urban borrowers have difficulty in repaying their loans.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">A total of 22.66 percent of the rural population have partial difficulty in repaying the loan while 13.53 percent of the debtors have no problem in repaying the loan. However, 21.47 percent of debtors from urban areas have partial difficulty in repaying their loans while 9.89 percent have no difficulty in repaying their loans.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Debtors of the urban areas are struggling to repay their loans more as the businesses in the urban areas have come to a standstill. Presenting the study report, CMF's Operations Manager Jagdish Tiwari stressed on the need to adopt collateral strategy to get rid of such problems. Prakash Kumar Shrestha, executive director of the Department of Supervision of Microfinance Financial Institutions of Nepal Rastra Bank, says that the 18 percent of the loan is based on collateral at present. He said, “Recently, the number of debtors who have exceeded the loan payment period has reached 1,256,000. Therefore, collateral loans need to be emphasized as they have less risks.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">About 79 percent of those who take loans from microfinance have said that their ability to repay loans has become weaker. Similarly, the study showed that the condition of 42 percent of agriculture, 68 percent of productive loans and 32 percent of consumer loans has become weak. The CMF has also suggested to increase investments in digitization for the technical development of microfinances. The study has also brought attention to changing the model of services as new methods and technologies are now needed in microfinance too.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The trend of saving in microfinance has increased since the beginning of the coronavirus pandemic. According to the study, deposits in MFIs have increased by 47 percent despite the decrease in the flow of credit. The trend of withdrawing money has also increased by 80 percent during this period. The study has also shown that e-transactions have increased by 10 percent during this period. According to the institutions that were part of the study, about 70 percent of the customers have psychosocial problems due to lack of income. Customers are worried because of their unfavorable household budgets.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The study points out that the recent 5 percent interest rebate given to revive businesses through relief packages is not enough for small businesses. Therefore, the study has suggested that the government should give income tax exemption for two years as an incentive. "As Nepal Rastra Bank regulates and supervises all banks and financial institutions in Nepal, a separate regulatory body is now needed for microfinance institutions," Tiwari said while presenting the report, adding, “There is a separate regulatory body for microfinances in countries like Bangladesh. Nepal also needs a separate regulator for microfinance institutions.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Rewat Bahadur Karki, executive chairman of CMF, says that the main objective of the study was to assess and analyze the overall, immediate, short-term and the long-term impacts of COVID-19 in the operation of microfinance institutions and their customers.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-09', 'modified' => '2020-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '12325', 'image' => '20201009055110_microfinance.jpg', 'article_date' => '2020-10-09 17:50:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12577', 'article_category_id' => '1', 'title' => 'Government Fails to Regulate Shipping Companies', 'sub_title' => 'Foreign Companies Ignore Government Directive to Conduct Business Only after Registration', 'summary' => 'October 9: The government has failed to regulate the shipping companies involved in transporting goods to Nepal from overseas.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">October 9: The government has failed to regulate the shipping companies involved in transporting goods to Nepal from overseas.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had announced to make the transport of goods cost-effective, transparent and economical by making a separate law, but the plan has not been able to move ahead as planned.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The private sector has been complaining that the shipping companies transporting containers to Nepal from third countries have been charging fare as per their will because they have not been registered in Nepal. In such condition, the government has not been able to regulate such companies. Such companies have been charging massive amounts to the importers in the name of freight and fines.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Since the government can only regulate companies registered in Nepal, the shipping companies are still out of the government's control. A few months ago, the Ministry of Industry, Commerce and Supplies took the initiative of bringing the shipping companies under the registration process. However, that effort has slowed down.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Bilateral and Regional Trade Division under the ministry had instructed Nepal-based representative of foreign shipping companies to conduct business only after registering their company here. The representatives were asked to write to the concerned company immediately for the registration process. However, after three months, not a single shipping company has been registered.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-09', 'modified' => '2020-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '12324', 'image' => '20201009043033_1602200812.Clipboard01.jpg', 'article_date' => '2020-10-09 16:29:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12590', 'article_category_id' => '1', 'title' => 'NEA Instructed not to fine Hydropower Companies below 10MW Capacity', 'sub_title' => '', 'summary' => 'October 13: The Electricity Regulatory Commission has directed Nepal Electricity Authority not to charge any kind of fine or penalty to the hydropower companies with the capacity of 10 Mega Watt in case of reduction of electricity generation due to natural causes. ', '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"">October 13: The Electricity Regulatory Commission has directed Nepal Electricity Authority not to charge any kind of fine or penalty to the hydropower companies with the capacity of 10 Mega Watt in case of reduction of electricity generation due to natural causes. </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 commission gave such directive to the NEA after it did not comply with the existing legal provisions. </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 promoter company normally sign a power purchase agreement with NEA to provide a certain amount of electricity in a month. The company has to provide at least 80 percent electricity to the NEA as per the commitment within the stipulated time. If the company fails to provide electricity, they will have to pay fine to NEA. But the commission has made it clear that the NEA should not charge any fine in case the company fails to provide electricity as promised due to natural calamities.</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"">It has been directed not to charge any fine in case of damage to the transmission line or substation due to floods, landslides, earthquake and other out of control conditions. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-13', 'modified' => '2020-10-13', 'keywords' => '', 'description' => '', 'sortorder' => '12338', 'image' => '20201013023211_1602544752.11.jpg', 'article_date' => '2020-10-13 14:31:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12591', 'article_category_id' => '1', 'title' => 'Two Dozen Microfinance Companies in the Process of Merger and Acquisition', 'sub_title' => '', 'summary' => 'October 13: Microfinance companies have been more active in the process of merger and acquisition as compared to commercial banks, development banks and finance companies.', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">October 13: Microfinance companies have been more active in the process of merger and acquisition as compared to commercial banks, development banks and finance companies.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to Nepal Rastra Bank, around two dozen microfinance companies are currently in the process of merger and acquisition. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank is currently analyzing the process of merger and acquisition of eight such companies. Swastik and Samaj Microfinance, and CYC Nepal and Shaligram Microfinance are in the process of merger. Similarly, Mirmire and Srijansheel microfinance, and Global IME Microfinance and Sparsh Microfinance are in the process of acquisitions.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Similarly, the process of merger and acquisition of eight organizations has moved forward after their analysis was completed. The microfinance companies opting for mergers include OMI and Grameen Swayamsevak Microfinance, NIC Asia Microfinance and Swadeshi Microfinance, Mahuli and Nawikaran Microfinance, and Jalpa and Mahila Samudayik Microfinance.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">In addition, the central bank has given agreement in principle to 12 institutions to come for the final approval. Nepal Rastra Bank has given an agreement letter for the merger between Samata and Gharelu Microfinance. Unique Nepal and Buddhajyoti Microfinance were given the agreement letter to merge four months ago. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Narayan Pokharel, deputy spokesperson of Nepal Rastra Bank, informed that Dhaulagiri Microfinance and Nesdo Sambridha Microfinance were given agreement letters two months ago to merge with Aandhikhola Microfinance and Nepal Agro Microfinance respectively.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">A total of 207 banks and financial institutions have joined the merger/acquisition procedure as of October 11, after the central bank started the process of mergers and acquisitions between banks and financial institutions with the objective of strengthening their financial stability. Out of these, the licenses of 157 organizations have been revoked whereas 50 organizations have been established.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Some microfinance companies have also taken their steps back from the merger process. The acquisition process between Vijay Microfinance and Sweda was canceled even though they had already received an agreement letter from Nepal Rastra Bank. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Sweda has already merged with another microfinance and Vijay Microfinance has signed an agreement to acquire Khaptad Microfinance.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to Prakash Kumar Shrestha, executive director of the Microfinance Supervision Department of Nepal Rastra Bank, says that most of the microfinance companies are in the process of merger and acquisition in order to strengthen their capital as all of them were struggling due the coronavirus pandemic. He also believes that the facility provided by the central bank to those who go for mergers and acquisitions has also encouraged them to merge/acquire.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“Coronavirus has affected the microfinance companies. Some of the organizations have chosen the path of merger and acquisition to become stronger,” he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank has formulated a strategy to reduce the number of microfinance companies from 84 to 30. The central bank has made an arrangement to provide incentives to the merged/acquired entities by permitting them to issue their right shares.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank says that the process of merger and acquisition will strengthen the paid-up capital and ensure reliable financial services.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank has also emphasized the microfinance companies to raise their capital. At present, there is a provision to have Rs 10 million as the paid-up capital for state-level microfinance company and Rs 100 million as the paid-up capital for national level microfinance company. Executive Director Shrestha informed that Nepal Rastra Bank is now thinking of increasing the minimum paid-up capital of microfinance institutions.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-13', 'modified' => '2020-10-13', 'keywords' => '', 'description' => '', 'sortorder' => '12337', 'image' => '20201013051444_1602545132.Clipboard10.jpg', 'article_date' => '2020-10-13 17:14:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12588', 'article_category_id' => '1', 'title' => 'Import Takes a Nosedive due to Covid-19 Crisis', 'sub_title' => '', 'summary' => 'October 13: Coronavirus has not only weakened the country’s economy but also disrupted production and supply chain.', '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"">October 13: Coronavirus has not only weakened the country’s economy but also disrupted production and supply chain. The effect of coronavirus is now being observed in the core of the economic activities.</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"">Birgunj customs point, which accounts for the maximum foreign trade of Nepal, has witnessed a massive decline in import of vehicles, petroleum products and raw materials for industries.</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 import of these vital products took a nosedive in the first three months of the current 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"">The Birgunj Customs Office informed that the import has declined drastically compared to the last fiscal year. Customs officer Ramesh Sukmani informed that the import of vehicles, petroleum product as well as raw materials has declined to a great extent.</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"">Birgunj is the major entry point for vehicles, petroleum products and raw materials.</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"">Data kept by the customs office shows that the import of vehicles has dropped by more than 50 percent and so has the revenue.</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"">Altogether 1174 jeeps and cars have been imported as of October 9 in the current fiscal year. The import of vehicles during the corresponding period of last FY was 2786.</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 import of morotcycles, pick-up vans, trucks, mini trucks, auto rickshaw have also declined during the review period.</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, the import of diesel, petrol and aviation turbine fuel (ATF) have dropped by 51, 25 and 77 percent respectively.</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"">Information officer of the customs office Bimal Kumar Sah says that the import through the customs point declined heavily due to the obstruction in transportation after the government imposed lockdown and prohibitory order.</span></span></span></span></p> <p> </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"">Industrialists say that the lack of demand in the market has also led to a decline in import of raw materials. </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"">Industrialist Rajesh Kyal says the decline in import of raw materials and petroleum products as well as luxurious goods is a sign of economic contraction.</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 lockdown has taken toll on employment opportunities which in turn has hit earning capacity of the people. This has led to a decline in demand and production. In such a scenario, it is obvious for import to decline,” says Kyal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-13', 'modified' => '2020-10-13', 'keywords' => '', 'description' => '', 'sortorder' => '12336', 'image' => '20201013113700_1602546054.Clipboard05.jpg', 'article_date' => '2020-10-13 11:36:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12589', 'article_category_id' => '1', 'title' => 'Poudel Assumes Responsibility of NAC General Manager ', 'sub_title' => '', 'summary' => 'October 13: Newly-appointed General Manager of Nepal Airlines Corporation Dim Prasad Poudel has assumed his responsibilities at the state-owned airline company.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">October 13: Newly-appointed General Manager of Nepal Airlines Corporation Dim Prasad Poudel has assumed his responsibilities at the state-owned airline company.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">The government has appointed his to the post for a four-year period. Poudel, a chartered accountant by profession and a management expert, was a member of the board of directors of NAC. </span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">NAC Chairman Sushil Ghimire handed over the responsibilities of NAC to Poudel amid a function held on Monday (October 12) and expressed happiness in getting some with great experience as chartered accountant as the GM of NAC.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">Chairman Ghimire said that the new GM was appointed as per the common understanding among the board members and also added that they were proud as an airliner for providing service during Covid-19 crisis.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">Meanwhile, Poudel said that although he is new to the aviation sector he would work towards revitalizing the NAC. Poudel also thanked the government for putting its trust on him.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Bangla MN"">During the function, Poudel said that they cannot achieve must with the traditional working style and therefore stressed on a new approach and creativity for taking NAC to new heights.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-13', 'modified' => '2020-10-13', 'keywords' => '', 'description' => '', 'sortorder' => '12335', 'image' => '20201013124741_1602514117.ra_jm.jpg', 'article_date' => '2020-10-13 12:46:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12587', 'article_category_id' => '1', 'title' => 'Government Allows Diplomatic Missions to Import Luxurious Vehicles', 'sub_title' => '', 'summary' => 'October 12: The government has eased the restriction imposed on the import of luxurious vehicles to some extent. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">October 12: The government has eased the restriction imposed on the import of luxurious vehicles to some extent. The cabinet has decided to allow the import of luxurious vehicles for the diplomatic missions in 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:"Bangla MN"">Minister for Foreign Affairs Pradeep Gyawali, who is also the government’s spokesperson, informed that the Council of Ministers had decided to allow the diplomatic missions in Nepal and other organisations that enjoy diplomatic facilities to import luxurious cars. </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:"Bangla MN"">The government had banned the import of luxurious goods including vehicles in mid-March stating that the country’s economy was in grave danger due to coronavirus. Back then, the government had completely banned the import of vehicles that cost more than US$ 50,000.</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:"Bangla MN"">The government had decided to ban import of such vehicles arguing that the country’s economy was badly affected due to the outflow of Nepali currency as a result of importing luxurious vehicles. </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:"Bangla MN"">However, that decision caused problems for the diplomatic missions in Nepal and therefore the government lifted the ban for that specific purpose.</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:"Bangla MN"">The cost of vehicles worth US$ 50,000 increases up to Rs 20 million by the time it arrives in Nepal due to high customs duty. Such vehicles were basically used by high-class businessmen and government officials.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-12', 'modified' => '2020-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '12334', 'image' => '20201012043452_1602458890.Clipboard01.jpg', 'article_date' => '2020-10-12 16:34:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12583', 'article_category_id' => '1', 'title' => 'Government Lifts Ban on Import of Foreign Liquor', 'sub_title' => '', 'summary' => 'October 12: The government has lifted a ban on import of foreign liquor.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">October 12: The government has lifted a ban on import of foreign liquor. The Council of Ministers has decided to lift the ban which was in force since the last seven months. </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:"Bangla MN"">Minister for Foreign Affairs Pradeep Gyawali, who is also the government’s spokesperson, informed that the cabinet decided to lift the ban upon the recommendation of the Ministry of Industry, Commerce and Supplies.</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:"Bangla MN"">Issuing a notice in the Nepal Gazette, the government had banned the import of foreign liquor on March 24 while imposing the lockdown to contain the spread of 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:"Bangla MN"">With the ban in place for several months, liquors of foreign brand were being smuggled from India after running out of stock. The government has stated that the ban was lifted to discourage illegal smuggling of liquor. The government is also expecting an increase in revenue collection after lifting the ban.</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:"Bangla MN"">The import of whiskey in the current fiscal year has been worth Rs 820 million so far while its import was worth Rs 1.7 billion during the 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:"Bangla MN"">SPG Trading, Global Trading, Sahara Allied are some of the companies that import foreign liquor to 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:"Bangla MN"">Liquors like whiskey, wine, vodka, gin among others are mostly imported from India, Germany, Scotland, Italy, the USA, Belgium, Cuba as well as Gulf countries. The liquor dealers say that the consumption of foreign liquor goes up during the festive season. </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:"Bangla MN"">Nepal imports liquor as well as raw materials for liquor worth Rs 5 billion every year. The government collects revenue of Rs500 million from the import of such products.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-12', 'modified' => '2020-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '12333', 'image' => '20201012113827_1602459694.Clipboard16.jpg', 'article_date' => '2020-10-12 11:37:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12586', 'article_category_id' => '1', 'title' => 'Central Bank Issuing Treasury Bills Worth Rs 18.25 Billion', 'sub_title' => '', 'summary' => 'October 12: Nepal Rastra Bank has announced to issue treasury bills worth Rs 18.25 billion on Monday (October 12). ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">October 12: Nepal Rastra Bank has announced to issue treasury bills worth Rs 18.25 billion on Monday (October 12). Amongst the treasury bills issued by the central bank, bills worth Rs 3 billion are newly issued while the remaining bills worth Rs 15.25 billion are renewed ones.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The notice from Nepal Rastra Bank specifies that the treasury bills will have a maturity period of 364 days. According to the central bank, both new and renewed treasury bills will mature on October 11, 2021.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The treasury bills will be sold through auction. The central bank had also sold development bonds worth Rs 10 billion on October 6, 2020 through bidding. --RSS</span></span></span></p> ', 'published' => true, 'created' => '2020-10-12', 'modified' => '2020-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '12332', 'image' => '20201012033818_nrb.jpg', 'article_date' => '2020-10-12 15:37:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12584', 'article_category_id' => '1', 'title' => 'FCAN Draws Government Attention toward their Problems', 'sub_title' => '', 'summary' => 'October 12: A delegation of the Federation of Contractors’ Associations of Nepal (FCAN) met with Minister for Physical Infrastructure and Transport Basanta Kumar Nembang on Sunday (October 11) and drew his attention towards the impacts of COVID-19 on the real-estate business and construction works. ', '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"">October 12: A delegation of the Federation of Contractors’ Associations of Nepal (FCAN) met with Minister for Physical Infrastructure and Transport Basanta Kumar Nembang on Sunday (October 11) and drew his attention towards the impacts of COVID-19 on the real-estate business and construction works. They also discussed ways to resolve the problem with the minister. </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 delegation led by FCAN president Ravi Singh discussed about extension of project deadlines, bank guarantee and insurance, credit line commission among others. </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"">Minister Nembang said that he would work with the stakeholders to resolve the problems seen in the construction business. </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 federation demanded a policy-level decision from the government to extend the term of all projects and contracts by one year as the Public Procurement Act has defined the epidemic as a special circumstance. </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 federation also said that even if the deadline is extended for only six months, the deadline won’t be sufficient. The deadline for all the construction works should be automatically extended by one year as per the decision of the council of ministers. </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"">According to the federation, the cash flow in the construction sector has been low due to overhead expenses such as house rent, bank installments, staff salaries, etc. </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"">In order to revive the closed construction work and make the business run smoothly, the federation said that it is necessary for the construction entrepreneurs to get back the amount of five percent (retention money) deposit in the state treasury on the basis of bank guarantee. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-12', 'modified' => '2020-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '12331', 'image' => '20201012125336_1602414565.nirman_bybsai.jpg', 'article_date' => '2020-10-12 12:52:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12585', 'article_category_id' => '1', 'title' => 'Automated System Introduced at Birgunj Customs', 'sub_title' => '', 'summary' => 'October 12: An automated system has been brought into operation at the customs point in Birgunj to make the import business through the checkpoint quick and effective.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 12: An automated system has been brought into operation at the customs point in Birgunj to make the import business through the checkpoint quick and effective. For the first time, an automatic barrier has been set up at the Inaruwa-Raxaul checkpoint in Birgunj.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Customs Officer Ramesh Sukmani informed that the import from the checkpoint will be more transparent as the gate will be opened automatically based on the exit notes provided to the vehicles that have passed the inspection from the customs office. Sukmani informed that the gate will open automatically after the system approves the bar code given to each vehicle.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">With the implementation of the automated system, there will be no need for staff to open the gate of the customs office.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri"> "Importers can no longer pass more than one vehicle with the same exit note by deception or in collusion with employees," an official informed. The technology will also update the details of vehicles entering and leaving the customs premises, the customs officer added.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-12', 'modified' => '2020-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '12330', 'image' => '20201012023113_1602458957.Clipboard15.jpg', 'article_date' => '2020-10-12 14:30:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12582', 'article_category_id' => '1', 'title' => 'Duplication of Customers of Microfinance Companies Declining', 'sub_title' => '', 'summary' => 'October 11: The trend of taking multiple loans from different microfinance companies (duplication) has started to decrease.', 'content' => '<h1><span style="font-size:18px"><span style="font-family:"Times New Roman"">October 11: The trend of taking multiple loans from different microfinance companies (duplication) has started to decrease. This trend of duplication has decreased after Nepal Rastra Bank (NRB) made a provision to blacklist the non-performing borrowers at the Credit Information Center.</span></span></h1> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Dr Prakash Kumar Shrestha, executive director of the Department of Microfinance Supervision at Nepal Rastra Bank, says that cases of duplication has decreased by about 66,000 as compared to the previous year due to this arrangement. According to him, the names of all of the debtors of all microfinance companies are yet to be included in the system. After all the debtors are listed in the system, it will become very easy to find out the names of debtors along with the details of their creditor microfinance as well as the loan amount. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">“On this basis, the information of all indebted members can be taken from the credit information center,” Dr Shrestha told New Business Age, adding, "It is easy to find out whether the borrower has taken a loan from other microfinance institutions and if so, the information about the amount of the loan, the name of the microfinance institutions and if they’ve been blacklisted can also be easily found out. The institutions will be able to give loans without repeating the debtors in this way.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Microfinance companies say that it has become easy to identify the debt history of the debtors from the credit information center due to this arrangement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The amendment made on Nepal Rastra Bank’s directive for all ‘D’ class institutions, 2076 recommends the microfinance institutions to enlist any debtors in the blacklist if they have a loan of Rs 500,000 or more and are in a condition of turning into a non-performing loan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The directive has also made a provision directing the concerned microfinance companies to make a recommendation to the credit information center to blacklist the borrowers, who have not paid their loans intentionally. Another provision was made through the monetary policy to blacklist those borrowers, who have fallen into a debt trap by borrowing from more than one microfinance institution.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">There were no provisions for the removal of the names of the debtors from the blacklist after they had repaid their loans. The directive of the current fiscal year, has however made an arrangement for this.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The revised and amended directive for the ‘D’ class institutions issued by the central bank states, "If the debtors, who have been blacklisted for not paying their loans, pay back their loan along with the interest amount, the concerned microfinance institutions should recommend the credit information center to remove the debtors’ names from the blacklist." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Chairman of the Nepal Microfinance Bankers' Association, Basanta Raj Lamsal, says that the provision for removing the blacklisted name has brought a sense of completion to the blacklisting procedure. “Earlier, there was no provision to remove the name of a debtor from the blacklist even after he/she had repaid their loans," he said. Debtors are deprived of any government benefits until they get their names removed from the blacklist.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">There are 84 microfinance institutions across the country. There are about 3,900 branches of these companies. There are about 4,600,000 members of these microfinances. Among them, about 2,800,000 members are debtors. In previous years, a maximum of Rs 500,000 to Rs 1,000,000 could be taken as a loan from a microfinance. Since last year, the maximum amount of loan that can be taken has increased to Rs 1,500,000. The central bank says that risk and abuse of loans may increase with the increase of the maximum limit, which may lead to an increase in the number of blacklisted debtors.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-11', 'modified' => '2020-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '12329', 'image' => '20201011061054_My Effect.jpg', 'article_date' => '2020-10-11 18:10:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12581', 'article_category_id' => '1', 'title' => 'Construction of Gautam Buddha International Airport in the Final Stage', 'sub_title' => 'Disputes over air entry routes remain unresolved', 'summary' => 'October 11: The construction work of Gautam Buddha International Airport in Bhairahawa has reached the final stage. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">October 11: The construction work of Gautam Buddha International Airport in Bhairahawa has reached the final stage. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, to make optimal use of this airport, international flights coming to Nepal need to use the air entry points of Mahendranagar and Nepalgunj via India, for which India has not yet given positive response. As these entry routes are uncertain, the prospect of flight operation at the under-construction airport has become uncertain and complicated.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Even if India does not approve flights to enter Nepal through its airspace from the routes requested by Nepal, it does not mean that there will be no flight. However, the Mahendranagar and Nepalgunj air entry routes via Indian airspace will save both time and fuel for the flights.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, the Ministry of Culture, Tourism and Civil Aviation has been informing that the Gautam Buddha Airport will be operational from the beginning of 2021 and everything is being done accordingly.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During Prime Minister KP Oli's recent visit to India, the issue was discussed with his Indian counterpart Narendra Modi. However, no further progress has been made since then, according to tourism ministry officials. Aviation experts, officials of the ministry and officials of the Civil Aviation Authority of Nepal have been saying that the issue of airspace should be resolved by initiating a high level diplomatic discussion.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Indian authorities have so far disagreed to the air route citing security reasons, according to CAAN officials.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-11', 'modified' => '2020-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '12328', 'image' => '20201011031237_1602374658.1594332606.Clipboard04.jpg', 'article_date' => '2020-10-11 15:11:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12580', 'article_category_id' => '1', 'title' => 'Government Planning to Collect Service Charge for Payment of Taxes through Digital Wallets', 'sub_title' => '', 'summary' => 'October 11: The government has decided to charge an additional fare for the payment of taxes through digital wallets of payment gateways associated with the Revenue Management Information System.', '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"">October 11: The government has decided to charge an additional fare for the payment of taxes through digital wallets of payment gateways associated with the Revenue Management Information System.</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 Nepal Rastra Bank, the service charge is free of cost for the time being due to Covid-19 crisis. However, service seekers will have to pay anything between Rs 5 to Rs 30 for the payment of taxes effective from mid-January. </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 amended the Unified Directive 2077 on Friday, adding a provision that makes transactions up to Rs 1000 free of cost for an indefinite period. </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"">However, it has fixed service charge of Rs 5 for transaction between Rs 1000 to Rs 3000. Likewise, the service charge for transaction between Rs 3001 to Rs 10,000 has been fixed at Rs 10 while the transactions above Rs 10,001 has been fixed at Rs 30.</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 has said that the payment of taxes through digital wallets will be free of cost until January 13 considering the crisis created 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"">Executive Director of the Payments Management Department of Nepal Rastra Bank Bhuvan Kandel confirmed that the taxpayers can enjoy waiver of service charge for payments made through digital wallets until mid-January.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-11', 'modified' => '2020-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '12327', 'image' => '20201011123329_nrb.jpg', 'article_date' => '2020-10-11 12:32:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12579', 'article_category_id' => '1', 'title' => 'Tourism Minister Tests Positive for Covid-19', 'sub_title' => '', 'summary' => 'October 11: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai has confirmed himself testing positive for coronavirus. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">October 11: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai has confirmed himself testing positive for coronavirus. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">He posted on Facebook Saturday that his test report turned out positive.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">In the post, Minister Bhattarai said that he suffered from mild fever on Friday and got tested for coronavirus again for the second time on Saturday. The result came out positive.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">His PCR test taken last Monday had turned out negative, after which the minister attended a few programmes outside the valley.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">He further added that he is not facing any other problems besides mild fever.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The minister also urged everyone who has come into contact with him to remain alert and undergo test if they develop any symptoms.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS""><img alt="" src="/app/webroot/userfiles/images/yogesh%20bhattarai.jpg" style="height:464px; width:800px" /></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-11', 'modified' => '2020-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '12326', 'image' => '20201011111501_yogesh_bhattarai.jpg', 'article_date' => '2020-10-11 11:13:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12578', 'article_category_id' => '1', 'title' => 'Debtors of Microfinances Facing Difficulties in Loan Repayment', 'sub_title' => '', 'summary' => 'October 9: The debtors of microfinance companies have been facing difficulties in repaying the installments and loans due to the coronavirus pandemic.', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">October 9: The debtors of microfinance companies have been facing difficulties in repaying the installments and loans due to the coronavirus pandemic. A study by the Center for Microfinance Nepal (CMF) has shown that debtors from manufacturing and industrial sector are struggling more to repay their loans.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">CMF had conducted a study of 25 percent of the total microfinances in Nepal during the months of Chaitra and Baisakh (mid-March to mid-May). It released its study report on the impact of COVID-19 on microfinance on Thursday.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to the study done by CMF, the debtors from urban areas have more difficulties in repaying loans than the debtors in rural areas. The report shows that 63.82 percent of the borrowers in rural areas have difficulty in repaying their loans whereas 68.63 percent of urban borrowers have difficulty in repaying their loans.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">A total of 22.66 percent of the rural population have partial difficulty in repaying the loan while 13.53 percent of the debtors have no problem in repaying the loan. However, 21.47 percent of debtors from urban areas have partial difficulty in repaying their loans while 9.89 percent have no difficulty in repaying their loans.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Debtors of the urban areas are struggling to repay their loans more as the businesses in the urban areas have come to a standstill. Presenting the study report, CMF's Operations Manager Jagdish Tiwari stressed on the need to adopt collateral strategy to get rid of such problems. Prakash Kumar Shrestha, executive director of the Department of Supervision of Microfinance Financial Institutions of Nepal Rastra Bank, says that the 18 percent of the loan is based on collateral at present. He said, “Recently, the number of debtors who have exceeded the loan payment period has reached 1,256,000. Therefore, collateral loans need to be emphasized as they have less risks.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">About 79 percent of those who take loans from microfinance have said that their ability to repay loans has become weaker. Similarly, the study showed that the condition of 42 percent of agriculture, 68 percent of productive loans and 32 percent of consumer loans has become weak. The CMF has also suggested to increase investments in digitization for the technical development of microfinances. The study has also brought attention to changing the model of services as new methods and technologies are now needed in microfinance too.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The trend of saving in microfinance has increased since the beginning of the coronavirus pandemic. According to the study, deposits in MFIs have increased by 47 percent despite the decrease in the flow of credit. The trend of withdrawing money has also increased by 80 percent during this period. The study has also shown that e-transactions have increased by 10 percent during this period. According to the institutions that were part of the study, about 70 percent of the customers have psychosocial problems due to lack of income. Customers are worried because of their unfavorable household budgets.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The study points out that the recent 5 percent interest rebate given to revive businesses through relief packages is not enough for small businesses. Therefore, the study has suggested that the government should give income tax exemption for two years as an incentive. "As Nepal Rastra Bank regulates and supervises all banks and financial institutions in Nepal, a separate regulatory body is now needed for microfinance institutions," Tiwari said while presenting the report, adding, “There is a separate regulatory body for microfinances in countries like Bangladesh. Nepal also needs a separate regulator for microfinance institutions.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Rewat Bahadur Karki, executive chairman of CMF, says that the main objective of the study was to assess and analyze the overall, immediate, short-term and the long-term impacts of COVID-19 in the operation of microfinance institutions and their customers.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-09', 'modified' => '2020-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '12325', 'image' => '20201009055110_microfinance.jpg', 'article_date' => '2020-10-09 17:50:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12577', 'article_category_id' => '1', 'title' => 'Government Fails to Regulate Shipping Companies', 'sub_title' => 'Foreign Companies Ignore Government Directive to Conduct Business Only after Registration', 'summary' => 'October 9: The government has failed to regulate the shipping companies involved in transporting goods to Nepal from overseas.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">October 9: The government has failed to regulate the shipping companies involved in transporting goods to Nepal from overseas.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had announced to make the transport of goods cost-effective, transparent and economical by making a separate law, but the plan has not been able to move ahead as planned.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The private sector has been complaining that the shipping companies transporting containers to Nepal from third countries have been charging fare as per their will because they have not been registered in Nepal. In such condition, the government has not been able to regulate such companies. Such companies have been charging massive amounts to the importers in the name of freight and fines.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Since the government can only regulate companies registered in Nepal, the shipping companies are still out of the government's control. A few months ago, the Ministry of Industry, Commerce and Supplies took the initiative of bringing the shipping companies under the registration process. However, that effort has slowed down.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Bilateral and Regional Trade Division under the ministry had instructed Nepal-based representative of foreign shipping companies to conduct business only after registering their company here. The representatives were asked to write to the concerned company immediately for the registration process. However, after three months, not a single shipping company has been registered.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-09', 'modified' => '2020-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '12324', 'image' => '20201009043033_1602200812.Clipboard01.jpg', 'article_date' => '2020-10-09 16:29:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
