Food Industries Struggles to Return Back to Normal Situation

Jul 29, 2020 0 1 minutes 40 seconds to read

July 29: The production of food stuffs that declined during the lockdown, has not yet been able to get back to normal…

Central Bank Starts Implementing Monetary Policy

Jul 28, 2020 0 3 minutes 26 seconds to read

July 28: Nepal Rastra Bank has instructed banks and financial institutions (BFIs) to increase the time period for payment of loans and interest by six months to two years depending on the impact on the respective businesses.…

APF Confiscates Smuggled Goods but Hardly Arrests any Smuggler

Jul 28, 2020 0 2 minutes 17 seconds to read

July 28: It has been two years since the Armed Police Force (APF) set up a company in Baitadi, which shares an open border with neighbouring…

Price of Gold Rising Steadily

Jul 28, 2020 0 1 minutes 7 seconds to read

July 28: The price of gold has been rising steadily in the Nepali market due to the increase in its price in the international market.…

Floods, Landslides Cause Damage worth Rs 2 billion

Jul 28, 2020 0 2 minutes 40 seconds to read

July 28: With the onset of monsoon in Nepal, floods and landslides have damaged roads and bridges in various places causing financial loss of more than Rs 2 billion within 18…

Nepal's Foreign Trade Shrinks due to Covid-19

Jul 28, 2020 0 1 minutes 58 seconds to read

July 28: Nepal’s foreign trade witnessed a sharp decline in the fiscal year 2019/20 due to the effects of coronavirus…

Transfer of the Coordinator Delays Merger of Hetauda and Udayapur Cement Industries

Jul 28, 2020 0 1 minutes 46 seconds to read

July 28: The merger process of two state owned cement companies - Hetauda Cement Factory and Udayapur Cement Industry - has been delayed due to the transfer of the coordinator of the merger…

Deadline for Filing Land Ceiling Application Extended till August 16.

Jul 27, 2020 0 2 minutes 4 seconds to read

July 27: The government has started implementing the ceiling on land ownership in accordance to the Land Related Act (eighth…

Gold Price Sets New Record

Jul 27, 2020 0 1 minutes 14 seconds to read

July 27: The price of gold in the Nepali market reached an all-time high on Monday (July 27).…

Promoter Share of CIT up for Auction

Jul 27, 2020 0 1 minutes 22 seconds to read

July 27: Promoter share of Citizenship Investment Trust (CIT) owned by Life Insurance Corporation Nepal Limited (LIC Nepal) has been put up for auction from Monday (July…

Supreme Court Tells United Insurance Company to Settle Insurance Claim

Jul 27, 2020 0 3 minutes 11 seconds to read

July 27: The Supreme Court has upheld the insurance claim made by Everest Paper Mills.…

Hotel Industry Gearing Up to Resume Service

Jul 27, 2020 0 3 minutes 46 seconds to read

July 27: Hotel entrepreneurs have started preparations to resume their business, which has been halted due to coronavirus and the subsequent lockdown imposed to control the spread of the…

NRB Holds Discussion with the Board Members of Sunrise Bank

Jul 27, 2020 0 1 minutes 48 seconds to read

July 27: Nepal Rastra Bank held discussion with the Board of Directors (BOD) of Sunrise Bank on Sunday, July 26 regarding the board’s attempt to remove the bank’s CEO.…

Tourism Entrepreneurs Demand Immediate Release of Relief Fund to Resume Business

Jul 26, 2020 0 1 minutes 54 seconds to read

July 26: Tourism entrepreneurs are preparing to reopen hotels, restaurants and trekking agencies which were closed since the last four months after the government imposed lockdown on March…

NRB Decides to Mop Excess Liquidity of Rs 20 Billion

Jul 26, 2020 0 2 minutes 50 seconds to read

July 26: Nepal Rastra Bank (NRB) has decided to take necessary measures for mopping excess liquidity in banks due to the poor demand for loans.…

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The Sweet Rewards of Power

By Madan Lamsal

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NEPSE

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			'title' => 'Food Industries Struggles to Return Back to Normal Situation ',
			'sub_title' => '',
			'summary' => 'July 29: The production of food stuffs that declined during the lockdown, has not yet been able to get back to normal pace.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">July 29: The production of food stuffs that declined during the lockdown, has not yet been able to get back to normal pace.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Food manufacturers informed that even though the food industries came into operation less than a week after the lockdown was lifted, they are yet to operate in full fledge capacity. The industries have been producing at 50 percent of their full capacity since the last four months.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The government had allowed food industries to operate even during the lockdown.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Chairman of the Nepal Rice, Oil and Pulses Industries Association, Subodh Kumar Gupta, informed that the food industry has been producing only half of its capacity even after the end of lockdown.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">According to the entrepreneurs, the food industry was compelled to limit the production during the lockdown due to lack of operating capital, raw materials and labor.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;The condition of industries in the Birgunj area, the center of food production, is even more problematic. Industries that are trying to resume normal production are facing more problems after the lockdown,&rdquo; informed Gupta.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">An indefinite curfew has been imposed in Birgunj since last Saturday as the number of Covid-19 cases has increased in the region. Gupta informed that panic of Corona and obstruction in transportation has affected their production.</span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Central Bank Starts Implementing Monetary Policy',
			'sub_title' => '',
			'summary' => 'July 28: Nepal Rastra Bank has instructed banks and financial institutions (BFIs) to increase the time period for payment of loans and interest by six months to two years depending on the impact on the respective businesses. ',
			'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;">July 28: Nepal Rastra Bank has instructed banks and financial institutions (BFIs) to increase the time period for payment of loans and interest by six months to two years depending on the impact on the respective businesses. </span></span></span></span></p>

<p><span 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 central bank has categorized the affected businesses into three groups &ndash; highly affected, affected and less affected. The time period for repayment of loan and interest has been fixed in accordance to the provision in the monetary policy for the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The central bank has instructed the concerned bodies to implement the provision in the monetary policy after amending the Integrated Directive 2076 on Monday (July 27).</span></span></span></span></p>

<p><span 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 instruction of the central bank, the businesses that have been highly affected by Covid-19 will be able to repay their loan and interest within two years from the start of the current fiscal year. NRB has also instructed to collect such loan gradually in two installments, three installments and 4 installments. The central bank has also instructed BFIs not to charge any interest or fine for such amount during the given period. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">All sectors affiliated to the tourism industry can avail such facility. Recreation businesses, party palaces, film industry, distributors, cinema halls also fall under the same category.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Workers who have lost their job and Nepalese migrant workers can also get such relief.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">People involved in vegetable and fruits business, floriculture, diary production, poultry farming and animal husbandry can also enjoy the facility of repaying loan in two years without any interest.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Readymade garments, handicraft and artisans as well as educational consultancies also fall under the same category.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, other sectors that have been affected by Covid-19 will be allowed to repay their loans within 9 months without any interest or fine. Plastic, iron and steel industries, leather and metal producers fall under this category. Likewise, private and residential schools and colleges, universities, technical schools, pre-schools and child care centres can avail this facility as well.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Transportation service providers, beauty parlours, consultation agencies, hospitals, construction companies, pharmaceutical industries, publication houses also fall under this category.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, the sectors least affected by Covid-19 can repay their loan within six months from the start of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Hydropower projects, e-commerce companies, food production companies, refinery, among others fall under this category.</span></span></span></span></p>
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			'id' => '12243',
			'article_category_id' => '1',
			'title' => 'APF Confiscates Smuggled Goods but Hardly Arrests any Smuggler',
			'sub_title' => '',
			'summary' => 'July 28: It has been two years since the Armed Police Force (APF) set up a company in Baitadi, which shares an open border with neighbouring India.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria">July 28: It has been two years since the Armed Police Force (APF) set up a company in Baitadi, which shares an open border with neighbouring India. During this period, APF has confiscated a large amount of goods smuggled into the country. But the para-military force hasn&rsquo;t arrested a single person in connection to smuggled goods, according to available reports.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">During the last fiscal year 2019/20, APF confiscated goods worth Rs 154,000 which were being imported without paying customs duty. But surprisingly, APF failed to arrest those who had brought the goods into the country. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">There are lots of similar instances in which Nepal Police has reportedly handed over unclaimed goods to the customs department. But Nepal Police has somehow managed to arrest a few persons in such cases.&nbsp; Nepal Police had arrested a person who had smuggled goods into Nepal a few days ago and handed over to the customs department.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">However, the locals have started questioning the reason behind APF confiscating smuggled goods but failing to arrest the persons involved in smuggling.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">This has given rise to speculations that APF is colluding with the smugglers in bringing goods into the country.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Deputy Superintendent of Police (DSP) Amit Singh stationed in Baitadi informed New Business Age that last year they had arrested one person who had smuggled timber and another for illegally importing tobacco.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">DSP Singh addmitted that they are finding it difficult to curb smuggling because the locals inform the smugglers about their presence when they are in patrol.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">APF has been patrolling Jhulaghat area of Dashrath Chand Municipality ever since it was deployed in the area. It is believed that maximum number of smuggling take place in this region. Mostly, tobacco and its products are smuggled into Nepal from India. Of late, APF has also started patrolling Pancheshwar area after establishing a Border Out Post (BOP). It is expected to reduce the incidents of smuggling.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">&nbsp;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">&nbsp; </span></span></p>
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			'id' => '12242',
			'article_category_id' => '1',
			'title' => 'Price of Gold Rising Steadily',
			'sub_title' => '',
			'summary' => 'July 28: The price of gold has been rising steadily in the Nepali market due to the increase in its price in the international market. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">July 28: The price of gold has been rising steadily in the Nepali market due to the increase in its price in the international market. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The price of gold set a new record once again on Tuesday (July 28) with an increase of Rs 800 per tola (11 grams approximately). Gold is being traded for Rs 98,200 with the new adjustment.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Federation of Nepalese Gold and Silver Dealers Association, the price of silver has also increased by Rs 35 per tola. The cost of silver per tola has reached Rs 1245.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The price of gold in the international market has increased to 1947 dollars. The price of the precious yellow metal has been increasing steadily since the last few days. Investors have been spending on gold in the international market to secure their investment, thereby causing a steady rise in its price.</span></span></span></p>
',
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			'article_date' => '2020-07-28 16:01:50',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12241',
			'article_category_id' => '1',
			'title' => 'Floods, Landslides Cause Damage worth Rs 2 billion ',
			'sub_title' => '',
			'summary' => 'July 28: With the onset of monsoon in Nepal, floods and landslides have damaged roads and bridges in various places causing financial loss of more than Rs 2 billion within 18 days.',
			'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;">July 28: With the onset of monsoon in Nepal, floods and landslides have damaged roads and bridges in various places causing financial loss of more than Rs 2 billion within 18 days. A preliminary study by the Department of Roads shows that infrastructures worth more than Rs 2 billion have been destroyed since July 9. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Spokesperson and deputy director general of the department, Shiva Hari Sapkota, said that as it was a preliminary assessment and the cost of damage could increase. </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 extent of damage to roads and bridges by the natural calamities has increased because of geographical structure and delay in rehabilitation of old bridges and roads. In addition, as the major highways are adjoined to rivers and run through steep slopes, they are prone to floods and landslides. </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;">Sapkota said that Barhabise-Tatopani section of Arniko highway, Dumre-Beshisahar-Chame road section, and Beni-Jomsom road section and parts of Mahakali Highway have been most affected by floods and landslides. </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 loss is likely to increase as the rainfall is still continuing,&rdquo; Sapkota said, &ldquo;All division offices are ready with machineries so as to reopen the landslide-affected roads as soon as possible.&rdquo; </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">He further said that it will take some time to repair the flood-damaged roads and washed-out 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;">Critics say that the government only seeks immediate solution to this recurring problem instead of searching for long-term solution. The government on the other hand says it does not have other option besides removing the debris caused by landslides with machines and tools along the roads and operate one-way traffic during monsoon. </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;">Former Secretary at the Ministry of Physical Infrastructure and Transport Tulsi Prasad Sitaula said that the government has failed to adopt long-term strategy to solve the problem of flooding and washout of bridges. He said that even if there are ways to control the damage, huge investment is required and the only option for the government is to work on the short-term solution. </span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12240',
			'article_category_id' => '1',
			'title' => 'Nepal's Foreign Trade Shrinks due to Covid-19',
			'sub_title' => '',
			'summary' => 'July 28: Nepal’s foreign trade witnessed a sharp decline in the fiscal year 2019/20 due to the effects of coronavirus pandemic.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">July 28: Nepal&rsquo;s foreign trade witnessed a sharp decline in the fiscal year 2019/20 due to the effects of coronavirus pandemic. Although the reduction in import has improved Nepal&rsquo;s trade deficit, it has also reduced revenue collection from customs duty significantly.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In fiscal year 2018/19, the Department of Customs had collected revenue of Rs 354 billion. The department had set a target of collecting 30 percent more revenue in the last fiscal year. The department was expecting import to rise and thereby an increase in revenue collection. However, the government&rsquo;s restriction in import on top of coronavirus pandemic and the subsequent lockdown dented the customs department from achieving its target.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Revenue collection from customs duty, which was increasing every year, saw a decline&nbsp; during the last fiscal year. The revenue collection from customs duty last year was much lower than the previous year. According to the department, revenue collection during last fiscal year was less that the preceding year by Rs 56 billion. The department was able to collect revenue of Rs 298 billion in FY 2019/20.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Data provided by the department shows that the overall foreign trade of Nepal shrunk by Rs 222 billion last year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal imported goods worth Rs 1196 billion during the review period against Rs 1498 billion during FY 2018/19.</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:&quot;Arial Unicode MS&quot;">According to the Department of Customs, Nepal&rsquo;s import reduced by 15.63 billion while export of goods was down by 0.98 percent during the last fiscal year.</span></span></span></span></p>
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			'modified' => '2020-07-28',
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			'description' => '',
			'sortorder' => '11987',
			'image' => '20200728115719_1595886643.Clipboard03.jpg',
			'article_date' => '2020-07-28 11:56:30',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
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	),
	(int) 6 => array(
		'Article' => array(
			'id' => '12239',
			'article_category_id' => '1',
			'title' => 'Transfer of the Coordinator Delays Merger of Hetauda and Udayapur Cement Industries',
			'sub_title' => '',
			'summary' => 'July 28: The merger process of two state owned cement companies - Hetauda Cement Factory and Udayapur Cement Industry - has been delayed due to the transfer of the coordinator of the merger committee.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">July 28: The merger process of two state owned cement companies - Hetauda Cement Industry and Udayapur Cement Industry - has been delayed due to the transfer of the coordinator of the merger 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:Calibri">Shobha Kant Poudel, joint secretary at the Ministry of Industry, Commerce and Supplies, was appointed as the coordinator of the committee. However, he was later transferred from the ministry while the ministry has not been able to appoint a new coordinator to replace him.</span></span></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">Currently, a committee comprising representatives from the Ministry of Finance and the Company Registrar Office as well as mechanical engineers has been formed to study the financial and technical aspects of the two state-owned cement industries.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The committee had to submit their report by May which now is expected to submit by August 2020.&nbsp; The study was delayed due to the transfer of joint secretaries from the ministry.</span></span></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 ministry, the committee will analyze the legislation of the merger as per the terms of reference (TOR), property liability and staff management of both the companies, institutional reform, production cost reduction and technological reform. Market study, competition and share structure are also&nbsp; other factors taken into consideration for the merger.</span></span></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">An official at the ministry informed that the ministry is studying these issues while legal study has been completed.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-07-28',
			'modified' => '2020-07-28',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11986',
			'image' => '20200728113948_1595800959.4.jpg',
			'article_date' => '2020-07-28 11:38:42',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12238',
			'article_category_id' => '1',
			'title' => 'Deadline for Filing Land Ceiling Application Extended till August 16.',
			'sub_title' => '',
			'summary' => 'July 27: The government has started implementing the ceiling on land ownership in accordance to the Land Related Act (eighth amendment).',
			'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;">July 27: The government has started implementing the ceiling on land ownership in accordance to the Land Related Act (eighth amendment). There has been an encouraging participation from the private sector to claim the facilities announced by the government while implementing the act.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government had made an announcement last year that private industries, companies and corporations that have purchased land against the law will get valid certificates for one time.</span></span></span></span></p>

<p><span 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 Ministry of Land Management, Cooperatives and Poverty Alleviation has made a special provision with the amendment which allows the institutions that have acquired more land that the ceiling set by the government to keep the additional land provided that they submit a written application within three months validating the reason for the need of additional land.&nbsp; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Before the lockdown, the government had sought applications within three months from those who wanted to bring the illegally possessed land within the legal ambit. </span></span></span></span></p>

<p><span 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 ministry, altogether 95 individuals have submitted applications for this purpose. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The ministry informed that the time period to submit the application has been extended until August 16 considering the difficulty caused by the lockdown. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">If the ministry considers it relevant for the individual or companies to keep the additional land, then those individuals or institutions will have to pay Rs 150,000 per bigha of land in terai and Rs 50,000 per ropani land in Kathmandu valley to validate their certificates.</span></span></span></span></p>
',
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			'created' => '2020-07-27',
			'modified' => '2020-07-27',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11985',
			'image' => '20200727040807_1595800724.Clipboard06.jpg',
			'article_date' => '2020-07-27 16:07:14',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12237',
			'article_category_id' => '1',
			'title' => 'Gold Price Sets New Record ',
			'sub_title' => '',
			'summary' => 'July 27: The price of gold in the Nepali market reached an all-time high on Monday (July 27). ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">July 27: The price of gold in the Nepali market reached an all-time high on Monday (July 27).&nbsp; The price of the precious yellow metal has been increasing steadily since the last few days.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">According to the Federation of Nepalese Gold and Silver Dealers Association, the price of gold has increased overnight by Rs 1200 per tola (11 grams approximately). </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">The price of fine gold has reached Rs 97,500 per tola. The latest price hike is a new record in the price of gold in the country.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">Likewise, the price of silver has also increased by Rs 55 per tola. Silver is being traded for Rs 1210 per tola with the increase in price. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">The price of gold has also increased in the international market to reach an all-time high. The price of gold in the international market increased by 1 percent to reach 1920.9 dollors per ounce. The price of gold has been&nbsp; increasing since the trade war between USA and China began last year.</span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-07-27',
			'modified' => '2020-07-28',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11984',
			'image' => '20200727031028_gold.jpg',
			'article_date' => '2020-07-27 15:09:45',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12236',
			'article_category_id' => '1',
			'title' => 'Promoter Share of CIT up for Auction',
			'sub_title' => '',
			'summary' => 'July 27: Promoter share of Citizenship Investment Trust (CIT) owned by Life Insurance Corporation Nepal Limited (LIC Nepal) has been put up for auction from Monday (July 27).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">July 27: Promoter share of Citizenship Investment Trust (CIT) owned by Life Insurance Corporation Nepal Limited (LIC Nepal) has been put up for auction from Monday (July 27).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Altogether 50,000 units of promoter share of CIT will be up for auction for a week until July 3.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Banks and Financial Institutes (BFIs) and insurance companies interested in purchasing those shares can acquire them by presenting a sealed-bid quotation of at least Rs 1,800 per unit.</span></span></span></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 minimum units shares that interested companies can purchase is 100 units or its multiple.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Nepal SBI Merchant Banking Limited and Life Insurance Corporation Nepal have been appointed as the share registrar for the auction.</span></span></span></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 quotation form can be availed from the branch offices of Nepal SBI Merchant Banking in Biratnagar, Birtamod, Birgunj, Janakpur, Hetauda, Narayangadh, Pokhara, Baglung, Butwal, Dang, Nepalgunj, Surkhet, Dhangadhi and Mahendranagar.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '11983',
			'image' => '20200727025926_auction.jpg',
			'article_date' => '2020-07-27 14:58:46',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12235',
			'article_category_id' => '1',
			'title' => 'Supreme Court Tells United Insurance Company to Settle Insurance Claim ',
			'sub_title' => '',
			'summary' => 'July 27: The Supreme Court has upheld the insurance claim made by Everest Paper Mills. ',
			'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;">July 27: The Supreme Court has upheld the insurance claim made by Everest Paper Mills. Issuing a final verdict in favour of the mill, the apex court has ordered United Insurance Company to pay the insurance claim to the mill after a lengthy legal battle. In addition to that, the insurance company has also been instructed to pay the interest for the liable amount.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A division bench of justices Bisnwambhar Prasad Shrestha and Hari Prasad Phuyal issued the verdict last Wednesday (July 22). The paper mill had claimed insurance worth Rs 15 million for damages while filing the complaint. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, United Insurance has said it will take further legal steps after getting the full text of the verdict. Stating that the Supreme Court&rsquo;s verdict has victimized them, a high ranking official of the insurance company said they will take further legal steps in this regard.</span></span></span></span></p>

<p><span 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 haven&rsquo;t received the full text of Supreme Court verdict. We ill take further legal steps after consulting with our layers upon receiving the full text,&rdquo; said the official requesting anonymity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He argued that the Supreme Court&rsquo;s verdict in favour of the petitioner has been unjust for them when the surveyor has presented a report that warrants &lsquo;no claim&rsquo;. </span></span></span></span></p>

<p><span 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 insurgency era, the then Maoists rebels had detonated a pressure cooker bomb at Everest Paper Mills after the company declined to provide donation to the insurgents. The blast had damaged the machinery and readymade papers inside the mill.</span></span></span></span></p>

<p><span 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 paper mill had purchased two separate insurance policies from the insurance company for the machinery plant and the readymade products. </span></span></span></span></p>

<p><span 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 company argues that the insurance policy covers damage to readymade products stored in the warehouse but the paper mill has been claiming compensation for products damaged in the plant. </span></span></span></span></p>

<p><span 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 paper mill and insurance company had jointly hired two surveyors to prepare a report. The surveyors concluded that it was the company&rsquo;s flaw to keep the readymade products inside the plant and therefore the insurance company did not need to pay for the damages. </span></span></span></span></p>

<p><span 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 recommendation made by the report, the insurance company had paid Rs 45 million to the mill for the damages sustained by the plant.</span></span></span></span></p>
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			'keywords' => '',
			'description' => '',
			'sortorder' => '11982',
			'image' => '20200727014132_1595800608.Clipboard08.jpg',
			'article_date' => '2020-07-27 13:40:51',
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	(int) 11 => array(
		'Article' => array(
			'id' => '12233',
			'article_category_id' => '1',
			'title' => 'Hotel Industry Gearing Up to Resume Service',
			'sub_title' => '',
			'summary' => 'July 27: Hotel entrepreneurs have started preparations to resume their business, which has been halted due to coronavirus and the subsequent lockdown imposed to control the spread of the disease.',
			'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;">July 27: Hotel entrepreneurs have started preparations to resume their business, which has been halted due to coronavirus and the subsequent lockdown imposed to control the spread of the disease.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">They are gearing up to reopen hotels and restaurants after the government decided to allow them to resume their services from July 30.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The hotel industry has been completely shut since the last four months after the government imposed the lockdown on March 24. Hotel entrepreneurs say it is not possible to resume full-fledged service right now so they will be partially operating with just 10 percent of their capacity for the time being. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Shangri-La Hotel, a five-star hotel in the capital, is preparing to resume its service from the upcoming full moon day (Janai Purnima festival) on August 3. Meanwhile, another five-star hotel, Radisson, is doing its homework to resume service after mid-August. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, other restaurants and bars have also started training their staffers and adopting safety measures as per the health standard set by the government to resume their service.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Senior Vice President of Hotel Association of Nepal (HAN) Binayak Shah says that small and medium-sized hotels are actively preparing to resume their service than the big hotels.</span></span></span></span></p>

<p><span 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;At this point, we are resuming service not to&nbsp; make profit but to give the message that we are trying to create a conducive environment for business. We just want to bring the business back in tune,&rdquo; said Shah.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Shah, who is also the executive director of Airport Hotel, informed that they will be operating at 10 percent of their capacity for the time being.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Executive Director of Shangri-La Hotel Praveen Bahadur Pandey said that the hotel will resume service from the upcoming full moon day just for &ldquo;maintenance&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;">&ldquo;We are still not allowed to organize mass meetings and parties. But the hotel will remain open with limited service for some personal guests who regularly visit our coffee shops and restaurant,&rdquo; said Pandey. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He added that they are expecting 2 to 10 percent of business.</span></span></span></span></p>

<p><span 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 mobilize only 10 percent of staffers,&rdquo; he added.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Hotel entrepreneurs say that although the government has given approval to resume their business, foreign tourists visiting Nepal still need to stay in quarantine for 14 days. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Pandey argues that foreign tourists will not visit Nepal if they have to stay in quarantine for 14 days.</span></span></span></span></p>
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			'sortorder' => '11981',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12234',
			'article_category_id' => '1',
			'title' => 'NRB Holds Discussion with the Board Members of Sunrise Bank',
			'sub_title' => '',
			'summary' => 'July 27: Nepal Rastra Bank held discussion with the Board of Directors (BOD) of Sunrise Bank on Sunday, July 26 regarding the board’s attempt to remove the bank’s CEO. ',
			'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;">July 27: Nepal Rastra Bank held discussion with the Board of Directors (BOD) of Sunrise Bank on Sunday, July 26 regarding the board&rsquo;s attempt to remove the bank&rsquo;s CEO. NRB had called both the parties for discussion after the BOD had demanded the resignation of CEO Janak Poudel. </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;">However, NRB held discussion only with the board members. Executive Director of the central bank&rsquo;s BFI Regulatory Department Dev Kumar Dhakal, executive director of the bank&rsquo;s Supervision Department Mukunda Chhetri, BOD chairman Moti Lal Dugar, directors Bachha Raj Tater, Malchand Dugar, Shailendra Guragain, Sharada Sharma, Dipak Nepal and Om Krishna Joshi were present during the discussion. </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;">During the discussion, officials of NRB only asked the board members about the reason of the recent dispute. Executive director Dhakal did not want to speak about details of the discussion and only said that it was a normal routine process of NRB. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">In the half an hour-long discussion, Sunrise BOD told NRB that they were not satisfied with the performance of the CEO. &ldquo;We have put our words in front of NRB officials, but they have not given any suggestion yet. We are waiting for their suggestion,&rdquo; one of the directors of the bank said. </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">On the other side, CEO Poudel expressed his dissatisfaction that he was not invited in the discussion and reiterated that he will not resign. </span></span></span></p>

<p>&nbsp;</p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '12231',
			'article_category_id' => '1',
			'title' => 'Tourism Entrepreneurs Demand Immediate Release of Relief Fund to Resume Business',
			'sub_title' => '',
			'summary' => 'July 26: Tourism entrepreneurs are preparing to reopen hotels, restaurants and trekking agencies which were closed since the last four months after the government imposed lockdown on March 24.',
			'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;">July 26: Tourism entrepreneurs are preparing to reopen hotels, restaurants and trekking agencies which were closed since the last four months after the government imposed lockdown on March 24.&nbsp; However, despite the government lifting the lockdown, tourism entrepreneurs are not in a position to reopen their businesses right away due to lack of&nbsp; capital. Therefore, they have urged the government to immediately release the fund announced as a relief for this sector. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank has maintained that its new monetary policy and an additional fund of Rs 50 billion pledged by the government for the tourism industry would help in revitalizing the sector which has been badly affected by coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, tourism entrepreneurs have urged the government to immediately release the fund stating that they lack capital to resume their business.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government had pledged Rs 50 billion to facilitate the payment of workers associated with the tourism industry. The fund will be released as soon as the government makes it available to the Nepal Rastra Bank.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Secretary at the Ministry of Culture, Tourism and Civil Aviation Kedar Bahadur Adhikari said that they have already urged the finance ministry to set up the fund. &ldquo;But we have not received any word from the Finance Ministry,&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;">Meanwhile, the central bank has announced various concessions for the tourism sector in its monetary policy. </span></span></span></span></p>
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		'Article' => array(
			'id' => '12230',
			'article_category_id' => '1',
			'title' => 'NRB Decides to Mop Excess Liquidity of Rs 20 Billion',
			'sub_title' => '',
			'summary' => 'July 26: Nepal Rastra Bank (NRB) has decided to take necessary measures for mopping excess liquidity in banks due to the poor demand for loans. ',
			'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;">July 26: Nepal Rastra Bank (NRB) has decided to take necessary measures for mopping excess liquidity in banks due to the poor demand for loans. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">It is estimated that banks are currently having excessive liquidity of Rs 200 billion. The central bank on Thursday (July 23)decided to issue reversal repo (repurchase agreement) of Rs 20 billion with maturity period of one week.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NRB in its new monetary policy has increased the core capital plus deposit (CCD) ratio of banks from 80 percent to 85 percent targeting increased flow of loans to Covid-19 affected sector. This provision, which will last till the end of the current fiscal year, is expected to raise the excess liquidity to Rs 120 billion in average.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Banking expert Analraj Bhattarai stresses on making the economy vibrant to attain the 7 percent economic growth target set by the government. Bhattarai believes that the government has to ease the liquidity crunch to attain this target.</span></span></span></span></p>

<p><span 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 lending capacity of banks has increased after the NRB increased the CCD ratio and removed buffer capital. People seeking loan can avail loan at low interest rate if there is sufficient liquidity in the market,&rdquo; said 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;">NRB Spokesperson Dr Gunakar Bhatta informed New Business Age that the central bank is preparing to issue new directives within a few days.</span></span></span></span></p>

<p><span 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;Increasing the CCD ration will increase liquidity in the market,&rdquo; said Bhatta, adding, &ldquo;We are preparing to issue new directives in this regard very soon.&rdquo; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to Bhatta, the new directive will stabilize the 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;">Meanwhile, President of Nepal Bankers Association, Bhuvan Dahal, says simply increasing the CCD ratio alone will not increase the liquidity in the market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, Bhatta insists that the new provision will increase the liquidity which in turn will increase the flow of investible capital. This is expected to reduce the rate of interest.</span></span></span></span></p>
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		'Article' => array(
			'id' => '12245',
			'article_category_id' => '1',
			'title' => 'Food Industries Struggles to Return Back to Normal Situation ',
			'sub_title' => '',
			'summary' => 'July 29: The production of food stuffs that declined during the lockdown, has not yet been able to get back to normal pace.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">July 29: The production of food stuffs that declined during the lockdown, has not yet been able to get back to normal pace.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Food manufacturers informed that even though the food industries came into operation less than a week after the lockdown was lifted, they are yet to operate in full fledge capacity. The industries have been producing at 50 percent of their full capacity since the last four months.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The government had allowed food industries to operate even during the lockdown.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Chairman of the Nepal Rice, Oil and Pulses Industries Association, Subodh Kumar Gupta, informed that the food industry has been producing only half of its capacity even after the end of lockdown.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">According to the entrepreneurs, the food industry was compelled to limit the production during the lockdown due to lack of operating capital, raw materials and labor.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;The condition of industries in the Birgunj area, the center of food production, is even more problematic. Industries that are trying to resume normal production are facing more problems after the lockdown,&rdquo; informed Gupta.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">An indefinite curfew has been imposed in Birgunj since last Saturday as the number of Covid-19 cases has increased in the region. Gupta informed that panic of Corona and obstruction in transportation has affected their production.</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12244',
			'article_category_id' => '1',
			'title' => 'Central Bank Starts Implementing Monetary Policy',
			'sub_title' => '',
			'summary' => 'July 28: Nepal Rastra Bank has instructed banks and financial institutions (BFIs) to increase the time period for payment of loans and interest by six months to two years depending on the impact on the respective businesses. ',
			'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;">July 28: Nepal Rastra Bank has instructed banks and financial institutions (BFIs) to increase the time period for payment of loans and interest by six months to two years depending on the impact on the respective businesses. </span></span></span></span></p>

<p><span 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 central bank has categorized the affected businesses into three groups &ndash; highly affected, affected and less affected. The time period for repayment of loan and interest has been fixed in accordance to the provision in the monetary policy for the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The central bank has instructed the concerned bodies to implement the provision in the monetary policy after amending the Integrated Directive 2076 on Monday (July 27).</span></span></span></span></p>

<p><span 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 instruction of the central bank, the businesses that have been highly affected by Covid-19 will be able to repay their loan and interest within two years from the start of the current fiscal year. NRB has also instructed to collect such loan gradually in two installments, three installments and 4 installments. The central bank has also instructed BFIs not to charge any interest or fine for such amount during the given period. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">All sectors affiliated to the tourism industry can avail such facility. Recreation businesses, party palaces, film industry, distributors, cinema halls also fall under the same category.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Workers who have lost their job and Nepalese migrant workers can also get such relief.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">People involved in vegetable and fruits business, floriculture, diary production, poultry farming and animal husbandry can also enjoy the facility of repaying loan in two years without any interest.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Readymade garments, handicraft and artisans as well as educational consultancies also fall under the same category.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, other sectors that have been affected by Covid-19 will be allowed to repay their loans within 9 months without any interest or fine. Plastic, iron and steel industries, leather and metal producers fall under this category. Likewise, private and residential schools and colleges, universities, technical schools, pre-schools and child care centres can avail this facility as well.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Transportation service providers, beauty parlours, consultation agencies, hospitals, construction companies, pharmaceutical industries, publication houses also fall under this category.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, the sectors least affected by Covid-19 can repay their loan within six months from the start of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Hydropower projects, e-commerce companies, food production companies, refinery, among others fall under this category.</span></span></span></span></p>
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		'Article' => array(
			'id' => '12243',
			'article_category_id' => '1',
			'title' => 'APF Confiscates Smuggled Goods but Hardly Arrests any Smuggler',
			'sub_title' => '',
			'summary' => 'July 28: It has been two years since the Armed Police Force (APF) set up a company in Baitadi, which shares an open border with neighbouring India.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria">July 28: It has been two years since the Armed Police Force (APF) set up a company in Baitadi, which shares an open border with neighbouring India. During this period, APF has confiscated a large amount of goods smuggled into the country. But the para-military force hasn&rsquo;t arrested a single person in connection to smuggled goods, according to available reports.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">During the last fiscal year 2019/20, APF confiscated goods worth Rs 154,000 which were being imported without paying customs duty. But surprisingly, APF failed to arrest those who had brought the goods into the country. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">There are lots of similar instances in which Nepal Police has reportedly handed over unclaimed goods to the customs department. But Nepal Police has somehow managed to arrest a few persons in such cases.&nbsp; Nepal Police had arrested a person who had smuggled goods into Nepal a few days ago and handed over to the customs department.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">However, the locals have started questioning the reason behind APF confiscating smuggled goods but failing to arrest the persons involved in smuggling.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">This has given rise to speculations that APF is colluding with the smugglers in bringing goods into the country.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Deputy Superintendent of Police (DSP) Amit Singh stationed in Baitadi informed New Business Age that last year they had arrested one person who had smuggled timber and another for illegally importing tobacco.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">DSP Singh addmitted that they are finding it difficult to curb smuggling because the locals inform the smugglers about their presence when they are in patrol.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">APF has been patrolling Jhulaghat area of Dashrath Chand Municipality ever since it was deployed in the area. It is believed that maximum number of smuggling take place in this region. Mostly, tobacco and its products are smuggled into Nepal from India. Of late, APF has also started patrolling Pancheshwar area after establishing a Border Out Post (BOP). It is expected to reduce the incidents of smuggling.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">&nbsp;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">&nbsp; </span></span></p>
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			'id' => '12242',
			'article_category_id' => '1',
			'title' => 'Price of Gold Rising Steadily',
			'sub_title' => '',
			'summary' => 'July 28: The price of gold has been rising steadily in the Nepali market due to the increase in its price in the international market. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">July 28: The price of gold has been rising steadily in the Nepali market due to the increase in its price in the international market. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The price of gold set a new record once again on Tuesday (July 28) with an increase of Rs 800 per tola (11 grams approximately). Gold is being traded for Rs 98,200 with the new adjustment.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Federation of Nepalese Gold and Silver Dealers Association, the price of silver has also increased by Rs 35 per tola. The cost of silver per tola has reached Rs 1245.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The price of gold in the international market has increased to 1947 dollars. The price of the precious yellow metal has been increasing steadily since the last few days. Investors have been spending on gold in the international market to secure their investment, thereby causing a steady rise in its price.</span></span></span></p>
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		'Article' => array(
			'id' => '12241',
			'article_category_id' => '1',
			'title' => 'Floods, Landslides Cause Damage worth Rs 2 billion ',
			'sub_title' => '',
			'summary' => 'July 28: With the onset of monsoon in Nepal, floods and landslides have damaged roads and bridges in various places causing financial loss of more than Rs 2 billion within 18 days.',
			'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;">July 28: With the onset of monsoon in Nepal, floods and landslides have damaged roads and bridges in various places causing financial loss of more than Rs 2 billion within 18 days. A preliminary study by the Department of Roads shows that infrastructures worth more than Rs 2 billion have been destroyed since July 9. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Spokesperson and deputy director general of the department, Shiva Hari Sapkota, said that as it was a preliminary assessment and the cost of damage could increase. </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 extent of damage to roads and bridges by the natural calamities has increased because of geographical structure and delay in rehabilitation of old bridges and roads. In addition, as the major highways are adjoined to rivers and run through steep slopes, they are prone to floods and landslides. </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;">Sapkota said that Barhabise-Tatopani section of Arniko highway, Dumre-Beshisahar-Chame road section, and Beni-Jomsom road section and parts of Mahakali Highway have been most affected by floods and landslides. </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 loss is likely to increase as the rainfall is still continuing,&rdquo; Sapkota said, &ldquo;All division offices are ready with machineries so as to reopen the landslide-affected roads as soon as possible.&rdquo; </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">He further said that it will take some time to repair the flood-damaged roads and washed-out 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;">Critics say that the government only seeks immediate solution to this recurring problem instead of searching for long-term solution. The government on the other hand says it does not have other option besides removing the debris caused by landslides with machines and tools along the roads and operate one-way traffic during monsoon. </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;">Former Secretary at the Ministry of Physical Infrastructure and Transport Tulsi Prasad Sitaula said that the government has failed to adopt long-term strategy to solve the problem of flooding and washout of bridges. He said that even if there are ways to control the damage, huge investment is required and the only option for the government is to work on the short-term solution. </span></span></span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '11988',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12240',
			'article_category_id' => '1',
			'title' => 'Nepal's Foreign Trade Shrinks due to Covid-19',
			'sub_title' => '',
			'summary' => 'July 28: Nepal’s foreign trade witnessed a sharp decline in the fiscal year 2019/20 due to the effects of coronavirus pandemic.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">July 28: Nepal&rsquo;s foreign trade witnessed a sharp decline in the fiscal year 2019/20 due to the effects of coronavirus pandemic. Although the reduction in import has improved Nepal&rsquo;s trade deficit, it has also reduced revenue collection from customs duty significantly.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In fiscal year 2018/19, the Department of Customs had collected revenue of Rs 354 billion. The department had set a target of collecting 30 percent more revenue in the last fiscal year. The department was expecting import to rise and thereby an increase in revenue collection. However, the government&rsquo;s restriction in import on top of coronavirus pandemic and the subsequent lockdown dented the customs department from achieving its target.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Revenue collection from customs duty, which was increasing every year, saw a decline&nbsp; during the last fiscal year. The revenue collection from customs duty last year was much lower than the previous year. According to the department, revenue collection during last fiscal year was less that the preceding year by Rs 56 billion. The department was able to collect revenue of Rs 298 billion in FY 2019/20.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Data provided by the department shows that the overall foreign trade of Nepal shrunk by Rs 222 billion last year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal imported goods worth Rs 1196 billion during the review period against Rs 1498 billion during FY 2018/19.</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:&quot;Arial Unicode MS&quot;">According to the Department of Customs, Nepal&rsquo;s import reduced by 15.63 billion while export of goods was down by 0.98 percent during the last fiscal year.</span></span></span></span></p>
',
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			'description' => '',
			'sortorder' => '11987',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12239',
			'article_category_id' => '1',
			'title' => 'Transfer of the Coordinator Delays Merger of Hetauda and Udayapur Cement Industries',
			'sub_title' => '',
			'summary' => 'July 28: The merger process of two state owned cement companies - Hetauda Cement Factory and Udayapur Cement Industry - has been delayed due to the transfer of the coordinator of the merger committee.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">July 28: The merger process of two state owned cement companies - Hetauda Cement Industry and Udayapur Cement Industry - has been delayed due to the transfer of the coordinator of the merger 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:Calibri">Shobha Kant Poudel, joint secretary at the Ministry of Industry, Commerce and Supplies, was appointed as the coordinator of the committee. However, he was later transferred from the ministry while the ministry has not been able to appoint a new coordinator to replace him.</span></span></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">Currently, a committee comprising representatives from the Ministry of Finance and the Company Registrar Office as well as mechanical engineers has been formed to study the financial and technical aspects of the two state-owned cement industries.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The committee had to submit their report by May which now is expected to submit by August 2020.&nbsp; The study was delayed due to the transfer of joint secretaries from the ministry.</span></span></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 ministry, the committee will analyze the legislation of the merger as per the terms of reference (TOR), property liability and staff management of both the companies, institutional reform, production cost reduction and technological reform. Market study, competition and share structure are also&nbsp; other factors taken into consideration for the merger.</span></span></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">An official at the ministry informed that the ministry is studying these issues while legal study has been completed.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '11986',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12238',
			'article_category_id' => '1',
			'title' => 'Deadline for Filing Land Ceiling Application Extended till August 16.',
			'sub_title' => '',
			'summary' => 'July 27: The government has started implementing the ceiling on land ownership in accordance to the Land Related Act (eighth amendment).',
			'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;">July 27: The government has started implementing the ceiling on land ownership in accordance to the Land Related Act (eighth amendment). There has been an encouraging participation from the private sector to claim the facilities announced by the government while implementing the act.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government had made an announcement last year that private industries, companies and corporations that have purchased land against the law will get valid certificates for one time.</span></span></span></span></p>

<p><span 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 Ministry of Land Management, Cooperatives and Poverty Alleviation has made a special provision with the amendment which allows the institutions that have acquired more land that the ceiling set by the government to keep the additional land provided that they submit a written application within three months validating the reason for the need of additional land.&nbsp; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Before the lockdown, the government had sought applications within three months from those who wanted to bring the illegally possessed land within the legal ambit. </span></span></span></span></p>

<p><span 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 ministry, altogether 95 individuals have submitted applications for this purpose. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The ministry informed that the time period to submit the application has been extended until August 16 considering the difficulty caused by the lockdown. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">If the ministry considers it relevant for the individual or companies to keep the additional land, then those individuals or institutions will have to pay Rs 150,000 per bigha of land in terai and Rs 50,000 per ropani land in Kathmandu valley to validate their certificates.</span></span></span></span></p>
',
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			'article_date' => '2020-07-27 16:07:14',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12237',
			'article_category_id' => '1',
			'title' => 'Gold Price Sets New Record ',
			'sub_title' => '',
			'summary' => 'July 27: The price of gold in the Nepali market reached an all-time high on Monday (July 27). ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">July 27: The price of gold in the Nepali market reached an all-time high on Monday (July 27).&nbsp; The price of the precious yellow metal has been increasing steadily since the last few days.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">According to the Federation of Nepalese Gold and Silver Dealers Association, the price of gold has increased overnight by Rs 1200 per tola (11 grams approximately). </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">The price of fine gold has reached Rs 97,500 per tola. The latest price hike is a new record in the price of gold in the country.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">Likewise, the price of silver has also increased by Rs 55 per tola. Silver is being traded for Rs 1210 per tola with the increase in price. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">The price of gold has also increased in the international market to reach an all-time high. The price of gold in the international market increased by 1 percent to reach 1920.9 dollors per ounce. The price of gold has been&nbsp; increasing since the trade war between USA and China began last year.</span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-07-27',
			'modified' => '2020-07-28',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11984',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12236',
			'article_category_id' => '1',
			'title' => 'Promoter Share of CIT up for Auction',
			'sub_title' => '',
			'summary' => 'July 27: Promoter share of Citizenship Investment Trust (CIT) owned by Life Insurance Corporation Nepal Limited (LIC Nepal) has been put up for auction from Monday (July 27).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">July 27: Promoter share of Citizenship Investment Trust (CIT) owned by Life Insurance Corporation Nepal Limited (LIC Nepal) has been put up for auction from Monday (July 27).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Altogether 50,000 units of promoter share of CIT will be up for auction for a week until July 3.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Banks and Financial Institutes (BFIs) and insurance companies interested in purchasing those shares can acquire them by presenting a sealed-bid quotation of at least Rs 1,800 per unit.</span></span></span></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 minimum units shares that interested companies can purchase is 100 units or its multiple.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Nepal SBI Merchant Banking Limited and Life Insurance Corporation Nepal have been appointed as the share registrar for the auction.</span></span></span></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 quotation form can be availed from the branch offices of Nepal SBI Merchant Banking in Biratnagar, Birtamod, Birgunj, Janakpur, Hetauda, Narayangadh, Pokhara, Baglung, Butwal, Dang, Nepalgunj, Surkhet, Dhangadhi and Mahendranagar.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'created' => '2020-07-27',
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			'sortorder' => '11983',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12235',
			'article_category_id' => '1',
			'title' => 'Supreme Court Tells United Insurance Company to Settle Insurance Claim ',
			'sub_title' => '',
			'summary' => 'July 27: The Supreme Court has upheld the insurance claim made by Everest Paper Mills. ',
			'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;">July 27: The Supreme Court has upheld the insurance claim made by Everest Paper Mills. Issuing a final verdict in favour of the mill, the apex court has ordered United Insurance Company to pay the insurance claim to the mill after a lengthy legal battle. In addition to that, the insurance company has also been instructed to pay the interest for the liable amount.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A division bench of justices Bisnwambhar Prasad Shrestha and Hari Prasad Phuyal issued the verdict last Wednesday (July 22). The paper mill had claimed insurance worth Rs 15 million for damages while filing the complaint. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, United Insurance has said it will take further legal steps after getting the full text of the verdict. Stating that the Supreme Court&rsquo;s verdict has victimized them, a high ranking official of the insurance company said they will take further legal steps in this regard.</span></span></span></span></p>

<p><span 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 haven&rsquo;t received the full text of Supreme Court verdict. We ill take further legal steps after consulting with our layers upon receiving the full text,&rdquo; said the official requesting anonymity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He argued that the Supreme Court&rsquo;s verdict in favour of the petitioner has been unjust for them when the surveyor has presented a report that warrants &lsquo;no claim&rsquo;. </span></span></span></span></p>

<p><span 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 insurgency era, the then Maoists rebels had detonated a pressure cooker bomb at Everest Paper Mills after the company declined to provide donation to the insurgents. The blast had damaged the machinery and readymade papers inside the mill.</span></span></span></span></p>

<p><span 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 paper mill had purchased two separate insurance policies from the insurance company for the machinery plant and the readymade products. </span></span></span></span></p>

<p><span 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 company argues that the insurance policy covers damage to readymade products stored in the warehouse but the paper mill has been claiming compensation for products damaged in the plant. </span></span></span></span></p>

<p><span 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 paper mill and insurance company had jointly hired two surveyors to prepare a report. The surveyors concluded that it was the company&rsquo;s flaw to keep the readymade products inside the plant and therefore the insurance company did not need to pay for the damages. </span></span></span></span></p>

<p><span 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 recommendation made by the report, the insurance company had paid Rs 45 million to the mill for the damages sustained by the plant.</span></span></span></span></p>
',
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	(int) 11 => array(
		'Article' => array(
			'id' => '12233',
			'article_category_id' => '1',
			'title' => 'Hotel Industry Gearing Up to Resume Service',
			'sub_title' => '',
			'summary' => 'July 27: Hotel entrepreneurs have started preparations to resume their business, which has been halted due to coronavirus and the subsequent lockdown imposed to control the spread of the disease.',
			'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;">July 27: Hotel entrepreneurs have started preparations to resume their business, which has been halted due to coronavirus and the subsequent lockdown imposed to control the spread of the disease.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">They are gearing up to reopen hotels and restaurants after the government decided to allow them to resume their services from July 30.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The hotel industry has been completely shut since the last four months after the government imposed the lockdown on March 24. Hotel entrepreneurs say it is not possible to resume full-fledged service right now so they will be partially operating with just 10 percent of their capacity for the time being. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Shangri-La Hotel, a five-star hotel in the capital, is preparing to resume its service from the upcoming full moon day (Janai Purnima festival) on August 3. Meanwhile, another five-star hotel, Radisson, is doing its homework to resume service after mid-August. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, other restaurants and bars have also started training their staffers and adopting safety measures as per the health standard set by the government to resume their service.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Senior Vice President of Hotel Association of Nepal (HAN) Binayak Shah says that small and medium-sized hotels are actively preparing to resume their service than the big hotels.</span></span></span></span></p>

<p><span 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;At this point, we are resuming service not to&nbsp; make profit but to give the message that we are trying to create a conducive environment for business. We just want to bring the business back in tune,&rdquo; said Shah.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Shah, who is also the executive director of Airport Hotel, informed that they will be operating at 10 percent of their capacity for the time being.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Executive Director of Shangri-La Hotel Praveen Bahadur Pandey said that the hotel will resume service from the upcoming full moon day just for &ldquo;maintenance&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;">&ldquo;We are still not allowed to organize mass meetings and parties. But the hotel will remain open with limited service for some personal guests who regularly visit our coffee shops and restaurant,&rdquo; said Pandey. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He added that they are expecting 2 to 10 percent of business.</span></span></span></span></p>

<p><span 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 mobilize only 10 percent of staffers,&rdquo; he added.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Hotel entrepreneurs say that although the government has given approval to resume their business, foreign tourists visiting Nepal still need to stay in quarantine for 14 days. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Pandey argues that foreign tourists will not visit Nepal if they have to stay in quarantine for 14 days.</span></span></span></span></p>
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			'created' => '2020-07-27',
			'modified' => '2020-07-27',
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			'description' => '',
			'sortorder' => '11981',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12234',
			'article_category_id' => '1',
			'title' => 'NRB Holds Discussion with the Board Members of Sunrise Bank',
			'sub_title' => '',
			'summary' => 'July 27: Nepal Rastra Bank held discussion with the Board of Directors (BOD) of Sunrise Bank on Sunday, July 26 regarding the board’s attempt to remove the bank’s CEO. ',
			'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;">July 27: Nepal Rastra Bank held discussion with the Board of Directors (BOD) of Sunrise Bank on Sunday, July 26 regarding the board&rsquo;s attempt to remove the bank&rsquo;s CEO. NRB had called both the parties for discussion after the BOD had demanded the resignation of CEO Janak Poudel. </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;">However, NRB held discussion only with the board members. Executive Director of the central bank&rsquo;s BFI Regulatory Department Dev Kumar Dhakal, executive director of the bank&rsquo;s Supervision Department Mukunda Chhetri, BOD chairman Moti Lal Dugar, directors Bachha Raj Tater, Malchand Dugar, Shailendra Guragain, Sharada Sharma, Dipak Nepal and Om Krishna Joshi were present during the discussion. </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;">During the discussion, officials of NRB only asked the board members about the reason of the recent dispute. Executive director Dhakal did not want to speak about details of the discussion and only said that it was a normal routine process of NRB. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">In the half an hour-long discussion, Sunrise BOD told NRB that they were not satisfied with the performance of the CEO. &ldquo;We have put our words in front of NRB officials, but they have not given any suggestion yet. We are waiting for their suggestion,&rdquo; one of the directors of the bank said. </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">On the other side, CEO Poudel expressed his dissatisfaction that he was not invited in the discussion and reiterated that he will not resign. </span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12231',
			'article_category_id' => '1',
			'title' => 'Tourism Entrepreneurs Demand Immediate Release of Relief Fund to Resume Business',
			'sub_title' => '',
			'summary' => 'July 26: Tourism entrepreneurs are preparing to reopen hotels, restaurants and trekking agencies which were closed since the last four months after the government imposed lockdown on March 24.',
			'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;">July 26: Tourism entrepreneurs are preparing to reopen hotels, restaurants and trekking agencies which were closed since the last four months after the government imposed lockdown on March 24.&nbsp; However, despite the government lifting the lockdown, tourism entrepreneurs are not in a position to reopen their businesses right away due to lack of&nbsp; capital. Therefore, they have urged the government to immediately release the fund announced as a relief for this sector. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank has maintained that its new monetary policy and an additional fund of Rs 50 billion pledged by the government for the tourism industry would help in revitalizing the sector which has been badly affected by coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, tourism entrepreneurs have urged the government to immediately release the fund stating that they lack capital to resume their business.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government had pledged Rs 50 billion to facilitate the payment of workers associated with the tourism industry. The fund will be released as soon as the government makes it available to the Nepal Rastra Bank.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Secretary at the Ministry of Culture, Tourism and Civil Aviation Kedar Bahadur Adhikari said that they have already urged the finance ministry to set up the fund. &ldquo;But we have not received any word from the Finance Ministry,&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;">Meanwhile, the central bank has announced various concessions for the tourism sector in its monetary policy. </span></span></span></span></p>
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			'created' => '2020-07-26',
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		'Article' => array(
			'id' => '12230',
			'article_category_id' => '1',
			'title' => 'NRB Decides to Mop Excess Liquidity of Rs 20 Billion',
			'sub_title' => '',
			'summary' => 'July 26: Nepal Rastra Bank (NRB) has decided to take necessary measures for mopping excess liquidity in banks due to the poor demand for loans. ',
			'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;">July 26: Nepal Rastra Bank (NRB) has decided to take necessary measures for mopping excess liquidity in banks due to the poor demand for loans. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">It is estimated that banks are currently having excessive liquidity of Rs 200 billion. The central bank on Thursday (July 23)decided to issue reversal repo (repurchase agreement) of Rs 20 billion with maturity period of one week.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NRB in its new monetary policy has increased the core capital plus deposit (CCD) ratio of banks from 80 percent to 85 percent targeting increased flow of loans to Covid-19 affected sector. This provision, which will last till the end of the current fiscal year, is expected to raise the excess liquidity to Rs 120 billion in average.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Banking expert Analraj Bhattarai stresses on making the economy vibrant to attain the 7 percent economic growth target set by the government. Bhattarai believes that the government has to ease the liquidity crunch to attain this target.</span></span></span></span></p>

<p><span 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 lending capacity of banks has increased after the NRB increased the CCD ratio and removed buffer capital. People seeking loan can avail loan at low interest rate if there is sufficient liquidity in the market,&rdquo; said 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;">NRB Spokesperson Dr Gunakar Bhatta informed New Business Age that the central bank is preparing to issue new directives within a few days.</span></span></span></span></p>

<p><span 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;Increasing the CCD ration will increase liquidity in the market,&rdquo; said Bhatta, adding, &ldquo;We are preparing to issue new directives in this regard very soon.&rdquo; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to Bhatta, the new directive will stabilize the 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;">Meanwhile, President of Nepal Bankers Association, Bhuvan Dahal, says simply increasing the CCD ratio alone will not increase the liquidity in the market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, Bhatta insists that the new provision will increase the liquidity which in turn will increase the flow of investible capital. This is expected to reduce the rate of interest.</span></span></span></span></p>
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		'Article' => array(
			'id' => '12245',
			'article_category_id' => '1',
			'title' => 'Food Industries Struggles to Return Back to Normal Situation ',
			'sub_title' => '',
			'summary' => 'July 29: The production of food stuffs that declined during the lockdown, has not yet been able to get back to normal pace.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">July 29: The production of food stuffs that declined during the lockdown, has not yet been able to get back to normal pace.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Food manufacturers informed that even though the food industries came into operation less than a week after the lockdown was lifted, they are yet to operate in full fledge capacity. The industries have been producing at 50 percent of their full capacity since the last four months.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The government had allowed food industries to operate even during the lockdown.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Chairman of the Nepal Rice, Oil and Pulses Industries Association, Subodh Kumar Gupta, informed that the food industry has been producing only half of its capacity even after the end of lockdown.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">According to the entrepreneurs, the food industry was compelled to limit the production during the lockdown due to lack of operating capital, raw materials and labor.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;The condition of industries in the Birgunj area, the center of food production, is even more problematic. Industries that are trying to resume normal production are facing more problems after the lockdown,&rdquo; informed Gupta.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">An indefinite curfew has been imposed in Birgunj since last Saturday as the number of Covid-19 cases has increased in the region. Gupta informed that panic of Corona and obstruction in transportation has affected their production.</span></span></span></p>

<p>&nbsp;</p>
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			'description' => '',
			'sortorder' => '11992',
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		'Article' => array(
			'id' => '12244',
			'article_category_id' => '1',
			'title' => 'Central Bank Starts Implementing Monetary Policy',
			'sub_title' => '',
			'summary' => 'July 28: Nepal Rastra Bank has instructed banks and financial institutions (BFIs) to increase the time period for payment of loans and interest by six months to two years depending on the impact on the respective businesses. ',
			'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;">July 28: Nepal Rastra Bank has instructed banks and financial institutions (BFIs) to increase the time period for payment of loans and interest by six months to two years depending on the impact on the respective businesses. </span></span></span></span></p>

<p><span 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 central bank has categorized the affected businesses into three groups &ndash; highly affected, affected and less affected. The time period for repayment of loan and interest has been fixed in accordance to the provision in the monetary policy for the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The central bank has instructed the concerned bodies to implement the provision in the monetary policy after amending the Integrated Directive 2076 on Monday (July 27).</span></span></span></span></p>

<p><span 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 instruction of the central bank, the businesses that have been highly affected by Covid-19 will be able to repay their loan and interest within two years from the start of the current fiscal year. NRB has also instructed to collect such loan gradually in two installments, three installments and 4 installments. The central bank has also instructed BFIs not to charge any interest or fine for such amount during the given period. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">All sectors affiliated to the tourism industry can avail such facility. Recreation businesses, party palaces, film industry, distributors, cinema halls also fall under the same category.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Workers who have lost their job and Nepalese migrant workers can also get such relief.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">People involved in vegetable and fruits business, floriculture, diary production, poultry farming and animal husbandry can also enjoy the facility of repaying loan in two years without any interest.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Readymade garments, handicraft and artisans as well as educational consultancies also fall under the same category.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, other sectors that have been affected by Covid-19 will be allowed to repay their loans within 9 months without any interest or fine. Plastic, iron and steel industries, leather and metal producers fall under this category. Likewise, private and residential schools and colleges, universities, technical schools, pre-schools and child care centres can avail this facility as well.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Transportation service providers, beauty parlours, consultation agencies, hospitals, construction companies, pharmaceutical industries, publication houses also fall under this category.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, the sectors least affected by Covid-19 can repay their loan within six months from the start of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Hydropower projects, e-commerce companies, food production companies, refinery, among others fall under this category.</span></span></span></span></p>
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		'Article' => array(
			'id' => '12243',
			'article_category_id' => '1',
			'title' => 'APF Confiscates Smuggled Goods but Hardly Arrests any Smuggler',
			'sub_title' => '',
			'summary' => 'July 28: It has been two years since the Armed Police Force (APF) set up a company in Baitadi, which shares an open border with neighbouring India.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria">July 28: It has been two years since the Armed Police Force (APF) set up a company in Baitadi, which shares an open border with neighbouring India. During this period, APF has confiscated a large amount of goods smuggled into the country. But the para-military force hasn&rsquo;t arrested a single person in connection to smuggled goods, according to available reports.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">During the last fiscal year 2019/20, APF confiscated goods worth Rs 154,000 which were being imported without paying customs duty. But surprisingly, APF failed to arrest those who had brought the goods into the country. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">There are lots of similar instances in which Nepal Police has reportedly handed over unclaimed goods to the customs department. But Nepal Police has somehow managed to arrest a few persons in such cases.&nbsp; Nepal Police had arrested a person who had smuggled goods into Nepal a few days ago and handed over to the customs department.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">However, the locals have started questioning the reason behind APF confiscating smuggled goods but failing to arrest the persons involved in smuggling.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">This has given rise to speculations that APF is colluding with the smugglers in bringing goods into the country.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Deputy Superintendent of Police (DSP) Amit Singh stationed in Baitadi informed New Business Age that last year they had arrested one person who had smuggled timber and another for illegally importing tobacco.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">DSP Singh addmitted that they are finding it difficult to curb smuggling because the locals inform the smugglers about their presence when they are in patrol.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">APF has been patrolling Jhulaghat area of Dashrath Chand Municipality ever since it was deployed in the area. It is believed that maximum number of smuggling take place in this region. Mostly, tobacco and its products are smuggled into Nepal from India. Of late, APF has also started patrolling Pancheshwar area after establishing a Border Out Post (BOP). It is expected to reduce the incidents of smuggling.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">&nbsp;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">&nbsp; </span></span></p>
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	(int) 3 => array(
		'Article' => array(
			'id' => '12242',
			'article_category_id' => '1',
			'title' => 'Price of Gold Rising Steadily',
			'sub_title' => '',
			'summary' => 'July 28: The price of gold has been rising steadily in the Nepali market due to the increase in its price in the international market. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">July 28: The price of gold has been rising steadily in the Nepali market due to the increase in its price in the international market. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The price of gold set a new record once again on Tuesday (July 28) with an increase of Rs 800 per tola (11 grams approximately). Gold is being traded for Rs 98,200 with the new adjustment.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Federation of Nepalese Gold and Silver Dealers Association, the price of silver has also increased by Rs 35 per tola. The cost of silver per tola has reached Rs 1245.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The price of gold in the international market has increased to 1947 dollars. The price of the precious yellow metal has been increasing steadily since the last few days. Investors have been spending on gold in the international market to secure their investment, thereby causing a steady rise in its price.</span></span></span></p>
',
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			'sortorder' => '11989',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12241',
			'article_category_id' => '1',
			'title' => 'Floods, Landslides Cause Damage worth Rs 2 billion ',
			'sub_title' => '',
			'summary' => 'July 28: With the onset of monsoon in Nepal, floods and landslides have damaged roads and bridges in various places causing financial loss of more than Rs 2 billion within 18 days.',
			'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;">July 28: With the onset of monsoon in Nepal, floods and landslides have damaged roads and bridges in various places causing financial loss of more than Rs 2 billion within 18 days. A preliminary study by the Department of Roads shows that infrastructures worth more than Rs 2 billion have been destroyed since July 9. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Spokesperson and deputy director general of the department, Shiva Hari Sapkota, said that as it was a preliminary assessment and the cost of damage could increase. </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 extent of damage to roads and bridges by the natural calamities has increased because of geographical structure and delay in rehabilitation of old bridges and roads. In addition, as the major highways are adjoined to rivers and run through steep slopes, they are prone to floods and landslides. </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;">Sapkota said that Barhabise-Tatopani section of Arniko highway, Dumre-Beshisahar-Chame road section, and Beni-Jomsom road section and parts of Mahakali Highway have been most affected by floods and landslides. </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 loss is likely to increase as the rainfall is still continuing,&rdquo; Sapkota said, &ldquo;All division offices are ready with machineries so as to reopen the landslide-affected roads as soon as possible.&rdquo; </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">He further said that it will take some time to repair the flood-damaged roads and washed-out 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;">Critics say that the government only seeks immediate solution to this recurring problem instead of searching for long-term solution. The government on the other hand says it does not have other option besides removing the debris caused by landslides with machines and tools along the roads and operate one-way traffic during monsoon. </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;">Former Secretary at the Ministry of Physical Infrastructure and Transport Tulsi Prasad Sitaula said that the government has failed to adopt long-term strategy to solve the problem of flooding and washout of bridges. He said that even if there are ways to control the damage, huge investment is required and the only option for the government is to work on the short-term solution. </span></span></span></span></p>

<p>&nbsp;</p>
',
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			'sortorder' => '11988',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12240',
			'article_category_id' => '1',
			'title' => 'Nepal's Foreign Trade Shrinks due to Covid-19',
			'sub_title' => '',
			'summary' => 'July 28: Nepal’s foreign trade witnessed a sharp decline in the fiscal year 2019/20 due to the effects of coronavirus pandemic.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">July 28: Nepal&rsquo;s foreign trade witnessed a sharp decline in the fiscal year 2019/20 due to the effects of coronavirus pandemic. Although the reduction in import has improved Nepal&rsquo;s trade deficit, it has also reduced revenue collection from customs duty significantly.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In fiscal year 2018/19, the Department of Customs had collected revenue of Rs 354 billion. The department had set a target of collecting 30 percent more revenue in the last fiscal year. The department was expecting import to rise and thereby an increase in revenue collection. However, the government&rsquo;s restriction in import on top of coronavirus pandemic and the subsequent lockdown dented the customs department from achieving its target.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Revenue collection from customs duty, which was increasing every year, saw a decline&nbsp; during the last fiscal year. The revenue collection from customs duty last year was much lower than the previous year. According to the department, revenue collection during last fiscal year was less that the preceding year by Rs 56 billion. The department was able to collect revenue of Rs 298 billion in FY 2019/20.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Data provided by the department shows that the overall foreign trade of Nepal shrunk by Rs 222 billion last year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal imported goods worth Rs 1196 billion during the review period against Rs 1498 billion during FY 2018/19.</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:&quot;Arial Unicode MS&quot;">According to the Department of Customs, Nepal&rsquo;s import reduced by 15.63 billion while export of goods was down by 0.98 percent during the last fiscal year.</span></span></span></span></p>
',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12239',
			'article_category_id' => '1',
			'title' => 'Transfer of the Coordinator Delays Merger of Hetauda and Udayapur Cement Industries',
			'sub_title' => '',
			'summary' => 'July 28: The merger process of two state owned cement companies - Hetauda Cement Factory and Udayapur Cement Industry - has been delayed due to the transfer of the coordinator of the merger committee.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">July 28: The merger process of two state owned cement companies - Hetauda Cement Industry and Udayapur Cement Industry - has been delayed due to the transfer of the coordinator of the merger 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:Calibri">Shobha Kant Poudel, joint secretary at the Ministry of Industry, Commerce and Supplies, was appointed as the coordinator of the committee. However, he was later transferred from the ministry while the ministry has not been able to appoint a new coordinator to replace him.</span></span></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">Currently, a committee comprising representatives from the Ministry of Finance and the Company Registrar Office as well as mechanical engineers has been formed to study the financial and technical aspects of the two state-owned cement industries.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The committee had to submit their report by May which now is expected to submit by August 2020.&nbsp; The study was delayed due to the transfer of joint secretaries from the ministry.</span></span></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 ministry, the committee will analyze the legislation of the merger as per the terms of reference (TOR), property liability and staff management of both the companies, institutional reform, production cost reduction and technological reform. Market study, competition and share structure are also&nbsp; other factors taken into consideration for the merger.</span></span></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">An official at the ministry informed that the ministry is studying these issues while legal study has been completed.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '11986',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12238',
			'article_category_id' => '1',
			'title' => 'Deadline for Filing Land Ceiling Application Extended till August 16.',
			'sub_title' => '',
			'summary' => 'July 27: The government has started implementing the ceiling on land ownership in accordance to the Land Related Act (eighth amendment).',
			'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;">July 27: The government has started implementing the ceiling on land ownership in accordance to the Land Related Act (eighth amendment). There has been an encouraging participation from the private sector to claim the facilities announced by the government while implementing the act.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government had made an announcement last year that private industries, companies and corporations that have purchased land against the law will get valid certificates for one time.</span></span></span></span></p>

<p><span 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 Ministry of Land Management, Cooperatives and Poverty Alleviation has made a special provision with the amendment which allows the institutions that have acquired more land that the ceiling set by the government to keep the additional land provided that they submit a written application within three months validating the reason for the need of additional land.&nbsp; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Before the lockdown, the government had sought applications within three months from those who wanted to bring the illegally possessed land within the legal ambit. </span></span></span></span></p>

<p><span 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 ministry, altogether 95 individuals have submitted applications for this purpose. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The ministry informed that the time period to submit the application has been extended until August 16 considering the difficulty caused by the lockdown. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">If the ministry considers it relevant for the individual or companies to keep the additional land, then those individuals or institutions will have to pay Rs 150,000 per bigha of land in terai and Rs 50,000 per ropani land in Kathmandu valley to validate their certificates.</span></span></span></span></p>
',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12237',
			'article_category_id' => '1',
			'title' => 'Gold Price Sets New Record ',
			'sub_title' => '',
			'summary' => 'July 27: The price of gold in the Nepali market reached an all-time high on Monday (July 27). ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">July 27: The price of gold in the Nepali market reached an all-time high on Monday (July 27).&nbsp; The price of the precious yellow metal has been increasing steadily since the last few days.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">According to the Federation of Nepalese Gold and Silver Dealers Association, the price of gold has increased overnight by Rs 1200 per tola (11 grams approximately). </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">The price of fine gold has reached Rs 97,500 per tola. The latest price hike is a new record in the price of gold in the country.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">Likewise, the price of silver has also increased by Rs 55 per tola. Silver is being traded for Rs 1210 per tola with the increase in price. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">The price of gold has also increased in the international market to reach an all-time high. The price of gold in the international market increased by 1 percent to reach 1920.9 dollors per ounce. The price of gold has been&nbsp; increasing since the trade war between USA and China began last year.</span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12236',
			'article_category_id' => '1',
			'title' => 'Promoter Share of CIT up for Auction',
			'sub_title' => '',
			'summary' => 'July 27: Promoter share of Citizenship Investment Trust (CIT) owned by Life Insurance Corporation Nepal Limited (LIC Nepal) has been put up for auction from Monday (July 27).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">July 27: Promoter share of Citizenship Investment Trust (CIT) owned by Life Insurance Corporation Nepal Limited (LIC Nepal) has been put up for auction from Monday (July 27).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Altogether 50,000 units of promoter share of CIT will be up for auction for a week until July 3.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Banks and Financial Institutes (BFIs) and insurance companies interested in purchasing those shares can acquire them by presenting a sealed-bid quotation of at least Rs 1,800 per unit.</span></span></span></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 minimum units shares that interested companies can purchase is 100 units or its multiple.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Nepal SBI Merchant Banking Limited and Life Insurance Corporation Nepal have been appointed as the share registrar for the auction.</span></span></span></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 quotation form can be availed from the branch offices of Nepal SBI Merchant Banking in Biratnagar, Birtamod, Birgunj, Janakpur, Hetauda, Narayangadh, Pokhara, Baglung, Butwal, Dang, Nepalgunj, Surkhet, Dhangadhi and Mahendranagar.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12235',
			'article_category_id' => '1',
			'title' => 'Supreme Court Tells United Insurance Company to Settle Insurance Claim ',
			'sub_title' => '',
			'summary' => 'July 27: The Supreme Court has upheld the insurance claim made by Everest Paper Mills. ',
			'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;">July 27: The Supreme Court has upheld the insurance claim made by Everest Paper Mills. Issuing a final verdict in favour of the mill, the apex court has ordered United Insurance Company to pay the insurance claim to the mill after a lengthy legal battle. In addition to that, the insurance company has also been instructed to pay the interest for the liable amount.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A division bench of justices Bisnwambhar Prasad Shrestha and Hari Prasad Phuyal issued the verdict last Wednesday (July 22). The paper mill had claimed insurance worth Rs 15 million for damages while filing the complaint. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, United Insurance has said it will take further legal steps after getting the full text of the verdict. Stating that the Supreme Court&rsquo;s verdict has victimized them, a high ranking official of the insurance company said they will take further legal steps in this regard.</span></span></span></span></p>

<p><span 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 haven&rsquo;t received the full text of Supreme Court verdict. We ill take further legal steps after consulting with our layers upon receiving the full text,&rdquo; said the official requesting anonymity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He argued that the Supreme Court&rsquo;s verdict in favour of the petitioner has been unjust for them when the surveyor has presented a report that warrants &lsquo;no claim&rsquo;. </span></span></span></span></p>

<p><span 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 insurgency era, the then Maoists rebels had detonated a pressure cooker bomb at Everest Paper Mills after the company declined to provide donation to the insurgents. The blast had damaged the machinery and readymade papers inside the mill.</span></span></span></span></p>

<p><span 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 paper mill had purchased two separate insurance policies from the insurance company for the machinery plant and the readymade products. </span></span></span></span></p>

<p><span 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 company argues that the insurance policy covers damage to readymade products stored in the warehouse but the paper mill has been claiming compensation for products damaged in the plant. </span></span></span></span></p>

<p><span 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 paper mill and insurance company had jointly hired two surveyors to prepare a report. The surveyors concluded that it was the company&rsquo;s flaw to keep the readymade products inside the plant and therefore the insurance company did not need to pay for the damages. </span></span></span></span></p>

<p><span 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 recommendation made by the report, the insurance company had paid Rs 45 million to the mill for the damages sustained by the plant.</span></span></span></span></p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12233',
			'article_category_id' => '1',
			'title' => 'Hotel Industry Gearing Up to Resume Service',
			'sub_title' => '',
			'summary' => 'July 27: Hotel entrepreneurs have started preparations to resume their business, which has been halted due to coronavirus and the subsequent lockdown imposed to control the spread of the disease.',
			'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;">July 27: Hotel entrepreneurs have started preparations to resume their business, which has been halted due to coronavirus and the subsequent lockdown imposed to control the spread of the disease.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">They are gearing up to reopen hotels and restaurants after the government decided to allow them to resume their services from July 30.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The hotel industry has been completely shut since the last four months after the government imposed the lockdown on March 24. Hotel entrepreneurs say it is not possible to resume full-fledged service right now so they will be partially operating with just 10 percent of their capacity for the time being. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Shangri-La Hotel, a five-star hotel in the capital, is preparing to resume its service from the upcoming full moon day (Janai Purnima festival) on August 3. Meanwhile, another five-star hotel, Radisson, is doing its homework to resume service after mid-August. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, other restaurants and bars have also started training their staffers and adopting safety measures as per the health standard set by the government to resume their service.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Senior Vice President of Hotel Association of Nepal (HAN) Binayak Shah says that small and medium-sized hotels are actively preparing to resume their service than the big hotels.</span></span></span></span></p>

<p><span 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;At this point, we are resuming service not to&nbsp; make profit but to give the message that we are trying to create a conducive environment for business. We just want to bring the business back in tune,&rdquo; said Shah.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Shah, who is also the executive director of Airport Hotel, informed that they will be operating at 10 percent of their capacity for the time being.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Executive Director of Shangri-La Hotel Praveen Bahadur Pandey said that the hotel will resume service from the upcoming full moon day just for &ldquo;maintenance&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;">&ldquo;We are still not allowed to organize mass meetings and parties. But the hotel will remain open with limited service for some personal guests who regularly visit our coffee shops and restaurant,&rdquo; said Pandey. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He added that they are expecting 2 to 10 percent of business.</span></span></span></span></p>

<p><span 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 mobilize only 10 percent of staffers,&rdquo; he added.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Hotel entrepreneurs say that although the government has given approval to resume their business, foreign tourists visiting Nepal still need to stay in quarantine for 14 days. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Pandey argues that foreign tourists will not visit Nepal if they have to stay in quarantine for 14 days.</span></span></span></span></p>
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		'Article' => array(
			'id' => '12234',
			'article_category_id' => '1',
			'title' => 'NRB Holds Discussion with the Board Members of Sunrise Bank',
			'sub_title' => '',
			'summary' => 'July 27: Nepal Rastra Bank held discussion with the Board of Directors (BOD) of Sunrise Bank on Sunday, July 26 regarding the board’s attempt to remove the bank’s CEO. ',
			'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;">July 27: Nepal Rastra Bank held discussion with the Board of Directors (BOD) of Sunrise Bank on Sunday, July 26 regarding the board&rsquo;s attempt to remove the bank&rsquo;s CEO. NRB had called both the parties for discussion after the BOD had demanded the resignation of CEO Janak Poudel. </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;">However, NRB held discussion only with the board members. Executive Director of the central bank&rsquo;s BFI Regulatory Department Dev Kumar Dhakal, executive director of the bank&rsquo;s Supervision Department Mukunda Chhetri, BOD chairman Moti Lal Dugar, directors Bachha Raj Tater, Malchand Dugar, Shailendra Guragain, Sharada Sharma, Dipak Nepal and Om Krishna Joshi were present during the discussion. </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;">During the discussion, officials of NRB only asked the board members about the reason of the recent dispute. Executive director Dhakal did not want to speak about details of the discussion and only said that it was a normal routine process of NRB. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">In the half an hour-long discussion, Sunrise BOD told NRB that they were not satisfied with the performance of the CEO. &ldquo;We have put our words in front of NRB officials, but they have not given any suggestion yet. We are waiting for their suggestion,&rdquo; one of the directors of the bank said. </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">On the other side, CEO Poudel expressed his dissatisfaction that he was not invited in the discussion and reiterated that he will not resign. </span></span></span></p>

<p>&nbsp;</p>
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			'article_category_id' => '1',
			'title' => 'Tourism Entrepreneurs Demand Immediate Release of Relief Fund to Resume Business',
			'sub_title' => '',
			'summary' => 'July 26: Tourism entrepreneurs are preparing to reopen hotels, restaurants and trekking agencies which were closed since the last four months after the government imposed lockdown on March 24.',
			'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;">July 26: Tourism entrepreneurs are preparing to reopen hotels, restaurants and trekking agencies which were closed since the last four months after the government imposed lockdown on March 24.&nbsp; However, despite the government lifting the lockdown, tourism entrepreneurs are not in a position to reopen their businesses right away due to lack of&nbsp; capital. Therefore, they have urged the government to immediately release the fund announced as a relief for this sector. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank has maintained that its new monetary policy and an additional fund of Rs 50 billion pledged by the government for the tourism industry would help in revitalizing the sector which has been badly affected by coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, tourism entrepreneurs have urged the government to immediately release the fund stating that they lack capital to resume their business.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government had pledged Rs 50 billion to facilitate the payment of workers associated with the tourism industry. The fund will be released as soon as the government makes it available to the Nepal Rastra Bank.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Secretary at the Ministry of Culture, Tourism and Civil Aviation Kedar Bahadur Adhikari said that they have already urged the finance ministry to set up the fund. &ldquo;But we have not received any word from the Finance Ministry,&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;">Meanwhile, the central bank has announced various concessions for the tourism sector in its monetary policy. </span></span></span></span></p>
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		'Article' => array(
			'id' => '12230',
			'article_category_id' => '1',
			'title' => 'NRB Decides to Mop Excess Liquidity of Rs 20 Billion',
			'sub_title' => '',
			'summary' => 'July 26: Nepal Rastra Bank (NRB) has decided to take necessary measures for mopping excess liquidity in banks due to the poor demand for loans. ',
			'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;">July 26: Nepal Rastra Bank (NRB) has decided to take necessary measures for mopping excess liquidity in banks due to the poor demand for loans. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">It is estimated that banks are currently having excessive liquidity of Rs 200 billion. The central bank on Thursday (July 23)decided to issue reversal repo (repurchase agreement) of Rs 20 billion with maturity period of one week.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NRB in its new monetary policy has increased the core capital plus deposit (CCD) ratio of banks from 80 percent to 85 percent targeting increased flow of loans to Covid-19 affected sector. This provision, which will last till the end of the current fiscal year, is expected to raise the excess liquidity to Rs 120 billion in average.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Banking expert Analraj Bhattarai stresses on making the economy vibrant to attain the 7 percent economic growth target set by the government. Bhattarai believes that the government has to ease the liquidity crunch to attain this target.</span></span></span></span></p>

<p><span 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 lending capacity of banks has increased after the NRB increased the CCD ratio and removed buffer capital. People seeking loan can avail loan at low interest rate if there is sufficient liquidity in the market,&rdquo; said 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;">NRB Spokesperson Dr Gunakar Bhatta informed New Business Age that the central bank is preparing to issue new directives within a few days.</span></span></span></span></p>

<p><span 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;Increasing the CCD ration will increase liquidity in the market,&rdquo; said Bhatta, adding, &ldquo;We are preparing to issue new directives in this regard very soon.&rdquo; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to Bhatta, the new directive will stabilize the 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;">Meanwhile, President of Nepal Bankers Association, Bhuvan Dahal, says simply increasing the CCD ratio alone will not increase the liquidity in the market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, Bhatta insists that the new provision will increase the liquidity which in turn will increase the flow of investible capital. This is expected to reduce the rate of interest.</span></span></span></span></p>
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		'Article' => array(
			'id' => '12245',
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			'title' => 'Food Industries Struggles to Return Back to Normal Situation ',
			'sub_title' => '',
			'summary' => 'July 29: The production of food stuffs that declined during the lockdown, has not yet been able to get back to normal pace.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">July 29: The production of food stuffs that declined during the lockdown, has not yet been able to get back to normal pace.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Food manufacturers informed that even though the food industries came into operation less than a week after the lockdown was lifted, they are yet to operate in full fledge capacity. The industries have been producing at 50 percent of their full capacity since the last four months.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The government had allowed food industries to operate even during the lockdown.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Chairman of the Nepal Rice, Oil and Pulses Industries Association, Subodh Kumar Gupta, informed that the food industry has been producing only half of its capacity even after the end of lockdown.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">According to the entrepreneurs, the food industry was compelled to limit the production during the lockdown due to lack of operating capital, raw materials and labor.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;The condition of industries in the Birgunj area, the center of food production, is even more problematic. Industries that are trying to resume normal production are facing more problems after the lockdown,&rdquo; informed Gupta.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">An indefinite curfew has been imposed in Birgunj since last Saturday as the number of Covid-19 cases has increased in the region. Gupta informed that panic of Corona and obstruction in transportation has affected their production.</span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Central Bank Starts Implementing Monetary Policy',
			'sub_title' => '',
			'summary' => 'July 28: Nepal Rastra Bank has instructed banks and financial institutions (BFIs) to increase the time period for payment of loans and interest by six months to two years depending on the impact on the respective businesses. ',
			'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;">July 28: Nepal Rastra Bank has instructed banks and financial institutions (BFIs) to increase the time period for payment of loans and interest by six months to two years depending on the impact on the respective businesses. </span></span></span></span></p>

<p><span 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 central bank has categorized the affected businesses into three groups &ndash; highly affected, affected and less affected. The time period for repayment of loan and interest has been fixed in accordance to the provision in the monetary policy for the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The central bank has instructed the concerned bodies to implement the provision in the monetary policy after amending the Integrated Directive 2076 on Monday (July 27).</span></span></span></span></p>

<p><span 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 instruction of the central bank, the businesses that have been highly affected by Covid-19 will be able to repay their loan and interest within two years from the start of the current fiscal year. NRB has also instructed to collect such loan gradually in two installments, three installments and 4 installments. The central bank has also instructed BFIs not to charge any interest or fine for such amount during the given period. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">All sectors affiliated to the tourism industry can avail such facility. Recreation businesses, party palaces, film industry, distributors, cinema halls also fall under the same category.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Workers who have lost their job and Nepalese migrant workers can also get such relief.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">People involved in vegetable and fruits business, floriculture, diary production, poultry farming and animal husbandry can also enjoy the facility of repaying loan in two years without any interest.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Readymade garments, handicraft and artisans as well as educational consultancies also fall under the same category.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, other sectors that have been affected by Covid-19 will be allowed to repay their loans within 9 months without any interest or fine. Plastic, iron and steel industries, leather and metal producers fall under this category. Likewise, private and residential schools and colleges, universities, technical schools, pre-schools and child care centres can avail this facility as well.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Transportation service providers, beauty parlours, consultation agencies, hospitals, construction companies, pharmaceutical industries, publication houses also fall under this category.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, the sectors least affected by Covid-19 can repay their loan within six months from the start of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Hydropower projects, e-commerce companies, food production companies, refinery, among others fall under this category.</span></span></span></span></p>
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			'sortorder' => '11991',
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	(int) 2 => array(
		'Article' => array(
			'id' => '12243',
			'article_category_id' => '1',
			'title' => 'APF Confiscates Smuggled Goods but Hardly Arrests any Smuggler',
			'sub_title' => '',
			'summary' => 'July 28: It has been two years since the Armed Police Force (APF) set up a company in Baitadi, which shares an open border with neighbouring India.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria">July 28: It has been two years since the Armed Police Force (APF) set up a company in Baitadi, which shares an open border with neighbouring India. During this period, APF has confiscated a large amount of goods smuggled into the country. But the para-military force hasn&rsquo;t arrested a single person in connection to smuggled goods, according to available reports.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">During the last fiscal year 2019/20, APF confiscated goods worth Rs 154,000 which were being imported without paying customs duty. But surprisingly, APF failed to arrest those who had brought the goods into the country. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">There are lots of similar instances in which Nepal Police has reportedly handed over unclaimed goods to the customs department. But Nepal Police has somehow managed to arrest a few persons in such cases.&nbsp; Nepal Police had arrested a person who had smuggled goods into Nepal a few days ago and handed over to the customs department.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">However, the locals have started questioning the reason behind APF confiscating smuggled goods but failing to arrest the persons involved in smuggling.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">This has given rise to speculations that APF is colluding with the smugglers in bringing goods into the country.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Deputy Superintendent of Police (DSP) Amit Singh stationed in Baitadi informed New Business Age that last year they had arrested one person who had smuggled timber and another for illegally importing tobacco.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">DSP Singh addmitted that they are finding it difficult to curb smuggling because the locals inform the smugglers about their presence when they are in patrol.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">APF has been patrolling Jhulaghat area of Dashrath Chand Municipality ever since it was deployed in the area. It is believed that maximum number of smuggling take place in this region. Mostly, tobacco and its products are smuggled into Nepal from India. Of late, APF has also started patrolling Pancheshwar area after establishing a Border Out Post (BOP). It is expected to reduce the incidents of smuggling.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">&nbsp;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">&nbsp; </span></span></p>
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	(int) 3 => array(
		'Article' => array(
			'id' => '12242',
			'article_category_id' => '1',
			'title' => 'Price of Gold Rising Steadily',
			'sub_title' => '',
			'summary' => 'July 28: The price of gold has been rising steadily in the Nepali market due to the increase in its price in the international market. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">July 28: The price of gold has been rising steadily in the Nepali market due to the increase in its price in the international market. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The price of gold set a new record once again on Tuesday (July 28) with an increase of Rs 800 per tola (11 grams approximately). Gold is being traded for Rs 98,200 with the new adjustment.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the Federation of Nepalese Gold and Silver Dealers Association, the price of silver has also increased by Rs 35 per tola. The cost of silver per tola has reached Rs 1245.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The price of gold in the international market has increased to 1947 dollars. The price of the precious yellow metal has been increasing steadily since the last few days. Investors have been spending on gold in the international market to secure their investment, thereby causing a steady rise in its price.</span></span></span></p>
',
			'published' => true,
			'created' => '2020-07-28',
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			'sortorder' => '11989',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12241',
			'article_category_id' => '1',
			'title' => 'Floods, Landslides Cause Damage worth Rs 2 billion ',
			'sub_title' => '',
			'summary' => 'July 28: With the onset of monsoon in Nepal, floods and landslides have damaged roads and bridges in various places causing financial loss of more than Rs 2 billion within 18 days.',
			'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;">July 28: With the onset of monsoon in Nepal, floods and landslides have damaged roads and bridges in various places causing financial loss of more than Rs 2 billion within 18 days. A preliminary study by the Department of Roads shows that infrastructures worth more than Rs 2 billion have been destroyed since July 9. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Spokesperson and deputy director general of the department, Shiva Hari Sapkota, said that as it was a preliminary assessment and the cost of damage could increase. </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 extent of damage to roads and bridges by the natural calamities has increased because of geographical structure and delay in rehabilitation of old bridges and roads. In addition, as the major highways are adjoined to rivers and run through steep slopes, they are prone to floods and landslides. </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;">Sapkota said that Barhabise-Tatopani section of Arniko highway, Dumre-Beshisahar-Chame road section, and Beni-Jomsom road section and parts of Mahakali Highway have been most affected by floods and landslides. </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 loss is likely to increase as the rainfall is still continuing,&rdquo; Sapkota said, &ldquo;All division offices are ready with machineries so as to reopen the landslide-affected roads as soon as possible.&rdquo; </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">He further said that it will take some time to repair the flood-damaged roads and washed-out 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;">Critics say that the government only seeks immediate solution to this recurring problem instead of searching for long-term solution. The government on the other hand says it does not have other option besides removing the debris caused by landslides with machines and tools along the roads and operate one-way traffic during monsoon. </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;">Former Secretary at the Ministry of Physical Infrastructure and Transport Tulsi Prasad Sitaula said that the government has failed to adopt long-term strategy to solve the problem of flooding and washout of bridges. He said that even if there are ways to control the damage, huge investment is required and the only option for the government is to work on the short-term solution. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '12240',
			'article_category_id' => '1',
			'title' => 'Nepal's Foreign Trade Shrinks due to Covid-19',
			'sub_title' => '',
			'summary' => 'July 28: Nepal’s foreign trade witnessed a sharp decline in the fiscal year 2019/20 due to the effects of coronavirus pandemic.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">July 28: Nepal&rsquo;s foreign trade witnessed a sharp decline in the fiscal year 2019/20 due to the effects of coronavirus pandemic. Although the reduction in import has improved Nepal&rsquo;s trade deficit, it has also reduced revenue collection from customs duty significantly.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In fiscal year 2018/19, the Department of Customs had collected revenue of Rs 354 billion. The department had set a target of collecting 30 percent more revenue in the last fiscal year. The department was expecting import to rise and thereby an increase in revenue collection. However, the government&rsquo;s restriction in import on top of coronavirus pandemic and the subsequent lockdown dented the customs department from achieving its target.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Revenue collection from customs duty, which was increasing every year, saw a decline&nbsp; during the last fiscal year. The revenue collection from customs duty last year was much lower than the previous year. According to the department, revenue collection during last fiscal year was less that the preceding year by Rs 56 billion. The department was able to collect revenue of Rs 298 billion in FY 2019/20.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Data provided by the department shows that the overall foreign trade of Nepal shrunk by Rs 222 billion last year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal imported goods worth Rs 1196 billion during the review period against Rs 1498 billion during FY 2018/19.</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:&quot;Arial Unicode MS&quot;">According to the Department of Customs, Nepal&rsquo;s import reduced by 15.63 billion while export of goods was down by 0.98 percent during the last fiscal year.</span></span></span></span></p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '12239',
			'article_category_id' => '1',
			'title' => 'Transfer of the Coordinator Delays Merger of Hetauda and Udayapur Cement Industries',
			'sub_title' => '',
			'summary' => 'July 28: The merger process of two state owned cement companies - Hetauda Cement Factory and Udayapur Cement Industry - has been delayed due to the transfer of the coordinator of the merger committee.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">July 28: The merger process of two state owned cement companies - Hetauda Cement Industry and Udayapur Cement Industry - has been delayed due to the transfer of the coordinator of the merger 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:Calibri">Shobha Kant Poudel, joint secretary at the Ministry of Industry, Commerce and Supplies, was appointed as the coordinator of the committee. However, he was later transferred from the ministry while the ministry has not been able to appoint a new coordinator to replace him.</span></span></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">Currently, a committee comprising representatives from the Ministry of Finance and the Company Registrar Office as well as mechanical engineers has been formed to study the financial and technical aspects of the two state-owned cement industries.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The committee had to submit their report by May which now is expected to submit by August 2020.&nbsp; The study was delayed due to the transfer of joint secretaries from the ministry.</span></span></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 ministry, the committee will analyze the legislation of the merger as per the terms of reference (TOR), property liability and staff management of both the companies, institutional reform, production cost reduction and technological reform. Market study, competition and share structure are also&nbsp; other factors taken into consideration for the merger.</span></span></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">An official at the ministry informed that the ministry is studying these issues while legal study has been completed.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12238',
			'article_category_id' => '1',
			'title' => 'Deadline for Filing Land Ceiling Application Extended till August 16.',
			'sub_title' => '',
			'summary' => 'July 27: The government has started implementing the ceiling on land ownership in accordance to the Land Related Act (eighth amendment).',
			'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;">July 27: The government has started implementing the ceiling on land ownership in accordance to the Land Related Act (eighth amendment). There has been an encouraging participation from the private sector to claim the facilities announced by the government while implementing the act.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government had made an announcement last year that private industries, companies and corporations that have purchased land against the law will get valid certificates for one time.</span></span></span></span></p>

<p><span 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 Ministry of Land Management, Cooperatives and Poverty Alleviation has made a special provision with the amendment which allows the institutions that have acquired more land that the ceiling set by the government to keep the additional land provided that they submit a written application within three months validating the reason for the need of additional land.&nbsp; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Before the lockdown, the government had sought applications within three months from those who wanted to bring the illegally possessed land within the legal ambit. </span></span></span></span></p>

<p><span 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 ministry, altogether 95 individuals have submitted applications for this purpose. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The ministry informed that the time period to submit the application has been extended until August 16 considering the difficulty caused by the lockdown. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">If the ministry considers it relevant for the individual or companies to keep the additional land, then those individuals or institutions will have to pay Rs 150,000 per bigha of land in terai and Rs 50,000 per ropani land in Kathmandu valley to validate their certificates.</span></span></span></span></p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12237',
			'article_category_id' => '1',
			'title' => 'Gold Price Sets New Record ',
			'sub_title' => '',
			'summary' => 'July 27: The price of gold in the Nepali market reached an all-time high on Monday (July 27). ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">July 27: The price of gold in the Nepali market reached an all-time high on Monday (July 27).&nbsp; The price of the precious yellow metal has been increasing steadily since the last few days.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">According to the Federation of Nepalese Gold and Silver Dealers Association, the price of gold has increased overnight by Rs 1200 per tola (11 grams approximately). </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">The price of fine gold has reached Rs 97,500 per tola. The latest price hike is a new record in the price of gold in the country.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">Likewise, the price of silver has also increased by Rs 55 per tola. Silver is being traded for Rs 1210 per tola with the increase in price. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:Arial">The price of gold has also increased in the international market to reach an all-time high. The price of gold in the international market increased by 1 percent to reach 1920.9 dollors per ounce. The price of gold has been&nbsp; increasing since the trade war between USA and China began last year.</span></span></span></p>

<p>&nbsp;</p>
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			'description' => '',
			'sortorder' => '11984',
			'image' => '20200727031028_gold.jpg',
			'article_date' => '2020-07-27 15:09:45',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12236',
			'article_category_id' => '1',
			'title' => 'Promoter Share of CIT up for Auction',
			'sub_title' => '',
			'summary' => 'July 27: Promoter share of Citizenship Investment Trust (CIT) owned by Life Insurance Corporation Nepal Limited (LIC Nepal) has been put up for auction from Monday (July 27).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">July 27: Promoter share of Citizenship Investment Trust (CIT) owned by Life Insurance Corporation Nepal Limited (LIC Nepal) has been put up for auction from Monday (July 27).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Altogether 50,000 units of promoter share of CIT will be up for auction for a week until July 3.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Banks and Financial Institutes (BFIs) and insurance companies interested in purchasing those shares can acquire them by presenting a sealed-bid quotation of at least Rs 1,800 per unit.</span></span></span></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 minimum units shares that interested companies can purchase is 100 units or its multiple.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Nepal SBI Merchant Banking Limited and Life Insurance Corporation Nepal have been appointed as the share registrar for the auction.</span></span></span></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 quotation form can be availed from the branch offices of Nepal SBI Merchant Banking in Biratnagar, Birtamod, Birgunj, Janakpur, Hetauda, Narayangadh, Pokhara, Baglung, Butwal, Dang, Nepalgunj, Surkhet, Dhangadhi and Mahendranagar.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12235',
			'article_category_id' => '1',
			'title' => 'Supreme Court Tells United Insurance Company to Settle Insurance Claim ',
			'sub_title' => '',
			'summary' => 'July 27: The Supreme Court has upheld the insurance claim made by Everest Paper Mills. ',
			'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;">July 27: The Supreme Court has upheld the insurance claim made by Everest Paper Mills. Issuing a final verdict in favour of the mill, the apex court has ordered United Insurance Company to pay the insurance claim to the mill after a lengthy legal battle. In addition to that, the insurance company has also been instructed to pay the interest for the liable amount.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A division bench of justices Bisnwambhar Prasad Shrestha and Hari Prasad Phuyal issued the verdict last Wednesday (July 22). The paper mill had claimed insurance worth Rs 15 million for damages while filing the complaint. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, United Insurance has said it will take further legal steps after getting the full text of the verdict. Stating that the Supreme Court&rsquo;s verdict has victimized them, a high ranking official of the insurance company said they will take further legal steps in this regard.</span></span></span></span></p>

<p><span 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 haven&rsquo;t received the full text of Supreme Court verdict. We ill take further legal steps after consulting with our layers upon receiving the full text,&rdquo; said the official requesting anonymity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He argued that the Supreme Court&rsquo;s verdict in favour of the petitioner has been unjust for them when the surveyor has presented a report that warrants &lsquo;no claim&rsquo;. </span></span></span></span></p>

<p><span 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 insurgency era, the then Maoists rebels had detonated a pressure cooker bomb at Everest Paper Mills after the company declined to provide donation to the insurgents. The blast had damaged the machinery and readymade papers inside the mill.</span></span></span></span></p>

<p><span 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 paper mill had purchased two separate insurance policies from the insurance company for the machinery plant and the readymade products. </span></span></span></span></p>

<p><span 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 company argues that the insurance policy covers damage to readymade products stored in the warehouse but the paper mill has been claiming compensation for products damaged in the plant. </span></span></span></span></p>

<p><span 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 paper mill and insurance company had jointly hired two surveyors to prepare a report. The surveyors concluded that it was the company&rsquo;s flaw to keep the readymade products inside the plant and therefore the insurance company did not need to pay for the damages. </span></span></span></span></p>

<p><span 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 recommendation made by the report, the insurance company had paid Rs 45 million to the mill for the damages sustained by the plant.</span></span></span></span></p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12233',
			'article_category_id' => '1',
			'title' => 'Hotel Industry Gearing Up to Resume Service',
			'sub_title' => '',
			'summary' => 'July 27: Hotel entrepreneurs have started preparations to resume their business, which has been halted due to coronavirus and the subsequent lockdown imposed to control the spread of the disease.',
			'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;">July 27: Hotel entrepreneurs have started preparations to resume their business, which has been halted due to coronavirus and the subsequent lockdown imposed to control the spread of the disease.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">They are gearing up to reopen hotels and restaurants after the government decided to allow them to resume their services from July 30.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The hotel industry has been completely shut since the last four months after the government imposed the lockdown on March 24. Hotel entrepreneurs say it is not possible to resume full-fledged service right now so they will be partially operating with just 10 percent of their capacity for the time being. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Shangri-La Hotel, a five-star hotel in the capital, is preparing to resume its service from the upcoming full moon day (Janai Purnima festival) on August 3. Meanwhile, another five-star hotel, Radisson, is doing its homework to resume service after mid-August. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, other restaurants and bars have also started training their staffers and adopting safety measures as per the health standard set by the government to resume their service.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Senior Vice President of Hotel Association of Nepal (HAN) Binayak Shah says that small and medium-sized hotels are actively preparing to resume their service than the big hotels.</span></span></span></span></p>

<p><span 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;At this point, we are resuming service not to&nbsp; make profit but to give the message that we are trying to create a conducive environment for business. We just want to bring the business back in tune,&rdquo; said Shah.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Shah, who is also the executive director of Airport Hotel, informed that they will be operating at 10 percent of their capacity for the time being.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Executive Director of Shangri-La Hotel Praveen Bahadur Pandey said that the hotel will resume service from the upcoming full moon day just for &ldquo;maintenance&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;">&ldquo;We are still not allowed to organize mass meetings and parties. But the hotel will remain open with limited service for some personal guests who regularly visit our coffee shops and restaurant,&rdquo; said Pandey. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He added that they are expecting 2 to 10 percent of business.</span></span></span></span></p>

<p><span 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 mobilize only 10 percent of staffers,&rdquo; he added.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Hotel entrepreneurs say that although the government has given approval to resume their business, foreign tourists visiting Nepal still need to stay in quarantine for 14 days. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Pandey argues that foreign tourists will not visit Nepal if they have to stay in quarantine for 14 days.</span></span></span></span></p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12234',
			'article_category_id' => '1',
			'title' => 'NRB Holds Discussion with the Board Members of Sunrise Bank',
			'sub_title' => '',
			'summary' => 'July 27: Nepal Rastra Bank held discussion with the Board of Directors (BOD) of Sunrise Bank on Sunday, July 26 regarding the board’s attempt to remove the bank’s CEO. ',
			'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;">July 27: Nepal Rastra Bank held discussion with the Board of Directors (BOD) of Sunrise Bank on Sunday, July 26 regarding the board&rsquo;s attempt to remove the bank&rsquo;s CEO. NRB had called both the parties for discussion after the BOD had demanded the resignation of CEO Janak Poudel. </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;">However, NRB held discussion only with the board members. Executive Director of the central bank&rsquo;s BFI Regulatory Department Dev Kumar Dhakal, executive director of the bank&rsquo;s Supervision Department Mukunda Chhetri, BOD chairman Moti Lal Dugar, directors Bachha Raj Tater, Malchand Dugar, Shailendra Guragain, Sharada Sharma, Dipak Nepal and Om Krishna Joshi were present during the discussion. </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;">During the discussion, officials of NRB only asked the board members about the reason of the recent dispute. Executive director Dhakal did not want to speak about details of the discussion and only said that it was a normal routine process of NRB. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">In the half an hour-long discussion, Sunrise BOD told NRB that they were not satisfied with the performance of the CEO. &ldquo;We have put our words in front of NRB officials, but they have not given any suggestion yet. We are waiting for their suggestion,&rdquo; one of the directors of the bank said. </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">On the other side, CEO Poudel expressed his dissatisfaction that he was not invited in the discussion and reiterated that he will not resign. </span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12231',
			'article_category_id' => '1',
			'title' => 'Tourism Entrepreneurs Demand Immediate Release of Relief Fund to Resume Business',
			'sub_title' => '',
			'summary' => 'July 26: Tourism entrepreneurs are preparing to reopen hotels, restaurants and trekking agencies which were closed since the last four months after the government imposed lockdown on March 24.',
			'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;">July 26: Tourism entrepreneurs are preparing to reopen hotels, restaurants and trekking agencies which were closed since the last four months after the government imposed lockdown on March 24.&nbsp; However, despite the government lifting the lockdown, tourism entrepreneurs are not in a position to reopen their businesses right away due to lack of&nbsp; capital. Therefore, they have urged the government to immediately release the fund announced as a relief for this sector. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank has maintained that its new monetary policy and an additional fund of Rs 50 billion pledged by the government for the tourism industry would help in revitalizing the sector which has been badly affected by coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, tourism entrepreneurs have urged the government to immediately release the fund stating that they lack capital to resume their business.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government had pledged Rs 50 billion to facilitate the payment of workers associated with the tourism industry. The fund will be released as soon as the government makes it available to the Nepal Rastra Bank.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Secretary at the Ministry of Culture, Tourism and Civil Aviation Kedar Bahadur Adhikari said that they have already urged the finance ministry to set up the fund. &ldquo;But we have not received any word from the Finance Ministry,&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;">Meanwhile, the central bank has announced various concessions for the tourism sector in its monetary policy. </span></span></span></span></p>
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		'Article' => array(
			'id' => '12230',
			'article_category_id' => '1',
			'title' => 'NRB Decides to Mop Excess Liquidity of Rs 20 Billion',
			'sub_title' => '',
			'summary' => 'July 26: Nepal Rastra Bank (NRB) has decided to take necessary measures for mopping excess liquidity in banks due to the poor demand for loans. ',
			'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;">July 26: Nepal Rastra Bank (NRB) has decided to take necessary measures for mopping excess liquidity in banks due to the poor demand for loans. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">It is estimated that banks are currently having excessive liquidity of Rs 200 billion. The central bank on Thursday (July 23)decided to issue reversal repo (repurchase agreement) of Rs 20 billion with maturity period of one week.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NRB in its new monetary policy has increased the core capital plus deposit (CCD) ratio of banks from 80 percent to 85 percent targeting increased flow of loans to Covid-19 affected sector. This provision, which will last till the end of the current fiscal year, is expected to raise the excess liquidity to Rs 120 billion in average.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Banking expert Analraj Bhattarai stresses on making the economy vibrant to attain the 7 percent economic growth target set by the government. Bhattarai believes that the government has to ease the liquidity crunch to attain this target.</span></span></span></span></p>

<p><span 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 lending capacity of banks has increased after the NRB increased the CCD ratio and removed buffer capital. People seeking loan can avail loan at low interest rate if there is sufficient liquidity in the market,&rdquo; said 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;">NRB Spokesperson Dr Gunakar Bhatta informed New Business Age that the central bank is preparing to issue new directives within a few days.</span></span></span></span></p>

<p><span 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;Increasing the CCD ration will increase liquidity in the market,&rdquo; said Bhatta, adding, &ldquo;We are preparing to issue new directives in this regard very soon.&rdquo; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to Bhatta, the new directive will stabilize the 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;">Meanwhile, President of Nepal Bankers Association, Bhuvan Dahal, says simply increasing the CCD ratio alone will not increase the liquidity in the market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, Bhatta insists that the new provision will increase the liquidity which in turn will increase the flow of investible capital. This is expected to reduce the rate of interest.</span></span></span></span></p>
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file not found!

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FOREX

Currency	Unit	Buy	Sell
U.S. Dollar	1	121.23	121.83
European Euro	1	131.65	132.31
UK Pound Sterling	1	142.47	143.18
Swiss Franc	1	124.29	124.90
Australian Dollar	1	71.69	72.05
Canadian Dollar	1	83.90	84.32
Japanese Yen	10	10.94	11.00
Chinese Yuan	1	17.17	17.26
Saudi Arabian Riyal	1	32.27	32.43
UAE Dirham	1	33.01	33.17
Malaysian Ringgit	1	27.36	27.50
South Korean Won	100	9.77	9.82

Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)

Bullion

Fine Gold	1 tola	77000.00
Tejabi Gold	1 tola	76700.00
Silver	1 tola	720.00

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

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