August 9: The Ministry of Physical Infrastructure and Transport backtracked from its decision to build an alternative to Mugling-Narayanghat road across the Trishuli…
August 9: The Ministry of Physical Infrastructure and Transport backtracked from its decision to build an alternative to Mugling-Narayanghat road across the Trishuli…
August 9: Surya Nepal, a cigarette and incense manufacturing company, made an operating profit of Rs 125 billion in five years.…
August 9: Stakeholders have expressed discontent on the proposed arrangements regarding private schools in the bill that the government is set to present at the federal parliament to mend and integrate school…
August 9: Commercial banks have lowered the spread rate for deposits and loans as per the instructions of Nepal Rastra Bank…
The President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, and the Chinese Ambassador to Nepal, Chen Song, held a meeting to explore opportunities for enhanced collaboration between the two nations on…
August 8: The government has decided to approve the National Cyber Security Policy,…
Two-way traffic has resumed on the Narayangadh-Muglin road section. The two-way traffic has resumed from 2:20 pm after clearing the landslide that occurred at 5:20 am this…
August 8: A delegation of the Confederation of Nepalese Industries (CNI) held discussion with Minister for Culture, Tourism and Civil Aviation, Sudan Kirati, regarding the issues related with tourism industry of the…
August 8: Although the government has directed cooperatives with an annual turnover of more than Rs 100 million to report about money laundering through the GoAML, only a handful of such organisations have been found associated to the GoAML…
August 8: Nepal Rastra Bank has increased the foreign exchange facility that airlines companies get for importing…
August 8: With the increase in foreign exchange reserves, Nepal Rastra Bank (NRB) has increased the maximum limit for opening letters of credit (LC) to ease imports.…
August 8: The incessant rainfall that occurred since last night has caused inundation in different parts of the Kathmandu…
August 8: Farmers of the mountainous district of Manang are getting attracted to apple farming with many finding their calling in this sector.…
August 8: The Kathmandu Valley has been witnessing heavy rainfall since last night, causing floods in the rivers and streams.…
The Nepal Stock Exchange (NEPSE) has granted membership to all new broker companies that applied for it. In three phases, NEPSE has granted membership to a total of 17 broker…
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 60]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '18688', 'article_category_id' => '1', 'title' => 'Govt Backtracks its Decision to Build Alternative to Mugling-Narayanghat Road due to Lack of Budget', 'sub_title' => '', 'summary' => 'August 9: The Ministry of Physical Infrastructure and Transport backtracked from its decision to build an alternative to Mugling-Narayanghat road across the Trishuli river.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 9: The Ministry of Physical Infrastructure and Transport backtracked from its decision to build an alternative to Mugling-Narayanghat road across the Trishuli river.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The plan forwarded by the ministry to use the road across the Trishuli river due to the frequent disruption of the main road has been put on hold due to lack of budget.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Mugling-Narayanghat road section, a vital road link to the capital, has been frequently obstructed by landslides during the rainy season.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The proposed plan requires budget for construction of road infrastructure as well as compensation for land acquisition.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Ministry of Physical Infrastructure and Transport withdrew its decision to implement this road construction project after the Ministry of Finance did not ensure the resources saying that the government will have to spend more money on compensation than the construction of the road.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Joint Secretary Arjun Jung Thapa informed New Business Age that about Rs 20 billion will be needed to build the proposed road and give compensation. However, due to a lack of budget, the ministry has now 'dropped' the road construction plan, he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Although the World Bank had pledged to support the construction of this 37-kilometre (km) road, the government on its part had to contribute for the distribution of compensation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Thapa said that the ministry backtracked its decision to implement the plan after it was estimated that more that Rs 10 billion would be required for compensation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">"The government is not in a position to build roads by spending billions of rupees on compensation," said Thapa.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Department of Roads has already prepared a preliminary design for this road. Although the design has been prepared in collaboration with the rural municipality of the concerned area, no further work has been done on the track plan.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Thapa said that the cost is expected to be much higher because more motorable bridges will have to be built on this road. </span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18417', 'image' => '20230809020507_20221214094754_20210307101257_20210203120420_20200611120202_WB Road Project.jpg', 'article_date' => '2023-08-09 14:04:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18687', 'article_category_id' => '1', 'title' => 'Operational Profit of Surya Nepal Stands at Rs 125 Billion in 5 Years', 'sub_title' => '', 'summary' => 'August 9: Surya Nepal, a cigarette and incense manufacturing company, made an operating profit of Rs 125 billion in five years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 9: Surya Nepal, a cigarette and incense manufacturing company, made an operating profit of Rs 125 billion in five years. According to the rating company Care Ratings, Surya Nepal made an operational profit of Rs 24.47 billion in 2020, Rs 24.49 billion in 2021 and Rs 27.1 billion in 2022.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Despite the increase in tax on tobacco products, the company sold cigarettes worth Rs 26.98 billion in the fiscal year 2022 as it introduced new brands of cigarettes in the market. The company declared a dividend of Rs 10.40 billion that year. The company has a short-term loan of Rs 5.75 billion. Care Ratings has given 'A One Plus' rating to the loan of the company.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">Share structure of the company</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Established in 1986, ITC Limited has the largest share of 59 percent in this company. The market capitalization of India-based ITC Limited is USD 58 billion as of March 2023. Founded in 1910, the company manufactures cigarettes, branded packaged foods, education and stationery. The company also has investments in agricultural business and information technology. Nepali individual and institutional investors own 39 percent and British American Tobacco (Investment) Limited holds the remaining 2 percent shares.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">Company products</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The company produces cigarettes, match sticks, incense sticks and confectionery, while it has also invested in the hotel business. A five-star hotel is under construction on 72 ropanis of land belonging to the company in Budhanilkantha, Kathmandu.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to consumer taste and preference, the company has been producing and selling cigarettes under the brands like Surya Legend, Surya 24 Karat, Surya Luxury Kings, Shikhar Filter Kings, Shikhar Ice Juice, Naulo, Khukuri Filter, Pilot Filter, Bijuli and Chautari. The company has more than 100 distributors across the country.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Sanjeev Puri is the chairman of the company, who is also the chairman and managing director of ITC Limited. Meanwhile, managing director of Surya Nepal is Ravi K Raivaram.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">At the top of the highest tax paying company</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to the Inland Revenue Department, the government collected excise duty worth Rs 92.66 billion from cigarettes and bidi in 5 years. Ever since the department started honoring big tax payers, Surya Nepal has been in the list of companies paying the highest income tax.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The department has been honoring big tax payers every year since the year 2069 BS. Surya Nepal has been among the companies that pay more income tax every year since the fiscal year (FY) 2068/69.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18416', 'image' => '20230809010825_20230222120715_snw.jpg', 'article_date' => '2023-08-09 13:07:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '18686', 'article_category_id' => '1', 'title' => 'Education Bill Draws Flak for Lack of Consultation with Stakeholders ', 'sub_title' => '', 'summary' => 'August 9: Stakeholders have expressed discontent on the proposed arrangements regarding private schools in the bill that the government is set to present at the federal parliament to mend and integrate school education. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 9: Stakeholders have expressed discontent on the proposed arrangements regarding private schools in the bill that the government is set to present at the federal parliament to mend and integrate school education. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organizing a joint press conference on Tuesday, the private school operators’ organizations demanded amendment to the draft bill acknowledging their right to private property. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speakers expressed displeasure over some of the provisions in the bill during the press conference jointly organized by Private and Boarding Schools' Organization Nepal (PABSON), National Private and Boarding Schools' Association Nepal (NPABSON) and Higher Institutions and Secondary Schools Association (HISSAN). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They said the provisions of the draft bill were prejudiced, anti-constitutional, impractical and ill-advised. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Council of Ministers held on August 1 had decided to endorse the bill and table it at the parliament. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizations have shown their grave concern on the provisions of the bill, including transformation of the schools with private investment into the educational trustees (guthi) within five years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The press release jointly issued by PABSON Chairperson DK Dhungana, N-PANSON Chairperson Pandab Hamal and HISSAN Chairperson Ramesh Silwal states that they would resort protest programmes, including submitting memorandum to the local government units, district administration offices, education development and coordination unit and province ministries; stage demonstration against the draft bill and hold interaction/discussion with stakeholders if their demands were not addressed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizations have warned to launch stern protests if the government did not pay attention to their demands. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18415', 'image' => '20230809120052_20220530033850_education-icon-graduation-hat-vector-2498629.jpg', 'article_date' => '2023-08-09 12:00:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '18685', 'article_category_id' => '1', 'title' => 'Commercial Banks Reduce Spread Rate', 'sub_title' => '', 'summary' => 'August 9: Commercial banks have lowered the spread rate for deposits and loans as per the instructions of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 9: Commercial banks have lowered the spread rate for deposits and loans as per the instructions of Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Amid criticism that the banks were making maximum profit, the central bank announced the reduction of the spread rate through the first quarterly review of the monetary policy of the last fiscal year (FY). The NRB also issued instructions to the banks to implement the decision. As per the instructions, the banks have maintained the spread rate within the prescribed limits.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the financial statements published by the banks, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">out of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">commercial banks reduced the spread rate to less than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in mid-June to mid-July of last fiscal year (FY 2022/23). The central bank had instructed the commercial banks to reduce the spread rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.4</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Issuing a circular in early December last year, the NRB had instructed commercial banks to maintain the spread rate at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent from mid-March and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent from mid-June this year</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The banks that opted for merger or acquisition were given exemption even if the spread rate limit exceeded by 1 percentage point until mid-July.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the financial statements of the banks, the spread rate of Citizens Bank, Sanima Bank and Standard Chartered Bank remains at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. Similarly, the lowest percentage of spread rate is maintained by the Agricultural Development Bank at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.94</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The spread rate of Nepal Investment Mega Bank, Kumari Bank, Global IME Bank, Prabhu Bank, Himalayan Bank and Laxmi Sunrise Bank, which merged in the previous year, along with Nabil Bank, which acquired Nepal Bangladesh Bank in the previous fiscal year, is more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent. As the concession given to these banks is now over, they have to bring the spread rate within </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent by mid-October.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18414', 'image' => '20230809112813_bankkkkkkk.jpg', 'article_date' => '2023-08-09 11:27:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18683', 'article_category_id' => '1', 'title' => 'Nepal Has Huge Potential for Chinese Investment and Tourists: FNCCI President Dhakal', 'sub_title' => '', 'summary' => 'The President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, and the Chinese Ambassador to Nepal, Chen Song, held a meeting to explore opportunities for enhanced collaboration between the two nations on Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 9: The President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, and the Chinese Ambassador to Nepal, Chen Song, held a meeting to explore opportunities for enhanced collaboration between the two nations on Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The meeting took place at the FNCCI office, during which President Dhakal highlighted Nepal's promising potential as an attractive hub for Chinese investment and tourism.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">President Dhakal emphasized that Nepal's manufacturing, energy, and tourism infrastructure sectors offer substantial prospects for Chinese foreign investment. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dhakal underscored the importance of establishing direct flights connecting China's major cities with Nepal's international airports to boost tourism. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">He urged Ambassador Song to consider prioritizing Nepal as a primary destination for Chinese tourists. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, President Dhakal requested support from the Chinese embassy in Nepal to facilitate visits for micro entrepreneurs to China.</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> He also drew attention to the prospect of Chinese banks entering Nepal's banking sector for financial collaboration between the two nations.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">President Dhakal appealed to Ambassador Song to take steps to reopen Tatopani Check Point, which has been non-operational for an extended period. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In response, Ambassador Song said that Chinese investors are interested in sectors such as manufacturing, agriculture, and energy in Nepal. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Song stressed the importance of creating a favorable environment in Nepal to encourage and support foreign investments. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">He highlighted the significance of policies that ensure stability and ease of business transactions, citing China's own success story as a global manufacturing leader due to foreign investments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, Ambassador Song shared that discussions are underway regarding the resumption of the Tatopani Check Point and the potential entry of Chinese banks into Nepal's financial sector.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18412', 'image' => '20230809055130_collage (1).jpg', 'article_date' => '2023-08-09 05:49:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '18682', 'article_category_id' => '1', 'title' => 'Government to Endorse National Cyber Security Policy, 2080 ', 'sub_title' => '', 'summary' => 'August 8: The government has decided to approve the National Cyber Security Policy, 2080.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 8: The government has decided to approve the National Cyber Security Policy, 2080.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister for Communications and Information Technology and government spokesperson, Rekha Sharma confirmed that a meeting of the Council of Ministers held at the Office of the Prime Minister and Council of Ministers (OPMCM) on Tuesday decided to approve the policy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The decision comes in the wake of increase in cases of violence through the digital platform in the absence of related laws. The records with the Nepal Police show that the number of cyber bullies have surged since 2014.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Cases of data breaching of e-commerce business, hacking of ATM system and social media as well as cyber-bullying have increased in the last few years reportedly due to the loopholes in the cyber security system in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The police have been handling the cases of cybercrimes under the Electronic Transaction Act 2008 in the absence of related laws in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The newly-formed policy is expected to address these issues.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the cabinet meeting also decided to give approval for tabling the Banking Offense and Punishment (Second Amendment) Bill in the parliament.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has also decided to permit the Nepal Rastra Bank (NRB) to mint 150 million pieces of five rupees denomination coins. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18411', 'image' => '20230808100419_389-cyber-security.jpg', 'article_date' => '2023-08-08 22:03:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18681', 'article_category_id' => '1', 'title' => 'Two-way Traffic Resumes along Narayangadh-Muglin Road Section', 'sub_title' => '', 'summary' => 'Two-way traffic has resumed on the Narayangadh-Muglin road section. The two-way traffic has resumed from 2:20 pm after clearing the landslide that occurred at 5:20 am this morning.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 8: Two-way traffic has resumed on the Narayangadh-Muglin road section. The two-way traffic has resumed from 2:20 pm after clearing the landslide that occurred at 5:20 am this morning. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Vehicular movement was disrupted due to landslide at Kalikhola and Topekhola of Ichchhakamana rural municipality-6. Although one-way traffic was resumed on this section of the highway from 11:00 am, it has now come into full operation from this afternoon. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Chief of the District Police Office, Chitwan, Superintendent of Police Rameshwor Karki, said vehicles that were stranded due to landslide are now heading to their destinations. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">One-way traffic resumed in Tanahu</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Meanwhile, one-way traffic has resumed along Prithvi highway, which was obstructed from today morning after the rains led to a cave-in near Chirkane of Byas municipality-12, according to the District Police Office, Tanahu. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Deputy Superintendent of Police, Mohan Bahadur Khand, shared that only small vehicles operating and there is no situation for movement of large-size vehicles. The road was caved-in following the incessant rainfall as road expansion activities were underway along Muglin-Pokhara section.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, under construction Abukhaireni-Jamune-Kotre road section has also been obstructed due to rain, said Chief of the District Traffic Police Office, Tanahu, Rajeev Bista. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18410', 'image' => '20230808062138_collage (3).jpg', 'article_date' => '2023-08-08 18:20:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '18680', 'article_category_id' => '1', 'title' => 'CNI Requests Govt to Take Initiative to Remove Nepal from EU's Air Safety List ', 'sub_title' => '', 'summary' => 'August 8: A delegation of the Confederation of Nepalese Industries (CNI) held discussion with Minister for Culture, Tourism and Civil Aviation, Sudan Kirati, regarding the issues related with tourism industry of the country. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 8: A delegation of the Confederation of Nepalese Industries (CNI) held discussion with Minister for Culture, Tourism and Civil Aviation, Sudan Kirati, regarding the issues related with tourism industry of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They discussed the issues regarding steps to be taken for tourism promotion, short-term and long-term policy-level reforms along with initiatives to remove Nepal from the European Union's air safety list. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the discussion held at the Tourism Ministry, CNI President Rajesh Kumar Agrawal laid emphasis on cooperation and collaboration between the government and the private sector for the development of tourism industry, as tourism is an important source of earning foreign currencies. He said initiatives should be taken immediately to re-establish direct air connectivity with Europe. Agrawal urged the government to take initiatives to remove Nepal from EU air safety blacklist as soon as possible as tourists from Europe are among the biggest spenders. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sharing that the CNI has formed a tourism committee keeping tourism industry in high-priority, he expressed commitment that the CNI would carry out activities working closely with the ministry. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">CNI has drawn the ministry's attention in the context of challenges seen due to shortage of air routes for the successful operation of Pokhara International Airport and the Gautam Buddha International Airport. It has also drawn the attention of the government on the need of developing and promoting Nepal as a filming destination, and of timely completion of the upgrading work of approach roads to tourist sites. CNI also raised concerns over the imposition of VAT on air tickets. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the discussions, Minister Kirati said that initiatives are being made to remove Nepal from the EU's security risk list and positive news on this is expected soon. He assured that the government will move ahead in a steadfast manner for restoring air connectivity with the European Union. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that he has expressed his objection on the topic of imposition of VAT on air tickets in the context of Nepal becoming expensive as a tourism destination. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Minister for Culture, Tourism and Civil Aviation said preparations are being made to purchase some planes to be operated in 'trunk routes' for providing service to the remote areas of the country and narrow-body airplanes for international flights to make Nepal Airlines Corporation competitive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He asserted that the ministry would collaborate with the Confederation for the development of the tourism industry. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18409', 'image' => '20230808040708_naccccc.jpg', 'article_date' => '2023-08-08 16:05:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18679', 'article_category_id' => '1', 'title' => 'Cooperatives Reluctant to join GoAML Software', 'sub_title' => '', 'summary' => 'August 8: Although the government has directed cooperatives with an annual turnover of more than Rs 100 million to report about money laundering through the GoAML, only a handful of such organisations have been found associated to the GoAML software.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 8: Although the government has directed cooperatives with an annual turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million to report about money laundering through the goAML software developed by the United Nations Office on Drugs and Crime Control (UNODC) as a response to money laundering and terrorist financing, only a handful of such organisations have been found to be associated with the GoAML software.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although there are around </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> cooperatives with an annual turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million, only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">400</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> were affiliated to GoAML as of last fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As the number of cooperatives affiliated to GoAML has remained discouraging, the Department of Cooperatives under the federal government on Monday issued instructions to the cooperatives to join the GoML system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The department said that it instructed the cooperatives to join the system following repeated request from the Financial Information Unit of Nepal Rastra Bank to bring the cooperatives under the GoAML system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The department, for the first time in December 2077, had instructed the cooperatives with a turnover of more than Rs 100 million to connect to the GoAML software of the Financial Information Unit of NRB and report suspicious transactions. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, the cooperatives have been refusing to give information about possible money laundering. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Deputy Registrar of the Department of Cooperatives Tolraj Upadhyay said that despite the department's constant warnings, the cooperatives failed to comply with the directive. Upadhyay said that the department would monitor and take action against such cooperatives.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Membership in GoAML is mandatory for banks and financial institutions, insurance companies, share brokers, remittance companies and other companies, but in the case of cooperatives, it is mandatory only for organizations with a turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the anti-money laundering directive, if a person transacts more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million in a day or several times a day, the cooperative organization must send the details of such transaction to the Information Center. Similarly, no matter how much money is transacted, if it is suspicious, there is a provision to report it to the center. Last year, the department took action against more than half a dozen organizations for not following the guidelines.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">International organizations related to money laundering have been putting pressure on Nepal to tighten regulations on money laundering saying that there is risk of money laundering in cooperatives. For this reason, the government has also started preparations to create another tier of regulator for monitoring cooperatives.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => 'goAML, money, laundering, NRB, Nepal, Rastra, Bank, cooperatives', 'description' => '', 'sortorder' => '18408', 'image' => '20230808034130_go.jpg', 'article_date' => '2023-08-08 15:32:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18678', 'article_category_id' => '1', 'title' => 'NRB Increases Foreign Exchange Limit for Airline Companies', 'sub_title' => '', 'summary' => 'August 8: Nepal Rastra Bank has increased the foreign exchange facility that airlines companies get for importing services.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 8: Nepal Rastra Bank has increased the foreign exchange facility that airlines companies get for importing services.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank has increased the limit of US</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">$</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50,000</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">or equivalent that airline operators can exchange to US$ 100,000 by revising the Unified Directive-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2079</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> on Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the central bank has also increased the limit of import through Document Against Payment (DPA) and Document Against Acceptance (DAA).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the instructions, the limit of US$ </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50,000</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">for imports through DPA and DAA has been increased to US$ </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">60,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">. Similarly, arrangement has been made for importers to import goods worth INR 30 million from India through DAA.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The NRB revised the Unified Directive to implement the announcements made in the monetary policy of the current fiscal year.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18407', 'image' => '20230808030855_1691462732.1658357466.Clipboard13[1].jpg', 'article_date' => '2023-08-08 15:08:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '18677', 'article_category_id' => '1', 'title' => 'NRB Increases Maximum Limit for Opening LC to Ease Imports', 'sub_title' => '', 'summary' => 'August 8: With the increase in foreign exchange reserves, Nepal Rastra Bank (NRB) has increased the maximum limit for opening letters of credit (LC) to ease imports. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 8: With the increase in foreign exchange reserves, Nepal Rastra Bank (NRB) has increased the maximum limit for opening letters of credit (LC) to ease imports. Prior to this, there was a provision which allowed opening an LC of up to USD 50,000 at a time. By amending this provision, the NRB has now allowed imports worth USD 60,000 or INR 30 million at a time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In other words, goods worth USD 60,000 or equivalent in foreign currency can be imported into Nepal through a single transaction. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to this arrangement, after obtaining the foreign exchange facility once, the importer must meet certain conditions for obtaining the same facility for the import of the next shipment of goods from the same exporter, the central bank has mentioned in the amended version of the Unified Circular-2079. In case of imports from India, such limit will be maintained at INR 30 million.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although the limit of LC has been increased, some conditions still need to be fulfilled. According to the revised provisions, after importing goods the importers can avail similar facility only after seven days have passed since the previous shipment. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In order to get the same facility for the second time, the importer must submit a form certified by the customs office as proof of import of goods along with the customs declaration form and the receipt of the customs revenue clearance slip to the concerned bank and financial institution. Similarly, importers must also submit a self-declaration regarding the lapse of seven days in addition to these documents if they want to open LC in other banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The cash limit to be kept as security deposit for import of goods has also been reduced. As per the new provision, the security deposit on import by a manufacturer is maintained at only one percent of the value of imported goods while it is three percent for the traders. Previously, the rate was two percent and 10 percent for a manufacturer and a trader, respectively.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18406', 'image' => '20230808014825_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-08-08 13:46:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '18676', 'article_category_id' => '1', 'title' => 'Heavy Downpour Inundates Different Parts of Kathmandu Valley ', 'sub_title' => '', 'summary' => 'August 8: The incessant rainfall that occurred since last night has caused inundation in different parts of the Kathmandu Valley. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 8: The incessant rainfall that occurred since last night has caused inundation in different parts of the Kathmandu Valley. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The District Police Range, Kathmandu has said that Dhungedhara, Gaurighat, Guheshwori, Kapan, Samakhushi and Anamnagar, among others have been inundated with downpour. Senior Superintendent of Police Dan Bahadur Karki said, "Heavy rainfall that occurred since last night inundated many places in the Kathmandu Valley. Police teams are making people aware to stay safe in the places near the Bagmati and Manohara rivers with regular patrol and miking." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The inundations have badly affected public life. Waterlogged roads and schools have caused sheer inconvenience to the people. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Police further said the downpour at Budhanilakantha, Sundarijal and Nagarkot areas flooded the rivers and streams in the Kathmandu Valley. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Weather Forecasting Division has already issued alert to all people to stay safe in the places near the Bishnumati, Dhobikhola, Bagmati, and Manohara rivers citing that there the water level have reached the danger mark. Police teams have been mobilized in different places for public awareness and safety in the wake of floods and inundation, SSP Karki added. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18405', 'image' => '20230808123729_LaxmiGaru_Bhadgaun_RSSduban3(2).jpg', 'article_date' => '2023-08-08 12:36:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '18675', 'article_category_id' => '1', 'title' => 'Manang Farmers Drawn Towards Apple Farming ', 'sub_title' => '', 'summary' => 'August 8: Farmers of the mountainous district of Manang are getting attracted to apple farming with many finding their calling in this sector. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 8: Farmers of the mountainous district of Manang are getting attracted to apple farming with many finding their calling in this sector. Sol Bahadur Gurung of Naso Rural Municipality-8 has switched to apple farming from traditional agriculture as apple farming generates high income. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> “I switched to hybrid apple farming from cereal crops as the production of cereal was of low quantity and the harvest got a delay. I could not generate good income from cereal crop farming,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A high density apple farm based in Manang started growing hybrid apples on four ropanis of land by applying the high density farming technology. Encouraged by good yields, the apple farming has gradually expanded, according to Gurung. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“Most of the farmers in Manang have planted apple saplings brought from the high density apple farm, and are generating good income from it,” he said. The farm has been expanding apple cultivation of various varieties including Fuji, gala, golden and delicious red apples initially brought from Italy and Serbia. These species are said to be producing good yields. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Apple trees of these varieties start bearing fruits two years after plantation, and their production increases every year. So, farmers have been attracted to it, added Gurung.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“My apple trees started bearing fruits one year after plantation. It has been four years since they bore fruits,” he further said. Gurung started the farming with an initial investment of Rs 1 million. Now, he is satisfied with the income from the farming. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Tanka Gurung of Tilche of Naso Rural Municipality-6 has grown hybrid apple on three ropanis of land. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“This apple bears fruits much earlier, and we can get quick returns on the investment, he said, adding, “There is however a problem in transporting the apples to the market due to various reasons like the lack of accessible road network. We are satisfied with the apple production however.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Most of the farmers of the area have switched to hybrid apple farming using the high density farming technology, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although apple can grow nearly in any zone, the fruit tends to thrive in climates where it is cold in the winter and moderate temperature in the summer with medium to high humidity rather than a hot and dry climate. In general, apples can grow best in the regions where the temperature rarely increases above 90 degrees Fahrenheit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They can grow best on a well-drained, loam soil with a depth of 45 cm and a pH range of 5.5-6.5. The soil should be free of hard substrata and water-logged conditions. Soil with heavy clay or compact subsoil should be avoided. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">An apple tree can produce up to 45 kilograms of apple in a season if the weather is favourable, say agriculture experts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Most of the farmers in Manang district have cultivated hybrid apple using the high density farming technology, said Rajeshwor Silwal, chief of the Agriculture Knowledge Centre, Manang. They are getting attracted to apple farming because of good production leading to an increase in their income, he said, adding that they were providing technical service to the farmers by reaching their orchards. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Technicians have been deployed from the centre and local levels to provide service to the farmers. Apple cultivation is expanding from the lower parts of Manang to the higher areas,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Agro Manang Private Limited introduced the high density farming technology by planting apple saplings brought by former lawmaker Polden Chhopang Gurung from Italy and Serbia. It has been growing apple species of gala, golden and Fuji on 735 ropanis of land at Bhratang of Dingsyang Rural Municipality in Manang. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It produced over 450 metric tonnes of apple this year, said Samaraj Gurung, chair of Agro Manang. Last year, it produced more than 400 metric tonnes. It takes around one and a half months to pluck apples from the orchard, he said, adding that they generated an annual income of over Rs 50 million from apple farming. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The production is supplied to various major cities of Nepal including Kathmandu and Pokhara under the brand of 'Himalayan Fresh'. Cold stores have been set up at Bhratang, Besishahar and Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"At present, Nepal has been importing apples worth Rs 13 billion annually from foreign countries. We must produce apples enough to meet the demand at home to stop the imports. For this, it requires motivation and encouragement for farmers to engage in apple farming," said former lawmaker Polden. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">We have a plan to export the apple produced here to third countries through Kolkata in India, said Samaraj. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Himali (High Mountain Agribusiness and Livelihood Improvement) Project provided a subsidy of Rs 22 million to grow apple, and the Prime Minister Modernisation Project provided subsidies to purchase fertilisers and seeds, and in packaging, he said. Most of the apple trees (total 62,000) in the orchard have started producing apples, and 32 people have been directly employed, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Agriculture Knowledge Centre, Manang, apple cultivation has expanded to over 13,000 hectares of land using the new technology. The centre said that the government has been providing 50 percent subsidies for management and 75 percent for apple saplings after selecting the farmers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Apples produced using this technology are generally considered to be of high quality, sweet and juicy with demand in the market, he said. The production is exported to Besisahar, Pokhara, Chitwan, Kathmandu and the international market as well, said the knowledge centre. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The lack of road connectivity has posed a problem in transporting the produce from Manang. As a result, apples produced in Manang are not getting a decent price, complained the farmers. Due to bad condition of roads, in many cases, fresh and healthy apples end up rotting by the time they reach the market, they said. -- RSS </span><br /> </span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18404', 'image' => '20230808112800_apple manang.jpg', 'article_date' => '2023-08-08 11:27:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '18674', 'article_category_id' => '1', 'title' => 'Downpour in Kathmandu Valley as WFD Issues Alert for Safety ', 'sub_title' => '', 'summary' => 'August 8: The Kathmandu Valley has been witnessing heavy rainfall since last night, causing floods in the rivers and streams. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 8: The Kathmandu Valley has been witnessing heavy rainfall since last night, causing floods in the rivers and streams. The Weather Forecasting Division said the federal capital saw continuous downpour since Monday night. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The division said that the country will receive rainfall for some more days as the low pressure turf of monsoon is north of the average location (near Nepal). The heavy rainfall is a result of the monsoon winds and low pressure system around Bihar of India, the WFD said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Currently, light to moderate rainfall has been taking place in Madhes, Bagmati, Lumbini and Gandaki provinces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the division has issued alert, urging people not to go near the rivers and streams which are flooded with downpour. The flood forecasting section under the division has appealed to all to stay alert till 11:00 am as the water level has been rising in the rivers and streams. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Budhanilakantha, Surdarijal, Nagarkot and the vicinity had heavy rainfall since 6:00am today (Tuesday). It has triggered floods in Bishnumati, Dhobikhola and Manohara rivers and streams, said the division urging people travelling on the road along the rivers to be cautious. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather forecasting bulletin of the division has mentioned that Koshi, Madhes, Bagmati, Gandaki and Lumbini provinces are likely to have more rainfall while others to have light to moderate rainfall. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">One to two places in Koshi, Lumbini, Madhes and Bagmati provinces are likely to have downpour coupled with thunderstorm and lightning. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18403', 'image' => '20230808104326_db.jpg', 'article_date' => '2023-08-08 10:42:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '18672', 'article_category_id' => '1', 'title' => 'NEPSE Grants Membership to Three New Broker Companies', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) has granted membership to all new broker companies that applied for it. In three phases, NEPSE has granted membership to a total of 17 broker companies.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 7: The Nepal Stock Exchange (NEPSE) has granted membership to all new broker companies that applied for it. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In three phases, NEPSE has granted membership to a total of 17 broker companies.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In the first and second phases, NEPSE granted membership to seven broker companies each on July 7 and July 28.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During the third phase, on August 4, three broker companies - Mega Stock Market Limited, Machhapuchhre Securities Limited, and Nabil Securities Limited - were given membership.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">According to Giriraj Dahal, Assistant Manager at NEPSE, Mega Stock Market, Machhapuchhre Securities, and Nabil Securities have been assigned broker numbers 75, 76, and 77 respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Nabil Securities, with a capital of Rs 1.5 billion, will function as a stock dealer. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Mega Stock Market, with a capital of Rs 600 million, will function as a second-tier broker, providing services like investment consulting, investment management, margin trading, and share trading. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Likewise, Machhapuchhre Securities, with a capital of Rs 230 million, will operate as a broker company with limited activities.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As of now, 29 new companies have secured broker licenses from the Securities Board of Nepal (SEBON). During the three phases, SEBON granted licenses to seven, 11, and 11 new companies respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Companies that have obtained broker licenses from SEBON are required to also gain membership from NEPSE as per the existing regulations of the board. Currently, 17 companies have received NEPSE membership.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">KBL Securities Limited licensed by SEBON, has not applied for NEPSE membership as it is in the process of merging with an old broker company.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">SEBON has classified brokers into three categories, based on a minimum paid-up capital of Rs 200 million, Rs 600 million, and Rs 1.50 billion for broker licenses.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In accordance with the same framework, the board has granted licenses to one stock trader, one full-service stock broker, and 27 limited-service stock brokers.</span></span></p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18401', 'image' => '20230807052917_collage (2).jpg', 'article_date' => '2023-08-07 17:27:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '18688', 'article_category_id' => '1', 'title' => 'Govt Backtracks its Decision to Build Alternative to Mugling-Narayanghat Road due to Lack of Budget', 'sub_title' => '', 'summary' => 'August 9: The Ministry of Physical Infrastructure and Transport backtracked from its decision to build an alternative to Mugling-Narayanghat road across the Trishuli river.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 9: The Ministry of Physical Infrastructure and Transport backtracked from its decision to build an alternative to Mugling-Narayanghat road across the Trishuli river.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The plan forwarded by the ministry to use the road across the Trishuli river due to the frequent disruption of the main road has been put on hold due to lack of budget.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Mugling-Narayanghat road section, a vital road link to the capital, has been frequently obstructed by landslides during the rainy season.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The proposed plan requires budget for construction of road infrastructure as well as compensation for land acquisition.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Ministry of Physical Infrastructure and Transport withdrew its decision to implement this road construction project after the Ministry of Finance did not ensure the resources saying that the government will have to spend more money on compensation than the construction of the road.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Joint Secretary Arjun Jung Thapa informed New Business Age that about Rs 20 billion will be needed to build the proposed road and give compensation. However, due to a lack of budget, the ministry has now 'dropped' the road construction plan, he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Although the World Bank had pledged to support the construction of this 37-kilometre (km) road, the government on its part had to contribute for the distribution of compensation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Thapa said that the ministry backtracked its decision to implement the plan after it was estimated that more that Rs 10 billion would be required for compensation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">"The government is not in a position to build roads by spending billions of rupees on compensation," said Thapa.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Department of Roads has already prepared a preliminary design for this road. Although the design has been prepared in collaboration with the rural municipality of the concerned area, no further work has been done on the track plan.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Thapa said that the cost is expected to be much higher because more motorable bridges will have to be built on this road. </span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18417', 'image' => '20230809020507_20221214094754_20210307101257_20210203120420_20200611120202_WB Road Project.jpg', 'article_date' => '2023-08-09 14:04:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18687', 'article_category_id' => '1', 'title' => 'Operational Profit of Surya Nepal Stands at Rs 125 Billion in 5 Years', 'sub_title' => '', 'summary' => 'August 9: Surya Nepal, a cigarette and incense manufacturing company, made an operating profit of Rs 125 billion in five years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 9: Surya Nepal, a cigarette and incense manufacturing company, made an operating profit of Rs 125 billion in five years. According to the rating company Care Ratings, Surya Nepal made an operational profit of Rs 24.47 billion in 2020, Rs 24.49 billion in 2021 and Rs 27.1 billion in 2022.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Despite the increase in tax on tobacco products, the company sold cigarettes worth Rs 26.98 billion in the fiscal year 2022 as it introduced new brands of cigarettes in the market. The company declared a dividend of Rs 10.40 billion that year. The company has a short-term loan of Rs 5.75 billion. Care Ratings has given 'A One Plus' rating to the loan of the company.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">Share structure of the company</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Established in 1986, ITC Limited has the largest share of 59 percent in this company. The market capitalization of India-based ITC Limited is USD 58 billion as of March 2023. Founded in 1910, the company manufactures cigarettes, branded packaged foods, education and stationery. The company also has investments in agricultural business and information technology. Nepali individual and institutional investors own 39 percent and British American Tobacco (Investment) Limited holds the remaining 2 percent shares.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">Company products</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The company produces cigarettes, match sticks, incense sticks and confectionery, while it has also invested in the hotel business. A five-star hotel is under construction on 72 ropanis of land belonging to the company in Budhanilkantha, Kathmandu.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to consumer taste and preference, the company has been producing and selling cigarettes under the brands like Surya Legend, Surya 24 Karat, Surya Luxury Kings, Shikhar Filter Kings, Shikhar Ice Juice, Naulo, Khukuri Filter, Pilot Filter, Bijuli and Chautari. The company has more than 100 distributors across the country.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Sanjeev Puri is the chairman of the company, who is also the chairman and managing director of ITC Limited. Meanwhile, managing director of Surya Nepal is Ravi K Raivaram.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">At the top of the highest tax paying company</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to the Inland Revenue Department, the government collected excise duty worth Rs 92.66 billion from cigarettes and bidi in 5 years. Ever since the department started honoring big tax payers, Surya Nepal has been in the list of companies paying the highest income tax.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The department has been honoring big tax payers every year since the year 2069 BS. Surya Nepal has been among the companies that pay more income tax every year since the fiscal year (FY) 2068/69.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18416', 'image' => '20230809010825_20230222120715_snw.jpg', 'article_date' => '2023-08-09 13:07:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '18686', 'article_category_id' => '1', 'title' => 'Education Bill Draws Flak for Lack of Consultation with Stakeholders ', 'sub_title' => '', 'summary' => 'August 9: Stakeholders have expressed discontent on the proposed arrangements regarding private schools in the bill that the government is set to present at the federal parliament to mend and integrate school education. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 9: Stakeholders have expressed discontent on the proposed arrangements regarding private schools in the bill that the government is set to present at the federal parliament to mend and integrate school education. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organizing a joint press conference on Tuesday, the private school operators’ organizations demanded amendment to the draft bill acknowledging their right to private property. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speakers expressed displeasure over some of the provisions in the bill during the press conference jointly organized by Private and Boarding Schools' Organization Nepal (PABSON), National Private and Boarding Schools' Association Nepal (NPABSON) and Higher Institutions and Secondary Schools Association (HISSAN). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They said the provisions of the draft bill were prejudiced, anti-constitutional, impractical and ill-advised. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Council of Ministers held on August 1 had decided to endorse the bill and table it at the parliament. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizations have shown their grave concern on the provisions of the bill, including transformation of the schools with private investment into the educational trustees (guthi) within five years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The press release jointly issued by PABSON Chairperson DK Dhungana, N-PANSON Chairperson Pandab Hamal and HISSAN Chairperson Ramesh Silwal states that they would resort protest programmes, including submitting memorandum to the local government units, district administration offices, education development and coordination unit and province ministries; stage demonstration against the draft bill and hold interaction/discussion with stakeholders if their demands were not addressed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizations have warned to launch stern protests if the government did not pay attention to their demands. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18415', 'image' => '20230809120052_20220530033850_education-icon-graduation-hat-vector-2498629.jpg', 'article_date' => '2023-08-09 12:00:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '18685', 'article_category_id' => '1', 'title' => 'Commercial Banks Reduce Spread Rate', 'sub_title' => '', 'summary' => 'August 9: Commercial banks have lowered the spread rate for deposits and loans as per the instructions of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 9: Commercial banks have lowered the spread rate for deposits and loans as per the instructions of Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Amid criticism that the banks were making maximum profit, the central bank announced the reduction of the spread rate through the first quarterly review of the monetary policy of the last fiscal year (FY). The NRB also issued instructions to the banks to implement the decision. As per the instructions, the banks have maintained the spread rate within the prescribed limits.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the financial statements published by the banks, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">out of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">commercial banks reduced the spread rate to less than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in mid-June to mid-July of last fiscal year (FY 2022/23). The central bank had instructed the commercial banks to reduce the spread rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.4</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Issuing a circular in early December last year, the NRB had instructed commercial banks to maintain the spread rate at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent from mid-March and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent from mid-June this year</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The banks that opted for merger or acquisition were given exemption even if the spread rate limit exceeded by 1 percentage point until mid-July.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the financial statements of the banks, the spread rate of Citizens Bank, Sanima Bank and Standard Chartered Bank remains at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. Similarly, the lowest percentage of spread rate is maintained by the Agricultural Development Bank at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.94</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The spread rate of Nepal Investment Mega Bank, Kumari Bank, Global IME Bank, Prabhu Bank, Himalayan Bank and Laxmi Sunrise Bank, which merged in the previous year, along with Nabil Bank, which acquired Nepal Bangladesh Bank in the previous fiscal year, is more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent. As the concession given to these banks is now over, they have to bring the spread rate within </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent by mid-October.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18414', 'image' => '20230809112813_bankkkkkkk.jpg', 'article_date' => '2023-08-09 11:27:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18683', 'article_category_id' => '1', 'title' => 'Nepal Has Huge Potential for Chinese Investment and Tourists: FNCCI President Dhakal', 'sub_title' => '', 'summary' => 'The President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, and the Chinese Ambassador to Nepal, Chen Song, held a meeting to explore opportunities for enhanced collaboration between the two nations on Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 9: The President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, and the Chinese Ambassador to Nepal, Chen Song, held a meeting to explore opportunities for enhanced collaboration between the two nations on Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The meeting took place at the FNCCI office, during which President Dhakal highlighted Nepal's promising potential as an attractive hub for Chinese investment and tourism.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">President Dhakal emphasized that Nepal's manufacturing, energy, and tourism infrastructure sectors offer substantial prospects for Chinese foreign investment. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dhakal underscored the importance of establishing direct flights connecting China's major cities with Nepal's international airports to boost tourism. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">He urged Ambassador Song to consider prioritizing Nepal as a primary destination for Chinese tourists. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, President Dhakal requested support from the Chinese embassy in Nepal to facilitate visits for micro entrepreneurs to China.</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> He also drew attention to the prospect of Chinese banks entering Nepal's banking sector for financial collaboration between the two nations.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">President Dhakal appealed to Ambassador Song to take steps to reopen Tatopani Check Point, which has been non-operational for an extended period. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In response, Ambassador Song said that Chinese investors are interested in sectors such as manufacturing, agriculture, and energy in Nepal. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Song stressed the importance of creating a favorable environment in Nepal to encourage and support foreign investments. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">He highlighted the significance of policies that ensure stability and ease of business transactions, citing China's own success story as a global manufacturing leader due to foreign investments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, Ambassador Song shared that discussions are underway regarding the resumption of the Tatopani Check Point and the potential entry of Chinese banks into Nepal's financial sector.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18412', 'image' => '20230809055130_collage (1).jpg', 'article_date' => '2023-08-09 05:49:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '18682', 'article_category_id' => '1', 'title' => 'Government to Endorse National Cyber Security Policy, 2080 ', 'sub_title' => '', 'summary' => 'August 8: The government has decided to approve the National Cyber Security Policy, 2080.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 8: The government has decided to approve the National Cyber Security Policy, 2080.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister for Communications and Information Technology and government spokesperson, Rekha Sharma confirmed that a meeting of the Council of Ministers held at the Office of the Prime Minister and Council of Ministers (OPMCM) on Tuesday decided to approve the policy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The decision comes in the wake of increase in cases of violence through the digital platform in the absence of related laws. The records with the Nepal Police show that the number of cyber bullies have surged since 2014.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Cases of data breaching of e-commerce business, hacking of ATM system and social media as well as cyber-bullying have increased in the last few years reportedly due to the loopholes in the cyber security system in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The police have been handling the cases of cybercrimes under the Electronic Transaction Act 2008 in the absence of related laws in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The newly-formed policy is expected to address these issues.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the cabinet meeting also decided to give approval for tabling the Banking Offense and Punishment (Second Amendment) Bill in the parliament.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has also decided to permit the Nepal Rastra Bank (NRB) to mint 150 million pieces of five rupees denomination coins. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18411', 'image' => '20230808100419_389-cyber-security.jpg', 'article_date' => '2023-08-08 22:03:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18681', 'article_category_id' => '1', 'title' => 'Two-way Traffic Resumes along Narayangadh-Muglin Road Section', 'sub_title' => '', 'summary' => 'Two-way traffic has resumed on the Narayangadh-Muglin road section. The two-way traffic has resumed from 2:20 pm after clearing the landslide that occurred at 5:20 am this morning.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 8: Two-way traffic has resumed on the Narayangadh-Muglin road section. The two-way traffic has resumed from 2:20 pm after clearing the landslide that occurred at 5:20 am this morning. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Vehicular movement was disrupted due to landslide at Kalikhola and Topekhola of Ichchhakamana rural municipality-6. Although one-way traffic was resumed on this section of the highway from 11:00 am, it has now come into full operation from this afternoon. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Chief of the District Police Office, Chitwan, Superintendent of Police Rameshwor Karki, said vehicles that were stranded due to landslide are now heading to their destinations. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">One-way traffic resumed in Tanahu</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Meanwhile, one-way traffic has resumed along Prithvi highway, which was obstructed from today morning after the rains led to a cave-in near Chirkane of Byas municipality-12, according to the District Police Office, Tanahu. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Deputy Superintendent of Police, Mohan Bahadur Khand, shared that only small vehicles operating and there is no situation for movement of large-size vehicles. The road was caved-in following the incessant rainfall as road expansion activities were underway along Muglin-Pokhara section.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, under construction Abukhaireni-Jamune-Kotre road section has also been obstructed due to rain, said Chief of the District Traffic Police Office, Tanahu, Rajeev Bista. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18410', 'image' => '20230808062138_collage (3).jpg', 'article_date' => '2023-08-08 18:20:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '18680', 'article_category_id' => '1', 'title' => 'CNI Requests Govt to Take Initiative to Remove Nepal from EU's Air Safety List ', 'sub_title' => '', 'summary' => 'August 8: A delegation of the Confederation of Nepalese Industries (CNI) held discussion with Minister for Culture, Tourism and Civil Aviation, Sudan Kirati, regarding the issues related with tourism industry of the country. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 8: A delegation of the Confederation of Nepalese Industries (CNI) held discussion with Minister for Culture, Tourism and Civil Aviation, Sudan Kirati, regarding the issues related with tourism industry of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They discussed the issues regarding steps to be taken for tourism promotion, short-term and long-term policy-level reforms along with initiatives to remove Nepal from the European Union's air safety list. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the discussion held at the Tourism Ministry, CNI President Rajesh Kumar Agrawal laid emphasis on cooperation and collaboration between the government and the private sector for the development of tourism industry, as tourism is an important source of earning foreign currencies. He said initiatives should be taken immediately to re-establish direct air connectivity with Europe. Agrawal urged the government to take initiatives to remove Nepal from EU air safety blacklist as soon as possible as tourists from Europe are among the biggest spenders. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sharing that the CNI has formed a tourism committee keeping tourism industry in high-priority, he expressed commitment that the CNI would carry out activities working closely with the ministry. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">CNI has drawn the ministry's attention in the context of challenges seen due to shortage of air routes for the successful operation of Pokhara International Airport and the Gautam Buddha International Airport. It has also drawn the attention of the government on the need of developing and promoting Nepal as a filming destination, and of timely completion of the upgrading work of approach roads to tourist sites. CNI also raised concerns over the imposition of VAT on air tickets. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the discussions, Minister Kirati said that initiatives are being made to remove Nepal from the EU's security risk list and positive news on this is expected soon. He assured that the government will move ahead in a steadfast manner for restoring air connectivity with the European Union. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that he has expressed his objection on the topic of imposition of VAT on air tickets in the context of Nepal becoming expensive as a tourism destination. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Minister for Culture, Tourism and Civil Aviation said preparations are being made to purchase some planes to be operated in 'trunk routes' for providing service to the remote areas of the country and narrow-body airplanes for international flights to make Nepal Airlines Corporation competitive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He asserted that the ministry would collaborate with the Confederation for the development of the tourism industry. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18409', 'image' => '20230808040708_naccccc.jpg', 'article_date' => '2023-08-08 16:05:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18679', 'article_category_id' => '1', 'title' => 'Cooperatives Reluctant to join GoAML Software', 'sub_title' => '', 'summary' => 'August 8: Although the government has directed cooperatives with an annual turnover of more than Rs 100 million to report about money laundering through the GoAML, only a handful of such organisations have been found associated to the GoAML software.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 8: Although the government has directed cooperatives with an annual turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million to report about money laundering through the goAML software developed by the United Nations Office on Drugs and Crime Control (UNODC) as a response to money laundering and terrorist financing, only a handful of such organisations have been found to be associated with the GoAML software.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although there are around </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> cooperatives with an annual turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million, only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">400</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> were affiliated to GoAML as of last fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As the number of cooperatives affiliated to GoAML has remained discouraging, the Department of Cooperatives under the federal government on Monday issued instructions to the cooperatives to join the GoML system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The department said that it instructed the cooperatives to join the system following repeated request from the Financial Information Unit of Nepal Rastra Bank to bring the cooperatives under the GoAML system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The department, for the first time in December 2077, had instructed the cooperatives with a turnover of more than Rs 100 million to connect to the GoAML software of the Financial Information Unit of NRB and report suspicious transactions. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, the cooperatives have been refusing to give information about possible money laundering. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Deputy Registrar of the Department of Cooperatives Tolraj Upadhyay said that despite the department's constant warnings, the cooperatives failed to comply with the directive. Upadhyay said that the department would monitor and take action against such cooperatives.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Membership in GoAML is mandatory for banks and financial institutions, insurance companies, share brokers, remittance companies and other companies, but in the case of cooperatives, it is mandatory only for organizations with a turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the anti-money laundering directive, if a person transacts more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million in a day or several times a day, the cooperative organization must send the details of such transaction to the Information Center. Similarly, no matter how much money is transacted, if it is suspicious, there is a provision to report it to the center. Last year, the department took action against more than half a dozen organizations for not following the guidelines.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">International organizations related to money laundering have been putting pressure on Nepal to tighten regulations on money laundering saying that there is risk of money laundering in cooperatives. For this reason, the government has also started preparations to create another tier of regulator for monitoring cooperatives.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => 'goAML, money, laundering, NRB, Nepal, Rastra, Bank, cooperatives', 'description' => '', 'sortorder' => '18408', 'image' => '20230808034130_go.jpg', 'article_date' => '2023-08-08 15:32:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18678', 'article_category_id' => '1', 'title' => 'NRB Increases Foreign Exchange Limit for Airline Companies', 'sub_title' => '', 'summary' => 'August 8: Nepal Rastra Bank has increased the foreign exchange facility that airlines companies get for importing services.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 8: Nepal Rastra Bank has increased the foreign exchange facility that airlines companies get for importing services.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank has increased the limit of US</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">$</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50,000</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">or equivalent that airline operators can exchange to US$ 100,000 by revising the Unified Directive-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2079</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> on Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the central bank has also increased the limit of import through Document Against Payment (DPA) and Document Against Acceptance (DAA).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the instructions, the limit of US$ </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50,000</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">for imports through DPA and DAA has been increased to US$ </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">60,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">. Similarly, arrangement has been made for importers to import goods worth INR 30 million from India through DAA.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The NRB revised the Unified Directive to implement the announcements made in the monetary policy of the current fiscal year.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18407', 'image' => '20230808030855_1691462732.1658357466.Clipboard13[1].jpg', 'article_date' => '2023-08-08 15:08:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '18677', 'article_category_id' => '1', 'title' => 'NRB Increases Maximum Limit for Opening LC to Ease Imports', 'sub_title' => '', 'summary' => 'August 8: With the increase in foreign exchange reserves, Nepal Rastra Bank (NRB) has increased the maximum limit for opening letters of credit (LC) to ease imports. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 8: With the increase in foreign exchange reserves, Nepal Rastra Bank (NRB) has increased the maximum limit for opening letters of credit (LC) to ease imports. Prior to this, there was a provision which allowed opening an LC of up to USD 50,000 at a time. By amending this provision, the NRB has now allowed imports worth USD 60,000 or INR 30 million at a time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In other words, goods worth USD 60,000 or equivalent in foreign currency can be imported into Nepal through a single transaction. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to this arrangement, after obtaining the foreign exchange facility once, the importer must meet certain conditions for obtaining the same facility for the import of the next shipment of goods from the same exporter, the central bank has mentioned in the amended version of the Unified Circular-2079. In case of imports from India, such limit will be maintained at INR 30 million.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although the limit of LC has been increased, some conditions still need to be fulfilled. According to the revised provisions, after importing goods the importers can avail similar facility only after seven days have passed since the previous shipment. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In order to get the same facility for the second time, the importer must submit a form certified by the customs office as proof of import of goods along with the customs declaration form and the receipt of the customs revenue clearance slip to the concerned bank and financial institution. Similarly, importers must also submit a self-declaration regarding the lapse of seven days in addition to these documents if they want to open LC in other banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The cash limit to be kept as security deposit for import of goods has also been reduced. As per the new provision, the security deposit on import by a manufacturer is maintained at only one percent of the value of imported goods while it is three percent for the traders. Previously, the rate was two percent and 10 percent for a manufacturer and a trader, respectively.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18406', 'image' => '20230808014825_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-08-08 13:46:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '18676', 'article_category_id' => '1', 'title' => 'Heavy Downpour Inundates Different Parts of Kathmandu Valley ', 'sub_title' => '', 'summary' => 'August 8: The incessant rainfall that occurred since last night has caused inundation in different parts of the Kathmandu Valley. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 8: The incessant rainfall that occurred since last night has caused inundation in different parts of the Kathmandu Valley. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The District Police Range, Kathmandu has said that Dhungedhara, Gaurighat, Guheshwori, Kapan, Samakhushi and Anamnagar, among others have been inundated with downpour. Senior Superintendent of Police Dan Bahadur Karki said, "Heavy rainfall that occurred since last night inundated many places in the Kathmandu Valley. Police teams are making people aware to stay safe in the places near the Bagmati and Manohara rivers with regular patrol and miking." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The inundations have badly affected public life. Waterlogged roads and schools have caused sheer inconvenience to the people. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Police further said the downpour at Budhanilakantha, Sundarijal and Nagarkot areas flooded the rivers and streams in the Kathmandu Valley. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Weather Forecasting Division has already issued alert to all people to stay safe in the places near the Bishnumati, Dhobikhola, Bagmati, and Manohara rivers citing that there the water level have reached the danger mark. Police teams have been mobilized in different places for public awareness and safety in the wake of floods and inundation, SSP Karki added. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18405', 'image' => '20230808123729_LaxmiGaru_Bhadgaun_RSSduban3(2).jpg', 'article_date' => '2023-08-08 12:36:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '18675', 'article_category_id' => '1', 'title' => 'Manang Farmers Drawn Towards Apple Farming ', 'sub_title' => '', 'summary' => 'August 8: Farmers of the mountainous district of Manang are getting attracted to apple farming with many finding their calling in this sector. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 8: Farmers of the mountainous district of Manang are getting attracted to apple farming with many finding their calling in this sector. Sol Bahadur Gurung of Naso Rural Municipality-8 has switched to apple farming from traditional agriculture as apple farming generates high income. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> “I switched to hybrid apple farming from cereal crops as the production of cereal was of low quantity and the harvest got a delay. I could not generate good income from cereal crop farming,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A high density apple farm based in Manang started growing hybrid apples on four ropanis of land by applying the high density farming technology. Encouraged by good yields, the apple farming has gradually expanded, according to Gurung. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“Most of the farmers in Manang have planted apple saplings brought from the high density apple farm, and are generating good income from it,” he said. The farm has been expanding apple cultivation of various varieties including Fuji, gala, golden and delicious red apples initially brought from Italy and Serbia. These species are said to be producing good yields. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Apple trees of these varieties start bearing fruits two years after plantation, and their production increases every year. So, farmers have been attracted to it, added Gurung.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“My apple trees started bearing fruits one year after plantation. It has been four years since they bore fruits,” he further said. Gurung started the farming with an initial investment of Rs 1 million. Now, he is satisfied with the income from the farming. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Tanka Gurung of Tilche of Naso Rural Municipality-6 has grown hybrid apple on three ropanis of land. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“This apple bears fruits much earlier, and we can get quick returns on the investment, he said, adding, “There is however a problem in transporting the apples to the market due to various reasons like the lack of accessible road network. We are satisfied with the apple production however.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Most of the farmers of the area have switched to hybrid apple farming using the high density farming technology, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although apple can grow nearly in any zone, the fruit tends to thrive in climates where it is cold in the winter and moderate temperature in the summer with medium to high humidity rather than a hot and dry climate. In general, apples can grow best in the regions where the temperature rarely increases above 90 degrees Fahrenheit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They can grow best on a well-drained, loam soil with a depth of 45 cm and a pH range of 5.5-6.5. The soil should be free of hard substrata and water-logged conditions. Soil with heavy clay or compact subsoil should be avoided. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">An apple tree can produce up to 45 kilograms of apple in a season if the weather is favourable, say agriculture experts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Most of the farmers in Manang district have cultivated hybrid apple using the high density farming technology, said Rajeshwor Silwal, chief of the Agriculture Knowledge Centre, Manang. They are getting attracted to apple farming because of good production leading to an increase in their income, he said, adding that they were providing technical service to the farmers by reaching their orchards. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Technicians have been deployed from the centre and local levels to provide service to the farmers. Apple cultivation is expanding from the lower parts of Manang to the higher areas,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Agro Manang Private Limited introduced the high density farming technology by planting apple saplings brought by former lawmaker Polden Chhopang Gurung from Italy and Serbia. It has been growing apple species of gala, golden and Fuji on 735 ropanis of land at Bhratang of Dingsyang Rural Municipality in Manang. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It produced over 450 metric tonnes of apple this year, said Samaraj Gurung, chair of Agro Manang. Last year, it produced more than 400 metric tonnes. It takes around one and a half months to pluck apples from the orchard, he said, adding that they generated an annual income of over Rs 50 million from apple farming. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The production is supplied to various major cities of Nepal including Kathmandu and Pokhara under the brand of 'Himalayan Fresh'. Cold stores have been set up at Bhratang, Besishahar and Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"At present, Nepal has been importing apples worth Rs 13 billion annually from foreign countries. We must produce apples enough to meet the demand at home to stop the imports. For this, it requires motivation and encouragement for farmers to engage in apple farming," said former lawmaker Polden. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">We have a plan to export the apple produced here to third countries through Kolkata in India, said Samaraj. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Himali (High Mountain Agribusiness and Livelihood Improvement) Project provided a subsidy of Rs 22 million to grow apple, and the Prime Minister Modernisation Project provided subsidies to purchase fertilisers and seeds, and in packaging, he said. Most of the apple trees (total 62,000) in the orchard have started producing apples, and 32 people have been directly employed, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Agriculture Knowledge Centre, Manang, apple cultivation has expanded to over 13,000 hectares of land using the new technology. The centre said that the government has been providing 50 percent subsidies for management and 75 percent for apple saplings after selecting the farmers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Apples produced using this technology are generally considered to be of high quality, sweet and juicy with demand in the market, he said. The production is exported to Besisahar, Pokhara, Chitwan, Kathmandu and the international market as well, said the knowledge centre. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The lack of road connectivity has posed a problem in transporting the produce from Manang. As a result, apples produced in Manang are not getting a decent price, complained the farmers. Due to bad condition of roads, in many cases, fresh and healthy apples end up rotting by the time they reach the market, they said. -- RSS </span><br /> </span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18404', 'image' => '20230808112800_apple manang.jpg', 'article_date' => '2023-08-08 11:27:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '18674', 'article_category_id' => '1', 'title' => 'Downpour in Kathmandu Valley as WFD Issues Alert for Safety ', 'sub_title' => '', 'summary' => 'August 8: The Kathmandu Valley has been witnessing heavy rainfall since last night, causing floods in the rivers and streams. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 8: The Kathmandu Valley has been witnessing heavy rainfall since last night, causing floods in the rivers and streams. The Weather Forecasting Division said the federal capital saw continuous downpour since Monday night. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The division said that the country will receive rainfall for some more days as the low pressure turf of monsoon is north of the average location (near Nepal). The heavy rainfall is a result of the monsoon winds and low pressure system around Bihar of India, the WFD said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Currently, light to moderate rainfall has been taking place in Madhes, Bagmati, Lumbini and Gandaki provinces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the division has issued alert, urging people not to go near the rivers and streams which are flooded with downpour. The flood forecasting section under the division has appealed to all to stay alert till 11:00 am as the water level has been rising in the rivers and streams. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Budhanilakantha, Surdarijal, Nagarkot and the vicinity had heavy rainfall since 6:00am today (Tuesday). It has triggered floods in Bishnumati, Dhobikhola and Manohara rivers and streams, said the division urging people travelling on the road along the rivers to be cautious. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather forecasting bulletin of the division has mentioned that Koshi, Madhes, Bagmati, Gandaki and Lumbini provinces are likely to have more rainfall while others to have light to moderate rainfall. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">One to two places in Koshi, Lumbini, Madhes and Bagmati provinces are likely to have downpour coupled with thunderstorm and lightning. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18403', 'image' => '20230808104326_db.jpg', 'article_date' => '2023-08-08 10:42:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '18672', 'article_category_id' => '1', 'title' => 'NEPSE Grants Membership to Three New Broker Companies', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) has granted membership to all new broker companies that applied for it. In three phases, NEPSE has granted membership to a total of 17 broker companies.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 7: The Nepal Stock Exchange (NEPSE) has granted membership to all new broker companies that applied for it. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In three phases, NEPSE has granted membership to a total of 17 broker companies.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In the first and second phases, NEPSE granted membership to seven broker companies each on July 7 and July 28.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During the third phase, on August 4, three broker companies - Mega Stock Market Limited, Machhapuchhre Securities Limited, and Nabil Securities Limited - were given membership.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">According to Giriraj Dahal, Assistant Manager at NEPSE, Mega Stock Market, Machhapuchhre Securities, and Nabil Securities have been assigned broker numbers 75, 76, and 77 respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Nabil Securities, with a capital of Rs 1.5 billion, will function as a stock dealer. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Mega Stock Market, with a capital of Rs 600 million, will function as a second-tier broker, providing services like investment consulting, investment management, margin trading, and share trading. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Likewise, Machhapuchhre Securities, with a capital of Rs 230 million, will operate as a broker company with limited activities.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As of now, 29 new companies have secured broker licenses from the Securities Board of Nepal (SEBON). During the three phases, SEBON granted licenses to seven, 11, and 11 new companies respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Companies that have obtained broker licenses from SEBON are required to also gain membership from NEPSE as per the existing regulations of the board. Currently, 17 companies have received NEPSE membership.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">KBL Securities Limited licensed by SEBON, has not applied for NEPSE membership as it is in the process of merging with an old broker company.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">SEBON has classified brokers into three categories, based on a minimum paid-up capital of Rs 200 million, Rs 600 million, and Rs 1.50 billion for broker licenses.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In accordance with the same framework, the board has granted licenses to one stock trader, one full-service stock broker, and 27 limited-service stock brokers.</span></span></p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18401', 'image' => '20230807052917_collage (2).jpg', 'article_date' => '2023-08-07 17:27:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '18688', 'article_category_id' => '1', 'title' => 'Govt Backtracks its Decision to Build Alternative to Mugling-Narayanghat Road due to Lack of Budget', 'sub_title' => '', 'summary' => 'August 9: The Ministry of Physical Infrastructure and Transport backtracked from its decision to build an alternative to Mugling-Narayanghat road across the Trishuli river.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 9: The Ministry of Physical Infrastructure and Transport backtracked from its decision to build an alternative to Mugling-Narayanghat road across the Trishuli river.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The plan forwarded by the ministry to use the road across the Trishuli river due to the frequent disruption of the main road has been put on hold due to lack of budget.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Mugling-Narayanghat road section, a vital road link to the capital, has been frequently obstructed by landslides during the rainy season.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The proposed plan requires budget for construction of road infrastructure as well as compensation for land acquisition.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Ministry of Physical Infrastructure and Transport withdrew its decision to implement this road construction project after the Ministry of Finance did not ensure the resources saying that the government will have to spend more money on compensation than the construction of the road.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Joint Secretary Arjun Jung Thapa informed New Business Age that about Rs 20 billion will be needed to build the proposed road and give compensation. However, due to a lack of budget, the ministry has now 'dropped' the road construction plan, he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Although the World Bank had pledged to support the construction of this 37-kilometre (km) road, the government on its part had to contribute for the distribution of compensation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Thapa said that the ministry backtracked its decision to implement the plan after it was estimated that more that Rs 10 billion would be required for compensation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">"The government is not in a position to build roads by spending billions of rupees on compensation," said Thapa.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Department of Roads has already prepared a preliminary design for this road. Although the design has been prepared in collaboration with the rural municipality of the concerned area, no further work has been done on the track plan.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Thapa said that the cost is expected to be much higher because more motorable bridges will have to be built on this road. </span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18417', 'image' => '20230809020507_20221214094754_20210307101257_20210203120420_20200611120202_WB Road Project.jpg', 'article_date' => '2023-08-09 14:04:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18687', 'article_category_id' => '1', 'title' => 'Operational Profit of Surya Nepal Stands at Rs 125 Billion in 5 Years', 'sub_title' => '', 'summary' => 'August 9: Surya Nepal, a cigarette and incense manufacturing company, made an operating profit of Rs 125 billion in five years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 9: Surya Nepal, a cigarette and incense manufacturing company, made an operating profit of Rs 125 billion in five years. According to the rating company Care Ratings, Surya Nepal made an operational profit of Rs 24.47 billion in 2020, Rs 24.49 billion in 2021 and Rs 27.1 billion in 2022.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Despite the increase in tax on tobacco products, the company sold cigarettes worth Rs 26.98 billion in the fiscal year 2022 as it introduced new brands of cigarettes in the market. The company declared a dividend of Rs 10.40 billion that year. The company has a short-term loan of Rs 5.75 billion. Care Ratings has given 'A One Plus' rating to the loan of the company.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">Share structure of the company</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Established in 1986, ITC Limited has the largest share of 59 percent in this company. The market capitalization of India-based ITC Limited is USD 58 billion as of March 2023. Founded in 1910, the company manufactures cigarettes, branded packaged foods, education and stationery. The company also has investments in agricultural business and information technology. Nepali individual and institutional investors own 39 percent and British American Tobacco (Investment) Limited holds the remaining 2 percent shares.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">Company products</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The company produces cigarettes, match sticks, incense sticks and confectionery, while it has also invested in the hotel business. A five-star hotel is under construction on 72 ropanis of land belonging to the company in Budhanilkantha, Kathmandu.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to consumer taste and preference, the company has been producing and selling cigarettes under the brands like Surya Legend, Surya 24 Karat, Surya Luxury Kings, Shikhar Filter Kings, Shikhar Ice Juice, Naulo, Khukuri Filter, Pilot Filter, Bijuli and Chautari. The company has more than 100 distributors across the country.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Sanjeev Puri is the chairman of the company, who is also the chairman and managing director of ITC Limited. Meanwhile, managing director of Surya Nepal is Ravi K Raivaram.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">At the top of the highest tax paying company</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to the Inland Revenue Department, the government collected excise duty worth Rs 92.66 billion from cigarettes and bidi in 5 years. Ever since the department started honoring big tax payers, Surya Nepal has been in the list of companies paying the highest income tax.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The department has been honoring big tax payers every year since the year 2069 BS. Surya Nepal has been among the companies that pay more income tax every year since the fiscal year (FY) 2068/69.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18416', 'image' => '20230809010825_20230222120715_snw.jpg', 'article_date' => '2023-08-09 13:07:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '18686', 'article_category_id' => '1', 'title' => 'Education Bill Draws Flak for Lack of Consultation with Stakeholders ', 'sub_title' => '', 'summary' => 'August 9: Stakeholders have expressed discontent on the proposed arrangements regarding private schools in the bill that the government is set to present at the federal parliament to mend and integrate school education. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 9: Stakeholders have expressed discontent on the proposed arrangements regarding private schools in the bill that the government is set to present at the federal parliament to mend and integrate school education. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organizing a joint press conference on Tuesday, the private school operators’ organizations demanded amendment to the draft bill acknowledging their right to private property. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speakers expressed displeasure over some of the provisions in the bill during the press conference jointly organized by Private and Boarding Schools' Organization Nepal (PABSON), National Private and Boarding Schools' Association Nepal (NPABSON) and Higher Institutions and Secondary Schools Association (HISSAN). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They said the provisions of the draft bill were prejudiced, anti-constitutional, impractical and ill-advised. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Council of Ministers held on August 1 had decided to endorse the bill and table it at the parliament. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizations have shown their grave concern on the provisions of the bill, including transformation of the schools with private investment into the educational trustees (guthi) within five years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The press release jointly issued by PABSON Chairperson DK Dhungana, N-PANSON Chairperson Pandab Hamal and HISSAN Chairperson Ramesh Silwal states that they would resort protest programmes, including submitting memorandum to the local government units, district administration offices, education development and coordination unit and province ministries; stage demonstration against the draft bill and hold interaction/discussion with stakeholders if their demands were not addressed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizations have warned to launch stern protests if the government did not pay attention to their demands. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18415', 'image' => '20230809120052_20220530033850_education-icon-graduation-hat-vector-2498629.jpg', 'article_date' => '2023-08-09 12:00:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '18685', 'article_category_id' => '1', 'title' => 'Commercial Banks Reduce Spread Rate', 'sub_title' => '', 'summary' => 'August 9: Commercial banks have lowered the spread rate for deposits and loans as per the instructions of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 9: Commercial banks have lowered the spread rate for deposits and loans as per the instructions of Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Amid criticism that the banks were making maximum profit, the central bank announced the reduction of the spread rate through the first quarterly review of the monetary policy of the last fiscal year (FY). The NRB also issued instructions to the banks to implement the decision. As per the instructions, the banks have maintained the spread rate within the prescribed limits.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the financial statements published by the banks, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">out of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">commercial banks reduced the spread rate to less than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in mid-June to mid-July of last fiscal year (FY 2022/23). The central bank had instructed the commercial banks to reduce the spread rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.4</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Issuing a circular in early December last year, the NRB had instructed commercial banks to maintain the spread rate at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent from mid-March and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent from mid-June this year</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The banks that opted for merger or acquisition were given exemption even if the spread rate limit exceeded by 1 percentage point until mid-July.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the financial statements of the banks, the spread rate of Citizens Bank, Sanima Bank and Standard Chartered Bank remains at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. Similarly, the lowest percentage of spread rate is maintained by the Agricultural Development Bank at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.94</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The spread rate of Nepal Investment Mega Bank, Kumari Bank, Global IME Bank, Prabhu Bank, Himalayan Bank and Laxmi Sunrise Bank, which merged in the previous year, along with Nabil Bank, which acquired Nepal Bangladesh Bank in the previous fiscal year, is more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent. As the concession given to these banks is now over, they have to bring the spread rate within </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent by mid-October.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18414', 'image' => '20230809112813_bankkkkkkk.jpg', 'article_date' => '2023-08-09 11:27:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18683', 'article_category_id' => '1', 'title' => 'Nepal Has Huge Potential for Chinese Investment and Tourists: FNCCI President Dhakal', 'sub_title' => '', 'summary' => 'The President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, and the Chinese Ambassador to Nepal, Chen Song, held a meeting to explore opportunities for enhanced collaboration between the two nations on Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 9: The President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, and the Chinese Ambassador to Nepal, Chen Song, held a meeting to explore opportunities for enhanced collaboration between the two nations on Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The meeting took place at the FNCCI office, during which President Dhakal highlighted Nepal's promising potential as an attractive hub for Chinese investment and tourism.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">President Dhakal emphasized that Nepal's manufacturing, energy, and tourism infrastructure sectors offer substantial prospects for Chinese foreign investment. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dhakal underscored the importance of establishing direct flights connecting China's major cities with Nepal's international airports to boost tourism. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">He urged Ambassador Song to consider prioritizing Nepal as a primary destination for Chinese tourists. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, President Dhakal requested support from the Chinese embassy in Nepal to facilitate visits for micro entrepreneurs to China.</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> He also drew attention to the prospect of Chinese banks entering Nepal's banking sector for financial collaboration between the two nations.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">President Dhakal appealed to Ambassador Song to take steps to reopen Tatopani Check Point, which has been non-operational for an extended period. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In response, Ambassador Song said that Chinese investors are interested in sectors such as manufacturing, agriculture, and energy in Nepal. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Song stressed the importance of creating a favorable environment in Nepal to encourage and support foreign investments. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">He highlighted the significance of policies that ensure stability and ease of business transactions, citing China's own success story as a global manufacturing leader due to foreign investments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, Ambassador Song shared that discussions are underway regarding the resumption of the Tatopani Check Point and the potential entry of Chinese banks into Nepal's financial sector.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18412', 'image' => '20230809055130_collage (1).jpg', 'article_date' => '2023-08-09 05:49:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '18682', 'article_category_id' => '1', 'title' => 'Government to Endorse National Cyber Security Policy, 2080 ', 'sub_title' => '', 'summary' => 'August 8: The government has decided to approve the National Cyber Security Policy, 2080.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 8: The government has decided to approve the National Cyber Security Policy, 2080.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister for Communications and Information Technology and government spokesperson, Rekha Sharma confirmed that a meeting of the Council of Ministers held at the Office of the Prime Minister and Council of Ministers (OPMCM) on Tuesday decided to approve the policy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The decision comes in the wake of increase in cases of violence through the digital platform in the absence of related laws. The records with the Nepal Police show that the number of cyber bullies have surged since 2014.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Cases of data breaching of e-commerce business, hacking of ATM system and social media as well as cyber-bullying have increased in the last few years reportedly due to the loopholes in the cyber security system in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The police have been handling the cases of cybercrimes under the Electronic Transaction Act 2008 in the absence of related laws in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The newly-formed policy is expected to address these issues.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the cabinet meeting also decided to give approval for tabling the Banking Offense and Punishment (Second Amendment) Bill in the parliament.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has also decided to permit the Nepal Rastra Bank (NRB) to mint 150 million pieces of five rupees denomination coins. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18411', 'image' => '20230808100419_389-cyber-security.jpg', 'article_date' => '2023-08-08 22:03:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18681', 'article_category_id' => '1', 'title' => 'Two-way Traffic Resumes along Narayangadh-Muglin Road Section', 'sub_title' => '', 'summary' => 'Two-way traffic has resumed on the Narayangadh-Muglin road section. The two-way traffic has resumed from 2:20 pm after clearing the landslide that occurred at 5:20 am this morning.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 8: Two-way traffic has resumed on the Narayangadh-Muglin road section. The two-way traffic has resumed from 2:20 pm after clearing the landslide that occurred at 5:20 am this morning. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Vehicular movement was disrupted due to landslide at Kalikhola and Topekhola of Ichchhakamana rural municipality-6. Although one-way traffic was resumed on this section of the highway from 11:00 am, it has now come into full operation from this afternoon. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Chief of the District Police Office, Chitwan, Superintendent of Police Rameshwor Karki, said vehicles that were stranded due to landslide are now heading to their destinations. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">One-way traffic resumed in Tanahu</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Meanwhile, one-way traffic has resumed along Prithvi highway, which was obstructed from today morning after the rains led to a cave-in near Chirkane of Byas municipality-12, according to the District Police Office, Tanahu. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Deputy Superintendent of Police, Mohan Bahadur Khand, shared that only small vehicles operating and there is no situation for movement of large-size vehicles. The road was caved-in following the incessant rainfall as road expansion activities were underway along Muglin-Pokhara section.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, under construction Abukhaireni-Jamune-Kotre road section has also been obstructed due to rain, said Chief of the District Traffic Police Office, Tanahu, Rajeev Bista. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18410', 'image' => '20230808062138_collage (3).jpg', 'article_date' => '2023-08-08 18:20:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '18680', 'article_category_id' => '1', 'title' => 'CNI Requests Govt to Take Initiative to Remove Nepal from EU's Air Safety List ', 'sub_title' => '', 'summary' => 'August 8: A delegation of the Confederation of Nepalese Industries (CNI) held discussion with Minister for Culture, Tourism and Civil Aviation, Sudan Kirati, regarding the issues related with tourism industry of the country. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 8: A delegation of the Confederation of Nepalese Industries (CNI) held discussion with Minister for Culture, Tourism and Civil Aviation, Sudan Kirati, regarding the issues related with tourism industry of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They discussed the issues regarding steps to be taken for tourism promotion, short-term and long-term policy-level reforms along with initiatives to remove Nepal from the European Union's air safety list. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the discussion held at the Tourism Ministry, CNI President Rajesh Kumar Agrawal laid emphasis on cooperation and collaboration between the government and the private sector for the development of tourism industry, as tourism is an important source of earning foreign currencies. He said initiatives should be taken immediately to re-establish direct air connectivity with Europe. Agrawal urged the government to take initiatives to remove Nepal from EU air safety blacklist as soon as possible as tourists from Europe are among the biggest spenders. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sharing that the CNI has formed a tourism committee keeping tourism industry in high-priority, he expressed commitment that the CNI would carry out activities working closely with the ministry. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">CNI has drawn the ministry's attention in the context of challenges seen due to shortage of air routes for the successful operation of Pokhara International Airport and the Gautam Buddha International Airport. It has also drawn the attention of the government on the need of developing and promoting Nepal as a filming destination, and of timely completion of the upgrading work of approach roads to tourist sites. CNI also raised concerns over the imposition of VAT on air tickets. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the discussions, Minister Kirati said that initiatives are being made to remove Nepal from the EU's security risk list and positive news on this is expected soon. He assured that the government will move ahead in a steadfast manner for restoring air connectivity with the European Union. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that he has expressed his objection on the topic of imposition of VAT on air tickets in the context of Nepal becoming expensive as a tourism destination. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Minister for Culture, Tourism and Civil Aviation said preparations are being made to purchase some planes to be operated in 'trunk routes' for providing service to the remote areas of the country and narrow-body airplanes for international flights to make Nepal Airlines Corporation competitive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He asserted that the ministry would collaborate with the Confederation for the development of the tourism industry. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18409', 'image' => '20230808040708_naccccc.jpg', 'article_date' => '2023-08-08 16:05:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18679', 'article_category_id' => '1', 'title' => 'Cooperatives Reluctant to join GoAML Software', 'sub_title' => '', 'summary' => 'August 8: Although the government has directed cooperatives with an annual turnover of more than Rs 100 million to report about money laundering through the GoAML, only a handful of such organisations have been found associated to the GoAML software.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 8: Although the government has directed cooperatives with an annual turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million to report about money laundering through the goAML software developed by the United Nations Office on Drugs and Crime Control (UNODC) as a response to money laundering and terrorist financing, only a handful of such organisations have been found to be associated with the GoAML software.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although there are around </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> cooperatives with an annual turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million, only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">400</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> were affiliated to GoAML as of last fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As the number of cooperatives affiliated to GoAML has remained discouraging, the Department of Cooperatives under the federal government on Monday issued instructions to the cooperatives to join the GoML system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The department said that it instructed the cooperatives to join the system following repeated request from the Financial Information Unit of Nepal Rastra Bank to bring the cooperatives under the GoAML system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The department, for the first time in December 2077, had instructed the cooperatives with a turnover of more than Rs 100 million to connect to the GoAML software of the Financial Information Unit of NRB and report suspicious transactions. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, the cooperatives have been refusing to give information about possible money laundering. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Deputy Registrar of the Department of Cooperatives Tolraj Upadhyay said that despite the department's constant warnings, the cooperatives failed to comply with the directive. Upadhyay said that the department would monitor and take action against such cooperatives.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Membership in GoAML is mandatory for banks and financial institutions, insurance companies, share brokers, remittance companies and other companies, but in the case of cooperatives, it is mandatory only for organizations with a turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the anti-money laundering directive, if a person transacts more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million in a day or several times a day, the cooperative organization must send the details of such transaction to the Information Center. Similarly, no matter how much money is transacted, if it is suspicious, there is a provision to report it to the center. Last year, the department took action against more than half a dozen organizations for not following the guidelines.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">International organizations related to money laundering have been putting pressure on Nepal to tighten regulations on money laundering saying that there is risk of money laundering in cooperatives. For this reason, the government has also started preparations to create another tier of regulator for monitoring cooperatives.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => 'goAML, money, laundering, NRB, Nepal, Rastra, Bank, cooperatives', 'description' => '', 'sortorder' => '18408', 'image' => '20230808034130_go.jpg', 'article_date' => '2023-08-08 15:32:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18678', 'article_category_id' => '1', 'title' => 'NRB Increases Foreign Exchange Limit for Airline Companies', 'sub_title' => '', 'summary' => 'August 8: Nepal Rastra Bank has increased the foreign exchange facility that airlines companies get for importing services.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 8: Nepal Rastra Bank has increased the foreign exchange facility that airlines companies get for importing services.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank has increased the limit of US</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">$</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50,000</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">or equivalent that airline operators can exchange to US$ 100,000 by revising the Unified Directive-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2079</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> on Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the central bank has also increased the limit of import through Document Against Payment (DPA) and Document Against Acceptance (DAA).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the instructions, the limit of US$ </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50,000</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">for imports through DPA and DAA has been increased to US$ </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">60,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">. Similarly, arrangement has been made for importers to import goods worth INR 30 million from India through DAA.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The NRB revised the Unified Directive to implement the announcements made in the monetary policy of the current fiscal year.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18407', 'image' => '20230808030855_1691462732.1658357466.Clipboard13[1].jpg', 'article_date' => '2023-08-08 15:08:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '18677', 'article_category_id' => '1', 'title' => 'NRB Increases Maximum Limit for Opening LC to Ease Imports', 'sub_title' => '', 'summary' => 'August 8: With the increase in foreign exchange reserves, Nepal Rastra Bank (NRB) has increased the maximum limit for opening letters of credit (LC) to ease imports. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 8: With the increase in foreign exchange reserves, Nepal Rastra Bank (NRB) has increased the maximum limit for opening letters of credit (LC) to ease imports. Prior to this, there was a provision which allowed opening an LC of up to USD 50,000 at a time. By amending this provision, the NRB has now allowed imports worth USD 60,000 or INR 30 million at a time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In other words, goods worth USD 60,000 or equivalent in foreign currency can be imported into Nepal through a single transaction. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to this arrangement, after obtaining the foreign exchange facility once, the importer must meet certain conditions for obtaining the same facility for the import of the next shipment of goods from the same exporter, the central bank has mentioned in the amended version of the Unified Circular-2079. In case of imports from India, such limit will be maintained at INR 30 million.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although the limit of LC has been increased, some conditions still need to be fulfilled. According to the revised provisions, after importing goods the importers can avail similar facility only after seven days have passed since the previous shipment. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In order to get the same facility for the second time, the importer must submit a form certified by the customs office as proof of import of goods along with the customs declaration form and the receipt of the customs revenue clearance slip to the concerned bank and financial institution. Similarly, importers must also submit a self-declaration regarding the lapse of seven days in addition to these documents if they want to open LC in other banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The cash limit to be kept as security deposit for import of goods has also been reduced. As per the new provision, the security deposit on import by a manufacturer is maintained at only one percent of the value of imported goods while it is three percent for the traders. Previously, the rate was two percent and 10 percent for a manufacturer and a trader, respectively.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18406', 'image' => '20230808014825_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-08-08 13:46:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '18676', 'article_category_id' => '1', 'title' => 'Heavy Downpour Inundates Different Parts of Kathmandu Valley ', 'sub_title' => '', 'summary' => 'August 8: The incessant rainfall that occurred since last night has caused inundation in different parts of the Kathmandu Valley. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 8: The incessant rainfall that occurred since last night has caused inundation in different parts of the Kathmandu Valley. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The District Police Range, Kathmandu has said that Dhungedhara, Gaurighat, Guheshwori, Kapan, Samakhushi and Anamnagar, among others have been inundated with downpour. Senior Superintendent of Police Dan Bahadur Karki said, "Heavy rainfall that occurred since last night inundated many places in the Kathmandu Valley. Police teams are making people aware to stay safe in the places near the Bagmati and Manohara rivers with regular patrol and miking." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The inundations have badly affected public life. Waterlogged roads and schools have caused sheer inconvenience to the people. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Police further said the downpour at Budhanilakantha, Sundarijal and Nagarkot areas flooded the rivers and streams in the Kathmandu Valley. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Weather Forecasting Division has already issued alert to all people to stay safe in the places near the Bishnumati, Dhobikhola, Bagmati, and Manohara rivers citing that there the water level have reached the danger mark. Police teams have been mobilized in different places for public awareness and safety in the wake of floods and inundation, SSP Karki added. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18405', 'image' => '20230808123729_LaxmiGaru_Bhadgaun_RSSduban3(2).jpg', 'article_date' => '2023-08-08 12:36:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '18675', 'article_category_id' => '1', 'title' => 'Manang Farmers Drawn Towards Apple Farming ', 'sub_title' => '', 'summary' => 'August 8: Farmers of the mountainous district of Manang are getting attracted to apple farming with many finding their calling in this sector. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 8: Farmers of the mountainous district of Manang are getting attracted to apple farming with many finding their calling in this sector. Sol Bahadur Gurung of Naso Rural Municipality-8 has switched to apple farming from traditional agriculture as apple farming generates high income. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> “I switched to hybrid apple farming from cereal crops as the production of cereal was of low quantity and the harvest got a delay. I could not generate good income from cereal crop farming,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A high density apple farm based in Manang started growing hybrid apples on four ropanis of land by applying the high density farming technology. Encouraged by good yields, the apple farming has gradually expanded, according to Gurung. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“Most of the farmers in Manang have planted apple saplings brought from the high density apple farm, and are generating good income from it,” he said. The farm has been expanding apple cultivation of various varieties including Fuji, gala, golden and delicious red apples initially brought from Italy and Serbia. These species are said to be producing good yields. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Apple trees of these varieties start bearing fruits two years after plantation, and their production increases every year. So, farmers have been attracted to it, added Gurung.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“My apple trees started bearing fruits one year after plantation. It has been four years since they bore fruits,” he further said. Gurung started the farming with an initial investment of Rs 1 million. Now, he is satisfied with the income from the farming. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Tanka Gurung of Tilche of Naso Rural Municipality-6 has grown hybrid apple on three ropanis of land. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“This apple bears fruits much earlier, and we can get quick returns on the investment, he said, adding, “There is however a problem in transporting the apples to the market due to various reasons like the lack of accessible road network. We are satisfied with the apple production however.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Most of the farmers of the area have switched to hybrid apple farming using the high density farming technology, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although apple can grow nearly in any zone, the fruit tends to thrive in climates where it is cold in the winter and moderate temperature in the summer with medium to high humidity rather than a hot and dry climate. In general, apples can grow best in the regions where the temperature rarely increases above 90 degrees Fahrenheit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They can grow best on a well-drained, loam soil with a depth of 45 cm and a pH range of 5.5-6.5. The soil should be free of hard substrata and water-logged conditions. Soil with heavy clay or compact subsoil should be avoided. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">An apple tree can produce up to 45 kilograms of apple in a season if the weather is favourable, say agriculture experts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Most of the farmers in Manang district have cultivated hybrid apple using the high density farming technology, said Rajeshwor Silwal, chief of the Agriculture Knowledge Centre, Manang. They are getting attracted to apple farming because of good production leading to an increase in their income, he said, adding that they were providing technical service to the farmers by reaching their orchards. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Technicians have been deployed from the centre and local levels to provide service to the farmers. Apple cultivation is expanding from the lower parts of Manang to the higher areas,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Agro Manang Private Limited introduced the high density farming technology by planting apple saplings brought by former lawmaker Polden Chhopang Gurung from Italy and Serbia. It has been growing apple species of gala, golden and Fuji on 735 ropanis of land at Bhratang of Dingsyang Rural Municipality in Manang. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It produced over 450 metric tonnes of apple this year, said Samaraj Gurung, chair of Agro Manang. Last year, it produced more than 400 metric tonnes. It takes around one and a half months to pluck apples from the orchard, he said, adding that they generated an annual income of over Rs 50 million from apple farming. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The production is supplied to various major cities of Nepal including Kathmandu and Pokhara under the brand of 'Himalayan Fresh'. Cold stores have been set up at Bhratang, Besishahar and Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"At present, Nepal has been importing apples worth Rs 13 billion annually from foreign countries. We must produce apples enough to meet the demand at home to stop the imports. For this, it requires motivation and encouragement for farmers to engage in apple farming," said former lawmaker Polden. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">We have a plan to export the apple produced here to third countries through Kolkata in India, said Samaraj. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Himali (High Mountain Agribusiness and Livelihood Improvement) Project provided a subsidy of Rs 22 million to grow apple, and the Prime Minister Modernisation Project provided subsidies to purchase fertilisers and seeds, and in packaging, he said. Most of the apple trees (total 62,000) in the orchard have started producing apples, and 32 people have been directly employed, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Agriculture Knowledge Centre, Manang, apple cultivation has expanded to over 13,000 hectares of land using the new technology. The centre said that the government has been providing 50 percent subsidies for management and 75 percent for apple saplings after selecting the farmers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Apples produced using this technology are generally considered to be of high quality, sweet and juicy with demand in the market, he said. The production is exported to Besisahar, Pokhara, Chitwan, Kathmandu and the international market as well, said the knowledge centre. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The lack of road connectivity has posed a problem in transporting the produce from Manang. As a result, apples produced in Manang are not getting a decent price, complained the farmers. Due to bad condition of roads, in many cases, fresh and healthy apples end up rotting by the time they reach the market, they said. -- RSS </span><br /> </span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18404', 'image' => '20230808112800_apple manang.jpg', 'article_date' => '2023-08-08 11:27:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '18674', 'article_category_id' => '1', 'title' => 'Downpour in Kathmandu Valley as WFD Issues Alert for Safety ', 'sub_title' => '', 'summary' => 'August 8: The Kathmandu Valley has been witnessing heavy rainfall since last night, causing floods in the rivers and streams. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 8: The Kathmandu Valley has been witnessing heavy rainfall since last night, causing floods in the rivers and streams. The Weather Forecasting Division said the federal capital saw continuous downpour since Monday night. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The division said that the country will receive rainfall for some more days as the low pressure turf of monsoon is north of the average location (near Nepal). The heavy rainfall is a result of the monsoon winds and low pressure system around Bihar of India, the WFD said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Currently, light to moderate rainfall has been taking place in Madhes, Bagmati, Lumbini and Gandaki provinces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the division has issued alert, urging people not to go near the rivers and streams which are flooded with downpour. The flood forecasting section under the division has appealed to all to stay alert till 11:00 am as the water level has been rising in the rivers and streams. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Budhanilakantha, Surdarijal, Nagarkot and the vicinity had heavy rainfall since 6:00am today (Tuesday). It has triggered floods in Bishnumati, Dhobikhola and Manohara rivers and streams, said the division urging people travelling on the road along the rivers to be cautious. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather forecasting bulletin of the division has mentioned that Koshi, Madhes, Bagmati, Gandaki and Lumbini provinces are likely to have more rainfall while others to have light to moderate rainfall. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">One to two places in Koshi, Lumbini, Madhes and Bagmati provinces are likely to have downpour coupled with thunderstorm and lightning. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18403', 'image' => '20230808104326_db.jpg', 'article_date' => '2023-08-08 10:42:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '18672', 'article_category_id' => '1', 'title' => 'NEPSE Grants Membership to Three New Broker Companies', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) has granted membership to all new broker companies that applied for it. In three phases, NEPSE has granted membership to a total of 17 broker companies.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 7: The Nepal Stock Exchange (NEPSE) has granted membership to all new broker companies that applied for it. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In three phases, NEPSE has granted membership to a total of 17 broker companies.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In the first and second phases, NEPSE granted membership to seven broker companies each on July 7 and July 28.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During the third phase, on August 4, three broker companies - Mega Stock Market Limited, Machhapuchhre Securities Limited, and Nabil Securities Limited - were given membership.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">According to Giriraj Dahal, Assistant Manager at NEPSE, Mega Stock Market, Machhapuchhre Securities, and Nabil Securities have been assigned broker numbers 75, 76, and 77 respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Nabil Securities, with a capital of Rs 1.5 billion, will function as a stock dealer. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Mega Stock Market, with a capital of Rs 600 million, will function as a second-tier broker, providing services like investment consulting, investment management, margin trading, and share trading. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Likewise, Machhapuchhre Securities, with a capital of Rs 230 million, will operate as a broker company with limited activities.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As of now, 29 new companies have secured broker licenses from the Securities Board of Nepal (SEBON). During the three phases, SEBON granted licenses to seven, 11, and 11 new companies respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Companies that have obtained broker licenses from SEBON are required to also gain membership from NEPSE as per the existing regulations of the board. Currently, 17 companies have received NEPSE membership.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">KBL Securities Limited licensed by SEBON, has not applied for NEPSE membership as it is in the process of merging with an old broker company.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">SEBON has classified brokers into three categories, based on a minimum paid-up capital of Rs 200 million, Rs 600 million, and Rs 1.50 billion for broker licenses.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In accordance with the same framework, the board has granted licenses to one stock trader, one full-service stock broker, and 27 limited-service stock brokers.</span></span></p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18401', 'image' => '20230807052917_collage (2).jpg', 'article_date' => '2023-08-07 17:27:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '18688', 'article_category_id' => '1', 'title' => 'Govt Backtracks its Decision to Build Alternative to Mugling-Narayanghat Road due to Lack of Budget', 'sub_title' => '', 'summary' => 'August 9: The Ministry of Physical Infrastructure and Transport backtracked from its decision to build an alternative to Mugling-Narayanghat road across the Trishuli river.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 9: The Ministry of Physical Infrastructure and Transport backtracked from its decision to build an alternative to Mugling-Narayanghat road across the Trishuli river.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The plan forwarded by the ministry to use the road across the Trishuli river due to the frequent disruption of the main road has been put on hold due to lack of budget.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Mugling-Narayanghat road section, a vital road link to the capital, has been frequently obstructed by landslides during the rainy season.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The proposed plan requires budget for construction of road infrastructure as well as compensation for land acquisition.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Ministry of Physical Infrastructure and Transport withdrew its decision to implement this road construction project after the Ministry of Finance did not ensure the resources saying that the government will have to spend more money on compensation than the construction of the road.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Joint Secretary Arjun Jung Thapa informed New Business Age that about Rs 20 billion will be needed to build the proposed road and give compensation. However, due to a lack of budget, the ministry has now 'dropped' the road construction plan, he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Although the World Bank had pledged to support the construction of this 37-kilometre (km) road, the government on its part had to contribute for the distribution of compensation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Thapa said that the ministry backtracked its decision to implement the plan after it was estimated that more that Rs 10 billion would be required for compensation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">"The government is not in a position to build roads by spending billions of rupees on compensation," said Thapa.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Department of Roads has already prepared a preliminary design for this road. Although the design has been prepared in collaboration with the rural municipality of the concerned area, no further work has been done on the track plan.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Thapa said that the cost is expected to be much higher because more motorable bridges will have to be built on this road. </span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18417', 'image' => '20230809020507_20221214094754_20210307101257_20210203120420_20200611120202_WB Road Project.jpg', 'article_date' => '2023-08-09 14:04:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18687', 'article_category_id' => '1', 'title' => 'Operational Profit of Surya Nepal Stands at Rs 125 Billion in 5 Years', 'sub_title' => '', 'summary' => 'August 9: Surya Nepal, a cigarette and incense manufacturing company, made an operating profit of Rs 125 billion in five years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 9: Surya Nepal, a cigarette and incense manufacturing company, made an operating profit of Rs 125 billion in five years. According to the rating company Care Ratings, Surya Nepal made an operational profit of Rs 24.47 billion in 2020, Rs 24.49 billion in 2021 and Rs 27.1 billion in 2022.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Despite the increase in tax on tobacco products, the company sold cigarettes worth Rs 26.98 billion in the fiscal year 2022 as it introduced new brands of cigarettes in the market. The company declared a dividend of Rs 10.40 billion that year. The company has a short-term loan of Rs 5.75 billion. Care Ratings has given 'A One Plus' rating to the loan of the company.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">Share structure of the company</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Established in 1986, ITC Limited has the largest share of 59 percent in this company. The market capitalization of India-based ITC Limited is USD 58 billion as of March 2023. Founded in 1910, the company manufactures cigarettes, branded packaged foods, education and stationery. The company also has investments in agricultural business and information technology. Nepali individual and institutional investors own 39 percent and British American Tobacco (Investment) Limited holds the remaining 2 percent shares.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">Company products</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The company produces cigarettes, match sticks, incense sticks and confectionery, while it has also invested in the hotel business. A five-star hotel is under construction on 72 ropanis of land belonging to the company in Budhanilkantha, Kathmandu.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to consumer taste and preference, the company has been producing and selling cigarettes under the brands like Surya Legend, Surya 24 Karat, Surya Luxury Kings, Shikhar Filter Kings, Shikhar Ice Juice, Naulo, Khukuri Filter, Pilot Filter, Bijuli and Chautari. The company has more than 100 distributors across the country.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Sanjeev Puri is the chairman of the company, who is also the chairman and managing director of ITC Limited. Meanwhile, managing director of Surya Nepal is Ravi K Raivaram.</span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:14.0pt">At the top of the highest tax paying company</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">According to the Inland Revenue Department, the government collected excise duty worth Rs 92.66 billion from cigarettes and bidi in 5 years. Ever since the department started honoring big tax payers, Surya Nepal has been in the list of companies paying the highest income tax.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The department has been honoring big tax payers every year since the year 2069 BS. Surya Nepal has been among the companies that pay more income tax every year since the fiscal year (FY) 2068/69.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18416', 'image' => '20230809010825_20230222120715_snw.jpg', 'article_date' => '2023-08-09 13:07:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '18686', 'article_category_id' => '1', 'title' => 'Education Bill Draws Flak for Lack of Consultation with Stakeholders ', 'sub_title' => '', 'summary' => 'August 9: Stakeholders have expressed discontent on the proposed arrangements regarding private schools in the bill that the government is set to present at the federal parliament to mend and integrate school education. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 9: Stakeholders have expressed discontent on the proposed arrangements regarding private schools in the bill that the government is set to present at the federal parliament to mend and integrate school education. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organizing a joint press conference on Tuesday, the private school operators’ organizations demanded amendment to the draft bill acknowledging their right to private property. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speakers expressed displeasure over some of the provisions in the bill during the press conference jointly organized by Private and Boarding Schools' Organization Nepal (PABSON), National Private and Boarding Schools' Association Nepal (NPABSON) and Higher Institutions and Secondary Schools Association (HISSAN). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They said the provisions of the draft bill were prejudiced, anti-constitutional, impractical and ill-advised. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Council of Ministers held on August 1 had decided to endorse the bill and table it at the parliament. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizations have shown their grave concern on the provisions of the bill, including transformation of the schools with private investment into the educational trustees (guthi) within five years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The press release jointly issued by PABSON Chairperson DK Dhungana, N-PANSON Chairperson Pandab Hamal and HISSAN Chairperson Ramesh Silwal states that they would resort protest programmes, including submitting memorandum to the local government units, district administration offices, education development and coordination unit and province ministries; stage demonstration against the draft bill and hold interaction/discussion with stakeholders if their demands were not addressed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizations have warned to launch stern protests if the government did not pay attention to their demands. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18415', 'image' => '20230809120052_20220530033850_education-icon-graduation-hat-vector-2498629.jpg', 'article_date' => '2023-08-09 12:00:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '18685', 'article_category_id' => '1', 'title' => 'Commercial Banks Reduce Spread Rate', 'sub_title' => '', 'summary' => 'August 9: Commercial banks have lowered the spread rate for deposits and loans as per the instructions of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 9: Commercial banks have lowered the spread rate for deposits and loans as per the instructions of Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Amid criticism that the banks were making maximum profit, the central bank announced the reduction of the spread rate through the first quarterly review of the monetary policy of the last fiscal year (FY). The NRB also issued instructions to the banks to implement the decision. As per the instructions, the banks have maintained the spread rate within the prescribed limits.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the financial statements published by the banks, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">out of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">commercial banks reduced the spread rate to less than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in mid-June to mid-July of last fiscal year (FY 2022/23). The central bank had instructed the commercial banks to reduce the spread rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.4</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Issuing a circular in early December last year, the NRB had instructed commercial banks to maintain the spread rate at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent from mid-March and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent from mid-June this year</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The banks that opted for merger or acquisition were given exemption even if the spread rate limit exceeded by 1 percentage point until mid-July.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the financial statements of the banks, the spread rate of Citizens Bank, Sanima Bank and Standard Chartered Bank remains at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. Similarly, the lowest percentage of spread rate is maintained by the Agricultural Development Bank at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.94</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The spread rate of Nepal Investment Mega Bank, Kumari Bank, Global IME Bank, Prabhu Bank, Himalayan Bank and Laxmi Sunrise Bank, which merged in the previous year, along with Nabil Bank, which acquired Nepal Bangladesh Bank in the previous fiscal year, is more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent. As the concession given to these banks is now over, they have to bring the spread rate within </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent by mid-October.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18414', 'image' => '20230809112813_bankkkkkkk.jpg', 'article_date' => '2023-08-09 11:27:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18683', 'article_category_id' => '1', 'title' => 'Nepal Has Huge Potential for Chinese Investment and Tourists: FNCCI President Dhakal', 'sub_title' => '', 'summary' => 'The President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, and the Chinese Ambassador to Nepal, Chen Song, held a meeting to explore opportunities for enhanced collaboration between the two nations on Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 9: The President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, and the Chinese Ambassador to Nepal, Chen Song, held a meeting to explore opportunities for enhanced collaboration between the two nations on Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The meeting took place at the FNCCI office, during which President Dhakal highlighted Nepal's promising potential as an attractive hub for Chinese investment and tourism.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">President Dhakal emphasized that Nepal's manufacturing, energy, and tourism infrastructure sectors offer substantial prospects for Chinese foreign investment. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dhakal underscored the importance of establishing direct flights connecting China's major cities with Nepal's international airports to boost tourism. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">He urged Ambassador Song to consider prioritizing Nepal as a primary destination for Chinese tourists. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, President Dhakal requested support from the Chinese embassy in Nepal to facilitate visits for micro entrepreneurs to China.</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> He also drew attention to the prospect of Chinese banks entering Nepal's banking sector for financial collaboration between the two nations.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">President Dhakal appealed to Ambassador Song to take steps to reopen Tatopani Check Point, which has been non-operational for an extended period. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In response, Ambassador Song said that Chinese investors are interested in sectors such as manufacturing, agriculture, and energy in Nepal. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Song stressed the importance of creating a favorable environment in Nepal to encourage and support foreign investments. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">He highlighted the significance of policies that ensure stability and ease of business transactions, citing China's own success story as a global manufacturing leader due to foreign investments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, Ambassador Song shared that discussions are underway regarding the resumption of the Tatopani Check Point and the potential entry of Chinese banks into Nepal's financial sector.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-09', 'modified' => '2023-08-09', 'keywords' => '', 'description' => '', 'sortorder' => '18412', 'image' => '20230809055130_collage (1).jpg', 'article_date' => '2023-08-09 05:49:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '18682', 'article_category_id' => '1', 'title' => 'Government to Endorse National Cyber Security Policy, 2080 ', 'sub_title' => '', 'summary' => 'August 8: The government has decided to approve the National Cyber Security Policy, 2080.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 8: The government has decided to approve the National Cyber Security Policy, 2080.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister for Communications and Information Technology and government spokesperson, Rekha Sharma confirmed that a meeting of the Council of Ministers held at the Office of the Prime Minister and Council of Ministers (OPMCM) on Tuesday decided to approve the policy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The decision comes in the wake of increase in cases of violence through the digital platform in the absence of related laws. The records with the Nepal Police show that the number of cyber bullies have surged since 2014.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Cases of data breaching of e-commerce business, hacking of ATM system and social media as well as cyber-bullying have increased in the last few years reportedly due to the loopholes in the cyber security system in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The police have been handling the cases of cybercrimes under the Electronic Transaction Act 2008 in the absence of related laws in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The newly-formed policy is expected to address these issues.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the cabinet meeting also decided to give approval for tabling the Banking Offense and Punishment (Second Amendment) Bill in the parliament.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has also decided to permit the Nepal Rastra Bank (NRB) to mint 150 million pieces of five rupees denomination coins. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18411', 'image' => '20230808100419_389-cyber-security.jpg', 'article_date' => '2023-08-08 22:03:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18681', 'article_category_id' => '1', 'title' => 'Two-way Traffic Resumes along Narayangadh-Muglin Road Section', 'sub_title' => '', 'summary' => 'Two-way traffic has resumed on the Narayangadh-Muglin road section. The two-way traffic has resumed from 2:20 pm after clearing the landslide that occurred at 5:20 am this morning.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 8: Two-way traffic has resumed on the Narayangadh-Muglin road section. The two-way traffic has resumed from 2:20 pm after clearing the landslide that occurred at 5:20 am this morning. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Vehicular movement was disrupted due to landslide at Kalikhola and Topekhola of Ichchhakamana rural municipality-6. Although one-way traffic was resumed on this section of the highway from 11:00 am, it has now come into full operation from this afternoon. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Chief of the District Police Office, Chitwan, Superintendent of Police Rameshwor Karki, said vehicles that were stranded due to landslide are now heading to their destinations. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">One-way traffic resumed in Tanahu</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Meanwhile, one-way traffic has resumed along Prithvi highway, which was obstructed from today morning after the rains led to a cave-in near Chirkane of Byas municipality-12, according to the District Police Office, Tanahu. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Deputy Superintendent of Police, Mohan Bahadur Khand, shared that only small vehicles operating and there is no situation for movement of large-size vehicles. The road was caved-in following the incessant rainfall as road expansion activities were underway along Muglin-Pokhara section.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, under construction Abukhaireni-Jamune-Kotre road section has also been obstructed due to rain, said Chief of the District Traffic Police Office, Tanahu, Rajeev Bista. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18410', 'image' => '20230808062138_collage (3).jpg', 'article_date' => '2023-08-08 18:20:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '18680', 'article_category_id' => '1', 'title' => 'CNI Requests Govt to Take Initiative to Remove Nepal from EU's Air Safety List ', 'sub_title' => '', 'summary' => 'August 8: A delegation of the Confederation of Nepalese Industries (CNI) held discussion with Minister for Culture, Tourism and Civil Aviation, Sudan Kirati, regarding the issues related with tourism industry of the country. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 8: A delegation of the Confederation of Nepalese Industries (CNI) held discussion with Minister for Culture, Tourism and Civil Aviation, Sudan Kirati, regarding the issues related with tourism industry of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They discussed the issues regarding steps to be taken for tourism promotion, short-term and long-term policy-level reforms along with initiatives to remove Nepal from the European Union's air safety list. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the discussion held at the Tourism Ministry, CNI President Rajesh Kumar Agrawal laid emphasis on cooperation and collaboration between the government and the private sector for the development of tourism industry, as tourism is an important source of earning foreign currencies. He said initiatives should be taken immediately to re-establish direct air connectivity with Europe. Agrawal urged the government to take initiatives to remove Nepal from EU air safety blacklist as soon as possible as tourists from Europe are among the biggest spenders. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sharing that the CNI has formed a tourism committee keeping tourism industry in high-priority, he expressed commitment that the CNI would carry out activities working closely with the ministry. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">CNI has drawn the ministry's attention in the context of challenges seen due to shortage of air routes for the successful operation of Pokhara International Airport and the Gautam Buddha International Airport. It has also drawn the attention of the government on the need of developing and promoting Nepal as a filming destination, and of timely completion of the upgrading work of approach roads to tourist sites. CNI also raised concerns over the imposition of VAT on air tickets. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the discussions, Minister Kirati said that initiatives are being made to remove Nepal from the EU's security risk list and positive news on this is expected soon. He assured that the government will move ahead in a steadfast manner for restoring air connectivity with the European Union. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that he has expressed his objection on the topic of imposition of VAT on air tickets in the context of Nepal becoming expensive as a tourism destination. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Minister for Culture, Tourism and Civil Aviation said preparations are being made to purchase some planes to be operated in 'trunk routes' for providing service to the remote areas of the country and narrow-body airplanes for international flights to make Nepal Airlines Corporation competitive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He asserted that the ministry would collaborate with the Confederation for the development of the tourism industry. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18409', 'image' => '20230808040708_naccccc.jpg', 'article_date' => '2023-08-08 16:05:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18679', 'article_category_id' => '1', 'title' => 'Cooperatives Reluctant to join GoAML Software', 'sub_title' => '', 'summary' => 'August 8: Although the government has directed cooperatives with an annual turnover of more than Rs 100 million to report about money laundering through the GoAML, only a handful of such organisations have been found associated to the GoAML software.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 8: Although the government has directed cooperatives with an annual turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million to report about money laundering through the goAML software developed by the United Nations Office on Drugs and Crime Control (UNODC) as a response to money laundering and terrorist financing, only a handful of such organisations have been found to be associated with the GoAML software.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although there are around </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> cooperatives with an annual turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million, only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">400</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> were affiliated to GoAML as of last fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As the number of cooperatives affiliated to GoAML has remained discouraging, the Department of Cooperatives under the federal government on Monday issued instructions to the cooperatives to join the GoML system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The department said that it instructed the cooperatives to join the system following repeated request from the Financial Information Unit of Nepal Rastra Bank to bring the cooperatives under the GoAML system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The department, for the first time in December 2077, had instructed the cooperatives with a turnover of more than Rs 100 million to connect to the GoAML software of the Financial Information Unit of NRB and report suspicious transactions. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, the cooperatives have been refusing to give information about possible money laundering. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Deputy Registrar of the Department of Cooperatives Tolraj Upadhyay said that despite the department's constant warnings, the cooperatives failed to comply with the directive. Upadhyay said that the department would monitor and take action against such cooperatives.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Membership in GoAML is mandatory for banks and financial institutions, insurance companies, share brokers, remittance companies and other companies, but in the case of cooperatives, it is mandatory only for organizations with a turnover of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the anti-money laundering directive, if a person transacts more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million in a day or several times a day, the cooperative organization must send the details of such transaction to the Information Center. Similarly, no matter how much money is transacted, if it is suspicious, there is a provision to report it to the center. Last year, the department took action against more than half a dozen organizations for not following the guidelines.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">International organizations related to money laundering have been putting pressure on Nepal to tighten regulations on money laundering saying that there is risk of money laundering in cooperatives. For this reason, the government has also started preparations to create another tier of regulator for monitoring cooperatives.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => 'goAML, money, laundering, NRB, Nepal, Rastra, Bank, cooperatives', 'description' => '', 'sortorder' => '18408', 'image' => '20230808034130_go.jpg', 'article_date' => '2023-08-08 15:32:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18678', 'article_category_id' => '1', 'title' => 'NRB Increases Foreign Exchange Limit for Airline Companies', 'sub_title' => '', 'summary' => 'August 8: Nepal Rastra Bank has increased the foreign exchange facility that airlines companies get for importing services.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 8: Nepal Rastra Bank has increased the foreign exchange facility that airlines companies get for importing services.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank has increased the limit of US</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">$</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50,000</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">or equivalent that airline operators can exchange to US$ 100,000 by revising the Unified Directive-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2079</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> on Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the central bank has also increased the limit of import through Document Against Payment (DPA) and Document Against Acceptance (DAA).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the instructions, the limit of US$ </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50,000</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">for imports through DPA and DAA has been increased to US$ </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">60,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">. Similarly, arrangement has been made for importers to import goods worth INR 30 million from India through DAA.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The NRB revised the Unified Directive to implement the announcements made in the monetary policy of the current fiscal year.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18407', 'image' => '20230808030855_1691462732.1658357466.Clipboard13[1].jpg', 'article_date' => '2023-08-08 15:08:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '18677', 'article_category_id' => '1', 'title' => 'NRB Increases Maximum Limit for Opening LC to Ease Imports', 'sub_title' => '', 'summary' => 'August 8: With the increase in foreign exchange reserves, Nepal Rastra Bank (NRB) has increased the maximum limit for opening letters of credit (LC) to ease imports. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 8: With the increase in foreign exchange reserves, Nepal Rastra Bank (NRB) has increased the maximum limit for opening letters of credit (LC) to ease imports. Prior to this, there was a provision which allowed opening an LC of up to USD 50,000 at a time. By amending this provision, the NRB has now allowed imports worth USD 60,000 or INR 30 million at a time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In other words, goods worth USD 60,000 or equivalent in foreign currency can be imported into Nepal through a single transaction. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to this arrangement, after obtaining the foreign exchange facility once, the importer must meet certain conditions for obtaining the same facility for the import of the next shipment of goods from the same exporter, the central bank has mentioned in the amended version of the Unified Circular-2079. In case of imports from India, such limit will be maintained at INR 30 million.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although the limit of LC has been increased, some conditions still need to be fulfilled. According to the revised provisions, after importing goods the importers can avail similar facility only after seven days have passed since the previous shipment. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In order to get the same facility for the second time, the importer must submit a form certified by the customs office as proof of import of goods along with the customs declaration form and the receipt of the customs revenue clearance slip to the concerned bank and financial institution. Similarly, importers must also submit a self-declaration regarding the lapse of seven days in addition to these documents if they want to open LC in other banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The cash limit to be kept as security deposit for import of goods has also been reduced. As per the new provision, the security deposit on import by a manufacturer is maintained at only one percent of the value of imported goods while it is three percent for the traders. Previously, the rate was two percent and 10 percent for a manufacturer and a trader, respectively.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18406', 'image' => '20230808014825_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-08-08 13:46:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '18676', 'article_category_id' => '1', 'title' => 'Heavy Downpour Inundates Different Parts of Kathmandu Valley ', 'sub_title' => '', 'summary' => 'August 8: The incessant rainfall that occurred since last night has caused inundation in different parts of the Kathmandu Valley. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 8: The incessant rainfall that occurred since last night has caused inundation in different parts of the Kathmandu Valley. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The District Police Range, Kathmandu has said that Dhungedhara, Gaurighat, Guheshwori, Kapan, Samakhushi and Anamnagar, among others have been inundated with downpour. Senior Superintendent of Police Dan Bahadur Karki said, "Heavy rainfall that occurred since last night inundated many places in the Kathmandu Valley. Police teams are making people aware to stay safe in the places near the Bagmati and Manohara rivers with regular patrol and miking." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The inundations have badly affected public life. Waterlogged roads and schools have caused sheer inconvenience to the people. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Police further said the downpour at Budhanilakantha, Sundarijal and Nagarkot areas flooded the rivers and streams in the Kathmandu Valley. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Weather Forecasting Division has already issued alert to all people to stay safe in the places near the Bishnumati, Dhobikhola, Bagmati, and Manohara rivers citing that there the water level have reached the danger mark. Police teams have been mobilized in different places for public awareness and safety in the wake of floods and inundation, SSP Karki added. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18405', 'image' => '20230808123729_LaxmiGaru_Bhadgaun_RSSduban3(2).jpg', 'article_date' => '2023-08-08 12:36:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '18675', 'article_category_id' => '1', 'title' => 'Manang Farmers Drawn Towards Apple Farming ', 'sub_title' => '', 'summary' => 'August 8: Farmers of the mountainous district of Manang are getting attracted to apple farming with many finding their calling in this sector. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 8: Farmers of the mountainous district of Manang are getting attracted to apple farming with many finding their calling in this sector. Sol Bahadur Gurung of Naso Rural Municipality-8 has switched to apple farming from traditional agriculture as apple farming generates high income. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> “I switched to hybrid apple farming from cereal crops as the production of cereal was of low quantity and the harvest got a delay. I could not generate good income from cereal crop farming,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A high density apple farm based in Manang started growing hybrid apples on four ropanis of land by applying the high density farming technology. Encouraged by good yields, the apple farming has gradually expanded, according to Gurung. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“Most of the farmers in Manang have planted apple saplings brought from the high density apple farm, and are generating good income from it,” he said. The farm has been expanding apple cultivation of various varieties including Fuji, gala, golden and delicious red apples initially brought from Italy and Serbia. These species are said to be producing good yields. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Apple trees of these varieties start bearing fruits two years after plantation, and their production increases every year. So, farmers have been attracted to it, added Gurung.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“My apple trees started bearing fruits one year after plantation. It has been four years since they bore fruits,” he further said. Gurung started the farming with an initial investment of Rs 1 million. Now, he is satisfied with the income from the farming. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Tanka Gurung of Tilche of Naso Rural Municipality-6 has grown hybrid apple on three ropanis of land. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“This apple bears fruits much earlier, and we can get quick returns on the investment, he said, adding, “There is however a problem in transporting the apples to the market due to various reasons like the lack of accessible road network. We are satisfied with the apple production however.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Most of the farmers of the area have switched to hybrid apple farming using the high density farming technology, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although apple can grow nearly in any zone, the fruit tends to thrive in climates where it is cold in the winter and moderate temperature in the summer with medium to high humidity rather than a hot and dry climate. In general, apples can grow best in the regions where the temperature rarely increases above 90 degrees Fahrenheit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They can grow best on a well-drained, loam soil with a depth of 45 cm and a pH range of 5.5-6.5. The soil should be free of hard substrata and water-logged conditions. Soil with heavy clay or compact subsoil should be avoided. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">An apple tree can produce up to 45 kilograms of apple in a season if the weather is favourable, say agriculture experts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Most of the farmers in Manang district have cultivated hybrid apple using the high density farming technology, said Rajeshwor Silwal, chief of the Agriculture Knowledge Centre, Manang. They are getting attracted to apple farming because of good production leading to an increase in their income, he said, adding that they were providing technical service to the farmers by reaching their orchards. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Technicians have been deployed from the centre and local levels to provide service to the farmers. Apple cultivation is expanding from the lower parts of Manang to the higher areas,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Agro Manang Private Limited introduced the high density farming technology by planting apple saplings brought by former lawmaker Polden Chhopang Gurung from Italy and Serbia. It has been growing apple species of gala, golden and Fuji on 735 ropanis of land at Bhratang of Dingsyang Rural Municipality in Manang. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It produced over 450 metric tonnes of apple this year, said Samaraj Gurung, chair of Agro Manang. Last year, it produced more than 400 metric tonnes. It takes around one and a half months to pluck apples from the orchard, he said, adding that they generated an annual income of over Rs 50 million from apple farming. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The production is supplied to various major cities of Nepal including Kathmandu and Pokhara under the brand of 'Himalayan Fresh'. Cold stores have been set up at Bhratang, Besishahar and Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"At present, Nepal has been importing apples worth Rs 13 billion annually from foreign countries. We must produce apples enough to meet the demand at home to stop the imports. For this, it requires motivation and encouragement for farmers to engage in apple farming," said former lawmaker Polden. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">We have a plan to export the apple produced here to third countries through Kolkata in India, said Samaraj. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Himali (High Mountain Agribusiness and Livelihood Improvement) Project provided a subsidy of Rs 22 million to grow apple, and the Prime Minister Modernisation Project provided subsidies to purchase fertilisers and seeds, and in packaging, he said. Most of the apple trees (total 62,000) in the orchard have started producing apples, and 32 people have been directly employed, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Agriculture Knowledge Centre, Manang, apple cultivation has expanded to over 13,000 hectares of land using the new technology. The centre said that the government has been providing 50 percent subsidies for management and 75 percent for apple saplings after selecting the farmers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Apples produced using this technology are generally considered to be of high quality, sweet and juicy with demand in the market, he said. The production is exported to Besisahar, Pokhara, Chitwan, Kathmandu and the international market as well, said the knowledge centre. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The lack of road connectivity has posed a problem in transporting the produce from Manang. As a result, apples produced in Manang are not getting a decent price, complained the farmers. Due to bad condition of roads, in many cases, fresh and healthy apples end up rotting by the time they reach the market, they said. -- RSS </span><br /> </span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18404', 'image' => '20230808112800_apple manang.jpg', 'article_date' => '2023-08-08 11:27:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '18674', 'article_category_id' => '1', 'title' => 'Downpour in Kathmandu Valley as WFD Issues Alert for Safety ', 'sub_title' => '', 'summary' => 'August 8: The Kathmandu Valley has been witnessing heavy rainfall since last night, causing floods in the rivers and streams. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 8: The Kathmandu Valley has been witnessing heavy rainfall since last night, causing floods in the rivers and streams. The Weather Forecasting Division said the federal capital saw continuous downpour since Monday night. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The division said that the country will receive rainfall for some more days as the low pressure turf of monsoon is north of the average location (near Nepal). The heavy rainfall is a result of the monsoon winds and low pressure system around Bihar of India, the WFD said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Currently, light to moderate rainfall has been taking place in Madhes, Bagmati, Lumbini and Gandaki provinces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the division has issued alert, urging people not to go near the rivers and streams which are flooded with downpour. The flood forecasting section under the division has appealed to all to stay alert till 11:00 am as the water level has been rising in the rivers and streams. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Budhanilakantha, Surdarijal, Nagarkot and the vicinity had heavy rainfall since 6:00am today (Tuesday). It has triggered floods in Bishnumati, Dhobikhola and Manohara rivers and streams, said the division urging people travelling on the road along the rivers to be cautious. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather forecasting bulletin of the division has mentioned that Koshi, Madhes, Bagmati, Gandaki and Lumbini provinces are likely to have more rainfall while others to have light to moderate rainfall. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">One to two places in Koshi, Lumbini, Madhes and Bagmati provinces are likely to have downpour coupled with thunderstorm and lightning. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-08', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18403', 'image' => '20230808104326_db.jpg', 'article_date' => '2023-08-08 10:42:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '18672', 'article_category_id' => '1', 'title' => 'NEPSE Grants Membership to Three New Broker Companies', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) has granted membership to all new broker companies that applied for it. In three phases, NEPSE has granted membership to a total of 17 broker companies.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 7: The Nepal Stock Exchange (NEPSE) has granted membership to all new broker companies that applied for it. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In three phases, NEPSE has granted membership to a total of 17 broker companies.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In the first and second phases, NEPSE granted membership to seven broker companies each on July 7 and July 28.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During the third phase, on August 4, three broker companies - Mega Stock Market Limited, Machhapuchhre Securities Limited, and Nabil Securities Limited - were given membership.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">According to Giriraj Dahal, Assistant Manager at NEPSE, Mega Stock Market, Machhapuchhre Securities, and Nabil Securities have been assigned broker numbers 75, 76, and 77 respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Nabil Securities, with a capital of Rs 1.5 billion, will function as a stock dealer. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Mega Stock Market, with a capital of Rs 600 million, will function as a second-tier broker, providing services like investment consulting, investment management, margin trading, and share trading. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Likewise, Machhapuchhre Securities, with a capital of Rs 230 million, will operate as a broker company with limited activities.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As of now, 29 new companies have secured broker licenses from the Securities Board of Nepal (SEBON). During the three phases, SEBON granted licenses to seven, 11, and 11 new companies respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Companies that have obtained broker licenses from SEBON are required to also gain membership from NEPSE as per the existing regulations of the board. Currently, 17 companies have received NEPSE membership.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">KBL Securities Limited licensed by SEBON, has not applied for NEPSE membership as it is in the process of merging with an old broker company.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">SEBON has classified brokers into three categories, based on a minimum paid-up capital of Rs 200 million, Rs 600 million, and Rs 1.50 billion for broker licenses.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In accordance with the same framework, the board has granted licenses to one stock trader, one full-service stock broker, and 27 limited-service stock brokers.</span></span></p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '18401', 'image' => '20230807052917_collage (2).jpg', 'article_date' => '2023-08-07 17:27:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
