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Code Context
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		'Article' => array(
			'id' => '6195',
			'article_category_id' => '1',
			'title' => 'Import from India to Rise due to GST',
			'sub_title' => '',
			'summary' => 'The import of goods from India is projected to rise after the implementation of goods and service tax (GST) in India, according to an estimate of Nepali entrepreneurs.',
			'content' => '<p>July 12: The import of goods from India is projected to rise after the implementation of goods and service tax (GST) in India, according to an estimate of Nepali entrepreneurs. Nepal is heavily dependent on India in import as the country brings in goods ranging from raw materials to ready-made goods from the southern neighbour and around 70 percent of Nepal&rsquo;s trade transaction takes place with India alone.</p>

<p>The price of goods produced in India has gone down after the implementation of the new taxation system since July 1. Nepali businessmen argue that this is the main reason why import of Indian goods will increase in Nepal.</p>

<p>GST has encouraged domestic production in India, says general secretary of Nepal Chamber of Commerce, Kamlesh Kumar Agrawal. &ldquo;Taxes on goods are declining in India,&rdquo; he said. Agrawal believes that the overvaluation and undervaluation of goods will be replaced by uniformity in price in the new taxation system in India. According to Agrawal, majority of goods coming from India will become cheaper and this will result in significant rise in import.</p>

<p>Federation of Nepalese Chamber of Commerce and Industries (FNCCI)&rsquo;s fair committee chairman Dil Sundar Shrestha says that the effects of GST is likely to be seen even in import of goods from third countries. Under the GST, the goods coming from third countries to Nepal via Indian sea ports are subject to double taxation &ndash; sea port charge and service charge. This would result in high price of the goods when they reach the Nepali market.</p>

<p>According to Shrestha, agricultural products exported from Nepal to India will have value added tax. Therefore, the same products produced in India will be cheaper.</p>

<p>&ldquo;If the government establishes industrial areas and gives VAT and customs exemption for raw material imported from India, then we can compete with the India market,&rdquo; said Shrestha.</p>

<p>FNCCI Vice President (commodity) Umesh Lal Pradhan, on the other hand, says that the new taxation system in India will not affect Nepal much.</p>

<p>&ldquo;India used to impose tax at different levels in the past too. The percentage of tax in the new system is almost the same as before. So it won&rsquo;t have much negative effect in Nepal,&rdquo; says Pradhan.</p>

<p>However, Pradhan said that the confusion related to GST has not yet been over. He further said that a delegation is going to India to clear the confusion. &nbsp;&nbsp;</p>
',
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			'created' => '2017-07-12',
			'modified' => '2017-07-12',
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			'description' => '',
			'sortorder' => '5978',
			'image' => null,
			'article_date' => '2017-07-12 00:00:00',
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			'id' => '6194',
			'article_category_id' => '1',
			'title' => 'Qatar Airways Offering 40% Discount',
			'sub_title' => '',
			'summary' => 'Qatar Airlines, the state-owned flag carrier of Qatar, is offering discounts on flights after being declared the world’s best airlines by a UK-based company.',
			'content' => '<p>July 11: Qatar Airlines, the state-owned flag carrier of Qatar, is offering discounts on flights after being declared the world&rsquo;s best airlines by a UK-based company.</p>

<p>Qatar Airways is the winner of the world&#39;s best airlines- 2017 award from SKYTRAX, a UK-based consultancy company which evaluates airlines and airports around the world.</p>

<p>The airlines company is offering up to 40 percent discount on flights to various popular tourist destinations. The offer is valid from July 10, 2017 to December 10, 2017.</p>

<p>&nbsp;The airlines company has started a new campaign &#39;Air travel with the best airlines of the world&#39; this week after winning the &#39;Airline of the Year&#39; award. &nbsp;</p>
',
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			'created' => '2017-07-11',
			'modified' => '2017-07-11',
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			'description' => '',
			'sortorder' => '5977',
			'image' => '20170711050459_qatar.jpg',
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		'Article' => array(
			'id' => '6192',
			'article_category_id' => '1',
			'title' => 'Discount at Samitivej to NMB’s cardholders',
			'sub_title' => '',
			'summary' => 'NMB Bank has introduced five percent discount scheme on medical treatment at Samitivej Hospital, Thailand.',
			'content' => '<p>July 11: NMB Bank has introduced five percent discount scheme on medical treatment at Samitivej Hospital, Thailand.</p>

<p>The scheme applies to any medical treatment and all fees including special counseling services of the hospital for payment through USD visa card, the bank informed.&nbsp;</p>

<p>&nbsp;The Bank signed the agreement with Speedway Freight Service Pvt Ltd, the sole representative of Samitvej Hospital in Nepal.</p>

<p>According to the agreement, services such as medical enquiry handling, pre-arrangement of medical appointments with specialists and doctors of Samitivej Hospital will be taken care by Speedway Freight Service.</p>
',
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			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5976',
			'image' => '20170711045747_nmb.jpg',
			'article_date' => '2017-07-11 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
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		'Article' => array(
			'id' => '6193',
			'article_category_id' => '1',
			'title' => 'Nepal Sewa Starts Branch at Bhotechaur',
			'sub_title' => '',
			'summary' => 'Nepal Sewa Micro Finance Bittiya Sanstha has opened its eighth branch at Bhotechaur of Melamchi-1 in Sindhupalchowk district.',
			'content' => '<p>July 11: Nepal Sewa Micro Finance Bittiya Sanstha has opened its eighth branch at Bhotechaur of Melamchi-1 in Sindhupalchowk district.</p>

<p>&nbsp;Madan Gopal Shrestha, chairman of the microfinance headquartered at Fatakshila in the district, inaugurated the branch amid a program held on July 10.</p>

<p>The branch has been opened with an objective of providing financial services to the marginalized community of rural areas and to improve their lifestyle, said chief executive officer of the microfinance, Shiva Kumar Malla.</p>
',
			'published' => true,
			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5975',
			'image' => null,
			'article_date' => '2017-07-11 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
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		'Article' => array(
			'id' => '6190',
			'article_category_id' => '1',
			'title' => 'Decentralization of Tax in the Offing',
			'sub_title' => '',
			'summary' => 'The government is planning to collect taxes, non-tax revenue and royalties from all three tiers of the administration – center, province and local units – in order to implement federalism. ',
			'content' => '<p>July 11: The government is planning to collect taxes, non-tax revenue and royalties from all three tiers of the administration &ndash; center, province and local units &ndash; in order to implement federalism. The government plans to empower the local units and enable them to manage their own source of income through a bill on finance management, which has been presented to the parliament.</p>

<p>The bill proposes distribution of royalties collected from mountaineering, forests, electricity and mines at all three levels. According to the bill, the central government will claim 85 percent royalties while the provincial government will get 10 percent royalties and the local government will have its share of 5 percent royalties.</p>

<p>If the bill gets endorsed, the centralized taxation system will become decentralized. Analysts, however, are skeptical that the decentralized taxation system will be beneficial for the nation.</p>

<p>&lsquo;It sounds simple but adopting decentralized taxation system could result in financial irregularities in countries like ours,&rdquo; said one analyst who did not wished to be named. &ldquo;Therefore, it is important to be cautious,&rdquo; he added.</p>

<p>The local elections held in two phases so far have already elected local representatives in most of the local units except in Province 2 and some disputed constituencies.</p>

<p>The bill on inter-governmental finance management, which is currently in discussion in the Parliament, proposes giving authority to the elected local bodies to rightfully collect taxes, non-tax revenues, other charges and royalties as per the laws.</p>

<p>Clause 3 of the bill states that the local units can collect property tax, rent tax, land tax, land and house registration fee, vehicle tax, entertainment tax, advertisement tax, business tax and hoarding board tax.</p>

<p>According to the bill, the local government can also impose service charge, tourism charge, parking charge, rental charge, herbs and wildlife charge as well as other non-tax revenue as per the need.</p>

<p>The bill also mentions the taxes that the provincial government and the central government shall collect. The provincial government is authorized to collect taxes on registration of houses and lands as well as entertainment, advertisement, agriculture, income, road construction and maintenance, ticket charge among others. In addition to that, the provincial government can also collect non-tax revenue and tourism charge.</p>

<p>The central government on the other hand will collect customs duty, excise duty, value added tax, income tax, labour charge, social security tax, health service tax, infrastructure tax, agriculture development charge, pollution charge, education service tax, road maintenance and development tax among others.</p>
',
			'published' => true,
			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5974',
			'image' => null,
			'article_date' => '2017-07-11 00:00:00',
			'homepage' => false,
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		'Article' => array(
			'id' => '6191',
			'article_category_id' => '1',
			'title' => 'Gandaki’s Chairman Takes Oath of Office',
			'sub_title' => '',
			'summary' => 'Jagan Bahadur Gurung, newly-elected chairman of Gandaki Bikas Bank headquartered at Pokhara, took oath of office, recently.',
			'content' => '<p>July 11: Jagan Bahadur Gurung, newly-elected chairman of Gandaki Bikas Bank headquartered at Pokhara, took oath of office, recently.</p>

<p>Shiv Raj Shrestha, deputy governor of Nepal Rastra Bank (NRB), administered oath of office and secrecy to Gurung amidst a function. Gurung was elected as the chairman of the bank after the merger of Fewa Bikas Bank and Gandaki Bikas Bank.</p>

<p>Present in the program were Narayan Prasad Poudel, director of the NRB&#39;s Monitoring Department of Bank and Financial Institutions, Gyaneshwor Parajuli, director of Gandaki Bikas Bank, and Resham Bahadur Thapa, CEO of the Bank, according to a press release issued by Chhabindra Nath Sharma, deputy CEO of Gandaki Bikas Bank.</p>
',
			'published' => true,
			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5973',
			'image' => null,
			'article_date' => '2017-07-11 00:00:00',
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		'Article' => array(
			'id' => '6189',
			'article_category_id' => '1',
			'title' => 'Monetary Policy did not Address the Concerns of Private Sector: NCC',
			'sub_title' => '',
			'summary' => 'Nepal Chamber of Commerce (NCC) has termed the monetary policy unveiled by Nepal Rastra Bank on July 9 as a continuation of the same old policies of the past.',
			'content' => '<p>July 11: Nepal Chamber of Commerce (NCC) has termed the monetary policy unveiled by Nepal Rastra Bank on July 9 as a continuation of the same old policies of the past.</p>

<p>NCC said in a statement that it finds the new monetary policy stagnant although the economic conditions were quite different when the current monetary policy and the monetary policy for the upcoming fiscal year were released.</p>

<p>NCC said that entrepreneurs are having hard time obtaining the desired amount of loan from banks and financial institutions (BFIs) due to high rate of interest and lack of investible liquidity. NCC had given suggestions to NRB to address this problem but the new monetary policy of the central bank has disregarded the suggestion of the private sector, reads the statement.</p>

<p>NCC has also claimed that the monetary policy will not be effective enough to reach the 7.2 percent target of economic growth rate.</p>

<p>&ldquo;Since the rate of interest is high, there cannot be proper environment for investment and therefore economic growth is not possible,&rdquo; reads the statement, adding, &ldquo;It is not sufficient even if attempts are made to improve the finance management by creating funds from some other sources.&rdquo;</p>

<p>The NCC statement has also requested the central bank to roll back its decision regarding a circular issued on Usance bill arguing that it has had a negative impact on entrepreneurs.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5972',
			'image' => null,
			'article_date' => '2017-07-11 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
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	(int) 7 => array(
		'Article' => array(
			'id' => '6188',
			'article_category_id' => '1',
			'title' => 'Parliament passes Appropriation Bill',
			'sub_title' => '',
			'summary' => ' The Legislature-Parliament has passed the Appropriation Bill 2074 on July 10. ',
			'content' => '<p>July 11: The Legislature-Parliament has passed the Appropriation Bill 2074 on July 10. The passage of bill by majority of the House has paved way for the government bodies to spend the budget for the fiscal year 2017/18.</p>

<p>The second meeting of the Parliament on July 10 had approved the bill&nbsp; presented by Finance Minister Gyanendra Bahadur Karki. Earlier, the meeting had also unanimously endorsed the proposal seeking consideration on the finance bill, 2074 and also passed the National Debt Recovery Bill, 2074.</p>

<p>Speaker Onsari Gharti has announced clause-wise discussion on the endorsed bills on July 13. The government is scheduled to endorse the budget on the same day.</p>

<p>The meeting disapproved the demands of lawmakers Prem Suwal, Anuradha Thapa and Dilli Prasad Kafle to reduce the budget on different heads allocated for various ministries.</p>

<p>The next meeting of the Legislature-Parliament will take place at 1 pm on July 12. &nbsp;</p>
',
			'published' => true,
			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5971',
			'image' => null,
			'article_date' => '2017-07-11 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
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	(int) 8 => array(
		'Article' => array(
			'id' => '6186',
			'article_category_id' => '1',
			'title' => 'Line of New Monetary Policy Ambiguous: Experts',
			'sub_title' => '',
			'summary' => ' Nepal Rastra Bank (NRB) in the monetary policy for the upcoming fiscal year 2017/18 has adopted liquidity management measures to help the government meet economic growth rate target of 7.2 percent in the next fiscal year. ',
			'content' => '<p><strong>July 10: Nepal Rastra Bank (NRB) in the monetary policy for the upcoming fiscal year 2017/18 has adopted liquidity management measures to help the government meet economic growth rate target of 7.2 percent in the next fiscal year. However, the line mentioned in the monetary policy and the policy tools adopted for its implementation indicate otherwise. This has led experts to say that the new monetary policy is &lsquo;ambiguous&rsquo;.</strong></p>

<p><strong>NRB has projected an increase in the total domestic credit by 27.8 percent which will help to meet the targeted economic growth rate in FY2017/18.</strong></p>

<p><strong>&ldquo;The monetary policy has set the target to increase domestic credit in line with the budget announced by the government,&rdquo; states the policy, adding, &ldquo;The ceiling for lending in the private sector has been increased to 20 percent.&rdquo;</strong></p>

<p><strong>Experts argue that there is need of investment in private sector to meet the target of economic growth. However, the monetary policy has failed to take concrete measures to sort out two big challenges that have surfaced in the banking sector at present, according to the experts. </strong></p>

<p><strong>NRB in the monetary policy has dampened the expectations of many who have hoped that the central banking authority would take steps to ease the current difficulties in loan investments of BFIs. The central bank was expected to revise the </strong>core-capital-cum-deposit (CCD) ratio, cash reserve ratio (CRR) and statutory liquidity ratio (<em>SLR</em>) to ensure the adequacy of investible capital in the banking sector. But the new monetary policy has even scrapped the facilities that were provided by the mid-term review of the monetary policy of the current fiscal year.</p>

<p>Bankers say that if the current situation persists and the collection of deposits does not increase significantly, the new arrangement will further curtail the lending capacity of BFIs.&nbsp;</p>

<p>Stakeholders claim that instead of exploring possibilities of mobilising new sources, NRB has blocked the source of long-term loan investment by lowering the ceiling of deposit.</p>

<p>&ldquo;The new monetary policy has done nothing but deprived us from the source of loan investment that we had until now,&rdquo; said a CEO of a bank on condition of anonymity.</p>

<p>Confederation of Nepalese Industries (CNI) issued a press statement saying that the monetary policy failed to create a favorable environment to expand investment in the industrial sector.</p>

<p>Likewise, another challenge in meeting the target of economic growth is the high rate of interest. The wrong step taken by last year&rsquo;s monetary policy caused scarcity of investible capital resulting in the doubling of rate of interest within six months. Likewise, fluctuation in interest rate has been prevailing due to competition among BFIs to attract depositors.</p>

<p>In such situation, the central bank should have adopted proper measures to create stability in rate of interest to increase investible capital, according to the experts.</p>

<p><strong>In this regard, industrialists and bankers had been demanding revision in CCD ratio and lowering CRR. But instead of addressing these issues, the NRB took tough measures through the new monetary policy. </strong></p>

<p><strong>This indicates that the NRB is only interested in regulating and controlling the BFIs instead of solving the prevailing problems and the steps taken by the central bank won&rsquo;t be helpful to attract investors, create employment opportunities and meet the target of economic growth, argue experts.</strong></p>

<p><strong>The NRB has also been criticized for taking tough measures instead of adopting traditional means to control inflation. The monetary policy has a target to keep inflation below 7 percent in the upcoming FY. However, economists argue that price stability isn&rsquo;t possible without economic growth.&nbsp;</strong></p>
',
			'published' => true,
			'created' => '2017-07-10',
			'modified' => '2017-07-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5970',
			'image' => null,
			'article_date' => '2017-07-10 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
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	(int) 9 => array(
		'Article' => array(
			'id' => '6184',
			'article_category_id' => '1',
			'title' => 'Personal Housing Loan Ceiling Up by Rs 5 million',
			'sub_title' => '',
			'summary' => 'Nepal Rastra Bank has increased the ceiling for personal housing loan by Rs 5 million.',
			'content' => '<p>July 10: Nepal Rastra Bank has increased the ceiling for personal housing loan by Rs 5 million.</p>

<p>Previously, the limit was Rs 10 million but the new monetary policy of NRB has now been increased the ceiling to Rs &nbsp;15 million.</p>

<p>However, the central bank has tightened &nbsp;lending to real state in the Kathmandu Valley by lowering the loan to value (LTV) ratio.</p>

<p>The LTV ratio was previously 50 percent but has now been set at 40 percent in the Kathmandu valley. The previous ratio is still same for other regions though, claims NRB. The policy is expected to help to decentralize the development of various sectors.</p>

<p>The increase in loan ceiling and decrease in LTV will result in the increase in prices of commercial complexes, housings and apartments, claims Ashish Garg, coordinator of Nepal Land and Housing Developers&rsquo; Association.</p>

<p>The LTV ratio was 80 percent in the past and reducing it to 40 percent will further lead to decrease in construction of houses, which will affect housing industry as well, added Garg.</p>

<p>&nbsp;Despite the need to encourage decentralized development for the sake of implementation of federalism, the government has discouraged it, said Garg. Even if the ratio is decreased in the capitals of federal provinces, it should not be decreased in the Kathmandu valley, suggested Garg.</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2017-07-10',
			'modified' => '2017-07-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5969',
			'image' => null,
			'article_date' => '2017-07-10 00:00:00',
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	(int) 10 => array(
		'Article' => array(
			'id' => '6185',
			'article_category_id' => '1',
			'title' => 'Jebils Finance to issue 40% Right Shares',
			'sub_title' => '',
			'summary' => 'Jebils Finance has decided to further issue 40 percent right shares to its shareholders.',
			'content' => '<p>July 10: Jebils Finance has decided to further issue 40 percent right shares to its shareholders.</p>

<p>The Special General Meeting of the finance held on July 7 has approved the proposal to issue the right shares after issuance of already declared rights shares in the ratio of 1:1.&nbsp;&nbsp;</p>
',
			'published' => true,
			'created' => '2017-07-10',
			'modified' => '2017-07-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5968',
			'image' => null,
			'article_date' => '2017-07-10 00:00:00',
			'homepage' => false,
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	(int) 11 => array(
		'Article' => array(
			'id' => '6183',
			'article_category_id' => '1',
			'title' => 'Transportation in Rukum Gets a Boost',
			'sub_title' => '',
			'summary' => 'The transportation sector in Rukum has got a boost with an investment of around Rs 1 billion.',
			'content' => '<p>July 10: The transportation sector in Rukum has got a boost with an investment of around Rs 1 billion.</p>

<p>According to transportation entrepreneurs of the district, Sisne Himal Bus and Mini Bus Entrepreneurs Committee, Rukum Yatayat Pvt Ltd, Prafi Yatayat Pvt Ltd and Sanibheri Yatayat Committee operating in the district have made such huge investment.</p>

<p>Sisne Himal Bus and Mini Bus Entrepreneurs Committee invested Rs 600 million, Rukum Yatayat around Rs 200 million and Prafi Yatayat and Sanibheri Yatayat together invested around Rs 200 million in the transportation sector of Rukum.</p>

<p>Investment in the district&rsquo;s transportation sector has increased significantly, said chairperson of Sisne Himal Bus and Mini Bus Entrepreneurs Committee, Janak Kumar Bantha.</p>

<p>Bir Bahadur Malla, general secretary of Sanibheri Yatayat, informed that there are altogether 250 small and big buses currently operating in the district.</p>

<p>Entrepreneurs are providing transportation service to Kathmandu, Banke, Bhaluwang and Tulsipur from Rukum district.</p>

<p>Similarly, the buses also operate in local routes in the rural areas such as Musikot-Radibajar, Musikot-Chaurjahari and Musikot-Taksera.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '6182',
			'article_category_id' => '1',
			'title' => 'Global IME Acquires Reliable',
			'sub_title' => '',
			'summary' => 'Global IME Bank Ltd has started integrated transaction after acquiring Reliable Development Bank.',
			'content' => '<p>July 10: Global IME Bank Ltd has started integrated transaction after acquiring Reliable Development Bank.</p>

<p>Finance Minister Gyanendra Bahadur Karki inaugurated the integrated transaction amid a program held on July 9. With this acquisition, Global IME has become the leading bank in Nepal to merge with or acquire 10 financial institutions.</p>

<p>After the acquisition, the bank&rsquo;s paid-up capital has reached Rs 8.08 billion, deposit to Rs 97.70 billion and loan to Rs 82 billion, as announced during the program.</p>

<p>Also, the bank now has 112 branches, representative offices in India and Australia, 114 ATM outlets, five extension counters and 46 branchless banking services.&nbsp;</p>
',
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			'created' => '2017-07-10',
			'modified' => '2017-07-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5966',
			'image' => '20170710042233_global.jpg',
			'article_date' => '2017-07-10 00:00:00',
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		'Article' => array(
			'id' => '6181',
			'article_category_id' => '1',
			'title' => 'Century Starts Branchless Banking in Sarlahi',
			'sub_title' => '',
			'summary' => 'Century Commercial Bank (CCB) has started branchless banking service at Kabilashi-9 in Sarlahi district.',
			'content' => '<p>July 10: Century Commercial Bank (CCB) has started branchless banking service at Kabilashi-9 in Sarlahi district.</p>

<p>The service counter was launched amid a program held recently.&nbsp; The bank has been providing branchless banking service through 14 different locations in Bhojpur, Kailali, Morang, Khotang, Rautahat, Kanchanpur, Bardiya and Dhankuta districts so far.</p>

<p>The bank is currently providing banking services from 53 branches, 34 ATM outlets, 15 branchless banking and five extension counters.</p>
',
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			'created' => '2017-07-10',
			'modified' => '2017-07-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5965',
			'image' => null,
			'article_date' => '2017-07-10 00:00:00',
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		'Article' => array(
			'id' => '6180',
			'article_category_id' => '1',
			'title' => 'Monetary Policy 2017/18',
			'sub_title' => '25 Percent Loan for Priority Areas ',
			'summary' => 'Nepal Rastra Bank (NRB) has made it mandatory for banks to loan out a minimum of 25 percent of their total loan to the areas of priority. ',
			'content' => '<p><strong>July 10: Nepal Rastra Bank (NRB) has made it mandatory for banks to loan out a minimum of 25 percent of their total loan to the areas of priority. Unveiling the Monetary Policy for Fiscal Year 2017/18 on July 9, the central bank said that the lending requirement has been raised from 20 percent to 25 percent.</strong></p>

<p><strong>According to the monetary policy, commercial banks will have to invest 10 percent of their total lending capacity in agriculture sector, 5 percent in hydropower projects, 5 percent in tourism and the remaining 5 percent in other priority areas. </strong></p>

<p><strong>NRB has said that the monetary policy will complement the budget of the upcoming fiscal year and will also help in regulating the banking and financial sector. However, banks have expressed displeasure toward the provision to regulate them. </strong></p>

<p><strong>While unveiling the monetary policy, NRB Governor Dr Nepal said that the high economic growth, low inflation and balance of payment have ignited new hopes in the economic sector of the country. Stating that the monetary policy is relevant in the present context, the central bank claimed that it would help in maintaining price stability. </strong></p>

<p><strong>It should be recalled that some of the strong measures taken by the central bank in the past had caused problems for the private sector as well as banks and financial institutions (BFIs). </strong></p>

<p><strong>The Monetary Policy for Fiscal Year 2017/18 has a target to keep the rate of increase in money supply within the limit of 18 percent. Keeping in view the general demand in the FY 2017/18 on the basis of projected economic growth rate and inflation rate, the total domestic credit is expected to rise by 27.8 percent.&nbsp; </strong></p>

<p><strong>Meanwhile, the central bank has increased the refinance fund from Rs 10.84 billion to Rs 20 billion. The central bank has made it clear that it will use its profit for this purpose.</strong></p>

<p><strong>NRB has also decided to provide re-loan to the hydropower projects in priority list from Rs 5 billion allocated for the Economic Revival Fund. NRB believes that this move would help the hydropower projects of strategic importance to obtain loan at subsidized rate.</strong></p>

<p><strong>Likewise, the monetary policy has removed the mandatory provision for banks to provide minimum 2 percent loan to the deprived sector. </strong></p>

<p><strong>BFIs will be entitled to get Rs 10 million interest-free loan for a period of one year from the central bank for opening new accounts in remote places. The BFIs which expand their branches to places where there are no banking service will get Rs 10 million interest-free loan for 2500 new accounts. This amount will be provided to such BFI&rsquo;s for helping the government&rsquo;s campaign to open account for every Nepali citizen. </strong></p>

<p>&nbsp;</p>
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$articles = array(
	(int) 0 => array(
		'Article' => array(
			'id' => '6195',
			'article_category_id' => '1',
			'title' => 'Import from India to Rise due to GST',
			'sub_title' => '',
			'summary' => 'The import of goods from India is projected to rise after the implementation of goods and service tax (GST) in India, according to an estimate of Nepali entrepreneurs.',
			'content' => '<p>July 12: The import of goods from India is projected to rise after the implementation of goods and service tax (GST) in India, according to an estimate of Nepali entrepreneurs. Nepal is heavily dependent on India in import as the country brings in goods ranging from raw materials to ready-made goods from the southern neighbour and around 70 percent of Nepal&rsquo;s trade transaction takes place with India alone.</p>

<p>The price of goods produced in India has gone down after the implementation of the new taxation system since July 1. Nepali businessmen argue that this is the main reason why import of Indian goods will increase in Nepal.</p>

<p>GST has encouraged domestic production in India, says general secretary of Nepal Chamber of Commerce, Kamlesh Kumar Agrawal. &ldquo;Taxes on goods are declining in India,&rdquo; he said. Agrawal believes that the overvaluation and undervaluation of goods will be replaced by uniformity in price in the new taxation system in India. According to Agrawal, majority of goods coming from India will become cheaper and this will result in significant rise in import.</p>

<p>Federation of Nepalese Chamber of Commerce and Industries (FNCCI)&rsquo;s fair committee chairman Dil Sundar Shrestha says that the effects of GST is likely to be seen even in import of goods from third countries. Under the GST, the goods coming from third countries to Nepal via Indian sea ports are subject to double taxation &ndash; sea port charge and service charge. This would result in high price of the goods when they reach the Nepali market.</p>

<p>According to Shrestha, agricultural products exported from Nepal to India will have value added tax. Therefore, the same products produced in India will be cheaper.</p>

<p>&ldquo;If the government establishes industrial areas and gives VAT and customs exemption for raw material imported from India, then we can compete with the India market,&rdquo; said Shrestha.</p>

<p>FNCCI Vice President (commodity) Umesh Lal Pradhan, on the other hand, says that the new taxation system in India will not affect Nepal much.</p>

<p>&ldquo;India used to impose tax at different levels in the past too. The percentage of tax in the new system is almost the same as before. So it won&rsquo;t have much negative effect in Nepal,&rdquo; says Pradhan.</p>

<p>However, Pradhan said that the confusion related to GST has not yet been over. He further said that a delegation is going to India to clear the confusion. &nbsp;&nbsp;</p>
',
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			'created' => '2017-07-12',
			'modified' => '2017-07-12',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5978',
			'image' => null,
			'article_date' => '2017-07-12 00:00:00',
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	(int) 1 => array(
		'Article' => array(
			'id' => '6194',
			'article_category_id' => '1',
			'title' => 'Qatar Airways Offering 40% Discount',
			'sub_title' => '',
			'summary' => 'Qatar Airlines, the state-owned flag carrier of Qatar, is offering discounts on flights after being declared the world’s best airlines by a UK-based company.',
			'content' => '<p>July 11: Qatar Airlines, the state-owned flag carrier of Qatar, is offering discounts on flights after being declared the world&rsquo;s best airlines by a UK-based company.</p>

<p>Qatar Airways is the winner of the world&#39;s best airlines- 2017 award from SKYTRAX, a UK-based consultancy company which evaluates airlines and airports around the world.</p>

<p>The airlines company is offering up to 40 percent discount on flights to various popular tourist destinations. The offer is valid from July 10, 2017 to December 10, 2017.</p>

<p>&nbsp;The airlines company has started a new campaign &#39;Air travel with the best airlines of the world&#39; this week after winning the &#39;Airline of the Year&#39; award. &nbsp;</p>
',
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			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5977',
			'image' => '20170711050459_qatar.jpg',
			'article_date' => '2017-07-11 00:00:00',
			'homepage' => false,
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	(int) 2 => array(
		'Article' => array(
			'id' => '6192',
			'article_category_id' => '1',
			'title' => 'Discount at Samitivej to NMB’s cardholders',
			'sub_title' => '',
			'summary' => 'NMB Bank has introduced five percent discount scheme on medical treatment at Samitivej Hospital, Thailand.',
			'content' => '<p>July 11: NMB Bank has introduced five percent discount scheme on medical treatment at Samitivej Hospital, Thailand.</p>

<p>The scheme applies to any medical treatment and all fees including special counseling services of the hospital for payment through USD visa card, the bank informed.&nbsp;</p>

<p>&nbsp;The Bank signed the agreement with Speedway Freight Service Pvt Ltd, the sole representative of Samitvej Hospital in Nepal.</p>

<p>According to the agreement, services such as medical enquiry handling, pre-arrangement of medical appointments with specialists and doctors of Samitivej Hospital will be taken care by Speedway Freight Service.</p>
',
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			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5976',
			'image' => '20170711045747_nmb.jpg',
			'article_date' => '2017-07-11 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
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	(int) 3 => array(
		'Article' => array(
			'id' => '6193',
			'article_category_id' => '1',
			'title' => 'Nepal Sewa Starts Branch at Bhotechaur',
			'sub_title' => '',
			'summary' => 'Nepal Sewa Micro Finance Bittiya Sanstha has opened its eighth branch at Bhotechaur of Melamchi-1 in Sindhupalchowk district.',
			'content' => '<p>July 11: Nepal Sewa Micro Finance Bittiya Sanstha has opened its eighth branch at Bhotechaur of Melamchi-1 in Sindhupalchowk district.</p>

<p>&nbsp;Madan Gopal Shrestha, chairman of the microfinance headquartered at Fatakshila in the district, inaugurated the branch amid a program held on July 10.</p>

<p>The branch has been opened with an objective of providing financial services to the marginalized community of rural areas and to improve their lifestyle, said chief executive officer of the microfinance, Shiva Kumar Malla.</p>
',
			'published' => true,
			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5975',
			'image' => null,
			'article_date' => '2017-07-11 00:00:00',
			'homepage' => false,
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	(int) 4 => array(
		'Article' => array(
			'id' => '6190',
			'article_category_id' => '1',
			'title' => 'Decentralization of Tax in the Offing',
			'sub_title' => '',
			'summary' => 'The government is planning to collect taxes, non-tax revenue and royalties from all three tiers of the administration – center, province and local units – in order to implement federalism. ',
			'content' => '<p>July 11: The government is planning to collect taxes, non-tax revenue and royalties from all three tiers of the administration &ndash; center, province and local units &ndash; in order to implement federalism. The government plans to empower the local units and enable them to manage their own source of income through a bill on finance management, which has been presented to the parliament.</p>

<p>The bill proposes distribution of royalties collected from mountaineering, forests, electricity and mines at all three levels. According to the bill, the central government will claim 85 percent royalties while the provincial government will get 10 percent royalties and the local government will have its share of 5 percent royalties.</p>

<p>If the bill gets endorsed, the centralized taxation system will become decentralized. Analysts, however, are skeptical that the decentralized taxation system will be beneficial for the nation.</p>

<p>&lsquo;It sounds simple but adopting decentralized taxation system could result in financial irregularities in countries like ours,&rdquo; said one analyst who did not wished to be named. &ldquo;Therefore, it is important to be cautious,&rdquo; he added.</p>

<p>The local elections held in two phases so far have already elected local representatives in most of the local units except in Province 2 and some disputed constituencies.</p>

<p>The bill on inter-governmental finance management, which is currently in discussion in the Parliament, proposes giving authority to the elected local bodies to rightfully collect taxes, non-tax revenues, other charges and royalties as per the laws.</p>

<p>Clause 3 of the bill states that the local units can collect property tax, rent tax, land tax, land and house registration fee, vehicle tax, entertainment tax, advertisement tax, business tax and hoarding board tax.</p>

<p>According to the bill, the local government can also impose service charge, tourism charge, parking charge, rental charge, herbs and wildlife charge as well as other non-tax revenue as per the need.</p>

<p>The bill also mentions the taxes that the provincial government and the central government shall collect. The provincial government is authorized to collect taxes on registration of houses and lands as well as entertainment, advertisement, agriculture, income, road construction and maintenance, ticket charge among others. In addition to that, the provincial government can also collect non-tax revenue and tourism charge.</p>

<p>The central government on the other hand will collect customs duty, excise duty, value added tax, income tax, labour charge, social security tax, health service tax, infrastructure tax, agriculture development charge, pollution charge, education service tax, road maintenance and development tax among others.</p>
',
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			'created' => '2017-07-11',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '5974',
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		'Article' => array(
			'id' => '6191',
			'article_category_id' => '1',
			'title' => 'Gandaki’s Chairman Takes Oath of Office',
			'sub_title' => '',
			'summary' => 'Jagan Bahadur Gurung, newly-elected chairman of Gandaki Bikas Bank headquartered at Pokhara, took oath of office, recently.',
			'content' => '<p>July 11: Jagan Bahadur Gurung, newly-elected chairman of Gandaki Bikas Bank headquartered at Pokhara, took oath of office, recently.</p>

<p>Shiv Raj Shrestha, deputy governor of Nepal Rastra Bank (NRB), administered oath of office and secrecy to Gurung amidst a function. Gurung was elected as the chairman of the bank after the merger of Fewa Bikas Bank and Gandaki Bikas Bank.</p>

<p>Present in the program were Narayan Prasad Poudel, director of the NRB&#39;s Monitoring Department of Bank and Financial Institutions, Gyaneshwor Parajuli, director of Gandaki Bikas Bank, and Resham Bahadur Thapa, CEO of the Bank, according to a press release issued by Chhabindra Nath Sharma, deputy CEO of Gandaki Bikas Bank.</p>
',
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			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5973',
			'image' => null,
			'article_date' => '2017-07-11 00:00:00',
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		'Article' => array(
			'id' => '6189',
			'article_category_id' => '1',
			'title' => 'Monetary Policy did not Address the Concerns of Private Sector: NCC',
			'sub_title' => '',
			'summary' => 'Nepal Chamber of Commerce (NCC) has termed the monetary policy unveiled by Nepal Rastra Bank on July 9 as a continuation of the same old policies of the past.',
			'content' => '<p>July 11: Nepal Chamber of Commerce (NCC) has termed the monetary policy unveiled by Nepal Rastra Bank on July 9 as a continuation of the same old policies of the past.</p>

<p>NCC said in a statement that it finds the new monetary policy stagnant although the economic conditions were quite different when the current monetary policy and the monetary policy for the upcoming fiscal year were released.</p>

<p>NCC said that entrepreneurs are having hard time obtaining the desired amount of loan from banks and financial institutions (BFIs) due to high rate of interest and lack of investible liquidity. NCC had given suggestions to NRB to address this problem but the new monetary policy of the central bank has disregarded the suggestion of the private sector, reads the statement.</p>

<p>NCC has also claimed that the monetary policy will not be effective enough to reach the 7.2 percent target of economic growth rate.</p>

<p>&ldquo;Since the rate of interest is high, there cannot be proper environment for investment and therefore economic growth is not possible,&rdquo; reads the statement, adding, &ldquo;It is not sufficient even if attempts are made to improve the finance management by creating funds from some other sources.&rdquo;</p>

<p>The NCC statement has also requested the central bank to roll back its decision regarding a circular issued on Usance bill arguing that it has had a negative impact on entrepreneurs.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5972',
			'image' => null,
			'article_date' => '2017-07-11 00:00:00',
			'homepage' => false,
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	(int) 7 => array(
		'Article' => array(
			'id' => '6188',
			'article_category_id' => '1',
			'title' => 'Parliament passes Appropriation Bill',
			'sub_title' => '',
			'summary' => ' The Legislature-Parliament has passed the Appropriation Bill 2074 on July 10. ',
			'content' => '<p>July 11: The Legislature-Parliament has passed the Appropriation Bill 2074 on July 10. The passage of bill by majority of the House has paved way for the government bodies to spend the budget for the fiscal year 2017/18.</p>

<p>The second meeting of the Parliament on July 10 had approved the bill&nbsp; presented by Finance Minister Gyanendra Bahadur Karki. Earlier, the meeting had also unanimously endorsed the proposal seeking consideration on the finance bill, 2074 and also passed the National Debt Recovery Bill, 2074.</p>

<p>Speaker Onsari Gharti has announced clause-wise discussion on the endorsed bills on July 13. The government is scheduled to endorse the budget on the same day.</p>

<p>The meeting disapproved the demands of lawmakers Prem Suwal, Anuradha Thapa and Dilli Prasad Kafle to reduce the budget on different heads allocated for various ministries.</p>

<p>The next meeting of the Legislature-Parliament will take place at 1 pm on July 12. &nbsp;</p>
',
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			'sortorder' => '5971',
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	(int) 8 => array(
		'Article' => array(
			'id' => '6186',
			'article_category_id' => '1',
			'title' => 'Line of New Monetary Policy Ambiguous: Experts',
			'sub_title' => '',
			'summary' => ' Nepal Rastra Bank (NRB) in the monetary policy for the upcoming fiscal year 2017/18 has adopted liquidity management measures to help the government meet economic growth rate target of 7.2 percent in the next fiscal year. ',
			'content' => '<p><strong>July 10: Nepal Rastra Bank (NRB) in the monetary policy for the upcoming fiscal year 2017/18 has adopted liquidity management measures to help the government meet economic growth rate target of 7.2 percent in the next fiscal year. However, the line mentioned in the monetary policy and the policy tools adopted for its implementation indicate otherwise. This has led experts to say that the new monetary policy is &lsquo;ambiguous&rsquo;.</strong></p>

<p><strong>NRB has projected an increase in the total domestic credit by 27.8 percent which will help to meet the targeted economic growth rate in FY2017/18.</strong></p>

<p><strong>&ldquo;The monetary policy has set the target to increase domestic credit in line with the budget announced by the government,&rdquo; states the policy, adding, &ldquo;The ceiling for lending in the private sector has been increased to 20 percent.&rdquo;</strong></p>

<p><strong>Experts argue that there is need of investment in private sector to meet the target of economic growth. However, the monetary policy has failed to take concrete measures to sort out two big challenges that have surfaced in the banking sector at present, according to the experts. </strong></p>

<p><strong>NRB in the monetary policy has dampened the expectations of many who have hoped that the central banking authority would take steps to ease the current difficulties in loan investments of BFIs. The central bank was expected to revise the </strong>core-capital-cum-deposit (CCD) ratio, cash reserve ratio (CRR) and statutory liquidity ratio (<em>SLR</em>) to ensure the adequacy of investible capital in the banking sector. But the new monetary policy has even scrapped the facilities that were provided by the mid-term review of the monetary policy of the current fiscal year.</p>

<p>Bankers say that if the current situation persists and the collection of deposits does not increase significantly, the new arrangement will further curtail the lending capacity of BFIs.&nbsp;</p>

<p>Stakeholders claim that instead of exploring possibilities of mobilising new sources, NRB has blocked the source of long-term loan investment by lowering the ceiling of deposit.</p>

<p>&ldquo;The new monetary policy has done nothing but deprived us from the source of loan investment that we had until now,&rdquo; said a CEO of a bank on condition of anonymity.</p>

<p>Confederation of Nepalese Industries (CNI) issued a press statement saying that the monetary policy failed to create a favorable environment to expand investment in the industrial sector.</p>

<p>Likewise, another challenge in meeting the target of economic growth is the high rate of interest. The wrong step taken by last year&rsquo;s monetary policy caused scarcity of investible capital resulting in the doubling of rate of interest within six months. Likewise, fluctuation in interest rate has been prevailing due to competition among BFIs to attract depositors.</p>

<p>In such situation, the central bank should have adopted proper measures to create stability in rate of interest to increase investible capital, according to the experts.</p>

<p><strong>In this regard, industrialists and bankers had been demanding revision in CCD ratio and lowering CRR. But instead of addressing these issues, the NRB took tough measures through the new monetary policy. </strong></p>

<p><strong>This indicates that the NRB is only interested in regulating and controlling the BFIs instead of solving the prevailing problems and the steps taken by the central bank won&rsquo;t be helpful to attract investors, create employment opportunities and meet the target of economic growth, argue experts.</strong></p>

<p><strong>The NRB has also been criticized for taking tough measures instead of adopting traditional means to control inflation. The monetary policy has a target to keep inflation below 7 percent in the upcoming FY. However, economists argue that price stability isn&rsquo;t possible without economic growth.&nbsp;</strong></p>
',
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			'created' => '2017-07-10',
			'modified' => '2017-07-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5970',
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			'article_date' => '2017-07-10 00:00:00',
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	(int) 9 => array(
		'Article' => array(
			'id' => '6184',
			'article_category_id' => '1',
			'title' => 'Personal Housing Loan Ceiling Up by Rs 5 million',
			'sub_title' => '',
			'summary' => 'Nepal Rastra Bank has increased the ceiling for personal housing loan by Rs 5 million.',
			'content' => '<p>July 10: Nepal Rastra Bank has increased the ceiling for personal housing loan by Rs 5 million.</p>

<p>Previously, the limit was Rs 10 million but the new monetary policy of NRB has now been increased the ceiling to Rs &nbsp;15 million.</p>

<p>However, the central bank has tightened &nbsp;lending to real state in the Kathmandu Valley by lowering the loan to value (LTV) ratio.</p>

<p>The LTV ratio was previously 50 percent but has now been set at 40 percent in the Kathmandu valley. The previous ratio is still same for other regions though, claims NRB. The policy is expected to help to decentralize the development of various sectors.</p>

<p>The increase in loan ceiling and decrease in LTV will result in the increase in prices of commercial complexes, housings and apartments, claims Ashish Garg, coordinator of Nepal Land and Housing Developers&rsquo; Association.</p>

<p>The LTV ratio was 80 percent in the past and reducing it to 40 percent will further lead to decrease in construction of houses, which will affect housing industry as well, added Garg.</p>

<p>&nbsp;Despite the need to encourage decentralized development for the sake of implementation of federalism, the government has discouraged it, said Garg. Even if the ratio is decreased in the capitals of federal provinces, it should not be decreased in the Kathmandu valley, suggested Garg.</p>

<p>&nbsp;</p>
',
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			'created' => '2017-07-10',
			'modified' => '2017-07-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5969',
			'image' => null,
			'article_date' => '2017-07-10 00:00:00',
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	(int) 10 => array(
		'Article' => array(
			'id' => '6185',
			'article_category_id' => '1',
			'title' => 'Jebils Finance to issue 40% Right Shares',
			'sub_title' => '',
			'summary' => 'Jebils Finance has decided to further issue 40 percent right shares to its shareholders.',
			'content' => '<p>July 10: Jebils Finance has decided to further issue 40 percent right shares to its shareholders.</p>

<p>The Special General Meeting of the finance held on July 7 has approved the proposal to issue the right shares after issuance of already declared rights shares in the ratio of 1:1.&nbsp;&nbsp;</p>
',
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			'created' => '2017-07-10',
			'modified' => '2017-07-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5968',
			'image' => null,
			'article_date' => '2017-07-10 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
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	(int) 11 => array(
		'Article' => array(
			'id' => '6183',
			'article_category_id' => '1',
			'title' => 'Transportation in Rukum Gets a Boost',
			'sub_title' => '',
			'summary' => 'The transportation sector in Rukum has got a boost with an investment of around Rs 1 billion.',
			'content' => '<p>July 10: The transportation sector in Rukum has got a boost with an investment of around Rs 1 billion.</p>

<p>According to transportation entrepreneurs of the district, Sisne Himal Bus and Mini Bus Entrepreneurs Committee, Rukum Yatayat Pvt Ltd, Prafi Yatayat Pvt Ltd and Sanibheri Yatayat Committee operating in the district have made such huge investment.</p>

<p>Sisne Himal Bus and Mini Bus Entrepreneurs Committee invested Rs 600 million, Rukum Yatayat around Rs 200 million and Prafi Yatayat and Sanibheri Yatayat together invested around Rs 200 million in the transportation sector of Rukum.</p>

<p>Investment in the district&rsquo;s transportation sector has increased significantly, said chairperson of Sisne Himal Bus and Mini Bus Entrepreneurs Committee, Janak Kumar Bantha.</p>

<p>Bir Bahadur Malla, general secretary of Sanibheri Yatayat, informed that there are altogether 250 small and big buses currently operating in the district.</p>

<p>Entrepreneurs are providing transportation service to Kathmandu, Banke, Bhaluwang and Tulsipur from Rukum district.</p>

<p>Similarly, the buses also operate in local routes in the rural areas such as Musikot-Radibajar, Musikot-Chaurjahari and Musikot-Taksera.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '5967',
			'image' => null,
			'article_date' => '2017-07-10 00:00:00',
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		'Article' => array(
			'id' => '6182',
			'article_category_id' => '1',
			'title' => 'Global IME Acquires Reliable',
			'sub_title' => '',
			'summary' => 'Global IME Bank Ltd has started integrated transaction after acquiring Reliable Development Bank.',
			'content' => '<p>July 10: Global IME Bank Ltd has started integrated transaction after acquiring Reliable Development Bank.</p>

<p>Finance Minister Gyanendra Bahadur Karki inaugurated the integrated transaction amid a program held on July 9. With this acquisition, Global IME has become the leading bank in Nepal to merge with or acquire 10 financial institutions.</p>

<p>After the acquisition, the bank&rsquo;s paid-up capital has reached Rs 8.08 billion, deposit to Rs 97.70 billion and loan to Rs 82 billion, as announced during the program.</p>

<p>Also, the bank now has 112 branches, representative offices in India and Australia, 114 ATM outlets, five extension counters and 46 branchless banking services.&nbsp;</p>
',
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			'created' => '2017-07-10',
			'modified' => '2017-07-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5966',
			'image' => '20170710042233_global.jpg',
			'article_date' => '2017-07-10 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
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	(int) 13 => array(
		'Article' => array(
			'id' => '6181',
			'article_category_id' => '1',
			'title' => 'Century Starts Branchless Banking in Sarlahi',
			'sub_title' => '',
			'summary' => 'Century Commercial Bank (CCB) has started branchless banking service at Kabilashi-9 in Sarlahi district.',
			'content' => '<p>July 10: Century Commercial Bank (CCB) has started branchless banking service at Kabilashi-9 in Sarlahi district.</p>

<p>The service counter was launched amid a program held recently.&nbsp; The bank has been providing branchless banking service through 14 different locations in Bhojpur, Kailali, Morang, Khotang, Rautahat, Kanchanpur, Bardiya and Dhankuta districts so far.</p>

<p>The bank is currently providing banking services from 53 branches, 34 ATM outlets, 15 branchless banking and five extension counters.</p>
',
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			'created' => '2017-07-10',
			'modified' => '2017-07-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5965',
			'image' => null,
			'article_date' => '2017-07-10 00:00:00',
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		'Article' => array(
			'id' => '6180',
			'article_category_id' => '1',
			'title' => 'Monetary Policy 2017/18',
			'sub_title' => '25 Percent Loan for Priority Areas ',
			'summary' => 'Nepal Rastra Bank (NRB) has made it mandatory for banks to loan out a minimum of 25 percent of their total loan to the areas of priority. ',
			'content' => '<p><strong>July 10: Nepal Rastra Bank (NRB) has made it mandatory for banks to loan out a minimum of 25 percent of their total loan to the areas of priority. Unveiling the Monetary Policy for Fiscal Year 2017/18 on July 9, the central bank said that the lending requirement has been raised from 20 percent to 25 percent.</strong></p>

<p><strong>According to the monetary policy, commercial banks will have to invest 10 percent of their total lending capacity in agriculture sector, 5 percent in hydropower projects, 5 percent in tourism and the remaining 5 percent in other priority areas. </strong></p>

<p><strong>NRB has said that the monetary policy will complement the budget of the upcoming fiscal year and will also help in regulating the banking and financial sector. However, banks have expressed displeasure toward the provision to regulate them. </strong></p>

<p><strong>While unveiling the monetary policy, NRB Governor Dr Nepal said that the high economic growth, low inflation and balance of payment have ignited new hopes in the economic sector of the country. Stating that the monetary policy is relevant in the present context, the central bank claimed that it would help in maintaining price stability. </strong></p>

<p><strong>It should be recalled that some of the strong measures taken by the central bank in the past had caused problems for the private sector as well as banks and financial institutions (BFIs). </strong></p>

<p><strong>The Monetary Policy for Fiscal Year 2017/18 has a target to keep the rate of increase in money supply within the limit of 18 percent. Keeping in view the general demand in the FY 2017/18 on the basis of projected economic growth rate and inflation rate, the total domestic credit is expected to rise by 27.8 percent.&nbsp; </strong></p>

<p><strong>Meanwhile, the central bank has increased the refinance fund from Rs 10.84 billion to Rs 20 billion. The central bank has made it clear that it will use its profit for this purpose.</strong></p>

<p><strong>NRB has also decided to provide re-loan to the hydropower projects in priority list from Rs 5 billion allocated for the Economic Revival Fund. NRB believes that this move would help the hydropower projects of strategic importance to obtain loan at subsidized rate.</strong></p>

<p><strong>Likewise, the monetary policy has removed the mandatory provision for banks to provide minimum 2 percent loan to the deprived sector. </strong></p>

<p><strong>BFIs will be entitled to get Rs 10 million interest-free loan for a period of one year from the central bank for opening new accounts in remote places. The BFIs which expand their branches to places where there are no banking service will get Rs 10 million interest-free loan for 2500 new accounts. This amount will be provided to such BFI&rsquo;s for helping the government&rsquo;s campaign to open account for every Nepali citizen. </strong></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '6195',
			'article_category_id' => '1',
			'title' => 'Import from India to Rise due to GST',
			'sub_title' => '',
			'summary' => 'The import of goods from India is projected to rise after the implementation of goods and service tax (GST) in India, according to an estimate of Nepali entrepreneurs.',
			'content' => '<p>July 12: The import of goods from India is projected to rise after the implementation of goods and service tax (GST) in India, according to an estimate of Nepali entrepreneurs. Nepal is heavily dependent on India in import as the country brings in goods ranging from raw materials to ready-made goods from the southern neighbour and around 70 percent of Nepal&rsquo;s trade transaction takes place with India alone.</p>

<p>The price of goods produced in India has gone down after the implementation of the new taxation system since July 1. Nepali businessmen argue that this is the main reason why import of Indian goods will increase in Nepal.</p>

<p>GST has encouraged domestic production in India, says general secretary of Nepal Chamber of Commerce, Kamlesh Kumar Agrawal. &ldquo;Taxes on goods are declining in India,&rdquo; he said. Agrawal believes that the overvaluation and undervaluation of goods will be replaced by uniformity in price in the new taxation system in India. According to Agrawal, majority of goods coming from India will become cheaper and this will result in significant rise in import.</p>

<p>Federation of Nepalese Chamber of Commerce and Industries (FNCCI)&rsquo;s fair committee chairman Dil Sundar Shrestha says that the effects of GST is likely to be seen even in import of goods from third countries. Under the GST, the goods coming from third countries to Nepal via Indian sea ports are subject to double taxation &ndash; sea port charge and service charge. This would result in high price of the goods when they reach the Nepali market.</p>

<p>According to Shrestha, agricultural products exported from Nepal to India will have value added tax. Therefore, the same products produced in India will be cheaper.</p>

<p>&ldquo;If the government establishes industrial areas and gives VAT and customs exemption for raw material imported from India, then we can compete with the India market,&rdquo; said Shrestha.</p>

<p>FNCCI Vice President (commodity) Umesh Lal Pradhan, on the other hand, says that the new taxation system in India will not affect Nepal much.</p>

<p>&ldquo;India used to impose tax at different levels in the past too. The percentage of tax in the new system is almost the same as before. So it won&rsquo;t have much negative effect in Nepal,&rdquo; says Pradhan.</p>

<p>However, Pradhan said that the confusion related to GST has not yet been over. He further said that a delegation is going to India to clear the confusion. &nbsp;&nbsp;</p>
',
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			'created' => '2017-07-12',
			'modified' => '2017-07-12',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5978',
			'image' => null,
			'article_date' => '2017-07-12 00:00:00',
			'homepage' => false,
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		'Article' => array(
			'id' => '6194',
			'article_category_id' => '1',
			'title' => 'Qatar Airways Offering 40% Discount',
			'sub_title' => '',
			'summary' => 'Qatar Airlines, the state-owned flag carrier of Qatar, is offering discounts on flights after being declared the world’s best airlines by a UK-based company.',
			'content' => '<p>July 11: Qatar Airlines, the state-owned flag carrier of Qatar, is offering discounts on flights after being declared the world&rsquo;s best airlines by a UK-based company.</p>

<p>Qatar Airways is the winner of the world&#39;s best airlines- 2017 award from SKYTRAX, a UK-based consultancy company which evaluates airlines and airports around the world.</p>

<p>The airlines company is offering up to 40 percent discount on flights to various popular tourist destinations. The offer is valid from July 10, 2017 to December 10, 2017.</p>

<p>&nbsp;The airlines company has started a new campaign &#39;Air travel with the best airlines of the world&#39; this week after winning the &#39;Airline of the Year&#39; award. &nbsp;</p>
',
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			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5977',
			'image' => '20170711050459_qatar.jpg',
			'article_date' => '2017-07-11 00:00:00',
			'homepage' => false,
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		'Article' => array(
			'id' => '6192',
			'article_category_id' => '1',
			'title' => 'Discount at Samitivej to NMB’s cardholders',
			'sub_title' => '',
			'summary' => 'NMB Bank has introduced five percent discount scheme on medical treatment at Samitivej Hospital, Thailand.',
			'content' => '<p>July 11: NMB Bank has introduced five percent discount scheme on medical treatment at Samitivej Hospital, Thailand.</p>

<p>The scheme applies to any medical treatment and all fees including special counseling services of the hospital for payment through USD visa card, the bank informed.&nbsp;</p>

<p>&nbsp;The Bank signed the agreement with Speedway Freight Service Pvt Ltd, the sole representative of Samitvej Hospital in Nepal.</p>

<p>According to the agreement, services such as medical enquiry handling, pre-arrangement of medical appointments with specialists and doctors of Samitivej Hospital will be taken care by Speedway Freight Service.</p>
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			'sortorder' => '5976',
			'image' => '20170711045747_nmb.jpg',
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		'Article' => array(
			'id' => '6193',
			'article_category_id' => '1',
			'title' => 'Nepal Sewa Starts Branch at Bhotechaur',
			'sub_title' => '',
			'summary' => 'Nepal Sewa Micro Finance Bittiya Sanstha has opened its eighth branch at Bhotechaur of Melamchi-1 in Sindhupalchowk district.',
			'content' => '<p>July 11: Nepal Sewa Micro Finance Bittiya Sanstha has opened its eighth branch at Bhotechaur of Melamchi-1 in Sindhupalchowk district.</p>

<p>&nbsp;Madan Gopal Shrestha, chairman of the microfinance headquartered at Fatakshila in the district, inaugurated the branch amid a program held on July 10.</p>

<p>The branch has been opened with an objective of providing financial services to the marginalized community of rural areas and to improve their lifestyle, said chief executive officer of the microfinance, Shiva Kumar Malla.</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '5975',
			'image' => null,
			'article_date' => '2017-07-11 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
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	),
	(int) 4 => array(
		'Article' => array(
			'id' => '6190',
			'article_category_id' => '1',
			'title' => 'Decentralization of Tax in the Offing',
			'sub_title' => '',
			'summary' => 'The government is planning to collect taxes, non-tax revenue and royalties from all three tiers of the administration – center, province and local units – in order to implement federalism. ',
			'content' => '<p>July 11: The government is planning to collect taxes, non-tax revenue and royalties from all three tiers of the administration &ndash; center, province and local units &ndash; in order to implement federalism. The government plans to empower the local units and enable them to manage their own source of income through a bill on finance management, which has been presented to the parliament.</p>

<p>The bill proposes distribution of royalties collected from mountaineering, forests, electricity and mines at all three levels. According to the bill, the central government will claim 85 percent royalties while the provincial government will get 10 percent royalties and the local government will have its share of 5 percent royalties.</p>

<p>If the bill gets endorsed, the centralized taxation system will become decentralized. Analysts, however, are skeptical that the decentralized taxation system will be beneficial for the nation.</p>

<p>&lsquo;It sounds simple but adopting decentralized taxation system could result in financial irregularities in countries like ours,&rdquo; said one analyst who did not wished to be named. &ldquo;Therefore, it is important to be cautious,&rdquo; he added.</p>

<p>The local elections held in two phases so far have already elected local representatives in most of the local units except in Province 2 and some disputed constituencies.</p>

<p>The bill on inter-governmental finance management, which is currently in discussion in the Parliament, proposes giving authority to the elected local bodies to rightfully collect taxes, non-tax revenues, other charges and royalties as per the laws.</p>

<p>Clause 3 of the bill states that the local units can collect property tax, rent tax, land tax, land and house registration fee, vehicle tax, entertainment tax, advertisement tax, business tax and hoarding board tax.</p>

<p>According to the bill, the local government can also impose service charge, tourism charge, parking charge, rental charge, herbs and wildlife charge as well as other non-tax revenue as per the need.</p>

<p>The bill also mentions the taxes that the provincial government and the central government shall collect. The provincial government is authorized to collect taxes on registration of houses and lands as well as entertainment, advertisement, agriculture, income, road construction and maintenance, ticket charge among others. In addition to that, the provincial government can also collect non-tax revenue and tourism charge.</p>

<p>The central government on the other hand will collect customs duty, excise duty, value added tax, income tax, labour charge, social security tax, health service tax, infrastructure tax, agriculture development charge, pollution charge, education service tax, road maintenance and development tax among others.</p>
',
			'published' => true,
			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5974',
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			'article_date' => '2017-07-11 00:00:00',
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	(int) 5 => array(
		'Article' => array(
			'id' => '6191',
			'article_category_id' => '1',
			'title' => 'Gandaki’s Chairman Takes Oath of Office',
			'sub_title' => '',
			'summary' => 'Jagan Bahadur Gurung, newly-elected chairman of Gandaki Bikas Bank headquartered at Pokhara, took oath of office, recently.',
			'content' => '<p>July 11: Jagan Bahadur Gurung, newly-elected chairman of Gandaki Bikas Bank headquartered at Pokhara, took oath of office, recently.</p>

<p>Shiv Raj Shrestha, deputy governor of Nepal Rastra Bank (NRB), administered oath of office and secrecy to Gurung amidst a function. Gurung was elected as the chairman of the bank after the merger of Fewa Bikas Bank and Gandaki Bikas Bank.</p>

<p>Present in the program were Narayan Prasad Poudel, director of the NRB&#39;s Monitoring Department of Bank and Financial Institutions, Gyaneshwor Parajuli, director of Gandaki Bikas Bank, and Resham Bahadur Thapa, CEO of the Bank, according to a press release issued by Chhabindra Nath Sharma, deputy CEO of Gandaki Bikas Bank.</p>
',
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			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5973',
			'image' => null,
			'article_date' => '2017-07-11 00:00:00',
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	(int) 6 => array(
		'Article' => array(
			'id' => '6189',
			'article_category_id' => '1',
			'title' => 'Monetary Policy did not Address the Concerns of Private Sector: NCC',
			'sub_title' => '',
			'summary' => 'Nepal Chamber of Commerce (NCC) has termed the monetary policy unveiled by Nepal Rastra Bank on July 9 as a continuation of the same old policies of the past.',
			'content' => '<p>July 11: Nepal Chamber of Commerce (NCC) has termed the monetary policy unveiled by Nepal Rastra Bank on July 9 as a continuation of the same old policies of the past.</p>

<p>NCC said in a statement that it finds the new monetary policy stagnant although the economic conditions were quite different when the current monetary policy and the monetary policy for the upcoming fiscal year were released.</p>

<p>NCC said that entrepreneurs are having hard time obtaining the desired amount of loan from banks and financial institutions (BFIs) due to high rate of interest and lack of investible liquidity. NCC had given suggestions to NRB to address this problem but the new monetary policy of the central bank has disregarded the suggestion of the private sector, reads the statement.</p>

<p>NCC has also claimed that the monetary policy will not be effective enough to reach the 7.2 percent target of economic growth rate.</p>

<p>&ldquo;Since the rate of interest is high, there cannot be proper environment for investment and therefore economic growth is not possible,&rdquo; reads the statement, adding, &ldquo;It is not sufficient even if attempts are made to improve the finance management by creating funds from some other sources.&rdquo;</p>

<p>The NCC statement has also requested the central bank to roll back its decision regarding a circular issued on Usance bill arguing that it has had a negative impact on entrepreneurs.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5972',
			'image' => null,
			'article_date' => '2017-07-11 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
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	(int) 7 => array(
		'Article' => array(
			'id' => '6188',
			'article_category_id' => '1',
			'title' => 'Parliament passes Appropriation Bill',
			'sub_title' => '',
			'summary' => ' The Legislature-Parliament has passed the Appropriation Bill 2074 on July 10. ',
			'content' => '<p>July 11: The Legislature-Parliament has passed the Appropriation Bill 2074 on July 10. The passage of bill by majority of the House has paved way for the government bodies to spend the budget for the fiscal year 2017/18.</p>

<p>The second meeting of the Parliament on July 10 had approved the bill&nbsp; presented by Finance Minister Gyanendra Bahadur Karki. Earlier, the meeting had also unanimously endorsed the proposal seeking consideration on the finance bill, 2074 and also passed the National Debt Recovery Bill, 2074.</p>

<p>Speaker Onsari Gharti has announced clause-wise discussion on the endorsed bills on July 13. The government is scheduled to endorse the budget on the same day.</p>

<p>The meeting disapproved the demands of lawmakers Prem Suwal, Anuradha Thapa and Dilli Prasad Kafle to reduce the budget on different heads allocated for various ministries.</p>

<p>The next meeting of the Legislature-Parliament will take place at 1 pm on July 12. &nbsp;</p>
',
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			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5971',
			'image' => null,
			'article_date' => '2017-07-11 00:00:00',
			'homepage' => false,
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	(int) 8 => array(
		'Article' => array(
			'id' => '6186',
			'article_category_id' => '1',
			'title' => 'Line of New Monetary Policy Ambiguous: Experts',
			'sub_title' => '',
			'summary' => ' Nepal Rastra Bank (NRB) in the monetary policy for the upcoming fiscal year 2017/18 has adopted liquidity management measures to help the government meet economic growth rate target of 7.2 percent in the next fiscal year. ',
			'content' => '<p><strong>July 10: Nepal Rastra Bank (NRB) in the monetary policy for the upcoming fiscal year 2017/18 has adopted liquidity management measures to help the government meet economic growth rate target of 7.2 percent in the next fiscal year. However, the line mentioned in the monetary policy and the policy tools adopted for its implementation indicate otherwise. This has led experts to say that the new monetary policy is &lsquo;ambiguous&rsquo;.</strong></p>

<p><strong>NRB has projected an increase in the total domestic credit by 27.8 percent which will help to meet the targeted economic growth rate in FY2017/18.</strong></p>

<p><strong>&ldquo;The monetary policy has set the target to increase domestic credit in line with the budget announced by the government,&rdquo; states the policy, adding, &ldquo;The ceiling for lending in the private sector has been increased to 20 percent.&rdquo;</strong></p>

<p><strong>Experts argue that there is need of investment in private sector to meet the target of economic growth. However, the monetary policy has failed to take concrete measures to sort out two big challenges that have surfaced in the banking sector at present, according to the experts. </strong></p>

<p><strong>NRB in the monetary policy has dampened the expectations of many who have hoped that the central banking authority would take steps to ease the current difficulties in loan investments of BFIs. The central bank was expected to revise the </strong>core-capital-cum-deposit (CCD) ratio, cash reserve ratio (CRR) and statutory liquidity ratio (<em>SLR</em>) to ensure the adequacy of investible capital in the banking sector. But the new monetary policy has even scrapped the facilities that were provided by the mid-term review of the monetary policy of the current fiscal year.</p>

<p>Bankers say that if the current situation persists and the collection of deposits does not increase significantly, the new arrangement will further curtail the lending capacity of BFIs.&nbsp;</p>

<p>Stakeholders claim that instead of exploring possibilities of mobilising new sources, NRB has blocked the source of long-term loan investment by lowering the ceiling of deposit.</p>

<p>&ldquo;The new monetary policy has done nothing but deprived us from the source of loan investment that we had until now,&rdquo; said a CEO of a bank on condition of anonymity.</p>

<p>Confederation of Nepalese Industries (CNI) issued a press statement saying that the monetary policy failed to create a favorable environment to expand investment in the industrial sector.</p>

<p>Likewise, another challenge in meeting the target of economic growth is the high rate of interest. The wrong step taken by last year&rsquo;s monetary policy caused scarcity of investible capital resulting in the doubling of rate of interest within six months. Likewise, fluctuation in interest rate has been prevailing due to competition among BFIs to attract depositors.</p>

<p>In such situation, the central bank should have adopted proper measures to create stability in rate of interest to increase investible capital, according to the experts.</p>

<p><strong>In this regard, industrialists and bankers had been demanding revision in CCD ratio and lowering CRR. But instead of addressing these issues, the NRB took tough measures through the new monetary policy. </strong></p>

<p><strong>This indicates that the NRB is only interested in regulating and controlling the BFIs instead of solving the prevailing problems and the steps taken by the central bank won&rsquo;t be helpful to attract investors, create employment opportunities and meet the target of economic growth, argue experts.</strong></p>

<p><strong>The NRB has also been criticized for taking tough measures instead of adopting traditional means to control inflation. The monetary policy has a target to keep inflation below 7 percent in the upcoming FY. However, economists argue that price stability isn&rsquo;t possible without economic growth.&nbsp;</strong></p>
',
			'published' => true,
			'created' => '2017-07-10',
			'modified' => '2017-07-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5970',
			'image' => null,
			'article_date' => '2017-07-10 00:00:00',
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	(int) 9 => array(
		'Article' => array(
			'id' => '6184',
			'article_category_id' => '1',
			'title' => 'Personal Housing Loan Ceiling Up by Rs 5 million',
			'sub_title' => '',
			'summary' => 'Nepal Rastra Bank has increased the ceiling for personal housing loan by Rs 5 million.',
			'content' => '<p>July 10: Nepal Rastra Bank has increased the ceiling for personal housing loan by Rs 5 million.</p>

<p>Previously, the limit was Rs 10 million but the new monetary policy of NRB has now been increased the ceiling to Rs &nbsp;15 million.</p>

<p>However, the central bank has tightened &nbsp;lending to real state in the Kathmandu Valley by lowering the loan to value (LTV) ratio.</p>

<p>The LTV ratio was previously 50 percent but has now been set at 40 percent in the Kathmandu valley. The previous ratio is still same for other regions though, claims NRB. The policy is expected to help to decentralize the development of various sectors.</p>

<p>The increase in loan ceiling and decrease in LTV will result in the increase in prices of commercial complexes, housings and apartments, claims Ashish Garg, coordinator of Nepal Land and Housing Developers&rsquo; Association.</p>

<p>The LTV ratio was 80 percent in the past and reducing it to 40 percent will further lead to decrease in construction of houses, which will affect housing industry as well, added Garg.</p>

<p>&nbsp;Despite the need to encourage decentralized development for the sake of implementation of federalism, the government has discouraged it, said Garg. Even if the ratio is decreased in the capitals of federal provinces, it should not be decreased in the Kathmandu valley, suggested Garg.</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2017-07-10',
			'modified' => '2017-07-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5969',
			'image' => null,
			'article_date' => '2017-07-10 00:00:00',
			'homepage' => false,
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			'main_news' => true,
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	(int) 10 => array(
		'Article' => array(
			'id' => '6185',
			'article_category_id' => '1',
			'title' => 'Jebils Finance to issue 40% Right Shares',
			'sub_title' => '',
			'summary' => 'Jebils Finance has decided to further issue 40 percent right shares to its shareholders.',
			'content' => '<p>July 10: Jebils Finance has decided to further issue 40 percent right shares to its shareholders.</p>

<p>The Special General Meeting of the finance held on July 7 has approved the proposal to issue the right shares after issuance of already declared rights shares in the ratio of 1:1.&nbsp;&nbsp;</p>
',
			'published' => true,
			'created' => '2017-07-10',
			'modified' => '2017-07-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5968',
			'image' => null,
			'article_date' => '2017-07-10 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
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	),
	(int) 11 => array(
		'Article' => array(
			'id' => '6183',
			'article_category_id' => '1',
			'title' => 'Transportation in Rukum Gets a Boost',
			'sub_title' => '',
			'summary' => 'The transportation sector in Rukum has got a boost with an investment of around Rs 1 billion.',
			'content' => '<p>July 10: The transportation sector in Rukum has got a boost with an investment of around Rs 1 billion.</p>

<p>According to transportation entrepreneurs of the district, Sisne Himal Bus and Mini Bus Entrepreneurs Committee, Rukum Yatayat Pvt Ltd, Prafi Yatayat Pvt Ltd and Sanibheri Yatayat Committee operating in the district have made such huge investment.</p>

<p>Sisne Himal Bus and Mini Bus Entrepreneurs Committee invested Rs 600 million, Rukum Yatayat around Rs 200 million and Prafi Yatayat and Sanibheri Yatayat together invested around Rs 200 million in the transportation sector of Rukum.</p>

<p>Investment in the district&rsquo;s transportation sector has increased significantly, said chairperson of Sisne Himal Bus and Mini Bus Entrepreneurs Committee, Janak Kumar Bantha.</p>

<p>Bir Bahadur Malla, general secretary of Sanibheri Yatayat, informed that there are altogether 250 small and big buses currently operating in the district.</p>

<p>Entrepreneurs are providing transportation service to Kathmandu, Banke, Bhaluwang and Tulsipur from Rukum district.</p>

<p>Similarly, the buses also operate in local routes in the rural areas such as Musikot-Radibajar, Musikot-Chaurjahari and Musikot-Taksera.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'created' => '2017-07-10',
			'modified' => '2017-07-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5967',
			'image' => null,
			'article_date' => '2017-07-10 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
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	),
	(int) 12 => array(
		'Article' => array(
			'id' => '6182',
			'article_category_id' => '1',
			'title' => 'Global IME Acquires Reliable',
			'sub_title' => '',
			'summary' => 'Global IME Bank Ltd has started integrated transaction after acquiring Reliable Development Bank.',
			'content' => '<p>July 10: Global IME Bank Ltd has started integrated transaction after acquiring Reliable Development Bank.</p>

<p>Finance Minister Gyanendra Bahadur Karki inaugurated the integrated transaction amid a program held on July 9. With this acquisition, Global IME has become the leading bank in Nepal to merge with or acquire 10 financial institutions.</p>

<p>After the acquisition, the bank&rsquo;s paid-up capital has reached Rs 8.08 billion, deposit to Rs 97.70 billion and loan to Rs 82 billion, as announced during the program.</p>

<p>Also, the bank now has 112 branches, representative offices in India and Australia, 114 ATM outlets, five extension counters and 46 branchless banking services.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-07-10',
			'modified' => '2017-07-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5966',
			'image' => '20170710042233_global.jpg',
			'article_date' => '2017-07-10 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
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	(int) 13 => array(
		'Article' => array(
			'id' => '6181',
			'article_category_id' => '1',
			'title' => 'Century Starts Branchless Banking in Sarlahi',
			'sub_title' => '',
			'summary' => 'Century Commercial Bank (CCB) has started branchless banking service at Kabilashi-9 in Sarlahi district.',
			'content' => '<p>July 10: Century Commercial Bank (CCB) has started branchless banking service at Kabilashi-9 in Sarlahi district.</p>

<p>The service counter was launched amid a program held recently.&nbsp; The bank has been providing branchless banking service through 14 different locations in Bhojpur, Kailali, Morang, Khotang, Rautahat, Kanchanpur, Bardiya and Dhankuta districts so far.</p>

<p>The bank is currently providing banking services from 53 branches, 34 ATM outlets, 15 branchless banking and five extension counters.</p>
',
			'published' => true,
			'created' => '2017-07-10',
			'modified' => '2017-07-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5965',
			'image' => null,
			'article_date' => '2017-07-10 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
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	(int) 14 => array(
		'Article' => array(
			'id' => '6180',
			'article_category_id' => '1',
			'title' => 'Monetary Policy 2017/18',
			'sub_title' => '25 Percent Loan for Priority Areas ',
			'summary' => 'Nepal Rastra Bank (NRB) has made it mandatory for banks to loan out a minimum of 25 percent of their total loan to the areas of priority. ',
			'content' => '<p><strong>July 10: Nepal Rastra Bank (NRB) has made it mandatory for banks to loan out a minimum of 25 percent of their total loan to the areas of priority. Unveiling the Monetary Policy for Fiscal Year 2017/18 on July 9, the central bank said that the lending requirement has been raised from 20 percent to 25 percent.</strong></p>

<p><strong>According to the monetary policy, commercial banks will have to invest 10 percent of their total lending capacity in agriculture sector, 5 percent in hydropower projects, 5 percent in tourism and the remaining 5 percent in other priority areas. </strong></p>

<p><strong>NRB has said that the monetary policy will complement the budget of the upcoming fiscal year and will also help in regulating the banking and financial sector. However, banks have expressed displeasure toward the provision to regulate them. </strong></p>

<p><strong>While unveiling the monetary policy, NRB Governor Dr Nepal said that the high economic growth, low inflation and balance of payment have ignited new hopes in the economic sector of the country. Stating that the monetary policy is relevant in the present context, the central bank claimed that it would help in maintaining price stability. </strong></p>

<p><strong>It should be recalled that some of the strong measures taken by the central bank in the past had caused problems for the private sector as well as banks and financial institutions (BFIs). </strong></p>

<p><strong>The Monetary Policy for Fiscal Year 2017/18 has a target to keep the rate of increase in money supply within the limit of 18 percent. Keeping in view the general demand in the FY 2017/18 on the basis of projected economic growth rate and inflation rate, the total domestic credit is expected to rise by 27.8 percent.&nbsp; </strong></p>

<p><strong>Meanwhile, the central bank has increased the refinance fund from Rs 10.84 billion to Rs 20 billion. The central bank has made it clear that it will use its profit for this purpose.</strong></p>

<p><strong>NRB has also decided to provide re-loan to the hydropower projects in priority list from Rs 5 billion allocated for the Economic Revival Fund. NRB believes that this move would help the hydropower projects of strategic importance to obtain loan at subsidized rate.</strong></p>

<p><strong>Likewise, the monetary policy has removed the mandatory provision for banks to provide minimum 2 percent loan to the deprived sector. </strong></p>

<p><strong>BFIs will be entitled to get Rs 10 million interest-free loan for a period of one year from the central bank for opening new accounts in remote places. The BFIs which expand their branches to places where there are no banking service will get Rs 10 million interest-free loan for 2500 new accounts. This amount will be provided to such BFI&rsquo;s for helping the government&rsquo;s campaign to open account for every Nepali citizen. </strong></p>

<p>&nbsp;</p>
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View::_renderElement() - CORE/Cake/View/View.php, line 1224
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View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
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Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity &quot;&quot; [APP/View/Elements/side_bar.ctp, line 133]
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	(int) 0 => array(
		'Article' => array(
			'id' => '6195',
			'article_category_id' => '1',
			'title' => 'Import from India to Rise due to GST',
			'sub_title' => '',
			'summary' => 'The import of goods from India is projected to rise after the implementation of goods and service tax (GST) in India, according to an estimate of Nepali entrepreneurs.',
			'content' => '<p>July 12: The import of goods from India is projected to rise after the implementation of goods and service tax (GST) in India, according to an estimate of Nepali entrepreneurs. Nepal is heavily dependent on India in import as the country brings in goods ranging from raw materials to ready-made goods from the southern neighbour and around 70 percent of Nepal&rsquo;s trade transaction takes place with India alone.</p>

<p>The price of goods produced in India has gone down after the implementation of the new taxation system since July 1. Nepali businessmen argue that this is the main reason why import of Indian goods will increase in Nepal.</p>

<p>GST has encouraged domestic production in India, says general secretary of Nepal Chamber of Commerce, Kamlesh Kumar Agrawal. &ldquo;Taxes on goods are declining in India,&rdquo; he said. Agrawal believes that the overvaluation and undervaluation of goods will be replaced by uniformity in price in the new taxation system in India. According to Agrawal, majority of goods coming from India will become cheaper and this will result in significant rise in import.</p>

<p>Federation of Nepalese Chamber of Commerce and Industries (FNCCI)&rsquo;s fair committee chairman Dil Sundar Shrestha says that the effects of GST is likely to be seen even in import of goods from third countries. Under the GST, the goods coming from third countries to Nepal via Indian sea ports are subject to double taxation &ndash; sea port charge and service charge. This would result in high price of the goods when they reach the Nepali market.</p>

<p>According to Shrestha, agricultural products exported from Nepal to India will have value added tax. Therefore, the same products produced in India will be cheaper.</p>

<p>&ldquo;If the government establishes industrial areas and gives VAT and customs exemption for raw material imported from India, then we can compete with the India market,&rdquo; said Shrestha.</p>

<p>FNCCI Vice President (commodity) Umesh Lal Pradhan, on the other hand, says that the new taxation system in India will not affect Nepal much.</p>

<p>&ldquo;India used to impose tax at different levels in the past too. The percentage of tax in the new system is almost the same as before. So it won&rsquo;t have much negative effect in Nepal,&rdquo; says Pradhan.</p>

<p>However, Pradhan said that the confusion related to GST has not yet been over. He further said that a delegation is going to India to clear the confusion. &nbsp;&nbsp;</p>
',
			'published' => true,
			'created' => '2017-07-12',
			'modified' => '2017-07-12',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5978',
			'image' => null,
			'article_date' => '2017-07-12 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
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		'Article' => array(
			'id' => '6194',
			'article_category_id' => '1',
			'title' => 'Qatar Airways Offering 40% Discount',
			'sub_title' => '',
			'summary' => 'Qatar Airlines, the state-owned flag carrier of Qatar, is offering discounts on flights after being declared the world’s best airlines by a UK-based company.',
			'content' => '<p>July 11: Qatar Airlines, the state-owned flag carrier of Qatar, is offering discounts on flights after being declared the world&rsquo;s best airlines by a UK-based company.</p>

<p>Qatar Airways is the winner of the world&#39;s best airlines- 2017 award from SKYTRAX, a UK-based consultancy company which evaluates airlines and airports around the world.</p>

<p>The airlines company is offering up to 40 percent discount on flights to various popular tourist destinations. The offer is valid from July 10, 2017 to December 10, 2017.</p>

<p>&nbsp;The airlines company has started a new campaign &#39;Air travel with the best airlines of the world&#39; this week after winning the &#39;Airline of the Year&#39; award. &nbsp;</p>
',
			'published' => true,
			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5977',
			'image' => '20170711050459_qatar.jpg',
			'article_date' => '2017-07-11 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
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	(int) 2 => array(
		'Article' => array(
			'id' => '6192',
			'article_category_id' => '1',
			'title' => 'Discount at Samitivej to NMB’s cardholders',
			'sub_title' => '',
			'summary' => 'NMB Bank has introduced five percent discount scheme on medical treatment at Samitivej Hospital, Thailand.',
			'content' => '<p>July 11: NMB Bank has introduced five percent discount scheme on medical treatment at Samitivej Hospital, Thailand.</p>

<p>The scheme applies to any medical treatment and all fees including special counseling services of the hospital for payment through USD visa card, the bank informed.&nbsp;</p>

<p>&nbsp;The Bank signed the agreement with Speedway Freight Service Pvt Ltd, the sole representative of Samitvej Hospital in Nepal.</p>

<p>According to the agreement, services such as medical enquiry handling, pre-arrangement of medical appointments with specialists and doctors of Samitivej Hospital will be taken care by Speedway Freight Service.</p>
',
			'published' => true,
			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5976',
			'image' => '20170711045747_nmb.jpg',
			'article_date' => '2017-07-11 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '6193',
			'article_category_id' => '1',
			'title' => 'Nepal Sewa Starts Branch at Bhotechaur',
			'sub_title' => '',
			'summary' => 'Nepal Sewa Micro Finance Bittiya Sanstha has opened its eighth branch at Bhotechaur of Melamchi-1 in Sindhupalchowk district.',
			'content' => '<p>July 11: Nepal Sewa Micro Finance Bittiya Sanstha has opened its eighth branch at Bhotechaur of Melamchi-1 in Sindhupalchowk district.</p>

<p>&nbsp;Madan Gopal Shrestha, chairman of the microfinance headquartered at Fatakshila in the district, inaugurated the branch amid a program held on July 10.</p>

<p>The branch has been opened with an objective of providing financial services to the marginalized community of rural areas and to improve their lifestyle, said chief executive officer of the microfinance, Shiva Kumar Malla.</p>
',
			'published' => true,
			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5975',
			'image' => null,
			'article_date' => '2017-07-11 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '6190',
			'article_category_id' => '1',
			'title' => 'Decentralization of Tax in the Offing',
			'sub_title' => '',
			'summary' => 'The government is planning to collect taxes, non-tax revenue and royalties from all three tiers of the administration – center, province and local units – in order to implement federalism. ',
			'content' => '<p>July 11: The government is planning to collect taxes, non-tax revenue and royalties from all three tiers of the administration &ndash; center, province and local units &ndash; in order to implement federalism. The government plans to empower the local units and enable them to manage their own source of income through a bill on finance management, which has been presented to the parliament.</p>

<p>The bill proposes distribution of royalties collected from mountaineering, forests, electricity and mines at all three levels. According to the bill, the central government will claim 85 percent royalties while the provincial government will get 10 percent royalties and the local government will have its share of 5 percent royalties.</p>

<p>If the bill gets endorsed, the centralized taxation system will become decentralized. Analysts, however, are skeptical that the decentralized taxation system will be beneficial for the nation.</p>

<p>&lsquo;It sounds simple but adopting decentralized taxation system could result in financial irregularities in countries like ours,&rdquo; said one analyst who did not wished to be named. &ldquo;Therefore, it is important to be cautious,&rdquo; he added.</p>

<p>The local elections held in two phases so far have already elected local representatives in most of the local units except in Province 2 and some disputed constituencies.</p>

<p>The bill on inter-governmental finance management, which is currently in discussion in the Parliament, proposes giving authority to the elected local bodies to rightfully collect taxes, non-tax revenues, other charges and royalties as per the laws.</p>

<p>Clause 3 of the bill states that the local units can collect property tax, rent tax, land tax, land and house registration fee, vehicle tax, entertainment tax, advertisement tax, business tax and hoarding board tax.</p>

<p>According to the bill, the local government can also impose service charge, tourism charge, parking charge, rental charge, herbs and wildlife charge as well as other non-tax revenue as per the need.</p>

<p>The bill also mentions the taxes that the provincial government and the central government shall collect. The provincial government is authorized to collect taxes on registration of houses and lands as well as entertainment, advertisement, agriculture, income, road construction and maintenance, ticket charge among others. In addition to that, the provincial government can also collect non-tax revenue and tourism charge.</p>

<p>The central government on the other hand will collect customs duty, excise duty, value added tax, income tax, labour charge, social security tax, health service tax, infrastructure tax, agriculture development charge, pollution charge, education service tax, road maintenance and development tax among others.</p>
',
			'published' => true,
			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5974',
			'image' => null,
			'article_date' => '2017-07-11 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
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	(int) 5 => array(
		'Article' => array(
			'id' => '6191',
			'article_category_id' => '1',
			'title' => 'Gandaki’s Chairman Takes Oath of Office',
			'sub_title' => '',
			'summary' => 'Jagan Bahadur Gurung, newly-elected chairman of Gandaki Bikas Bank headquartered at Pokhara, took oath of office, recently.',
			'content' => '<p>July 11: Jagan Bahadur Gurung, newly-elected chairman of Gandaki Bikas Bank headquartered at Pokhara, took oath of office, recently.</p>

<p>Shiv Raj Shrestha, deputy governor of Nepal Rastra Bank (NRB), administered oath of office and secrecy to Gurung amidst a function. Gurung was elected as the chairman of the bank after the merger of Fewa Bikas Bank and Gandaki Bikas Bank.</p>

<p>Present in the program were Narayan Prasad Poudel, director of the NRB&#39;s Monitoring Department of Bank and Financial Institutions, Gyaneshwor Parajuli, director of Gandaki Bikas Bank, and Resham Bahadur Thapa, CEO of the Bank, according to a press release issued by Chhabindra Nath Sharma, deputy CEO of Gandaki Bikas Bank.</p>
',
			'published' => true,
			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5973',
			'image' => null,
			'article_date' => '2017-07-11 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
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	(int) 6 => array(
		'Article' => array(
			'id' => '6189',
			'article_category_id' => '1',
			'title' => 'Monetary Policy did not Address the Concerns of Private Sector: NCC',
			'sub_title' => '',
			'summary' => 'Nepal Chamber of Commerce (NCC) has termed the monetary policy unveiled by Nepal Rastra Bank on July 9 as a continuation of the same old policies of the past.',
			'content' => '<p>July 11: Nepal Chamber of Commerce (NCC) has termed the monetary policy unveiled by Nepal Rastra Bank on July 9 as a continuation of the same old policies of the past.</p>

<p>NCC said in a statement that it finds the new monetary policy stagnant although the economic conditions were quite different when the current monetary policy and the monetary policy for the upcoming fiscal year were released.</p>

<p>NCC said that entrepreneurs are having hard time obtaining the desired amount of loan from banks and financial institutions (BFIs) due to high rate of interest and lack of investible liquidity. NCC had given suggestions to NRB to address this problem but the new monetary policy of the central bank has disregarded the suggestion of the private sector, reads the statement.</p>

<p>NCC has also claimed that the monetary policy will not be effective enough to reach the 7.2 percent target of economic growth rate.</p>

<p>&ldquo;Since the rate of interest is high, there cannot be proper environment for investment and therefore economic growth is not possible,&rdquo; reads the statement, adding, &ldquo;It is not sufficient even if attempts are made to improve the finance management by creating funds from some other sources.&rdquo;</p>

<p>The NCC statement has also requested the central bank to roll back its decision regarding a circular issued on Usance bill arguing that it has had a negative impact on entrepreneurs.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5972',
			'image' => null,
			'article_date' => '2017-07-11 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '6188',
			'article_category_id' => '1',
			'title' => 'Parliament passes Appropriation Bill',
			'sub_title' => '',
			'summary' => ' The Legislature-Parliament has passed the Appropriation Bill 2074 on July 10. ',
			'content' => '<p>July 11: The Legislature-Parliament has passed the Appropriation Bill 2074 on July 10. The passage of bill by majority of the House has paved way for the government bodies to spend the budget for the fiscal year 2017/18.</p>

<p>The second meeting of the Parliament on July 10 had approved the bill&nbsp; presented by Finance Minister Gyanendra Bahadur Karki. Earlier, the meeting had also unanimously endorsed the proposal seeking consideration on the finance bill, 2074 and also passed the National Debt Recovery Bill, 2074.</p>

<p>Speaker Onsari Gharti has announced clause-wise discussion on the endorsed bills on July 13. The government is scheduled to endorse the budget on the same day.</p>

<p>The meeting disapproved the demands of lawmakers Prem Suwal, Anuradha Thapa and Dilli Prasad Kafle to reduce the budget on different heads allocated for various ministries.</p>

<p>The next meeting of the Legislature-Parliament will take place at 1 pm on July 12. &nbsp;</p>
',
			'published' => true,
			'created' => '2017-07-11',
			'modified' => '2017-07-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5971',
			'image' => null,
			'article_date' => '2017-07-11 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '6186',
			'article_category_id' => '1',
			'title' => 'Line of New Monetary Policy Ambiguous: Experts',
			'sub_title' => '',
			'summary' => ' Nepal Rastra Bank (NRB) in the monetary policy for the upcoming fiscal year 2017/18 has adopted liquidity management measures to help the government meet economic growth rate target of 7.2 percent in the next fiscal year. ',
			'content' => '<p><strong>July 10: Nepal Rastra Bank (NRB) in the monetary policy for the upcoming fiscal year 2017/18 has adopted liquidity management measures to help the government meet economic growth rate target of 7.2 percent in the next fiscal year. However, the line mentioned in the monetary policy and the policy tools adopted for its implementation indicate otherwise. This has led experts to say that the new monetary policy is &lsquo;ambiguous&rsquo;.</strong></p>

<p><strong>NRB has projected an increase in the total domestic credit by 27.8 percent which will help to meet the targeted economic growth rate in FY2017/18.</strong></p>

<p><strong>&ldquo;The monetary policy has set the target to increase domestic credit in line with the budget announced by the government,&rdquo; states the policy, adding, &ldquo;The ceiling for lending in the private sector has been increased to 20 percent.&rdquo;</strong></p>

<p><strong>Experts argue that there is need of investment in private sector to meet the target of economic growth. However, the monetary policy has failed to take concrete measures to sort out two big challenges that have surfaced in the banking sector at present, according to the experts. </strong></p>

<p><strong>NRB in the monetary policy has dampened the expectations of many who have hoped that the central banking authority would take steps to ease the current difficulties in loan investments of BFIs. The central bank was expected to revise the </strong>core-capital-cum-deposit (CCD) ratio, cash reserve ratio (CRR) and statutory liquidity ratio (<em>SLR</em>) to ensure the adequacy of investible capital in the banking sector. But the new monetary policy has even scrapped the facilities that were provided by the mid-term review of the monetary policy of the current fiscal year.</p>

<p>Bankers say that if the current situation persists and the collection of deposits does not increase significantly, the new arrangement will further curtail the lending capacity of BFIs.&nbsp;</p>

<p>Stakeholders claim that instead of exploring possibilities of mobilising new sources, NRB has blocked the source of long-term loan investment by lowering the ceiling of deposit.</p>

<p>&ldquo;The new monetary policy has done nothing but deprived us from the source of loan investment that we had until now,&rdquo; said a CEO of a bank on condition of anonymity.</p>

<p>Confederation of Nepalese Industries (CNI) issued a press statement saying that the monetary policy failed to create a favorable environment to expand investment in the industrial sector.</p>

<p>Likewise, another challenge in meeting the target of economic growth is the high rate of interest. The wrong step taken by last year&rsquo;s monetary policy caused scarcity of investible capital resulting in the doubling of rate of interest within six months. Likewise, fluctuation in interest rate has been prevailing due to competition among BFIs to attract depositors.</p>

<p>In such situation, the central bank should have adopted proper measures to create stability in rate of interest to increase investible capital, according to the experts.</p>

<p><strong>In this regard, industrialists and bankers had been demanding revision in CCD ratio and lowering CRR. But instead of addressing these issues, the NRB took tough measures through the new monetary policy. </strong></p>

<p><strong>This indicates that the NRB is only interested in regulating and controlling the BFIs instead of solving the prevailing problems and the steps taken by the central bank won&rsquo;t be helpful to attract investors, create employment opportunities and meet the target of economic growth, argue experts.</strong></p>

<p><strong>The NRB has also been criticized for taking tough measures instead of adopting traditional means to control inflation. The monetary policy has a target to keep inflation below 7 percent in the upcoming FY. However, economists argue that price stability isn&rsquo;t possible without economic growth.&nbsp;</strong></p>
',
			'published' => true,
			'created' => '2017-07-10',
			'modified' => '2017-07-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5970',
			'image' => null,
			'article_date' => '2017-07-10 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
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	(int) 9 => array(
		'Article' => array(
			'id' => '6184',
			'article_category_id' => '1',
			'title' => 'Personal Housing Loan Ceiling Up by Rs 5 million',
			'sub_title' => '',
			'summary' => 'Nepal Rastra Bank has increased the ceiling for personal housing loan by Rs 5 million.',
			'content' => '<p>July 10: Nepal Rastra Bank has increased the ceiling for personal housing loan by Rs 5 million.</p>

<p>Previously, the limit was Rs 10 million but the new monetary policy of NRB has now been increased the ceiling to Rs &nbsp;15 million.</p>

<p>However, the central bank has tightened &nbsp;lending to real state in the Kathmandu Valley by lowering the loan to value (LTV) ratio.</p>

<p>The LTV ratio was previously 50 percent but has now been set at 40 percent in the Kathmandu valley. The previous ratio is still same for other regions though, claims NRB. The policy is expected to help to decentralize the development of various sectors.</p>

<p>The increase in loan ceiling and decrease in LTV will result in the increase in prices of commercial complexes, housings and apartments, claims Ashish Garg, coordinator of Nepal Land and Housing Developers&rsquo; Association.</p>

<p>The LTV ratio was 80 percent in the past and reducing it to 40 percent will further lead to decrease in construction of houses, which will affect housing industry as well, added Garg.</p>

<p>&nbsp;Despite the need to encourage decentralized development for the sake of implementation of federalism, the government has discouraged it, said Garg. Even if the ratio is decreased in the capitals of federal provinces, it should not be decreased in the Kathmandu valley, suggested Garg.</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2017-07-10',
			'modified' => '2017-07-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5969',
			'image' => null,
			'article_date' => '2017-07-10 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
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	(int) 10 => array(
		'Article' => array(
			'id' => '6185',
			'article_category_id' => '1',
			'title' => 'Jebils Finance to issue 40% Right Shares',
			'sub_title' => '',
			'summary' => 'Jebils Finance has decided to further issue 40 percent right shares to its shareholders.',
			'content' => '<p>July 10: Jebils Finance has decided to further issue 40 percent right shares to its shareholders.</p>

<p>The Special General Meeting of the finance held on July 7 has approved the proposal to issue the right shares after issuance of already declared rights shares in the ratio of 1:1.&nbsp;&nbsp;</p>
',
			'published' => true,
			'created' => '2017-07-10',
			'modified' => '2017-07-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5968',
			'image' => null,
			'article_date' => '2017-07-10 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 11 => array(
		'Article' => array(
			'id' => '6183',
			'article_category_id' => '1',
			'title' => 'Transportation in Rukum Gets a Boost',
			'sub_title' => '',
			'summary' => 'The transportation sector in Rukum has got a boost with an investment of around Rs 1 billion.',
			'content' => '<p>July 10: The transportation sector in Rukum has got a boost with an investment of around Rs 1 billion.</p>

<p>According to transportation entrepreneurs of the district, Sisne Himal Bus and Mini Bus Entrepreneurs Committee, Rukum Yatayat Pvt Ltd, Prafi Yatayat Pvt Ltd and Sanibheri Yatayat Committee operating in the district have made such huge investment.</p>

<p>Sisne Himal Bus and Mini Bus Entrepreneurs Committee invested Rs 600 million, Rukum Yatayat around Rs 200 million and Prafi Yatayat and Sanibheri Yatayat together invested around Rs 200 million in the transportation sector of Rukum.</p>

<p>Investment in the district&rsquo;s transportation sector has increased significantly, said chairperson of Sisne Himal Bus and Mini Bus Entrepreneurs Committee, Janak Kumar Bantha.</p>

<p>Bir Bahadur Malla, general secretary of Sanibheri Yatayat, informed that there are altogether 250 small and big buses currently operating in the district.</p>

<p>Entrepreneurs are providing transportation service to Kathmandu, Banke, Bhaluwang and Tulsipur from Rukum district.</p>

<p>Similarly, the buses also operate in local routes in the rural areas such as Musikot-Radibajar, Musikot-Chaurjahari and Musikot-Taksera.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'created' => '2017-07-10',
			'modified' => '2017-07-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5967',
			'image' => null,
			'article_date' => '2017-07-10 00:00:00',
			'homepage' => false,
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	(int) 12 => array(
		'Article' => array(
			'id' => '6182',
			'article_category_id' => '1',
			'title' => 'Global IME Acquires Reliable',
			'sub_title' => '',
			'summary' => 'Global IME Bank Ltd has started integrated transaction after acquiring Reliable Development Bank.',
			'content' => '<p>July 10: Global IME Bank Ltd has started integrated transaction after acquiring Reliable Development Bank.</p>

<p>Finance Minister Gyanendra Bahadur Karki inaugurated the integrated transaction amid a program held on July 9. With this acquisition, Global IME has become the leading bank in Nepal to merge with or acquire 10 financial institutions.</p>

<p>After the acquisition, the bank&rsquo;s paid-up capital has reached Rs 8.08 billion, deposit to Rs 97.70 billion and loan to Rs 82 billion, as announced during the program.</p>

<p>Also, the bank now has 112 branches, representative offices in India and Australia, 114 ATM outlets, five extension counters and 46 branchless banking services.&nbsp;</p>
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			'sortorder' => '5966',
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	(int) 13 => array(
		'Article' => array(
			'id' => '6181',
			'article_category_id' => '1',
			'title' => 'Century Starts Branchless Banking in Sarlahi',
			'sub_title' => '',
			'summary' => 'Century Commercial Bank (CCB) has started branchless banking service at Kabilashi-9 in Sarlahi district.',
			'content' => '<p>July 10: Century Commercial Bank (CCB) has started branchless banking service at Kabilashi-9 in Sarlahi district.</p>

<p>The service counter was launched amid a program held recently.&nbsp; The bank has been providing branchless banking service through 14 different locations in Bhojpur, Kailali, Morang, Khotang, Rautahat, Kanchanpur, Bardiya and Dhankuta districts so far.</p>

<p>The bank is currently providing banking services from 53 branches, 34 ATM outlets, 15 branchless banking and five extension counters.</p>
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			'created' => '2017-07-10',
			'modified' => '2017-07-10',
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			'sortorder' => '5965',
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			'article_date' => '2017-07-10 00:00:00',
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		'Article' => array(
			'id' => '6180',
			'article_category_id' => '1',
			'title' => 'Monetary Policy 2017/18',
			'sub_title' => '25 Percent Loan for Priority Areas ',
			'summary' => 'Nepal Rastra Bank (NRB) has made it mandatory for banks to loan out a minimum of 25 percent of their total loan to the areas of priority. ',
			'content' => '<p><strong>July 10: Nepal Rastra Bank (NRB) has made it mandatory for banks to loan out a minimum of 25 percent of their total loan to the areas of priority. Unveiling the Monetary Policy for Fiscal Year 2017/18 on July 9, the central bank said that the lending requirement has been raised from 20 percent to 25 percent.</strong></p>

<p><strong>According to the monetary policy, commercial banks will have to invest 10 percent of their total lending capacity in agriculture sector, 5 percent in hydropower projects, 5 percent in tourism and the remaining 5 percent in other priority areas. </strong></p>

<p><strong>NRB has said that the monetary policy will complement the budget of the upcoming fiscal year and will also help in regulating the banking and financial sector. However, banks have expressed displeasure toward the provision to regulate them. </strong></p>

<p><strong>While unveiling the monetary policy, NRB Governor Dr Nepal said that the high economic growth, low inflation and balance of payment have ignited new hopes in the economic sector of the country. Stating that the monetary policy is relevant in the present context, the central bank claimed that it would help in maintaining price stability. </strong></p>

<p><strong>It should be recalled that some of the strong measures taken by the central bank in the past had caused problems for the private sector as well as banks and financial institutions (BFIs). </strong></p>

<p><strong>The Monetary Policy for Fiscal Year 2017/18 has a target to keep the rate of increase in money supply within the limit of 18 percent. Keeping in view the general demand in the FY 2017/18 on the basis of projected economic growth rate and inflation rate, the total domestic credit is expected to rise by 27.8 percent.&nbsp; </strong></p>

<p><strong>Meanwhile, the central bank has increased the refinance fund from Rs 10.84 billion to Rs 20 billion. The central bank has made it clear that it will use its profit for this purpose.</strong></p>

<p><strong>NRB has also decided to provide re-loan to the hydropower projects in priority list from Rs 5 billion allocated for the Economic Revival Fund. NRB believes that this move would help the hydropower projects of strategic importance to obtain loan at subsidized rate.</strong></p>

<p><strong>Likewise, the monetary policy has removed the mandatory provision for banks to provide minimum 2 percent loan to the deprived sector. </strong></p>

<p><strong>BFIs will be entitled to get Rs 10 million interest-free loan for a period of one year from the central bank for opening new accounts in remote places. The BFIs which expand their branches to places where there are no banking service will get Rs 10 million interest-free loan for 2500 new accounts. This amount will be provided to such BFI&rsquo;s for helping the government&rsquo;s campaign to open account for every Nepali citizen. </strong></p>

<p>&nbsp;</p>
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