Domestic Flights and Long-Route Transportation Services to Resume from September 21

Sep 15, 2020 0 2 minutes 25 seconds to read

September 15: The government has decided to resume domestic flights and long-distance transportation service from September 21.…

Ban on Import of Liquor Encourages Smuggling: Importers

Sep 14, 2020 0 2 minutes 4 seconds to read

September 14: Imported liquor is running out of stock in the country due to the ban imposed by the government some five and a half months…

Production of 300 Tons of Sub-Standard Steel of Jagadamba Banned

Sep 14, 2020 0 2 minutes 11 seconds to read

September 14: Nepal Bureau of Standards and Metrology has banned the sale and distribution of Jagdamba Steels, the main product of Shankar…

MCC Grant Agreement Risks Running Out of Time

Sep 14, 2020 0 1 minutes 52 seconds to read

September 14: The government has not been able to present the Millennium Challenge Corporation (MCC) grant agreement for endorsement due to the demand for amending the agreement from various quarters including the ruling Nepal Communist…

Life Insurance Companies Investing in Real Estate

Sep 14, 2020 0 2 minutes 8 seconds to read

September 14: Life insurance companies have started investing in real estate business and infrastructure soon after they were given permission to invest in these sectors.…

Lockdown and Restriction Bring Industries down to their Knees

Sep 14, 2020 0 1 minutes 24 seconds to read

September 14: Industries in the Bara-Parsa Industrial Corridor, which has been under a four-month-long shutdown, have been badly affected by the recent prohibitory order imposed since a month-and-a-half.…

Investments of BFIs Becoming Riskier

Sep 13, 2020 0 3 minutes 59 seconds to read

September 13: The lockdown and prohibitory order enforced by the government in the country to control the spread of coronavirus has become an impediment in loan collection of banks, which has put their investments at risk.…

Lockdown and Restriction Bring Industries down to their Knees

Sep 14, 2020 0 1 minutes 24 seconds to read

India Denying Air Entry Routes to Nepal Citing Security Concerns

Sep 13, 2020 0 2 minutes 58 seconds to read

September 13: Although the construction of Gautam Buddha International Airport is in final phase, the airport is yet to get approval to use the air route through Mahendranagar and…

Transport Entrepreneurs Urge Government to Facilitate in Resuming Service

Sep 13, 2020 0 1 minutes 53 seconds to read

September 13: Transport entrepreneurs have urged Minister for Physical Infrastructure and Transport Basanta Nembang to facilitate in resuming long, medium and short-route vehicles at the…

Harmful Chemicals found in Sanitizers Produced by 5 Local Companies

Sep 13, 2020 0 2 minutes 21 seconds to read

September 13: Government authorities have found harmful chemicals in sanitizers produced by five companies based in Kathmandu Valley.…

Slight Improvement in Credit Flow during Prohibitory Order

Sep 13, 2020 0 2 minutes 58 seconds to read

September 13: Banks and Financial Institutions had been experiencing a contraction in their flow of loans over the past one and a half months but, there has been some improvement during the prohibitory order period.…

Contractors Weighing Options after Cancellation of Tender

Sep 11, 2020 0 1 minutes 49 seconds to read

September 11: Construction companies are divided over the cancellation of the contract of the disputed Kakadvitta-Inaruwa section of the East-West Electric…

Operation of Domestic Flights Likely to get Delayed by 2 Weeks

Sep 11, 2020 0 2 minutes 23 seconds to read

September 11: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai has submitted a proposal to the Covid-19 Crisis Management Centre (CCMC) to reopen domestic air service from October…

IRD to Charge Taxpayers with Late Fee, Interest and Fine

Sep 11, 2020 0 1 minutes 39 seconds to read

September 11: The government is unlikely to address the demand of the private sector to extend the deadline for payment of…

< previous590591592593594595596597598next >

No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

. . .
read more »

NEPSE

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		'Article' => array(
			'id' => '12472',
			'article_category_id' => '1',
			'title' => 'Domestic Flights and Long-Route Transportation Services to Resume from September 21',
			'sub_title' => '',
			'summary' => 'September 15: The government has decided to resume domestic flights and long-distance transportation service from September 21. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 15: The government has decided to resume domestic flights and long-distance transportation service from September 21. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">A meeting of the Council of ministers held at the prime minister&#39;s official residence in Baluwatar on Monday (September 14) decided to ease the restrictions across the country. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">After attending the cabinet meeting, Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai confirmed that the government has decided to lift the ban on long-route vehicles and domestic flights effective from upcoming Monday. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The decision comes amid warning from the transport entrepreneurs that they would defy government order of the ban is not lifted by September 17.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Meanwhile, the ministry had submitted a proposal to the&nbsp; Covid-19 Crisis Management Centre (CCMC) seeking approval to resume domestic flights from October 1. However, due to pressure from the domestic airline companies, the government decided to reopen air service 10 days before the proposed date.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The government has been repeatedly delaying resumption of air and public transportation services due to increase in Covid-19 cases across the country.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The cabinet meeting also decided to recommend the name of NCP Vice Chairman Bamdev Gautam as a member of the National Assembly to the President. There is a constitutional provision for the president to appoint three members of the upper house. Currently, one of the three posts is vacant.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Meanwhile, the cabinet could not decide about the appointment of the CEO of Nepal Electricity Authority in the vacant place after retirement of Kul Man Ghising, who has become a public figure for ending power cuts in the country.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">&nbsp;Ghising, whose term ended on Sunday, was proposed for another term but Prime Minister KP Oli raised the issue of legal problems in reappointing him.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12471',
			'article_category_id' => '1',
			'title' => 'Ban on Import of Liquor Encourages Smuggling: Importers',
			'sub_title' => '',
			'summary' => 'September 14: Imported liquor is running out of stock in the country due to the ban imposed by the government some five and a half months ago.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">September 14: Imported liquor is running out of stock in the country due to the ban imposed by the government some five and a half months ago.</span></span></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;Bangla MN&quot;">The government banned foreign liquor in line with its policy to ban the import of luxurious goods in late March.</span></span></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;Bangla MN&quot;">Nepal used to import foreign liquor worth billions of rupees each year. However, with the ban in force, such imported liquor is running out of stock. With the festive season just around the corner, importers anticipate smuggling of liquor into the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The liquor market used to become vibrant during September for the upcoming Dashain festival. The production and sale of liquor used to skyrocket until November. However, the market is inactive this year due to the ban along with the measures to curb 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;Bangla MN&quot;">The intention of the government to ban luxurious goods including liquor is believed to improve the country&rsquo;s balance of payments and foreign exchange reserve. </span></span></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;Bangla MN&quot;">Dealers have urged the government to lift the ban on import of foreign liquor stating that the country&rsquo;s balance of payments is in surplus and the foreign exchange reserve has not been affected by the fear of decline in remittance.</span></span></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;Bangla MN&quot;">They argue that the ban on import of foreign liquor would only encourage smuggling of the same products, especially during the festive season. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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			'id' => '12468',
			'article_category_id' => '1',
			'title' => 'Production of 300 Tons of Sub-Standard Steel of Jagadamba Banned  ',
			'sub_title' => '',
			'summary' => 'September 14: Nepal Bureau of Standards and Metrology has banned the sale and distribution of Jagdamba Steels, the main product of Shankar Group.',
			'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;">September 14: Nepal Bureau of Standards and Metrology has banned the sale and distribution of Jagdamba Steels, the main product of Shankar Group. Stating that the steel produced by the company were of poor quality, the bureau banned the sale and distribution of 300 tons of steel rods. </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;">The bureau informed that the sale and distribution of the company&#39;s TMT bar in Bara has been stopped after they found certain amount of carbon and sulfur in the sample of 16 mm rod collected for testing. </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;">Director General of the Department, Bishwa Babu Pudasaini, said they found the product was not as per the specified criteria. </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 informed that the sale was banned as the company could not give satisfactory explanation to the bureau regarding the excessive amount of carbon and sulphur in the product.</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 said that the department has also suspended the permission of the company to produce 16 mm rods. </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;">The company will be allowed to produces 16 mm rods only of the product meets the criteria prescribed by the bureau. Nevertheless, the company will be able to produce other types of rods. </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 department has set a maximum value of carbon at 0.30 percent for the production of iron rods, the company has kept the amount at 0.35 percent. </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;">Similarly, the value of sulfur used in rod production should be 0.055 percent but the company has used 0.060 percent. </span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12467',
			'article_category_id' => '1',
			'title' => 'MCC Grant Agreement Risks Running Out of Time',
			'sub_title' => '',
			'summary' => 'September 14: The government has not been able to present the Millennium Challenge Corporation (MCC) grant agreement for endorsement due to the demand for amending the agreement from various quarters including the ruling Nepal Communist Party.',
			'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;">September 14: The government has not been able to present the Millennium Challenge Corporation (MCC) grant agreement for endorsement due to the demand for amending the agreement from various quarters including the ruling Nepal Communist Party.</span></span></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;">As per the agreement, the cross-border transmission line project funded by the US government &nbsp;should have been implemented within five years of signing the agreement. However, there are high chances of losing this project due to the inordinate delay in endorsing the MCC grant 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;">According to sources at the Finance Ministry, they have not been able to hold any discussions with the donor agency concerned after the term of Yuba Raj Khatiwada as finance minister ended recently. Officials at the ministry say that the government needs to seek a political solution to the problem because the issue was raised at the political level. </span></span></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 finance ministry is ready to amend the agreement after the dispute at the political level is settled.</span></span></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 term of the project expired on June 30.&nbsp; Authorities have been trying to extend the project citing crisis created by coronavirus pandemic but to no avail.</span></span></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;">Nepali Congress and other fringe parties have been demanding immediate endorsement of the MCC grant agreement but the ruling NCP has been long wrangling with the issue. </span></span></span></span></p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '12465',
			'article_category_id' => '1',
			'title' => 'Life Insurance Companies Investing in Real Estate ',
			'sub_title' => '',
			'summary' => 'September 14: Life insurance companies have started investing in real estate business and infrastructure soon after they were given permission to invest in these sectors. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">September 14: Life insurance companies have started investing in real estate business and infrastructure soon after they were given permission to invest in these sectors. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Issuing the &lsquo;Insurer&rsquo;s Investment Guideline, 2075&rsquo;, the Insurance Board has made arrangement to allow companies to make capital or loan investment in real estate business and construction of infrastructure such as agriculture, tourism and water resources. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">There are currently 19 life insurance companies operating in Nepal. By the end of the last Fiscal Year (FY), they have invested Rs 284.67 billion in deposits of Bank and Financial Institution. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The life insurance companies can invest in various funds including life insurance funds. However, they must have enough money to pay immediately. According to the Insurance Board, as of last July, life insurance companies have invested Rs 362.4 million in real estate business.&nbsp; </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Companies will be able to invest a maximum of 5 percent of their reserve capital in real estate. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Similarly, the companies have invested Rs 7.66 billion in sectors like agriculture, tourism and water resources. There is an arrangement to invest maximum 20 percent of the reserve capital in the field of infrastructure construction. Earlier, only 5 percent of the maximum amount could be invested in such areas. The companies say that they are increasing their investment in the field of infrastructure construction after the limit has been increased. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">According to the investment guideline, the insurance companies can invest in bank deposits, bank shares, ordinary shares of listed companies, debentures of public companies, government bonds, mutual funds, real estate, infrastructure construction and other sectors. Insurance companies have been open to invest in debentures since 2075. Since then, life insurance companies have invested Rs 5 billion in debentures. </span></span></span></p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '12470',
			'article_category_id' => '1',
			'title' => 'Lockdown and Restriction Bring Industries down to their Knees',
			'sub_title' => '',
			'summary' => 'September 14: Industries in the Bara-Parsa Industrial Corridor, which has been under a four-month-long shutdown, have been badly affected by the recent prohibitory order imposed since a month-and-a-half. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 14: Industries in the Bara-Parsa Industrial Corridor, which has been under a four-month-long shutdown, have been badly affected by the recent prohibitory order imposed since a month-and-a-half. Production in most of the industries has declined significantly as the government has recently tightened restrictions to control the spread of coronavirus.</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">High vigilance was adopted in Birgunj since last week of July with a soon surge in number of infections among the workers. A ban was imposed in Birgunj and surrounding areas from July 25. Production in the corridor was affected soon after the local administration issued a restraining order in the neighboring Bara district.</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">Subodh Gupta, senior vice-president of the Birgunj Chamber of Commerce and Industry informed that the production has been badly affected due to the recent increase in the number of coronavirus infection and tight regulation in public movement imposed by the local administration. </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">Gupta, who is also the president of the Nepal Rice Oil and Pulses Industries Association, informed that the production has decreased due to the panic among the workers. &quot;Industrialists and workers alike are afraid to enter the industry,&rdquo; he informed.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'Investments of BFIs Becoming Riskier',
			'sub_title' => '',
			'summary' => 'September 13: The lockdown and prohibitory order enforced by the government in the country to control the spread of coronavirus has become an impediment in loan collection of banks, which has put their investments at risk. ',
			'content' => '<h1><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">September 13: The lockdown and prohibitory order enforced by the government in the country to control the spread of coronavirus has become an impediment in loan collection of banks, which has put their investments at risk. Even though the loan collection was satisfactory until the month of Ashad (mid-June to mid-July) in the last fiscal year, investments have become riskier with the reduction in the loan collection since then. Bankers expressed that they have had to face the double problem of not having any alternative investment options and the subsequent increase in their liquidity.</span></span></h1>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Bankers said that all of the banks in Chitwan have no new investment as well as no new loans. Ishwori Nepane, the manager of Rastriya Banijya Bank, Bharatpur branch, said that the lack of new investments and loan collections has increased their risks. &ldquo;While the old loans have stopped being collected, there have been no new investments either,&rdquo; he said, adding, &ldquo;The depositors need to keep being paid their interest instead.&rdquo;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">He said that while the interest payments and service renewals were satisfactory until the end of Ashad, they have completely stopped now. He believes that this situation has arose because people have started to prioritize their health and daily living over new investments and payment of loans because of COVID-19.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;Even though the investments in new industries, infrastructures and constructions had stopped, there used to be some investments in the agricultural sector. However, after the month of Shrawan (mid-July to mid-August), even this sector has been declining,&rdquo; said Dinesh Babu Nepal, the manager of Agriculture Development Bank, Hakimchowk branch. &ldquo;Even though new entrepreneurs had shown interest to invest in the agricultural sector during the first week after the lockdown was lifted, the process has now come to a standstill.&rdquo;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to him, the debtors paying for old loans are very low now. There are even less new investors. &ldquo;Investment in the agricultural sector has been affected as many agricultural products had previously been wasted because of the lack of proper market value,&rdquo; he said.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Many bankers claimed that even their regular customers aren&rsquo;t interested in getting new loans. &ldquo;Every sector has been affected. We are dependent on the finance sector,&rdquo; said Dinesh Gautam, the brank head of Sanima Bank, Narayangarh, &ldquo;However, the situation isn&rsquo;t bad enough for us to be scared.&rdquo; He said that if the effects of COVID-19 prevail for a long time, the finance sector will shut down, which may lead to situations like late repayment of loans and in some cases, bad debts.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The effects have not been that bad even with the lack of loan collection and increase in liquidity in banks. Financial institutions will need a few years to come back to their old condition even after the situation start getting back to normal. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;Kapil Dev Subedi of Chitwan, who is currently getting his doctorate on &lsquo;Corporate Investment and Financing&rsquo; explained that the effects of the current situation may not be visible at the moment but it will start to appear gradually in the future. &ldquo;Higher the confusion amongst the investors and the debtors, higher the risk for the banks,&rdquo; he said.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">He said that sectors like tourism, automobile and real estate have become riskier, which then makes the investments in this area more at risk. &ldquo;The banks that have diversified their investments have less risks,&rdquo; he said, adding, &ldquo;Banks that have invested more in one sector are facing higher risks.&rdquo; He suggested that more investments should be made in sectors that have the potential to get debt relief and to attract refinancing investments.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to him, risks can be reduced if investments are increased for the hydropower, agricultural and pharmaceutical sectors. </span></span></p>
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			'sortorder' => '12212',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12466',
			'article_category_id' => '1',
			'title' => 'Lockdown and Restriction Bring Industries down to their Knees',
			'sub_title' => '',
			'summary' => 'September 14: Industries in the Bara-Parsa Industrial Corridor, which has been under a four-month-long shutdown, have been badly affected by the recent prohibitory order imposed since a month-and-a-half. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 14: Industries in the Bara-Parsa Industrial Corridor, which has been under a four-month-long shutdown, have been badly affected by the recent prohibitory order imposed since a month-and-a-half. Production in most of the industries has declined significantly as the government has recently tightened restrictions to control the spread of coronavirus.</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">High vigilance was adopted in Birgunj since last week of July with a soon surge in number of infections among the workers. A ban was imposed in Birgunj and surrounding areas from July 25. Production in the corridor was affected soon after the local administration issued a restraining order in the neighboring Bara district.</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">Subodh Gupta, senior vice-president of the Birgunj Chamber of Commerce and Industry informed that the production has been badly affected due to the recent increase in the number of coronavirus infection and tight regulation in public movement imposed by the local administration. </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">Gupta, who is also the president of the Nepal Rice Oil and Pulses Industries Association, informed that the production has decreased due to the panic among the workers. &quot;Industrialists and workers alike are afraid to enter the industry,&rdquo; he informed.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-09-14',
			'modified' => '2020-09-14',
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			'description' => '',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12463',
			'article_category_id' => '1',
			'title' => 'India Denying Air Entry Routes to Nepal Citing Security Concerns',
			'sub_title' => '',
			'summary' => 'September 13: Although the construction of Gautam Buddha International Airport is in final phase, the airport is yet to get approval to use the air route through Mahendranagar and Nepalgunj.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">September 13: Although the construction of Gautam Buddha International Airport is in final phase, the airport is yet to get approval to use the air route through Mahendranagar and Nepalgunj.</span></span></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;Bangla MN&quot;">The operation of the airport has become uncertain due to the delay in granting permission for the airport to use those two routes by India. Experts say that the government must make diplomatic efforts to resolve this issue with India.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Officials at the Ministry of Culture, Tourism and Civil Aviation say that Prime Minister KP Oli had discussed the issue with his Indian counterpart Narendra Modi during his last visit to India but there has been no further development.</span></span></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;Bangla MN&quot;">Although the political actors of India have not rejected the proposal of Nepal to use the two air routes, which is shorter than the other route in use, India&rsquo;s bureaucracy has been delaying the process, according to officials at the tourism ministry.</span></span></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;Bangla MN&quot;">Tourism Minister Yogesh Bhattarai has time and again said he will make diplomatic efforts with India to resolve the issue but there has been no tangible progress. The minister claims that the airport will be operational by the start of 2021.</span></span></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;Bangla MN&quot;">Two years ago, India had agreed to allow Nepal to use four additional air routes for the aircraft entering the country through India. However, the Airport Authority of India had denied permission due to technical issues and the need for safety assessment.</span></span></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;Bangla MN&quot;">Although India had in principle agreed to allow Nepal to use the air entry routes of Bhairahawa, Janakpur, Biratnagar, Nepalgunj and Mahendranagar. However, India has allowed Nepal to use only Bhairahawa and Janakpur entry routes.</span></span></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;Bangla MN&quot;">Officials at the Civil Aviation Authority of Nepal (CAAN) say that India denied permission to use the other air routes citing security concerns. </span></span></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;Bangla MN&quot;">All aircraft entering Nepal through India have to use the route near Simara. However, the aircraft leaving Nepal can use Mahendranagar, Nepalgunj, Bhairahawa and Janakpur routes.</span></span></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;Bangla MN&quot;">According to officials, using the Mahendranagar and Nepalgunj routes to enter Nepal would lessen the distance by 14 nautical miles</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12462',
			'article_category_id' => '1',
			'title' => 'Transport Entrepreneurs Urge Government to Facilitate in Resuming Service ',
			'sub_title' => '',
			'summary' => 'September 13: Transport entrepreneurs have urged Minister for Physical Infrastructure and Transport Basanta Nembang to facilitate in resuming long, medium and short-route vehicles at the earliest.',
			'content' => '<p><em>Public vehicles seen parked in this file photo.</em></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">September 13: Transport entrepreneurs have urged Minister for Physical Infrastructure and Transport Basanta Nembang to facilitate in resuming long, medium and short-route vehicles at the earliest.</span></span></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;Bangla MN&quot;">The Federation of Nepal National Transport Entrepreneurs (FNNTE) and the workers&rsquo; union met with the minister on Friday (September 11) and made such request. They demanded resumption of all kinds of public transportation service from September 17. </span></span></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;Bangla MN&quot;">During the meeting, the transport entrepreneurs informed the minister that they would be forced to resume service if the government does not lift the ban on public transport.</span></span></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;Bangla MN&quot;">The government has enforced a ban on public transportation since March 24 after imposing lockdown to prevent the spread of coronavirus. Although the government had allowed intra-district transportation service for a month between July and August, it again reimposed restriction after a rapid surge in coronavirus cases across the country, and especially in the capital.</span></span></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;Bangla MN&quot;">The transport entrepreneurs informed that the restrictions since the last six months has directly affected around 360,000 people who are involved in this sector and more than 4.5 million people who are dependent on them.</span></span></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;Bangla MN&quot;">FNNTE President Yogendra Nath Karmacharya informed the ministers that hunger has become more threatening to them than the virus and therefore they would no longer abide by the government orders anymore.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'description' => '',
			'sortorder' => '12209',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12460',
			'article_category_id' => '1',
			'title' => 'Harmful Chemicals found in Sanitizers Produced by 5 Local Companies ',
			'sub_title' => '',
			'summary' => 'September 13: Government authorities have found harmful chemicals in sanitizers produced by five companies based in Kathmandu Valley. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 13: Government authorities have found harmful chemicals in sanitizers produced by five companies based in Kathmandu Valley. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Tests conducted by the Department of Drug Administration (DDA) has revealed that the sanitizers produced by the five companies contained considerable amount of methanol, which is considered hazardous to human health.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Stating that the use of such sanitizers might adversely affect the health of the people, the department has appealed to the public to be aware of such products.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to Santosh KC, information officer at DDA, the department found considerable amount of methanol, which is considered harmful for human health. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The department has already instructed the five companies to stop &nbsp;the production and sale of those products that do not meet the standard set by the government.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The department informed that Sanitized Hand Sanitizer produced by Hygienic Soap and Chemical Pvt Ltd, Advanced Hand Sanitizer produced by Aadhar Chemicals and Food Industries Pvt Ltd,&nbsp; Instant Hand Sanitizer Refreshment Gel produced by Search Chem Cum Herbal Products, Suryamukhi Hand Sanitizer produced by Suryamukhi Herbal Products and Instant Hand Sanitizer produced by Nepal Kayakalpa Industry have been found containing methanol above the standard set by the government.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">KC informed that four out of ten samples collected from the market had high levels of methanol while one was previously found breaching the standard protocol.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Information Officer KC further said that the department is currently studying the samples of all 40 local companies that are manufacturing sanitizers but are yet to be registered with the department. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">&nbsp; &nbsp; &nbsp;<br />
<br />
&nbsp; &nbsp; &nbsp;</span></span></span><br />
&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12461',
			'article_category_id' => '1',
			'title' => 'Slight Improvement in Credit Flow during Prohibitory Order ',
			'sub_title' => '',
			'summary' => 'September 13: Banks and Financial Institutions had been experiencing a contraction in their flow of loans over the past one and a half months but, there has been some improvement during the prohibitory order period. ',
			'content' => '<h1><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">September 13: Banks and Financial Institutions had been experiencing a contraction in their flow of loans over the past one and a half months but, there has been some improvement during the prohibitory order period. Nepal Rastra Bank expects further improvements in the credit flow because of the new fixed interest rate policy.</span></span></h1>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The net credit flow of the 27 commercial banks had decreased by Rs 25 billion &nbsp;in the month of Shrawan (mid-July to mid-August). However, loans worth Rs 19 billion were distributed as of last week (September 4). Nepal Bankers&rsquo; Association informed that the credit flow that had improved in the month of Ashad (mid-June to mid-July) had become negative in the month of Shrawan (mid-July to mid-August). According to the Association, the net flow of loans had reached Rs. 2,903 billion after the disbursal of Rs 87 billion in the month of Ashad (mid-June to mid-July). However, the net amount totaled to Rs. 2,878 billion after it decreased by Rs. 25 billion in the month of Shrawan (mid-July to mid-August).</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The market has had a liquidity of more than Rs 200 billion since the last few months because of the contraction in the credit flow. Dr Gunakar Bhatta, the spokesperson for Nepal Rastra Bank, said that in order to manage the liquidity in the market, the central bank has introduced policies that will encourage the debtors to get new loans. Rastra Bank has also increased the limit on current loans to enable the businesses affected by coronavirus to pay for their expenses like salaries, rents, etc. In addition, a policy has been introduced to stabilize the rate of interest on loans.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Banks and financial institutions are not permitted to increase the interest rates on personal term loans like auto loans and home loans for at least a year. Previously, the interest rates used to change with the change in the base rates of the banks in every quarter. Loans taken at the rate of 8 percent in the beginning would reach as high as 13 percent by the end of the year.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Spokesperson Bhatta firmly believes that this provision made by the central bank will definitely increase the demand and the flow of loan in the market. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;There is a provision that prohibits banks from increasing the interest rates on personal term loans. This will give the customers a sense of relief for a year. This will also increase the demand of debt,&rdquo; he said. He also said that the economy will improve with the increase in the credit flow.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Bhuwan Kumar Dahal, the Chairman of Nepal Bankers&rsquo; Association, says that the coronavirus pandemic and the lockdown affeted the overall banking sector negatively. The Credit to Core Capital plus Deposit ratio (CCD) of the banks is currently in a bad state because of the lack of new loans.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;</span></span></p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12459',
			'article_category_id' => '1',
			'title' => 'Contractors Weighing Options after Cancellation of Tender',
			'sub_title' => '',
			'summary' => 'September 11: Construction companies are divided over the cancellation of the contract of the disputed Kakadvitta-Inaruwa section of the East-West Electric Railway.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 11: Construction companies are divided over the cancellation of the contract of the disputed Kakadvitta-Inaruwa section of the East-West Electric Railway.</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">Some contractors have decided not to go through the legal process considering that cancellation of tender is a common issue while others are in the process of seeking legal remedy. The companies seeking legal remedy are now consulting with lawyers.</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">However, the government agencies while inviting bids generally include a&nbsp;clause stating that the tender can be canceled at any time. Contractors have been bidding for proposals by accepting the provision.</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">Due to this, the right to cancel the tender will be vested upon the public body, informed an official of the Railway Department. &ldquo;As this provision has been made while inviting tenders, the canceled tenders will be automatically rejected legally. So a new tender should be called again to move the contract forward,&rdquo; the official added.</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">However, Ravi Singh, president of Mahadev Khimti Construction Services Pvt Ltd on Tuesday, September 8, informed that he will seek legal solution against the department for cancelation of the contract of 54 packages of 106 km long railway line. </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">Singh is also the president of the Federation of Contractors Association of Nepal, an umbrella organization of construction companies. He said that he had written to the Railway Department on Thursday seeking a written reply for reasons for the cancellation of the contract.</span></span>&nbsp;</span></span></p>
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		'Article' => array(
			'id' => '12458',
			'article_category_id' => '1',
			'title' => 'Operation of Domestic Flights Likely to get Delayed by 2 Weeks',
			'sub_title' => '',
			'summary' => 'September 11: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai has submitted a proposal to the Covid-19 Crisis Management Centre (CCMC) to reopen domestic air service from October 1.',
			'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;">September 11: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai has submitted a proposal to the Covid-19 Crisis Management Centre (CCMC) to reopen domestic air service from October 1.</span></span></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;">Minister Bhattarai informed that the ministry has sent the proposal to the CCMC while it was preparing to resume air service to mountain and hill districts with few cases of coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Speaking at a virtual interaction organised by the Society of Economic Journalists of Nepal (SEJON), Minister Bhattarai clarified that although the government was preparing to resume flights to remote districts from September 17 the plan has been put on hold for the time being.</span></span></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;">Minister Bhattarai said that the government needs to revise a few things in its plan and therefore it proposed resuming air service two weeks later.</span></span></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 further said that the ministry has sought permission from the CCMC to increase the number of international flights in accordance to the demand.</span></span></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 government is thinking about ways to resume the service sector after five months by adopting safety measures,&rdquo; said Bhattarai, adding, &ldquo;We had to impose restrictions again in areas like Kathmandu and Tarai districts with high population density after coronavirus cases increased drastically.&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;">The government had resumed limited number of regular international flights from September 1 and is preparing to gradually reopen domestic flights depending on the situation, said the minister.</span></span></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 airline operators had earlier warned of protest if the government extended the ban on domestic flights beyond September 17. The government has delayed reopening domestic flights time and again due to the increase in coronavirus cases.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'article_category_id' => '1',
			'title' => 'IRD to Charge Taxpayers with Late Fee, Interest and Fine ',
			'sub_title' => '',
			'summary' => 'September 11: The government is unlikely to address the demand of the private sector to extend the deadline for payment of tax.',
			'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;">September 11: The government is unlikely to address the demand of the private sector to extend the deadline for payment of tax. The private sector has been demanding deadline extension arguing that they are unable to pay taxes due to the prohibitory order in force across the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Inland Revenue Department, the taxpayers were given until September 10 to pay the taxes and the government has not extended the deadline.</span></span></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;">Director General of IRD Binod Bahadur Kunwar says that that taxpayers who come to pay the tax after the deadline will be fined as per the legal provision. </span></span></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 private sector had sought extension of the deadline. We informed the Finance Ministry about it but the ministry hasn&rsquo;t given us any instructions,&rdquo; said Kunwar.</span></span></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, the tax payers will not have to submit late fee, interest and fine to clear their value added tax, income tax and excise duty.</span></span></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 IRD informed that it collected revenue of around Rs 12 billion as of September 9.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12472',
			'article_category_id' => '1',
			'title' => 'Domestic Flights and Long-Route Transportation Services to Resume from September 21',
			'sub_title' => '',
			'summary' => 'September 15: The government has decided to resume domestic flights and long-distance transportation service from September 21. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 15: The government has decided to resume domestic flights and long-distance transportation service from September 21. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">A meeting of the Council of ministers held at the prime minister&#39;s official residence in Baluwatar on Monday (September 14) decided to ease the restrictions across the country. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">After attending the cabinet meeting, Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai confirmed that the government has decided to lift the ban on long-route vehicles and domestic flights effective from upcoming Monday. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The decision comes amid warning from the transport entrepreneurs that they would defy government order of the ban is not lifted by September 17.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Meanwhile, the ministry had submitted a proposal to the&nbsp; Covid-19 Crisis Management Centre (CCMC) seeking approval to resume domestic flights from October 1. However, due to pressure from the domestic airline companies, the government decided to reopen air service 10 days before the proposed date.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The government has been repeatedly delaying resumption of air and public transportation services due to increase in Covid-19 cases across the country.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The cabinet meeting also decided to recommend the name of NCP Vice Chairman Bamdev Gautam as a member of the National Assembly to the President. There is a constitutional provision for the president to appoint three members of the upper house. Currently, one of the three posts is vacant.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Meanwhile, the cabinet could not decide about the appointment of the CEO of Nepal Electricity Authority in the vacant place after retirement of Kul Man Ghising, who has become a public figure for ending power cuts in the country.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">&nbsp;Ghising, whose term ended on Sunday, was proposed for another term but Prime Minister KP Oli raised the issue of legal problems in reappointing him.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'description' => '',
			'sortorder' => '12218',
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		'Article' => array(
			'id' => '12471',
			'article_category_id' => '1',
			'title' => 'Ban on Import of Liquor Encourages Smuggling: Importers',
			'sub_title' => '',
			'summary' => 'September 14: Imported liquor is running out of stock in the country due to the ban imposed by the government some five and a half months ago.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">September 14: Imported liquor is running out of stock in the country due to the ban imposed by the government some five and a half months ago.</span></span></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;Bangla MN&quot;">The government banned foreign liquor in line with its policy to ban the import of luxurious goods in late March.</span></span></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;Bangla MN&quot;">Nepal used to import foreign liquor worth billions of rupees each year. However, with the ban in force, such imported liquor is running out of stock. With the festive season just around the corner, importers anticipate smuggling of liquor into the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The liquor market used to become vibrant during September for the upcoming Dashain festival. The production and sale of liquor used to skyrocket until November. However, the market is inactive this year due to the ban along with the measures to curb 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;Bangla MN&quot;">The intention of the government to ban luxurious goods including liquor is believed to improve the country&rsquo;s balance of payments and foreign exchange reserve. </span></span></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;Bangla MN&quot;">Dealers have urged the government to lift the ban on import of foreign liquor stating that the country&rsquo;s balance of payments is in surplus and the foreign exchange reserve has not been affected by the fear of decline in remittance.</span></span></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;Bangla MN&quot;">They argue that the ban on import of foreign liquor would only encourage smuggling of the same products, especially during the festive season. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12468',
			'article_category_id' => '1',
			'title' => 'Production of 300 Tons of Sub-Standard Steel of Jagadamba Banned  ',
			'sub_title' => '',
			'summary' => 'September 14: Nepal Bureau of Standards and Metrology has banned the sale and distribution of Jagdamba Steels, the main product of Shankar Group.',
			'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;">September 14: Nepal Bureau of Standards and Metrology has banned the sale and distribution of Jagdamba Steels, the main product of Shankar Group. Stating that the steel produced by the company were of poor quality, the bureau banned the sale and distribution of 300 tons of steel rods. </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;">The bureau informed that the sale and distribution of the company&#39;s TMT bar in Bara has been stopped after they found certain amount of carbon and sulfur in the sample of 16 mm rod collected for testing. </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;">Director General of the Department, Bishwa Babu Pudasaini, said they found the product was not as per the specified criteria. </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 informed that the sale was banned as the company could not give satisfactory explanation to the bureau regarding the excessive amount of carbon and sulphur in the product.</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 said that the department has also suspended the permission of the company to produce 16 mm rods. </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;">The company will be allowed to produces 16 mm rods only of the product meets the criteria prescribed by the bureau. Nevertheless, the company will be able to produce other types of rods. </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 department has set a maximum value of carbon at 0.30 percent for the production of iron rods, the company has kept the amount at 0.35 percent. </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;">Similarly, the value of sulfur used in rod production should be 0.055 percent but the company has used 0.060 percent. </span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12467',
			'article_category_id' => '1',
			'title' => 'MCC Grant Agreement Risks Running Out of Time',
			'sub_title' => '',
			'summary' => 'September 14: The government has not been able to present the Millennium Challenge Corporation (MCC) grant agreement for endorsement due to the demand for amending the agreement from various quarters including the ruling Nepal Communist Party.',
			'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;">September 14: The government has not been able to present the Millennium Challenge Corporation (MCC) grant agreement for endorsement due to the demand for amending the agreement from various quarters including the ruling Nepal Communist Party.</span></span></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;">As per the agreement, the cross-border transmission line project funded by the US government &nbsp;should have been implemented within five years of signing the agreement. However, there are high chances of losing this project due to the inordinate delay in endorsing the MCC grant 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;">According to sources at the Finance Ministry, they have not been able to hold any discussions with the donor agency concerned after the term of Yuba Raj Khatiwada as finance minister ended recently. Officials at the ministry say that the government needs to seek a political solution to the problem because the issue was raised at the political level. </span></span></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 finance ministry is ready to amend the agreement after the dispute at the political level is settled.</span></span></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 term of the project expired on June 30.&nbsp; Authorities have been trying to extend the project citing crisis created by coronavirus pandemic but to no avail.</span></span></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;">Nepali Congress and other fringe parties have been demanding immediate endorsement of the MCC grant agreement but the ruling NCP has been long wrangling with the issue. </span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12465',
			'article_category_id' => '1',
			'title' => 'Life Insurance Companies Investing in Real Estate ',
			'sub_title' => '',
			'summary' => 'September 14: Life insurance companies have started investing in real estate business and infrastructure soon after they were given permission to invest in these sectors. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">September 14: Life insurance companies have started investing in real estate business and infrastructure soon after they were given permission to invest in these sectors. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Issuing the &lsquo;Insurer&rsquo;s Investment Guideline, 2075&rsquo;, the Insurance Board has made arrangement to allow companies to make capital or loan investment in real estate business and construction of infrastructure such as agriculture, tourism and water resources. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">There are currently 19 life insurance companies operating in Nepal. By the end of the last Fiscal Year (FY), they have invested Rs 284.67 billion in deposits of Bank and Financial Institution. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The life insurance companies can invest in various funds including life insurance funds. However, they must have enough money to pay immediately. According to the Insurance Board, as of last July, life insurance companies have invested Rs 362.4 million in real estate business.&nbsp; </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Companies will be able to invest a maximum of 5 percent of their reserve capital in real estate. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Similarly, the companies have invested Rs 7.66 billion in sectors like agriculture, tourism and water resources. There is an arrangement to invest maximum 20 percent of the reserve capital in the field of infrastructure construction. Earlier, only 5 percent of the maximum amount could be invested in such areas. The companies say that they are increasing their investment in the field of infrastructure construction after the limit has been increased. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">According to the investment guideline, the insurance companies can invest in bank deposits, bank shares, ordinary shares of listed companies, debentures of public companies, government bonds, mutual funds, real estate, infrastructure construction and other sectors. Insurance companies have been open to invest in debentures since 2075. Since then, life insurance companies have invested Rs 5 billion in debentures. </span></span></span></p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '12470',
			'article_category_id' => '1',
			'title' => 'Lockdown and Restriction Bring Industries down to their Knees',
			'sub_title' => '',
			'summary' => 'September 14: Industries in the Bara-Parsa Industrial Corridor, which has been under a four-month-long shutdown, have been badly affected by the recent prohibitory order imposed since a month-and-a-half. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 14: Industries in the Bara-Parsa Industrial Corridor, which has been under a four-month-long shutdown, have been badly affected by the recent prohibitory order imposed since a month-and-a-half. Production in most of the industries has declined significantly as the government has recently tightened restrictions to control the spread of coronavirus.</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">High vigilance was adopted in Birgunj since last week of July with a soon surge in number of infections among the workers. A ban was imposed in Birgunj and surrounding areas from July 25. Production in the corridor was affected soon after the local administration issued a restraining order in the neighboring Bara district.</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">Subodh Gupta, senior vice-president of the Birgunj Chamber of Commerce and Industry informed that the production has been badly affected due to the recent increase in the number of coronavirus infection and tight regulation in public movement imposed by the local administration. </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">Gupta, who is also the president of the Nepal Rice Oil and Pulses Industries Association, informed that the production has decreased due to the panic among the workers. &quot;Industrialists and workers alike are afraid to enter the industry,&rdquo; he informed.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12464',
			'article_category_id' => '1',
			'title' => 'Investments of BFIs Becoming Riskier',
			'sub_title' => '',
			'summary' => 'September 13: The lockdown and prohibitory order enforced by the government in the country to control the spread of coronavirus has become an impediment in loan collection of banks, which has put their investments at risk. ',
			'content' => '<h1><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">September 13: The lockdown and prohibitory order enforced by the government in the country to control the spread of coronavirus has become an impediment in loan collection of banks, which has put their investments at risk. Even though the loan collection was satisfactory until the month of Ashad (mid-June to mid-July) in the last fiscal year, investments have become riskier with the reduction in the loan collection since then. Bankers expressed that they have had to face the double problem of not having any alternative investment options and the subsequent increase in their liquidity.</span></span></h1>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Bankers said that all of the banks in Chitwan have no new investment as well as no new loans. Ishwori Nepane, the manager of Rastriya Banijya Bank, Bharatpur branch, said that the lack of new investments and loan collections has increased their risks. &ldquo;While the old loans have stopped being collected, there have been no new investments either,&rdquo; he said, adding, &ldquo;The depositors need to keep being paid their interest instead.&rdquo;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">He said that while the interest payments and service renewals were satisfactory until the end of Ashad, they have completely stopped now. He believes that this situation has arose because people have started to prioritize their health and daily living over new investments and payment of loans because of COVID-19.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;Even though the investments in new industries, infrastructures and constructions had stopped, there used to be some investments in the agricultural sector. However, after the month of Shrawan (mid-July to mid-August), even this sector has been declining,&rdquo; said Dinesh Babu Nepal, the manager of Agriculture Development Bank, Hakimchowk branch. &ldquo;Even though new entrepreneurs had shown interest to invest in the agricultural sector during the first week after the lockdown was lifted, the process has now come to a standstill.&rdquo;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to him, the debtors paying for old loans are very low now. There are even less new investors. &ldquo;Investment in the agricultural sector has been affected as many agricultural products had previously been wasted because of the lack of proper market value,&rdquo; he said.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Many bankers claimed that even their regular customers aren&rsquo;t interested in getting new loans. &ldquo;Every sector has been affected. We are dependent on the finance sector,&rdquo; said Dinesh Gautam, the brank head of Sanima Bank, Narayangarh, &ldquo;However, the situation isn&rsquo;t bad enough for us to be scared.&rdquo; He said that if the effects of COVID-19 prevail for a long time, the finance sector will shut down, which may lead to situations like late repayment of loans and in some cases, bad debts.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The effects have not been that bad even with the lack of loan collection and increase in liquidity in banks. Financial institutions will need a few years to come back to their old condition even after the situation start getting back to normal. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;Kapil Dev Subedi of Chitwan, who is currently getting his doctorate on &lsquo;Corporate Investment and Financing&rsquo; explained that the effects of the current situation may not be visible at the moment but it will start to appear gradually in the future. &ldquo;Higher the confusion amongst the investors and the debtors, higher the risk for the banks,&rdquo; he said.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">He said that sectors like tourism, automobile and real estate have become riskier, which then makes the investments in this area more at risk. &ldquo;The banks that have diversified their investments have less risks,&rdquo; he said, adding, &ldquo;Banks that have invested more in one sector are facing higher risks.&rdquo; He suggested that more investments should be made in sectors that have the potential to get debt relief and to attract refinancing investments.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to him, risks can be reduced if investments are increased for the hydropower, agricultural and pharmaceutical sectors. </span></span></p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12466',
			'article_category_id' => '1',
			'title' => 'Lockdown and Restriction Bring Industries down to their Knees',
			'sub_title' => '',
			'summary' => 'September 14: Industries in the Bara-Parsa Industrial Corridor, which has been under a four-month-long shutdown, have been badly affected by the recent prohibitory order imposed since a month-and-a-half. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 14: Industries in the Bara-Parsa Industrial Corridor, which has been under a four-month-long shutdown, have been badly affected by the recent prohibitory order imposed since a month-and-a-half. Production in most of the industries has declined significantly as the government has recently tightened restrictions to control the spread of coronavirus.</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">High vigilance was adopted in Birgunj since last week of July with a soon surge in number of infections among the workers. A ban was imposed in Birgunj and surrounding areas from July 25. Production in the corridor was affected soon after the local administration issued a restraining order in the neighboring Bara district.</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">Subodh Gupta, senior vice-president of the Birgunj Chamber of Commerce and Industry informed that the production has been badly affected due to the recent increase in the number of coronavirus infection and tight regulation in public movement imposed by the local administration. </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">Gupta, who is also the president of the Nepal Rice Oil and Pulses Industries Association, informed that the production has decreased due to the panic among the workers. &quot;Industrialists and workers alike are afraid to enter the industry,&rdquo; he informed.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-09-14',
			'modified' => '2020-09-14',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12211',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12463',
			'article_category_id' => '1',
			'title' => 'India Denying Air Entry Routes to Nepal Citing Security Concerns',
			'sub_title' => '',
			'summary' => 'September 13: Although the construction of Gautam Buddha International Airport is in final phase, the airport is yet to get approval to use the air route through Mahendranagar and Nepalgunj.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">September 13: Although the construction of Gautam Buddha International Airport is in final phase, the airport is yet to get approval to use the air route through Mahendranagar and Nepalgunj.</span></span></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;Bangla MN&quot;">The operation of the airport has become uncertain due to the delay in granting permission for the airport to use those two routes by India. Experts say that the government must make diplomatic efforts to resolve this issue with India.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Officials at the Ministry of Culture, Tourism and Civil Aviation say that Prime Minister KP Oli had discussed the issue with his Indian counterpart Narendra Modi during his last visit to India but there has been no further development.</span></span></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;Bangla MN&quot;">Although the political actors of India have not rejected the proposal of Nepal to use the two air routes, which is shorter than the other route in use, India&rsquo;s bureaucracy has been delaying the process, according to officials at the tourism ministry.</span></span></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;Bangla MN&quot;">Tourism Minister Yogesh Bhattarai has time and again said he will make diplomatic efforts with India to resolve the issue but there has been no tangible progress. The minister claims that the airport will be operational by the start of 2021.</span></span></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;Bangla MN&quot;">Two years ago, India had agreed to allow Nepal to use four additional air routes for the aircraft entering the country through India. However, the Airport Authority of India had denied permission due to technical issues and the need for safety assessment.</span></span></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;Bangla MN&quot;">Although India had in principle agreed to allow Nepal to use the air entry routes of Bhairahawa, Janakpur, Biratnagar, Nepalgunj and Mahendranagar. However, India has allowed Nepal to use only Bhairahawa and Janakpur entry routes.</span></span></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;Bangla MN&quot;">Officials at the Civil Aviation Authority of Nepal (CAAN) say that India denied permission to use the other air routes citing security concerns. </span></span></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;Bangla MN&quot;">All aircraft entering Nepal through India have to use the route near Simara. However, the aircraft leaving Nepal can use Mahendranagar, Nepalgunj, Bhairahawa and Janakpur routes.</span></span></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;Bangla MN&quot;">According to officials, using the Mahendranagar and Nepalgunj routes to enter Nepal would lessen the distance by 14 nautical miles</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12462',
			'article_category_id' => '1',
			'title' => 'Transport Entrepreneurs Urge Government to Facilitate in Resuming Service ',
			'sub_title' => '',
			'summary' => 'September 13: Transport entrepreneurs have urged Minister for Physical Infrastructure and Transport Basanta Nembang to facilitate in resuming long, medium and short-route vehicles at the earliest.',
			'content' => '<p><em>Public vehicles seen parked in this file photo.</em></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">September 13: Transport entrepreneurs have urged Minister for Physical Infrastructure and Transport Basanta Nembang to facilitate in resuming long, medium and short-route vehicles at the earliest.</span></span></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;Bangla MN&quot;">The Federation of Nepal National Transport Entrepreneurs (FNNTE) and the workers&rsquo; union met with the minister on Friday (September 11) and made such request. They demanded resumption of all kinds of public transportation service from September 17. </span></span></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;Bangla MN&quot;">During the meeting, the transport entrepreneurs informed the minister that they would be forced to resume service if the government does not lift the ban on public transport.</span></span></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;Bangla MN&quot;">The government has enforced a ban on public transportation since March 24 after imposing lockdown to prevent the spread of coronavirus. Although the government had allowed intra-district transportation service for a month between July and August, it again reimposed restriction after a rapid surge in coronavirus cases across the country, and especially in the capital.</span></span></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;Bangla MN&quot;">The transport entrepreneurs informed that the restrictions since the last six months has directly affected around 360,000 people who are involved in this sector and more than 4.5 million people who are dependent on them.</span></span></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;Bangla MN&quot;">FNNTE President Yogendra Nath Karmacharya informed the ministers that hunger has become more threatening to them than the virus and therefore they would no longer abide by the government orders anymore.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12460',
			'article_category_id' => '1',
			'title' => 'Harmful Chemicals found in Sanitizers Produced by 5 Local Companies ',
			'sub_title' => '',
			'summary' => 'September 13: Government authorities have found harmful chemicals in sanitizers produced by five companies based in Kathmandu Valley. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 13: Government authorities have found harmful chemicals in sanitizers produced by five companies based in Kathmandu Valley. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Tests conducted by the Department of Drug Administration (DDA) has revealed that the sanitizers produced by the five companies contained considerable amount of methanol, which is considered hazardous to human health.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Stating that the use of such sanitizers might adversely affect the health of the people, the department has appealed to the public to be aware of such products.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to Santosh KC, information officer at DDA, the department found considerable amount of methanol, which is considered harmful for human health. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The department has already instructed the five companies to stop &nbsp;the production and sale of those products that do not meet the standard set by the government.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The department informed that Sanitized Hand Sanitizer produced by Hygienic Soap and Chemical Pvt Ltd, Advanced Hand Sanitizer produced by Aadhar Chemicals and Food Industries Pvt Ltd,&nbsp; Instant Hand Sanitizer Refreshment Gel produced by Search Chem Cum Herbal Products, Suryamukhi Hand Sanitizer produced by Suryamukhi Herbal Products and Instant Hand Sanitizer produced by Nepal Kayakalpa Industry have been found containing methanol above the standard set by the government.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">KC informed that four out of ten samples collected from the market had high levels of methanol while one was previously found breaching the standard protocol.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Information Officer KC further said that the department is currently studying the samples of all 40 local companies that are manufacturing sanitizers but are yet to be registered with the department. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">&nbsp; &nbsp; &nbsp;<br />
<br />
&nbsp; &nbsp; &nbsp;</span></span></span><br />
&nbsp;</p>
',
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	(int) 11 => array(
		'Article' => array(
			'id' => '12461',
			'article_category_id' => '1',
			'title' => 'Slight Improvement in Credit Flow during Prohibitory Order ',
			'sub_title' => '',
			'summary' => 'September 13: Banks and Financial Institutions had been experiencing a contraction in their flow of loans over the past one and a half months but, there has been some improvement during the prohibitory order period. ',
			'content' => '<h1><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">September 13: Banks and Financial Institutions had been experiencing a contraction in their flow of loans over the past one and a half months but, there has been some improvement during the prohibitory order period. Nepal Rastra Bank expects further improvements in the credit flow because of the new fixed interest rate policy.</span></span></h1>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The net credit flow of the 27 commercial banks had decreased by Rs 25 billion &nbsp;in the month of Shrawan (mid-July to mid-August). However, loans worth Rs 19 billion were distributed as of last week (September 4). Nepal Bankers&rsquo; Association informed that the credit flow that had improved in the month of Ashad (mid-June to mid-July) had become negative in the month of Shrawan (mid-July to mid-August). According to the Association, the net flow of loans had reached Rs. 2,903 billion after the disbursal of Rs 87 billion in the month of Ashad (mid-June to mid-July). However, the net amount totaled to Rs. 2,878 billion after it decreased by Rs. 25 billion in the month of Shrawan (mid-July to mid-August).</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The market has had a liquidity of more than Rs 200 billion since the last few months because of the contraction in the credit flow. Dr Gunakar Bhatta, the spokesperson for Nepal Rastra Bank, said that in order to manage the liquidity in the market, the central bank has introduced policies that will encourage the debtors to get new loans. Rastra Bank has also increased the limit on current loans to enable the businesses affected by coronavirus to pay for their expenses like salaries, rents, etc. In addition, a policy has been introduced to stabilize the rate of interest on loans.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Banks and financial institutions are not permitted to increase the interest rates on personal term loans like auto loans and home loans for at least a year. Previously, the interest rates used to change with the change in the base rates of the banks in every quarter. Loans taken at the rate of 8 percent in the beginning would reach as high as 13 percent by the end of the year.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Spokesperson Bhatta firmly believes that this provision made by the central bank will definitely increase the demand and the flow of loan in the market. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;There is a provision that prohibits banks from increasing the interest rates on personal term loans. This will give the customers a sense of relief for a year. This will also increase the demand of debt,&rdquo; he said. He also said that the economy will improve with the increase in the credit flow.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Bhuwan Kumar Dahal, the Chairman of Nepal Bankers&rsquo; Association, says that the coronavirus pandemic and the lockdown affeted the overall banking sector negatively. The Credit to Core Capital plus Deposit ratio (CCD) of the banks is currently in a bad state because of the lack of new loans.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;</span></span></p>
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			'description' => '',
			'sortorder' => '12207',
			'image' => '20200913014203_CREDIT-FLOW.jpg',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12459',
			'article_category_id' => '1',
			'title' => 'Contractors Weighing Options after Cancellation of Tender',
			'sub_title' => '',
			'summary' => 'September 11: Construction companies are divided over the cancellation of the contract of the disputed Kakadvitta-Inaruwa section of the East-West Electric Railway.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 11: Construction companies are divided over the cancellation of the contract of the disputed Kakadvitta-Inaruwa section of the East-West Electric Railway.</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">Some contractors have decided not to go through the legal process considering that cancellation of tender is a common issue while others are in the process of seeking legal remedy. The companies seeking legal remedy are now consulting with lawyers.</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">However, the government agencies while inviting bids generally include a&nbsp;clause stating that the tender can be canceled at any time. Contractors have been bidding for proposals by accepting the provision.</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">Due to this, the right to cancel the tender will be vested upon the public body, informed an official of the Railway Department. &ldquo;As this provision has been made while inviting tenders, the canceled tenders will be automatically rejected legally. So a new tender should be called again to move the contract forward,&rdquo; the official added.</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">However, Ravi Singh, president of Mahadev Khimti Construction Services Pvt Ltd on Tuesday, September 8, informed that he will seek legal solution against the department for cancelation of the contract of 54 packages of 106 km long railway line. </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">Singh is also the president of the Federation of Contractors Association of Nepal, an umbrella organization of construction companies. He said that he had written to the Railway Department on Thursday seeking a written reply for reasons for the cancellation of the contract.</span></span>&nbsp;</span></span></p>
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			'id' => '12458',
			'article_category_id' => '1',
			'title' => 'Operation of Domestic Flights Likely to get Delayed by 2 Weeks',
			'sub_title' => '',
			'summary' => 'September 11: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai has submitted a proposal to the Covid-19 Crisis Management Centre (CCMC) to reopen domestic air service from October 1.',
			'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;">September 11: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai has submitted a proposal to the Covid-19 Crisis Management Centre (CCMC) to reopen domestic air service from October 1.</span></span></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;">Minister Bhattarai informed that the ministry has sent the proposal to the CCMC while it was preparing to resume air service to mountain and hill districts with few cases of coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Speaking at a virtual interaction organised by the Society of Economic Journalists of Nepal (SEJON), Minister Bhattarai clarified that although the government was preparing to resume flights to remote districts from September 17 the plan has been put on hold for the time being.</span></span></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;">Minister Bhattarai said that the government needs to revise a few things in its plan and therefore it proposed resuming air service two weeks later.</span></span></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 further said that the ministry has sought permission from the CCMC to increase the number of international flights in accordance to the demand.</span></span></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 government is thinking about ways to resume the service sector after five months by adopting safety measures,&rdquo; said Bhattarai, adding, &ldquo;We had to impose restrictions again in areas like Kathmandu and Tarai districts with high population density after coronavirus cases increased drastically.&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;">The government had resumed limited number of regular international flights from September 1 and is preparing to gradually reopen domestic flights depending on the situation, said the minister.</span></span></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 airline operators had earlier warned of protest if the government extended the ban on domestic flights beyond September 17. The government has delayed reopening domestic flights time and again due to the increase in coronavirus cases.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12457',
			'article_category_id' => '1',
			'title' => 'IRD to Charge Taxpayers with Late Fee, Interest and Fine ',
			'sub_title' => '',
			'summary' => 'September 11: The government is unlikely to address the demand of the private sector to extend the deadline for payment of tax.',
			'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;">September 11: The government is unlikely to address the demand of the private sector to extend the deadline for payment of tax. The private sector has been demanding deadline extension arguing that they are unable to pay taxes due to the prohibitory order in force across the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Inland Revenue Department, the taxpayers were given until September 10 to pay the taxes and the government has not extended the deadline.</span></span></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;">Director General of IRD Binod Bahadur Kunwar says that that taxpayers who come to pay the tax after the deadline will be fined as per the legal provision. </span></span></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 private sector had sought extension of the deadline. We informed the Finance Ministry about it but the ministry hasn&rsquo;t given us any instructions,&rdquo; said Kunwar.</span></span></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, the tax payers will not have to submit late fee, interest and fine to clear their value added tax, income tax and excise duty.</span></span></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 IRD informed that it collected revenue of around Rs 12 billion as of September 9.</span></span></span></span></p>

<p>&nbsp;</p>
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$articles = array(
	(int) 0 => array(
		'Article' => array(
			'id' => '12472',
			'article_category_id' => '1',
			'title' => 'Domestic Flights and Long-Route Transportation Services to Resume from September 21',
			'sub_title' => '',
			'summary' => 'September 15: The government has decided to resume domestic flights and long-distance transportation service from September 21. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 15: The government has decided to resume domestic flights and long-distance transportation service from September 21. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">A meeting of the Council of ministers held at the prime minister&#39;s official residence in Baluwatar on Monday (September 14) decided to ease the restrictions across the country. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">After attending the cabinet meeting, Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai confirmed that the government has decided to lift the ban on long-route vehicles and domestic flights effective from upcoming Monday. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The decision comes amid warning from the transport entrepreneurs that they would defy government order of the ban is not lifted by September 17.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Meanwhile, the ministry had submitted a proposal to the&nbsp; Covid-19 Crisis Management Centre (CCMC) seeking approval to resume domestic flights from October 1. However, due to pressure from the domestic airline companies, the government decided to reopen air service 10 days before the proposed date.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The government has been repeatedly delaying resumption of air and public transportation services due to increase in Covid-19 cases across the country.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The cabinet meeting also decided to recommend the name of NCP Vice Chairman Bamdev Gautam as a member of the National Assembly to the President. There is a constitutional provision for the president to appoint three members of the upper house. Currently, one of the three posts is vacant.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Meanwhile, the cabinet could not decide about the appointment of the CEO of Nepal Electricity Authority in the vacant place after retirement of Kul Man Ghising, who has become a public figure for ending power cuts in the country.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">&nbsp;Ghising, whose term ended on Sunday, was proposed for another term but Prime Minister KP Oli raised the issue of legal problems in reappointing him.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'sortorder' => '12218',
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		'Article' => array(
			'id' => '12471',
			'article_category_id' => '1',
			'title' => 'Ban on Import of Liquor Encourages Smuggling: Importers',
			'sub_title' => '',
			'summary' => 'September 14: Imported liquor is running out of stock in the country due to the ban imposed by the government some five and a half months ago.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">September 14: Imported liquor is running out of stock in the country due to the ban imposed by the government some five and a half months ago.</span></span></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;Bangla MN&quot;">The government banned foreign liquor in line with its policy to ban the import of luxurious goods in late March.</span></span></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;Bangla MN&quot;">Nepal used to import foreign liquor worth billions of rupees each year. However, with the ban in force, such imported liquor is running out of stock. With the festive season just around the corner, importers anticipate smuggling of liquor into the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The liquor market used to become vibrant during September for the upcoming Dashain festival. The production and sale of liquor used to skyrocket until November. However, the market is inactive this year due to the ban along with the measures to curb 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;Bangla MN&quot;">The intention of the government to ban luxurious goods including liquor is believed to improve the country&rsquo;s balance of payments and foreign exchange reserve. </span></span></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;Bangla MN&quot;">Dealers have urged the government to lift the ban on import of foreign liquor stating that the country&rsquo;s balance of payments is in surplus and the foreign exchange reserve has not been affected by the fear of decline in remittance.</span></span></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;Bangla MN&quot;">They argue that the ban on import of foreign liquor would only encourage smuggling of the same products, especially during the festive season. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12468',
			'article_category_id' => '1',
			'title' => 'Production of 300 Tons of Sub-Standard Steel of Jagadamba Banned  ',
			'sub_title' => '',
			'summary' => 'September 14: Nepal Bureau of Standards and Metrology has banned the sale and distribution of Jagdamba Steels, the main product of Shankar Group.',
			'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;">September 14: Nepal Bureau of Standards and Metrology has banned the sale and distribution of Jagdamba Steels, the main product of Shankar Group. Stating that the steel produced by the company were of poor quality, the bureau banned the sale and distribution of 300 tons of steel rods. </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;">The bureau informed that the sale and distribution of the company&#39;s TMT bar in Bara has been stopped after they found certain amount of carbon and sulfur in the sample of 16 mm rod collected for testing. </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;">Director General of the Department, Bishwa Babu Pudasaini, said they found the product was not as per the specified criteria. </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 informed that the sale was banned as the company could not give satisfactory explanation to the bureau regarding the excessive amount of carbon and sulphur in the product.</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 said that the department has also suspended the permission of the company to produce 16 mm rods. </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;">The company will be allowed to produces 16 mm rods only of the product meets the criteria prescribed by the bureau. Nevertheless, the company will be able to produce other types of rods. </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 department has set a maximum value of carbon at 0.30 percent for the production of iron rods, the company has kept the amount at 0.35 percent. </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;">Similarly, the value of sulfur used in rod production should be 0.055 percent but the company has used 0.060 percent. </span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12467',
			'article_category_id' => '1',
			'title' => 'MCC Grant Agreement Risks Running Out of Time',
			'sub_title' => '',
			'summary' => 'September 14: The government has not been able to present the Millennium Challenge Corporation (MCC) grant agreement for endorsement due to the demand for amending the agreement from various quarters including the ruling Nepal Communist Party.',
			'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;">September 14: The government has not been able to present the Millennium Challenge Corporation (MCC) grant agreement for endorsement due to the demand for amending the agreement from various quarters including the ruling Nepal Communist Party.</span></span></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;">As per the agreement, the cross-border transmission line project funded by the US government &nbsp;should have been implemented within five years of signing the agreement. However, there are high chances of losing this project due to the inordinate delay in endorsing the MCC grant 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;">According to sources at the Finance Ministry, they have not been able to hold any discussions with the donor agency concerned after the term of Yuba Raj Khatiwada as finance minister ended recently. Officials at the ministry say that the government needs to seek a political solution to the problem because the issue was raised at the political level. </span></span></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 finance ministry is ready to amend the agreement after the dispute at the political level is settled.</span></span></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 term of the project expired on June 30.&nbsp; Authorities have been trying to extend the project citing crisis created by coronavirus pandemic but to no avail.</span></span></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;">Nepali Congress and other fringe parties have been demanding immediate endorsement of the MCC grant agreement but the ruling NCP has been long wrangling with the issue. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 4 => array(
		'Article' => array(
			'id' => '12465',
			'article_category_id' => '1',
			'title' => 'Life Insurance Companies Investing in Real Estate ',
			'sub_title' => '',
			'summary' => 'September 14: Life insurance companies have started investing in real estate business and infrastructure soon after they were given permission to invest in these sectors. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">September 14: Life insurance companies have started investing in real estate business and infrastructure soon after they were given permission to invest in these sectors. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Issuing the &lsquo;Insurer&rsquo;s Investment Guideline, 2075&rsquo;, the Insurance Board has made arrangement to allow companies to make capital or loan investment in real estate business and construction of infrastructure such as agriculture, tourism and water resources. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">There are currently 19 life insurance companies operating in Nepal. By the end of the last Fiscal Year (FY), they have invested Rs 284.67 billion in deposits of Bank and Financial Institution. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The life insurance companies can invest in various funds including life insurance funds. However, they must have enough money to pay immediately. According to the Insurance Board, as of last July, life insurance companies have invested Rs 362.4 million in real estate business.&nbsp; </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Companies will be able to invest a maximum of 5 percent of their reserve capital in real estate. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Similarly, the companies have invested Rs 7.66 billion in sectors like agriculture, tourism and water resources. There is an arrangement to invest maximum 20 percent of the reserve capital in the field of infrastructure construction. Earlier, only 5 percent of the maximum amount could be invested in such areas. The companies say that they are increasing their investment in the field of infrastructure construction after the limit has been increased. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">According to the investment guideline, the insurance companies can invest in bank deposits, bank shares, ordinary shares of listed companies, debentures of public companies, government bonds, mutual funds, real estate, infrastructure construction and other sectors. Insurance companies have been open to invest in debentures since 2075. Since then, life insurance companies have invested Rs 5 billion in debentures. </span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12470',
			'article_category_id' => '1',
			'title' => 'Lockdown and Restriction Bring Industries down to their Knees',
			'sub_title' => '',
			'summary' => 'September 14: Industries in the Bara-Parsa Industrial Corridor, which has been under a four-month-long shutdown, have been badly affected by the recent prohibitory order imposed since a month-and-a-half. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 14: Industries in the Bara-Parsa Industrial Corridor, which has been under a four-month-long shutdown, have been badly affected by the recent prohibitory order imposed since a month-and-a-half. Production in most of the industries has declined significantly as the government has recently tightened restrictions to control the spread of coronavirus.</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">High vigilance was adopted in Birgunj since last week of July with a soon surge in number of infections among the workers. A ban was imposed in Birgunj and surrounding areas from July 25. Production in the corridor was affected soon after the local administration issued a restraining order in the neighboring Bara district.</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">Subodh Gupta, senior vice-president of the Birgunj Chamber of Commerce and Industry informed that the production has been badly affected due to the recent increase in the number of coronavirus infection and tight regulation in public movement imposed by the local administration. </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">Gupta, who is also the president of the Nepal Rice Oil and Pulses Industries Association, informed that the production has decreased due to the panic among the workers. &quot;Industrialists and workers alike are afraid to enter the industry,&rdquo; he informed.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12464',
			'article_category_id' => '1',
			'title' => 'Investments of BFIs Becoming Riskier',
			'sub_title' => '',
			'summary' => 'September 13: The lockdown and prohibitory order enforced by the government in the country to control the spread of coronavirus has become an impediment in loan collection of banks, which has put their investments at risk. ',
			'content' => '<h1><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">September 13: The lockdown and prohibitory order enforced by the government in the country to control the spread of coronavirus has become an impediment in loan collection of banks, which has put their investments at risk. Even though the loan collection was satisfactory until the month of Ashad (mid-June to mid-July) in the last fiscal year, investments have become riskier with the reduction in the loan collection since then. Bankers expressed that they have had to face the double problem of not having any alternative investment options and the subsequent increase in their liquidity.</span></span></h1>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Bankers said that all of the banks in Chitwan have no new investment as well as no new loans. Ishwori Nepane, the manager of Rastriya Banijya Bank, Bharatpur branch, said that the lack of new investments and loan collections has increased their risks. &ldquo;While the old loans have stopped being collected, there have been no new investments either,&rdquo; he said, adding, &ldquo;The depositors need to keep being paid their interest instead.&rdquo;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">He said that while the interest payments and service renewals were satisfactory until the end of Ashad, they have completely stopped now. He believes that this situation has arose because people have started to prioritize their health and daily living over new investments and payment of loans because of COVID-19.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;Even though the investments in new industries, infrastructures and constructions had stopped, there used to be some investments in the agricultural sector. However, after the month of Shrawan (mid-July to mid-August), even this sector has been declining,&rdquo; said Dinesh Babu Nepal, the manager of Agriculture Development Bank, Hakimchowk branch. &ldquo;Even though new entrepreneurs had shown interest to invest in the agricultural sector during the first week after the lockdown was lifted, the process has now come to a standstill.&rdquo;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to him, the debtors paying for old loans are very low now. There are even less new investors. &ldquo;Investment in the agricultural sector has been affected as many agricultural products had previously been wasted because of the lack of proper market value,&rdquo; he said.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Many bankers claimed that even their regular customers aren&rsquo;t interested in getting new loans. &ldquo;Every sector has been affected. We are dependent on the finance sector,&rdquo; said Dinesh Gautam, the brank head of Sanima Bank, Narayangarh, &ldquo;However, the situation isn&rsquo;t bad enough for us to be scared.&rdquo; He said that if the effects of COVID-19 prevail for a long time, the finance sector will shut down, which may lead to situations like late repayment of loans and in some cases, bad debts.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The effects have not been that bad even with the lack of loan collection and increase in liquidity in banks. Financial institutions will need a few years to come back to their old condition even after the situation start getting back to normal. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;Kapil Dev Subedi of Chitwan, who is currently getting his doctorate on &lsquo;Corporate Investment and Financing&rsquo; explained that the effects of the current situation may not be visible at the moment but it will start to appear gradually in the future. &ldquo;Higher the confusion amongst the investors and the debtors, higher the risk for the banks,&rdquo; he said.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">He said that sectors like tourism, automobile and real estate have become riskier, which then makes the investments in this area more at risk. &ldquo;The banks that have diversified their investments have less risks,&rdquo; he said, adding, &ldquo;Banks that have invested more in one sector are facing higher risks.&rdquo; He suggested that more investments should be made in sectors that have the potential to get debt relief and to attract refinancing investments.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to him, risks can be reduced if investments are increased for the hydropower, agricultural and pharmaceutical sectors. </span></span></p>
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		'Article' => array(
			'id' => '12466',
			'article_category_id' => '1',
			'title' => 'Lockdown and Restriction Bring Industries down to their Knees',
			'sub_title' => '',
			'summary' => 'September 14: Industries in the Bara-Parsa Industrial Corridor, which has been under a four-month-long shutdown, have been badly affected by the recent prohibitory order imposed since a month-and-a-half. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 14: Industries in the Bara-Parsa Industrial Corridor, which has been under a four-month-long shutdown, have been badly affected by the recent prohibitory order imposed since a month-and-a-half. Production in most of the industries has declined significantly as the government has recently tightened restrictions to control the spread of coronavirus.</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">High vigilance was adopted in Birgunj since last week of July with a soon surge in number of infections among the workers. A ban was imposed in Birgunj and surrounding areas from July 25. Production in the corridor was affected soon after the local administration issued a restraining order in the neighboring Bara district.</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">Subodh Gupta, senior vice-president of the Birgunj Chamber of Commerce and Industry informed that the production has been badly affected due to the recent increase in the number of coronavirus infection and tight regulation in public movement imposed by the local administration. </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">Gupta, who is also the president of the Nepal Rice Oil and Pulses Industries Association, informed that the production has decreased due to the panic among the workers. &quot;Industrialists and workers alike are afraid to enter the industry,&rdquo; he informed.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12463',
			'article_category_id' => '1',
			'title' => 'India Denying Air Entry Routes to Nepal Citing Security Concerns',
			'sub_title' => '',
			'summary' => 'September 13: Although the construction of Gautam Buddha International Airport is in final phase, the airport is yet to get approval to use the air route through Mahendranagar and Nepalgunj.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">September 13: Although the construction of Gautam Buddha International Airport is in final phase, the airport is yet to get approval to use the air route through Mahendranagar and Nepalgunj.</span></span></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;Bangla MN&quot;">The operation of the airport has become uncertain due to the delay in granting permission for the airport to use those two routes by India. Experts say that the government must make diplomatic efforts to resolve this issue with India.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Officials at the Ministry of Culture, Tourism and Civil Aviation say that Prime Minister KP Oli had discussed the issue with his Indian counterpart Narendra Modi during his last visit to India but there has been no further development.</span></span></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;Bangla MN&quot;">Although the political actors of India have not rejected the proposal of Nepal to use the two air routes, which is shorter than the other route in use, India&rsquo;s bureaucracy has been delaying the process, according to officials at the tourism ministry.</span></span></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;Bangla MN&quot;">Tourism Minister Yogesh Bhattarai has time and again said he will make diplomatic efforts with India to resolve the issue but there has been no tangible progress. The minister claims that the airport will be operational by the start of 2021.</span></span></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;Bangla MN&quot;">Two years ago, India had agreed to allow Nepal to use four additional air routes for the aircraft entering the country through India. However, the Airport Authority of India had denied permission due to technical issues and the need for safety assessment.</span></span></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;Bangla MN&quot;">Although India had in principle agreed to allow Nepal to use the air entry routes of Bhairahawa, Janakpur, Biratnagar, Nepalgunj and Mahendranagar. However, India has allowed Nepal to use only Bhairahawa and Janakpur entry routes.</span></span></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;Bangla MN&quot;">Officials at the Civil Aviation Authority of Nepal (CAAN) say that India denied permission to use the other air routes citing security concerns. </span></span></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;Bangla MN&quot;">All aircraft entering Nepal through India have to use the route near Simara. However, the aircraft leaving Nepal can use Mahendranagar, Nepalgunj, Bhairahawa and Janakpur routes.</span></span></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;Bangla MN&quot;">According to officials, using the Mahendranagar and Nepalgunj routes to enter Nepal would lessen the distance by 14 nautical miles</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12462',
			'article_category_id' => '1',
			'title' => 'Transport Entrepreneurs Urge Government to Facilitate in Resuming Service ',
			'sub_title' => '',
			'summary' => 'September 13: Transport entrepreneurs have urged Minister for Physical Infrastructure and Transport Basanta Nembang to facilitate in resuming long, medium and short-route vehicles at the earliest.',
			'content' => '<p><em>Public vehicles seen parked in this file photo.</em></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">September 13: Transport entrepreneurs have urged Minister for Physical Infrastructure and Transport Basanta Nembang to facilitate in resuming long, medium and short-route vehicles at the earliest.</span></span></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;Bangla MN&quot;">The Federation of Nepal National Transport Entrepreneurs (FNNTE) and the workers&rsquo; union met with the minister on Friday (September 11) and made such request. They demanded resumption of all kinds of public transportation service from September 17. </span></span></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;Bangla MN&quot;">During the meeting, the transport entrepreneurs informed the minister that they would be forced to resume service if the government does not lift the ban on public transport.</span></span></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;Bangla MN&quot;">The government has enforced a ban on public transportation since March 24 after imposing lockdown to prevent the spread of coronavirus. Although the government had allowed intra-district transportation service for a month between July and August, it again reimposed restriction after a rapid surge in coronavirus cases across the country, and especially in the capital.</span></span></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;Bangla MN&quot;">The transport entrepreneurs informed that the restrictions since the last six months has directly affected around 360,000 people who are involved in this sector and more than 4.5 million people who are dependent on them.</span></span></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;Bangla MN&quot;">FNNTE President Yogendra Nath Karmacharya informed the ministers that hunger has become more threatening to them than the virus and therefore they would no longer abide by the government orders anymore.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12460',
			'article_category_id' => '1',
			'title' => 'Harmful Chemicals found in Sanitizers Produced by 5 Local Companies ',
			'sub_title' => '',
			'summary' => 'September 13: Government authorities have found harmful chemicals in sanitizers produced by five companies based in Kathmandu Valley. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 13: Government authorities have found harmful chemicals in sanitizers produced by five companies based in Kathmandu Valley. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Tests conducted by the Department of Drug Administration (DDA) has revealed that the sanitizers produced by the five companies contained considerable amount of methanol, which is considered hazardous to human health.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Stating that the use of such sanitizers might adversely affect the health of the people, the department has appealed to the public to be aware of such products.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to Santosh KC, information officer at DDA, the department found considerable amount of methanol, which is considered harmful for human health. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The department has already instructed the five companies to stop &nbsp;the production and sale of those products that do not meet the standard set by the government.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The department informed that Sanitized Hand Sanitizer produced by Hygienic Soap and Chemical Pvt Ltd, Advanced Hand Sanitizer produced by Aadhar Chemicals and Food Industries Pvt Ltd,&nbsp; Instant Hand Sanitizer Refreshment Gel produced by Search Chem Cum Herbal Products, Suryamukhi Hand Sanitizer produced by Suryamukhi Herbal Products and Instant Hand Sanitizer produced by Nepal Kayakalpa Industry have been found containing methanol above the standard set by the government.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">KC informed that four out of ten samples collected from the market had high levels of methanol while one was previously found breaching the standard protocol.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Information Officer KC further said that the department is currently studying the samples of all 40 local companies that are manufacturing sanitizers but are yet to be registered with the department. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">&nbsp; &nbsp; &nbsp;<br />
<br />
&nbsp; &nbsp; &nbsp;</span></span></span><br />
&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12461',
			'article_category_id' => '1',
			'title' => 'Slight Improvement in Credit Flow during Prohibitory Order ',
			'sub_title' => '',
			'summary' => 'September 13: Banks and Financial Institutions had been experiencing a contraction in their flow of loans over the past one and a half months but, there has been some improvement during the prohibitory order period. ',
			'content' => '<h1><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">September 13: Banks and Financial Institutions had been experiencing a contraction in their flow of loans over the past one and a half months but, there has been some improvement during the prohibitory order period. Nepal Rastra Bank expects further improvements in the credit flow because of the new fixed interest rate policy.</span></span></h1>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The net credit flow of the 27 commercial banks had decreased by Rs 25 billion &nbsp;in the month of Shrawan (mid-July to mid-August). However, loans worth Rs 19 billion were distributed as of last week (September 4). Nepal Bankers&rsquo; Association informed that the credit flow that had improved in the month of Ashad (mid-June to mid-July) had become negative in the month of Shrawan (mid-July to mid-August). According to the Association, the net flow of loans had reached Rs. 2,903 billion after the disbursal of Rs 87 billion in the month of Ashad (mid-June to mid-July). However, the net amount totaled to Rs. 2,878 billion after it decreased by Rs. 25 billion in the month of Shrawan (mid-July to mid-August).</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The market has had a liquidity of more than Rs 200 billion since the last few months because of the contraction in the credit flow. Dr Gunakar Bhatta, the spokesperson for Nepal Rastra Bank, said that in order to manage the liquidity in the market, the central bank has introduced policies that will encourage the debtors to get new loans. Rastra Bank has also increased the limit on current loans to enable the businesses affected by coronavirus to pay for their expenses like salaries, rents, etc. In addition, a policy has been introduced to stabilize the rate of interest on loans.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Banks and financial institutions are not permitted to increase the interest rates on personal term loans like auto loans and home loans for at least a year. Previously, the interest rates used to change with the change in the base rates of the banks in every quarter. Loans taken at the rate of 8 percent in the beginning would reach as high as 13 percent by the end of the year.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Spokesperson Bhatta firmly believes that this provision made by the central bank will definitely increase the demand and the flow of loan in the market. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;There is a provision that prohibits banks from increasing the interest rates on personal term loans. This will give the customers a sense of relief for a year. This will also increase the demand of debt,&rdquo; he said. He also said that the economy will improve with the increase in the credit flow.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Bhuwan Kumar Dahal, the Chairman of Nepal Bankers&rsquo; Association, says that the coronavirus pandemic and the lockdown affeted the overall banking sector negatively. The Credit to Core Capital plus Deposit ratio (CCD) of the banks is currently in a bad state because of the lack of new loans.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;</span></span></p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12459',
			'article_category_id' => '1',
			'title' => 'Contractors Weighing Options after Cancellation of Tender',
			'sub_title' => '',
			'summary' => 'September 11: Construction companies are divided over the cancellation of the contract of the disputed Kakadvitta-Inaruwa section of the East-West Electric Railway.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 11: Construction companies are divided over the cancellation of the contract of the disputed Kakadvitta-Inaruwa section of the East-West Electric Railway.</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">Some contractors have decided not to go through the legal process considering that cancellation of tender is a common issue while others are in the process of seeking legal remedy. The companies seeking legal remedy are now consulting with lawyers.</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">However, the government agencies while inviting bids generally include a&nbsp;clause stating that the tender can be canceled at any time. Contractors have been bidding for proposals by accepting the provision.</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">Due to this, the right to cancel the tender will be vested upon the public body, informed an official of the Railway Department. &ldquo;As this provision has been made while inviting tenders, the canceled tenders will be automatically rejected legally. So a new tender should be called again to move the contract forward,&rdquo; the official added.</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">However, Ravi Singh, president of Mahadev Khimti Construction Services Pvt Ltd on Tuesday, September 8, informed that he will seek legal solution against the department for cancelation of the contract of 54 packages of 106 km long railway line. </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">Singh is also the president of the Federation of Contractors Association of Nepal, an umbrella organization of construction companies. He said that he had written to the Railway Department on Thursday seeking a written reply for reasons for the cancellation of the contract.</span></span>&nbsp;</span></span></p>
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			'article_category_id' => '1',
			'title' => 'Operation of Domestic Flights Likely to get Delayed by 2 Weeks',
			'sub_title' => '',
			'summary' => 'September 11: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai has submitted a proposal to the Covid-19 Crisis Management Centre (CCMC) to reopen domestic air service from October 1.',
			'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;">September 11: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai has submitted a proposal to the Covid-19 Crisis Management Centre (CCMC) to reopen domestic air service from October 1.</span></span></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;">Minister Bhattarai informed that the ministry has sent the proposal to the CCMC while it was preparing to resume air service to mountain and hill districts with few cases of coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Speaking at a virtual interaction organised by the Society of Economic Journalists of Nepal (SEJON), Minister Bhattarai clarified that although the government was preparing to resume flights to remote districts from September 17 the plan has been put on hold for the time being.</span></span></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;">Minister Bhattarai said that the government needs to revise a few things in its plan and therefore it proposed resuming air service two weeks later.</span></span></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 further said that the ministry has sought permission from the CCMC to increase the number of international flights in accordance to the demand.</span></span></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 government is thinking about ways to resume the service sector after five months by adopting safety measures,&rdquo; said Bhattarai, adding, &ldquo;We had to impose restrictions again in areas like Kathmandu and Tarai districts with high population density after coronavirus cases increased drastically.&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;">The government had resumed limited number of regular international flights from September 1 and is preparing to gradually reopen domestic flights depending on the situation, said the minister.</span></span></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 airline operators had earlier warned of protest if the government extended the ban on domestic flights beyond September 17. The government has delayed reopening domestic flights time and again due to the increase in coronavirus cases.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12457',
			'article_category_id' => '1',
			'title' => 'IRD to Charge Taxpayers with Late Fee, Interest and Fine ',
			'sub_title' => '',
			'summary' => 'September 11: The government is unlikely to address the demand of the private sector to extend the deadline for payment of tax.',
			'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;">September 11: The government is unlikely to address the demand of the private sector to extend the deadline for payment of tax. The private sector has been demanding deadline extension arguing that they are unable to pay taxes due to the prohibitory order in force across the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Inland Revenue Department, the taxpayers were given until September 10 to pay the taxes and the government has not extended the deadline.</span></span></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;">Director General of IRD Binod Bahadur Kunwar says that that taxpayers who come to pay the tax after the deadline will be fined as per the legal provision. </span></span></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 private sector had sought extension of the deadline. We informed the Finance Ministry about it but the ministry hasn&rsquo;t given us any instructions,&rdquo; said Kunwar.</span></span></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, the tax payers will not have to submit late fee, interest and fine to clear their value added tax, income tax and excise duty.</span></span></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 IRD informed that it collected revenue of around Rs 12 billion as of September 9.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12472',
			'article_category_id' => '1',
			'title' => 'Domestic Flights and Long-Route Transportation Services to Resume from September 21',
			'sub_title' => '',
			'summary' => 'September 15: The government has decided to resume domestic flights and long-distance transportation service from September 21. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 15: The government has decided to resume domestic flights and long-distance transportation service from September 21. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">A meeting of the Council of ministers held at the prime minister&#39;s official residence in Baluwatar on Monday (September 14) decided to ease the restrictions across the country. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">After attending the cabinet meeting, Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai confirmed that the government has decided to lift the ban on long-route vehicles and domestic flights effective from upcoming Monday. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The decision comes amid warning from the transport entrepreneurs that they would defy government order of the ban is not lifted by September 17.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Meanwhile, the ministry had submitted a proposal to the&nbsp; Covid-19 Crisis Management Centre (CCMC) seeking approval to resume domestic flights from October 1. However, due to pressure from the domestic airline companies, the government decided to reopen air service 10 days before the proposed date.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The government has been repeatedly delaying resumption of air and public transportation services due to increase in Covid-19 cases across the country.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The cabinet meeting also decided to recommend the name of NCP Vice Chairman Bamdev Gautam as a member of the National Assembly to the President. There is a constitutional provision for the president to appoint three members of the upper house. Currently, one of the three posts is vacant.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Meanwhile, the cabinet could not decide about the appointment of the CEO of Nepal Electricity Authority in the vacant place after retirement of Kul Man Ghising, who has become a public figure for ending power cuts in the country.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">&nbsp;Ghising, whose term ended on Sunday, was proposed for another term but Prime Minister KP Oli raised the issue of legal problems in reappointing him.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'Ban on Import of Liquor Encourages Smuggling: Importers',
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			'summary' => 'September 14: Imported liquor is running out of stock in the country due to the ban imposed by the government some five and a half months ago.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">September 14: Imported liquor is running out of stock in the country due to the ban imposed by the government some five and a half months ago.</span></span></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;Bangla MN&quot;">The government banned foreign liquor in line with its policy to ban the import of luxurious goods in late March.</span></span></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;Bangla MN&quot;">Nepal used to import foreign liquor worth billions of rupees each year. However, with the ban in force, such imported liquor is running out of stock. With the festive season just around the corner, importers anticipate smuggling of liquor into the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The liquor market used to become vibrant during September for the upcoming Dashain festival. The production and sale of liquor used to skyrocket until November. However, the market is inactive this year due to the ban along with the measures to curb 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;Bangla MN&quot;">The intention of the government to ban luxurious goods including liquor is believed to improve the country&rsquo;s balance of payments and foreign exchange reserve. </span></span></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;Bangla MN&quot;">Dealers have urged the government to lift the ban on import of foreign liquor stating that the country&rsquo;s balance of payments is in surplus and the foreign exchange reserve has not been affected by the fear of decline in remittance.</span></span></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;Bangla MN&quot;">They argue that the ban on import of foreign liquor would only encourage smuggling of the same products, especially during the festive season. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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	(int) 2 => array(
		'Article' => array(
			'id' => '12468',
			'article_category_id' => '1',
			'title' => 'Production of 300 Tons of Sub-Standard Steel of Jagadamba Banned  ',
			'sub_title' => '',
			'summary' => 'September 14: Nepal Bureau of Standards and Metrology has banned the sale and distribution of Jagdamba Steels, the main product of Shankar Group.',
			'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;">September 14: Nepal Bureau of Standards and Metrology has banned the sale and distribution of Jagdamba Steels, the main product of Shankar Group. Stating that the steel produced by the company were of poor quality, the bureau banned the sale and distribution of 300 tons of steel rods. </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;">The bureau informed that the sale and distribution of the company&#39;s TMT bar in Bara has been stopped after they found certain amount of carbon and sulfur in the sample of 16 mm rod collected for testing. </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;">Director General of the Department, Bishwa Babu Pudasaini, said they found the product was not as per the specified criteria. </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 informed that the sale was banned as the company could not give satisfactory explanation to the bureau regarding the excessive amount of carbon and sulphur in the product.</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 said that the department has also suspended the permission of the company to produce 16 mm rods. </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;">The company will be allowed to produces 16 mm rods only of the product meets the criteria prescribed by the bureau. Nevertheless, the company will be able to produce other types of rods. </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 department has set a maximum value of carbon at 0.30 percent for the production of iron rods, the company has kept the amount at 0.35 percent. </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;">Similarly, the value of sulfur used in rod production should be 0.055 percent but the company has used 0.060 percent. </span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12467',
			'article_category_id' => '1',
			'title' => 'MCC Grant Agreement Risks Running Out of Time',
			'sub_title' => '',
			'summary' => 'September 14: The government has not been able to present the Millennium Challenge Corporation (MCC) grant agreement for endorsement due to the demand for amending the agreement from various quarters including the ruling Nepal Communist Party.',
			'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;">September 14: The government has not been able to present the Millennium Challenge Corporation (MCC) grant agreement for endorsement due to the demand for amending the agreement from various quarters including the ruling Nepal Communist Party.</span></span></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;">As per the agreement, the cross-border transmission line project funded by the US government &nbsp;should have been implemented within five years of signing the agreement. However, there are high chances of losing this project due to the inordinate delay in endorsing the MCC grant 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;">According to sources at the Finance Ministry, they have not been able to hold any discussions with the donor agency concerned after the term of Yuba Raj Khatiwada as finance minister ended recently. Officials at the ministry say that the government needs to seek a political solution to the problem because the issue was raised at the political level. </span></span></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 finance ministry is ready to amend the agreement after the dispute at the political level is settled.</span></span></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 term of the project expired on June 30.&nbsp; Authorities have been trying to extend the project citing crisis created by coronavirus pandemic but to no avail.</span></span></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;">Nepali Congress and other fringe parties have been demanding immediate endorsement of the MCC grant agreement but the ruling NCP has been long wrangling with the issue. </span></span></span></span></p>

<p>&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12215',
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			'article_date' => '2020-09-14 11:22:42',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12465',
			'article_category_id' => '1',
			'title' => 'Life Insurance Companies Investing in Real Estate ',
			'sub_title' => '',
			'summary' => 'September 14: Life insurance companies have started investing in real estate business and infrastructure soon after they were given permission to invest in these sectors. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">September 14: Life insurance companies have started investing in real estate business and infrastructure soon after they were given permission to invest in these sectors. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Issuing the &lsquo;Insurer&rsquo;s Investment Guideline, 2075&rsquo;, the Insurance Board has made arrangement to allow companies to make capital or loan investment in real estate business and construction of infrastructure such as agriculture, tourism and water resources. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">There are currently 19 life insurance companies operating in Nepal. By the end of the last Fiscal Year (FY), they have invested Rs 284.67 billion in deposits of Bank and Financial Institution. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The life insurance companies can invest in various funds including life insurance funds. However, they must have enough money to pay immediately. According to the Insurance Board, as of last July, life insurance companies have invested Rs 362.4 million in real estate business.&nbsp; </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Companies will be able to invest a maximum of 5 percent of their reserve capital in real estate. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Similarly, the companies have invested Rs 7.66 billion in sectors like agriculture, tourism and water resources. There is an arrangement to invest maximum 20 percent of the reserve capital in the field of infrastructure construction. Earlier, only 5 percent of the maximum amount could be invested in such areas. The companies say that they are increasing their investment in the field of infrastructure construction after the limit has been increased. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">According to the investment guideline, the insurance companies can invest in bank deposits, bank shares, ordinary shares of listed companies, debentures of public companies, government bonds, mutual funds, real estate, infrastructure construction and other sectors. Insurance companies have been open to invest in debentures since 2075. Since then, life insurance companies have invested Rs 5 billion in debentures. </span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12470',
			'article_category_id' => '1',
			'title' => 'Lockdown and Restriction Bring Industries down to their Knees',
			'sub_title' => '',
			'summary' => 'September 14: Industries in the Bara-Parsa Industrial Corridor, which has been under a four-month-long shutdown, have been badly affected by the recent prohibitory order imposed since a month-and-a-half. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 14: Industries in the Bara-Parsa Industrial Corridor, which has been under a four-month-long shutdown, have been badly affected by the recent prohibitory order imposed since a month-and-a-half. Production in most of the industries has declined significantly as the government has recently tightened restrictions to control the spread of coronavirus.</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">High vigilance was adopted in Birgunj since last week of July with a soon surge in number of infections among the workers. A ban was imposed in Birgunj and surrounding areas from July 25. Production in the corridor was affected soon after the local administration issued a restraining order in the neighboring Bara district.</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">Subodh Gupta, senior vice-president of the Birgunj Chamber of Commerce and Industry informed that the production has been badly affected due to the recent increase in the number of coronavirus infection and tight regulation in public movement imposed by the local administration. </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">Gupta, who is also the president of the Nepal Rice Oil and Pulses Industries Association, informed that the production has decreased due to the panic among the workers. &quot;Industrialists and workers alike are afraid to enter the industry,&rdquo; he informed.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '12464',
			'article_category_id' => '1',
			'title' => 'Investments of BFIs Becoming Riskier',
			'sub_title' => '',
			'summary' => 'September 13: The lockdown and prohibitory order enforced by the government in the country to control the spread of coronavirus has become an impediment in loan collection of banks, which has put their investments at risk. ',
			'content' => '<h1><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">September 13: The lockdown and prohibitory order enforced by the government in the country to control the spread of coronavirus has become an impediment in loan collection of banks, which has put their investments at risk. Even though the loan collection was satisfactory until the month of Ashad (mid-June to mid-July) in the last fiscal year, investments have become riskier with the reduction in the loan collection since then. Bankers expressed that they have had to face the double problem of not having any alternative investment options and the subsequent increase in their liquidity.</span></span></h1>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Bankers said that all of the banks in Chitwan have no new investment as well as no new loans. Ishwori Nepane, the manager of Rastriya Banijya Bank, Bharatpur branch, said that the lack of new investments and loan collections has increased their risks. &ldquo;While the old loans have stopped being collected, there have been no new investments either,&rdquo; he said, adding, &ldquo;The depositors need to keep being paid their interest instead.&rdquo;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">He said that while the interest payments and service renewals were satisfactory until the end of Ashad, they have completely stopped now. He believes that this situation has arose because people have started to prioritize their health and daily living over new investments and payment of loans because of COVID-19.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;Even though the investments in new industries, infrastructures and constructions had stopped, there used to be some investments in the agricultural sector. However, after the month of Shrawan (mid-July to mid-August), even this sector has been declining,&rdquo; said Dinesh Babu Nepal, the manager of Agriculture Development Bank, Hakimchowk branch. &ldquo;Even though new entrepreneurs had shown interest to invest in the agricultural sector during the first week after the lockdown was lifted, the process has now come to a standstill.&rdquo;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to him, the debtors paying for old loans are very low now. There are even less new investors. &ldquo;Investment in the agricultural sector has been affected as many agricultural products had previously been wasted because of the lack of proper market value,&rdquo; he said.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Many bankers claimed that even their regular customers aren&rsquo;t interested in getting new loans. &ldquo;Every sector has been affected. We are dependent on the finance sector,&rdquo; said Dinesh Gautam, the brank head of Sanima Bank, Narayangarh, &ldquo;However, the situation isn&rsquo;t bad enough for us to be scared.&rdquo; He said that if the effects of COVID-19 prevail for a long time, the finance sector will shut down, which may lead to situations like late repayment of loans and in some cases, bad debts.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The effects have not been that bad even with the lack of loan collection and increase in liquidity in banks. Financial institutions will need a few years to come back to their old condition even after the situation start getting back to normal. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;Kapil Dev Subedi of Chitwan, who is currently getting his doctorate on &lsquo;Corporate Investment and Financing&rsquo; explained that the effects of the current situation may not be visible at the moment but it will start to appear gradually in the future. &ldquo;Higher the confusion amongst the investors and the debtors, higher the risk for the banks,&rdquo; he said.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">He said that sectors like tourism, automobile and real estate have become riskier, which then makes the investments in this area more at risk. &ldquo;The banks that have diversified their investments have less risks,&rdquo; he said, adding, &ldquo;Banks that have invested more in one sector are facing higher risks.&rdquo; He suggested that more investments should be made in sectors that have the potential to get debt relief and to attract refinancing investments.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to him, risks can be reduced if investments are increased for the hydropower, agricultural and pharmaceutical sectors. </span></span></p>
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		'Article' => array(
			'id' => '12466',
			'article_category_id' => '1',
			'title' => 'Lockdown and Restriction Bring Industries down to their Knees',
			'sub_title' => '',
			'summary' => 'September 14: Industries in the Bara-Parsa Industrial Corridor, which has been under a four-month-long shutdown, have been badly affected by the recent prohibitory order imposed since a month-and-a-half. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 14: Industries in the Bara-Parsa Industrial Corridor, which has been under a four-month-long shutdown, have been badly affected by the recent prohibitory order imposed since a month-and-a-half. Production in most of the industries has declined significantly as the government has recently tightened restrictions to control the spread of coronavirus.</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">High vigilance was adopted in Birgunj since last week of July with a soon surge in number of infections among the workers. A ban was imposed in Birgunj and surrounding areas from July 25. Production in the corridor was affected soon after the local administration issued a restraining order in the neighboring Bara district.</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">Subodh Gupta, senior vice-president of the Birgunj Chamber of Commerce and Industry informed that the production has been badly affected due to the recent increase in the number of coronavirus infection and tight regulation in public movement imposed by the local administration. </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">Gupta, who is also the president of the Nepal Rice Oil and Pulses Industries Association, informed that the production has decreased due to the panic among the workers. &quot;Industrialists and workers alike are afraid to enter the industry,&rdquo; he informed.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12463',
			'article_category_id' => '1',
			'title' => 'India Denying Air Entry Routes to Nepal Citing Security Concerns',
			'sub_title' => '',
			'summary' => 'September 13: Although the construction of Gautam Buddha International Airport is in final phase, the airport is yet to get approval to use the air route through Mahendranagar and Nepalgunj.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">September 13: Although the construction of Gautam Buddha International Airport is in final phase, the airport is yet to get approval to use the air route through Mahendranagar and Nepalgunj.</span></span></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;Bangla MN&quot;">The operation of the airport has become uncertain due to the delay in granting permission for the airport to use those two routes by India. Experts say that the government must make diplomatic efforts to resolve this issue with India.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Officials at the Ministry of Culture, Tourism and Civil Aviation say that Prime Minister KP Oli had discussed the issue with his Indian counterpart Narendra Modi during his last visit to India but there has been no further development.</span></span></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;Bangla MN&quot;">Although the political actors of India have not rejected the proposal of Nepal to use the two air routes, which is shorter than the other route in use, India&rsquo;s bureaucracy has been delaying the process, according to officials at the tourism ministry.</span></span></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;Bangla MN&quot;">Tourism Minister Yogesh Bhattarai has time and again said he will make diplomatic efforts with India to resolve the issue but there has been no tangible progress. The minister claims that the airport will be operational by the start of 2021.</span></span></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;Bangla MN&quot;">Two years ago, India had agreed to allow Nepal to use four additional air routes for the aircraft entering the country through India. However, the Airport Authority of India had denied permission due to technical issues and the need for safety assessment.</span></span></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;Bangla MN&quot;">Although India had in principle agreed to allow Nepal to use the air entry routes of Bhairahawa, Janakpur, Biratnagar, Nepalgunj and Mahendranagar. However, India has allowed Nepal to use only Bhairahawa and Janakpur entry routes.</span></span></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;Bangla MN&quot;">Officials at the Civil Aviation Authority of Nepal (CAAN) say that India denied permission to use the other air routes citing security concerns. </span></span></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;Bangla MN&quot;">All aircraft entering Nepal through India have to use the route near Simara. However, the aircraft leaving Nepal can use Mahendranagar, Nepalgunj, Bhairahawa and Janakpur routes.</span></span></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;Bangla MN&quot;">According to officials, using the Mahendranagar and Nepalgunj routes to enter Nepal would lessen the distance by 14 nautical miles</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12462',
			'article_category_id' => '1',
			'title' => 'Transport Entrepreneurs Urge Government to Facilitate in Resuming Service ',
			'sub_title' => '',
			'summary' => 'September 13: Transport entrepreneurs have urged Minister for Physical Infrastructure and Transport Basanta Nembang to facilitate in resuming long, medium and short-route vehicles at the earliest.',
			'content' => '<p><em>Public vehicles seen parked in this file photo.</em></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">September 13: Transport entrepreneurs have urged Minister for Physical Infrastructure and Transport Basanta Nembang to facilitate in resuming long, medium and short-route vehicles at the earliest.</span></span></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;Bangla MN&quot;">The Federation of Nepal National Transport Entrepreneurs (FNNTE) and the workers&rsquo; union met with the minister on Friday (September 11) and made such request. They demanded resumption of all kinds of public transportation service from September 17. </span></span></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;Bangla MN&quot;">During the meeting, the transport entrepreneurs informed the minister that they would be forced to resume service if the government does not lift the ban on public transport.</span></span></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;Bangla MN&quot;">The government has enforced a ban on public transportation since March 24 after imposing lockdown to prevent the spread of coronavirus. Although the government had allowed intra-district transportation service for a month between July and August, it again reimposed restriction after a rapid surge in coronavirus cases across the country, and especially in the capital.</span></span></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;Bangla MN&quot;">The transport entrepreneurs informed that the restrictions since the last six months has directly affected around 360,000 people who are involved in this sector and more than 4.5 million people who are dependent on them.</span></span></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;Bangla MN&quot;">FNNTE President Yogendra Nath Karmacharya informed the ministers that hunger has become more threatening to them than the virus and therefore they would no longer abide by the government orders anymore.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12460',
			'article_category_id' => '1',
			'title' => 'Harmful Chemicals found in Sanitizers Produced by 5 Local Companies ',
			'sub_title' => '',
			'summary' => 'September 13: Government authorities have found harmful chemicals in sanitizers produced by five companies based in Kathmandu Valley. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 13: Government authorities have found harmful chemicals in sanitizers produced by five companies based in Kathmandu Valley. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Tests conducted by the Department of Drug Administration (DDA) has revealed that the sanitizers produced by the five companies contained considerable amount of methanol, which is considered hazardous to human health.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Stating that the use of such sanitizers might adversely affect the health of the people, the department has appealed to the public to be aware of such products.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to Santosh KC, information officer at DDA, the department found considerable amount of methanol, which is considered harmful for human health. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The department has already instructed the five companies to stop &nbsp;the production and sale of those products that do not meet the standard set by the government.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The department informed that Sanitized Hand Sanitizer produced by Hygienic Soap and Chemical Pvt Ltd, Advanced Hand Sanitizer produced by Aadhar Chemicals and Food Industries Pvt Ltd,&nbsp; Instant Hand Sanitizer Refreshment Gel produced by Search Chem Cum Herbal Products, Suryamukhi Hand Sanitizer produced by Suryamukhi Herbal Products and Instant Hand Sanitizer produced by Nepal Kayakalpa Industry have been found containing methanol above the standard set by the government.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">KC informed that four out of ten samples collected from the market had high levels of methanol while one was previously found breaching the standard protocol.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Information Officer KC further said that the department is currently studying the samples of all 40 local companies that are manufacturing sanitizers but are yet to be registered with the department. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">&nbsp; &nbsp; &nbsp;<br />
<br />
&nbsp; &nbsp; &nbsp;</span></span></span><br />
&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12461',
			'article_category_id' => '1',
			'title' => 'Slight Improvement in Credit Flow during Prohibitory Order ',
			'sub_title' => '',
			'summary' => 'September 13: Banks and Financial Institutions had been experiencing a contraction in their flow of loans over the past one and a half months but, there has been some improvement during the prohibitory order period. ',
			'content' => '<h1><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">September 13: Banks and Financial Institutions had been experiencing a contraction in their flow of loans over the past one and a half months but, there has been some improvement during the prohibitory order period. Nepal Rastra Bank expects further improvements in the credit flow because of the new fixed interest rate policy.</span></span></h1>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The net credit flow of the 27 commercial banks had decreased by Rs 25 billion &nbsp;in the month of Shrawan (mid-July to mid-August). However, loans worth Rs 19 billion were distributed as of last week (September 4). Nepal Bankers&rsquo; Association informed that the credit flow that had improved in the month of Ashad (mid-June to mid-July) had become negative in the month of Shrawan (mid-July to mid-August). According to the Association, the net flow of loans had reached Rs. 2,903 billion after the disbursal of Rs 87 billion in the month of Ashad (mid-June to mid-July). However, the net amount totaled to Rs. 2,878 billion after it decreased by Rs. 25 billion in the month of Shrawan (mid-July to mid-August).</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The market has had a liquidity of more than Rs 200 billion since the last few months because of the contraction in the credit flow. Dr Gunakar Bhatta, the spokesperson for Nepal Rastra Bank, said that in order to manage the liquidity in the market, the central bank has introduced policies that will encourage the debtors to get new loans. Rastra Bank has also increased the limit on current loans to enable the businesses affected by coronavirus to pay for their expenses like salaries, rents, etc. In addition, a policy has been introduced to stabilize the rate of interest on loans.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Banks and financial institutions are not permitted to increase the interest rates on personal term loans like auto loans and home loans for at least a year. Previously, the interest rates used to change with the change in the base rates of the banks in every quarter. Loans taken at the rate of 8 percent in the beginning would reach as high as 13 percent by the end of the year.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Spokesperson Bhatta firmly believes that this provision made by the central bank will definitely increase the demand and the flow of loan in the market. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;There is a provision that prohibits banks from increasing the interest rates on personal term loans. This will give the customers a sense of relief for a year. This will also increase the demand of debt,&rdquo; he said. He also said that the economy will improve with the increase in the credit flow.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Bhuwan Kumar Dahal, the Chairman of Nepal Bankers&rsquo; Association, says that the coronavirus pandemic and the lockdown affeted the overall banking sector negatively. The Credit to Core Capital plus Deposit ratio (CCD) of the banks is currently in a bad state because of the lack of new loans.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;</span></span></p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12459',
			'article_category_id' => '1',
			'title' => 'Contractors Weighing Options after Cancellation of Tender',
			'sub_title' => '',
			'summary' => 'September 11: Construction companies are divided over the cancellation of the contract of the disputed Kakadvitta-Inaruwa section of the East-West Electric Railway.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 11: Construction companies are divided over the cancellation of the contract of the disputed Kakadvitta-Inaruwa section of the East-West Electric Railway.</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">Some contractors have decided not to go through the legal process considering that cancellation of tender is a common issue while others are in the process of seeking legal remedy. The companies seeking legal remedy are now consulting with lawyers.</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">However, the government agencies while inviting bids generally include a&nbsp;clause stating that the tender can be canceled at any time. Contractors have been bidding for proposals by accepting the provision.</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">Due to this, the right to cancel the tender will be vested upon the public body, informed an official of the Railway Department. &ldquo;As this provision has been made while inviting tenders, the canceled tenders will be automatically rejected legally. So a new tender should be called again to move the contract forward,&rdquo; the official added.</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">However, Ravi Singh, president of Mahadev Khimti Construction Services Pvt Ltd on Tuesday, September 8, informed that he will seek legal solution against the department for cancelation of the contract of 54 packages of 106 km long railway line. </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">Singh is also the president of the Federation of Contractors Association of Nepal, an umbrella organization of construction companies. He said that he had written to the Railway Department on Thursday seeking a written reply for reasons for the cancellation of the contract.</span></span>&nbsp;</span></span></p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '12458',
			'article_category_id' => '1',
			'title' => 'Operation of Domestic Flights Likely to get Delayed by 2 Weeks',
			'sub_title' => '',
			'summary' => 'September 11: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai has submitted a proposal to the Covid-19 Crisis Management Centre (CCMC) to reopen domestic air service from October 1.',
			'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;">September 11: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai has submitted a proposal to the Covid-19 Crisis Management Centre (CCMC) to reopen domestic air service from October 1.</span></span></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;">Minister Bhattarai informed that the ministry has sent the proposal to the CCMC while it was preparing to resume air service to mountain and hill districts with few cases of coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Speaking at a virtual interaction organised by the Society of Economic Journalists of Nepal (SEJON), Minister Bhattarai clarified that although the government was preparing to resume flights to remote districts from September 17 the plan has been put on hold for the time being.</span></span></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;">Minister Bhattarai said that the government needs to revise a few things in its plan and therefore it proposed resuming air service two weeks later.</span></span></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 further said that the ministry has sought permission from the CCMC to increase the number of international flights in accordance to the demand.</span></span></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 government is thinking about ways to resume the service sector after five months by adopting safety measures,&rdquo; said Bhattarai, adding, &ldquo;We had to impose restrictions again in areas like Kathmandu and Tarai districts with high population density after coronavirus cases increased drastically.&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;">The government had resumed limited number of regular international flights from September 1 and is preparing to gradually reopen domestic flights depending on the situation, said the minister.</span></span></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 airline operators had earlier warned of protest if the government extended the ban on domestic flights beyond September 17. The government has delayed reopening domestic flights time and again due to the increase in coronavirus cases.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 14 => array(
		'Article' => array(
			'id' => '12457',
			'article_category_id' => '1',
			'title' => 'IRD to Charge Taxpayers with Late Fee, Interest and Fine ',
			'sub_title' => '',
			'summary' => 'September 11: The government is unlikely to address the demand of the private sector to extend the deadline for payment of tax.',
			'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;">September 11: The government is unlikely to address the demand of the private sector to extend the deadline for payment of tax. The private sector has been demanding deadline extension arguing that they are unable to pay taxes due to the prohibitory order in force across the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Inland Revenue Department, the taxpayers were given until September 10 to pay the taxes and the government has not extended the deadline.</span></span></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;">Director General of IRD Binod Bahadur Kunwar says that that taxpayers who come to pay the tax after the deadline will be fined as per the legal provision. </span></span></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 private sector had sought extension of the deadline. We informed the Finance Ministry about it but the ministry hasn&rsquo;t given us any instructions,&rdquo; said Kunwar.</span></span></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, the tax payers will not have to submit late fee, interest and fine to clear their value added tax, income tax and excise duty.</span></span></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 IRD informed that it collected revenue of around Rs 12 billion as of September 9.</span></span></span></span></p>

<p>&nbsp;</p>
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file not found!

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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