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<span style="font-size: 15pt;">B</span><span style="font-size: 9.5pt;">ankers have criticised Ministry of Finance (MoF) and Nepal Rastra Bank (NRB) for not fulfilling their duties even when the financial sector is passing through a crisis. They said they are disappointed with the functioning of MoF and NRB. Ashoke Rana President of Nepal Bankers Association complained, “NRB has always ignored our suggestions and our recommendations are never implemented.â€</span></div>
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<span style="font-size: 9.5pt;">Speaking at the interaction programme organised by Society of Economic Journalists - Nepal, Rana said that though suggestions are given to the Minister of Finance, nothing is done about them. He also alleged that NRB’s role has been biased. He claimed that NRB itself is in problem and lacks corporate governance. Rana also criticised NRB for not being able to regulate the banking and financial sector properly which led to the banking sector turning sick.</span></div>
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 </div>
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<span style="font-size: 9.5pt;">He said that the steps taken to solve the problem of liquidity are incomplete and short-term. He claimed that recent steps taken by NRB to ease the liquidity crisis have only shifted the liquidity in the system but new liquidity has not been added. He also declared that inter-bank lending cannot be provided to sick development banks and finance companies.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">Jhapat Bahadur Vohra, the then President of the Nepal Development Bankers’ Association, advised the government to bring special programme to address the liquidity issue through budget and monitory policy. He alleged that the faulty policy of the government shifted the capital to the informal sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">Similarly Rajendra Man Shakya, President of Nepal Finance Companies’ Association, charged NRB with working against the institutions rather than in their favour. He alleged that NRB has intentionally put pressure on small companies. “If the NRB does not support these companies with a positive intention, there is no alternative but to close them down and submit the keys to the NRB,†he threatened. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Credit Rating Regulation Passed</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he Ministry of Finance has passed the Credit Rating Regulations. The draft prepared and sent by Securities Board of Nepal (SEBON) was approved by the ministry on June 24 with some amendments. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">After implementation of the regulation, the companies dealing with capital market instruments are obliged to be credit-rated.<br />
<br />
</span></div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">However, such agencies must have investment from a foreign company with at least five years of credit rating experience in international market and a minimum of Rs 20 million paid-up capital. Foreign partners can hold 25 to 75 per cent stake. Such agencies will rate companies issuing IPO, rights share, preference shares, debentures and other securities. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">FNCCI in Favour of Self Declaration of Wealth</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 11pt;">F</span>ederation of Nepalese Chambers of Commerce and Industries (FNCCI) has officially proposed the government to bring in a scheme for voluntary declaration of wealth for the last time. FNCCI proposed such a scheme to the Ministry of Finance before implementing the laws on money laundering.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
<span style="letter-spacing: -0.25pt;">FNCCI proposed it while giving its views and suggestions for the budget. Similarly, FNCCI has also demanded to scrap the provision to produce the source of income while dealing with transations worth over Rs 1 million and buying and selling of properties above Rs 3 million.</span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Ministry officials to collect loan repayment in Malaysia</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 12pt;">A</span> team from the Ministry of Labour and Transport Management will go to Malaysia to collect loans provided to Nepali workers. These loans were provided in 2004 under Employment Promotion Programme and most of the borrowers are currently working in Malaysia. According to a source at the ministry, the team will visit companies where borrowers are currently working to collect the loan repayment. A six-member team will leave for Malaysia on June 27.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
The government had dispatched Rs 45 million as loan to indigenous, ethnic, Dalit, neglected, downtrodden and conflict victim communities. According to the source, after adding the interests, the loan amount has crossed Rs 60 million. </div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-align: center; text-indent: 0in;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">NDEX Begins Spot Contract</span></span></div>
<p style="text-align: justify;">
<span style="font-size: 10pt; line-height: 115%;">N</span><span style="font-size: 11pt; line-height: 115%;">epal Derivatives Exchange (NDEX) has begun spot contract of gold and silver from June 27. NDEX has been working for two years on the future exchange of metals, energy and agriculture products. According to Santosh Pradhan, Chairman and Managing Director of NDEX, spot contract was commenced to diversify the investment of investors<span style="letter-spacing: -0.25pt;">.<br />
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<span style="font-size: 15pt;">B</span><span style="font-size: 9.5pt;">ankers have criticised Ministry of Finance (MoF) and Nepal Rastra Bank (NRB) for not fulfilling their duties even when the financial sector is passing through a crisis. They said they are disappointed with the functioning of MoF and NRB. Ashoke Rana President of Nepal Bankers Association complained, “NRB has always ignored our suggestions and our recommendations are never implemented.â€</span></div>
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 </div>
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<span style="font-size: 9.5pt;">Speaking at the interaction programme organised by Society of Economic Journalists - Nepal, Rana said that though suggestions are given to the Minister of Finance, nothing is done about them. He also alleged that NRB’s role has been biased. He claimed that NRB itself is in problem and lacks corporate governance. Rana also criticised NRB for not being able to regulate the banking and financial sector properly which led to the banking sector turning sick.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">He said that the steps taken to solve the problem of liquidity are incomplete and short-term. He claimed that recent steps taken by NRB to ease the liquidity crisis have only shifted the liquidity in the system but new liquidity has not been added. He also declared that inter-bank lending cannot be provided to sick development banks and finance companies.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">Jhapat Bahadur Vohra, the then President of the Nepal Development Bankers’ Association, advised the government to bring special programme to address the liquidity issue through budget and monitory policy. He alleged that the faulty policy of the government shifted the capital to the informal sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">Similarly Rajendra Man Shakya, President of Nepal Finance Companies’ Association, charged NRB with working against the institutions rather than in their favour. He alleged that NRB has intentionally put pressure on small companies. “If the NRB does not support these companies with a positive intention, there is no alternative but to close them down and submit the keys to the NRB,†he threatened. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Credit Rating Regulation Passed</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he Ministry of Finance has passed the Credit Rating Regulations. The draft prepared and sent by Securities Board of Nepal (SEBON) was approved by the ministry on June 24 with some amendments. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">After implementation of the regulation, the companies dealing with capital market instruments are obliged to be credit-rated.<br />
<br />
</span></div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">However, such agencies must have investment from a foreign company with at least five years of credit rating experience in international market and a minimum of Rs 20 million paid-up capital. Foreign partners can hold 25 to 75 per cent stake. Such agencies will rate companies issuing IPO, rights share, preference shares, debentures and other securities. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">FNCCI in Favour of Self Declaration of Wealth</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 11pt;">F</span>ederation of Nepalese Chambers of Commerce and Industries (FNCCI) has officially proposed the government to bring in a scheme for voluntary declaration of wealth for the last time. FNCCI proposed such a scheme to the Ministry of Finance before implementing the laws on money laundering.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
<span style="letter-spacing: -0.25pt;">FNCCI proposed it while giving its views and suggestions for the budget. Similarly, FNCCI has also demanded to scrap the provision to produce the source of income while dealing with transations worth over Rs 1 million and buying and selling of properties above Rs 3 million.</span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Ministry officials to collect loan repayment in Malaysia</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 12pt;">A</span> team from the Ministry of Labour and Transport Management will go to Malaysia to collect loans provided to Nepali workers. These loans were provided in 2004 under Employment Promotion Programme and most of the borrowers are currently working in Malaysia. According to a source at the ministry, the team will visit companies where borrowers are currently working to collect the loan repayment. A six-member team will leave for Malaysia on June 27.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
The government had dispatched Rs 45 million as loan to indigenous, ethnic, Dalit, neglected, downtrodden and conflict victim communities. According to the source, after adding the interests, the loan amount has crossed Rs 60 million. </div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-align: center; text-indent: 0in;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">NDEX Begins Spot Contract</span></span></div>
<p style="text-align: justify;">
<span style="font-size: 10pt; line-height: 115%;">N</span><span style="font-size: 11pt; line-height: 115%;">epal Derivatives Exchange (NDEX) has begun spot contract of gold and silver from June 27. NDEX has been working for two years on the future exchange of metals, energy and agriculture products. According to Santosh Pradhan, Chairman and Managing Director of NDEX, spot contract was commenced to diversify the investment of investors<span style="letter-spacing: -0.25pt;">.<br />
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<span style="font-size: 15pt;">B</span><span style="font-size: 9.5pt;">ankers have criticised Ministry of Finance (MoF) and Nepal Rastra Bank (NRB) for not fulfilling their duties even when the financial sector is passing through a crisis. They said they are disappointed with the functioning of MoF and NRB. Ashoke Rana President of Nepal Bankers Association complained, “NRB has always ignored our suggestions and our recommendations are never implemented.â€</span></div>
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 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">Speaking at the interaction programme organised by Society of Economic Journalists - Nepal, Rana said that though suggestions are given to the Minister of Finance, nothing is done about them. He also alleged that NRB’s role has been biased. He claimed that NRB itself is in problem and lacks corporate governance. Rana also criticised NRB for not being able to regulate the banking and financial sector properly which led to the banking sector turning sick.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">He said that the steps taken to solve the problem of liquidity are incomplete and short-term. He claimed that recent steps taken by NRB to ease the liquidity crisis have only shifted the liquidity in the system but new liquidity has not been added. He also declared that inter-bank lending cannot be provided to sick development banks and finance companies.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">Jhapat Bahadur Vohra, the then President of the Nepal Development Bankers’ Association, advised the government to bring special programme to address the liquidity issue through budget and monitory policy. He alleged that the faulty policy of the government shifted the capital to the informal sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">Similarly Rajendra Man Shakya, President of Nepal Finance Companies’ Association, charged NRB with working against the institutions rather than in their favour. He alleged that NRB has intentionally put pressure on small companies. “If the NRB does not support these companies with a positive intention, there is no alternative but to close them down and submit the keys to the NRB,†he threatened. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Credit Rating Regulation Passed</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he Ministry of Finance has passed the Credit Rating Regulations. The draft prepared and sent by Securities Board of Nepal (SEBON) was approved by the ministry on June 24 with some amendments. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">After implementation of the regulation, the companies dealing with capital market instruments are obliged to be credit-rated.<br />
<br />
</span></div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">However, such agencies must have investment from a foreign company with at least five years of credit rating experience in international market and a minimum of Rs 20 million paid-up capital. Foreign partners can hold 25 to 75 per cent stake. Such agencies will rate companies issuing IPO, rights share, preference shares, debentures and other securities. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">FNCCI in Favour of Self Declaration of Wealth</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 11pt;">F</span>ederation of Nepalese Chambers of Commerce and Industries (FNCCI) has officially proposed the government to bring in a scheme for voluntary declaration of wealth for the last time. FNCCI proposed such a scheme to the Ministry of Finance before implementing the laws on money laundering.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
<span style="letter-spacing: -0.25pt;">FNCCI proposed it while giving its views and suggestions for the budget. Similarly, FNCCI has also demanded to scrap the provision to produce the source of income while dealing with transations worth over Rs 1 million and buying and selling of properties above Rs 3 million.</span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Ministry officials to collect loan repayment in Malaysia</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 12pt;">A</span> team from the Ministry of Labour and Transport Management will go to Malaysia to collect loans provided to Nepali workers. These loans were provided in 2004 under Employment Promotion Programme and most of the borrowers are currently working in Malaysia. According to a source at the ministry, the team will visit companies where borrowers are currently working to collect the loan repayment. A six-member team will leave for Malaysia on June 27.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
The government had dispatched Rs 45 million as loan to indigenous, ethnic, Dalit, neglected, downtrodden and conflict victim communities. According to the source, after adding the interests, the loan amount has crossed Rs 60 million. </div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-align: center; text-indent: 0in;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">NDEX Begins Spot Contract</span></span></div>
<p style="text-align: justify;">
<span style="font-size: 10pt; line-height: 115%;">N</span><span style="font-size: 11pt; line-height: 115%;">epal Derivatives Exchange (NDEX) has begun spot contract of gold and silver from June 27. NDEX has been working for two years on the future exchange of metals, energy and agriculture products. According to Santosh Pradhan, Chairman and Managing Director of NDEX, spot contract was commenced to diversify the investment of investors<span style="letter-spacing: -0.25pt;">.<br />
</span></span></p>',
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<span style="font-size: 15pt;">B</span><span style="font-size: 9.5pt;">ankers have criticised Ministry of Finance (MoF) and Nepal Rastra Bank (NRB) for not fulfilling their duties even when the financial sector is passing through a crisis. They said they are disappointed with the functioning of MoF and NRB. Ashoke Rana President of Nepal Bankers Association complained, “NRB has always ignored our suggestions and our recommendations are never implemented.â€</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">Speaking at the interaction programme organised by Society of Economic Journalists - Nepal, Rana said that though suggestions are given to the Minister of Finance, nothing is done about them. He also alleged that NRB’s role has been biased. He claimed that NRB itself is in problem and lacks corporate governance. Rana also criticised NRB for not being able to regulate the banking and financial sector properly which led to the banking sector turning sick.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">He said that the steps taken to solve the problem of liquidity are incomplete and short-term. He claimed that recent steps taken by NRB to ease the liquidity crisis have only shifted the liquidity in the system but new liquidity has not been added. He also declared that inter-bank lending cannot be provided to sick development banks and finance companies.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">Jhapat Bahadur Vohra, the then President of the Nepal Development Bankers’ Association, advised the government to bring special programme to address the liquidity issue through budget and monitory policy. He alleged that the faulty policy of the government shifted the capital to the informal sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">Similarly Rajendra Man Shakya, President of Nepal Finance Companies’ Association, charged NRB with working against the institutions rather than in their favour. He alleged that NRB has intentionally put pressure on small companies. “If the NRB does not support these companies with a positive intention, there is no alternative but to close them down and submit the keys to the NRB,†he threatened. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Credit Rating Regulation Passed</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he Ministry of Finance has passed the Credit Rating Regulations. The draft prepared and sent by Securities Board of Nepal (SEBON) was approved by the ministry on June 24 with some amendments. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">After implementation of the regulation, the companies dealing with capital market instruments are obliged to be credit-rated.<br />
<br />
</span></div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">However, such agencies must have investment from a foreign company with at least five years of credit rating experience in international market and a minimum of Rs 20 million paid-up capital. Foreign partners can hold 25 to 75 per cent stake. Such agencies will rate companies issuing IPO, rights share, preference shares, debentures and other securities. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">FNCCI in Favour of Self Declaration of Wealth</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 11pt;">F</span>ederation of Nepalese Chambers of Commerce and Industries (FNCCI) has officially proposed the government to bring in a scheme for voluntary declaration of wealth for the last time. FNCCI proposed such a scheme to the Ministry of Finance before implementing the laws on money laundering.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
<span style="letter-spacing: -0.25pt;">FNCCI proposed it while giving its views and suggestions for the budget. Similarly, FNCCI has also demanded to scrap the provision to produce the source of income while dealing with transations worth over Rs 1 million and buying and selling of properties above Rs 3 million.</span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Ministry officials to collect loan repayment in Malaysia</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 12pt;">A</span> team from the Ministry of Labour and Transport Management will go to Malaysia to collect loans provided to Nepali workers. These loans were provided in 2004 under Employment Promotion Programme and most of the borrowers are currently working in Malaysia. According to a source at the ministry, the team will visit companies where borrowers are currently working to collect the loan repayment. A six-member team will leave for Malaysia on June 27.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
The government had dispatched Rs 45 million as loan to indigenous, ethnic, Dalit, neglected, downtrodden and conflict victim communities. According to the source, after adding the interests, the loan amount has crossed Rs 60 million. </div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-align: center; text-indent: 0in;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">NDEX Begins Spot Contract</span></span></div>
<p style="text-align: justify;">
<span style="font-size: 10pt; line-height: 115%;">N</span><span style="font-size: 11pt; line-height: 115%;">epal Derivatives Exchange (NDEX) has begun spot contract of gold and silver from June 27. NDEX has been working for two years on the future exchange of metals, energy and agriculture products. According to Santosh Pradhan, Chairman and Managing Director of NDEX, spot contract was commenced to diversify the investment of investors<span style="letter-spacing: -0.25pt;">.<br />
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<span style="font-size: 15pt;">B</span><span style="font-size: 9.5pt;">ankers have criticised Ministry of Finance (MoF) and Nepal Rastra Bank (NRB) for not fulfilling their duties even when the financial sector is passing through a crisis. They said they are disappointed with the functioning of MoF and NRB. Ashoke Rana President of Nepal Bankers Association complained, “NRB has always ignored our suggestions and our recommendations are never implemented.â€</span></div>
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 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">Speaking at the interaction programme organised by Society of Economic Journalists - Nepal, Rana said that though suggestions are given to the Minister of Finance, nothing is done about them. He also alleged that NRB’s role has been biased. He claimed that NRB itself is in problem and lacks corporate governance. Rana also criticised NRB for not being able to regulate the banking and financial sector properly which led to the banking sector turning sick.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">He said that the steps taken to solve the problem of liquidity are incomplete and short-term. He claimed that recent steps taken by NRB to ease the liquidity crisis have only shifted the liquidity in the system but new liquidity has not been added. He also declared that inter-bank lending cannot be provided to sick development banks and finance companies.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">Jhapat Bahadur Vohra, the then President of the Nepal Development Bankers’ Association, advised the government to bring special programme to address the liquidity issue through budget and monitory policy. He alleged that the faulty policy of the government shifted the capital to the informal sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">Similarly Rajendra Man Shakya, President of Nepal Finance Companies’ Association, charged NRB with working against the institutions rather than in their favour. He alleged that NRB has intentionally put pressure on small companies. “If the NRB does not support these companies with a positive intention, there is no alternative but to close them down and submit the keys to the NRB,†he threatened. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Credit Rating Regulation Passed</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he Ministry of Finance has passed the Credit Rating Regulations. The draft prepared and sent by Securities Board of Nepal (SEBON) was approved by the ministry on June 24 with some amendments. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">After implementation of the regulation, the companies dealing with capital market instruments are obliged to be credit-rated.<br />
<br />
</span></div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">However, such agencies must have investment from a foreign company with at least five years of credit rating experience in international market and a minimum of Rs 20 million paid-up capital. Foreign partners can hold 25 to 75 per cent stake. Such agencies will rate companies issuing IPO, rights share, preference shares, debentures and other securities. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">FNCCI in Favour of Self Declaration of Wealth</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 11pt;">F</span>ederation of Nepalese Chambers of Commerce and Industries (FNCCI) has officially proposed the government to bring in a scheme for voluntary declaration of wealth for the last time. FNCCI proposed such a scheme to the Ministry of Finance before implementing the laws on money laundering.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
<span style="letter-spacing: -0.25pt;">FNCCI proposed it while giving its views and suggestions for the budget. Similarly, FNCCI has also demanded to scrap the provision to produce the source of income while dealing with transations worth over Rs 1 million and buying and selling of properties above Rs 3 million.</span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Ministry officials to collect loan repayment in Malaysia</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 12pt;">A</span> team from the Ministry of Labour and Transport Management will go to Malaysia to collect loans provided to Nepali workers. These loans were provided in 2004 under Employment Promotion Programme and most of the borrowers are currently working in Malaysia. According to a source at the ministry, the team will visit companies where borrowers are currently working to collect the loan repayment. A six-member team will leave for Malaysia on June 27.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
The government had dispatched Rs 45 million as loan to indigenous, ethnic, Dalit, neglected, downtrodden and conflict victim communities. According to the source, after adding the interests, the loan amount has crossed Rs 60 million. </div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-align: center; text-indent: 0in;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">NDEX Begins Spot Contract</span></span></div>
<p style="text-align: justify;">
<span style="font-size: 10pt; line-height: 115%;">N</span><span style="font-size: 11pt; line-height: 115%;">epal Derivatives Exchange (NDEX) has begun spot contract of gold and silver from June 27. NDEX has been working for two years on the future exchange of metals, energy and agriculture products. According to Santosh Pradhan, Chairman and Managing Director of NDEX, spot contract was commenced to diversify the investment of investors<span style="letter-spacing: -0.25pt;">.<br />
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<span style="font-size: 15pt;">B</span><span style="font-size: 9.5pt;">ankers have criticised Ministry of Finance (MoF) and Nepal Rastra Bank (NRB) for not fulfilling their duties even when the financial sector is passing through a crisis. They said they are disappointed with the functioning of MoF and NRB. Ashoke Rana President of Nepal Bankers Association complained, “NRB has always ignored our suggestions and our recommendations are never implemented.â€</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">Speaking at the interaction programme organised by Society of Economic Journalists - Nepal, Rana said that though suggestions are given to the Minister of Finance, nothing is done about them. He also alleged that NRB’s role has been biased. He claimed that NRB itself is in problem and lacks corporate governance. Rana also criticised NRB for not being able to regulate the banking and financial sector properly which led to the banking sector turning sick.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">He said that the steps taken to solve the problem of liquidity are incomplete and short-term. He claimed that recent steps taken by NRB to ease the liquidity crisis have only shifted the liquidity in the system but new liquidity has not been added. He also declared that inter-bank lending cannot be provided to sick development banks and finance companies.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">Jhapat Bahadur Vohra, the then President of the Nepal Development Bankers’ Association, advised the government to bring special programme to address the liquidity issue through budget and monitory policy. He alleged that the faulty policy of the government shifted the capital to the informal sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">Similarly Rajendra Man Shakya, President of Nepal Finance Companies’ Association, charged NRB with working against the institutions rather than in their favour. He alleged that NRB has intentionally put pressure on small companies. “If the NRB does not support these companies with a positive intention, there is no alternative but to close them down and submit the keys to the NRB,†he threatened. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Credit Rating Regulation Passed</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he Ministry of Finance has passed the Credit Rating Regulations. The draft prepared and sent by Securities Board of Nepal (SEBON) was approved by the ministry on June 24 with some amendments. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">After implementation of the regulation, the companies dealing with capital market instruments are obliged to be credit-rated.<br />
<br />
</span></div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">However, such agencies must have investment from a foreign company with at least five years of credit rating experience in international market and a minimum of Rs 20 million paid-up capital. Foreign partners can hold 25 to 75 per cent stake. Such agencies will rate companies issuing IPO, rights share, preference shares, debentures and other securities. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">FNCCI in Favour of Self Declaration of Wealth</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 11pt;">F</span>ederation of Nepalese Chambers of Commerce and Industries (FNCCI) has officially proposed the government to bring in a scheme for voluntary declaration of wealth for the last time. FNCCI proposed such a scheme to the Ministry of Finance before implementing the laws on money laundering.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
<span style="letter-spacing: -0.25pt;">FNCCI proposed it while giving its views and suggestions for the budget. Similarly, FNCCI has also demanded to scrap the provision to produce the source of income while dealing with transations worth over Rs 1 million and buying and selling of properties above Rs 3 million.</span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Ministry officials to collect loan repayment in Malaysia</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 12pt;">A</span> team from the Ministry of Labour and Transport Management will go to Malaysia to collect loans provided to Nepali workers. These loans were provided in 2004 under Employment Promotion Programme and most of the borrowers are currently working in Malaysia. According to a source at the ministry, the team will visit companies where borrowers are currently working to collect the loan repayment. A six-member team will leave for Malaysia on June 27.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
The government had dispatched Rs 45 million as loan to indigenous, ethnic, Dalit, neglected, downtrodden and conflict victim communities. According to the source, after adding the interests, the loan amount has crossed Rs 60 million. </div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-align: center; text-indent: 0in;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">NDEX Begins Spot Contract</span></span></div>
<p style="text-align: justify;">
<span style="font-size: 10pt; line-height: 115%;">N</span><span style="font-size: 11pt; line-height: 115%;">epal Derivatives Exchange (NDEX) has begun spot contract of gold and silver from June 27. NDEX has been working for two years on the future exchange of metals, energy and agriculture products. According to Santosh Pradhan, Chairman and Managing Director of NDEX, spot contract was commenced to diversify the investment of investors<span style="letter-spacing: -0.25pt;">.<br />
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Bankers have criticised Ministry of Finance (MoF) and Nepal Rastra Bank (NRB) for not fulfilling their duties even when the financial sector is passing through a crisis. They said they are disappointed with the functioning of MoF and NRB. Ashoke Rana President of Nepal Bankers Association complained, “NRB has always ignored our suggestions and our recommendations are never implemented.â€
Â
Speaking at the interaction programme organised by Society of Economic Journalists - Nepal, Rana said that though suggestions are given to the Minister of Finance, nothing is done about them. He also alleged that NRB’s role has been biased. He claimed that NRB itself is in problem and lacks corporate governance. Rana also criticised NRB for not being able to regulate the banking and financial sector properly which led to the banking sector turning sick.
Â
He said that the steps taken to solve the problem of liquidity are incomplete and short-term. He claimed that recent steps taken by NRB to ease the liquidity crisis have only shifted the liquidity in the system but new liquidity has not been added. He also declared that inter-bank lending cannot be provided to sick development banks and finance companies.
Â
Jhapat Bahadur Vohra, the then President of the Nepal Development Bankers’ Association, advised the government to bring special programme to address the liquidity issue through budget and monitory policy. He alleged that the faulty policy of the government shifted the capital to the informal sector.
Â
Similarly Rajendra Man Shakya, President of Nepal Finance Companies’ Association, charged NRB with working against the institutions rather than in their favour. He alleged that NRB has intentionally put pressure on small companies. “If the NRB does not support these companies with a positive intention, there is no alternative but to close them down and submit the keys to the NRB,†he threatened.
Credit Rating Regulation Passed
The Ministry of Finance has passed the Credit Rating Regulations. The draft prepared and sent by Securities Board of Nepal (SEBON) was approved by the ministry on June 24 with some amendments.
Â
After implementation of the regulation, the companies dealing with capital market instruments are obliged to be credit-rated.
However, such agencies must have investment from a foreign company with at least five years of credit rating experience in international market and a minimum of Rs 20 million paid-up capital. Foreign partners can hold 25 to 75 per cent stake. Such agencies will rate companies issuing IPO, rights share, preference shares, debentures and other securities.
FNCCI in Favour of Self Declaration of Wealth
Federation of Nepalese Chambers of Commerce and Industries (FNCCI) has officially proposed the government to bring in a scheme for voluntary declaration of wealth for the last time. FNCCI proposed such a scheme to the Ministry of Finance before implementing the laws on money laundering.
Â
FNCCI proposed it while giving its views and suggestions for the budget. Similarly, FNCCI has also demanded to scrap the provision to produce the source of income while dealing with transations worth over Rs 1 million and buying and selling of properties above Rs 3 million.
Ministry officials to collect loan repayment in Malaysia
A team from the Ministry of Labour and Transport Management will go to Malaysia to collect loans provided to Nepali workers. These loans were provided in 2004 under Employment Promotion Programme and most of the borrowers are currently working in Malaysia. According to a source at the ministry, the team will visit companies where borrowers are currently working to collect the loan repayment. A six-member team will leave for Malaysia on June 27.
Â
The government had dispatched Rs 45 million as loan to indigenous, ethnic, Dalit, neglected, downtrodden and conflict victim communities. According to the source, after adding the interests, the loan amount has crossed Rs 60 million.
NDEX Begins Spot Contract
Nepal Derivatives Exchange (NDEX) has begun spot contract of gold and silver from June 27. NDEX has been working for two years on the future exchange of metals, energy and agriculture products. According to Santosh Pradhan, Chairman and Managing Director of NDEX, spot contract was commenced to diversify the investment of investors.
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<span style="font-size: 15pt;">B</span><span style="font-size: 9.5pt;">ankers have criticised Ministry of Finance (MoF) and Nepal Rastra Bank (NRB) for not fulfilling their duties even when the financial sector is passing through a crisis. They said they are disappointed with the functioning of MoF and NRB. Ashoke Rana President of Nepal Bankers Association complained, “NRB has always ignored our suggestions and our recommendations are never implemented.â€</span></div>
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<span style="font-size: 9.5pt;">He said that the steps taken to solve the problem of liquidity are incomplete and short-term. He claimed that recent steps taken by NRB to ease the liquidity crisis have only shifted the liquidity in the system but new liquidity has not been added. He also declared that inter-bank lending cannot be provided to sick development banks and finance companies.</span></div>
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<span style="font-size: 9.5pt;">Jhapat Bahadur Vohra, the then President of the Nepal Development Bankers’ Association, advised the government to bring special programme to address the liquidity issue through budget and monitory policy. He alleged that the faulty policy of the government shifted the capital to the informal sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">Similarly Rajendra Man Shakya, President of Nepal Finance Companies’ Association, charged NRB with working against the institutions rather than in their favour. He alleged that NRB has intentionally put pressure on small companies. “If the NRB does not support these companies with a positive intention, there is no alternative but to close them down and submit the keys to the NRB,†he threatened. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Credit Rating Regulation Passed</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he Ministry of Finance has passed the Credit Rating Regulations. The draft prepared and sent by Securities Board of Nepal (SEBON) was approved by the ministry on June 24 with some amendments. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">After implementation of the regulation, the companies dealing with capital market instruments are obliged to be credit-rated.<br />
<br />
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<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">However, such agencies must have investment from a foreign company with at least five years of credit rating experience in international market and a minimum of Rs 20 million paid-up capital. Foreign partners can hold 25 to 75 per cent stake. Such agencies will rate companies issuing IPO, rights share, preference shares, debentures and other securities. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">FNCCI in Favour of Self Declaration of Wealth</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 11pt;">F</span>ederation of Nepalese Chambers of Commerce and Industries (FNCCI) has officially proposed the government to bring in a scheme for voluntary declaration of wealth for the last time. FNCCI proposed such a scheme to the Ministry of Finance before implementing the laws on money laundering.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
<span style="letter-spacing: -0.25pt;">FNCCI proposed it while giving its views and suggestions for the budget. Similarly, FNCCI has also demanded to scrap the provision to produce the source of income while dealing with transations worth over Rs 1 million and buying and selling of properties above Rs 3 million.</span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Ministry officials to collect loan repayment in Malaysia</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 12pt;">A</span> team from the Ministry of Labour and Transport Management will go to Malaysia to collect loans provided to Nepali workers. These loans were provided in 2004 under Employment Promotion Programme and most of the borrowers are currently working in Malaysia. According to a source at the ministry, the team will visit companies where borrowers are currently working to collect the loan repayment. A six-member team will leave for Malaysia on June 27.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
The government had dispatched Rs 45 million as loan to indigenous, ethnic, Dalit, neglected, downtrodden and conflict victim communities. According to the source, after adding the interests, the loan amount has crossed Rs 60 million. </div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-align: center; text-indent: 0in;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">NDEX Begins Spot Contract</span></span></div>
<p style="text-align: justify;">
<span style="font-size: 10pt; line-height: 115%;">N</span><span style="font-size: 11pt; line-height: 115%;">epal Derivatives Exchange (NDEX) has begun spot contract of gold and silver from June 27. NDEX has been working for two years on the future exchange of metals, energy and agriculture products. According to Santosh Pradhan, Chairman and Managing Director of NDEX, spot contract was commenced to diversify the investment of investors<span style="letter-spacing: -0.25pt;">.<br />
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 </div>
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 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">He said that the steps taken to solve the problem of liquidity are incomplete and short-term. He claimed that recent steps taken by NRB to ease the liquidity crisis have only shifted the liquidity in the system but new liquidity has not been added. He also declared that inter-bank lending cannot be provided to sick development banks and finance companies.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">Jhapat Bahadur Vohra, the then President of the Nepal Development Bankers’ Association, advised the government to bring special programme to address the liquidity issue through budget and monitory policy. He alleged that the faulty policy of the government shifted the capital to the informal sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">Similarly Rajendra Man Shakya, President of Nepal Finance Companies’ Association, charged NRB with working against the institutions rather than in their favour. He alleged that NRB has intentionally put pressure on small companies. “If the NRB does not support these companies with a positive intention, there is no alternative but to close them down and submit the keys to the NRB,†he threatened. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Credit Rating Regulation Passed</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he Ministry of Finance has passed the Credit Rating Regulations. The draft prepared and sent by Securities Board of Nepal (SEBON) was approved by the ministry on June 24 with some amendments. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">After implementation of the regulation, the companies dealing with capital market instruments are obliged to be credit-rated.<br />
<br />
</span></div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">However, such agencies must have investment from a foreign company with at least five years of credit rating experience in international market and a minimum of Rs 20 million paid-up capital. Foreign partners can hold 25 to 75 per cent stake. Such agencies will rate companies issuing IPO, rights share, preference shares, debentures and other securities. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">FNCCI in Favour of Self Declaration of Wealth</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 11pt;">F</span>ederation of Nepalese Chambers of Commerce and Industries (FNCCI) has officially proposed the government to bring in a scheme for voluntary declaration of wealth for the last time. FNCCI proposed such a scheme to the Ministry of Finance before implementing the laws on money laundering.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
<span style="letter-spacing: -0.25pt;">FNCCI proposed it while giving its views and suggestions for the budget. Similarly, FNCCI has also demanded to scrap the provision to produce the source of income while dealing with transations worth over Rs 1 million and buying and selling of properties above Rs 3 million.</span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Ministry officials to collect loan repayment in Malaysia</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 12pt;">A</span> team from the Ministry of Labour and Transport Management will go to Malaysia to collect loans provided to Nepali workers. These loans were provided in 2004 under Employment Promotion Programme and most of the borrowers are currently working in Malaysia. According to a source at the ministry, the team will visit companies where borrowers are currently working to collect the loan repayment. A six-member team will leave for Malaysia on June 27.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
The government had dispatched Rs 45 million as loan to indigenous, ethnic, Dalit, neglected, downtrodden and conflict victim communities. According to the source, after adding the interests, the loan amount has crossed Rs 60 million. </div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-align: center; text-indent: 0in;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">NDEX Begins Spot Contract</span></span></div>
<p style="text-align: justify;">
<span style="font-size: 10pt; line-height: 115%;">N</span><span style="font-size: 11pt; line-height: 115%;">epal Derivatives Exchange (NDEX) has begun spot contract of gold and silver from June 27. NDEX has been working for two years on the future exchange of metals, energy and agriculture products. According to Santosh Pradhan, Chairman and Managing Director of NDEX, spot contract was commenced to diversify the investment of investors<span style="letter-spacing: -0.25pt;">.<br />
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'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
<span style="font-size: 15pt;">B</span><span style="font-size: 9.5pt;">ankers have criticised Ministry of Finance (MoF) and Nepal Rastra Bank (NRB) for not fulfilling their duties even when the financial sector is passing through a crisis. They said they are disappointed with the functioning of MoF and NRB. Ashoke Rana President of Nepal Bankers Association complained, “NRB has always ignored our suggestions and our recommendations are never implemented.â€</span></div>
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<span style="font-size: 9.5pt;">Speaking at the interaction programme organised by Society of Economic Journalists - Nepal, Rana said that though suggestions are given to the Minister of Finance, nothing is done about them. He also alleged that NRB’s role has been biased. He claimed that NRB itself is in problem and lacks corporate governance. Rana also criticised NRB for not being able to regulate the banking and financial sector properly which led to the banking sector turning sick.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
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<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">He said that the steps taken to solve the problem of liquidity are incomplete and short-term. He claimed that recent steps taken by NRB to ease the liquidity crisis have only shifted the liquidity in the system but new liquidity has not been added. He also declared that inter-bank lending cannot be provided to sick development banks and finance companies.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">Jhapat Bahadur Vohra, the then President of the Nepal Development Bankers’ Association, advised the government to bring special programme to address the liquidity issue through budget and monitory policy. He alleged that the faulty policy of the government shifted the capital to the informal sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">Similarly Rajendra Man Shakya, President of Nepal Finance Companies’ Association, charged NRB with working against the institutions rather than in their favour. He alleged that NRB has intentionally put pressure on small companies. “If the NRB does not support these companies with a positive intention, there is no alternative but to close them down and submit the keys to the NRB,†he threatened. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Credit Rating Regulation Passed</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he Ministry of Finance has passed the Credit Rating Regulations. The draft prepared and sent by Securities Board of Nepal (SEBON) was approved by the ministry on June 24 with some amendments. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">After implementation of the regulation, the companies dealing with capital market instruments are obliged to be credit-rated.<br />
<br />
</span></div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">However, such agencies must have investment from a foreign company with at least five years of credit rating experience in international market and a minimum of Rs 20 million paid-up capital. Foreign partners can hold 25 to 75 per cent stake. Such agencies will rate companies issuing IPO, rights share, preference shares, debentures and other securities. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">FNCCI in Favour of Self Declaration of Wealth</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 11pt;">F</span>ederation of Nepalese Chambers of Commerce and Industries (FNCCI) has officially proposed the government to bring in a scheme for voluntary declaration of wealth for the last time. FNCCI proposed such a scheme to the Ministry of Finance before implementing the laws on money laundering.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
<span style="letter-spacing: -0.25pt;">FNCCI proposed it while giving its views and suggestions for the budget. Similarly, FNCCI has also demanded to scrap the provision to produce the source of income while dealing with transations worth over Rs 1 million and buying and selling of properties above Rs 3 million.</span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Ministry officials to collect loan repayment in Malaysia</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 12pt;">A</span> team from the Ministry of Labour and Transport Management will go to Malaysia to collect loans provided to Nepali workers. These loans were provided in 2004 under Employment Promotion Programme and most of the borrowers are currently working in Malaysia. According to a source at the ministry, the team will visit companies where borrowers are currently working to collect the loan repayment. A six-member team will leave for Malaysia on June 27.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
The government had dispatched Rs 45 million as loan to indigenous, ethnic, Dalit, neglected, downtrodden and conflict victim communities. According to the source, after adding the interests, the loan amount has crossed Rs 60 million. </div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-align: center; text-indent: 0in;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">NDEX Begins Spot Contract</span></span></div>
<p style="text-align: justify;">
<span style="font-size: 10pt; line-height: 115%;">N</span><span style="font-size: 11pt; line-height: 115%;">epal Derivatives Exchange (NDEX) has begun spot contract of gold and silver from June 27. NDEX has been working for two years on the future exchange of metals, energy and agriculture products. According to Santosh Pradhan, Chairman and Managing Director of NDEX, spot contract was commenced to diversify the investment of investors<span style="letter-spacing: -0.25pt;">.<br />
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<span style="font-size: 15pt;">B</span><span style="font-size: 9.5pt;">ankers have criticised Ministry of Finance (MoF) and Nepal Rastra Bank (NRB) for not fulfilling their duties even when the financial sector is passing through a crisis. They said they are disappointed with the functioning of MoF and NRB. Ashoke Rana President of Nepal Bankers Association complained, “NRB has always ignored our suggestions and our recommendations are never implemented.â€</span></div>
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 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">Speaking at the interaction programme organised by Society of Economic Journalists - Nepal, Rana said that though suggestions are given to the Minister of Finance, nothing is done about them. He also alleged that NRB’s role has been biased. He claimed that NRB itself is in problem and lacks corporate governance. Rana also criticised NRB for not being able to regulate the banking and financial sector properly which led to the banking sector turning sick.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">He said that the steps taken to solve the problem of liquidity are incomplete and short-term. He claimed that recent steps taken by NRB to ease the liquidity crisis have only shifted the liquidity in the system but new liquidity has not been added. He also declared that inter-bank lending cannot be provided to sick development banks and finance companies.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">Jhapat Bahadur Vohra, the then President of the Nepal Development Bankers’ Association, advised the government to bring special programme to address the liquidity issue through budget and monitory policy. He alleged that the faulty policy of the government shifted the capital to the informal sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">Similarly Rajendra Man Shakya, President of Nepal Finance Companies’ Association, charged NRB with working against the institutions rather than in their favour. He alleged that NRB has intentionally put pressure on small companies. “If the NRB does not support these companies with a positive intention, there is no alternative but to close them down and submit the keys to the NRB,†he threatened. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Credit Rating Regulation Passed</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he Ministry of Finance has passed the Credit Rating Regulations. The draft prepared and sent by Securities Board of Nepal (SEBON) was approved by the ministry on June 24 with some amendments. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">After implementation of the regulation, the companies dealing with capital market instruments are obliged to be credit-rated.<br />
<br />
</span></div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">However, such agencies must have investment from a foreign company with at least five years of credit rating experience in international market and a minimum of Rs 20 million paid-up capital. Foreign partners can hold 25 to 75 per cent stake. Such agencies will rate companies issuing IPO, rights share, preference shares, debentures and other securities. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">FNCCI in Favour of Self Declaration of Wealth</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 11pt;">F</span>ederation of Nepalese Chambers of Commerce and Industries (FNCCI) has officially proposed the government to bring in a scheme for voluntary declaration of wealth for the last time. FNCCI proposed such a scheme to the Ministry of Finance before implementing the laws on money laundering.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
<span style="letter-spacing: -0.25pt;">FNCCI proposed it while giving its views and suggestions for the budget. Similarly, FNCCI has also demanded to scrap the provision to produce the source of income while dealing with transations worth over Rs 1 million and buying and selling of properties above Rs 3 million.</span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Ministry officials to collect loan repayment in Malaysia</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 12pt;">A</span> team from the Ministry of Labour and Transport Management will go to Malaysia to collect loans provided to Nepali workers. These loans were provided in 2004 under Employment Promotion Programme and most of the borrowers are currently working in Malaysia. According to a source at the ministry, the team will visit companies where borrowers are currently working to collect the loan repayment. A six-member team will leave for Malaysia on June 27.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
The government had dispatched Rs 45 million as loan to indigenous, ethnic, Dalit, neglected, downtrodden and conflict victim communities. According to the source, after adding the interests, the loan amount has crossed Rs 60 million. </div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-align: center; text-indent: 0in;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">NDEX Begins Spot Contract</span></span></div>
<p style="text-align: justify;">
<span style="font-size: 10pt; line-height: 115%;">N</span><span style="font-size: 11pt; line-height: 115%;">epal Derivatives Exchange (NDEX) has begun spot contract of gold and silver from June 27. NDEX has been working for two years on the future exchange of metals, energy and agriculture products. According to Santosh Pradhan, Chairman and Managing Director of NDEX, spot contract was commenced to diversify the investment of investors<span style="letter-spacing: -0.25pt;">.<br />
</span></span></p>',
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'content' => '<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
<span style="font-size: 15pt;">B</span><span style="font-size: 9.5pt;">ankers have criticised Ministry of Finance (MoF) and Nepal Rastra Bank (NRB) for not fulfilling their duties even when the financial sector is passing through a crisis. They said they are disappointed with the functioning of MoF and NRB. Ashoke Rana President of Nepal Bankers Association complained, “NRB has always ignored our suggestions and our recommendations are never implemented.â€</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">Speaking at the interaction programme organised by Society of Economic Journalists - Nepal, Rana said that though suggestions are given to the Minister of Finance, nothing is done about them. He also alleged that NRB’s role has been biased. He claimed that NRB itself is in problem and lacks corporate governance. Rana also criticised NRB for not being able to regulate the banking and financial sector properly which led to the banking sector turning sick.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">He said that the steps taken to solve the problem of liquidity are incomplete and short-term. He claimed that recent steps taken by NRB to ease the liquidity crisis have only shifted the liquidity in the system but new liquidity has not been added. He also declared that inter-bank lending cannot be provided to sick development banks and finance companies.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">Jhapat Bahadur Vohra, the then President of the Nepal Development Bankers’ Association, advised the government to bring special programme to address the liquidity issue through budget and monitory policy. He alleged that the faulty policy of the government shifted the capital to the informal sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">Similarly Rajendra Man Shakya, President of Nepal Finance Companies’ Association, charged NRB with working against the institutions rather than in their favour. He alleged that NRB has intentionally put pressure on small companies. “If the NRB does not support these companies with a positive intention, there is no alternative but to close them down and submit the keys to the NRB,†he threatened. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Credit Rating Regulation Passed</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he Ministry of Finance has passed the Credit Rating Regulations. The draft prepared and sent by Securities Board of Nepal (SEBON) was approved by the ministry on June 24 with some amendments. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">After implementation of the regulation, the companies dealing with capital market instruments are obliged to be credit-rated.<br />
<br />
</span></div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">However, such agencies must have investment from a foreign company with at least five years of credit rating experience in international market and a minimum of Rs 20 million paid-up capital. Foreign partners can hold 25 to 75 per cent stake. Such agencies will rate companies issuing IPO, rights share, preference shares, debentures and other securities. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">FNCCI in Favour of Self Declaration of Wealth</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 11pt;">F</span>ederation of Nepalese Chambers of Commerce and Industries (FNCCI) has officially proposed the government to bring in a scheme for voluntary declaration of wealth for the last time. FNCCI proposed such a scheme to the Ministry of Finance before implementing the laws on money laundering.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
<span style="letter-spacing: -0.25pt;">FNCCI proposed it while giving its views and suggestions for the budget. Similarly, FNCCI has also demanded to scrap the provision to produce the source of income while dealing with transations worth over Rs 1 million and buying and selling of properties above Rs 3 million.</span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Ministry officials to collect loan repayment in Malaysia</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 12pt;">A</span> team from the Ministry of Labour and Transport Management will go to Malaysia to collect loans provided to Nepali workers. These loans were provided in 2004 under Employment Promotion Programme and most of the borrowers are currently working in Malaysia. According to a source at the ministry, the team will visit companies where borrowers are currently working to collect the loan repayment. A six-member team will leave for Malaysia on June 27.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
The government had dispatched Rs 45 million as loan to indigenous, ethnic, Dalit, neglected, downtrodden and conflict victim communities. According to the source, after adding the interests, the loan amount has crossed Rs 60 million. </div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-align: center; text-indent: 0in;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">NDEX Begins Spot Contract</span></span></div>
<p style="text-align: justify;">
<span style="font-size: 10pt; line-height: 115%;">N</span><span style="font-size: 11pt; line-height: 115%;">epal Derivatives Exchange (NDEX) has begun spot contract of gold and silver from June 27. NDEX has been working for two years on the future exchange of metals, energy and agriculture products. According to Santosh Pradhan, Chairman and Managing Director of NDEX, spot contract was commenced to diversify the investment of investors<span style="letter-spacing: -0.25pt;">.<br />
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<span style="font-size: 15pt;">B</span><span style="font-size: 9.5pt;">ankers have criticised Ministry of Finance (MoF) and Nepal Rastra Bank (NRB) for not fulfilling their duties even when the financial sector is passing through a crisis. They said they are disappointed with the functioning of MoF and NRB. Ashoke Rana President of Nepal Bankers Association complained, “NRB has always ignored our suggestions and our recommendations are never implemented.â€</span></div>
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<span style="font-size: 9.5pt;">Speaking at the interaction programme organised by Society of Economic Journalists - Nepal, Rana said that though suggestions are given to the Minister of Finance, nothing is done about them. He also alleged that NRB’s role has been biased. He claimed that NRB itself is in problem and lacks corporate governance. Rana also criticised NRB for not being able to regulate the banking and financial sector properly which led to the banking sector turning sick.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">He said that the steps taken to solve the problem of liquidity are incomplete and short-term. He claimed that recent steps taken by NRB to ease the liquidity crisis have only shifted the liquidity in the system but new liquidity has not been added. He also declared that inter-bank lending cannot be provided to sick development banks and finance companies.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">Jhapat Bahadur Vohra, the then President of the Nepal Development Bankers’ Association, advised the government to bring special programme to address the liquidity issue through budget and monitory policy. He alleged that the faulty policy of the government shifted the capital to the informal sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">Similarly Rajendra Man Shakya, President of Nepal Finance Companies’ Association, charged NRB with working against the institutions rather than in their favour. He alleged that NRB has intentionally put pressure on small companies. “If the NRB does not support these companies with a positive intention, there is no alternative but to close them down and submit the keys to the NRB,†he threatened. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Credit Rating Regulation Passed</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he Ministry of Finance has passed the Credit Rating Regulations. The draft prepared and sent by Securities Board of Nepal (SEBON) was approved by the ministry on June 24 with some amendments. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">After implementation of the regulation, the companies dealing with capital market instruments are obliged to be credit-rated.<br />
<br />
</span></div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">However, such agencies must have investment from a foreign company with at least five years of credit rating experience in international market and a minimum of Rs 20 million paid-up capital. Foreign partners can hold 25 to 75 per cent stake. Such agencies will rate companies issuing IPO, rights share, preference shares, debentures and other securities. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">FNCCI in Favour of Self Declaration of Wealth</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 11pt;">F</span>ederation of Nepalese Chambers of Commerce and Industries (FNCCI) has officially proposed the government to bring in a scheme for voluntary declaration of wealth for the last time. FNCCI proposed such a scheme to the Ministry of Finance before implementing the laws on money laundering.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
<span style="letter-spacing: -0.25pt;">FNCCI proposed it while giving its views and suggestions for the budget. Similarly, FNCCI has also demanded to scrap the provision to produce the source of income while dealing with transations worth over Rs 1 million and buying and selling of properties above Rs 3 million.</span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Ministry officials to collect loan repayment in Malaysia</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 12pt;">A</span> team from the Ministry of Labour and Transport Management will go to Malaysia to collect loans provided to Nepali workers. These loans were provided in 2004 under Employment Promotion Programme and most of the borrowers are currently working in Malaysia. According to a source at the ministry, the team will visit companies where borrowers are currently working to collect the loan repayment. A six-member team will leave for Malaysia on June 27.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
The government had dispatched Rs 45 million as loan to indigenous, ethnic, Dalit, neglected, downtrodden and conflict victim communities. According to the source, after adding the interests, the loan amount has crossed Rs 60 million. </div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-align: center; text-indent: 0in;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">NDEX Begins Spot Contract</span></span></div>
<p style="text-align: justify;">
<span style="font-size: 10pt; line-height: 115%;">N</span><span style="font-size: 11pt; line-height: 115%;">epal Derivatives Exchange (NDEX) has begun spot contract of gold and silver from June 27. NDEX has been working for two years on the future exchange of metals, energy and agriculture products. According to Santosh Pradhan, Chairman and Managing Director of NDEX, spot contract was commenced to diversify the investment of investors<span style="letter-spacing: -0.25pt;">.<br />
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<span style="font-size: 9.5pt;">He said that the steps taken to solve the problem of liquidity are incomplete and short-term. He claimed that recent steps taken by NRB to ease the liquidity crisis have only shifted the liquidity in the system but new liquidity has not been added. He also declared that inter-bank lending cannot be provided to sick development banks and finance companies.</span></div>
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<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
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<span style="font-size: 9.5pt; line-height: 115%;">Similarly Rajendra Man Shakya, President of Nepal Finance Companies’ Association, charged NRB with working against the institutions rather than in their favour. He alleged that NRB has intentionally put pressure on small companies. “If the NRB does not support these companies with a positive intention, there is no alternative but to close them down and submit the keys to the NRB,†he threatened. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Credit Rating Regulation Passed</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he Ministry of Finance has passed the Credit Rating Regulations. The draft prepared and sent by Securities Board of Nepal (SEBON) was approved by the ministry on June 24 with some amendments. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
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<br />
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<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">However, such agencies must have investment from a foreign company with at least five years of credit rating experience in international market and a minimum of Rs 20 million paid-up capital. Foreign partners can hold 25 to 75 per cent stake. Such agencies will rate companies issuing IPO, rights share, preference shares, debentures and other securities. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">FNCCI in Favour of Self Declaration of Wealth</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 11pt;">F</span>ederation of Nepalese Chambers of Commerce and Industries (FNCCI) has officially proposed the government to bring in a scheme for voluntary declaration of wealth for the last time. FNCCI proposed such a scheme to the Ministry of Finance before implementing the laws on money laundering.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
<span style="letter-spacing: -0.25pt;">FNCCI proposed it while giving its views and suggestions for the budget. Similarly, FNCCI has also demanded to scrap the provision to produce the source of income while dealing with transations worth over Rs 1 million and buying and selling of properties above Rs 3 million.</span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Ministry officials to collect loan repayment in Malaysia</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 12pt;">A</span> team from the Ministry of Labour and Transport Management will go to Malaysia to collect loans provided to Nepali workers. These loans were provided in 2004 under Employment Promotion Programme and most of the borrowers are currently working in Malaysia. According to a source at the ministry, the team will visit companies where borrowers are currently working to collect the loan repayment. A six-member team will leave for Malaysia on June 27.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
The government had dispatched Rs 45 million as loan to indigenous, ethnic, Dalit, neglected, downtrodden and conflict victim communities. According to the source, after adding the interests, the loan amount has crossed Rs 60 million. </div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-align: center; text-indent: 0in;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">NDEX Begins Spot Contract</span></span></div>
<p style="text-align: justify;">
<span style="font-size: 10pt; line-height: 115%;">N</span><span style="font-size: 11pt; line-height: 115%;">epal Derivatives Exchange (NDEX) has begun spot contract of gold and silver from June 27. NDEX has been working for two years on the future exchange of metals, energy and agriculture products. According to Santosh Pradhan, Chairman and Managing Director of NDEX, spot contract was commenced to diversify the investment of investors<span style="letter-spacing: -0.25pt;">.<br />
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<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
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<span style="font-size: 9.5pt;">He said that the steps taken to solve the problem of liquidity are incomplete and short-term. He claimed that recent steps taken by NRB to ease the liquidity crisis have only shifted the liquidity in the system but new liquidity has not been added. He also declared that inter-bank lending cannot be provided to sick development banks and finance companies.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">Jhapat Bahadur Vohra, the then President of the Nepal Development Bankers’ Association, advised the government to bring special programme to address the liquidity issue through budget and monitory policy. He alleged that the faulty policy of the government shifted the capital to the informal sector. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">Similarly Rajendra Man Shakya, President of Nepal Finance Companies’ Association, charged NRB with working against the institutions rather than in their favour. He alleged that NRB has intentionally put pressure on small companies. “If the NRB does not support these companies with a positive intention, there is no alternative but to close them down and submit the keys to the NRB,†he threatened. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Credit Rating Regulation Passed</span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; vertical-align: middle;">
<span style="font-size: 14pt;">T</span><span style="font-size: 9.5pt;">he Ministry of Finance has passed the Credit Rating Regulations. The draft prepared and sent by Securities Board of Nepal (SEBON) was approved by the ministry on June 24 with some amendments. </span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify; line-height: 11pt; vertical-align: middle;">
 </div>
<div style="margin-bottom: 0.0001pt; text-align: justify; text-indent: 14.15pt; line-height: 11pt; vertical-align: middle;">
<span style="font-size: 9.5pt;">After implementation of the regulation, the companies dealing with capital market instruments are obliged to be credit-rated.<br />
<br />
</span></div>
<div style="text-align: justify;">
<span style="font-size: 9.5pt; line-height: 115%;">However, such agencies must have investment from a foreign company with at least five years of credit rating experience in international market and a minimum of Rs 20 million paid-up capital. Foreign partners can hold 25 to 75 per cent stake. Such agencies will rate companies issuing IPO, rights share, preference shares, debentures and other securities. </span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">FNCCI in Favour of Self Declaration of Wealth</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 11pt;">F</span>ederation of Nepalese Chambers of Commerce and Industries (FNCCI) has officially proposed the government to bring in a scheme for voluntary declaration of wealth for the last time. FNCCI proposed such a scheme to the Ministry of Finance before implementing the laws on money laundering.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
<span style="letter-spacing: -0.25pt;">FNCCI proposed it while giving its views and suggestions for the budget. Similarly, FNCCI has also demanded to scrap the provision to produce the source of income while dealing with transations worth over Rs 1 million and buying and selling of properties above Rs 3 million.</span></div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-indent: 0in; text-align: center;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">Ministry officials to collect loan repayment in Malaysia</span></span></div>
<div style="text-indent: 0in; text-align: justify;">
<span style="font-size: 12pt;">A</span> team from the Ministry of Labour and Transport Management will go to Malaysia to collect loans provided to Nepali workers. These loans were provided in 2004 under Employment Promotion Programme and most of the borrowers are currently working in Malaysia. According to a source at the ministry, the team will visit companies where borrowers are currently working to collect the loan repayment. A six-member team will leave for Malaysia on June 27.</div>
<div style="text-indent: 0in; text-align: justify;">
 </div>
<div style="text-align: justify;">
The government had dispatched Rs 45 million as loan to indigenous, ethnic, Dalit, neglected, downtrodden and conflict victim communities. According to the source, after adding the interests, the loan amount has crossed Rs 60 million. </div>
<div style="text-align: justify;">
<hr />
</div>
<div style="text-align: center; text-indent: 0in;">
<span style="font-size: 20px;"><span style="color: rgb(0, 92, 169);">NDEX Begins Spot Contract</span></span></div>
<p style="text-align: justify;">
<span style="font-size: 10pt; line-height: 115%;">N</span><span style="font-size: 11pt; line-height: 115%;">epal Derivatives Exchange (NDEX) has begun spot contract of gold and silver from June 27. NDEX has been working for two years on the future exchange of metals, energy and agriculture products. According to Santosh Pradhan, Chairman and Managing Director of NDEX, spot contract was commenced to diversify the investment of investors<span style="letter-spacing: -0.25pt;">.<br />
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