Habib Bank Facing Difficulties in Selling its Shares in Himalayan Bank

Oct 06, 2020 0 3 minutes 40 seconds to read

October 6: Pakistan's Habib Bank has been experiencing difficulties in selling its 20 percent promoter shares in Himalayan…

Automobile Business Starts Thriving in Festive Season

Oct 06, 2020 0 1 minutes 50 seconds to read

October 6: With the arrival of Dashain and Tihar festivals, the automobile business has started to…

Operation of Nagarik Stock Dealer Company Uncertain

Oct 06, 2020 0 3 minutes 13 seconds to read

October 6: The operation of Nagarik Stock Dealer Company has become uncertain after the Nepal Stock Exchange (Nepse) demanded data…

Foreign Employment Board Spends Rs 4 Million for Rescue Mission Despite Collecting Rs 6 Billion

Oct 06, 2020 0 3 minutes 9 seconds to read

October 20: Thousands of Nepali nationals, especially the migrant workers, are stranded abroad due to coronavirus pandemic.…

Central Bank Preparing to Bring FDI Directly into Bank Accounts

Oct 05, 2020 0 4 minutes 23 seconds to read

October 5: Nepal Rastra Bank has started doing homework to make arrangements for bringing Foreign Direct Investments (FDI) directly into the bank accounts without its approval.…

Nepal’s Consulate in Kolkata starts to facilitate Clearance of Containers

Oct 05, 2020 0 2 minutes 20 seconds to read

October 5: Government authorities have decided to facilitate customs clearance of Nepal-bound goods at Kolkata Port by proper implementation of the Electronic Data Exchange (EDI) system.…

Cement and Clinker worth Millions Imported in just 2 Months

Oct 05, 2020 0 1 minutes 58 seconds to read

October 5: The impact of lockdown and prohibitory order has been seen in the production of cement and clinker.…

Business of Nepal’s Carpet Industry Shrinks by 80 Percent

Oct 05, 2020 0 3 minutes 7 seconds to read

October 5: The business of carpet industry, which has come to a standstill since the government imposed lockdown on March 24, has shrunk by almost 80…

Tatopani Border Reopening Today

Oct 05, 2020 0 3 minutes 4 seconds to read

October 5: The Tatopani border, a vital transit point with China, is all set to reopen from today (October 5) after a long disruption.…

Import of Battery and Generator Increases

Oct 04, 2020 0 2 minutes 36 seconds to read

October 4: While the Nepal Electricity Authority (NEA) has been saying that the possibility of wasting surplus electricity has increased, the import of generators and batteries has also increased.…

Online Loan Applications Drawing Attraction of Customers

Oct 04, 2020 0 5 minutes 29 seconds to read

October 4: Banks and Financial Institutions (BFIs) have come up with various products that can be used to make payments, to open a deposit account as well as to apply for a loan online to ensure physical distance during the COVID-19…

Port Regulatory Body Seeks Clarification from Dry Port Operator for Additional Charges

Oct 04, 2020 0 2 minutes 54 seconds to read

October 4: Nepal Intermodal Transport Development Committee (NITDB) has demanded an explanation from Pristine Valley Dry Port Private Limited for operating the Birgunj Dry Port against the…

Price of Gold up in the Market

Oct 04, 2020 0 1 minutes 8 seconds to read

October 4: The prices of gold and silver have gone up on the first day of the current week.…

Work Procedure of SSF Gathering Dust at Prime Minister’s Office

Oct 04, 2020 0 3 minutes 6 seconds to read

October 4: A proposal forwarded to the Office of the Prime Minister and Council of Ministers six months ago by the labour ministry for providing loan to the contributors of the Social Security Fund (SSF) is gathering dust…

Handicraft Industry Struggling to Normalize

Oct 01, 2020 0 3 minutes 17 seconds to read

October 1: The handicraft industry of Nepal is producing products at 20 percent of its full…

< previous584585586587588589590591592next >

No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

. . .
read more »

NEPSE

Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 60]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' => '12561',
			'article_category_id' => '1',
			'title' => 'Habib Bank Facing Difficulties in Selling its Shares in Himalayan Bank',
			'sub_title' => '',
			'summary' => 'October 6: Pakistan's Habib Bank has been experiencing difficulties in selling its 20 percent promoter shares in Himalayan Bank.',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 6: Pakistan&#39;s Habib Bank has been experiencing difficulties in selling its 20 percent promoter shares in Himalayan Bank.&nbsp;The UK&#39;s Commonwealth Development Corporation Group (CDC), which has been interested in buying the shares for nearly a year and a half, has recently become reluctant to make the purchase due to COVID-19.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">By the time of the bank&#39;s annual general meeting last year, 80 percent of the Due Diligence Audit (DDA) was completed, and the rest was to be done after the AGM.&nbsp;However, this did not happen immediately.&nbsp;CDC is now holding back from buying Habib&#39;s shares, citing COVID-19 as the reason.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Tulasi Prasad Gautam, the chairman of Himalayan Bank, says that the CDC has expressed its intention not to invest in the shares because of COVID-19.&nbsp;&quot;We had a conversation with Habib&#39;s representative.&nbsp;CDC has expressed its intention not to buy the shares due to COVID-19.&nbsp;The purchase has been postponed for now,&rdquo; said Gautam.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Until a month ago, CDC had said it would hold the share purchase agreement till 2020 because it was not possible to travel back and forth because of coronavirus.&nbsp;However, Gautam says that CDC doesn&rsquo;t seem willing to invest on the shares anymore as the COVID-19 pandemic may not be ending anytime soon.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">After the distribution of 10 percent bonus shares from the annual general meeting of the Fiscal Year 2075/76, the issued capital of Himalayan Bank has increased to Rs 9,372,281,428.&nbsp;Habib owns 20 percent of the total shares of the bank, which amounts to a total of 17,040,511 units of shares.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Habib had been trying to return after selling its investment in Nepal for a long time but has had to remain silent due to the lack of buyers.&nbsp;Habib has wanted to sell its promoter shares in Himalayan Bank because it didn&rsquo;t meet its goals as it had expected.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Habib Bank also wanted to sell its shares in Himalayan Bank due to the lack of trade between Nepal and Pakistan as well as the lack of any Pakistani communities in Nepal.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Habib had first offered the other promoters of Himalayan Bank to purchase its shares.&nbsp;Habib had made this offer because the remaining promoters legally have the right to purchase the shares first.&nbsp;However, after the rejection from the remaining promoters, Habib intended to sell its shares to an international organization.&nbsp;After the CDC withdrew from the purchase of shares, Habib Bank had requested the Employees Provident Fund to buy the shares.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Chairman Gautam however says that it would not be possible for the fund to buy all of Habib&rsquo;s shares as they already have 14 percent stake in the bank. As mentioned in the Employees&#39; Provident Fund Act, the fund can invest only up to 25 percent in any bank and financial institution.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;Habib will have to sell its entire 20 percent stake when it&rsquo;s making the sell.&nbsp;According to the policy, it is not possible for the fund to buy all of the shares,&rdquo; he told New Business Age.</span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-06',
			'modified' => '2020-10-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12308',
			'image' => '20201006043337_1601941321.Clipboard07.jpg',
			'article_date' => '2020-10-06 16:33:03',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 1 => array(
		'Article' => array(
			'id' => '12560',
			'article_category_id' => '1',
			'title' => 'Automobile Business Starts Thriving in Festive Season',
			'sub_title' => '',
			'summary' => 'October 6: With the arrival of Dashain and Tihar festivals, the automobile business has started to boom.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 6: With the arrival of Dashain and Tihar festivals, the automobile business has started to boom. The schemes and offers introduced by the companies aimed at the festive season has helped in thriving the automobile business that was hard hit by the lockdown and prohibitory order. Companies like TATA, Hyundai, Ford, Renault and SsangYong have introduced discounts and offers for Dashain-Tihar. </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:&quot;Times New Roman&quot;">On the two-wheeler side, TVS, Suzuki, Yamaha have also announced Dashain-Tihar schemes. Traders say that the number of people coming to the showroom to buy vehicles has increased after the lockdown was lifted. </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:&quot;Times New Roman&quot;">Although the market for two-wheelers was increasing, the market for four-wheelers was sluggish after the lockdown was lifted in mid-August. When the market for four-wheelers was growing, the government imposed prohibitory order from august 19. Krishna Prasad Dulal, president of Nepal Automobile Dealers Association (NADA) said that the market has started to become vibrant after the government lifted the prohibitory order on September 9. </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:&quot;Times New Roman&quot;">&ldquo;The market isn&rsquo;t like last year. Customers are slowly approaching the business that was closed for six months. We can only estimate that the market will grow as the festivals approach,&rdquo; he said. </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:&quot;Times New Roman&quot;">In the previous years, NADA used to organise Auto Show before Dashain and there used to be huge sales of automobile. However, businessmen say that the sales will be much less than before as there is no such Auto Show this year. </span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-06',
			'modified' => '2020-10-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12307',
			'image' => '20201006025424_1601943671.Clipboard12.jpg',
			'article_date' => '2020-10-06 14:53:51',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 2 => array(
		'Article' => array(
			'id' => '12559',
			'article_category_id' => '1',
			'title' => 'Operation of Nagarik Stock Dealer Company Uncertain',
			'sub_title' => 'Nepse Demands Company's own Data Centre ',
			'summary' => 'October 6: The operation of Nagarik Stock Dealer Company has become uncertain after the Nepal Stock Exchange (Nepse) demanded data centre.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 6: The operation of Nagarik Stock Dealer Company has become uncertain after the Nepal Stock Exchange (Nepse) demanded data centre. Nepse has directed the company to create data centre for storing data or to use cloud for the purpose. However, Nagarik Stock Dealer Company&nbsp; has not been able to do so because the process is quite costly. Therefore, the company has not been able to attain the broker code number for its operation of share transactions.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Securities Board of Nepal had given a Letter of Intent (LoI) to Nagarik Stock&nbsp; Dealer Company more than two months ago. The company has been preparing to gather resources and build infrastructure to start its service. However, the operation of the company has become uncertain after Nepse asked the company to create its own data centre or to use cloud.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nagarik Stock Dealer Company was set up eight months ago as a subsidiary of Citizens Investment Trust (CIT) with the objective of providing the service of stock dealer. The company was preparing to launch its service from the start of the current fiscal year after getting the LoI. However, it was not possible due to coronavirus. The company was preparing to start its service two months later than the first schedule but that too is unlikely to happen after Nepse demanded its own data centre.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The internal works of CIT itself have been affected after its employees tested positive for 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:&quot;Arial Unicode MS&quot;">Any new company must prepare the required infrastructure within six months after acquiring LoI. Then it has to acquire broker code number from Nepse. Then it has to adjust its software with that of Neal Clearing House for transaction settlement.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Then only can the company get final approval for operation from Sebon after necessary inspection. However, the company has not been able to submit an application with Sebon for final approval due to its failure to obtain broker code from Nepse. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Deputy Executive Director of CIT Dr Indra Kumar Kattel says it is very expensive to meet the criteria for date center as demanded by Nepse.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We have to opt for a bidding process for the data cenre as per the Public Procurement Act,&rdquo; said Kattel, adding, &ldquo;This is a technical problem and we will sort it out soon.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He informed that the company will start operation within ten days if the problem is resolved through the use of cloud.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-06',
			'modified' => '2020-10-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12306',
			'image' => '20201006013131_20161214040928_nepse.jpg',
			'article_date' => '2020-10-06 13:30:17',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '12558',
			'article_category_id' => '1',
			'title' => 'Foreign Employment Board Spends Rs 4 Million for Rescue Mission Despite Collecting Rs 6 Billion',
			'sub_title' => '',
			'summary' => 'October 20: Thousands of Nepali nationals, especially the migrant workers, are stranded abroad due to coronavirus pandemic. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 20: Thousands of Nepali nationals, especially the migrant workers, are stranded abroad due to coronavirus pandemic. However, the government at its own expenses has rescued only around 100 of them. The government has spent Rs 4 million so far for the rescue operation.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Foreign Employment Board under the Ministry of Labour and Social Security has so far rescued 18 migrant workers from Bahrain and 86 from Malaysia by utilising the Foreign Employment Welfare Fund.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The board officials admit that the number of migrant workers rescued by the government is less than expected.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the board had allocated Rs 750 million for airlifting stranded Nepali migrant workers, it has been unable to use the fund, says Dinbandhu Subedi, director of the Foreign Employment Board.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Subedi says that the Nepalese embassies in foreign countries should demand the fund from the board through the labour ministry for returning the migrant workers home. However, he says they haven&rsquo;t sought any amount for the rescue 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:&quot;Arial Unicode MS&quot;">According to the board, they have spent only Rs 4.2 million out of the allocated Rs 750 million. Out of the spent amount, Rs 200,000 has been utilized for paying the workers stationed at the holding centres in Nepal, informed Subedi.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Officials of the board say that they are facing difficulty in rescuing the migrant workers who have lost jobs abroad because of the lack of accurate data.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&nbsp;They say that the Nepalese embassies need to attest the documents of the migrant workers in order to avail them the relief amount. Those who have been identified as genuine Nepali migrant workers can receive up to 75 percent of the fund for returning home in case their contract in foreign countries is over while the newly recruited workers can get 100 percent funding for returning home.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The board officials say that the embassies have been pressuring the companies in foreign countries to pay for the return flights of the migrant workers because the companies are liable to do so under the contract signed with the workers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Foreign Employment Board says that around 200,000 Nepali migrant workers have been stranded abroad due to coronavirus pandemic. The welfare fund has more than Rs 6 billion collected from the workers who go abroad for foreign jobs.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-06',
			'modified' => '2020-10-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12305',
			'image' => '20201006114242_1601941837.Clipboard09.jpg',
			'article_date' => '2020-10-06 11:41:51',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '34'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '12557',
			'article_category_id' => '1',
			'title' => 'Central Bank Preparing to Bring FDI Directly into Bank Accounts',
			'sub_title' => '',
			'summary' => 'October 5: Nepal Rastra Bank has started doing homework to make arrangements for bringing Foreign Direct Investments (FDI) directly into the bank accounts without its approval. ',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 5: Nepal Rastra Bank has started doing homework to make arrangements for bringing Foreign Direct Investments (FDI) directly into the bank accounts without its approval. The central bank has begun the homework in order to meet the demands of investors to allow the money from FDI to be brought directly into the bank accounts.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Nepal Rastra Bank says that the implementation of this arrangement will end the obligation of getting the mandatory approval from the governing body. The monetary policy of the current Fiscal Year has made provision that certain amount of foreign currency from FDI can be brought in through the automatic route of banks and financial institutions under the specific terms and conditions. Necessary arrangements are being made to allow the FDI money within the specified threshold to be brought in without requiring the approval from the central bank. Bam Bahadur Mishra, executive director of the foreign exchange management department of NRB informs that the necessary homework is being done to bring the investments directly into the account in commercial banks without needing an approval from the Nepal Rastra Bank. However, he adds that the implementation of this provision may take time due to the coronavirus pandemic.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Implementation of this provision will save the time spent getting an approval from the central bank before bringing in the FDI. Depending upon the investment amount, the investor will have to get approval only from the Investment Board, Department of Industry and the concerned ministry. Guruprasad Poudel, director of the Department of Foreign Exchange, said that there may be some delay as it is not justifiable to implement the system with the lack of an immediate environment for foreign investments.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;Decisions haven&rsquo;t been made about the kind of project, the threshold of the FDI, and about the process for opening a bank account. Everything is being processed now. We are formulating procedures as per the monetary policy. The board meetings have also been reduced due to the pandemic,&rdquo; he told New Business Age, adding, &ldquo;It seems that the Foreign Investment and Technology Act will need to be amended to bring this arrangement.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">He says that they are working hard to complete the preparations during the coronavirus crisis.&nbsp;Director Poudel said that the concerned bank should verify the source of money after the investor&#39;s money reaches the commercial bank even though it does not have to get approval from the central bank.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">According to him, the Reserve Bank of India (RBI) has also made arrangements to bring foreign money directly into the bank accounts.&nbsp; He said that Nepal Rastra Bank may also adopt a similar modality.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Investors, who have been complaining about having to go to various departments and the ministry before bringing in the FDI, say that this arrangement should be implemented soon.&nbsp;In order to simplify the process of bringing in the foreign investment, the central bank has started a single point service center in the Department of Industry from Jestha, 2076 BS.&nbsp;The central bank informed that a tentative amount of Rs 16 billion has been sanctioned for foreign investment since the inception of the center.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Satish Kumar Mor, president of the Confederation of Nepalese Industries, says that the new system will save time in collecting documents and completing the process for bringing in the investments. He adds that it would take months to visit all the necessary departments and that this new provision would create an investment-friendly environment to some extent.&nbsp;&quot;If the central bank reduces the cumbersome process in such investments, it will create investment opportunities,&quot; he said, &ldquo;This will primarily help in saving time.&nbsp;It is also a motivation for entrepreneurs.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Pawan Kumar Golyan, president of the Confederation of Banks and Financial Institutions, also expressed happiness over the speedy fulfillment of the request made for the inflow of foreign direct investment (FDI) directly in the bank account.&nbsp;He said, &quot;We have been asking for an easier way to bring FDI directly in the bank for some time.&nbsp;Work is being done on this currently.&rdquo;</span></span></span></p>
',
			'published' => true,
			'created' => '2020-10-05',
			'modified' => '2020-10-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12304',
			'image' => '20201005050003_nrb.jpg',
			'article_date' => '2020-10-05 16:59:25',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '12556',
			'article_category_id' => '1',
			'title' => 'Nepal’s Consulate in Kolkata starts to facilitate Clearance of Containers',
			'sub_title' => '',
			'summary' => 'October 5: Government authorities have decided to facilitate customs clearance of Nepal-bound goods at Kolkata Port by proper implementation of the Electronic Data Exchange (EDI) system. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 5: Government authorities have decided to facilitate customs clearance of Nepal-bound goods at Kolkata Port by proper implementation of the Electronic Data Exchange (EDI) system. </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">Nepal&rsquo;s Consulate in Kolkata will facilitate the importers to overcome lengthy and time consuming hassles of Custom Transit Declaration (CTD).</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">According to the Consulate, around 300 containers have piled up at the Kolkata Port after the port authorities made an online-based EDI system mandatory for the CTD process. </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">As the containers started piling up after the implementation of the EDI process, the importers were requested to submit documents online for the time being and in person at the port, informed Consul General Ishwar Raj Poudel.</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">&quot;Normally, there are around 100 Nepal-bound containers at the port every day but after the number reached 300, we have been asked to opt for both online and physical documentation,&quot; Poudel informed New Business Age.</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">&ldquo;There hasn&rsquo;t been any complaint after the online documentation was started,&rdquo; added Poudel.</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">The Consulate discussed the issue with the Kolkata-based representatives of the importers last Thursday, October 1 and suggested them immediate solution to the problem. </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">This is the peak season for the arrival of goods for Dashain, Tihar and Chhath festivals. Containers have been stopped at the port due to the hassles in implementation of EDI.</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">The use of online documentation is expected to reduce the time for customs clearance of goods but the importers&rsquo; representatives say it is taking longer than expected due to the complicated process of entering the data in the system and the difficulty in making corrections.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-05',
			'modified' => '2020-10-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12303',
			'image' => '20201005040458_1601854446.Clipboard08.jpg',
			'article_date' => '2020-10-05 16:04:17',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 6 => array(
		'Article' => array(
			'id' => '12555',
			'article_category_id' => '1',
			'title' => 'Cement and Clinker worth Millions Imported in just 2 Months ',
			'sub_title' => '',
			'summary' => 'October 5: The impact of lockdown and prohibitory order has been seen in the production of cement and clinker. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 5: The impact of lockdown and prohibitory order has been seen in the production of cement and clinker. Cement and clinker worth Rs 957.2 million have been imported in Nepal after limestone excavation and cement production was stopped due to the lockdown imposed by the government for controlling the spread of Coronavirus (COVID-19). </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">After the production of the cement and limestone excavation was stopped, traders have imported those products from India. However, the import has declined in September of the current fiscal year than that of the previous month. According to the statistics of the Department of Customs, cement and clinker worth Rs 513.4 million was imported in August. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Likewise, in September, cement and clinker worth Rs 443.7 million was imported. However, it is high compared to the last fiscal year when cement and clinker worth Rs 782.3 million was imported. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Although the traders have been claiming that Nepal is self-dependent in cement and clinker, its import has not dropped to zero even in the normal situation. Traders say that cement and clinker that they had ordered in June/July of the current fiscal year, are now being imported. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Tara Prasad Pokhrel, vice-president of the Nepal Cement Manufacturers&rsquo; Association, argued that among the imported products, the import of clinker could be significant. Pokharel, who is also the managing director of Agni Cement, said that he could not reach the mine as the government did not facilitate during the limestone excavation season before the start of monsoon because of the lockdown. As a result, he said that businessmen have imported clinker. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-05',
			'modified' => '2020-10-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12302',
			'image' => '20201005024332_1601854368.Clipboard13.jpg',
			'article_date' => '2020-10-05 14:42:53',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '12553',
			'article_category_id' => '1',
			'title' => 'Business of Nepal’s Carpet Industry Shrinks by 80 Percent',
			'sub_title' => '',
			'summary' => 'October 5: The business of carpet industry, which has come to a standstill since the government imposed lockdown on March 24, has shrunk by almost 80 percent.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 5: The business of carpet industry, which has come to a standstill since the government imposed lockdown on March 24, has shrunk by almost 80 percent.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The demand for carpet in the international market has declined because coronavirus has spread across the globe.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stakeholders say that the demand for carpets is almost nil even though international flights have resumed. This has affected the business as well as export of Nepal-made carpets, which used to have high demand in the international market in the past.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal exports carpets to more than 50 countries including the USA, Germany, the UK, Italy, France, Canada, Belgium and Australia. Among them, 70 percent of export goes to the USA. However, the carpet industry of Nepal has suffered a massive setback because its major market &ndash; the USA &ndash; has been badly affected by the pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The carpet manufacturers had been exporting limited amount of their products at exorbitant price during the lockdown through chartered flights as regular flights were disrupted worldwide.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although regular flights have already resumed since September 1, the carpet exporters complain that they have been forced to pay three times higher fare than the normal price to export their products. Tenjing Sherpa, vice president of Nepal Carpet Manufactures and Exporters Association, informed that they have no option than to pay higher fare for exporting carpet.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to Sherpa, they used to pay US$ 4 per kg for the export of carpet to the USA. But the airliners currently charge them US$ 12 per kilogram.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, the airfare for exporting carpet to European countries that used to be US$ 3 per kg has not increased to US$ 9 per kg. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Sherpa claimed that the carpet industry of Nepal is producing carpet at 30 percent capacity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">More than 300,000 workers associated with the carpet industry and 700 entrepreneurs have been badly affected by the lockdown, informed Sherpa.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">President of the association Ram Bahadur Gurung said that the production of carpet depends on the demand in the international market. Therefore, they are not able to increase production in the current situation.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-05',
			'modified' => '2020-10-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12301',
			'image' => '20201005114155_1601853935.3.jpg',
			'article_date' => '2020-10-05 11:41:17',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '12554',
			'article_category_id' => '1',
			'title' => 'Tatopani Border Reopening Today ',
			'sub_title' => '',
			'summary' => 'October 5: The Tatopani border, a vital transit point with China, is all set to reopen from today (October 5) after a long disruption. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 5: The Tatopani border, a vital transit point with China, is all set to reopen from today (October 5) after a long disruption. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Officials of the Nepal and China had last week agreed to reopen the border from October 5. As per the understanding, the Chinese side had released six containers on Sunday (October 4) while 12 cargo vehicles have reached the border point to load Nepal-bound goods.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">During last Tuesday&rsquo;s meeting, officials of the two countries had agreed to unload goods coming from China at the Liping bridge and the workers from Nepal would be allowed to bring the goods into Nepal from there. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The workers from Nepal have been divided into two groups and they include drivers, helpers and manual labourers. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Taopani Customs Point, the Chinese authorities have agreed to release around 800 containers that had been stranded between Khasa of Tibet autonomous region and the Tatopani border in the first phase.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chief of the customs office Lal Banadur Khatri informed that 15 containers will enter Nepal on a daily basis. The customs office expects to collect revenue of Rs 10 million per day.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Nepal-bound goods include readymade garments, electronics, apples, garlic, onion, cosmetics, toys among others, said Khatri. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to him, preference will be given to bring perishable goods to Nepal first. Khatri informed that they will facilitate in customs clearance of goods so that there will not be any shortage during the upcoming 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:&quot;Arial Unicode MS&quot;">Chief District Officer of Sindhupalhowk Umesh Dhalak said that the border will not be closed unless the labourers involved in unloading goods test positive for 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:&quot;Arial Unicode MS&quot;">The flow of goods from this border point had been irregular ever &nbsp;since coronavirus first surfaced in China. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The border point was opened briefly some months ago but had to be closed following landslides in Jambu bazar of Sindhupalchowk district on July 10. It was again opened but had to be closed due to rising threat of coronavirus.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-05',
			'modified' => '2020-10-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12300',
			'image' => '20201005124610_1601854743.Clipboard16.jpg',
			'article_date' => '2020-10-05 12:45:35',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '12552',
			'article_category_id' => '1',
			'title' => 'Import of Battery and Generator Increases ',
			'sub_title' => '',
			'summary' => 'October 4: While the Nepal Electricity Authority (NEA) has been saying that the possibility of wasting surplus electricity has increased, the import of generators and batteries has also increased. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 4: While the Nepal Electricity Authority (NEA) has been saying that the possibility of wasting surplus electricity has increased, the import of generators and batteries has also increased. </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:&quot;Times New Roman&quot;">Looking at the statistics of the last three months, the import of generators and batteries that are used as alternative sources of electricity has been increasing steadily. The NEA had announced the end of load shedding across the country two years ago. In the first 10 months after that, although the import of generators and inverters did not decrease significantly, the import of batteries was gradually declining. </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:&quot;Times New Roman&quot;">According to the data released by the Department of Customs recently, the import of generators and batteries has been doubling up every month even though there are no imports of inverters. </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:&quot;Times New Roman&quot;">In the last month of the previous fiscal year, 675 units of generators and 7,000 units of batteries were imported, but the import of batteries and generators has doubled in July. Similarly, the import of batteries and generators doubled in August compared to July. </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:&quot;Times New Roman&quot;">President of the Confederation of Nepalese Industries (CNI) Satish Kumar Moore said that the industrialists did not import generators due to the closure of industries and reduction in production after the lockdown. </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:&quot;Times New Roman&quot;">He further said that although it is certain that there won&rsquo;t be load shedding, it is unnatural as there is no particular reason for increase in import of generators. &ldquo;This is not the time to increase the import of generators. It does not seem that the import has increased due to the fear of load shedding after the departure of Kulman Ghising from NEA. But the increase in import of generators is unnatural,&rdquo; he said. </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:&quot;Times New Roman&quot;">After the dismissal of Kulman Ghising from the post of executive director of NEA, there is widespread fear among the public about reappearance of load shedding. The NEA, however, has said that there is no truth in the rumors that load shedding has started and there won&rsquo;t be any load shedding. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-04',
			'modified' => '2020-10-04',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12299',
			'image' => '20201004052128_20200818043659_1597700431.Clipboard08.jpg',
			'article_date' => '2020-10-04 17:20:40',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 10 => array(
		'Article' => array(
			'id' => '12551',
			'article_category_id' => '1',
			'title' => 'Online Loan Applications Drawing Attraction of Customers',
			'sub_title' => 'Digitalized flow of credit will need more time to become effective',
			'summary' => 'October 4: Banks and Financial Institutions (BFIs) have come up with various products that can be used to make payments, to open a deposit account as well as to apply for a loan online to ensure physical distance during the COVID-19 crisis.',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 4: Banks and Financial Institutions (BFIs) have come up with various products that can be used to make payments, to open a deposit account as well as to apply for a loan online to ensure physical distance during the COVID-19 crisis.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Customers&rsquo; growing attraction toward online banking started to increase after some banks recently digitalized the process of loan disbursement. Some banks have even started approving the loans applied online.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Banks, including Sanima Bank, NIC Asia Bank, Nabil Bank have brought products to the market that allow the borrowers to apply for a loan online. Sanima Bank stated that its effectiveness has started to be seen.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Keeping the customers&rsquo; convenience and security in mind, Sanima Bank has made an arrangement to fill the form for credit cards by visiting the bank&#39;s official website.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The bank has issued credit cards without any charges since September 22. Bikram Shrestha, digital banking chief of Sanima Bank, says that 162 people have already applied for credit cards online</span><span style="font-size:14.0pt"><span style="font-family:Arial">.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">According to Shrestha, 20 credit cards have already been approved as of last Thursday depending on the loan amount and payback capacity.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;Among all applications till now, 55 had complete documentations. The files of the remaining applicants are also under consideration,&rdquo; he told New Business Age, adding, &ldquo;Under the Dashain scheme, the first 50 cardholders will get a free voucher worth Rs 500 for shopping and Rs 3000 for the Daraz online shopping portal.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Shrestha believes that the digitalization in loans by the banks is an opportunity given by the coronavirus pandemic. He says that progress has been made in digital banking due to the pandemic.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Pointing out that it is necessary to make borrowers trust the fact that the demand for a loan can be made online, Shrestha believes that it is important for the government to start promoting and encouraging online loan applications.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">NIC Asia Bank, which has introduced the facility to apply for &lsquo;<em>Super Chamtkarik Loan&rsquo;</em> through Khalti digital wallet, has said that it has not been effective yet.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Arjun Khaniya, the head of the customer service department and the Assistant Information Officer of NIC Asia, believes that despite the launch of the product, it is still new for the customers and that they will need time to get used to it.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Under this loan scheme, the bank has brought an arrangement wherein the customers can apply for the &lsquo;Super Chamatkarik&rsquo; home loan, car loan and business loan from any place at any time with the use of Khalti digital wallet.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Meanwhile, after connecting the Khalti wallet to one&rsquo;s account, arrangement has been made to allow customers to make payments directly from their bank accounts when they make a purchase of goods or services through the wallet.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">He says that many customers are interested in applying for this but it will take time to be effective as this product was launched recently.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;This is a new product in the Nepalese market. We expect its attraction to increase gradually. However, a lot of credit will be flowed on the basis of relationships. The loan is being disbursed only on the basis of the customers&rsquo; income and trust,&rdquo; said Assistant Information Officer Khaniya.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Nabil Bank has also started the facility of getting loans from one&rsquo;s phone. After this facility, salaried account holders can get a loan up to Rs 100,000 from their phones immediately.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Deputy General Manager of Nabil Bank, Manoj Gyawali, informed that there have been many requests for the loans now as this product was launched recently. &ldquo;Nabil&rsquo;s smart bank users will be able to use this facility. Customers&rsquo; can apply for the loan through the smart banking app. This kind of loan is made available for a short-term,&rdquo; Gyawali said, &ldquo;This facility may even be available for all banks in the future.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The banks will not require any additional collateral to disburse the loan. It used to be a very tedious process to get a loan even when the customers had to be physically present. But now, the process of taking loans has been digitalized. However, bankers believe that this product is new to Nepal and will take time to be effective. </span></span></span></p>
',
			'published' => true,
			'created' => '2020-10-04',
			'modified' => '2020-10-04',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12298',
			'image' => '20201004040446_shutterstock_245919811.jpg',
			'article_date' => '2020-10-04 16:04:03',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 11 => array(
		'Article' => array(
			'id' => '12550',
			'article_category_id' => '1',
			'title' => 'Port Regulatory Body Seeks Clarification from Dry Port Operator for Additional Charges',
			'sub_title' => '',
			'summary' => 'October 4: Nepal Intermodal Transport Development Committee (NITDB) has demanded an explanation from Pristine Valley Dry Port Private Limited for operating the Birgunj Dry Port against the agreement.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 4: Nepal Intermodal Transport Development Committee (NITDB) has demanded an explanation from Pristine Valley Dry Port Private Limited for operating the Birgunj Dry Port against the agreement.</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">Director of NITDB Hemendra Mohan Shahi informed that Pristine Valley Dry Port has been asked to furnish clarification in this regard. </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">NITDB decided to seek clarification from the company after it was found that the importers were made to pay separate charges for terminal service charge (TSC) and the labor charge for the workers at the port. </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">During an on-site inspection, it was found that Pristine Valley had charged fees to the importers against the agreement signed with NITDB, claimed Director Shahi.</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">The contract agreement between the port regulatory body NITDB and Pristine clearly mentions that the port operator will not be allowed to charge any fee other than the TSC. However, Shahi informed that the service seekers from Boraband Cargo (BCN) had paid money to both the port operator and the loaders for unloading goods.</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">&ldquo;It was found that the service seekers were forced to pay a separate amounts to the workers on top of the TSC. Importers don&#39;t have to pay anyone else after paying the charge fixed by the operator,&rdquo; Shahi informed New Business Age.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">General Secretary of Birgunj Chamber of Commerce Madhav Rajpal informed that the service seekers are forced to pay service charge to both the dry port operators as well as the labourers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, Pristine Valley Pvt Ltd says that the problem has surfaced because the labourers and the labour suppliers do not have Permanent Account Numbers (PAN).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The company&rsquo;s chief officer Aaditya Raya claimed that they have been charging only Rs 109 per metric tons from the service seekers although they can charge up to Rs 246 per metric ton of cargo according to the agreement.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The workers who load and unload goods do not have PAN. Neither are they interested. So we have lowered the TSC to Rs 109. Therefore the service seekers pay the workers themselves,&rdquo; added Raya.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-04',
			'modified' => '2020-10-04',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12297',
			'image' => '20201004015612_1601766843.6.jpg',
			'article_date' => '2020-10-04 13:55:33',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '34'
		)
	),
	(int) 12 => array(
		'Article' => array(
			'id' => '12549',
			'article_category_id' => '1',
			'title' => 'Price of Gold up in the Market',
			'sub_title' => '',
			'summary' => 'October 4: The prices of gold and silver have gone up on the first day of the current week. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 4: The prices of gold and silver have gone up on the first day of the current week. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Federation of Nepal Gold and Silver Dealers Association, the price of gold has increased by Rs 200 per tola (11 grams approx.) on Sunday (October 4) as compared to a day ago. Gold is being traded for Rs 94,500 per 11 grams on Sunday.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, the price of silver has also increased overnight by Rs 5 per 11 grams. Silver is being traded for 1180 per 11 grams.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The price of gold has crossed the mark of Rs 100,000 per 11 grams a few weeks ago. The price of gold has been fluctuating during the recent period while the business has come to a halt although the government has lifted restrictions.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-04',
			'modified' => '2020-10-04',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12296',
			'image' => '20201004010037_gold.jpg',
			'article_date' => '2020-10-04 13:00:08',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 13 => array(
		'Article' => array(
			'id' => '12548',
			'article_category_id' => '1',
			'title' => 'Work Procedure of SSF Gathering Dust at Prime Minister’s Office',
			'sub_title' => '',
			'summary' => 'October 4: A proposal forwarded to the Office of the Prime Minister and Council of Ministers six months ago by the labour ministry for providing loan to the contributors of the Social Security Fund (SSF) is gathering dust office.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 4: A proposal forwarded to the Office of the Prime Minister and Council of Ministers six months ago by the labour ministry for providing loan to the contributors of the Social Security Fund (SSF) is gathering dust office. The proposal includes work procedure prepared by the SSF to provide loan to the contributors.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">SSF had proposed providing a maximum of Rs 7.5 million loan to those who have contributed to the fund for three consecutive years. As per the proposal, the loan amount will be calculated on the basis of basic salary of the contributor for 15 years and cannot exceed the maximum limit. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The prime minister&rsquo;s office has a committee comprising of high-level officials from the finance ministry that decides on the proposals to be sent to the Council of Ministers (cabinet).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The officials have refused to forward the proposal to the cabinet arguing that the SSF is not an institution to provide loan. On the other hand, the Employees Provident Fund (EPF) and the Citizens Investment Trust (CIT) have been providing loans to the employees since their inception. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Deputy Executive Director of SSF Bivek Panthi says that the delay in approval of the work procedure has prevented them from investing Rs 2.6 billion that they have collected so far. He argues that it is unfair to allow EPF to provide loan and bar them from doing so.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The employees are the same. The decision to halt the approval of the proposal reflects discrimination,&rdquo; says Panthi.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The work procedure proposed investing the fund collected by SSF in government bonds, fixed deposit accounts of BFIs or in long-term deposit plans. It also proposes investing the amount on BFIs or other companies and in mutual funds.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, joint secretary of finance ministry Jhakka Acharya says that the bylaws of the SSF does not allow it to provide loans.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In recent days, there is a growing attraction toward SSF. On Friday, around 176,000 employees associated with 12,780 organisations were listed with the&nbsp; SSF.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">During the lockdown period, companies related to the tourism industry, aviation sector, industries, NGOs, finance companies, media houses among others were registered with the SSF.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-04',
			'modified' => '2020-10-04',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12295',
			'image' => '20201004111826_1601767372.3.jpg',
			'article_date' => '2020-10-04 11:17:46',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 14 => array(
		'Article' => array(
			'id' => '12547',
			'article_category_id' => '1',
			'title' => 'Handicraft Industry Struggling to Normalize',
			'sub_title' => '',
			'summary' => 'October 1: The handicraft industry of Nepal is producing products at 20 percent of its full capacity.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 1: The handicraft industry of Nepal is producing products at 20 percent of its full capacity. The production of Nepal&rsquo;s handicraft&nbsp; industry had declined by 80 percent before the lockdown on March 24 after the number of tourists stopped visiting the country due to fear of coronavirus. Even the demand for handicraft has gone down significantly, due to which the manufacturers have reduced their production. Stakeholders say there isn&rsquo;t any new demand after the start of the coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Handicraft entrepreneurs say they are operating their industries only to fulfill the demand for felt, pashmina, woodcarvings and silverwares that were ordered before the lockdown.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">It has been learnt that around 60 percent workers in this field have been rendered jobless after the handicraft industry started producing at 20 percent capacity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">President of Federation of Nepal Handicraft Association Surendra Bhai Shakya says they are unable to increase production due to lack of demand from overseas.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;What can we do by just increasing production? There isn&rsquo;t any sale. How long can we stock the products?&rdquo; questioned Shakya. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">After firing the workers, Shakya says they are worried about getting skilled workers later when the situation gets normal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the data of FHAN, the domestic market of Nepal consumes handicraft materials worth Rs 6 billion every year. The USA, China and European countries are the major markets for Nepalese handicraft products. Nepal exports handicraft products worth Rs 11 to 15 billion to these countries annually. Even those who purchase handicraft products in Nepal are foreigners.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The handicraft entrepreneurs have been forced to export their products at three times higher price due to unavailability of flights during global lockdown. The problem has not resolved although regular flights have&nbsp; resumed. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chairman of Nepal Export Council Hari Bahadur Karki says only limited airline companies are operating flights to and from Nepal and the airliners charge them fare as high as that of chartered flights.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the government has lifted restrictions, places like Basantapur, Thamel, Patan and other areas where these products are sold do not have any customers at the moment.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stakeholders say their business is in peril because the handicraft industry is directly linked with the tourism industry.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-01',
			'modified' => '2020-10-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12294',
			'image' => '20201001053942_1601506595.Clipboard12.jpg',
			'article_date' => '2020-10-01 17:39:08',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	)
)
$current_user = null
$logged_in = false
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

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 &quot;&quot; [APP/View/Elements/side_bar.ctp, line 60]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' => '12561',
			'article_category_id' => '1',
			'title' => 'Habib Bank Facing Difficulties in Selling its Shares in Himalayan Bank',
			'sub_title' => '',
			'summary' => 'October 6: Pakistan's Habib Bank has been experiencing difficulties in selling its 20 percent promoter shares in Himalayan Bank.',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 6: Pakistan&#39;s Habib Bank has been experiencing difficulties in selling its 20 percent promoter shares in Himalayan Bank.&nbsp;The UK&#39;s Commonwealth Development Corporation Group (CDC), which has been interested in buying the shares for nearly a year and a half, has recently become reluctant to make the purchase due to COVID-19.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">By the time of the bank&#39;s annual general meeting last year, 80 percent of the Due Diligence Audit (DDA) was completed, and the rest was to be done after the AGM.&nbsp;However, this did not happen immediately.&nbsp;CDC is now holding back from buying Habib&#39;s shares, citing COVID-19 as the reason.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Tulasi Prasad Gautam, the chairman of Himalayan Bank, says that the CDC has expressed its intention not to invest in the shares because of COVID-19.&nbsp;&quot;We had a conversation with Habib&#39;s representative.&nbsp;CDC has expressed its intention not to buy the shares due to COVID-19.&nbsp;The purchase has been postponed for now,&rdquo; said Gautam.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Until a month ago, CDC had said it would hold the share purchase agreement till 2020 because it was not possible to travel back and forth because of coronavirus.&nbsp;However, Gautam says that CDC doesn&rsquo;t seem willing to invest on the shares anymore as the COVID-19 pandemic may not be ending anytime soon.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">After the distribution of 10 percent bonus shares from the annual general meeting of the Fiscal Year 2075/76, the issued capital of Himalayan Bank has increased to Rs 9,372,281,428.&nbsp;Habib owns 20 percent of the total shares of the bank, which amounts to a total of 17,040,511 units of shares.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Habib had been trying to return after selling its investment in Nepal for a long time but has had to remain silent due to the lack of buyers.&nbsp;Habib has wanted to sell its promoter shares in Himalayan Bank because it didn&rsquo;t meet its goals as it had expected.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Habib Bank also wanted to sell its shares in Himalayan Bank due to the lack of trade between Nepal and Pakistan as well as the lack of any Pakistani communities in Nepal.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Habib had first offered the other promoters of Himalayan Bank to purchase its shares.&nbsp;Habib had made this offer because the remaining promoters legally have the right to purchase the shares first.&nbsp;However, after the rejection from the remaining promoters, Habib intended to sell its shares to an international organization.&nbsp;After the CDC withdrew from the purchase of shares, Habib Bank had requested the Employees Provident Fund to buy the shares.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Chairman Gautam however says that it would not be possible for the fund to buy all of Habib&rsquo;s shares as they already have 14 percent stake in the bank. As mentioned in the Employees&#39; Provident Fund Act, the fund can invest only up to 25 percent in any bank and financial institution.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;Habib will have to sell its entire 20 percent stake when it&rsquo;s making the sell.&nbsp;According to the policy, it is not possible for the fund to buy all of the shares,&rdquo; he told New Business Age.</span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-06',
			'modified' => '2020-10-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12308',
			'image' => '20201006043337_1601941321.Clipboard07.jpg',
			'article_date' => '2020-10-06 16:33:03',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 1 => array(
		'Article' => array(
			'id' => '12560',
			'article_category_id' => '1',
			'title' => 'Automobile Business Starts Thriving in Festive Season',
			'sub_title' => '',
			'summary' => 'October 6: With the arrival of Dashain and Tihar festivals, the automobile business has started to boom.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 6: With the arrival of Dashain and Tihar festivals, the automobile business has started to boom. The schemes and offers introduced by the companies aimed at the festive season has helped in thriving the automobile business that was hard hit by the lockdown and prohibitory order. Companies like TATA, Hyundai, Ford, Renault and SsangYong have introduced discounts and offers for Dashain-Tihar. </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:&quot;Times New Roman&quot;">On the two-wheeler side, TVS, Suzuki, Yamaha have also announced Dashain-Tihar schemes. Traders say that the number of people coming to the showroom to buy vehicles has increased after the lockdown was lifted. </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:&quot;Times New Roman&quot;">Although the market for two-wheelers was increasing, the market for four-wheelers was sluggish after the lockdown was lifted in mid-August. When the market for four-wheelers was growing, the government imposed prohibitory order from august 19. Krishna Prasad Dulal, president of Nepal Automobile Dealers Association (NADA) said that the market has started to become vibrant after the government lifted the prohibitory order on September 9. </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:&quot;Times New Roman&quot;">&ldquo;The market isn&rsquo;t like last year. Customers are slowly approaching the business that was closed for six months. We can only estimate that the market will grow as the festivals approach,&rdquo; he said. </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:&quot;Times New Roman&quot;">In the previous years, NADA used to organise Auto Show before Dashain and there used to be huge sales of automobile. However, businessmen say that the sales will be much less than before as there is no such Auto Show this year. </span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-06',
			'modified' => '2020-10-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12307',
			'image' => '20201006025424_1601943671.Clipboard12.jpg',
			'article_date' => '2020-10-06 14:53:51',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 2 => array(
		'Article' => array(
			'id' => '12559',
			'article_category_id' => '1',
			'title' => 'Operation of Nagarik Stock Dealer Company Uncertain',
			'sub_title' => 'Nepse Demands Company's own Data Centre ',
			'summary' => 'October 6: The operation of Nagarik Stock Dealer Company has become uncertain after the Nepal Stock Exchange (Nepse) demanded data centre.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 6: The operation of Nagarik Stock Dealer Company has become uncertain after the Nepal Stock Exchange (Nepse) demanded data centre. Nepse has directed the company to create data centre for storing data or to use cloud for the purpose. However, Nagarik Stock Dealer Company&nbsp; has not been able to do so because the process is quite costly. Therefore, the company has not been able to attain the broker code number for its operation of share transactions.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Securities Board of Nepal had given a Letter of Intent (LoI) to Nagarik Stock&nbsp; Dealer Company more than two months ago. The company has been preparing to gather resources and build infrastructure to start its service. However, the operation of the company has become uncertain after Nepse asked the company to create its own data centre or to use cloud.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nagarik Stock Dealer Company was set up eight months ago as a subsidiary of Citizens Investment Trust (CIT) with the objective of providing the service of stock dealer. The company was preparing to launch its service from the start of the current fiscal year after getting the LoI. However, it was not possible due to coronavirus. The company was preparing to start its service two months later than the first schedule but that too is unlikely to happen after Nepse demanded its own data centre.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The internal works of CIT itself have been affected after its employees tested positive for 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:&quot;Arial Unicode MS&quot;">Any new company must prepare the required infrastructure within six months after acquiring LoI. Then it has to acquire broker code number from Nepse. Then it has to adjust its software with that of Neal Clearing House for transaction settlement.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Then only can the company get final approval for operation from Sebon after necessary inspection. However, the company has not been able to submit an application with Sebon for final approval due to its failure to obtain broker code from Nepse. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Deputy Executive Director of CIT Dr Indra Kumar Kattel says it is very expensive to meet the criteria for date center as demanded by Nepse.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We have to opt for a bidding process for the data cenre as per the Public Procurement Act,&rdquo; said Kattel, adding, &ldquo;This is a technical problem and we will sort it out soon.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He informed that the company will start operation within ten days if the problem is resolved through the use of cloud.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-06',
			'modified' => '2020-10-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12306',
			'image' => '20201006013131_20161214040928_nepse.jpg',
			'article_date' => '2020-10-06 13:30:17',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '12558',
			'article_category_id' => '1',
			'title' => 'Foreign Employment Board Spends Rs 4 Million for Rescue Mission Despite Collecting Rs 6 Billion',
			'sub_title' => '',
			'summary' => 'October 20: Thousands of Nepali nationals, especially the migrant workers, are stranded abroad due to coronavirus pandemic. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 20: Thousands of Nepali nationals, especially the migrant workers, are stranded abroad due to coronavirus pandemic. However, the government at its own expenses has rescued only around 100 of them. The government has spent Rs 4 million so far for the rescue operation.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Foreign Employment Board under the Ministry of Labour and Social Security has so far rescued 18 migrant workers from Bahrain and 86 from Malaysia by utilising the Foreign Employment Welfare Fund.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The board officials admit that the number of migrant workers rescued by the government is less than expected.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the board had allocated Rs 750 million for airlifting stranded Nepali migrant workers, it has been unable to use the fund, says Dinbandhu Subedi, director of the Foreign Employment Board.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Subedi says that the Nepalese embassies in foreign countries should demand the fund from the board through the labour ministry for returning the migrant workers home. However, he says they haven&rsquo;t sought any amount for the rescue 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:&quot;Arial Unicode MS&quot;">According to the board, they have spent only Rs 4.2 million out of the allocated Rs 750 million. Out of the spent amount, Rs 200,000 has been utilized for paying the workers stationed at the holding centres in Nepal, informed Subedi.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Officials of the board say that they are facing difficulty in rescuing the migrant workers who have lost jobs abroad because of the lack of accurate data.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&nbsp;They say that the Nepalese embassies need to attest the documents of the migrant workers in order to avail them the relief amount. Those who have been identified as genuine Nepali migrant workers can receive up to 75 percent of the fund for returning home in case their contract in foreign countries is over while the newly recruited workers can get 100 percent funding for returning home.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The board officials say that the embassies have been pressuring the companies in foreign countries to pay for the return flights of the migrant workers because the companies are liable to do so under the contract signed with the workers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Foreign Employment Board says that around 200,000 Nepali migrant workers have been stranded abroad due to coronavirus pandemic. The welfare fund has more than Rs 6 billion collected from the workers who go abroad for foreign jobs.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-06',
			'modified' => '2020-10-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12305',
			'image' => '20201006114242_1601941837.Clipboard09.jpg',
			'article_date' => '2020-10-06 11:41:51',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '34'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '12557',
			'article_category_id' => '1',
			'title' => 'Central Bank Preparing to Bring FDI Directly into Bank Accounts',
			'sub_title' => '',
			'summary' => 'October 5: Nepal Rastra Bank has started doing homework to make arrangements for bringing Foreign Direct Investments (FDI) directly into the bank accounts without its approval. ',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 5: Nepal Rastra Bank has started doing homework to make arrangements for bringing Foreign Direct Investments (FDI) directly into the bank accounts without its approval. The central bank has begun the homework in order to meet the demands of investors to allow the money from FDI to be brought directly into the bank accounts.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Nepal Rastra Bank says that the implementation of this arrangement will end the obligation of getting the mandatory approval from the governing body. The monetary policy of the current Fiscal Year has made provision that certain amount of foreign currency from FDI can be brought in through the automatic route of banks and financial institutions under the specific terms and conditions. Necessary arrangements are being made to allow the FDI money within the specified threshold to be brought in without requiring the approval from the central bank. Bam Bahadur Mishra, executive director of the foreign exchange management department of NRB informs that the necessary homework is being done to bring the investments directly into the account in commercial banks without needing an approval from the Nepal Rastra Bank. However, he adds that the implementation of this provision may take time due to the coronavirus pandemic.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Implementation of this provision will save the time spent getting an approval from the central bank before bringing in the FDI. Depending upon the investment amount, the investor will have to get approval only from the Investment Board, Department of Industry and the concerned ministry. Guruprasad Poudel, director of the Department of Foreign Exchange, said that there may be some delay as it is not justifiable to implement the system with the lack of an immediate environment for foreign investments.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;Decisions haven&rsquo;t been made about the kind of project, the threshold of the FDI, and about the process for opening a bank account. Everything is being processed now. We are formulating procedures as per the monetary policy. The board meetings have also been reduced due to the pandemic,&rdquo; he told New Business Age, adding, &ldquo;It seems that the Foreign Investment and Technology Act will need to be amended to bring this arrangement.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">He says that they are working hard to complete the preparations during the coronavirus crisis.&nbsp;Director Poudel said that the concerned bank should verify the source of money after the investor&#39;s money reaches the commercial bank even though it does not have to get approval from the central bank.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">According to him, the Reserve Bank of India (RBI) has also made arrangements to bring foreign money directly into the bank accounts.&nbsp; He said that Nepal Rastra Bank may also adopt a similar modality.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Investors, who have been complaining about having to go to various departments and the ministry before bringing in the FDI, say that this arrangement should be implemented soon.&nbsp;In order to simplify the process of bringing in the foreign investment, the central bank has started a single point service center in the Department of Industry from Jestha, 2076 BS.&nbsp;The central bank informed that a tentative amount of Rs 16 billion has been sanctioned for foreign investment since the inception of the center.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Satish Kumar Mor, president of the Confederation of Nepalese Industries, says that the new system will save time in collecting documents and completing the process for bringing in the investments. He adds that it would take months to visit all the necessary departments and that this new provision would create an investment-friendly environment to some extent.&nbsp;&quot;If the central bank reduces the cumbersome process in such investments, it will create investment opportunities,&quot; he said, &ldquo;This will primarily help in saving time.&nbsp;It is also a motivation for entrepreneurs.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Pawan Kumar Golyan, president of the Confederation of Banks and Financial Institutions, also expressed happiness over the speedy fulfillment of the request made for the inflow of foreign direct investment (FDI) directly in the bank account.&nbsp;He said, &quot;We have been asking for an easier way to bring FDI directly in the bank for some time.&nbsp;Work is being done on this currently.&rdquo;</span></span></span></p>
',
			'published' => true,
			'created' => '2020-10-05',
			'modified' => '2020-10-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12304',
			'image' => '20201005050003_nrb.jpg',
			'article_date' => '2020-10-05 16:59:25',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '12556',
			'article_category_id' => '1',
			'title' => 'Nepal’s Consulate in Kolkata starts to facilitate Clearance of Containers',
			'sub_title' => '',
			'summary' => 'October 5: Government authorities have decided to facilitate customs clearance of Nepal-bound goods at Kolkata Port by proper implementation of the Electronic Data Exchange (EDI) system. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 5: Government authorities have decided to facilitate customs clearance of Nepal-bound goods at Kolkata Port by proper implementation of the Electronic Data Exchange (EDI) system. </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">Nepal&rsquo;s Consulate in Kolkata will facilitate the importers to overcome lengthy and time consuming hassles of Custom Transit Declaration (CTD).</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">According to the Consulate, around 300 containers have piled up at the Kolkata Port after the port authorities made an online-based EDI system mandatory for the CTD process. </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">As the containers started piling up after the implementation of the EDI process, the importers were requested to submit documents online for the time being and in person at the port, informed Consul General Ishwar Raj Poudel.</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">&quot;Normally, there are around 100 Nepal-bound containers at the port every day but after the number reached 300, we have been asked to opt for both online and physical documentation,&quot; Poudel informed New Business Age.</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">&ldquo;There hasn&rsquo;t been any complaint after the online documentation was started,&rdquo; added Poudel.</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">The Consulate discussed the issue with the Kolkata-based representatives of the importers last Thursday, October 1 and suggested them immediate solution to the problem. </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">This is the peak season for the arrival of goods for Dashain, Tihar and Chhath festivals. Containers have been stopped at the port due to the hassles in implementation of EDI.</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">The use of online documentation is expected to reduce the time for customs clearance of goods but the importers&rsquo; representatives say it is taking longer than expected due to the complicated process of entering the data in the system and the difficulty in making corrections.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-05',
			'modified' => '2020-10-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12303',
			'image' => '20201005040458_1601854446.Clipboard08.jpg',
			'article_date' => '2020-10-05 16:04:17',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 6 => array(
		'Article' => array(
			'id' => '12555',
			'article_category_id' => '1',
			'title' => 'Cement and Clinker worth Millions Imported in just 2 Months ',
			'sub_title' => '',
			'summary' => 'October 5: The impact of lockdown and prohibitory order has been seen in the production of cement and clinker. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 5: The impact of lockdown and prohibitory order has been seen in the production of cement and clinker. Cement and clinker worth Rs 957.2 million have been imported in Nepal after limestone excavation and cement production was stopped due to the lockdown imposed by the government for controlling the spread of Coronavirus (COVID-19). </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">After the production of the cement and limestone excavation was stopped, traders have imported those products from India. However, the import has declined in September of the current fiscal year than that of the previous month. According to the statistics of the Department of Customs, cement and clinker worth Rs 513.4 million was imported in August. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Likewise, in September, cement and clinker worth Rs 443.7 million was imported. However, it is high compared to the last fiscal year when cement and clinker worth Rs 782.3 million was imported. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Although the traders have been claiming that Nepal is self-dependent in cement and clinker, its import has not dropped to zero even in the normal situation. Traders say that cement and clinker that they had ordered in June/July of the current fiscal year, are now being imported. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Tara Prasad Pokhrel, vice-president of the Nepal Cement Manufacturers&rsquo; Association, argued that among the imported products, the import of clinker could be significant. Pokharel, who is also the managing director of Agni Cement, said that he could not reach the mine as the government did not facilitate during the limestone excavation season before the start of monsoon because of the lockdown. As a result, he said that businessmen have imported clinker. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-05',
			'modified' => '2020-10-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12302',
			'image' => '20201005024332_1601854368.Clipboard13.jpg',
			'article_date' => '2020-10-05 14:42:53',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '12553',
			'article_category_id' => '1',
			'title' => 'Business of Nepal’s Carpet Industry Shrinks by 80 Percent',
			'sub_title' => '',
			'summary' => 'October 5: The business of carpet industry, which has come to a standstill since the government imposed lockdown on March 24, has shrunk by almost 80 percent.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 5: The business of carpet industry, which has come to a standstill since the government imposed lockdown on March 24, has shrunk by almost 80 percent.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The demand for carpet in the international market has declined because coronavirus has spread across the globe.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stakeholders say that the demand for carpets is almost nil even though international flights have resumed. This has affected the business as well as export of Nepal-made carpets, which used to have high demand in the international market in the past.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal exports carpets to more than 50 countries including the USA, Germany, the UK, Italy, France, Canada, Belgium and Australia. Among them, 70 percent of export goes to the USA. However, the carpet industry of Nepal has suffered a massive setback because its major market &ndash; the USA &ndash; has been badly affected by the pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The carpet manufacturers had been exporting limited amount of their products at exorbitant price during the lockdown through chartered flights as regular flights were disrupted worldwide.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although regular flights have already resumed since September 1, the carpet exporters complain that they have been forced to pay three times higher fare than the normal price to export their products. Tenjing Sherpa, vice president of Nepal Carpet Manufactures and Exporters Association, informed that they have no option than to pay higher fare for exporting carpet.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to Sherpa, they used to pay US$ 4 per kg for the export of carpet to the USA. But the airliners currently charge them US$ 12 per kilogram.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, the airfare for exporting carpet to European countries that used to be US$ 3 per kg has not increased to US$ 9 per kg. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Sherpa claimed that the carpet industry of Nepal is producing carpet at 30 percent capacity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">More than 300,000 workers associated with the carpet industry and 700 entrepreneurs have been badly affected by the lockdown, informed Sherpa.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">President of the association Ram Bahadur Gurung said that the production of carpet depends on the demand in the international market. Therefore, they are not able to increase production in the current situation.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-05',
			'modified' => '2020-10-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12301',
			'image' => '20201005114155_1601853935.3.jpg',
			'article_date' => '2020-10-05 11:41:17',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '12554',
			'article_category_id' => '1',
			'title' => 'Tatopani Border Reopening Today ',
			'sub_title' => '',
			'summary' => 'October 5: The Tatopani border, a vital transit point with China, is all set to reopen from today (October 5) after a long disruption. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 5: The Tatopani border, a vital transit point with China, is all set to reopen from today (October 5) after a long disruption. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Officials of the Nepal and China had last week agreed to reopen the border from October 5. As per the understanding, the Chinese side had released six containers on Sunday (October 4) while 12 cargo vehicles have reached the border point to load Nepal-bound goods.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">During last Tuesday&rsquo;s meeting, officials of the two countries had agreed to unload goods coming from China at the Liping bridge and the workers from Nepal would be allowed to bring the goods into Nepal from there. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The workers from Nepal have been divided into two groups and they include drivers, helpers and manual labourers. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Taopani Customs Point, the Chinese authorities have agreed to release around 800 containers that had been stranded between Khasa of Tibet autonomous region and the Tatopani border in the first phase.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chief of the customs office Lal Banadur Khatri informed that 15 containers will enter Nepal on a daily basis. The customs office expects to collect revenue of Rs 10 million per day.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Nepal-bound goods include readymade garments, electronics, apples, garlic, onion, cosmetics, toys among others, said Khatri. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to him, preference will be given to bring perishable goods to Nepal first. Khatri informed that they will facilitate in customs clearance of goods so that there will not be any shortage during the upcoming 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:&quot;Arial Unicode MS&quot;">Chief District Officer of Sindhupalhowk Umesh Dhalak said that the border will not be closed unless the labourers involved in unloading goods test positive for 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:&quot;Arial Unicode MS&quot;">The flow of goods from this border point had been irregular ever &nbsp;since coronavirus first surfaced in China. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The border point was opened briefly some months ago but had to be closed following landslides in Jambu bazar of Sindhupalchowk district on July 10. It was again opened but had to be closed due to rising threat of coronavirus.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-05',
			'modified' => '2020-10-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12300',
			'image' => '20201005124610_1601854743.Clipboard16.jpg',
			'article_date' => '2020-10-05 12:45:35',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '12552',
			'article_category_id' => '1',
			'title' => 'Import of Battery and Generator Increases ',
			'sub_title' => '',
			'summary' => 'October 4: While the Nepal Electricity Authority (NEA) has been saying that the possibility of wasting surplus electricity has increased, the import of generators and batteries has also increased. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 4: While the Nepal Electricity Authority (NEA) has been saying that the possibility of wasting surplus electricity has increased, the import of generators and batteries has also increased. </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:&quot;Times New Roman&quot;">Looking at the statistics of the last three months, the import of generators and batteries that are used as alternative sources of electricity has been increasing steadily. The NEA had announced the end of load shedding across the country two years ago. In the first 10 months after that, although the import of generators and inverters did not decrease significantly, the import of batteries was gradually declining. </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:&quot;Times New Roman&quot;">According to the data released by the Department of Customs recently, the import of generators and batteries has been doubling up every month even though there are no imports of inverters. </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:&quot;Times New Roman&quot;">In the last month of the previous fiscal year, 675 units of generators and 7,000 units of batteries were imported, but the import of batteries and generators has doubled in July. Similarly, the import of batteries and generators doubled in August compared to July. </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:&quot;Times New Roman&quot;">President of the Confederation of Nepalese Industries (CNI) Satish Kumar Moore said that the industrialists did not import generators due to the closure of industries and reduction in production after the lockdown. </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:&quot;Times New Roman&quot;">He further said that although it is certain that there won&rsquo;t be load shedding, it is unnatural as there is no particular reason for increase in import of generators. &ldquo;This is not the time to increase the import of generators. It does not seem that the import has increased due to the fear of load shedding after the departure of Kulman Ghising from NEA. But the increase in import of generators is unnatural,&rdquo; he said. </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:&quot;Times New Roman&quot;">After the dismissal of Kulman Ghising from the post of executive director of NEA, there is widespread fear among the public about reappearance of load shedding. The NEA, however, has said that there is no truth in the rumors that load shedding has started and there won&rsquo;t be any load shedding. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-04',
			'modified' => '2020-10-04',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12299',
			'image' => '20201004052128_20200818043659_1597700431.Clipboard08.jpg',
			'article_date' => '2020-10-04 17:20:40',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 10 => array(
		'Article' => array(
			'id' => '12551',
			'article_category_id' => '1',
			'title' => 'Online Loan Applications Drawing Attraction of Customers',
			'sub_title' => 'Digitalized flow of credit will need more time to become effective',
			'summary' => 'October 4: Banks and Financial Institutions (BFIs) have come up with various products that can be used to make payments, to open a deposit account as well as to apply for a loan online to ensure physical distance during the COVID-19 crisis.',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 4: Banks and Financial Institutions (BFIs) have come up with various products that can be used to make payments, to open a deposit account as well as to apply for a loan online to ensure physical distance during the COVID-19 crisis.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Customers&rsquo; growing attraction toward online banking started to increase after some banks recently digitalized the process of loan disbursement. Some banks have even started approving the loans applied online.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Banks, including Sanima Bank, NIC Asia Bank, Nabil Bank have brought products to the market that allow the borrowers to apply for a loan online. Sanima Bank stated that its effectiveness has started to be seen.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Keeping the customers&rsquo; convenience and security in mind, Sanima Bank has made an arrangement to fill the form for credit cards by visiting the bank&#39;s official website.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The bank has issued credit cards without any charges since September 22. Bikram Shrestha, digital banking chief of Sanima Bank, says that 162 people have already applied for credit cards online</span><span style="font-size:14.0pt"><span style="font-family:Arial">.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">According to Shrestha, 20 credit cards have already been approved as of last Thursday depending on the loan amount and payback capacity.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;Among all applications till now, 55 had complete documentations. The files of the remaining applicants are also under consideration,&rdquo; he told New Business Age, adding, &ldquo;Under the Dashain scheme, the first 50 cardholders will get a free voucher worth Rs 500 for shopping and Rs 3000 for the Daraz online shopping portal.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Shrestha believes that the digitalization in loans by the banks is an opportunity given by the coronavirus pandemic. He says that progress has been made in digital banking due to the pandemic.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Pointing out that it is necessary to make borrowers trust the fact that the demand for a loan can be made online, Shrestha believes that it is important for the government to start promoting and encouraging online loan applications.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">NIC Asia Bank, which has introduced the facility to apply for &lsquo;<em>Super Chamtkarik Loan&rsquo;</em> through Khalti digital wallet, has said that it has not been effective yet.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Arjun Khaniya, the head of the customer service department and the Assistant Information Officer of NIC Asia, believes that despite the launch of the product, it is still new for the customers and that they will need time to get used to it.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Under this loan scheme, the bank has brought an arrangement wherein the customers can apply for the &lsquo;Super Chamatkarik&rsquo; home loan, car loan and business loan from any place at any time with the use of Khalti digital wallet.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Meanwhile, after connecting the Khalti wallet to one&rsquo;s account, arrangement has been made to allow customers to make payments directly from their bank accounts when they make a purchase of goods or services through the wallet.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">He says that many customers are interested in applying for this but it will take time to be effective as this product was launched recently.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;This is a new product in the Nepalese market. We expect its attraction to increase gradually. However, a lot of credit will be flowed on the basis of relationships. The loan is being disbursed only on the basis of the customers&rsquo; income and trust,&rdquo; said Assistant Information Officer Khaniya.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Nabil Bank has also started the facility of getting loans from one&rsquo;s phone. After this facility, salaried account holders can get a loan up to Rs 100,000 from their phones immediately.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Deputy General Manager of Nabil Bank, Manoj Gyawali, informed that there have been many requests for the loans now as this product was launched recently. &ldquo;Nabil&rsquo;s smart bank users will be able to use this facility. Customers&rsquo; can apply for the loan through the smart banking app. This kind of loan is made available for a short-term,&rdquo; Gyawali said, &ldquo;This facility may even be available for all banks in the future.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The banks will not require any additional collateral to disburse the loan. It used to be a very tedious process to get a loan even when the customers had to be physically present. But now, the process of taking loans has been digitalized. However, bankers believe that this product is new to Nepal and will take time to be effective. </span></span></span></p>
',
			'published' => true,
			'created' => '2020-10-04',
			'modified' => '2020-10-04',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12298',
			'image' => '20201004040446_shutterstock_245919811.jpg',
			'article_date' => '2020-10-04 16:04:03',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 11 => array(
		'Article' => array(
			'id' => '12550',
			'article_category_id' => '1',
			'title' => 'Port Regulatory Body Seeks Clarification from Dry Port Operator for Additional Charges',
			'sub_title' => '',
			'summary' => 'October 4: Nepal Intermodal Transport Development Committee (NITDB) has demanded an explanation from Pristine Valley Dry Port Private Limited for operating the Birgunj Dry Port against the agreement.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 4: Nepal Intermodal Transport Development Committee (NITDB) has demanded an explanation from Pristine Valley Dry Port Private Limited for operating the Birgunj Dry Port against the agreement.</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">Director of NITDB Hemendra Mohan Shahi informed that Pristine Valley Dry Port has been asked to furnish clarification in this regard. </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">NITDB decided to seek clarification from the company after it was found that the importers were made to pay separate charges for terminal service charge (TSC) and the labor charge for the workers at the port. </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">During an on-site inspection, it was found that Pristine Valley had charged fees to the importers against the agreement signed with NITDB, claimed Director Shahi.</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">The contract agreement between the port regulatory body NITDB and Pristine clearly mentions that the port operator will not be allowed to charge any fee other than the TSC. However, Shahi informed that the service seekers from Boraband Cargo (BCN) had paid money to both the port operator and the loaders for unloading goods.</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">&ldquo;It was found that the service seekers were forced to pay a separate amounts to the workers on top of the TSC. Importers don&#39;t have to pay anyone else after paying the charge fixed by the operator,&rdquo; Shahi informed New Business Age.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">General Secretary of Birgunj Chamber of Commerce Madhav Rajpal informed that the service seekers are forced to pay service charge to both the dry port operators as well as the labourers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, Pristine Valley Pvt Ltd says that the problem has surfaced because the labourers and the labour suppliers do not have Permanent Account Numbers (PAN).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The company&rsquo;s chief officer Aaditya Raya claimed that they have been charging only Rs 109 per metric tons from the service seekers although they can charge up to Rs 246 per metric ton of cargo according to the agreement.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The workers who load and unload goods do not have PAN. Neither are they interested. So we have lowered the TSC to Rs 109. Therefore the service seekers pay the workers themselves,&rdquo; added Raya.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-04',
			'modified' => '2020-10-04',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12297',
			'image' => '20201004015612_1601766843.6.jpg',
			'article_date' => '2020-10-04 13:55:33',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '34'
		)
	),
	(int) 12 => array(
		'Article' => array(
			'id' => '12549',
			'article_category_id' => '1',
			'title' => 'Price of Gold up in the Market',
			'sub_title' => '',
			'summary' => 'October 4: The prices of gold and silver have gone up on the first day of the current week. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 4: The prices of gold and silver have gone up on the first day of the current week. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Federation of Nepal Gold and Silver Dealers Association, the price of gold has increased by Rs 200 per tola (11 grams approx.) on Sunday (October 4) as compared to a day ago. Gold is being traded for Rs 94,500 per 11 grams on Sunday.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, the price of silver has also increased overnight by Rs 5 per 11 grams. Silver is being traded for 1180 per 11 grams.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The price of gold has crossed the mark of Rs 100,000 per 11 grams a few weeks ago. The price of gold has been fluctuating during the recent period while the business has come to a halt although the government has lifted restrictions.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-04',
			'modified' => '2020-10-04',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12296',
			'image' => '20201004010037_gold.jpg',
			'article_date' => '2020-10-04 13:00:08',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 13 => array(
		'Article' => array(
			'id' => '12548',
			'article_category_id' => '1',
			'title' => 'Work Procedure of SSF Gathering Dust at Prime Minister’s Office',
			'sub_title' => '',
			'summary' => 'October 4: A proposal forwarded to the Office of the Prime Minister and Council of Ministers six months ago by the labour ministry for providing loan to the contributors of the Social Security Fund (SSF) is gathering dust office.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 4: A proposal forwarded to the Office of the Prime Minister and Council of Ministers six months ago by the labour ministry for providing loan to the contributors of the Social Security Fund (SSF) is gathering dust office. The proposal includes work procedure prepared by the SSF to provide loan to the contributors.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">SSF had proposed providing a maximum of Rs 7.5 million loan to those who have contributed to the fund for three consecutive years. As per the proposal, the loan amount will be calculated on the basis of basic salary of the contributor for 15 years and cannot exceed the maximum limit. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The prime minister&rsquo;s office has a committee comprising of high-level officials from the finance ministry that decides on the proposals to be sent to the Council of Ministers (cabinet).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The officials have refused to forward the proposal to the cabinet arguing that the SSF is not an institution to provide loan. On the other hand, the Employees Provident Fund (EPF) and the Citizens Investment Trust (CIT) have been providing loans to the employees since their inception. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Deputy Executive Director of SSF Bivek Panthi says that the delay in approval of the work procedure has prevented them from investing Rs 2.6 billion that they have collected so far. He argues that it is unfair to allow EPF to provide loan and bar them from doing so.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The employees are the same. The decision to halt the approval of the proposal reflects discrimination,&rdquo; says Panthi.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The work procedure proposed investing the fund collected by SSF in government bonds, fixed deposit accounts of BFIs or in long-term deposit plans. It also proposes investing the amount on BFIs or other companies and in mutual funds.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, joint secretary of finance ministry Jhakka Acharya says that the bylaws of the SSF does not allow it to provide loans.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In recent days, there is a growing attraction toward SSF. On Friday, around 176,000 employees associated with 12,780 organisations were listed with the&nbsp; SSF.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">During the lockdown period, companies related to the tourism industry, aviation sector, industries, NGOs, finance companies, media houses among others were registered with the SSF.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-04',
			'modified' => '2020-10-04',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12295',
			'image' => '20201004111826_1601767372.3.jpg',
			'article_date' => '2020-10-04 11:17:46',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 14 => array(
		'Article' => array(
			'id' => '12547',
			'article_category_id' => '1',
			'title' => 'Handicraft Industry Struggling to Normalize',
			'sub_title' => '',
			'summary' => 'October 1: The handicraft industry of Nepal is producing products at 20 percent of its full capacity.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 1: The handicraft industry of Nepal is producing products at 20 percent of its full capacity. The production of Nepal&rsquo;s handicraft&nbsp; industry had declined by 80 percent before the lockdown on March 24 after the number of tourists stopped visiting the country due to fear of coronavirus. Even the demand for handicraft has gone down significantly, due to which the manufacturers have reduced their production. Stakeholders say there isn&rsquo;t any new demand after the start of the coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Handicraft entrepreneurs say they are operating their industries only to fulfill the demand for felt, pashmina, woodcarvings and silverwares that were ordered before the lockdown.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">It has been learnt that around 60 percent workers in this field have been rendered jobless after the handicraft industry started producing at 20 percent capacity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">President of Federation of Nepal Handicraft Association Surendra Bhai Shakya says they are unable to increase production due to lack of demand from overseas.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;What can we do by just increasing production? There isn&rsquo;t any sale. How long can we stock the products?&rdquo; questioned Shakya. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">After firing the workers, Shakya says they are worried about getting skilled workers later when the situation gets normal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the data of FHAN, the domestic market of Nepal consumes handicraft materials worth Rs 6 billion every year. The USA, China and European countries are the major markets for Nepalese handicraft products. Nepal exports handicraft products worth Rs 11 to 15 billion to these countries annually. Even those who purchase handicraft products in Nepal are foreigners.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The handicraft entrepreneurs have been forced to export their products at three times higher price due to unavailability of flights during global lockdown. The problem has not resolved although regular flights have&nbsp; resumed. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chairman of Nepal Export Council Hari Bahadur Karki says only limited airline companies are operating flights to and from Nepal and the airliners charge them fare as high as that of chartered flights.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the government has lifted restrictions, places like Basantapur, Thamel, Patan and other areas where these products are sold do not have any customers at the moment.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stakeholders say their business is in peril because the handicraft industry is directly linked with the tourism industry.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-01',
			'modified' => '2020-10-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12294',
			'image' => '20201001053942_1601506595.Clipboard12.jpg',
			'article_date' => '2020-10-01 17:39:08',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	)
)
$current_user = null
$logged_in = false
simplexml_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

file not found!

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' => '12561',
			'article_category_id' => '1',
			'title' => 'Habib Bank Facing Difficulties in Selling its Shares in Himalayan Bank',
			'sub_title' => '',
			'summary' => 'October 6: Pakistan's Habib Bank has been experiencing difficulties in selling its 20 percent promoter shares in Himalayan Bank.',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 6: Pakistan&#39;s Habib Bank has been experiencing difficulties in selling its 20 percent promoter shares in Himalayan Bank.&nbsp;The UK&#39;s Commonwealth Development Corporation Group (CDC), which has been interested in buying the shares for nearly a year and a half, has recently become reluctant to make the purchase due to COVID-19.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">By the time of the bank&#39;s annual general meeting last year, 80 percent of the Due Diligence Audit (DDA) was completed, and the rest was to be done after the AGM.&nbsp;However, this did not happen immediately.&nbsp;CDC is now holding back from buying Habib&#39;s shares, citing COVID-19 as the reason.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Tulasi Prasad Gautam, the chairman of Himalayan Bank, says that the CDC has expressed its intention not to invest in the shares because of COVID-19.&nbsp;&quot;We had a conversation with Habib&#39;s representative.&nbsp;CDC has expressed its intention not to buy the shares due to COVID-19.&nbsp;The purchase has been postponed for now,&rdquo; said Gautam.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Until a month ago, CDC had said it would hold the share purchase agreement till 2020 because it was not possible to travel back and forth because of coronavirus.&nbsp;However, Gautam says that CDC doesn&rsquo;t seem willing to invest on the shares anymore as the COVID-19 pandemic may not be ending anytime soon.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">After the distribution of 10 percent bonus shares from the annual general meeting of the Fiscal Year 2075/76, the issued capital of Himalayan Bank has increased to Rs 9,372,281,428.&nbsp;Habib owns 20 percent of the total shares of the bank, which amounts to a total of 17,040,511 units of shares.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Habib had been trying to return after selling its investment in Nepal for a long time but has had to remain silent due to the lack of buyers.&nbsp;Habib has wanted to sell its promoter shares in Himalayan Bank because it didn&rsquo;t meet its goals as it had expected.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Habib Bank also wanted to sell its shares in Himalayan Bank due to the lack of trade between Nepal and Pakistan as well as the lack of any Pakistani communities in Nepal.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Habib had first offered the other promoters of Himalayan Bank to purchase its shares.&nbsp;Habib had made this offer because the remaining promoters legally have the right to purchase the shares first.&nbsp;However, after the rejection from the remaining promoters, Habib intended to sell its shares to an international organization.&nbsp;After the CDC withdrew from the purchase of shares, Habib Bank had requested the Employees Provident Fund to buy the shares.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Chairman Gautam however says that it would not be possible for the fund to buy all of Habib&rsquo;s shares as they already have 14 percent stake in the bank. As mentioned in the Employees&#39; Provident Fund Act, the fund can invest only up to 25 percent in any bank and financial institution.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;Habib will have to sell its entire 20 percent stake when it&rsquo;s making the sell.&nbsp;According to the policy, it is not possible for the fund to buy all of the shares,&rdquo; he told New Business Age.</span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-06',
			'modified' => '2020-10-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12308',
			'image' => '20201006043337_1601941321.Clipboard07.jpg',
			'article_date' => '2020-10-06 16:33:03',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 1 => array(
		'Article' => array(
			'id' => '12560',
			'article_category_id' => '1',
			'title' => 'Automobile Business Starts Thriving in Festive Season',
			'sub_title' => '',
			'summary' => 'October 6: With the arrival of Dashain and Tihar festivals, the automobile business has started to boom.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 6: With the arrival of Dashain and Tihar festivals, the automobile business has started to boom. The schemes and offers introduced by the companies aimed at the festive season has helped in thriving the automobile business that was hard hit by the lockdown and prohibitory order. Companies like TATA, Hyundai, Ford, Renault and SsangYong have introduced discounts and offers for Dashain-Tihar. </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:&quot;Times New Roman&quot;">On the two-wheeler side, TVS, Suzuki, Yamaha have also announced Dashain-Tihar schemes. Traders say that the number of people coming to the showroom to buy vehicles has increased after the lockdown was lifted. </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:&quot;Times New Roman&quot;">Although the market for two-wheelers was increasing, the market for four-wheelers was sluggish after the lockdown was lifted in mid-August. When the market for four-wheelers was growing, the government imposed prohibitory order from august 19. Krishna Prasad Dulal, president of Nepal Automobile Dealers Association (NADA) said that the market has started to become vibrant after the government lifted the prohibitory order on September 9. </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:&quot;Times New Roman&quot;">&ldquo;The market isn&rsquo;t like last year. Customers are slowly approaching the business that was closed for six months. We can only estimate that the market will grow as the festivals approach,&rdquo; he said. </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:&quot;Times New Roman&quot;">In the previous years, NADA used to organise Auto Show before Dashain and there used to be huge sales of automobile. However, businessmen say that the sales will be much less than before as there is no such Auto Show this year. </span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-06',
			'modified' => '2020-10-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12307',
			'image' => '20201006025424_1601943671.Clipboard12.jpg',
			'article_date' => '2020-10-06 14:53:51',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 2 => array(
		'Article' => array(
			'id' => '12559',
			'article_category_id' => '1',
			'title' => 'Operation of Nagarik Stock Dealer Company Uncertain',
			'sub_title' => 'Nepse Demands Company's own Data Centre ',
			'summary' => 'October 6: The operation of Nagarik Stock Dealer Company has become uncertain after the Nepal Stock Exchange (Nepse) demanded data centre.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 6: The operation of Nagarik Stock Dealer Company has become uncertain after the Nepal Stock Exchange (Nepse) demanded data centre. Nepse has directed the company to create data centre for storing data or to use cloud for the purpose. However, Nagarik Stock Dealer Company&nbsp; has not been able to do so because the process is quite costly. Therefore, the company has not been able to attain the broker code number for its operation of share transactions.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Securities Board of Nepal had given a Letter of Intent (LoI) to Nagarik Stock&nbsp; Dealer Company more than two months ago. The company has been preparing to gather resources and build infrastructure to start its service. However, the operation of the company has become uncertain after Nepse asked the company to create its own data centre or to use cloud.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nagarik Stock Dealer Company was set up eight months ago as a subsidiary of Citizens Investment Trust (CIT) with the objective of providing the service of stock dealer. The company was preparing to launch its service from the start of the current fiscal year after getting the LoI. However, it was not possible due to coronavirus. The company was preparing to start its service two months later than the first schedule but that too is unlikely to happen after Nepse demanded its own data centre.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The internal works of CIT itself have been affected after its employees tested positive for 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:&quot;Arial Unicode MS&quot;">Any new company must prepare the required infrastructure within six months after acquiring LoI. Then it has to acquire broker code number from Nepse. Then it has to adjust its software with that of Neal Clearing House for transaction settlement.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Then only can the company get final approval for operation from Sebon after necessary inspection. However, the company has not been able to submit an application with Sebon for final approval due to its failure to obtain broker code from Nepse. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Deputy Executive Director of CIT Dr Indra Kumar Kattel says it is very expensive to meet the criteria for date center as demanded by Nepse.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We have to opt for a bidding process for the data cenre as per the Public Procurement Act,&rdquo; said Kattel, adding, &ldquo;This is a technical problem and we will sort it out soon.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He informed that the company will start operation within ten days if the problem is resolved through the use of cloud.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-06',
			'modified' => '2020-10-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12306',
			'image' => '20201006013131_20161214040928_nepse.jpg',
			'article_date' => '2020-10-06 13:30:17',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '12558',
			'article_category_id' => '1',
			'title' => 'Foreign Employment Board Spends Rs 4 Million for Rescue Mission Despite Collecting Rs 6 Billion',
			'sub_title' => '',
			'summary' => 'October 20: Thousands of Nepali nationals, especially the migrant workers, are stranded abroad due to coronavirus pandemic. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 20: Thousands of Nepali nationals, especially the migrant workers, are stranded abroad due to coronavirus pandemic. However, the government at its own expenses has rescued only around 100 of them. The government has spent Rs 4 million so far for the rescue operation.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Foreign Employment Board under the Ministry of Labour and Social Security has so far rescued 18 migrant workers from Bahrain and 86 from Malaysia by utilising the Foreign Employment Welfare Fund.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The board officials admit that the number of migrant workers rescued by the government is less than expected.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the board had allocated Rs 750 million for airlifting stranded Nepali migrant workers, it has been unable to use the fund, says Dinbandhu Subedi, director of the Foreign Employment Board.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Subedi says that the Nepalese embassies in foreign countries should demand the fund from the board through the labour ministry for returning the migrant workers home. However, he says they haven&rsquo;t sought any amount for the rescue 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:&quot;Arial Unicode MS&quot;">According to the board, they have spent only Rs 4.2 million out of the allocated Rs 750 million. Out of the spent amount, Rs 200,000 has been utilized for paying the workers stationed at the holding centres in Nepal, informed Subedi.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Officials of the board say that they are facing difficulty in rescuing the migrant workers who have lost jobs abroad because of the lack of accurate data.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&nbsp;They say that the Nepalese embassies need to attest the documents of the migrant workers in order to avail them the relief amount. Those who have been identified as genuine Nepali migrant workers can receive up to 75 percent of the fund for returning home in case their contract in foreign countries is over while the newly recruited workers can get 100 percent funding for returning home.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The board officials say that the embassies have been pressuring the companies in foreign countries to pay for the return flights of the migrant workers because the companies are liable to do so under the contract signed with the workers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Foreign Employment Board says that around 200,000 Nepali migrant workers have been stranded abroad due to coronavirus pandemic. The welfare fund has more than Rs 6 billion collected from the workers who go abroad for foreign jobs.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-06',
			'modified' => '2020-10-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12305',
			'image' => '20201006114242_1601941837.Clipboard09.jpg',
			'article_date' => '2020-10-06 11:41:51',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '34'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '12557',
			'article_category_id' => '1',
			'title' => 'Central Bank Preparing to Bring FDI Directly into Bank Accounts',
			'sub_title' => '',
			'summary' => 'October 5: Nepal Rastra Bank has started doing homework to make arrangements for bringing Foreign Direct Investments (FDI) directly into the bank accounts without its approval. ',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 5: Nepal Rastra Bank has started doing homework to make arrangements for bringing Foreign Direct Investments (FDI) directly into the bank accounts without its approval. The central bank has begun the homework in order to meet the demands of investors to allow the money from FDI to be brought directly into the bank accounts.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Nepal Rastra Bank says that the implementation of this arrangement will end the obligation of getting the mandatory approval from the governing body. The monetary policy of the current Fiscal Year has made provision that certain amount of foreign currency from FDI can be brought in through the automatic route of banks and financial institutions under the specific terms and conditions. Necessary arrangements are being made to allow the FDI money within the specified threshold to be brought in without requiring the approval from the central bank. Bam Bahadur Mishra, executive director of the foreign exchange management department of NRB informs that the necessary homework is being done to bring the investments directly into the account in commercial banks without needing an approval from the Nepal Rastra Bank. However, he adds that the implementation of this provision may take time due to the coronavirus pandemic.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Implementation of this provision will save the time spent getting an approval from the central bank before bringing in the FDI. Depending upon the investment amount, the investor will have to get approval only from the Investment Board, Department of Industry and the concerned ministry. Guruprasad Poudel, director of the Department of Foreign Exchange, said that there may be some delay as it is not justifiable to implement the system with the lack of an immediate environment for foreign investments.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;Decisions haven&rsquo;t been made about the kind of project, the threshold of the FDI, and about the process for opening a bank account. Everything is being processed now. We are formulating procedures as per the monetary policy. The board meetings have also been reduced due to the pandemic,&rdquo; he told New Business Age, adding, &ldquo;It seems that the Foreign Investment and Technology Act will need to be amended to bring this arrangement.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">He says that they are working hard to complete the preparations during the coronavirus crisis.&nbsp;Director Poudel said that the concerned bank should verify the source of money after the investor&#39;s money reaches the commercial bank even though it does not have to get approval from the central bank.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">According to him, the Reserve Bank of India (RBI) has also made arrangements to bring foreign money directly into the bank accounts.&nbsp; He said that Nepal Rastra Bank may also adopt a similar modality.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Investors, who have been complaining about having to go to various departments and the ministry before bringing in the FDI, say that this arrangement should be implemented soon.&nbsp;In order to simplify the process of bringing in the foreign investment, the central bank has started a single point service center in the Department of Industry from Jestha, 2076 BS.&nbsp;The central bank informed that a tentative amount of Rs 16 billion has been sanctioned for foreign investment since the inception of the center.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Satish Kumar Mor, president of the Confederation of Nepalese Industries, says that the new system will save time in collecting documents and completing the process for bringing in the investments. He adds that it would take months to visit all the necessary departments and that this new provision would create an investment-friendly environment to some extent.&nbsp;&quot;If the central bank reduces the cumbersome process in such investments, it will create investment opportunities,&quot; he said, &ldquo;This will primarily help in saving time.&nbsp;It is also a motivation for entrepreneurs.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Pawan Kumar Golyan, president of the Confederation of Banks and Financial Institutions, also expressed happiness over the speedy fulfillment of the request made for the inflow of foreign direct investment (FDI) directly in the bank account.&nbsp;He said, &quot;We have been asking for an easier way to bring FDI directly in the bank for some time.&nbsp;Work is being done on this currently.&rdquo;</span></span></span></p>
',
			'published' => true,
			'created' => '2020-10-05',
			'modified' => '2020-10-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12304',
			'image' => '20201005050003_nrb.jpg',
			'article_date' => '2020-10-05 16:59:25',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '12556',
			'article_category_id' => '1',
			'title' => 'Nepal’s Consulate in Kolkata starts to facilitate Clearance of Containers',
			'sub_title' => '',
			'summary' => 'October 5: Government authorities have decided to facilitate customs clearance of Nepal-bound goods at Kolkata Port by proper implementation of the Electronic Data Exchange (EDI) system. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 5: Government authorities have decided to facilitate customs clearance of Nepal-bound goods at Kolkata Port by proper implementation of the Electronic Data Exchange (EDI) system. </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">Nepal&rsquo;s Consulate in Kolkata will facilitate the importers to overcome lengthy and time consuming hassles of Custom Transit Declaration (CTD).</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">According to the Consulate, around 300 containers have piled up at the Kolkata Port after the port authorities made an online-based EDI system mandatory for the CTD process. </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">As the containers started piling up after the implementation of the EDI process, the importers were requested to submit documents online for the time being and in person at the port, informed Consul General Ishwar Raj Poudel.</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">&quot;Normally, there are around 100 Nepal-bound containers at the port every day but after the number reached 300, we have been asked to opt for both online and physical documentation,&quot; Poudel informed New Business Age.</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">&ldquo;There hasn&rsquo;t been any complaint after the online documentation was started,&rdquo; added Poudel.</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">The Consulate discussed the issue with the Kolkata-based representatives of the importers last Thursday, October 1 and suggested them immediate solution to the problem. </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">This is the peak season for the arrival of goods for Dashain, Tihar and Chhath festivals. Containers have been stopped at the port due to the hassles in implementation of EDI.</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">The use of online documentation is expected to reduce the time for customs clearance of goods but the importers&rsquo; representatives say it is taking longer than expected due to the complicated process of entering the data in the system and the difficulty in making corrections.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-05',
			'modified' => '2020-10-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12303',
			'image' => '20201005040458_1601854446.Clipboard08.jpg',
			'article_date' => '2020-10-05 16:04:17',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 6 => array(
		'Article' => array(
			'id' => '12555',
			'article_category_id' => '1',
			'title' => 'Cement and Clinker worth Millions Imported in just 2 Months ',
			'sub_title' => '',
			'summary' => 'October 5: The impact of lockdown and prohibitory order has been seen in the production of cement and clinker. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 5: The impact of lockdown and prohibitory order has been seen in the production of cement and clinker. Cement and clinker worth Rs 957.2 million have been imported in Nepal after limestone excavation and cement production was stopped due to the lockdown imposed by the government for controlling the spread of Coronavirus (COVID-19). </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">After the production of the cement and limestone excavation was stopped, traders have imported those products from India. However, the import has declined in September of the current fiscal year than that of the previous month. According to the statistics of the Department of Customs, cement and clinker worth Rs 513.4 million was imported in August. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Likewise, in September, cement and clinker worth Rs 443.7 million was imported. However, it is high compared to the last fiscal year when cement and clinker worth Rs 782.3 million was imported. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Although the traders have been claiming that Nepal is self-dependent in cement and clinker, its import has not dropped to zero even in the normal situation. Traders say that cement and clinker that they had ordered in June/July of the current fiscal year, are now being imported. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Tara Prasad Pokhrel, vice-president of the Nepal Cement Manufacturers&rsquo; Association, argued that among the imported products, the import of clinker could be significant. Pokharel, who is also the managing director of Agni Cement, said that he could not reach the mine as the government did not facilitate during the limestone excavation season before the start of monsoon because of the lockdown. As a result, he said that businessmen have imported clinker. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-05',
			'modified' => '2020-10-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12302',
			'image' => '20201005024332_1601854368.Clipboard13.jpg',
			'article_date' => '2020-10-05 14:42:53',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '12553',
			'article_category_id' => '1',
			'title' => 'Business of Nepal’s Carpet Industry Shrinks by 80 Percent',
			'sub_title' => '',
			'summary' => 'October 5: The business of carpet industry, which has come to a standstill since the government imposed lockdown on March 24, has shrunk by almost 80 percent.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 5: The business of carpet industry, which has come to a standstill since the government imposed lockdown on March 24, has shrunk by almost 80 percent.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The demand for carpet in the international market has declined because coronavirus has spread across the globe.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stakeholders say that the demand for carpets is almost nil even though international flights have resumed. This has affected the business as well as export of Nepal-made carpets, which used to have high demand in the international market in the past.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal exports carpets to more than 50 countries including the USA, Germany, the UK, Italy, France, Canada, Belgium and Australia. Among them, 70 percent of export goes to the USA. However, the carpet industry of Nepal has suffered a massive setback because its major market &ndash; the USA &ndash; has been badly affected by the pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The carpet manufacturers had been exporting limited amount of their products at exorbitant price during the lockdown through chartered flights as regular flights were disrupted worldwide.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although regular flights have already resumed since September 1, the carpet exporters complain that they have been forced to pay three times higher fare than the normal price to export their products. Tenjing Sherpa, vice president of Nepal Carpet Manufactures and Exporters Association, informed that they have no option than to pay higher fare for exporting carpet.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to Sherpa, they used to pay US$ 4 per kg for the export of carpet to the USA. But the airliners currently charge them US$ 12 per kilogram.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, the airfare for exporting carpet to European countries that used to be US$ 3 per kg has not increased to US$ 9 per kg. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Sherpa claimed that the carpet industry of Nepal is producing carpet at 30 percent capacity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">More than 300,000 workers associated with the carpet industry and 700 entrepreneurs have been badly affected by the lockdown, informed Sherpa.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">President of the association Ram Bahadur Gurung said that the production of carpet depends on the demand in the international market. Therefore, they are not able to increase production in the current situation.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-05',
			'modified' => '2020-10-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12301',
			'image' => '20201005114155_1601853935.3.jpg',
			'article_date' => '2020-10-05 11:41:17',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '12554',
			'article_category_id' => '1',
			'title' => 'Tatopani Border Reopening Today ',
			'sub_title' => '',
			'summary' => 'October 5: The Tatopani border, a vital transit point with China, is all set to reopen from today (October 5) after a long disruption. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 5: The Tatopani border, a vital transit point with China, is all set to reopen from today (October 5) after a long disruption. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Officials of the Nepal and China had last week agreed to reopen the border from October 5. As per the understanding, the Chinese side had released six containers on Sunday (October 4) while 12 cargo vehicles have reached the border point to load Nepal-bound goods.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">During last Tuesday&rsquo;s meeting, officials of the two countries had agreed to unload goods coming from China at the Liping bridge and the workers from Nepal would be allowed to bring the goods into Nepal from there. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The workers from Nepal have been divided into two groups and they include drivers, helpers and manual labourers. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Taopani Customs Point, the Chinese authorities have agreed to release around 800 containers that had been stranded between Khasa of Tibet autonomous region and the Tatopani border in the first phase.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chief of the customs office Lal Banadur Khatri informed that 15 containers will enter Nepal on a daily basis. The customs office expects to collect revenue of Rs 10 million per day.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Nepal-bound goods include readymade garments, electronics, apples, garlic, onion, cosmetics, toys among others, said Khatri. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to him, preference will be given to bring perishable goods to Nepal first. Khatri informed that they will facilitate in customs clearance of goods so that there will not be any shortage during the upcoming 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:&quot;Arial Unicode MS&quot;">Chief District Officer of Sindhupalhowk Umesh Dhalak said that the border will not be closed unless the labourers involved in unloading goods test positive for 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:&quot;Arial Unicode MS&quot;">The flow of goods from this border point had been irregular ever &nbsp;since coronavirus first surfaced in China. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The border point was opened briefly some months ago but had to be closed following landslides in Jambu bazar of Sindhupalchowk district on July 10. It was again opened but had to be closed due to rising threat of coronavirus.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-05',
			'modified' => '2020-10-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12300',
			'image' => '20201005124610_1601854743.Clipboard16.jpg',
			'article_date' => '2020-10-05 12:45:35',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '12552',
			'article_category_id' => '1',
			'title' => 'Import of Battery and Generator Increases ',
			'sub_title' => '',
			'summary' => 'October 4: While the Nepal Electricity Authority (NEA) has been saying that the possibility of wasting surplus electricity has increased, the import of generators and batteries has also increased. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 4: While the Nepal Electricity Authority (NEA) has been saying that the possibility of wasting surplus electricity has increased, the import of generators and batteries has also increased. </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:&quot;Times New Roman&quot;">Looking at the statistics of the last three months, the import of generators and batteries that are used as alternative sources of electricity has been increasing steadily. The NEA had announced the end of load shedding across the country two years ago. In the first 10 months after that, although the import of generators and inverters did not decrease significantly, the import of batteries was gradually declining. </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:&quot;Times New Roman&quot;">According to the data released by the Department of Customs recently, the import of generators and batteries has been doubling up every month even though there are no imports of inverters. </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:&quot;Times New Roman&quot;">In the last month of the previous fiscal year, 675 units of generators and 7,000 units of batteries were imported, but the import of batteries and generators has doubled in July. Similarly, the import of batteries and generators doubled in August compared to July. </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:&quot;Times New Roman&quot;">President of the Confederation of Nepalese Industries (CNI) Satish Kumar Moore said that the industrialists did not import generators due to the closure of industries and reduction in production after the lockdown. </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:&quot;Times New Roman&quot;">He further said that although it is certain that there won&rsquo;t be load shedding, it is unnatural as there is no particular reason for increase in import of generators. &ldquo;This is not the time to increase the import of generators. It does not seem that the import has increased due to the fear of load shedding after the departure of Kulman Ghising from NEA. But the increase in import of generators is unnatural,&rdquo; he said. </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:&quot;Times New Roman&quot;">After the dismissal of Kulman Ghising from the post of executive director of NEA, there is widespread fear among the public about reappearance of load shedding. The NEA, however, has said that there is no truth in the rumors that load shedding has started and there won&rsquo;t be any load shedding. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-04',
			'modified' => '2020-10-04',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12299',
			'image' => '20201004052128_20200818043659_1597700431.Clipboard08.jpg',
			'article_date' => '2020-10-04 17:20:40',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 10 => array(
		'Article' => array(
			'id' => '12551',
			'article_category_id' => '1',
			'title' => 'Online Loan Applications Drawing Attraction of Customers',
			'sub_title' => 'Digitalized flow of credit will need more time to become effective',
			'summary' => 'October 4: Banks and Financial Institutions (BFIs) have come up with various products that can be used to make payments, to open a deposit account as well as to apply for a loan online to ensure physical distance during the COVID-19 crisis.',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 4: Banks and Financial Institutions (BFIs) have come up with various products that can be used to make payments, to open a deposit account as well as to apply for a loan online to ensure physical distance during the COVID-19 crisis.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Customers&rsquo; growing attraction toward online banking started to increase after some banks recently digitalized the process of loan disbursement. Some banks have even started approving the loans applied online.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Banks, including Sanima Bank, NIC Asia Bank, Nabil Bank have brought products to the market that allow the borrowers to apply for a loan online. Sanima Bank stated that its effectiveness has started to be seen.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Keeping the customers&rsquo; convenience and security in mind, Sanima Bank has made an arrangement to fill the form for credit cards by visiting the bank&#39;s official website.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The bank has issued credit cards without any charges since September 22. Bikram Shrestha, digital banking chief of Sanima Bank, says that 162 people have already applied for credit cards online</span><span style="font-size:14.0pt"><span style="font-family:Arial">.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">According to Shrestha, 20 credit cards have already been approved as of last Thursday depending on the loan amount and payback capacity.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;Among all applications till now, 55 had complete documentations. The files of the remaining applicants are also under consideration,&rdquo; he told New Business Age, adding, &ldquo;Under the Dashain scheme, the first 50 cardholders will get a free voucher worth Rs 500 for shopping and Rs 3000 for the Daraz online shopping portal.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Shrestha believes that the digitalization in loans by the banks is an opportunity given by the coronavirus pandemic. He says that progress has been made in digital banking due to the pandemic.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Pointing out that it is necessary to make borrowers trust the fact that the demand for a loan can be made online, Shrestha believes that it is important for the government to start promoting and encouraging online loan applications.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">NIC Asia Bank, which has introduced the facility to apply for &lsquo;<em>Super Chamtkarik Loan&rsquo;</em> through Khalti digital wallet, has said that it has not been effective yet.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Arjun Khaniya, the head of the customer service department and the Assistant Information Officer of NIC Asia, believes that despite the launch of the product, it is still new for the customers and that they will need time to get used to it.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Under this loan scheme, the bank has brought an arrangement wherein the customers can apply for the &lsquo;Super Chamatkarik&rsquo; home loan, car loan and business loan from any place at any time with the use of Khalti digital wallet.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Meanwhile, after connecting the Khalti wallet to one&rsquo;s account, arrangement has been made to allow customers to make payments directly from their bank accounts when they make a purchase of goods or services through the wallet.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">He says that many customers are interested in applying for this but it will take time to be effective as this product was launched recently.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;This is a new product in the Nepalese market. We expect its attraction to increase gradually. However, a lot of credit will be flowed on the basis of relationships. The loan is being disbursed only on the basis of the customers&rsquo; income and trust,&rdquo; said Assistant Information Officer Khaniya.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Nabil Bank has also started the facility of getting loans from one&rsquo;s phone. After this facility, salaried account holders can get a loan up to Rs 100,000 from their phones immediately.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Deputy General Manager of Nabil Bank, Manoj Gyawali, informed that there have been many requests for the loans now as this product was launched recently. &ldquo;Nabil&rsquo;s smart bank users will be able to use this facility. Customers&rsquo; can apply for the loan through the smart banking app. This kind of loan is made available for a short-term,&rdquo; Gyawali said, &ldquo;This facility may even be available for all banks in the future.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The banks will not require any additional collateral to disburse the loan. It used to be a very tedious process to get a loan even when the customers had to be physically present. But now, the process of taking loans has been digitalized. However, bankers believe that this product is new to Nepal and will take time to be effective. </span></span></span></p>
',
			'published' => true,
			'created' => '2020-10-04',
			'modified' => '2020-10-04',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12298',
			'image' => '20201004040446_shutterstock_245919811.jpg',
			'article_date' => '2020-10-04 16:04:03',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 11 => array(
		'Article' => array(
			'id' => '12550',
			'article_category_id' => '1',
			'title' => 'Port Regulatory Body Seeks Clarification from Dry Port Operator for Additional Charges',
			'sub_title' => '',
			'summary' => 'October 4: Nepal Intermodal Transport Development Committee (NITDB) has demanded an explanation from Pristine Valley Dry Port Private Limited for operating the Birgunj Dry Port against the agreement.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 4: Nepal Intermodal Transport Development Committee (NITDB) has demanded an explanation from Pristine Valley Dry Port Private Limited for operating the Birgunj Dry Port against the agreement.</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">Director of NITDB Hemendra Mohan Shahi informed that Pristine Valley Dry Port has been asked to furnish clarification in this regard. </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">NITDB decided to seek clarification from the company after it was found that the importers were made to pay separate charges for terminal service charge (TSC) and the labor charge for the workers at the port. </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">During an on-site inspection, it was found that Pristine Valley had charged fees to the importers against the agreement signed with NITDB, claimed Director Shahi.</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">The contract agreement between the port regulatory body NITDB and Pristine clearly mentions that the port operator will not be allowed to charge any fee other than the TSC. However, Shahi informed that the service seekers from Boraband Cargo (BCN) had paid money to both the port operator and the loaders for unloading goods.</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">&ldquo;It was found that the service seekers were forced to pay a separate amounts to the workers on top of the TSC. Importers don&#39;t have to pay anyone else after paying the charge fixed by the operator,&rdquo; Shahi informed New Business Age.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">General Secretary of Birgunj Chamber of Commerce Madhav Rajpal informed that the service seekers are forced to pay service charge to both the dry port operators as well as the labourers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, Pristine Valley Pvt Ltd says that the problem has surfaced because the labourers and the labour suppliers do not have Permanent Account Numbers (PAN).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The company&rsquo;s chief officer Aaditya Raya claimed that they have been charging only Rs 109 per metric tons from the service seekers although they can charge up to Rs 246 per metric ton of cargo according to the agreement.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The workers who load and unload goods do not have PAN. Neither are they interested. So we have lowered the TSC to Rs 109. Therefore the service seekers pay the workers themselves,&rdquo; added Raya.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-04',
			'modified' => '2020-10-04',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12297',
			'image' => '20201004015612_1601766843.6.jpg',
			'article_date' => '2020-10-04 13:55:33',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '34'
		)
	),
	(int) 12 => array(
		'Article' => array(
			'id' => '12549',
			'article_category_id' => '1',
			'title' => 'Price of Gold up in the Market',
			'sub_title' => '',
			'summary' => 'October 4: The prices of gold and silver have gone up on the first day of the current week. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 4: The prices of gold and silver have gone up on the first day of the current week. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Federation of Nepal Gold and Silver Dealers Association, the price of gold has increased by Rs 200 per tola (11 grams approx.) on Sunday (October 4) as compared to a day ago. Gold is being traded for Rs 94,500 per 11 grams on Sunday.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, the price of silver has also increased overnight by Rs 5 per 11 grams. Silver is being traded for 1180 per 11 grams.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The price of gold has crossed the mark of Rs 100,000 per 11 grams a few weeks ago. The price of gold has been fluctuating during the recent period while the business has come to a halt although the government has lifted restrictions.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-04',
			'modified' => '2020-10-04',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12296',
			'image' => '20201004010037_gold.jpg',
			'article_date' => '2020-10-04 13:00:08',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 13 => array(
		'Article' => array(
			'id' => '12548',
			'article_category_id' => '1',
			'title' => 'Work Procedure of SSF Gathering Dust at Prime Minister’s Office',
			'sub_title' => '',
			'summary' => 'October 4: A proposal forwarded to the Office of the Prime Minister and Council of Ministers six months ago by the labour ministry for providing loan to the contributors of the Social Security Fund (SSF) is gathering dust office.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 4: A proposal forwarded to the Office of the Prime Minister and Council of Ministers six months ago by the labour ministry for providing loan to the contributors of the Social Security Fund (SSF) is gathering dust office. The proposal includes work procedure prepared by the SSF to provide loan to the contributors.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">SSF had proposed providing a maximum of Rs 7.5 million loan to those who have contributed to the fund for three consecutive years. As per the proposal, the loan amount will be calculated on the basis of basic salary of the contributor for 15 years and cannot exceed the maximum limit. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The prime minister&rsquo;s office has a committee comprising of high-level officials from the finance ministry that decides on the proposals to be sent to the Council of Ministers (cabinet).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The officials have refused to forward the proposal to the cabinet arguing that the SSF is not an institution to provide loan. On the other hand, the Employees Provident Fund (EPF) and the Citizens Investment Trust (CIT) have been providing loans to the employees since their inception. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Deputy Executive Director of SSF Bivek Panthi says that the delay in approval of the work procedure has prevented them from investing Rs 2.6 billion that they have collected so far. He argues that it is unfair to allow EPF to provide loan and bar them from doing so.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The employees are the same. The decision to halt the approval of the proposal reflects discrimination,&rdquo; says Panthi.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The work procedure proposed investing the fund collected by SSF in government bonds, fixed deposit accounts of BFIs or in long-term deposit plans. It also proposes investing the amount on BFIs or other companies and in mutual funds.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, joint secretary of finance ministry Jhakka Acharya says that the bylaws of the SSF does not allow it to provide loans.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In recent days, there is a growing attraction toward SSF. On Friday, around 176,000 employees associated with 12,780 organisations were listed with the&nbsp; SSF.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">During the lockdown period, companies related to the tourism industry, aviation sector, industries, NGOs, finance companies, media houses among others were registered with the SSF.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-04',
			'modified' => '2020-10-04',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12295',
			'image' => '20201004111826_1601767372.3.jpg',
			'article_date' => '2020-10-04 11:17:46',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 14 => array(
		'Article' => array(
			'id' => '12547',
			'article_category_id' => '1',
			'title' => 'Handicraft Industry Struggling to Normalize',
			'sub_title' => '',
			'summary' => 'October 1: The handicraft industry of Nepal is producing products at 20 percent of its full capacity.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 1: The handicraft industry of Nepal is producing products at 20 percent of its full capacity. The production of Nepal&rsquo;s handicraft&nbsp; industry had declined by 80 percent before the lockdown on March 24 after the number of tourists stopped visiting the country due to fear of coronavirus. Even the demand for handicraft has gone down significantly, due to which the manufacturers have reduced their production. Stakeholders say there isn&rsquo;t any new demand after the start of the coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Handicraft entrepreneurs say they are operating their industries only to fulfill the demand for felt, pashmina, woodcarvings and silverwares that were ordered before the lockdown.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">It has been learnt that around 60 percent workers in this field have been rendered jobless after the handicraft industry started producing at 20 percent capacity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">President of Federation of Nepal Handicraft Association Surendra Bhai Shakya says they are unable to increase production due to lack of demand from overseas.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;What can we do by just increasing production? There isn&rsquo;t any sale. How long can we stock the products?&rdquo; questioned Shakya. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">After firing the workers, Shakya says they are worried about getting skilled workers later when the situation gets normal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the data of FHAN, the domestic market of Nepal consumes handicraft materials worth Rs 6 billion every year. The USA, China and European countries are the major markets for Nepalese handicraft products. Nepal exports handicraft products worth Rs 11 to 15 billion to these countries annually. Even those who purchase handicraft products in Nepal are foreigners.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The handicraft entrepreneurs have been forced to export their products at three times higher price due to unavailability of flights during global lockdown. The problem has not resolved although regular flights have&nbsp; resumed. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chairman of Nepal Export Council Hari Bahadur Karki says only limited airline companies are operating flights to and from Nepal and the airliners charge them fare as high as that of chartered flights.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the government has lifted restrictions, places like Basantapur, Thamel, Patan and other areas where these products are sold do not have any customers at the moment.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stakeholders say their business is in peril because the handicraft industry is directly linked with the tourism industry.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-01',
			'modified' => '2020-10-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12294',
			'image' => '20201001053942_1601506595.Clipboard12.jpg',
			'article_date' => '2020-10-01 17:39:08',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	)
)
$current_user = null
$logged_in = false
$xml = false
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

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 &quot;&quot; [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' => '12561',
			'article_category_id' => '1',
			'title' => 'Habib Bank Facing Difficulties in Selling its Shares in Himalayan Bank',
			'sub_title' => '',
			'summary' => 'October 6: Pakistan's Habib Bank has been experiencing difficulties in selling its 20 percent promoter shares in Himalayan Bank.',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 6: Pakistan&#39;s Habib Bank has been experiencing difficulties in selling its 20 percent promoter shares in Himalayan Bank.&nbsp;The UK&#39;s Commonwealth Development Corporation Group (CDC), which has been interested in buying the shares for nearly a year and a half, has recently become reluctant to make the purchase due to COVID-19.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">By the time of the bank&#39;s annual general meeting last year, 80 percent of the Due Diligence Audit (DDA) was completed, and the rest was to be done after the AGM.&nbsp;However, this did not happen immediately.&nbsp;CDC is now holding back from buying Habib&#39;s shares, citing COVID-19 as the reason.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Tulasi Prasad Gautam, the chairman of Himalayan Bank, says that the CDC has expressed its intention not to invest in the shares because of COVID-19.&nbsp;&quot;We had a conversation with Habib&#39;s representative.&nbsp;CDC has expressed its intention not to buy the shares due to COVID-19.&nbsp;The purchase has been postponed for now,&rdquo; said Gautam.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Until a month ago, CDC had said it would hold the share purchase agreement till 2020 because it was not possible to travel back and forth because of coronavirus.&nbsp;However, Gautam says that CDC doesn&rsquo;t seem willing to invest on the shares anymore as the COVID-19 pandemic may not be ending anytime soon.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">After the distribution of 10 percent bonus shares from the annual general meeting of the Fiscal Year 2075/76, the issued capital of Himalayan Bank has increased to Rs 9,372,281,428.&nbsp;Habib owns 20 percent of the total shares of the bank, which amounts to a total of 17,040,511 units of shares.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Habib had been trying to return after selling its investment in Nepal for a long time but has had to remain silent due to the lack of buyers.&nbsp;Habib has wanted to sell its promoter shares in Himalayan Bank because it didn&rsquo;t meet its goals as it had expected.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Habib Bank also wanted to sell its shares in Himalayan Bank due to the lack of trade between Nepal and Pakistan as well as the lack of any Pakistani communities in Nepal.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Habib had first offered the other promoters of Himalayan Bank to purchase its shares.&nbsp;Habib had made this offer because the remaining promoters legally have the right to purchase the shares first.&nbsp;However, after the rejection from the remaining promoters, Habib intended to sell its shares to an international organization.&nbsp;After the CDC withdrew from the purchase of shares, Habib Bank had requested the Employees Provident Fund to buy the shares.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Chairman Gautam however says that it would not be possible for the fund to buy all of Habib&rsquo;s shares as they already have 14 percent stake in the bank. As mentioned in the Employees&#39; Provident Fund Act, the fund can invest only up to 25 percent in any bank and financial institution.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;Habib will have to sell its entire 20 percent stake when it&rsquo;s making the sell.&nbsp;According to the policy, it is not possible for the fund to buy all of the shares,&rdquo; he told New Business Age.</span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-06',
			'modified' => '2020-10-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12308',
			'image' => '20201006043337_1601941321.Clipboard07.jpg',
			'article_date' => '2020-10-06 16:33:03',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 1 => array(
		'Article' => array(
			'id' => '12560',
			'article_category_id' => '1',
			'title' => 'Automobile Business Starts Thriving in Festive Season',
			'sub_title' => '',
			'summary' => 'October 6: With the arrival of Dashain and Tihar festivals, the automobile business has started to boom.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 6: With the arrival of Dashain and Tihar festivals, the automobile business has started to boom. The schemes and offers introduced by the companies aimed at the festive season has helped in thriving the automobile business that was hard hit by the lockdown and prohibitory order. Companies like TATA, Hyundai, Ford, Renault and SsangYong have introduced discounts and offers for Dashain-Tihar. </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:&quot;Times New Roman&quot;">On the two-wheeler side, TVS, Suzuki, Yamaha have also announced Dashain-Tihar schemes. Traders say that the number of people coming to the showroom to buy vehicles has increased after the lockdown was lifted. </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:&quot;Times New Roman&quot;">Although the market for two-wheelers was increasing, the market for four-wheelers was sluggish after the lockdown was lifted in mid-August. When the market for four-wheelers was growing, the government imposed prohibitory order from august 19. Krishna Prasad Dulal, president of Nepal Automobile Dealers Association (NADA) said that the market has started to become vibrant after the government lifted the prohibitory order on September 9. </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:&quot;Times New Roman&quot;">&ldquo;The market isn&rsquo;t like last year. Customers are slowly approaching the business that was closed for six months. We can only estimate that the market will grow as the festivals approach,&rdquo; he said. </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:&quot;Times New Roman&quot;">In the previous years, NADA used to organise Auto Show before Dashain and there used to be huge sales of automobile. However, businessmen say that the sales will be much less than before as there is no such Auto Show this year. </span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-06',
			'modified' => '2020-10-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12307',
			'image' => '20201006025424_1601943671.Clipboard12.jpg',
			'article_date' => '2020-10-06 14:53:51',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 2 => array(
		'Article' => array(
			'id' => '12559',
			'article_category_id' => '1',
			'title' => 'Operation of Nagarik Stock Dealer Company Uncertain',
			'sub_title' => 'Nepse Demands Company's own Data Centre ',
			'summary' => 'October 6: The operation of Nagarik Stock Dealer Company has become uncertain after the Nepal Stock Exchange (Nepse) demanded data centre.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 6: The operation of Nagarik Stock Dealer Company has become uncertain after the Nepal Stock Exchange (Nepse) demanded data centre. Nepse has directed the company to create data centre for storing data or to use cloud for the purpose. However, Nagarik Stock Dealer Company&nbsp; has not been able to do so because the process is quite costly. Therefore, the company has not been able to attain the broker code number for its operation of share transactions.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Securities Board of Nepal had given a Letter of Intent (LoI) to Nagarik Stock&nbsp; Dealer Company more than two months ago. The company has been preparing to gather resources and build infrastructure to start its service. However, the operation of the company has become uncertain after Nepse asked the company to create its own data centre or to use cloud.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nagarik Stock Dealer Company was set up eight months ago as a subsidiary of Citizens Investment Trust (CIT) with the objective of providing the service of stock dealer. The company was preparing to launch its service from the start of the current fiscal year after getting the LoI. However, it was not possible due to coronavirus. The company was preparing to start its service two months later than the first schedule but that too is unlikely to happen after Nepse demanded its own data centre.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The internal works of CIT itself have been affected after its employees tested positive for 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:&quot;Arial Unicode MS&quot;">Any new company must prepare the required infrastructure within six months after acquiring LoI. Then it has to acquire broker code number from Nepse. Then it has to adjust its software with that of Neal Clearing House for transaction settlement.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Then only can the company get final approval for operation from Sebon after necessary inspection. However, the company has not been able to submit an application with Sebon for final approval due to its failure to obtain broker code from Nepse. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Deputy Executive Director of CIT Dr Indra Kumar Kattel says it is very expensive to meet the criteria for date center as demanded by Nepse.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We have to opt for a bidding process for the data cenre as per the Public Procurement Act,&rdquo; said Kattel, adding, &ldquo;This is a technical problem and we will sort it out soon.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He informed that the company will start operation within ten days if the problem is resolved through the use of cloud.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-06',
			'modified' => '2020-10-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12306',
			'image' => '20201006013131_20161214040928_nepse.jpg',
			'article_date' => '2020-10-06 13:30:17',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '12558',
			'article_category_id' => '1',
			'title' => 'Foreign Employment Board Spends Rs 4 Million for Rescue Mission Despite Collecting Rs 6 Billion',
			'sub_title' => '',
			'summary' => 'October 20: Thousands of Nepali nationals, especially the migrant workers, are stranded abroad due to coronavirus pandemic. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 20: Thousands of Nepali nationals, especially the migrant workers, are stranded abroad due to coronavirus pandemic. However, the government at its own expenses has rescued only around 100 of them. The government has spent Rs 4 million so far for the rescue operation.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Foreign Employment Board under the Ministry of Labour and Social Security has so far rescued 18 migrant workers from Bahrain and 86 from Malaysia by utilising the Foreign Employment Welfare Fund.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The board officials admit that the number of migrant workers rescued by the government is less than expected.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the board had allocated Rs 750 million for airlifting stranded Nepali migrant workers, it has been unable to use the fund, says Dinbandhu Subedi, director of the Foreign Employment Board.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Subedi says that the Nepalese embassies in foreign countries should demand the fund from the board through the labour ministry for returning the migrant workers home. However, he says they haven&rsquo;t sought any amount for the rescue 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:&quot;Arial Unicode MS&quot;">According to the board, they have spent only Rs 4.2 million out of the allocated Rs 750 million. Out of the spent amount, Rs 200,000 has been utilized for paying the workers stationed at the holding centres in Nepal, informed Subedi.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Officials of the board say that they are facing difficulty in rescuing the migrant workers who have lost jobs abroad because of the lack of accurate data.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&nbsp;They say that the Nepalese embassies need to attest the documents of the migrant workers in order to avail them the relief amount. Those who have been identified as genuine Nepali migrant workers can receive up to 75 percent of the fund for returning home in case their contract in foreign countries is over while the newly recruited workers can get 100 percent funding for returning home.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The board officials say that the embassies have been pressuring the companies in foreign countries to pay for the return flights of the migrant workers because the companies are liable to do so under the contract signed with the workers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Foreign Employment Board says that around 200,000 Nepali migrant workers have been stranded abroad due to coronavirus pandemic. The welfare fund has more than Rs 6 billion collected from the workers who go abroad for foreign jobs.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-06',
			'modified' => '2020-10-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12305',
			'image' => '20201006114242_1601941837.Clipboard09.jpg',
			'article_date' => '2020-10-06 11:41:51',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '34'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '12557',
			'article_category_id' => '1',
			'title' => 'Central Bank Preparing to Bring FDI Directly into Bank Accounts',
			'sub_title' => '',
			'summary' => 'October 5: Nepal Rastra Bank has started doing homework to make arrangements for bringing Foreign Direct Investments (FDI) directly into the bank accounts without its approval. ',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 5: Nepal Rastra Bank has started doing homework to make arrangements for bringing Foreign Direct Investments (FDI) directly into the bank accounts without its approval. The central bank has begun the homework in order to meet the demands of investors to allow the money from FDI to be brought directly into the bank accounts.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Nepal Rastra Bank says that the implementation of this arrangement will end the obligation of getting the mandatory approval from the governing body. The monetary policy of the current Fiscal Year has made provision that certain amount of foreign currency from FDI can be brought in through the automatic route of banks and financial institutions under the specific terms and conditions. Necessary arrangements are being made to allow the FDI money within the specified threshold to be brought in without requiring the approval from the central bank. Bam Bahadur Mishra, executive director of the foreign exchange management department of NRB informs that the necessary homework is being done to bring the investments directly into the account in commercial banks without needing an approval from the Nepal Rastra Bank. However, he adds that the implementation of this provision may take time due to the coronavirus pandemic.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Implementation of this provision will save the time spent getting an approval from the central bank before bringing in the FDI. Depending upon the investment amount, the investor will have to get approval only from the Investment Board, Department of Industry and the concerned ministry. Guruprasad Poudel, director of the Department of Foreign Exchange, said that there may be some delay as it is not justifiable to implement the system with the lack of an immediate environment for foreign investments.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;Decisions haven&rsquo;t been made about the kind of project, the threshold of the FDI, and about the process for opening a bank account. Everything is being processed now. We are formulating procedures as per the monetary policy. The board meetings have also been reduced due to the pandemic,&rdquo; he told New Business Age, adding, &ldquo;It seems that the Foreign Investment and Technology Act will need to be amended to bring this arrangement.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">He says that they are working hard to complete the preparations during the coronavirus crisis.&nbsp;Director Poudel said that the concerned bank should verify the source of money after the investor&#39;s money reaches the commercial bank even though it does not have to get approval from the central bank.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">According to him, the Reserve Bank of India (RBI) has also made arrangements to bring foreign money directly into the bank accounts.&nbsp; He said that Nepal Rastra Bank may also adopt a similar modality.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Investors, who have been complaining about having to go to various departments and the ministry before bringing in the FDI, say that this arrangement should be implemented soon.&nbsp;In order to simplify the process of bringing in the foreign investment, the central bank has started a single point service center in the Department of Industry from Jestha, 2076 BS.&nbsp;The central bank informed that a tentative amount of Rs 16 billion has been sanctioned for foreign investment since the inception of the center.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Satish Kumar Mor, president of the Confederation of Nepalese Industries, says that the new system will save time in collecting documents and completing the process for bringing in the investments. He adds that it would take months to visit all the necessary departments and that this new provision would create an investment-friendly environment to some extent.&nbsp;&quot;If the central bank reduces the cumbersome process in such investments, it will create investment opportunities,&quot; he said, &ldquo;This will primarily help in saving time.&nbsp;It is also a motivation for entrepreneurs.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Pawan Kumar Golyan, president of the Confederation of Banks and Financial Institutions, also expressed happiness over the speedy fulfillment of the request made for the inflow of foreign direct investment (FDI) directly in the bank account.&nbsp;He said, &quot;We have been asking for an easier way to bring FDI directly in the bank for some time.&nbsp;Work is being done on this currently.&rdquo;</span></span></span></p>
',
			'published' => true,
			'created' => '2020-10-05',
			'modified' => '2020-10-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12304',
			'image' => '20201005050003_nrb.jpg',
			'article_date' => '2020-10-05 16:59:25',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '12556',
			'article_category_id' => '1',
			'title' => 'Nepal’s Consulate in Kolkata starts to facilitate Clearance of Containers',
			'sub_title' => '',
			'summary' => 'October 5: Government authorities have decided to facilitate customs clearance of Nepal-bound goods at Kolkata Port by proper implementation of the Electronic Data Exchange (EDI) system. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 5: Government authorities have decided to facilitate customs clearance of Nepal-bound goods at Kolkata Port by proper implementation of the Electronic Data Exchange (EDI) system. </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">Nepal&rsquo;s Consulate in Kolkata will facilitate the importers to overcome lengthy and time consuming hassles of Custom Transit Declaration (CTD).</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">According to the Consulate, around 300 containers have piled up at the Kolkata Port after the port authorities made an online-based EDI system mandatory for the CTD process. </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">As the containers started piling up after the implementation of the EDI process, the importers were requested to submit documents online for the time being and in person at the port, informed Consul General Ishwar Raj Poudel.</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">&quot;Normally, there are around 100 Nepal-bound containers at the port every day but after the number reached 300, we have been asked to opt for both online and physical documentation,&quot; Poudel informed New Business Age.</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">&ldquo;There hasn&rsquo;t been any complaint after the online documentation was started,&rdquo; added Poudel.</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">The Consulate discussed the issue with the Kolkata-based representatives of the importers last Thursday, October 1 and suggested them immediate solution to the problem. </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">This is the peak season for the arrival of goods for Dashain, Tihar and Chhath festivals. Containers have been stopped at the port due to the hassles in implementation of EDI.</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">The use of online documentation is expected to reduce the time for customs clearance of goods but the importers&rsquo; representatives say it is taking longer than expected due to the complicated process of entering the data in the system and the difficulty in making corrections.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-05',
			'modified' => '2020-10-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12303',
			'image' => '20201005040458_1601854446.Clipboard08.jpg',
			'article_date' => '2020-10-05 16:04:17',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 6 => array(
		'Article' => array(
			'id' => '12555',
			'article_category_id' => '1',
			'title' => 'Cement and Clinker worth Millions Imported in just 2 Months ',
			'sub_title' => '',
			'summary' => 'October 5: The impact of lockdown and prohibitory order has been seen in the production of cement and clinker. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 5: The impact of lockdown and prohibitory order has been seen in the production of cement and clinker. Cement and clinker worth Rs 957.2 million have been imported in Nepal after limestone excavation and cement production was stopped due to the lockdown imposed by the government for controlling the spread of Coronavirus (COVID-19). </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">After the production of the cement and limestone excavation was stopped, traders have imported those products from India. However, the import has declined in September of the current fiscal year than that of the previous month. According to the statistics of the Department of Customs, cement and clinker worth Rs 513.4 million was imported in August. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Likewise, in September, cement and clinker worth Rs 443.7 million was imported. However, it is high compared to the last fiscal year when cement and clinker worth Rs 782.3 million was imported. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Although the traders have been claiming that Nepal is self-dependent in cement and clinker, its import has not dropped to zero even in the normal situation. Traders say that cement and clinker that they had ordered in June/July of the current fiscal year, are now being imported. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Tara Prasad Pokhrel, vice-president of the Nepal Cement Manufacturers&rsquo; Association, argued that among the imported products, the import of clinker could be significant. Pokharel, who is also the managing director of Agni Cement, said that he could not reach the mine as the government did not facilitate during the limestone excavation season before the start of monsoon because of the lockdown. As a result, he said that businessmen have imported clinker. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-05',
			'modified' => '2020-10-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12302',
			'image' => '20201005024332_1601854368.Clipboard13.jpg',
			'article_date' => '2020-10-05 14:42:53',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '12553',
			'article_category_id' => '1',
			'title' => 'Business of Nepal’s Carpet Industry Shrinks by 80 Percent',
			'sub_title' => '',
			'summary' => 'October 5: The business of carpet industry, which has come to a standstill since the government imposed lockdown on March 24, has shrunk by almost 80 percent.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 5: The business of carpet industry, which has come to a standstill since the government imposed lockdown on March 24, has shrunk by almost 80 percent.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The demand for carpet in the international market has declined because coronavirus has spread across the globe.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stakeholders say that the demand for carpets is almost nil even though international flights have resumed. This has affected the business as well as export of Nepal-made carpets, which used to have high demand in the international market in the past.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal exports carpets to more than 50 countries including the USA, Germany, the UK, Italy, France, Canada, Belgium and Australia. Among them, 70 percent of export goes to the USA. However, the carpet industry of Nepal has suffered a massive setback because its major market &ndash; the USA &ndash; has been badly affected by the pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The carpet manufacturers had been exporting limited amount of their products at exorbitant price during the lockdown through chartered flights as regular flights were disrupted worldwide.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although regular flights have already resumed since September 1, the carpet exporters complain that they have been forced to pay three times higher fare than the normal price to export their products. Tenjing Sherpa, vice president of Nepal Carpet Manufactures and Exporters Association, informed that they have no option than to pay higher fare for exporting carpet.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to Sherpa, they used to pay US$ 4 per kg for the export of carpet to the USA. But the airliners currently charge them US$ 12 per kilogram.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, the airfare for exporting carpet to European countries that used to be US$ 3 per kg has not increased to US$ 9 per kg. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Sherpa claimed that the carpet industry of Nepal is producing carpet at 30 percent capacity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">More than 300,000 workers associated with the carpet industry and 700 entrepreneurs have been badly affected by the lockdown, informed Sherpa.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">President of the association Ram Bahadur Gurung said that the production of carpet depends on the demand in the international market. Therefore, they are not able to increase production in the current situation.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-05',
			'modified' => '2020-10-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12301',
			'image' => '20201005114155_1601853935.3.jpg',
			'article_date' => '2020-10-05 11:41:17',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '12554',
			'article_category_id' => '1',
			'title' => 'Tatopani Border Reopening Today ',
			'sub_title' => '',
			'summary' => 'October 5: The Tatopani border, a vital transit point with China, is all set to reopen from today (October 5) after a long disruption. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 5: The Tatopani border, a vital transit point with China, is all set to reopen from today (October 5) after a long disruption. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Officials of the Nepal and China had last week agreed to reopen the border from October 5. As per the understanding, the Chinese side had released six containers on Sunday (October 4) while 12 cargo vehicles have reached the border point to load Nepal-bound goods.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">During last Tuesday&rsquo;s meeting, officials of the two countries had agreed to unload goods coming from China at the Liping bridge and the workers from Nepal would be allowed to bring the goods into Nepal from there. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The workers from Nepal have been divided into two groups and they include drivers, helpers and manual labourers. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Taopani Customs Point, the Chinese authorities have agreed to release around 800 containers that had been stranded between Khasa of Tibet autonomous region and the Tatopani border in the first phase.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chief of the customs office Lal Banadur Khatri informed that 15 containers will enter Nepal on a daily basis. The customs office expects to collect revenue of Rs 10 million per day.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Nepal-bound goods include readymade garments, electronics, apples, garlic, onion, cosmetics, toys among others, said Khatri. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to him, preference will be given to bring perishable goods to Nepal first. Khatri informed that they will facilitate in customs clearance of goods so that there will not be any shortage during the upcoming 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:&quot;Arial Unicode MS&quot;">Chief District Officer of Sindhupalhowk Umesh Dhalak said that the border will not be closed unless the labourers involved in unloading goods test positive for 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:&quot;Arial Unicode MS&quot;">The flow of goods from this border point had been irregular ever &nbsp;since coronavirus first surfaced in China. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The border point was opened briefly some months ago but had to be closed following landslides in Jambu bazar of Sindhupalchowk district on July 10. It was again opened but had to be closed due to rising threat of coronavirus.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-05',
			'modified' => '2020-10-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12300',
			'image' => '20201005124610_1601854743.Clipboard16.jpg',
			'article_date' => '2020-10-05 12:45:35',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '12552',
			'article_category_id' => '1',
			'title' => 'Import of Battery and Generator Increases ',
			'sub_title' => '',
			'summary' => 'October 4: While the Nepal Electricity Authority (NEA) has been saying that the possibility of wasting surplus electricity has increased, the import of generators and batteries has also increased. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 4: While the Nepal Electricity Authority (NEA) has been saying that the possibility of wasting surplus electricity has increased, the import of generators and batteries has also increased. </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:&quot;Times New Roman&quot;">Looking at the statistics of the last three months, the import of generators and batteries that are used as alternative sources of electricity has been increasing steadily. The NEA had announced the end of load shedding across the country two years ago. In the first 10 months after that, although the import of generators and inverters did not decrease significantly, the import of batteries was gradually declining. </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:&quot;Times New Roman&quot;">According to the data released by the Department of Customs recently, the import of generators and batteries has been doubling up every month even though there are no imports of inverters. </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:&quot;Times New Roman&quot;">In the last month of the previous fiscal year, 675 units of generators and 7,000 units of batteries were imported, but the import of batteries and generators has doubled in July. Similarly, the import of batteries and generators doubled in August compared to July. </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:&quot;Times New Roman&quot;">President of the Confederation of Nepalese Industries (CNI) Satish Kumar Moore said that the industrialists did not import generators due to the closure of industries and reduction in production after the lockdown. </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:&quot;Times New Roman&quot;">He further said that although it is certain that there won&rsquo;t be load shedding, it is unnatural as there is no particular reason for increase in import of generators. &ldquo;This is not the time to increase the import of generators. It does not seem that the import has increased due to the fear of load shedding after the departure of Kulman Ghising from NEA. But the increase in import of generators is unnatural,&rdquo; he said. </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:&quot;Times New Roman&quot;">After the dismissal of Kulman Ghising from the post of executive director of NEA, there is widespread fear among the public about reappearance of load shedding. The NEA, however, has said that there is no truth in the rumors that load shedding has started and there won&rsquo;t be any load shedding. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-04',
			'modified' => '2020-10-04',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12299',
			'image' => '20201004052128_20200818043659_1597700431.Clipboard08.jpg',
			'article_date' => '2020-10-04 17:20:40',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 10 => array(
		'Article' => array(
			'id' => '12551',
			'article_category_id' => '1',
			'title' => 'Online Loan Applications Drawing Attraction of Customers',
			'sub_title' => 'Digitalized flow of credit will need more time to become effective',
			'summary' => 'October 4: Banks and Financial Institutions (BFIs) have come up with various products that can be used to make payments, to open a deposit account as well as to apply for a loan online to ensure physical distance during the COVID-19 crisis.',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 4: Banks and Financial Institutions (BFIs) have come up with various products that can be used to make payments, to open a deposit account as well as to apply for a loan online to ensure physical distance during the COVID-19 crisis.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Customers&rsquo; growing attraction toward online banking started to increase after some banks recently digitalized the process of loan disbursement. Some banks have even started approving the loans applied online.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Banks, including Sanima Bank, NIC Asia Bank, Nabil Bank have brought products to the market that allow the borrowers to apply for a loan online. Sanima Bank stated that its effectiveness has started to be seen.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Keeping the customers&rsquo; convenience and security in mind, Sanima Bank has made an arrangement to fill the form for credit cards by visiting the bank&#39;s official website.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The bank has issued credit cards without any charges since September 22. Bikram Shrestha, digital banking chief of Sanima Bank, says that 162 people have already applied for credit cards online</span><span style="font-size:14.0pt"><span style="font-family:Arial">.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">According to Shrestha, 20 credit cards have already been approved as of last Thursday depending on the loan amount and payback capacity.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;Among all applications till now, 55 had complete documentations. The files of the remaining applicants are also under consideration,&rdquo; he told New Business Age, adding, &ldquo;Under the Dashain scheme, the first 50 cardholders will get a free voucher worth Rs 500 for shopping and Rs 3000 for the Daraz online shopping portal.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Shrestha believes that the digitalization in loans by the banks is an opportunity given by the coronavirus pandemic. He says that progress has been made in digital banking due to the pandemic.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Pointing out that it is necessary to make borrowers trust the fact that the demand for a loan can be made online, Shrestha believes that it is important for the government to start promoting and encouraging online loan applications.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">NIC Asia Bank, which has introduced the facility to apply for &lsquo;<em>Super Chamtkarik Loan&rsquo;</em> through Khalti digital wallet, has said that it has not been effective yet.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Arjun Khaniya, the head of the customer service department and the Assistant Information Officer of NIC Asia, believes that despite the launch of the product, it is still new for the customers and that they will need time to get used to it.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Under this loan scheme, the bank has brought an arrangement wherein the customers can apply for the &lsquo;Super Chamatkarik&rsquo; home loan, car loan and business loan from any place at any time with the use of Khalti digital wallet.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Meanwhile, after connecting the Khalti wallet to one&rsquo;s account, arrangement has been made to allow customers to make payments directly from their bank accounts when they make a purchase of goods or services through the wallet.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">He says that many customers are interested in applying for this but it will take time to be effective as this product was launched recently.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;This is a new product in the Nepalese market. We expect its attraction to increase gradually. However, a lot of credit will be flowed on the basis of relationships. The loan is being disbursed only on the basis of the customers&rsquo; income and trust,&rdquo; said Assistant Information Officer Khaniya.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Nabil Bank has also started the facility of getting loans from one&rsquo;s phone. After this facility, salaried account holders can get a loan up to Rs 100,000 from their phones immediately.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Deputy General Manager of Nabil Bank, Manoj Gyawali, informed that there have been many requests for the loans now as this product was launched recently. &ldquo;Nabil&rsquo;s smart bank users will be able to use this facility. Customers&rsquo; can apply for the loan through the smart banking app. This kind of loan is made available for a short-term,&rdquo; Gyawali said, &ldquo;This facility may even be available for all banks in the future.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The banks will not require any additional collateral to disburse the loan. It used to be a very tedious process to get a loan even when the customers had to be physically present. But now, the process of taking loans has been digitalized. However, bankers believe that this product is new to Nepal and will take time to be effective. </span></span></span></p>
',
			'published' => true,
			'created' => '2020-10-04',
			'modified' => '2020-10-04',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12298',
			'image' => '20201004040446_shutterstock_245919811.jpg',
			'article_date' => '2020-10-04 16:04:03',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 11 => array(
		'Article' => array(
			'id' => '12550',
			'article_category_id' => '1',
			'title' => 'Port Regulatory Body Seeks Clarification from Dry Port Operator for Additional Charges',
			'sub_title' => '',
			'summary' => 'October 4: Nepal Intermodal Transport Development Committee (NITDB) has demanded an explanation from Pristine Valley Dry Port Private Limited for operating the Birgunj Dry Port against the agreement.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 4: Nepal Intermodal Transport Development Committee (NITDB) has demanded an explanation from Pristine Valley Dry Port Private Limited for operating the Birgunj Dry Port against the agreement.</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">Director of NITDB Hemendra Mohan Shahi informed that Pristine Valley Dry Port has been asked to furnish clarification in this regard. </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">NITDB decided to seek clarification from the company after it was found that the importers were made to pay separate charges for terminal service charge (TSC) and the labor charge for the workers at the port. </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">During an on-site inspection, it was found that Pristine Valley had charged fees to the importers against the agreement signed with NITDB, claimed Director Shahi.</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">The contract agreement between the port regulatory body NITDB and Pristine clearly mentions that the port operator will not be allowed to charge any fee other than the TSC. However, Shahi informed that the service seekers from Boraband Cargo (BCN) had paid money to both the port operator and the loaders for unloading goods.</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">&ldquo;It was found that the service seekers were forced to pay a separate amounts to the workers on top of the TSC. Importers don&#39;t have to pay anyone else after paying the charge fixed by the operator,&rdquo; Shahi informed New Business Age.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">General Secretary of Birgunj Chamber of Commerce Madhav Rajpal informed that the service seekers are forced to pay service charge to both the dry port operators as well as the labourers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, Pristine Valley Pvt Ltd says that the problem has surfaced because the labourers and the labour suppliers do not have Permanent Account Numbers (PAN).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The company&rsquo;s chief officer Aaditya Raya claimed that they have been charging only Rs 109 per metric tons from the service seekers although they can charge up to Rs 246 per metric ton of cargo according to the agreement.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The workers who load and unload goods do not have PAN. Neither are they interested. So we have lowered the TSC to Rs 109. Therefore the service seekers pay the workers themselves,&rdquo; added Raya.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-04',
			'modified' => '2020-10-04',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12297',
			'image' => '20201004015612_1601766843.6.jpg',
			'article_date' => '2020-10-04 13:55:33',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '34'
		)
	),
	(int) 12 => array(
		'Article' => array(
			'id' => '12549',
			'article_category_id' => '1',
			'title' => 'Price of Gold up in the Market',
			'sub_title' => '',
			'summary' => 'October 4: The prices of gold and silver have gone up on the first day of the current week. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 4: The prices of gold and silver have gone up on the first day of the current week. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Federation of Nepal Gold and Silver Dealers Association, the price of gold has increased by Rs 200 per tola (11 grams approx.) on Sunday (October 4) as compared to a day ago. Gold is being traded for Rs 94,500 per 11 grams on Sunday.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, the price of silver has also increased overnight by Rs 5 per 11 grams. Silver is being traded for 1180 per 11 grams.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The price of gold has crossed the mark of Rs 100,000 per 11 grams a few weeks ago. The price of gold has been fluctuating during the recent period while the business has come to a halt although the government has lifted restrictions.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-04',
			'modified' => '2020-10-04',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12296',
			'image' => '20201004010037_gold.jpg',
			'article_date' => '2020-10-04 13:00:08',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 13 => array(
		'Article' => array(
			'id' => '12548',
			'article_category_id' => '1',
			'title' => 'Work Procedure of SSF Gathering Dust at Prime Minister’s Office',
			'sub_title' => '',
			'summary' => 'October 4: A proposal forwarded to the Office of the Prime Minister and Council of Ministers six months ago by the labour ministry for providing loan to the contributors of the Social Security Fund (SSF) is gathering dust office.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 4: A proposal forwarded to the Office of the Prime Minister and Council of Ministers six months ago by the labour ministry for providing loan to the contributors of the Social Security Fund (SSF) is gathering dust office. The proposal includes work procedure prepared by the SSF to provide loan to the contributors.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">SSF had proposed providing a maximum of Rs 7.5 million loan to those who have contributed to the fund for three consecutive years. As per the proposal, the loan amount will be calculated on the basis of basic salary of the contributor for 15 years and cannot exceed the maximum limit. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The prime minister&rsquo;s office has a committee comprising of high-level officials from the finance ministry that decides on the proposals to be sent to the Council of Ministers (cabinet).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The officials have refused to forward the proposal to the cabinet arguing that the SSF is not an institution to provide loan. On the other hand, the Employees Provident Fund (EPF) and the Citizens Investment Trust (CIT) have been providing loans to the employees since their inception. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Deputy Executive Director of SSF Bivek Panthi says that the delay in approval of the work procedure has prevented them from investing Rs 2.6 billion that they have collected so far. He argues that it is unfair to allow EPF to provide loan and bar them from doing so.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The employees are the same. The decision to halt the approval of the proposal reflects discrimination,&rdquo; says Panthi.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The work procedure proposed investing the fund collected by SSF in government bonds, fixed deposit accounts of BFIs or in long-term deposit plans. It also proposes investing the amount on BFIs or other companies and in mutual funds.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, joint secretary of finance ministry Jhakka Acharya says that the bylaws of the SSF does not allow it to provide loans.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In recent days, there is a growing attraction toward SSF. On Friday, around 176,000 employees associated with 12,780 organisations were listed with the&nbsp; SSF.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">During the lockdown period, companies related to the tourism industry, aviation sector, industries, NGOs, finance companies, media houses among others were registered with the SSF.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-04',
			'modified' => '2020-10-04',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12295',
			'image' => '20201004111826_1601767372.3.jpg',
			'article_date' => '2020-10-04 11:17:46',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	),
	(int) 14 => array(
		'Article' => array(
			'id' => '12547',
			'article_category_id' => '1',
			'title' => 'Handicraft Industry Struggling to Normalize',
			'sub_title' => '',
			'summary' => 'October 1: The handicraft industry of Nepal is producing products at 20 percent of its full capacity.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 1: The handicraft industry of Nepal is producing products at 20 percent of its full capacity. The production of Nepal&rsquo;s handicraft&nbsp; industry had declined by 80 percent before the lockdown on March 24 after the number of tourists stopped visiting the country due to fear of coronavirus. Even the demand for handicraft has gone down significantly, due to which the manufacturers have reduced their production. Stakeholders say there isn&rsquo;t any new demand after the start of the coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Handicraft entrepreneurs say they are operating their industries only to fulfill the demand for felt, pashmina, woodcarvings and silverwares that were ordered before the lockdown.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">It has been learnt that around 60 percent workers in this field have been rendered jobless after the handicraft industry started producing at 20 percent capacity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">President of Federation of Nepal Handicraft Association Surendra Bhai Shakya says they are unable to increase production due to lack of demand from overseas.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;What can we do by just increasing production? There isn&rsquo;t any sale. How long can we stock the products?&rdquo; questioned Shakya. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">After firing the workers, Shakya says they are worried about getting skilled workers later when the situation gets normal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the data of FHAN, the domestic market of Nepal consumes handicraft materials worth Rs 6 billion every year. The USA, China and European countries are the major markets for Nepalese handicraft products. Nepal exports handicraft products worth Rs 11 to 15 billion to these countries annually. Even those who purchase handicraft products in Nepal are foreigners.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The handicraft entrepreneurs have been forced to export their products at three times higher price due to unavailability of flights during global lockdown. The problem has not resolved although regular flights have&nbsp; resumed. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chairman of Nepal Export Council Hari Bahadur Karki says only limited airline companies are operating flights to and from Nepal and the airliners charge them fare as high as that of chartered flights.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the government has lifted restrictions, places like Basantapur, Thamel, Patan and other areas where these products are sold do not have any customers at the moment.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stakeholders say their business is in peril because the handicraft industry is directly linked with the tourism industry.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-10-01',
			'modified' => '2020-10-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12294',
			'image' => '20201001053942_1601506595.Clipboard12.jpg',
			'article_date' => '2020-10-01 17:39:08',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => null,
			'user_id' => '34'
		)
	)
)
$current_user = null
$logged_in = false
$xml = false
simplexml_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

file not found!

Latest

173 People Die in Disaster Incidents since June 10

Crusher Federation Urges PM Oli for Industry Renewal

Prime Minister Calls for Enhancing 'Hello Sarkar' Service

Bardiya National Park Sees Increase in Tourist Arrivals

Experts, Manpower Agencies at Odds Over Draft of Labour Migration Policy

Lower Seti Hydropower Project Acquires o500 Ropanis of Land

Government Proposes Formation of New Authority to Regulate Cooperatives

Sugar Prices Surge ahead of Festive Season amid Govt’s Failure to Import Sugar

BFIN to Host Conference in Kathmandu on Wednesday

Price of Gold Reaches All-Time High in Nepal

FOREX

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)

Bullion

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

Petroleum

Petrol	1 Liter	106.00
Diesel	1 Liter	95.00
Kerosene	1 Liter	95.00
LP Gas	1 Cylinder	1375.00