Farmers Unlikely to get Fertilisers for Paddy Cultivation this Season

Sep 08, 2020 0 2 minutes 14 seconds to read

September 8: More than a half of the 32,000 metric ton of urea procured by the Salt Trading Corporation has already entered Nepal.…

FNCCI Committee Submits Report on Modalities for Election

Sep 08, 2020 0 3 minutes 5 seconds to read

September 8: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) to recommended modalities for the election of the umbrella organisations of entrepreneurs and industrialists of Nepal has submitted its report to the executive committee of FNCCI.…

NRB Implements Revised Work Procedure on Interest Rate Corridor

Sep 08, 2020 0 2 minutes 39 seconds to read

September 8: Nepal Rastra Bank (NRB) has implemented the work procedure related to the interest rate corridor 2076 (Second Amendment) in order to minimize the effects of the coronavirus pandemic on the nation’s economy.…

Automobile Dealers Warn of Defying the Government if it Extends Prohibitory Order Again

Sep 08, 2020 0 3 minutes 30 seconds to read

September 8: Nepal Automobile Dealers Association (NADA) has warned of defying the government if it extends the prohibitory order again.…

NRB Instructs Banks to Open More Branches for Tax Collection

Sep 08, 2020 0 1 minutes 45 seconds to read

September 8: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) involved in revenue collection to open all the counters for three days starting from Tuesday (September…

Private Sector Under Pressure to Pay Taxes Despite Prohibitory Order

Sep 07, 2020 0 1 minutes 41 seconds to read

September 7: The private sector businesses are under pressure to pay tax at a time when they are not able to operate properly due to the prohibitory order issued by the local administration in various…

Private Sector Demands Easing Restrictions to Revitalize Economy

Sep 07, 2020 0 2 minutes 22 seconds to read

September 7: The private sector has urged the government to ease the restrictions imposed by the local authorities in order to revitalize the country’s ailing economy.…

Rs 13 Billion Spent for Motorable Bridge Construction

Sep 07, 2020 0 2 minutes 5 seconds to read

September 7: The government spent Rs 13 billion in the last Fiscal Year 2076/77 for the construction of motorable bridges across the country.…

Industries in Bara-Parsa Corridor Laying off Workers

Sep 07, 2020 0 2 minutes 25 seconds to read

September 7: Industries in the Bara-Parsa Corridor have started reducing the number of workers as their production has shrunk due to the lockdown and restriction.…

Government Terminates Contracts with 2 Companies for Failing to Supply Fertilizers

Sep 07, 2020 0 2 minutes 32 seconds to read

September 7: The government has terminated the contracts of two companies – Sailung Enterprises and Honiko Multiple Private Limited – for failing to supply chemical fertilizers on…

Internal Flights to Mountain and Hill Districts to Resume from September 17

Sep 07, 2020 0 2 minutes 2 seconds to read

September 7: The government is preparing to resume air service in mountainous and hill districts from September 17.…

Work Procedure for Concessional Loans to Startups Presented to Cabinet

Sep 06, 2020 0 4 minutes 11 seconds to read

September 6: The government has presented a proposal to the cabinet for amending the work procedure to provide 2 percent concessional loan to…

Insurance Board Fails to Recognize PCR Tests Conducted by Private Labs

Sep 06, 2020 0 1 minutes 29 seconds to read

September 6: The Insurance Board has been dragged into controversy for not recognizing the report of PCR tests carried out by private labs at a time when Covid-19 cases are…

‘1 Million People Associated with Public Transportation Rendered Jobless’

Sep 06, 2020 0 2 minutes 44 seconds to read

September 6: The government decided on July 9 to allow public vehicles to operate in short routes within their respective districts after easing the nearly four-months lockdown restriction on…

Nepal’s Foreign Trade Bearing Brunt of Expensive Transshipment Cost

Sep 06, 2020 0 2 minutes 0 seconds to read

September 6: Due to the landlocked nature of Nepal, it is estimated that the transshipment cost of Nepal is up to 20 percent higher than other countries.…

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The Sweet Rewards of Power

By Madan Lamsal

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NEPSE

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		'Article' => array(
			'id' => '12441',
			'article_category_id' => '1',
			'title' => 'Farmers Unlikely to get Fertilisers for Paddy Cultivation this Season',
			'sub_title' => '',
			'summary' => 'September 8: More than a half of the 32,000 metric ton of urea procured by the Salt Trading Corporation has already entered Nepal. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">September 8: More than a half of the 32,000 metric ton of urea procured by the Salt Trading Corporation has already entered Nepal. However, there is no possibility of farmers getting the supply of fertilizers for paddy cultivation this year </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Although the government had borrowed urea from Bangladesh to resolve the fertiliser crisis, the farmers will not get the fertiliser this season. </span></span><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The route used to bring the chemical fertilizers from Bangladesh and the lengthy process will cause delay in arrival of the fertilizers for paddy cultivation.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government has given the responsibility to the Nepali Consulate in Kolkata to suggest a convenient route for importing fertilizer from Bangladesh. Consul General Ishwar Raj Poudel informed that work is underway to find out a suitable route for importing fertilizer from Bangladesh.</span></span> </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The Ministry of Agriculture has indicated that the fertilizer cannot be bought in this season.</span></span> </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Farmers have not been able to get fetilizer for the main crop as the authorities entrusted by the government have not been able to bring fertilizer on time. Of the 21,500 metric tons of urea imported by the Salt Trading Corporation in the last fiscal year 2076/77 and 10,500 metric tons in the current fiscal year 2077/78, 19,600 metric tonnes have entered Nepal. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Laxman Khadka, chief of the Nepal Transit and Warehousing Company, informed that 6 racks of fertilisers weighing 2,600 metric tons have already left for Birgunj from Kolkata Port. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&quot;4,000 metric tons of fertilizer have been sent to the eastern border, Biratnagar by road,&quot; said Khadka.</span></span> </span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'article_category_id' => '1',
			'title' => 'FNCCI Committee Submits Report on Modalities for Election ',
			'sub_title' => '',
			'summary' => 'September 8: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) to recommended modalities for the election of the umbrella organisations of entrepreneurs and industrialists of Nepal has submitted its report to the executive committee of FNCCI.  ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">September 8: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) to recommended modalities for the election of the umbrella organisations of entrepreneurs and industrialists of Nepal has submitted its report to the executive committee of FNCCI. &nbsp;</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:&quot;Arial Unicode MS&quot;">The committee has recommended three modalities for the election, which has been deferred time and again due to Covid-19 crisis. The committee handed over the report to FNCCI President Bhavani Rana on Monday (September 8).</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:&quot;Arial Unicode MS&quot;">One of the options given by the committee is to hold all three levels of election in the capital after the risk of coronavirus subsides. Other options include main election and election of associates in Kathmandu and the district/town election in the respective districts by maintaining physical distance while the third option is to hold election through electronic means. </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:&quot;Arial Unicode MS&quot;">The committee has given high priority to direct election over the election through electronic means, which falls on the least priority. The report suggests e-voting only if the other two options are not possible. </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:&quot;Arial Unicode MS&quot;">The report has stressed on opting for the main election and election of associates in Kathmandu and the district/town election in the respective districts by maintaining physical distance. </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:&quot;Arial Unicode MS&quot;">The second choice to hold election of all three levels of FNCCI in Kathmandu is currently not viable due to the pandemic.</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:&quot;Arial Unicode MS&quot;">The committee prepared the three modalities after consulting with the Ministry of Health and Population and the Covid-19 Crisis Management Centre (CCMC), informed Sunil Gopal Shrestha, member of the committee.</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:&quot;Arial Unicode MS&quot;">Although the FNCCI had fixed the date of its General Assembly to elect a new executive committee for April 10-11, the election could not be held due to the lockdown imposed by the government as well as the risk of coronavirus infection. The date of the General Assembly has been deferred time and again.</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:&quot;Arial Unicode MS&quot;">The FNCCI leadership is under pressure to hold the election as soon as possible. </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:&quot;Arial Unicode MS&quot;">The FNCCI members are divided over whether to hold the election after the risk of Covid-19 subsides or to go ahead for the polls by maintaining physical distancing.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12439',
			'article_category_id' => '1',
			'title' => 'NRB Implements Revised Work Procedure on Interest Rate Corridor ',
			'sub_title' => 'Rate of Repo now 3 percent, Rate of Deposit Collection 1 percent',
			'summary' => 'September 8: Nepal Rastra Bank (NRB) has implemented the work procedure related to the interest rate corridor 2076 (Second Amendment) in order to minimize the effects of the coronavirus pandemic on the nation’s economy. ',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">September 8: Nepal Rastra Bank (NRB) has implemented the work procedure related to the interest rate corridor 2076 (Second Amendment) in order to minimize the effects of the coronavirus pandemic on the nation&rsquo;s economy. The revised work procedure has decreased the overnight repo rate to 3 percent. The rate was previously 3.5 percent. Similarly, the weekly deposit collection has been decreased to 1 percent, which is the lower limit of the corridor. This rate was previously 2 percent.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The rate of Standing Liquidity Facility (SLF) is still the upper limit of the corridor at 5 percent. The central bank issued and implemented the Work Procedure on Interest Rate Corridor, 2076 (Second Amendment, 2077) on Monday. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Dr. Gunakar Bhatta, the spokesperson of Nepal Rastra Bank, said that the revised work procedure is being implemented under the provision of the monetary policy of the fiscal year 2077 with an aim of bringing stability in the interest rates and modernizing the monetary management by reducing the fluctuations in the short-term interest rates.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Under the interest rate corridor, &lsquo;A&rsquo;, &lsquo;B&rsquo; and &lsquo;C&rsquo; class banks and financial institutions will be able to use the overnight repo facility at an interest rate of 3 percent per annum. The overnight repo can be taken once a week and up to 0.25 percent of the deposits made in Nepalese currency on the previous day in the bank or financial institution. In case of a leave on or before the day of application, the interbank interest rate on the previous day has to exceed 3 percent. Banks are required to submit an application asking for an overnight repo, a statement and the original copy of their securities to be kept as the collateral to the Public Debt Department at least an hour before the end of the office hours. The securities to be kept as the collateral must be worth 110 percent of the demanded amount. Institutions outside the valley will need to submit the original copy of the securities that will be kept as the collateral to their nearest branch office of the central bank.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Similarly, under the interest rate corridor, the liquidity can be absorbed through the use of a one-week deposit collection tool, which will collect the required amount of deposit through bidding at 1 percent interest rate. Since the amount collected through this will be recorded in the investment portfolio of the counterparty, this amount cannot be counted in their mandatory cash reserve. However, the amount can be included while calculating the Statutory Liquidity Ratio (SLR) and the liquidity ratio of the banks.</span></span></span></p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '12438',
			'article_category_id' => '1',
			'title' => 'Automobile Dealers Warn of Defying the Government if it Extends Prohibitory Order Again',
			'sub_title' => '',
			'summary' => 'September 8: Nepal Automobile Dealers Association (NADA) has warned of defying the government if it extends the prohibitory order again. ',
			'content' => '<p><em>Vehicles on display during the NADA Auto Show in this file photo. </em></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 8: Nepal Automobile Dealers Association (NADA) has warned of defying the government if it extends the prohibitory order again. </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 prohibitory order imposed in the three districts of Kathmandu valley expires on midnight of September 9. </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">NADA has urged all businesspersons to commence regular business starting from September 10.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><strong>&nbsp;</strong><span style="font-size:14.0pt"><span style="font-family:Arial">Issuing a press statement&nbsp; on Monday, NADA has urged the government to make arrangement for resuming business by adopting safety measures once the current prohibitory order comes to an end after Wednesday. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NADA&rsquo;s chairperson Krishna Prasad Dulal informed that the automobile dealers would defy the government if it extends the prohibitory order again.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We will resume our service by defying the government order from September 10 onward,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Dulal further said that huger can be more dangerous than coronavirus. Other countries have lifted lockdown and have started regular business with optimum safety. There is no alternative for Nepal than to follow suit, he said.</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">He also demanded immediate relief packages for the businesses affected by the COVID-19 crisis. </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">&ldquo;The industrialists and entrepreneurs abided by the government&rsquo;s decision for 180 days but the businesspersons have now been requested to operate their business regularly defying prohibitory orders,&rdquo; NADA&rsquo;s chairperson Krishna Prasad Dulal said, adding, &ldquo;The government should take note that the country&rsquo;s economy is falling and create environment to operate businesses easily.&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 automobile business in Nepal was reeling under crisis ahead of the coronavirus pandemic after the government imposed strict regulations on financing.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank had instructed banks and financial institutions to provide 50 percent loan for the purchase of automobiles. Later, the sales of vehicles came to a complete halt for nearly four months after the government imposed lockdown on March 24. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Currently, it is the peak season for sales of vehicles. But that too has been affected by the prohibitory order issued by the government. </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">NADA Chairman Dulal also expressed dissatisfaction over the extended lockdown followed by the prohibitory order stating that civil servants have been receiving salary and allowances despite not going to work. Only industrialists and businesses person have taken a stand against the lockdown because they have been affected the most- Chairman Dulal informed. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12437',
			'article_category_id' => '1',
			'title' => 'NRB Instructs Banks to Open More Branches for Tax Collection',
			'sub_title' => '',
			'summary' => 'September 8: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) involved in revenue collection to open all the counters for three days starting from Tuesday (September 8).',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 8: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) involved in revenue collection to open all the counters for three days starting from Tuesday (September 8).</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 central bank issued such directive on Monday to boost revenue collection as the deadline approaches. The government has ordered taxpayers to pay the tax by September 10.</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">Issuing a circular on Monday (September 7), the BFI Regulation Department of central bank ordered BFIs and other related organisations to remain open from September 8 to 10 for revenue collection. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">All the banks as well as clearing houses have been instructed to open their branches amid concerns of risk posed by Covid-19. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Currently, banks and financial institutions are providing their services through limited number of branches owing to the coronavirus crisis. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">They have not been able to provide full-fledged services due to the high risk of coronavirus infection. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The BFIs have been instructed to open more branches to avoid overcrowding.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial"><img alt="" src="/app/webroot/userfiles/images/nrb%20notice%283%29.jpg" style="height:638px; width:800px" /></span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'sortorder' => '12184',
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			'article_date' => '2020-09-08 10:24:10',
			'homepage' => false,
			'breaking_news' => false,
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	(int) 5 => array(
		'Article' => array(
			'id' => '12436',
			'article_category_id' => '1',
			'title' => 'Private Sector Under Pressure to Pay Taxes Despite Prohibitory Order',
			'sub_title' => 'Inland Revenue Department urges Taxpayers to make Payment through Online Banking System',
			'summary' => 'September 7: The private sector businesses are under pressure to pay tax at a time when they are not able to operate properly due to the prohibitory order issued by the local administration in various districts.',
			'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 7: The private sector businesses are under pressure to pay tax at a time when they are not able to operate properly due to the prohibitory order issued by the local administration in various districts.</span></span></span></span></p>

<p><span 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 revenue offices under the Ministry of Finance have been urging the private sector to pay the tax on time as the ministry has not extended the timeframe for payment despite the lockdown and prohibitory order.</span></span></span></span></p>

<p><span 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 Inland Revenue Department had issued a notice to pay taxes on August 23. The same notice says that the time period for the payment of taxes is up to the end of the Nepali month of Bhadra (September 16). The department will slap fines if the private sector does not pay the taxes on time, warns Binod Bahadur Kunwar, director general of the department.</span></span></span></span></p>

<p><span 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 ministry of finance has not taken any decision about extension of the time period for paying taxes. Therefore, they cannot spare anyone who evades taxes on the pretext of prohibitory order, he informed.</span></span></span></span></p>

<p><span 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;There is no need to be physically present at the revenue office for paying taxes. It is possible to pay taxes through mobile banking,&rdquo; he added.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'created' => '2020-09-07',
			'modified' => '2020-09-07',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12183',
			'image' => '20200907074520_1599400665.tax.jpg',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12435',
			'article_category_id' => '1',
			'title' => 'Private Sector Demands Easing Restrictions to Revitalize Economy',
			'sub_title' => '',
			'summary' => 'September 7: The private sector has urged the government to ease the restrictions imposed by the local authorities in order to revitalize the country’s ailing economy. ',
			'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 7: The private sector has urged the government to ease the restrictions imposed by the local authorities in order to revitalize the country&rsquo;s ailing economy. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Representative of the private sector made such request to the government during a meeting with Prime Minister KP Sharma Oli, who also holds the portfolio of finance minister, at his official residence in Baluwatar on Sunday (September 6).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The prime minister had called the representatives of the private sector to discuss about ways to minimize the impacts of coronavirus on the economy and to revitalize the economy that has been paralyzed since the last five months due to lockdown and prohibitory orders.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">During the meeting, office bearers of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) stressed on the need to ease the restrictions imposed by the local governments to contain the spread of coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stating that the restrictions imposed by the government to curb the spread of the disease have badly affected the industrial sector, they urged the government to recommence their industries by following standard health protocols. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">PM Oli was positive about reopening businesses and industries by adopting proper precautionary measures.</span></span></span></span></p>

<p><span 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 private sector also urged the government to facilitate in obtaining refinancing facility as mentioned in the monetary policy for the current fiscal year. They also demanded 20 percent discount on electricity bill until the current crisis subsides.</span></span></span></span></p>

<p><span 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 private sector also urged the government during the three-hour long meeting to remove the customs duty and excise duty imposed on electric vehicles.</span></span></span></span></p>
',
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			'description' => '',
			'sortorder' => '12182',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12434',
			'article_category_id' => '1',
			'title' => 'Rs 13 Billion Spent for Motorable Bridge Construction ',
			'sub_title' => '',
			'summary' => 'September 7: The government spent Rs 13 billion in the last Fiscal Year 2076/77 for the construction of motorable bridges across the country. ',
			'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 7: The government spent Rs 13 billion in the last Fiscal Year 2076/77 for the construction of motorable bridges across the country. The Department of Roads spent three times more budget than the allocated budget in the last fiscal year to design 1500 new bridges which are currently under construction. </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 government had initially allocated Rs 4 billion for bridges in the annual budget but it was later increased to Rs 13 billion.</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 had set a target of completing 300 bridges last year, the target could not be achieved. According to the department, the target was not completed due to the lockdown during the peak season for construction. However, the department claims that 70 percent progress has been made in the bridge construction as compared to other development projects. </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;">Dipak Kumar Bhattarai, chief of the bridge division under the Department of Roads, says that despite the risk of coronavirus and other complications, great achievement has been made in the construction of bridges. </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 construction entrepreneurs had been expressing their intention to build the bridges before the onset of rainy season. Due to this, 80 bridges under construction have been completed during the lockdown from March to June. Bhattarai also informed that the construction of 210 bridges was completed last year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;If we had stopped working during the lockdown, there would be huge loss if the under construction bridges hadn&rsquo;t been completed,&rdquo; he said, adding, &ldquo;The bridges that were supposed to be built before the rainy season and were in a state of great risk were selected and built.&quot; </span></span></span></span></p>

<p>&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12181',
			'image' => '20200907024901_20181204035031_Ghatte Bridge.jpg',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12433',
			'article_category_id' => '1',
			'title' => 'Industries in Bara-Parsa Corridor Laying off Workers',
			'sub_title' => '',
			'summary' => 'September 7: Industries in the Bara-Parsa Corridor have started reducing the number of workers as their production has shrunk due to the lockdown and restriction. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 7: Industries in the Bara-Parsa Corridor have started reducing the number of workers as their production has shrunk due to the lockdown and restriction. </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">Stating that their production has been affected due to the four-month-long lockdown and the ongoing nationwide prohibitory order, the entrepreneurs have been firing their factory workers.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">According to the Labor and Employment Office, Parsa, more than half a dozen industries in the industrial corridor have sent information regarding labor cuts. The labor office also informed that an industry in Birgunj laid off all of its workers on Sunday (September 6) alone.</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">Sundar Shrestha, chief of the Labor and Employment Office, informed that most of the industries have laid off their workers.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">&ldquo;Most of the industries in the corridor have been found to have laid off their workers unofficially, and only a limited number of industries have informed about it to the labor office,&rdquo; Shrestha said.</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">Industries say that they have been removing workers on mutual understanding. However, the industries have not informed about the decision to the labor&nbsp;office.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">According to the Labor Act, industries are subjected to inform about the reduction of work force to the Labor Office. Workers kept in reserve should be paid half salary according to the act.</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">In the case of labor deduction, the provision of the labor act mandates industries to pay annual salary as compensation to the worker. Likewise, the worker should be informed of their termination one month in advance.</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">It is estimated that more than around 100,000 workers are working in 1,000 industries in the industrial corridor. According to the industrialists, 35 to 40 percent of them have lost their jobs due to the inconvenience caused by the COVID-19.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12432',
			'article_category_id' => '1',
			'title' => 'Government Terminates Contracts with 2 Companies for Failing to Supply Fertilizers',
			'sub_title' => '',
			'summary' => 'September 7: The government has terminated the contracts of two companies – Sailung Enterprises and Honiko Multiple Private Limited – for failing to supply chemical fertilizers on time.',
			'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 7: The government has terminated the contracts of two companies &ndash; Sailung Enterprises and Honiko Multiple Private Limited &ndash; for failing to supply chemical fertilizers on time. Besides scrapping the contracts, the government has also confiscated the deposits of the two companies.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The state-owned Agriculture Inputs Company Limited (Krishi Samagri Company Limited) had signed separate contracts with the two companies for the supply of 25,000 metric tons of urea each.</span></span></span></span></p>

<p><span 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, both the companies should have supplied the fertilizers within September 5. But the two private companies have not been able to assure the government-owned company about supplying the fertilizers anytime soon, leading to the termination of the contracts.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">More than Rs 90 million deposit of the two companies have also been confiscated by the government.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We had to take action against the two companies because they were careless despite having adequate time. Therefore we had to terminate the contracts. Their deposits have also been freezed,&rdquo; said Minister for Agriculture and Livestock Development Ghanashyam Bhusal during a press conference organised at the ministry on Sunday (September 6). </span></span></span></span></p>

<p><span 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 state-owned company had signed the agreement with Sailung Enterprises on April 24 and with Honiko on April 27. As per the initial agreement, the two companies should have imported the fertilizers within July 23. The government later extended the deadline by 25 days upon the request of the two companies. Minister Bhusal said that the contracts were terminated after the companies failed to supply the fertilizers even after the extended 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;">Sailung Enterprises is owned by Sharada Prasad Adhikari, who is the landlord of Nepal Communist Party Co-chairman Pushpa Kalal Dahal.</span></span></span></span></p>

<p><span 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 Agriculture Inputs Company Limited, the two companies could not furnish any details about the shipment or the vessels used to import the fertilizers despite repeated follow ups.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'modified' => '2020-09-07',
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			'description' => '',
			'sortorder' => '12179',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12431',
			'article_category_id' => '1',
			'title' => 'Internal Flights to Mountain and Hill Districts to Resume from September 17 ',
			'sub_title' => '',
			'summary' => 'September 7: The government is preparing to resume air service in mountainous and hill districts from September 17. ',
			'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 7: The government is preparing to resume air service in mountainous and hill districts 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;Arial Unicode MS&quot;">Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai informed that the government is preparing to resume domestic flights to those districts that have reported 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;">Earlier, the government had announced to resume air service from September 1 but that decision was put on hold after the capital and several other districts reported a rapid increase in Covid-19 cases.</span></span></span></span></p>

<p><span 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 an interaction with stakeholders regarding the reopening of tourism industry by following safety protocols, Minister Bhattarai reaffirmed that air service will resume from September 17. Meanwhile, the government is preparing to increase the number of international flights after analyzing the current flights for a few days. The government had lifted restriction on international flights from September 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 further said that the government as formed a team comprising officials from the Department of Tourism and the Nepal Tourism Board to study the international practice of safe handling of coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;Some vital decisions will be taken after completion of the study,&rdquo; said Minister Bhattarai.</span></span></span></span></p>

<p><span 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 further said that he is in favour of gradually reopening the tourism industry by maintaining safety standards. The ministry is preparing to submit a proposal to the cabinet in this regard, informed the minister.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12430',
			'article_category_id' => '1',
			'title' => 'Work Procedure for Concessional Loans to Startups Presented to Cabinet',
			'sub_title' => '',
			'summary' => 'September 6: The government has presented a proposal to the cabinet for amending the work procedure to provide 2 percent concessional loan to start-ups.',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">September 6: </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The government has presented a proposal to the cabinet for amending the work procedure to provide 2 percent concessional loan to start-ups.</span></span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The National Planning Commission has submitted a proposal to the Council of Ministers after changing provision of grants into loans.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the commission, a decision will be taken soon since the proposal has been taken to the Council of Ministers through the Ministry of Finance. A total of 699 proposals for seed money will be finalized after decision. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">People, who were interested in the latest works of information technology, agriculture, energy, health, tourism, and industry had applied for the loan in mid-May.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The call for proposals was open from May 11 to June 9. In case of loans for startup businesses, the amended work procedure allows a maximum loan of 50 percent of the required capital, which can range from Rs 1 million to Rs 10 million. An individual or a firm were not allowed to submit a proposal for multiple loans.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">A person or a firm can get a maximum loan of Rs 5 million at 2 percent interest rate if they wish to undertake a venture of Rs 10 million.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The proposal needs to have clear information about the business plan along with the status of the self-investment of the entrepreneur, the amount they have demanded from the Government of Nepal and any of their other investment partnerships. The commission hasn&rsquo;t accepted any further applications because of the lockdown.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The commission said that 15 days will be given to submit the proposals after the Council of Ministers pass the work procedure. The government had initially envisioned a &lsquo;Challenge Fund&rsquo; to provide grant up to 50 percent of the capital requirement in order to encourage young entrepreneurs to start new businesses. Although the government had announced such provision during the budget of last fiscal year, the program could not be implemented. The government has given continuity to the program by changing the modality into concessional loan in this year&rsquo;s budget instead of grant.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The revised work procedure has been made by including the advices from the ministries of finance, industry and education. Dr Ram Kumar Phuyal, a member of the National Planning Commission, says that a high-level committee will recommend the loans to those who meet the criteria as stated in the amended work procedure. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The committee will have the right to select and recommend the entrepreneurs, whom they think will develop high-quality inventions and systems is less time, cost and resources. According to Phuyal, the committee will also be responsible to check if the loans are being used in the right way. The committee will also be responsible for the monitoring of entrepreneurs, businessmen or institutions that have received the loan. A steering committee has been formed under the coordination of a member appointed by the National Planning Commission for the provision of loans. The committee will also have a joint secretary each from the ministries of finance; industry, commerce and supplies; and education as its members.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">A representative of banks has also been included in the committee for the selection of recipients of the loan. An official from the commission said that a representative of banks was not selected previously as the work procedure was earlier concerned with grants.&nbsp; </span></span></span></span></p>
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		'Article' => array(
			'id' => '12429',
			'article_category_id' => '1',
			'title' => 'Insurance Board Fails to Recognize PCR Tests Conducted by Private Labs',
			'sub_title' => '',
			'summary' => 'September 6: The Insurance Board has been dragged into controversy for  not recognizing the report of PCR tests carried out by private labs at a time when Covid-19 cases are rising.',
			'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 6: The Insurance Board has been dragged into controversy for &nbsp;not recognizing the report of PCR tests carried out by private labs at a time when Covid-19 cases are rising.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">There is a provision for compensating a person who tests positive for coronavirus if the infected person makes insurance claims. However, the board has courted controversy after it said that it recognizes only the tests conducted by government labs. Following the decision of the board, insurance companies have stopped compensating the claimants. The individuals who have purchased insurance policy have not been able to benefit from the policy.</span></span></span></span></p>

<p><span 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 insurance policy announced on April 19 states that the individual can claim for compensation by presenting report of PCR test conducted at government labs. At that time, the government had not given permission to private labs to conduct PCR tests. But currently 13 private labs are providing the service after the government gave them permission to conduct the tests.</span></span></span></span></p>

<p><span 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 Insurance Board should have amended the policy announced on April 19. However, the insurance companies have not compensated the beneficiaries due to the failure of the board to recognize the tests carried out by private labs.</span></span></span></span></p>
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		'Article' => array(
			'id' => '12428',
			'article_category_id' => '1',
			'title' => '‘1 Million People Associated with Public Transportation Rendered Jobless’',
			'sub_title' => '',
			'summary' => 'September 6: The government decided on July 9 to allow public vehicles to operate in short routes within their respective districts after easing the nearly four-months lockdown restriction on transportation.',
			'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 6: The government decided on July 9 to allow public vehicles to operate in short routes within their respective districts after easing the nearly four-months lockdown restriction on transportation. The transport entrepreneurs started their business after repairing their vehicles. However, in less than one month, the government imposed prohibitory orders in various districts sending the vehicles back to the garages.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although other countries have gradually resumed public transportation by following safety protocols, Nepal has not prepared any work plan to this end.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Most of the countries have eased the lockdown restrictions but Nepal has only changed the definition of lockdown just like transferring &lsquo;an old wine into a new bottle&rsquo;. In fact, the prohibitory order seems to be more strict than the lockdown imposed in the initial stage to curb the spread of coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Federation of Nepalese National Transport Entrepreneurs (FNNTE), there are around 300,000 public vehicles and more than 60,000 cargo vehicles registered in Nepal. The federation says around 1 million people have got direct employment from this sector. Around 600,000 drivers and helpers who make a living by earning daily wages are at the receiving end since the last five months due to the closure of this sector, says Yogendra Nath Karmacharya, chairman of FNNTE. </span></span></span></span></p>

<p><span 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 claimed that more than 1 million persons in this sector have lost their jobs while the government has shown little interest to resume public transportation under the influence of middlemen.</span></span></span></span></p>

<p><span 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;Other countries have gradually reopened public transportation but our government isn&rsquo;t clear resuming the service here. The government is not serious about the problems faced by the public,&rdquo; he said. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He said that thousands of people entered Kathmandu in private vehicles by paying heavy price after the government lifted the lockdown more than a month ago. However, the government did not seem concerned about resuming long-distance service by preparing necessary guidelines and regulations.</span></span></span></span></p>

<p><span 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&rsquo;s concept that coronavirus will spread through black number plate and not the red one is flawed,&rdquo; he added.</span></span></span></span></p>
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		'Article' => array(
			'id' => '12427',
			'article_category_id' => '1',
			'title' => 'Nepal’s Foreign Trade Bearing Brunt of Expensive Transshipment Cost ',
			'sub_title' => '',
			'summary' => 'September 6: Due to the landlocked nature of Nepal, it is estimated that the transshipment cost of Nepal is up to 20 percent higher than other countries. ',
			'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 6: Due to the landlocked nature of Nepal, it is estimated that the transshipment cost of Nepal is up to 20 percent higher than other countries. While the coastal countries limit the cost of transshipment between 5 to 10 percent of the total trade costs, it costs up to 25 percent in Nepal&rsquo;s foreign trade. Efforts to reduce the cost have not been effective so far. </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;">Ashok Kumar Temani, chairman of Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), say that foreign trade has not become competitive due to the high transshipment cost. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The transshipment cost in countries linked with ocean is 5 to 10 percent of the total trade cost. But, it costs up to a quarter in our country,&rdquo; he told New Business Age. </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;">Temani believes that the foreign trade has become expensive and lags behind in competition due to the inability to reduce the transportation costs. Under normal circumstances, the cost is around 25 percent in average, and sometimes goes up to 40 percent. That is one of the reasons why Nepalese products are not been able to compete in the international market. </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;">Recently, some importers have paid double fare than that of the price of goods. Due to the government decision and procedural delay, the containers carrying peas are stuck in the dry port of Birgunj and now have to pay twice more fare and fine than the price of the goods. Importer Om Prakash Moore says that they have to pay Rs 2.4 million including holding charge and fare for a container of peas which actually costs Rs 1.2 million only. </span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12441',
			'article_category_id' => '1',
			'title' => 'Farmers Unlikely to get Fertilisers for Paddy Cultivation this Season',
			'sub_title' => '',
			'summary' => 'September 8: More than a half of the 32,000 metric ton of urea procured by the Salt Trading Corporation has already entered Nepal. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">September 8: More than a half of the 32,000 metric ton of urea procured by the Salt Trading Corporation has already entered Nepal. However, there is no possibility of farmers getting the supply of fertilizers for paddy cultivation this year </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Although the government had borrowed urea from Bangladesh to resolve the fertiliser crisis, the farmers will not get the fertiliser this season. </span></span><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The route used to bring the chemical fertilizers from Bangladesh and the lengthy process will cause delay in arrival of the fertilizers for paddy cultivation.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government has given the responsibility to the Nepali Consulate in Kolkata to suggest a convenient route for importing fertilizer from Bangladesh. Consul General Ishwar Raj Poudel informed that work is underway to find out a suitable route for importing fertilizer from Bangladesh.</span></span> </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The Ministry of Agriculture has indicated that the fertilizer cannot be bought in this season.</span></span> </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Farmers have not been able to get fetilizer for the main crop as the authorities entrusted by the government have not been able to bring fertilizer on time. Of the 21,500 metric tons of urea imported by the Salt Trading Corporation in the last fiscal year 2076/77 and 10,500 metric tons in the current fiscal year 2077/78, 19,600 metric tonnes have entered Nepal. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Laxman Khadka, chief of the Nepal Transit and Warehousing Company, informed that 6 racks of fertilisers weighing 2,600 metric tons have already left for Birgunj from Kolkata Port. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&quot;4,000 metric tons of fertilizer have been sent to the eastern border, Biratnagar by road,&quot; said Khadka.</span></span> </span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12440',
			'article_category_id' => '1',
			'title' => 'FNCCI Committee Submits Report on Modalities for Election ',
			'sub_title' => '',
			'summary' => 'September 8: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) to recommended modalities for the election of the umbrella organisations of entrepreneurs and industrialists of Nepal has submitted its report to the executive committee of FNCCI.  ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">September 8: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) to recommended modalities for the election of the umbrella organisations of entrepreneurs and industrialists of Nepal has submitted its report to the executive committee of FNCCI. &nbsp;</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:&quot;Arial Unicode MS&quot;">The committee has recommended three modalities for the election, which has been deferred time and again due to Covid-19 crisis. The committee handed over the report to FNCCI President Bhavani Rana on Monday (September 8).</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:&quot;Arial Unicode MS&quot;">One of the options given by the committee is to hold all three levels of election in the capital after the risk of coronavirus subsides. Other options include main election and election of associates in Kathmandu and the district/town election in the respective districts by maintaining physical distance while the third option is to hold election through electronic means. </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:&quot;Arial Unicode MS&quot;">The committee has given high priority to direct election over the election through electronic means, which falls on the least priority. The report suggests e-voting only if the other two options are not possible. </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:&quot;Arial Unicode MS&quot;">The report has stressed on opting for the main election and election of associates in Kathmandu and the district/town election in the respective districts by maintaining physical distance. </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:&quot;Arial Unicode MS&quot;">The second choice to hold election of all three levels of FNCCI in Kathmandu is currently not viable due to the pandemic.</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:&quot;Arial Unicode MS&quot;">The committee prepared the three modalities after consulting with the Ministry of Health and Population and the Covid-19 Crisis Management Centre (CCMC), informed Sunil Gopal Shrestha, member of the committee.</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:&quot;Arial Unicode MS&quot;">Although the FNCCI had fixed the date of its General Assembly to elect a new executive committee for April 10-11, the election could not be held due to the lockdown imposed by the government as well as the risk of coronavirus infection. The date of the General Assembly has been deferred time and again.</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:&quot;Arial Unicode MS&quot;">The FNCCI leadership is under pressure to hold the election as soon as possible. </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:&quot;Arial Unicode MS&quot;">The FNCCI members are divided over whether to hold the election after the risk of Covid-19 subsides or to go ahead for the polls by maintaining physical distancing.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12439',
			'article_category_id' => '1',
			'title' => 'NRB Implements Revised Work Procedure on Interest Rate Corridor ',
			'sub_title' => 'Rate of Repo now 3 percent, Rate of Deposit Collection 1 percent',
			'summary' => 'September 8: Nepal Rastra Bank (NRB) has implemented the work procedure related to the interest rate corridor 2076 (Second Amendment) in order to minimize the effects of the coronavirus pandemic on the nation’s economy. ',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">September 8: Nepal Rastra Bank (NRB) has implemented the work procedure related to the interest rate corridor 2076 (Second Amendment) in order to minimize the effects of the coronavirus pandemic on the nation&rsquo;s economy. The revised work procedure has decreased the overnight repo rate to 3 percent. The rate was previously 3.5 percent. Similarly, the weekly deposit collection has been decreased to 1 percent, which is the lower limit of the corridor. This rate was previously 2 percent.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The rate of Standing Liquidity Facility (SLF) is still the upper limit of the corridor at 5 percent. The central bank issued and implemented the Work Procedure on Interest Rate Corridor, 2076 (Second Amendment, 2077) on Monday. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Dr. Gunakar Bhatta, the spokesperson of Nepal Rastra Bank, said that the revised work procedure is being implemented under the provision of the monetary policy of the fiscal year 2077 with an aim of bringing stability in the interest rates and modernizing the monetary management by reducing the fluctuations in the short-term interest rates.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Under the interest rate corridor, &lsquo;A&rsquo;, &lsquo;B&rsquo; and &lsquo;C&rsquo; class banks and financial institutions will be able to use the overnight repo facility at an interest rate of 3 percent per annum. The overnight repo can be taken once a week and up to 0.25 percent of the deposits made in Nepalese currency on the previous day in the bank or financial institution. In case of a leave on or before the day of application, the interbank interest rate on the previous day has to exceed 3 percent. Banks are required to submit an application asking for an overnight repo, a statement and the original copy of their securities to be kept as the collateral to the Public Debt Department at least an hour before the end of the office hours. The securities to be kept as the collateral must be worth 110 percent of the demanded amount. Institutions outside the valley will need to submit the original copy of the securities that will be kept as the collateral to their nearest branch office of the central bank.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Similarly, under the interest rate corridor, the liquidity can be absorbed through the use of a one-week deposit collection tool, which will collect the required amount of deposit through bidding at 1 percent interest rate. Since the amount collected through this will be recorded in the investment portfolio of the counterparty, this amount cannot be counted in their mandatory cash reserve. However, the amount can be included while calculating the Statutory Liquidity Ratio (SLR) and the liquidity ratio of the banks.</span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-09-08',
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			'description' => '',
			'sortorder' => '12186',
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	(int) 3 => array(
		'Article' => array(
			'id' => '12438',
			'article_category_id' => '1',
			'title' => 'Automobile Dealers Warn of Defying the Government if it Extends Prohibitory Order Again',
			'sub_title' => '',
			'summary' => 'September 8: Nepal Automobile Dealers Association (NADA) has warned of defying the government if it extends the prohibitory order again. ',
			'content' => '<p><em>Vehicles on display during the NADA Auto Show in this file photo. </em></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 8: Nepal Automobile Dealers Association (NADA) has warned of defying the government if it extends the prohibitory order again. </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 prohibitory order imposed in the three districts of Kathmandu valley expires on midnight of September 9. </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">NADA has urged all businesspersons to commence regular business starting from September 10.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><strong>&nbsp;</strong><span style="font-size:14.0pt"><span style="font-family:Arial">Issuing a press statement&nbsp; on Monday, NADA has urged the government to make arrangement for resuming business by adopting safety measures once the current prohibitory order comes to an end after Wednesday. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NADA&rsquo;s chairperson Krishna Prasad Dulal informed that the automobile dealers would defy the government if it extends the prohibitory order again.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We will resume our service by defying the government order from September 10 onward,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Dulal further said that huger can be more dangerous than coronavirus. Other countries have lifted lockdown and have started regular business with optimum safety. There is no alternative for Nepal than to follow suit, he said.</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">He also demanded immediate relief packages for the businesses affected by the COVID-19 crisis. </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">&ldquo;The industrialists and entrepreneurs abided by the government&rsquo;s decision for 180 days but the businesspersons have now been requested to operate their business regularly defying prohibitory orders,&rdquo; NADA&rsquo;s chairperson Krishna Prasad Dulal said, adding, &ldquo;The government should take note that the country&rsquo;s economy is falling and create environment to operate businesses easily.&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 automobile business in Nepal was reeling under crisis ahead of the coronavirus pandemic after the government imposed strict regulations on financing.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank had instructed banks and financial institutions to provide 50 percent loan for the purchase of automobiles. Later, the sales of vehicles came to a complete halt for nearly four months after the government imposed lockdown on March 24. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Currently, it is the peak season for sales of vehicles. But that too has been affected by the prohibitory order issued by the government. </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">NADA Chairman Dulal also expressed dissatisfaction over the extended lockdown followed by the prohibitory order stating that civil servants have been receiving salary and allowances despite not going to work. Only industrialists and businesses person have taken a stand against the lockdown because they have been affected the most- Chairman Dulal informed. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'sortorder' => '12185',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12437',
			'article_category_id' => '1',
			'title' => 'NRB Instructs Banks to Open More Branches for Tax Collection',
			'sub_title' => '',
			'summary' => 'September 8: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) involved in revenue collection to open all the counters for three days starting from Tuesday (September 8).',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 8: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) involved in revenue collection to open all the counters for three days starting from Tuesday (September 8).</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 central bank issued such directive on Monday to boost revenue collection as the deadline approaches. The government has ordered taxpayers to pay the tax by September 10.</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">Issuing a circular on Monday (September 7), the BFI Regulation Department of central bank ordered BFIs and other related organisations to remain open from September 8 to 10 for revenue collection. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">All the banks as well as clearing houses have been instructed to open their branches amid concerns of risk posed by Covid-19. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Currently, banks and financial institutions are providing their services through limited number of branches owing to the coronavirus crisis. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">They have not been able to provide full-fledged services due to the high risk of coronavirus infection. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The BFIs have been instructed to open more branches to avoid overcrowding.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial"><img alt="" src="/app/webroot/userfiles/images/nrb%20notice%283%29.jpg" style="height:638px; width:800px" /></span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12436',
			'article_category_id' => '1',
			'title' => 'Private Sector Under Pressure to Pay Taxes Despite Prohibitory Order',
			'sub_title' => 'Inland Revenue Department urges Taxpayers to make Payment through Online Banking System',
			'summary' => 'September 7: The private sector businesses are under pressure to pay tax at a time when they are not able to operate properly due to the prohibitory order issued by the local administration in various districts.',
			'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 7: The private sector businesses are under pressure to pay tax at a time when they are not able to operate properly due to the prohibitory order issued by the local administration in various districts.</span></span></span></span></p>

<p><span 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 revenue offices under the Ministry of Finance have been urging the private sector to pay the tax on time as the ministry has not extended the timeframe for payment despite the lockdown and prohibitory order.</span></span></span></span></p>

<p><span 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 Inland Revenue Department had issued a notice to pay taxes on August 23. The same notice says that the time period for the payment of taxes is up to the end of the Nepali month of Bhadra (September 16). The department will slap fines if the private sector does not pay the taxes on time, warns Binod Bahadur Kunwar, director general of the department.</span></span></span></span></p>

<p><span 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 ministry of finance has not taken any decision about extension of the time period for paying taxes. Therefore, they cannot spare anyone who evades taxes on the pretext of prohibitory order, he informed.</span></span></span></span></p>

<p><span 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;There is no need to be physically present at the revenue office for paying taxes. It is possible to pay taxes through mobile banking,&rdquo; he added.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'created' => '2020-09-07',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12183',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12435',
			'article_category_id' => '1',
			'title' => 'Private Sector Demands Easing Restrictions to Revitalize Economy',
			'sub_title' => '',
			'summary' => 'September 7: The private sector has urged the government to ease the restrictions imposed by the local authorities in order to revitalize the country’s ailing economy. ',
			'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 7: The private sector has urged the government to ease the restrictions imposed by the local authorities in order to revitalize the country&rsquo;s ailing economy. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Representative of the private sector made such request to the government during a meeting with Prime Minister KP Sharma Oli, who also holds the portfolio of finance minister, at his official residence in Baluwatar on Sunday (September 6).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The prime minister had called the representatives of the private sector to discuss about ways to minimize the impacts of coronavirus on the economy and to revitalize the economy that has been paralyzed since the last five months due to lockdown and prohibitory orders.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">During the meeting, office bearers of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) stressed on the need to ease the restrictions imposed by the local governments to contain the spread of coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stating that the restrictions imposed by the government to curb the spread of the disease have badly affected the industrial sector, they urged the government to recommence their industries by following standard health protocols. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">PM Oli was positive about reopening businesses and industries by adopting proper precautionary measures.</span></span></span></span></p>

<p><span 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 private sector also urged the government to facilitate in obtaining refinancing facility as mentioned in the monetary policy for the current fiscal year. They also demanded 20 percent discount on electricity bill until the current crisis subsides.</span></span></span></span></p>

<p><span 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 private sector also urged the government during the three-hour long meeting to remove the customs duty and excise duty imposed on electric vehicles.</span></span></span></span></p>
',
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			'description' => '',
			'sortorder' => '12182',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12434',
			'article_category_id' => '1',
			'title' => 'Rs 13 Billion Spent for Motorable Bridge Construction ',
			'sub_title' => '',
			'summary' => 'September 7: The government spent Rs 13 billion in the last Fiscal Year 2076/77 for the construction of motorable bridges across the country. ',
			'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 7: The government spent Rs 13 billion in the last Fiscal Year 2076/77 for the construction of motorable bridges across the country. The Department of Roads spent three times more budget than the allocated budget in the last fiscal year to design 1500 new bridges which are currently under construction. </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 government had initially allocated Rs 4 billion for bridges in the annual budget but it was later increased to Rs 13 billion.</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 had set a target of completing 300 bridges last year, the target could not be achieved. According to the department, the target was not completed due to the lockdown during the peak season for construction. However, the department claims that 70 percent progress has been made in the bridge construction as compared to other development projects. </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;">Dipak Kumar Bhattarai, chief of the bridge division under the Department of Roads, says that despite the risk of coronavirus and other complications, great achievement has been made in the construction of bridges. </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 construction entrepreneurs had been expressing their intention to build the bridges before the onset of rainy season. Due to this, 80 bridges under construction have been completed during the lockdown from March to June. Bhattarai also informed that the construction of 210 bridges was completed last year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;If we had stopped working during the lockdown, there would be huge loss if the under construction bridges hadn&rsquo;t been completed,&rdquo; he said, adding, &ldquo;The bridges that were supposed to be built before the rainy season and were in a state of great risk were selected and built.&quot; </span></span></span></span></p>

<p>&nbsp;</p>
',
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			'image' => '20200907024901_20181204035031_Ghatte Bridge.jpg',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12433',
			'article_category_id' => '1',
			'title' => 'Industries in Bara-Parsa Corridor Laying off Workers',
			'sub_title' => '',
			'summary' => 'September 7: Industries in the Bara-Parsa Corridor have started reducing the number of workers as their production has shrunk due to the lockdown and restriction. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 7: Industries in the Bara-Parsa Corridor have started reducing the number of workers as their production has shrunk due to the lockdown and restriction. </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">Stating that their production has been affected due to the four-month-long lockdown and the ongoing nationwide prohibitory order, the entrepreneurs have been firing their factory workers.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">According to the Labor and Employment Office, Parsa, more than half a dozen industries in the industrial corridor have sent information regarding labor cuts. The labor office also informed that an industry in Birgunj laid off all of its workers on Sunday (September 6) alone.</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">Sundar Shrestha, chief of the Labor and Employment Office, informed that most of the industries have laid off their workers.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">&ldquo;Most of the industries in the corridor have been found to have laid off their workers unofficially, and only a limited number of industries have informed about it to the labor office,&rdquo; Shrestha said.</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">Industries say that they have been removing workers on mutual understanding. However, the industries have not informed about the decision to the labor&nbsp;office.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">According to the Labor Act, industries are subjected to inform about the reduction of work force to the Labor Office. Workers kept in reserve should be paid half salary according to the act.</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">In the case of labor deduction, the provision of the labor act mandates industries to pay annual salary as compensation to the worker. Likewise, the worker should be informed of their termination one month in advance.</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">It is estimated that more than around 100,000 workers are working in 1,000 industries in the industrial corridor. According to the industrialists, 35 to 40 percent of them have lost their jobs due to the inconvenience caused by the COVID-19.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12432',
			'article_category_id' => '1',
			'title' => 'Government Terminates Contracts with 2 Companies for Failing to Supply Fertilizers',
			'sub_title' => '',
			'summary' => 'September 7: The government has terminated the contracts of two companies – Sailung Enterprises and Honiko Multiple Private Limited – for failing to supply chemical fertilizers on time.',
			'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 7: The government has terminated the contracts of two companies &ndash; Sailung Enterprises and Honiko Multiple Private Limited &ndash; for failing to supply chemical fertilizers on time. Besides scrapping the contracts, the government has also confiscated the deposits of the two companies.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The state-owned Agriculture Inputs Company Limited (Krishi Samagri Company Limited) had signed separate contracts with the two companies for the supply of 25,000 metric tons of urea each.</span></span></span></span></p>

<p><span 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, both the companies should have supplied the fertilizers within September 5. But the two private companies have not been able to assure the government-owned company about supplying the fertilizers anytime soon, leading to the termination of the contracts.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">More than Rs 90 million deposit of the two companies have also been confiscated by the government.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We had to take action against the two companies because they were careless despite having adequate time. Therefore we had to terminate the contracts. Their deposits have also been freezed,&rdquo; said Minister for Agriculture and Livestock Development Ghanashyam Bhusal during a press conference organised at the ministry on Sunday (September 6). </span></span></span></span></p>

<p><span 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 state-owned company had signed the agreement with Sailung Enterprises on April 24 and with Honiko on April 27. As per the initial agreement, the two companies should have imported the fertilizers within July 23. The government later extended the deadline by 25 days upon the request of the two companies. Minister Bhusal said that the contracts were terminated after the companies failed to supply the fertilizers even after the extended 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;">Sailung Enterprises is owned by Sharada Prasad Adhikari, who is the landlord of Nepal Communist Party Co-chairman Pushpa Kalal Dahal.</span></span></span></span></p>

<p><span 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 Agriculture Inputs Company Limited, the two companies could not furnish any details about the shipment or the vessels used to import the fertilizers despite repeated follow ups.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12431',
			'article_category_id' => '1',
			'title' => 'Internal Flights to Mountain and Hill Districts to Resume from September 17 ',
			'sub_title' => '',
			'summary' => 'September 7: The government is preparing to resume air service in mountainous and hill districts from September 17. ',
			'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 7: The government is preparing to resume air service in mountainous and hill districts 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;Arial Unicode MS&quot;">Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai informed that the government is preparing to resume domestic flights to those districts that have reported 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;">Earlier, the government had announced to resume air service from September 1 but that decision was put on hold after the capital and several other districts reported a rapid increase in Covid-19 cases.</span></span></span></span></p>

<p><span 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 an interaction with stakeholders regarding the reopening of tourism industry by following safety protocols, Minister Bhattarai reaffirmed that air service will resume from September 17. Meanwhile, the government is preparing to increase the number of international flights after analyzing the current flights for a few days. The government had lifted restriction on international flights from September 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 further said that the government as formed a team comprising officials from the Department of Tourism and the Nepal Tourism Board to study the international practice of safe handling of coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;Some vital decisions will be taken after completion of the study,&rdquo; said Minister Bhattarai.</span></span></span></span></p>

<p><span 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 further said that he is in favour of gradually reopening the tourism industry by maintaining safety standards. The ministry is preparing to submit a proposal to the cabinet in this regard, informed the minister.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12430',
			'article_category_id' => '1',
			'title' => 'Work Procedure for Concessional Loans to Startups Presented to Cabinet',
			'sub_title' => '',
			'summary' => 'September 6: The government has presented a proposal to the cabinet for amending the work procedure to provide 2 percent concessional loan to start-ups.',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">September 6: </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The government has presented a proposal to the cabinet for amending the work procedure to provide 2 percent concessional loan to start-ups.</span></span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The National Planning Commission has submitted a proposal to the Council of Ministers after changing provision of grants into loans.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the commission, a decision will be taken soon since the proposal has been taken to the Council of Ministers through the Ministry of Finance. A total of 699 proposals for seed money will be finalized after decision. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">People, who were interested in the latest works of information technology, agriculture, energy, health, tourism, and industry had applied for the loan in mid-May.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The call for proposals was open from May 11 to June 9. In case of loans for startup businesses, the amended work procedure allows a maximum loan of 50 percent of the required capital, which can range from Rs 1 million to Rs 10 million. An individual or a firm were not allowed to submit a proposal for multiple loans.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">A person or a firm can get a maximum loan of Rs 5 million at 2 percent interest rate if they wish to undertake a venture of Rs 10 million.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The proposal needs to have clear information about the business plan along with the status of the self-investment of the entrepreneur, the amount they have demanded from the Government of Nepal and any of their other investment partnerships. The commission hasn&rsquo;t accepted any further applications because of the lockdown.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The commission said that 15 days will be given to submit the proposals after the Council of Ministers pass the work procedure. The government had initially envisioned a &lsquo;Challenge Fund&rsquo; to provide grant up to 50 percent of the capital requirement in order to encourage young entrepreneurs to start new businesses. Although the government had announced such provision during the budget of last fiscal year, the program could not be implemented. The government has given continuity to the program by changing the modality into concessional loan in this year&rsquo;s budget instead of grant.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The revised work procedure has been made by including the advices from the ministries of finance, industry and education. Dr Ram Kumar Phuyal, a member of the National Planning Commission, says that a high-level committee will recommend the loans to those who meet the criteria as stated in the amended work procedure. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The committee will have the right to select and recommend the entrepreneurs, whom they think will develop high-quality inventions and systems is less time, cost and resources. According to Phuyal, the committee will also be responsible to check if the loans are being used in the right way. The committee will also be responsible for the monitoring of entrepreneurs, businessmen or institutions that have received the loan. A steering committee has been formed under the coordination of a member appointed by the National Planning Commission for the provision of loans. The committee will also have a joint secretary each from the ministries of finance; industry, commerce and supplies; and education as its members.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">A representative of banks has also been included in the committee for the selection of recipients of the loan. An official from the commission said that a representative of banks was not selected previously as the work procedure was earlier concerned with grants.&nbsp; </span></span></span></span></p>
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			'description' => '',
			'sortorder' => '12177',
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		'Article' => array(
			'id' => '12429',
			'article_category_id' => '1',
			'title' => 'Insurance Board Fails to Recognize PCR Tests Conducted by Private Labs',
			'sub_title' => '',
			'summary' => 'September 6: The Insurance Board has been dragged into controversy for  not recognizing the report of PCR tests carried out by private labs at a time when Covid-19 cases are rising.',
			'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 6: The Insurance Board has been dragged into controversy for &nbsp;not recognizing the report of PCR tests carried out by private labs at a time when Covid-19 cases are rising.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">There is a provision for compensating a person who tests positive for coronavirus if the infected person makes insurance claims. However, the board has courted controversy after it said that it recognizes only the tests conducted by government labs. Following the decision of the board, insurance companies have stopped compensating the claimants. The individuals who have purchased insurance policy have not been able to benefit from the policy.</span></span></span></span></p>

<p><span 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 insurance policy announced on April 19 states that the individual can claim for compensation by presenting report of PCR test conducted at government labs. At that time, the government had not given permission to private labs to conduct PCR tests. But currently 13 private labs are providing the service after the government gave them permission to conduct the tests.</span></span></span></span></p>

<p><span 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 Insurance Board should have amended the policy announced on April 19. However, the insurance companies have not compensated the beneficiaries due to the failure of the board to recognize the tests carried out by private labs.</span></span></span></span></p>
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			'created' => '2020-09-06',
			'modified' => '2020-09-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12176',
			'image' => '20200906031626_1599342239.Clipboard09.jpg',
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		'Article' => array(
			'id' => '12428',
			'article_category_id' => '1',
			'title' => '‘1 Million People Associated with Public Transportation Rendered Jobless’',
			'sub_title' => '',
			'summary' => 'September 6: The government decided on July 9 to allow public vehicles to operate in short routes within their respective districts after easing the nearly four-months lockdown restriction on transportation.',
			'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 6: The government decided on July 9 to allow public vehicles to operate in short routes within their respective districts after easing the nearly four-months lockdown restriction on transportation. The transport entrepreneurs started their business after repairing their vehicles. However, in less than one month, the government imposed prohibitory orders in various districts sending the vehicles back to the garages.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although other countries have gradually resumed public transportation by following safety protocols, Nepal has not prepared any work plan to this end.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Most of the countries have eased the lockdown restrictions but Nepal has only changed the definition of lockdown just like transferring &lsquo;an old wine into a new bottle&rsquo;. In fact, the prohibitory order seems to be more strict than the lockdown imposed in the initial stage to curb the spread of coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Federation of Nepalese National Transport Entrepreneurs (FNNTE), there are around 300,000 public vehicles and more than 60,000 cargo vehicles registered in Nepal. The federation says around 1 million people have got direct employment from this sector. Around 600,000 drivers and helpers who make a living by earning daily wages are at the receiving end since the last five months due to the closure of this sector, says Yogendra Nath Karmacharya, chairman of FNNTE. </span></span></span></span></p>

<p><span 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 claimed that more than 1 million persons in this sector have lost their jobs while the government has shown little interest to resume public transportation under the influence of middlemen.</span></span></span></span></p>

<p><span 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;Other countries have gradually reopened public transportation but our government isn&rsquo;t clear resuming the service here. The government is not serious about the problems faced by the public,&rdquo; he said. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He said that thousands of people entered Kathmandu in private vehicles by paying heavy price after the government lifted the lockdown more than a month ago. However, the government did not seem concerned about resuming long-distance service by preparing necessary guidelines and regulations.</span></span></span></span></p>

<p><span 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&rsquo;s concept that coronavirus will spread through black number plate and not the red one is flawed,&rdquo; he added.</span></span></span></span></p>
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		'Article' => array(
			'id' => '12427',
			'article_category_id' => '1',
			'title' => 'Nepal’s Foreign Trade Bearing Brunt of Expensive Transshipment Cost ',
			'sub_title' => '',
			'summary' => 'September 6: Due to the landlocked nature of Nepal, it is estimated that the transshipment cost of Nepal is up to 20 percent higher than other countries. ',
			'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 6: Due to the landlocked nature of Nepal, it is estimated that the transshipment cost of Nepal is up to 20 percent higher than other countries. While the coastal countries limit the cost of transshipment between 5 to 10 percent of the total trade costs, it costs up to 25 percent in Nepal&rsquo;s foreign trade. Efforts to reduce the cost have not been effective so far. </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;">Ashok Kumar Temani, chairman of Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), say that foreign trade has not become competitive due to the high transshipment cost. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The transshipment cost in countries linked with ocean is 5 to 10 percent of the total trade cost. But, it costs up to a quarter in our country,&rdquo; he told New Business Age. </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;">Temani believes that the foreign trade has become expensive and lags behind in competition due to the inability to reduce the transportation costs. Under normal circumstances, the cost is around 25 percent in average, and sometimes goes up to 40 percent. That is one of the reasons why Nepalese products are not been able to compete in the international market. </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;">Recently, some importers have paid double fare than that of the price of goods. Due to the government decision and procedural delay, the containers carrying peas are stuck in the dry port of Birgunj and now have to pay twice more fare and fine than the price of the goods. Importer Om Prakash Moore says that they have to pay Rs 2.4 million including holding charge and fare for a container of peas which actually costs Rs 1.2 million only. </span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Farmers Unlikely to get Fertilisers for Paddy Cultivation this Season',
			'sub_title' => '',
			'summary' => 'September 8: More than a half of the 32,000 metric ton of urea procured by the Salt Trading Corporation has already entered Nepal. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">September 8: More than a half of the 32,000 metric ton of urea procured by the Salt Trading Corporation has already entered Nepal. However, there is no possibility of farmers getting the supply of fertilizers for paddy cultivation this year </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Although the government had borrowed urea from Bangladesh to resolve the fertiliser crisis, the farmers will not get the fertiliser this season. </span></span><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The route used to bring the chemical fertilizers from Bangladesh and the lengthy process will cause delay in arrival of the fertilizers for paddy cultivation.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government has given the responsibility to the Nepali Consulate in Kolkata to suggest a convenient route for importing fertilizer from Bangladesh. Consul General Ishwar Raj Poudel informed that work is underway to find out a suitable route for importing fertilizer from Bangladesh.</span></span> </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The Ministry of Agriculture has indicated that the fertilizer cannot be bought in this season.</span></span> </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Farmers have not been able to get fetilizer for the main crop as the authorities entrusted by the government have not been able to bring fertilizer on time. Of the 21,500 metric tons of urea imported by the Salt Trading Corporation in the last fiscal year 2076/77 and 10,500 metric tons in the current fiscal year 2077/78, 19,600 metric tonnes have entered Nepal. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Laxman Khadka, chief of the Nepal Transit and Warehousing Company, informed that 6 racks of fertilisers weighing 2,600 metric tons have already left for Birgunj from Kolkata Port. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&quot;4,000 metric tons of fertilizer have been sent to the eastern border, Biratnagar by road,&quot; said Khadka.</span></span> </span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 1 => array(
		'Article' => array(
			'id' => '12440',
			'article_category_id' => '1',
			'title' => 'FNCCI Committee Submits Report on Modalities for Election ',
			'sub_title' => '',
			'summary' => 'September 8: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) to recommended modalities for the election of the umbrella organisations of entrepreneurs and industrialists of Nepal has submitted its report to the executive committee of FNCCI.  ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">September 8: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) to recommended modalities for the election of the umbrella organisations of entrepreneurs and industrialists of Nepal has submitted its report to the executive committee of FNCCI. &nbsp;</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:&quot;Arial Unicode MS&quot;">The committee has recommended three modalities for the election, which has been deferred time and again due to Covid-19 crisis. The committee handed over the report to FNCCI President Bhavani Rana on Monday (September 8).</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:&quot;Arial Unicode MS&quot;">One of the options given by the committee is to hold all three levels of election in the capital after the risk of coronavirus subsides. Other options include main election and election of associates in Kathmandu and the district/town election in the respective districts by maintaining physical distance while the third option is to hold election through electronic means. </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:&quot;Arial Unicode MS&quot;">The committee has given high priority to direct election over the election through electronic means, which falls on the least priority. The report suggests e-voting only if the other two options are not possible. </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:&quot;Arial Unicode MS&quot;">The report has stressed on opting for the main election and election of associates in Kathmandu and the district/town election in the respective districts by maintaining physical distance. </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:&quot;Arial Unicode MS&quot;">The second choice to hold election of all three levels of FNCCI in Kathmandu is currently not viable due to the pandemic.</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:&quot;Arial Unicode MS&quot;">The committee prepared the three modalities after consulting with the Ministry of Health and Population and the Covid-19 Crisis Management Centre (CCMC), informed Sunil Gopal Shrestha, member of the committee.</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:&quot;Arial Unicode MS&quot;">Although the FNCCI had fixed the date of its General Assembly to elect a new executive committee for April 10-11, the election could not be held due to the lockdown imposed by the government as well as the risk of coronavirus infection. The date of the General Assembly has been deferred time and again.</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:&quot;Arial Unicode MS&quot;">The FNCCI leadership is under pressure to hold the election as soon as possible. </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:&quot;Arial Unicode MS&quot;">The FNCCI members are divided over whether to hold the election after the risk of Covid-19 subsides or to go ahead for the polls by maintaining physical distancing.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 2 => array(
		'Article' => array(
			'id' => '12439',
			'article_category_id' => '1',
			'title' => 'NRB Implements Revised Work Procedure on Interest Rate Corridor ',
			'sub_title' => 'Rate of Repo now 3 percent, Rate of Deposit Collection 1 percent',
			'summary' => 'September 8: Nepal Rastra Bank (NRB) has implemented the work procedure related to the interest rate corridor 2076 (Second Amendment) in order to minimize the effects of the coronavirus pandemic on the nation’s economy. ',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">September 8: Nepal Rastra Bank (NRB) has implemented the work procedure related to the interest rate corridor 2076 (Second Amendment) in order to minimize the effects of the coronavirus pandemic on the nation&rsquo;s economy. The revised work procedure has decreased the overnight repo rate to 3 percent. The rate was previously 3.5 percent. Similarly, the weekly deposit collection has been decreased to 1 percent, which is the lower limit of the corridor. This rate was previously 2 percent.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The rate of Standing Liquidity Facility (SLF) is still the upper limit of the corridor at 5 percent. The central bank issued and implemented the Work Procedure on Interest Rate Corridor, 2076 (Second Amendment, 2077) on Monday. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Dr. Gunakar Bhatta, the spokesperson of Nepal Rastra Bank, said that the revised work procedure is being implemented under the provision of the monetary policy of the fiscal year 2077 with an aim of bringing stability in the interest rates and modernizing the monetary management by reducing the fluctuations in the short-term interest rates.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Under the interest rate corridor, &lsquo;A&rsquo;, &lsquo;B&rsquo; and &lsquo;C&rsquo; class banks and financial institutions will be able to use the overnight repo facility at an interest rate of 3 percent per annum. The overnight repo can be taken once a week and up to 0.25 percent of the deposits made in Nepalese currency on the previous day in the bank or financial institution. In case of a leave on or before the day of application, the interbank interest rate on the previous day has to exceed 3 percent. Banks are required to submit an application asking for an overnight repo, a statement and the original copy of their securities to be kept as the collateral to the Public Debt Department at least an hour before the end of the office hours. The securities to be kept as the collateral must be worth 110 percent of the demanded amount. Institutions outside the valley will need to submit the original copy of the securities that will be kept as the collateral to their nearest branch office of the central bank.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Similarly, under the interest rate corridor, the liquidity can be absorbed through the use of a one-week deposit collection tool, which will collect the required amount of deposit through bidding at 1 percent interest rate. Since the amount collected through this will be recorded in the investment portfolio of the counterparty, this amount cannot be counted in their mandatory cash reserve. However, the amount can be included while calculating the Statutory Liquidity Ratio (SLR) and the liquidity ratio of the banks.</span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-09-08',
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			'description' => '',
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	(int) 3 => array(
		'Article' => array(
			'id' => '12438',
			'article_category_id' => '1',
			'title' => 'Automobile Dealers Warn of Defying the Government if it Extends Prohibitory Order Again',
			'sub_title' => '',
			'summary' => 'September 8: Nepal Automobile Dealers Association (NADA) has warned of defying the government if it extends the prohibitory order again. ',
			'content' => '<p><em>Vehicles on display during the NADA Auto Show in this file photo. </em></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 8: Nepal Automobile Dealers Association (NADA) has warned of defying the government if it extends the prohibitory order again. </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 prohibitory order imposed in the three districts of Kathmandu valley expires on midnight of September 9. </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">NADA has urged all businesspersons to commence regular business starting from September 10.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><strong>&nbsp;</strong><span style="font-size:14.0pt"><span style="font-family:Arial">Issuing a press statement&nbsp; on Monday, NADA has urged the government to make arrangement for resuming business by adopting safety measures once the current prohibitory order comes to an end after Wednesday. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NADA&rsquo;s chairperson Krishna Prasad Dulal informed that the automobile dealers would defy the government if it extends the prohibitory order again.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We will resume our service by defying the government order from September 10 onward,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Dulal further said that huger can be more dangerous than coronavirus. Other countries have lifted lockdown and have started regular business with optimum safety. There is no alternative for Nepal than to follow suit, he said.</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">He also demanded immediate relief packages for the businesses affected by the COVID-19 crisis. </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">&ldquo;The industrialists and entrepreneurs abided by the government&rsquo;s decision for 180 days but the businesspersons have now been requested to operate their business regularly defying prohibitory orders,&rdquo; NADA&rsquo;s chairperson Krishna Prasad Dulal said, adding, &ldquo;The government should take note that the country&rsquo;s economy is falling and create environment to operate businesses easily.&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 automobile business in Nepal was reeling under crisis ahead of the coronavirus pandemic after the government imposed strict regulations on financing.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank had instructed banks and financial institutions to provide 50 percent loan for the purchase of automobiles. Later, the sales of vehicles came to a complete halt for nearly four months after the government imposed lockdown on March 24. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Currently, it is the peak season for sales of vehicles. But that too has been affected by the prohibitory order issued by the government. </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">NADA Chairman Dulal also expressed dissatisfaction over the extended lockdown followed by the prohibitory order stating that civil servants have been receiving salary and allowances despite not going to work. Only industrialists and businesses person have taken a stand against the lockdown because they have been affected the most- Chairman Dulal informed. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12437',
			'article_category_id' => '1',
			'title' => 'NRB Instructs Banks to Open More Branches for Tax Collection',
			'sub_title' => '',
			'summary' => 'September 8: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) involved in revenue collection to open all the counters for three days starting from Tuesday (September 8).',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 8: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) involved in revenue collection to open all the counters for three days starting from Tuesday (September 8).</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 central bank issued such directive on Monday to boost revenue collection as the deadline approaches. The government has ordered taxpayers to pay the tax by September 10.</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">Issuing a circular on Monday (September 7), the BFI Regulation Department of central bank ordered BFIs and other related organisations to remain open from September 8 to 10 for revenue collection. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">All the banks as well as clearing houses have been instructed to open their branches amid concerns of risk posed by Covid-19. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Currently, banks and financial institutions are providing their services through limited number of branches owing to the coronavirus crisis. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">They have not been able to provide full-fledged services due to the high risk of coronavirus infection. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The BFIs have been instructed to open more branches to avoid overcrowding.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial"><img alt="" src="/app/webroot/userfiles/images/nrb%20notice%283%29.jpg" style="height:638px; width:800px" /></span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '12436',
			'article_category_id' => '1',
			'title' => 'Private Sector Under Pressure to Pay Taxes Despite Prohibitory Order',
			'sub_title' => 'Inland Revenue Department urges Taxpayers to make Payment through Online Banking System',
			'summary' => 'September 7: The private sector businesses are under pressure to pay tax at a time when they are not able to operate properly due to the prohibitory order issued by the local administration in various districts.',
			'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 7: The private sector businesses are under pressure to pay tax at a time when they are not able to operate properly due to the prohibitory order issued by the local administration in various districts.</span></span></span></span></p>

<p><span 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 revenue offices under the Ministry of Finance have been urging the private sector to pay the tax on time as the ministry has not extended the timeframe for payment despite the lockdown and prohibitory order.</span></span></span></span></p>

<p><span 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 Inland Revenue Department had issued a notice to pay taxes on August 23. The same notice says that the time period for the payment of taxes is up to the end of the Nepali month of Bhadra (September 16). The department will slap fines if the private sector does not pay the taxes on time, warns Binod Bahadur Kunwar, director general of the department.</span></span></span></span></p>

<p><span 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 ministry of finance has not taken any decision about extension of the time period for paying taxes. Therefore, they cannot spare anyone who evades taxes on the pretext of prohibitory order, he informed.</span></span></span></span></p>

<p><span 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;There is no need to be physically present at the revenue office for paying taxes. It is possible to pay taxes through mobile banking,&rdquo; he added.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'created' => '2020-09-07',
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			'sortorder' => '12183',
			'image' => '20200907074520_1599400665.tax.jpg',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12435',
			'article_category_id' => '1',
			'title' => 'Private Sector Demands Easing Restrictions to Revitalize Economy',
			'sub_title' => '',
			'summary' => 'September 7: The private sector has urged the government to ease the restrictions imposed by the local authorities in order to revitalize the country’s ailing economy. ',
			'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 7: The private sector has urged the government to ease the restrictions imposed by the local authorities in order to revitalize the country&rsquo;s ailing economy. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Representative of the private sector made such request to the government during a meeting with Prime Minister KP Sharma Oli, who also holds the portfolio of finance minister, at his official residence in Baluwatar on Sunday (September 6).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The prime minister had called the representatives of the private sector to discuss about ways to minimize the impacts of coronavirus on the economy and to revitalize the economy that has been paralyzed since the last five months due to lockdown and prohibitory orders.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">During the meeting, office bearers of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) stressed on the need to ease the restrictions imposed by the local governments to contain the spread of coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stating that the restrictions imposed by the government to curb the spread of the disease have badly affected the industrial sector, they urged the government to recommence their industries by following standard health protocols. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">PM Oli was positive about reopening businesses and industries by adopting proper precautionary measures.</span></span></span></span></p>

<p><span 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 private sector also urged the government to facilitate in obtaining refinancing facility as mentioned in the monetary policy for the current fiscal year. They also demanded 20 percent discount on electricity bill until the current crisis subsides.</span></span></span></span></p>

<p><span 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 private sector also urged the government during the three-hour long meeting to remove the customs duty and excise duty imposed on electric vehicles.</span></span></span></span></p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12434',
			'article_category_id' => '1',
			'title' => 'Rs 13 Billion Spent for Motorable Bridge Construction ',
			'sub_title' => '',
			'summary' => 'September 7: The government spent Rs 13 billion in the last Fiscal Year 2076/77 for the construction of motorable bridges across the country. ',
			'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 7: The government spent Rs 13 billion in the last Fiscal Year 2076/77 for the construction of motorable bridges across the country. The Department of Roads spent three times more budget than the allocated budget in the last fiscal year to design 1500 new bridges which are currently under construction. </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 government had initially allocated Rs 4 billion for bridges in the annual budget but it was later increased to Rs 13 billion.</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 had set a target of completing 300 bridges last year, the target could not be achieved. According to the department, the target was not completed due to the lockdown during the peak season for construction. However, the department claims that 70 percent progress has been made in the bridge construction as compared to other development projects. </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;">Dipak Kumar Bhattarai, chief of the bridge division under the Department of Roads, says that despite the risk of coronavirus and other complications, great achievement has been made in the construction of bridges. </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 construction entrepreneurs had been expressing their intention to build the bridges before the onset of rainy season. Due to this, 80 bridges under construction have been completed during the lockdown from March to June. Bhattarai also informed that the construction of 210 bridges was completed last year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;If we had stopped working during the lockdown, there would be huge loss if the under construction bridges hadn&rsquo;t been completed,&rdquo; he said, adding, &ldquo;The bridges that were supposed to be built before the rainy season and were in a state of great risk were selected and built.&quot; </span></span></span></span></p>

<p>&nbsp;</p>
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			'image' => '20200907024901_20181204035031_Ghatte Bridge.jpg',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12433',
			'article_category_id' => '1',
			'title' => 'Industries in Bara-Parsa Corridor Laying off Workers',
			'sub_title' => '',
			'summary' => 'September 7: Industries in the Bara-Parsa Corridor have started reducing the number of workers as their production has shrunk due to the lockdown and restriction. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 7: Industries in the Bara-Parsa Corridor have started reducing the number of workers as their production has shrunk due to the lockdown and restriction. </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">Stating that their production has been affected due to the four-month-long lockdown and the ongoing nationwide prohibitory order, the entrepreneurs have been firing their factory workers.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">According to the Labor and Employment Office, Parsa, more than half a dozen industries in the industrial corridor have sent information regarding labor cuts. The labor office also informed that an industry in Birgunj laid off all of its workers on Sunday (September 6) alone.</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">Sundar Shrestha, chief of the Labor and Employment Office, informed that most of the industries have laid off their workers.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">&ldquo;Most of the industries in the corridor have been found to have laid off their workers unofficially, and only a limited number of industries have informed about it to the labor office,&rdquo; Shrestha said.</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">Industries say that they have been removing workers on mutual understanding. However, the industries have not informed about the decision to the labor&nbsp;office.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">According to the Labor Act, industries are subjected to inform about the reduction of work force to the Labor Office. Workers kept in reserve should be paid half salary according to the act.</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">In the case of labor deduction, the provision of the labor act mandates industries to pay annual salary as compensation to the worker. Likewise, the worker should be informed of their termination one month in advance.</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">It is estimated that more than around 100,000 workers are working in 1,000 industries in the industrial corridor. According to the industrialists, 35 to 40 percent of them have lost their jobs due to the inconvenience caused by the COVID-19.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12432',
			'article_category_id' => '1',
			'title' => 'Government Terminates Contracts with 2 Companies for Failing to Supply Fertilizers',
			'sub_title' => '',
			'summary' => 'September 7: The government has terminated the contracts of two companies – Sailung Enterprises and Honiko Multiple Private Limited – for failing to supply chemical fertilizers on time.',
			'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 7: The government has terminated the contracts of two companies &ndash; Sailung Enterprises and Honiko Multiple Private Limited &ndash; for failing to supply chemical fertilizers on time. Besides scrapping the contracts, the government has also confiscated the deposits of the two companies.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The state-owned Agriculture Inputs Company Limited (Krishi Samagri Company Limited) had signed separate contracts with the two companies for the supply of 25,000 metric tons of urea each.</span></span></span></span></p>

<p><span 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, both the companies should have supplied the fertilizers within September 5. But the two private companies have not been able to assure the government-owned company about supplying the fertilizers anytime soon, leading to the termination of the contracts.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">More than Rs 90 million deposit of the two companies have also been confiscated by the government.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We had to take action against the two companies because they were careless despite having adequate time. Therefore we had to terminate the contracts. Their deposits have also been freezed,&rdquo; said Minister for Agriculture and Livestock Development Ghanashyam Bhusal during a press conference organised at the ministry on Sunday (September 6). </span></span></span></span></p>

<p><span 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 state-owned company had signed the agreement with Sailung Enterprises on April 24 and with Honiko on April 27. As per the initial agreement, the two companies should have imported the fertilizers within July 23. The government later extended the deadline by 25 days upon the request of the two companies. Minister Bhusal said that the contracts were terminated after the companies failed to supply the fertilizers even after the extended 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;">Sailung Enterprises is owned by Sharada Prasad Adhikari, who is the landlord of Nepal Communist Party Co-chairman Pushpa Kalal Dahal.</span></span></span></span></p>

<p><span 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 Agriculture Inputs Company Limited, the two companies could not furnish any details about the shipment or the vessels used to import the fertilizers despite repeated follow ups.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12431',
			'article_category_id' => '1',
			'title' => 'Internal Flights to Mountain and Hill Districts to Resume from September 17 ',
			'sub_title' => '',
			'summary' => 'September 7: The government is preparing to resume air service in mountainous and hill districts from September 17. ',
			'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 7: The government is preparing to resume air service in mountainous and hill districts 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;Arial Unicode MS&quot;">Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai informed that the government is preparing to resume domestic flights to those districts that have reported 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;">Earlier, the government had announced to resume air service from September 1 but that decision was put on hold after the capital and several other districts reported a rapid increase in Covid-19 cases.</span></span></span></span></p>

<p><span 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 an interaction with stakeholders regarding the reopening of tourism industry by following safety protocols, Minister Bhattarai reaffirmed that air service will resume from September 17. Meanwhile, the government is preparing to increase the number of international flights after analyzing the current flights for a few days. The government had lifted restriction on international flights from September 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 further said that the government as formed a team comprising officials from the Department of Tourism and the Nepal Tourism Board to study the international practice of safe handling of coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;Some vital decisions will be taken after completion of the study,&rdquo; said Minister Bhattarai.</span></span></span></span></p>

<p><span 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 further said that he is in favour of gradually reopening the tourism industry by maintaining safety standards. The ministry is preparing to submit a proposal to the cabinet in this regard, informed the minister.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12430',
			'article_category_id' => '1',
			'title' => 'Work Procedure for Concessional Loans to Startups Presented to Cabinet',
			'sub_title' => '',
			'summary' => 'September 6: The government has presented a proposal to the cabinet for amending the work procedure to provide 2 percent concessional loan to start-ups.',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">September 6: </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The government has presented a proposal to the cabinet for amending the work procedure to provide 2 percent concessional loan to start-ups.</span></span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The National Planning Commission has submitted a proposal to the Council of Ministers after changing provision of grants into loans.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the commission, a decision will be taken soon since the proposal has been taken to the Council of Ministers through the Ministry of Finance. A total of 699 proposals for seed money will be finalized after decision. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">People, who were interested in the latest works of information technology, agriculture, energy, health, tourism, and industry had applied for the loan in mid-May.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The call for proposals was open from May 11 to June 9. In case of loans for startup businesses, the amended work procedure allows a maximum loan of 50 percent of the required capital, which can range from Rs 1 million to Rs 10 million. An individual or a firm were not allowed to submit a proposal for multiple loans.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">A person or a firm can get a maximum loan of Rs 5 million at 2 percent interest rate if they wish to undertake a venture of Rs 10 million.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The proposal needs to have clear information about the business plan along with the status of the self-investment of the entrepreneur, the amount they have demanded from the Government of Nepal and any of their other investment partnerships. The commission hasn&rsquo;t accepted any further applications because of the lockdown.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The commission said that 15 days will be given to submit the proposals after the Council of Ministers pass the work procedure. The government had initially envisioned a &lsquo;Challenge Fund&rsquo; to provide grant up to 50 percent of the capital requirement in order to encourage young entrepreneurs to start new businesses. Although the government had announced such provision during the budget of last fiscal year, the program could not be implemented. The government has given continuity to the program by changing the modality into concessional loan in this year&rsquo;s budget instead of grant.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The revised work procedure has been made by including the advices from the ministries of finance, industry and education. Dr Ram Kumar Phuyal, a member of the National Planning Commission, says that a high-level committee will recommend the loans to those who meet the criteria as stated in the amended work procedure. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The committee will have the right to select and recommend the entrepreneurs, whom they think will develop high-quality inventions and systems is less time, cost and resources. According to Phuyal, the committee will also be responsible to check if the loans are being used in the right way. The committee will also be responsible for the monitoring of entrepreneurs, businessmen or institutions that have received the loan. A steering committee has been formed under the coordination of a member appointed by the National Planning Commission for the provision of loans. The committee will also have a joint secretary each from the ministries of finance; industry, commerce and supplies; and education as its members.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">A representative of banks has also been included in the committee for the selection of recipients of the loan. An official from the commission said that a representative of banks was not selected previously as the work procedure was earlier concerned with grants.&nbsp; </span></span></span></span></p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12429',
			'article_category_id' => '1',
			'title' => 'Insurance Board Fails to Recognize PCR Tests Conducted by Private Labs',
			'sub_title' => '',
			'summary' => 'September 6: The Insurance Board has been dragged into controversy for  not recognizing the report of PCR tests carried out by private labs at a time when Covid-19 cases are rising.',
			'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 6: The Insurance Board has been dragged into controversy for &nbsp;not recognizing the report of PCR tests carried out by private labs at a time when Covid-19 cases are rising.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">There is a provision for compensating a person who tests positive for coronavirus if the infected person makes insurance claims. However, the board has courted controversy after it said that it recognizes only the tests conducted by government labs. Following the decision of the board, insurance companies have stopped compensating the claimants. The individuals who have purchased insurance policy have not been able to benefit from the policy.</span></span></span></span></p>

<p><span 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 insurance policy announced on April 19 states that the individual can claim for compensation by presenting report of PCR test conducted at government labs. At that time, the government had not given permission to private labs to conduct PCR tests. But currently 13 private labs are providing the service after the government gave them permission to conduct the tests.</span></span></span></span></p>

<p><span 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 Insurance Board should have amended the policy announced on April 19. However, the insurance companies have not compensated the beneficiaries due to the failure of the board to recognize the tests carried out by private labs.</span></span></span></span></p>
',
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			'created' => '2020-09-06',
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	(int) 13 => array(
		'Article' => array(
			'id' => '12428',
			'article_category_id' => '1',
			'title' => '‘1 Million People Associated with Public Transportation Rendered Jobless’',
			'sub_title' => '',
			'summary' => 'September 6: The government decided on July 9 to allow public vehicles to operate in short routes within their respective districts after easing the nearly four-months lockdown restriction on transportation.',
			'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 6: The government decided on July 9 to allow public vehicles to operate in short routes within their respective districts after easing the nearly four-months lockdown restriction on transportation. The transport entrepreneurs started their business after repairing their vehicles. However, in less than one month, the government imposed prohibitory orders in various districts sending the vehicles back to the garages.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although other countries have gradually resumed public transportation by following safety protocols, Nepal has not prepared any work plan to this end.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Most of the countries have eased the lockdown restrictions but Nepal has only changed the definition of lockdown just like transferring &lsquo;an old wine into a new bottle&rsquo;. In fact, the prohibitory order seems to be more strict than the lockdown imposed in the initial stage to curb the spread of coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Federation of Nepalese National Transport Entrepreneurs (FNNTE), there are around 300,000 public vehicles and more than 60,000 cargo vehicles registered in Nepal. The federation says around 1 million people have got direct employment from this sector. Around 600,000 drivers and helpers who make a living by earning daily wages are at the receiving end since the last five months due to the closure of this sector, says Yogendra Nath Karmacharya, chairman of FNNTE. </span></span></span></span></p>

<p><span 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 claimed that more than 1 million persons in this sector have lost their jobs while the government has shown little interest to resume public transportation under the influence of middlemen.</span></span></span></span></p>

<p><span 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;Other countries have gradually reopened public transportation but our government isn&rsquo;t clear resuming the service here. The government is not serious about the problems faced by the public,&rdquo; he said. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He said that thousands of people entered Kathmandu in private vehicles by paying heavy price after the government lifted the lockdown more than a month ago. However, the government did not seem concerned about resuming long-distance service by preparing necessary guidelines and regulations.</span></span></span></span></p>

<p><span 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&rsquo;s concept that coronavirus will spread through black number plate and not the red one is flawed,&rdquo; he added.</span></span></span></span></p>
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			'article_category_id' => '1',
			'title' => 'Nepal’s Foreign Trade Bearing Brunt of Expensive Transshipment Cost ',
			'sub_title' => '',
			'summary' => 'September 6: Due to the landlocked nature of Nepal, it is estimated that the transshipment cost of Nepal is up to 20 percent higher than other countries. ',
			'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 6: Due to the landlocked nature of Nepal, it is estimated that the transshipment cost of Nepal is up to 20 percent higher than other countries. While the coastal countries limit the cost of transshipment between 5 to 10 percent of the total trade costs, it costs up to 25 percent in Nepal&rsquo;s foreign trade. Efforts to reduce the cost have not been effective so far. </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;">Ashok Kumar Temani, chairman of Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), say that foreign trade has not become competitive due to the high transshipment cost. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The transshipment cost in countries linked with ocean is 5 to 10 percent of the total trade cost. But, it costs up to a quarter in our country,&rdquo; he told New Business Age. </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;">Temani believes that the foreign trade has become expensive and lags behind in competition due to the inability to reduce the transportation costs. Under normal circumstances, the cost is around 25 percent in average, and sometimes goes up to 40 percent. That is one of the reasons why Nepalese products are not been able to compete in the international market. </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;">Recently, some importers have paid double fare than that of the price of goods. Due to the government decision and procedural delay, the containers carrying peas are stuck in the dry port of Birgunj and now have to pay twice more fare and fine than the price of the goods. Importer Om Prakash Moore says that they have to pay Rs 2.4 million including holding charge and fare for a container of peas which actually costs Rs 1.2 million only. </span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12441',
			'article_category_id' => '1',
			'title' => 'Farmers Unlikely to get Fertilisers for Paddy Cultivation this Season',
			'sub_title' => '',
			'summary' => 'September 8: More than a half of the 32,000 metric ton of urea procured by the Salt Trading Corporation has already entered Nepal. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">September 8: More than a half of the 32,000 metric ton of urea procured by the Salt Trading Corporation has already entered Nepal. However, there is no possibility of farmers getting the supply of fertilizers for paddy cultivation this year </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Although the government had borrowed urea from Bangladesh to resolve the fertiliser crisis, the farmers will not get the fertiliser this season. </span></span><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The route used to bring the chemical fertilizers from Bangladesh and the lengthy process will cause delay in arrival of the fertilizers for paddy cultivation.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government has given the responsibility to the Nepali Consulate in Kolkata to suggest a convenient route for importing fertilizer from Bangladesh. Consul General Ishwar Raj Poudel informed that work is underway to find out a suitable route for importing fertilizer from Bangladesh.</span></span> </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The Ministry of Agriculture has indicated that the fertilizer cannot be bought in this season.</span></span> </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Farmers have not been able to get fetilizer for the main crop as the authorities entrusted by the government have not been able to bring fertilizer on time. Of the 21,500 metric tons of urea imported by the Salt Trading Corporation in the last fiscal year 2076/77 and 10,500 metric tons in the current fiscal year 2077/78, 19,600 metric tonnes have entered Nepal. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Laxman Khadka, chief of the Nepal Transit and Warehousing Company, informed that 6 racks of fertilisers weighing 2,600 metric tons have already left for Birgunj from Kolkata Port. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&quot;4,000 metric tons of fertilizer have been sent to the eastern border, Biratnagar by road,&quot; said Khadka.</span></span> </span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12440',
			'article_category_id' => '1',
			'title' => 'FNCCI Committee Submits Report on Modalities for Election ',
			'sub_title' => '',
			'summary' => 'September 8: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) to recommended modalities for the election of the umbrella organisations of entrepreneurs and industrialists of Nepal has submitted its report to the executive committee of FNCCI.  ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">September 8: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) to recommended modalities for the election of the umbrella organisations of entrepreneurs and industrialists of Nepal has submitted its report to the executive committee of FNCCI. &nbsp;</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:&quot;Arial Unicode MS&quot;">The committee has recommended three modalities for the election, which has been deferred time and again due to Covid-19 crisis. The committee handed over the report to FNCCI President Bhavani Rana on Monday (September 8).</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:&quot;Arial Unicode MS&quot;">One of the options given by the committee is to hold all three levels of election in the capital after the risk of coronavirus subsides. Other options include main election and election of associates in Kathmandu and the district/town election in the respective districts by maintaining physical distance while the third option is to hold election through electronic means. </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:&quot;Arial Unicode MS&quot;">The committee has given high priority to direct election over the election through electronic means, which falls on the least priority. The report suggests e-voting only if the other two options are not possible. </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:&quot;Arial Unicode MS&quot;">The report has stressed on opting for the main election and election of associates in Kathmandu and the district/town election in the respective districts by maintaining physical distance. </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:&quot;Arial Unicode MS&quot;">The second choice to hold election of all three levels of FNCCI in Kathmandu is currently not viable due to the pandemic.</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:&quot;Arial Unicode MS&quot;">The committee prepared the three modalities after consulting with the Ministry of Health and Population and the Covid-19 Crisis Management Centre (CCMC), informed Sunil Gopal Shrestha, member of the committee.</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:&quot;Arial Unicode MS&quot;">Although the FNCCI had fixed the date of its General Assembly to elect a new executive committee for April 10-11, the election could not be held due to the lockdown imposed by the government as well as the risk of coronavirus infection. The date of the General Assembly has been deferred time and again.</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:&quot;Arial Unicode MS&quot;">The FNCCI leadership is under pressure to hold the election as soon as possible. </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:&quot;Arial Unicode MS&quot;">The FNCCI members are divided over whether to hold the election after the risk of Covid-19 subsides or to go ahead for the polls by maintaining physical distancing.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12439',
			'article_category_id' => '1',
			'title' => 'NRB Implements Revised Work Procedure on Interest Rate Corridor ',
			'sub_title' => 'Rate of Repo now 3 percent, Rate of Deposit Collection 1 percent',
			'summary' => 'September 8: Nepal Rastra Bank (NRB) has implemented the work procedure related to the interest rate corridor 2076 (Second Amendment) in order to minimize the effects of the coronavirus pandemic on the nation’s economy. ',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">September 8: Nepal Rastra Bank (NRB) has implemented the work procedure related to the interest rate corridor 2076 (Second Amendment) in order to minimize the effects of the coronavirus pandemic on the nation&rsquo;s economy. The revised work procedure has decreased the overnight repo rate to 3 percent. The rate was previously 3.5 percent. Similarly, the weekly deposit collection has been decreased to 1 percent, which is the lower limit of the corridor. This rate was previously 2 percent.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The rate of Standing Liquidity Facility (SLF) is still the upper limit of the corridor at 5 percent. The central bank issued and implemented the Work Procedure on Interest Rate Corridor, 2076 (Second Amendment, 2077) on Monday. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Dr. Gunakar Bhatta, the spokesperson of Nepal Rastra Bank, said that the revised work procedure is being implemented under the provision of the monetary policy of the fiscal year 2077 with an aim of bringing stability in the interest rates and modernizing the monetary management by reducing the fluctuations in the short-term interest rates.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Under the interest rate corridor, &lsquo;A&rsquo;, &lsquo;B&rsquo; and &lsquo;C&rsquo; class banks and financial institutions will be able to use the overnight repo facility at an interest rate of 3 percent per annum. The overnight repo can be taken once a week and up to 0.25 percent of the deposits made in Nepalese currency on the previous day in the bank or financial institution. In case of a leave on or before the day of application, the interbank interest rate on the previous day has to exceed 3 percent. Banks are required to submit an application asking for an overnight repo, a statement and the original copy of their securities to be kept as the collateral to the Public Debt Department at least an hour before the end of the office hours. The securities to be kept as the collateral must be worth 110 percent of the demanded amount. Institutions outside the valley will need to submit the original copy of the securities that will be kept as the collateral to their nearest branch office of the central bank.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Similarly, under the interest rate corridor, the liquidity can be absorbed through the use of a one-week deposit collection tool, which will collect the required amount of deposit through bidding at 1 percent interest rate. Since the amount collected through this will be recorded in the investment portfolio of the counterparty, this amount cannot be counted in their mandatory cash reserve. However, the amount can be included while calculating the Statutory Liquidity Ratio (SLR) and the liquidity ratio of the banks.</span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12438',
			'article_category_id' => '1',
			'title' => 'Automobile Dealers Warn of Defying the Government if it Extends Prohibitory Order Again',
			'sub_title' => '',
			'summary' => 'September 8: Nepal Automobile Dealers Association (NADA) has warned of defying the government if it extends the prohibitory order again. ',
			'content' => '<p><em>Vehicles on display during the NADA Auto Show in this file photo. </em></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 8: Nepal Automobile Dealers Association (NADA) has warned of defying the government if it extends the prohibitory order again. </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 prohibitory order imposed in the three districts of Kathmandu valley expires on midnight of September 9. </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">NADA has urged all businesspersons to commence regular business starting from September 10.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><strong>&nbsp;</strong><span style="font-size:14.0pt"><span style="font-family:Arial">Issuing a press statement&nbsp; on Monday, NADA has urged the government to make arrangement for resuming business by adopting safety measures once the current prohibitory order comes to an end after Wednesday. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NADA&rsquo;s chairperson Krishna Prasad Dulal informed that the automobile dealers would defy the government if it extends the prohibitory order again.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We will resume our service by defying the government order from September 10 onward,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Dulal further said that huger can be more dangerous than coronavirus. Other countries have lifted lockdown and have started regular business with optimum safety. There is no alternative for Nepal than to follow suit, he said.</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">He also demanded immediate relief packages for the businesses affected by the COVID-19 crisis. </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">&ldquo;The industrialists and entrepreneurs abided by the government&rsquo;s decision for 180 days but the businesspersons have now been requested to operate their business regularly defying prohibitory orders,&rdquo; NADA&rsquo;s chairperson Krishna Prasad Dulal said, adding, &ldquo;The government should take note that the country&rsquo;s economy is falling and create environment to operate businesses easily.&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 automobile business in Nepal was reeling under crisis ahead of the coronavirus pandemic after the government imposed strict regulations on financing.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank had instructed banks and financial institutions to provide 50 percent loan for the purchase of automobiles. Later, the sales of vehicles came to a complete halt for nearly four months after the government imposed lockdown on March 24. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Currently, it is the peak season for sales of vehicles. But that too has been affected by the prohibitory order issued by the government. </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">NADA Chairman Dulal also expressed dissatisfaction over the extended lockdown followed by the prohibitory order stating that civil servants have been receiving salary and allowances despite not going to work. Only industrialists and businesses person have taken a stand against the lockdown because they have been affected the most- Chairman Dulal informed. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-09-08',
			'modified' => '2020-09-08',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12185',
			'image' => '20200908015741_20150914010543_travel-map.jpg',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12437',
			'article_category_id' => '1',
			'title' => 'NRB Instructs Banks to Open More Branches for Tax Collection',
			'sub_title' => '',
			'summary' => 'September 8: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) involved in revenue collection to open all the counters for three days starting from Tuesday (September 8).',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 8: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) involved in revenue collection to open all the counters for three days starting from Tuesday (September 8).</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 central bank issued such directive on Monday to boost revenue collection as the deadline approaches. The government has ordered taxpayers to pay the tax by September 10.</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">Issuing a circular on Monday (September 7), the BFI Regulation Department of central bank ordered BFIs and other related organisations to remain open from September 8 to 10 for revenue collection. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">All the banks as well as clearing houses have been instructed to open their branches amid concerns of risk posed by Covid-19. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Currently, banks and financial institutions are providing their services through limited number of branches owing to the coronavirus crisis. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">They have not been able to provide full-fledged services due to the high risk of coronavirus infection. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The BFIs have been instructed to open more branches to avoid overcrowding.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial"><img alt="" src="/app/webroot/userfiles/images/nrb%20notice%283%29.jpg" style="height:638px; width:800px" /></span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'created' => '2020-09-08',
			'modified' => '2020-09-08',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12184',
			'image' => '20200908102457_nrb.jpg',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12436',
			'article_category_id' => '1',
			'title' => 'Private Sector Under Pressure to Pay Taxes Despite Prohibitory Order',
			'sub_title' => 'Inland Revenue Department urges Taxpayers to make Payment through Online Banking System',
			'summary' => 'September 7: The private sector businesses are under pressure to pay tax at a time when they are not able to operate properly due to the prohibitory order issued by the local administration in various districts.',
			'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 7: The private sector businesses are under pressure to pay tax at a time when they are not able to operate properly due to the prohibitory order issued by the local administration in various districts.</span></span></span></span></p>

<p><span 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 revenue offices under the Ministry of Finance have been urging the private sector to pay the tax on time as the ministry has not extended the timeframe for payment despite the lockdown and prohibitory order.</span></span></span></span></p>

<p><span 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 Inland Revenue Department had issued a notice to pay taxes on August 23. The same notice says that the time period for the payment of taxes is up to the end of the Nepali month of Bhadra (September 16). The department will slap fines if the private sector does not pay the taxes on time, warns Binod Bahadur Kunwar, director general of the department.</span></span></span></span></p>

<p><span 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 ministry of finance has not taken any decision about extension of the time period for paying taxes. Therefore, they cannot spare anyone who evades taxes on the pretext of prohibitory order, he informed.</span></span></span></span></p>

<p><span 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;There is no need to be physically present at the revenue office for paying taxes. It is possible to pay taxes through mobile banking,&rdquo; he added.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'created' => '2020-09-07',
			'modified' => '2020-09-07',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12183',
			'image' => '20200907074520_1599400665.tax.jpg',
			'article_date' => '2020-09-07 19:44:40',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12435',
			'article_category_id' => '1',
			'title' => 'Private Sector Demands Easing Restrictions to Revitalize Economy',
			'sub_title' => '',
			'summary' => 'September 7: The private sector has urged the government to ease the restrictions imposed by the local authorities in order to revitalize the country’s ailing economy. ',
			'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 7: The private sector has urged the government to ease the restrictions imposed by the local authorities in order to revitalize the country&rsquo;s ailing economy. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Representative of the private sector made such request to the government during a meeting with Prime Minister KP Sharma Oli, who also holds the portfolio of finance minister, at his official residence in Baluwatar on Sunday (September 6).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The prime minister had called the representatives of the private sector to discuss about ways to minimize the impacts of coronavirus on the economy and to revitalize the economy that has been paralyzed since the last five months due to lockdown and prohibitory orders.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">During the meeting, office bearers of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) stressed on the need to ease the restrictions imposed by the local governments to contain the spread of coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stating that the restrictions imposed by the government to curb the spread of the disease have badly affected the industrial sector, they urged the government to recommence their industries by following standard health protocols. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">PM Oli was positive about reopening businesses and industries by adopting proper precautionary measures.</span></span></span></span></p>

<p><span 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 private sector also urged the government to facilitate in obtaining refinancing facility as mentioned in the monetary policy for the current fiscal year. They also demanded 20 percent discount on electricity bill until the current crisis subsides.</span></span></span></span></p>

<p><span 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 private sector also urged the government during the three-hour long meeting to remove the customs duty and excise duty imposed on electric vehicles.</span></span></span></span></p>
',
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			'modified' => '2020-09-07',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12182',
			'image' => '20200907041123_1599430049.3.jpg',
			'article_date' => '2020-09-07 16:10:37',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12434',
			'article_category_id' => '1',
			'title' => 'Rs 13 Billion Spent for Motorable Bridge Construction ',
			'sub_title' => '',
			'summary' => 'September 7: The government spent Rs 13 billion in the last Fiscal Year 2076/77 for the construction of motorable bridges across the country. ',
			'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 7: The government spent Rs 13 billion in the last Fiscal Year 2076/77 for the construction of motorable bridges across the country. The Department of Roads spent three times more budget than the allocated budget in the last fiscal year to design 1500 new bridges which are currently under construction. </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 government had initially allocated Rs 4 billion for bridges in the annual budget but it was later increased to Rs 13 billion.</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 had set a target of completing 300 bridges last year, the target could not be achieved. According to the department, the target was not completed due to the lockdown during the peak season for construction. However, the department claims that 70 percent progress has been made in the bridge construction as compared to other development projects. </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;">Dipak Kumar Bhattarai, chief of the bridge division under the Department of Roads, says that despite the risk of coronavirus and other complications, great achievement has been made in the construction of bridges. </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 construction entrepreneurs had been expressing their intention to build the bridges before the onset of rainy season. Due to this, 80 bridges under construction have been completed during the lockdown from March to June. Bhattarai also informed that the construction of 210 bridges was completed last year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;If we had stopped working during the lockdown, there would be huge loss if the under construction bridges hadn&rsquo;t been completed,&rdquo; he said, adding, &ldquo;The bridges that were supposed to be built before the rainy season and were in a state of great risk were selected and built.&quot; </span></span></span></span></p>

<p>&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12181',
			'image' => '20200907024901_20181204035031_Ghatte Bridge.jpg',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12433',
			'article_category_id' => '1',
			'title' => 'Industries in Bara-Parsa Corridor Laying off Workers',
			'sub_title' => '',
			'summary' => 'September 7: Industries in the Bara-Parsa Corridor have started reducing the number of workers as their production has shrunk due to the lockdown and restriction. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 7: Industries in the Bara-Parsa Corridor have started reducing the number of workers as their production has shrunk due to the lockdown and restriction. </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">Stating that their production has been affected due to the four-month-long lockdown and the ongoing nationwide prohibitory order, the entrepreneurs have been firing their factory workers.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">According to the Labor and Employment Office, Parsa, more than half a dozen industries in the industrial corridor have sent information regarding labor cuts. The labor office also informed that an industry in Birgunj laid off all of its workers on Sunday (September 6) alone.</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">Sundar Shrestha, chief of the Labor and Employment Office, informed that most of the industries have laid off their workers.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">&ldquo;Most of the industries in the corridor have been found to have laid off their workers unofficially, and only a limited number of industries have informed about it to the labor office,&rdquo; Shrestha said.</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">Industries say that they have been removing workers on mutual understanding. However, the industries have not informed about the decision to the labor&nbsp;office.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">According to the Labor Act, industries are subjected to inform about the reduction of work force to the Labor Office. Workers kept in reserve should be paid half salary according to the act.</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">In the case of labor deduction, the provision of the labor act mandates industries to pay annual salary as compensation to the worker. Likewise, the worker should be informed of their termination one month in advance.</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">It is estimated that more than around 100,000 workers are working in 1,000 industries in the industrial corridor. According to the industrialists, 35 to 40 percent of them have lost their jobs due to the inconvenience caused by the COVID-19.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12432',
			'article_category_id' => '1',
			'title' => 'Government Terminates Contracts with 2 Companies for Failing to Supply Fertilizers',
			'sub_title' => '',
			'summary' => 'September 7: The government has terminated the contracts of two companies – Sailung Enterprises and Honiko Multiple Private Limited – for failing to supply chemical fertilizers on time.',
			'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 7: The government has terminated the contracts of two companies &ndash; Sailung Enterprises and Honiko Multiple Private Limited &ndash; for failing to supply chemical fertilizers on time. Besides scrapping the contracts, the government has also confiscated the deposits of the two companies.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The state-owned Agriculture Inputs Company Limited (Krishi Samagri Company Limited) had signed separate contracts with the two companies for the supply of 25,000 metric tons of urea each.</span></span></span></span></p>

<p><span 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, both the companies should have supplied the fertilizers within September 5. But the two private companies have not been able to assure the government-owned company about supplying the fertilizers anytime soon, leading to the termination of the contracts.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">More than Rs 90 million deposit of the two companies have also been confiscated by the government.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We had to take action against the two companies because they were careless despite having adequate time. Therefore we had to terminate the contracts. Their deposits have also been freezed,&rdquo; said Minister for Agriculture and Livestock Development Ghanashyam Bhusal during a press conference organised at the ministry on Sunday (September 6). </span></span></span></span></p>

<p><span 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 state-owned company had signed the agreement with Sailung Enterprises on April 24 and with Honiko on April 27. As per the initial agreement, the two companies should have imported the fertilizers within July 23. The government later extended the deadline by 25 days upon the request of the two companies. Minister Bhusal said that the contracts were terminated after the companies failed to supply the fertilizers even after the extended 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;">Sailung Enterprises is owned by Sharada Prasad Adhikari, who is the landlord of Nepal Communist Party Co-chairman Pushpa Kalal Dahal.</span></span></span></span></p>

<p><span 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 Agriculture Inputs Company Limited, the two companies could not furnish any details about the shipment or the vessels used to import the fertilizers despite repeated follow ups.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-09-07',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12179',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12431',
			'article_category_id' => '1',
			'title' => 'Internal Flights to Mountain and Hill Districts to Resume from September 17 ',
			'sub_title' => '',
			'summary' => 'September 7: The government is preparing to resume air service in mountainous and hill districts from September 17. ',
			'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 7: The government is preparing to resume air service in mountainous and hill districts 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;Arial Unicode MS&quot;">Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai informed that the government is preparing to resume domestic flights to those districts that have reported 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;">Earlier, the government had announced to resume air service from September 1 but that decision was put on hold after the capital and several other districts reported a rapid increase in Covid-19 cases.</span></span></span></span></p>

<p><span 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 an interaction with stakeholders regarding the reopening of tourism industry by following safety protocols, Minister Bhattarai reaffirmed that air service will resume from September 17. Meanwhile, the government is preparing to increase the number of international flights after analyzing the current flights for a few days. The government had lifted restriction on international flights from September 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 further said that the government as formed a team comprising officials from the Department of Tourism and the Nepal Tourism Board to study the international practice of safe handling of coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;Some vital decisions will be taken after completion of the study,&rdquo; said Minister Bhattarai.</span></span></span></span></p>

<p><span 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 further said that he is in favour of gradually reopening the tourism industry by maintaining safety standards. The ministry is preparing to submit a proposal to the cabinet in this regard, informed the minister.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12430',
			'article_category_id' => '1',
			'title' => 'Work Procedure for Concessional Loans to Startups Presented to Cabinet',
			'sub_title' => '',
			'summary' => 'September 6: The government has presented a proposal to the cabinet for amending the work procedure to provide 2 percent concessional loan to start-ups.',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">September 6: </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The government has presented a proposal to the cabinet for amending the work procedure to provide 2 percent concessional loan to start-ups.</span></span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The National Planning Commission has submitted a proposal to the Council of Ministers after changing provision of grants into loans.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the commission, a decision will be taken soon since the proposal has been taken to the Council of Ministers through the Ministry of Finance. A total of 699 proposals for seed money will be finalized after decision. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">People, who were interested in the latest works of information technology, agriculture, energy, health, tourism, and industry had applied for the loan in mid-May.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The call for proposals was open from May 11 to June 9. In case of loans for startup businesses, the amended work procedure allows a maximum loan of 50 percent of the required capital, which can range from Rs 1 million to Rs 10 million. An individual or a firm were not allowed to submit a proposal for multiple loans.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">A person or a firm can get a maximum loan of Rs 5 million at 2 percent interest rate if they wish to undertake a venture of Rs 10 million.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The proposal needs to have clear information about the business plan along with the status of the self-investment of the entrepreneur, the amount they have demanded from the Government of Nepal and any of their other investment partnerships. The commission hasn&rsquo;t accepted any further applications because of the lockdown.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The commission said that 15 days will be given to submit the proposals after the Council of Ministers pass the work procedure. The government had initially envisioned a &lsquo;Challenge Fund&rsquo; to provide grant up to 50 percent of the capital requirement in order to encourage young entrepreneurs to start new businesses. Although the government had announced such provision during the budget of last fiscal year, the program could not be implemented. The government has given continuity to the program by changing the modality into concessional loan in this year&rsquo;s budget instead of grant.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The revised work procedure has been made by including the advices from the ministries of finance, industry and education. Dr Ram Kumar Phuyal, a member of the National Planning Commission, says that a high-level committee will recommend the loans to those who meet the criteria as stated in the amended work procedure. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">The committee will have the right to select and recommend the entrepreneurs, whom they think will develop high-quality inventions and systems is less time, cost and resources. According to Phuyal, the committee will also be responsible to check if the loans are being used in the right way. The committee will also be responsible for the monitoring of entrepreneurs, businessmen or institutions that have received the loan. A steering committee has been formed under the coordination of a member appointed by the National Planning Commission for the provision of loans. The committee will also have a joint secretary each from the ministries of finance; industry, commerce and supplies; and education as its members.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:Arial">A representative of banks has also been included in the committee for the selection of recipients of the loan. An official from the commission said that a representative of banks was not selected previously as the work procedure was earlier concerned with grants.&nbsp; </span></span></span></span></p>
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			'sortorder' => '12177',
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		'Article' => array(
			'id' => '12429',
			'article_category_id' => '1',
			'title' => 'Insurance Board Fails to Recognize PCR Tests Conducted by Private Labs',
			'sub_title' => '',
			'summary' => 'September 6: The Insurance Board has been dragged into controversy for  not recognizing the report of PCR tests carried out by private labs at a time when Covid-19 cases are rising.',
			'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 6: The Insurance Board has been dragged into controversy for &nbsp;not recognizing the report of PCR tests carried out by private labs at a time when Covid-19 cases are rising.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">There is a provision for compensating a person who tests positive for coronavirus if the infected person makes insurance claims. However, the board has courted controversy after it said that it recognizes only the tests conducted by government labs. Following the decision of the board, insurance companies have stopped compensating the claimants. The individuals who have purchased insurance policy have not been able to benefit from the policy.</span></span></span></span></p>

<p><span 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 insurance policy announced on April 19 states that the individual can claim for compensation by presenting report of PCR test conducted at government labs. At that time, the government had not given permission to private labs to conduct PCR tests. But currently 13 private labs are providing the service after the government gave them permission to conduct the tests.</span></span></span></span></p>

<p><span 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 Insurance Board should have amended the policy announced on April 19. However, the insurance companies have not compensated the beneficiaries due to the failure of the board to recognize the tests carried out by private labs.</span></span></span></span></p>
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			'description' => '',
			'sortorder' => '12176',
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		'Article' => array(
			'id' => '12428',
			'article_category_id' => '1',
			'title' => '‘1 Million People Associated with Public Transportation Rendered Jobless’',
			'sub_title' => '',
			'summary' => 'September 6: The government decided on July 9 to allow public vehicles to operate in short routes within their respective districts after easing the nearly four-months lockdown restriction on transportation.',
			'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 6: The government decided on July 9 to allow public vehicles to operate in short routes within their respective districts after easing the nearly four-months lockdown restriction on transportation. The transport entrepreneurs started their business after repairing their vehicles. However, in less than one month, the government imposed prohibitory orders in various districts sending the vehicles back to the garages.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although other countries have gradually resumed public transportation by following safety protocols, Nepal has not prepared any work plan to this end.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Most of the countries have eased the lockdown restrictions but Nepal has only changed the definition of lockdown just like transferring &lsquo;an old wine into a new bottle&rsquo;. In fact, the prohibitory order seems to be more strict than the lockdown imposed in the initial stage to curb the spread of coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Federation of Nepalese National Transport Entrepreneurs (FNNTE), there are around 300,000 public vehicles and more than 60,000 cargo vehicles registered in Nepal. The federation says around 1 million people have got direct employment from this sector. Around 600,000 drivers and helpers who make a living by earning daily wages are at the receiving end since the last five months due to the closure of this sector, says Yogendra Nath Karmacharya, chairman of FNNTE. </span></span></span></span></p>

<p><span 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 claimed that more than 1 million persons in this sector have lost their jobs while the government has shown little interest to resume public transportation under the influence of middlemen.</span></span></span></span></p>

<p><span 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;Other countries have gradually reopened public transportation but our government isn&rsquo;t clear resuming the service here. The government is not serious about the problems faced by the public,&rdquo; he said. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He said that thousands of people entered Kathmandu in private vehicles by paying heavy price after the government lifted the lockdown more than a month ago. However, the government did not seem concerned about resuming long-distance service by preparing necessary guidelines and regulations.</span></span></span></span></p>

<p><span 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&rsquo;s concept that coronavirus will spread through black number plate and not the red one is flawed,&rdquo; he added.</span></span></span></span></p>
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	(int) 14 => array(
		'Article' => array(
			'id' => '12427',
			'article_category_id' => '1',
			'title' => 'Nepal’s Foreign Trade Bearing Brunt of Expensive Transshipment Cost ',
			'sub_title' => '',
			'summary' => 'September 6: Due to the landlocked nature of Nepal, it is estimated that the transshipment cost of Nepal is up to 20 percent higher than other countries. ',
			'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 6: Due to the landlocked nature of Nepal, it is estimated that the transshipment cost of Nepal is up to 20 percent higher than other countries. While the coastal countries limit the cost of transshipment between 5 to 10 percent of the total trade costs, it costs up to 25 percent in Nepal&rsquo;s foreign trade. Efforts to reduce the cost have not been effective so far. </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;">Ashok Kumar Temani, chairman of Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), say that foreign trade has not become competitive due to the high transshipment cost. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The transshipment cost in countries linked with ocean is 5 to 10 percent of the total trade cost. But, it costs up to a quarter in our country,&rdquo; he told New Business Age. </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;">Temani believes that the foreign trade has become expensive and lags behind in competition due to the inability to reduce the transportation costs. Under normal circumstances, the cost is around 25 percent in average, and sometimes goes up to 40 percent. That is one of the reasons why Nepalese products are not been able to compete in the international market. </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;">Recently, some importers have paid double fare than that of the price of goods. Due to the government decision and procedural delay, the containers carrying peas are stuck in the dry port of Birgunj and now have to pay twice more fare and fine than the price of the goods. Importer Om Prakash Moore says that they have to pay Rs 2.4 million including holding charge and fare for a container of peas which actually costs Rs 1.2 million only. </span></span></span></span></p>

<p>&nbsp;</p>
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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