August 7: The Public Procurement Monitoring Office (PPMO) is preparing to operate 'Procurement Clinic' with the objective of resolving the problems faced in connection with issues related to public…
August 7: The Public Procurement Monitoring Office (PPMO) is preparing to operate 'Procurement Clinic' with the objective of resolving the problems faced in connection with issues related to public…
August 7: The Federation of Contractors' Associations of Nepal (FCAN) has announced more protest programmes saying that the government has not yet addressed their legitimate demands.…
August 7: Passengers can now purchase tickets of Buddha Air through the airline company’s website and app using IME…
August 7: The net profit of commercial banks increased by almost 25 percent in the last fiscal year (FY 2022/23) despite slowdown of economic activities due to the impacts of Covid-19 and Russia-Ukraine…
August 7: The Millennium Challenge Corporation (MCC) Compact that was signed between the Ministry of Finance and the US Government around six years ago has reached the entry into force (EIF) phase and the development itself marks a significant milestone in the implementation of the…
The Central Investigation Bureau (CIB) of Nepal Police has been handed over the responsibility to further investigate the smuggling of 100 kg…
The Supreme Court (SC) on Sunday ordered to investigate into the individuals directly responsible for decision-making related to Lalita Niwas land grab scam. The directive was issued by a bench comprising Justices Anil Kumar Sinha and Dr. Kumar…
August 6: Ncell, a private sector telecommunication giant of Nepal, has claimed that the company has been disseminating early warning SMS alerts to people living in flood-prone areas, contributing to saving lives and properties from monsoon-induced floods each…
Minister for Forests and Environment, Dr. Birendra Prasad Mahato, said that forests hold the potential to significantly contribute to the country's…
Beni Municipality in Myagdi district has initiated a process to gather information about landlords who lease their houses and…
August 6: Nepal Rastra Bank (NRB) has stepped up preparations for issuing digital…
August 6: Nepal has made a profit in trade with the United States of America (USA) after five…
August 6: The EU-Nepal trade and investment program has prepared two dozen coffee roasters of international level to increase the quality of coffee in…
August 6: Landslides and floods triggered by rainfall since the onset of monsoon this year have caused considerable damages to roads and bridges across the…
August 6: Minister for Industry, Commerce and Supplies, Ramesh Rijal, has urged the local units of Bara and Parsa districts to scrap tax imposed on raw materials in the name of scrap…
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The simple guideline will be prepared as promptly as possible for resolving problems related to public procurement faced by the provincial and local level offices as well the federal offices. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary Regmi further added that intensive training on e-procurement would also be held for enhancing the public procurement capacity of the local and provincial governments. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18400', 'image' => '20230807043651_PPMOOO.jpg', 'article_date' => '2023-08-07 16:36:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18670', 'article_category_id' => '1', 'title' => 'Construction Entrepreneurs Announce more Protest Programmes ', 'sub_title' => '', 'summary' => 'August 7: The Federation of Contractors' Associations of Nepal (FCAN) has announced more protest programmes saying that the government has not yet addressed their legitimate demands. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">August 7: The Federation of Contractors' Associations of Nepal (FCAN) has announced more protest programmes saying that the government has not yet addressed their legitimate demands. The federation announced the second and third phases of protest programme at a press conference in Kathmandu on Sunday. As part of the second phase of the programme, the federation has announced the protest from Monday, August 7 to Friday, August 11.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The federation has announced a daily demonstration through the week with a whistle rally in addition to a procession, a corner meeting and a sit-in, from the Federation to the Parliament building with black bands in their hands. Similarly, as part of the third phase of protest programme, all non-essential construction works will be stopped indefinitely from Sunday, August 13, said FCAN President Ravi Singh. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Under the third phase of protest programme, the federation will organize a live public hearing among construction experts. In the press conference, the president of the federation Singh said that only if the construction industry functions the overall economy will function. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the payment for the work completed by the builders cannot be stopped under any pretext.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Yakshadhwaj Karki, adviser and former president of the federation, said that there are many problems in the construction industry and that it is wrong for the consumer committee to get involved in construction works. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">General Secretary of the Federation Roshan Dahal said that the federation is agitating with demands such as payment of all construction works, amendment of the extension order issued by the Nepal government and re-issue of a lump-sum extension of the entire project. The Federation of Nepalese Chamber of Commerce and Industries, Nepal Heavy Equipment Federation and other organizations have expressed solidarity with the ongoing movement of the federation.</span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18399', 'image' => '20230807034938_fcann.jpg', 'article_date' => '2023-08-07 15:48:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '18669', 'article_category_id' => '1', 'title' => 'Buddha Air’s Tickets now Available through IME Pay', 'sub_title' => '', 'summary' => 'August 7: Passengers can now purchase tickets of Buddha Air through the airline company’s website and app using IME Pay.', '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 7: Passengers can now purchase tickets of Buddha Air through the airline company’s website and app using IME Pay. The service was launched on Sunday after IME Pay and Buddha Air signed an agreement to this effect.</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 per the agreement, passengers will be able to pay easily by selecting IME Pay while purchasing tickets on Buddha Air’s website and app. </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"">Passengers will also get a free coupon of Chandragiri Cable Car on every payment.</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 statement, IME Pay said that the company expects encouragement in creating a cashless society for the convenience of customers. </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"">Praveen Regmi, Chief Executive Officer of IME Pay, said that the agreement was signed with the aim of making the air travel experience of the user more convenient.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18398', 'image' => '20230807023304_1691377358.jpg', 'article_date' => '2023-08-07 14:32:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '18668', 'article_category_id' => '1', 'title' => 'Profit of Commercial Banks Increased by 25 Percent during Last FY', 'sub_title' => '', 'summary' => 'August 7: The net profit of commercial banks increased by almost 25 percent in the last fiscal year (FY 2022/23) despite slowdown of economic activities due to the impacts of Covid-19 and Russia-Ukraine war.', '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 7: The net profit of commercial banks increased by almost 25 percent in the last fiscal year (FY 2022/23) despite slowdown of economic activities due to the impacts of Covid-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> and Russia-Ukraine war.</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 profits of banks improved in the review year due to the increase in income from interest and the control in growth rate of bad loans. According to the financial statements published by the commercial banks for the FY </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"">22</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","sans-serif"">23, they earned a total net profit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">70</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.17 billion in the review year. In the previous year (FY </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"">21</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","sans-serif"">22), the profit was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">56.17</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion, which is an increase of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">24.93</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent last 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"">Although the profit growth rate decreased in the first, second and third quarters of the last fiscal year, there was an improvement in the fourth quarter. Compared to the same period of the previous year, the profit increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5.94</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the first quarter of FY </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"">22</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","sans-serif"">23, by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11.10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the second quarter and by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11.67</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the third quarter. Coming to the fourth quarter, the growth in profit was more than double compared to the third quarter.</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"">Former banker Analraj Bhattarai said that although the business expansion of banks was not significant in the last fiscal year, the increase in spread rate and the increase in income from investments made by banks in treasury bills and bonds had a positive effect on the profit. </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"">"Last year, the spread rate was also high and the income from the government treasury was also good," he said, "Because of which the profit of the banks has been seen somewhat positive."</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"">He says that the merger of banks had a positive effect on some banks. However, compared to the capital of the banks, this year's profit should be considered normal, Bhattarai said.</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"">In the fourth quarter of the last fiscal year, banks also succeeded in controlling bad loans. In the previous year, bad loans of banks were </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. However, bad loans of banks increased to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.83</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the first quarter of FY </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"">22</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","sans-serif"">23. Bad loans further increased to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.35</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the second quarter while the average bad loans reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.03</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent by the third quarter. In the fourth quarter, banks succeeded in reducing bad loans to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.7</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"">Control of bad loans also had a positive effect on the profit of banks. Former banker Bhattarai says that it can be compared to the financial discipline of banks and businessmen. </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"">Last year, Nabil Bank earned the highest net profit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.52</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion after acquiring Nepal Bangladesh Bank which is an increase of 76.86 percent compared to the previous year. Similarly, Global IME Bank, which merged with Bank of Kathmandu, earned a net profit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.25</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. The profit of Global IME increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">46.26</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"">In the last fiscal year, the profit of Kumari Bank and Prime Commercial Bank was less than the previous year. The profit Kumari, which acquired NCC Bank, decreased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">24.14 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent compared to the previous year and was limited to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.95 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion. In the previous year, the profit of the bank was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.57 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion rupees. Similarly, the profit of Prime Bank decreased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">18.81 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.26 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18397', 'image' => '20230807013335_bankkkkkkk.jpg', 'article_date' => '2023-08-07 13:32:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18667', 'article_category_id' => '1', 'title' => 'Project Cost of MCC to Increase by Rs 900 Million', 'sub_title' => 'Preparations Underway for Declaring EIF Phase of MCC from mid-August', 'summary' => 'August 7: The Millennium Challenge Corporation (MCC) Compact that was signed between the Ministry of Finance and the US Government around six years ago has reached the entry into force (EIF) phase and the development itself marks a significant milestone in the implementation of the agreement. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 7: The Millennium Challenge Corporation (MCC) Compact that was signed between the Ministry of Finance and the US Government around six years ago has reached the entry into force (EIF) phase and the development itself marks a significant milestone in the implementation of the agreement. </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 the Millennium Challenge Account (MCA)-Nepal Development Committee, preparations are on to announce the date for EIP regarding the MCC soon. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Over the course of six years since signing of the agreement, the Compact was endorsed by the Federal Parliament along with a 12-point descriptive note. During this period, Nepal has met almost all conditions, five out of six, required to be enabled by it before advancing the agreement to the implementation phase. Of the six prerequisites, land acquisition for the implementation of the pact has been awaited. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">However, over the course of time, Nepal is needed to own up additional economic responsibility for initiations and projects to be implemented under the agreement. Initially, it was agreed that USD 500 million shall be provided in grants to Nepal while the government shall bear USD 130, expecting the total cost of the MCC project to remain at USD 630 million. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"> But the 'supplemental agreement' over the MCC that was signed in last May-June, demands the government to bear additional USD 67 million, seeking its total contribution of USD 197 million to the enforcement of the agreement. In the beginning, Nepal was supposed to take up the 20.63 per cent economic responsibility for the MCC project and now it has risen to 28.26 percent. The increased responsibility amount is equivalent to Rs 900 million. </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 preparations for the announcement of EIF date sans meeting all the preconditions is another concern regarding the implementation of projects under the MCA-Nepal, the government agency formed to implement the projects co-funded by the US government under the MCC. </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 acquisition of land for the implementation of MCC Nepal Compact projects, as well as the guarantee of the land use rights within forest areas is still awaited. </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 Compact mandates the project implementing body to complete the projects within five years of the declaration of EIF. </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 prevailing time provides room to doubt over the completion of the projects within the stipulated time frame. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">This article primarily highlights the factors contributing to the increase in the cost of Compact implementation and sheds light on the reasons behind the decision to proceed with the Entry into Force (EIF) without fulfilling all the prerequisites.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Factors contributing to additional responsibility for Nepal</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 Council of Ministers on May 23 decided to endorse the Finance Ministry's proposal to revise the agreement between Nepal and the MCC and increase the government's share in its implementation. On the basis of the same agreement, Nepal Electricity Authority (NEA) and the MCA-Nepal on May 30 signed the 'supplemental agreement'. </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 NEA and MCA-Nepal signed the agreement a few days ago. The MCA-Nepal issued a public statement citing that "The government has decided to include additional endeavors included in the electricity transmission projects under the MCC Compact on the request of the Nepal Electricity Authority." The statement further mentioned that the additional budget of USD 67 million required to implement these additional endeavors will be managed from the major budget of the Compact. In the event of the full utilization of the allocated budget, any insufficient funds will be borne by the NEA.</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 additional budget to be required for the implementation of the Compact is to be considered as the government's contribution to it and it will be adjusted in the relevant schedule of the Compact through the implementation letter. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Road and electricity projects are the areas of priorities for Nepal identified by the MCC Compact signed on September 14, 2017.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">As per the statement, the cost amount of USD 67 million which has been recently added will be spent for the construction of the section of the 400kV New Butwal-Gorakhpur Nepal-India Inter-country Transmission line towards the Nepal side and for increasing the capacity of three substations. This transmission line project is in the construction process at present.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Schedule-1 (B) (1) of the MCC Compact states about the transmission line to be constructed under MCA-Nepal. It is mentioned in the Compact that around 300 kilometers of double circuit 400 kV transmission line would be constructed within Nepal.</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 Compact states that the transmission line would be constructed on five different routes – from Lapsiphedi of Kathmandu up to Ratamaate, from Ratamate to Hetauda, from Ratamate to Damauli, from Damauli to Butwal and from Butwal to the India border. This means that the plan of constructing the transmission line from Butwal to the India border for which the added cost has been managed is included in the existing cost of USD 630 million.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">RSS had approached the MCA-Nepal for its comment regarding allocation of additional budget for the construction of the transmission line on this route the estimated cost of which has been already included in the Compact. In response, MCA-Nepal stated that the amount added in the MCC Nepal Compact programme would be merged with the Electricity Transmission Project budget and it would be used for increasing the capacity of three substations by installing extra 'bays' as per the requirement and request of Nepal Electricity Authority (NEA). </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">To RSS' question whether the amount merged in this way can be termed as an increment in the project's cost, MCA-Nepal's information officer Rajib Dahal said the cost automatically goes up when extra work has to be carried out than what was previously determined.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">"Additional work of expanding the capacity of the under-construction three substations by installing extra bays is being carried out from the amount added on behalf of the Government of Nepal to the MCC Nepal Compact, as per the NEA's need and request. The increase in cost is obvious after the addition of extra work on the predetermined work. Therefore, we can call it the need for additional investment due to the expansion of the limit of the project's work," the MCA-Nepal has stated.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Similarly, MCA-Nepal has said although some changes have been made in the works of the Road Maintenance Project, it will not have any impact on the overall budget related to the roads.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">NEA executive director Kulman Ghising said India had already started the process for tender for the construction of the transmission line on its side.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">“But in our case, the dispute whether the MCC Compact would be endorsed by the parliament or not was not finalized. Therefore, we detached this from the MCC Compact," Ghising said, adding that the tendering process of programmes under the MCC Compact also moves ahead after the parliament's endorsement. "It was again included in the MCC after coming to the conclusion that only small contractors will come for the bidding when NEA does the contract for the project whereas big contractors would come if the MCA-Nepal calls for the contract. The cost increased after the NEA added to the scope of work that was already in the compact before.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Preparations for EIF without meeting prerequisites </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 agreement which was signed on 14 September, 2017 between the Finance Ministry of Nepal and the MCC, was endorsed by the parliament on 27 February, 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">The countdown for the five-year project will as per the agreement begin from the day of EIF. </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 the preliminary agreement, EIF would take place from 30 June 2020. However, many factors like a dispute in getting the compact endorsed from the parliament and other difficulties are blamed for the delay. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Land acquisition as a prerequisite for EIF has yet to take place</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 Section 8.1 of Article 8 of the MCC Compact, the Government will ensure the full and expeditious cooperation of all relevant government entities to ensure that all land acquisition, site access, and forest clearance required to implement the Compact is provided in a timely manner, and consistent with all MCC policies. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Asked about the implementation of the compact, the MCC Nepal said the date for its implementation would be announced within the Nepali month of Bhadra. "Preparations are underway to announce the date for the implementation of the MCC Nepal Compact 2080," said the MCC Nepal. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">It requires a total of 1,471 hectares of land for the electricity transmission project, and around 20 hectares for the construction of a substation at Ratmate in Nuwakot. It requires 104 hectares of land for constructing around 856 electrical towers. There is still a dispute in the land required for constructing a substation, and the distribution of compensation for the land acquired for the transmission line has yet to begin, said the MCC Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">"Except for a family-disputed plot, the distribution of compensation for the land acquired for a substation at Ratamate has been completed. A preliminary legal process has been initiated to acquire the land required to build the electrical towers."</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 legal process to determine compensation amounts for the land acquired for the project has started under the leadership of Chief District Officer of the respective district of the total nine affected districts, it has been said. The affected areas have 122 community and government forests. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Over Rs 10.8 billion allocated for the current FY</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">For the project, the government has allocated over Rs 10.8 billion for the current FY, 2023/24. Out of the allocated budget, Rs 8.7 billion will go for the electricity transmission project, Rs 1.5 billion for road repair, Rs 2 million for monitoring and evaluation, and Rs 555 million for administrative work. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18396', 'image' => '20230807114556_MCC.jpg', 'article_date' => '2023-08-07 11:43:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18666', 'article_category_id' => '1', 'title' => 'CIB Handed Responsibility to Investigate into Gold Smuggling', 'sub_title' => '', 'summary' => 'The Central Investigation Bureau (CIB) of Nepal Police has been handed over the responsibility to further investigate the smuggling of 100 kg gold.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 7: The Central Investigation Bureau (CIB) of Nepal Police has been handed over the responsibility to further investigate the smuggling of 100 kg gold.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> After 17 days of the seizure of the gold smuggled from foreign country, the Revenue Investigation Department (RID) handed over the responsibility to the CIB to dig deeper into the gold smuggling incident on Sunday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Director General of RID Nabaraj Dhungana said that the CIB had been provided with the files of the investigations to dig further issues into the case of gold smuggling. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dhungana said that entire other activities of the investigations now would be carried out by the CIB. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Earlier on Thursday, Prime Minister Pushpa Kamal Dahal 'Prachanda' had directed the RID to give responsibility to the CIB for investigation. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As per the PM's directive, the files have been sent to the CIB by fulfilling necessary processes. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Now, the CIB will also investigate the financial issues, organized and trans-national crimes. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Likewise, Deputy Inspector General of Nepal Police Kuber Kadayat said that the CIB will begin the investigation after getting letter from the Department. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Currently, 17 individuals are in the custody of security force on their alleged involvement in the case. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">(RSS)</span></span></p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18395', 'image' => '20230807060300_collage (4).jpg', 'article_date' => '2023-08-07 06:00:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '18665', 'article_category_id' => '1', 'title' => 'Lalita Niwas Land Scam: SC Orders to Probe Decision Makers', 'sub_title' => '', 'summary' => 'The Supreme Court (SC) on Sunday ordered to investigate into the individuals directly responsible for decision-making related to Lalita Niwas land grab scam. The directive was issued by a bench comprising Justices Anil Kumar Sinha and Dr. Kumar Chudal.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 7: The Supreme Court (SC) on Sunday ordered to investigate into the individuals directly responsible for decision-making related to Lalita Niwas land grab scam. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The directive was issued by a bench comprising Justices Anil Kumar Sinha and Dr. Kumar Chudal. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The implicated decisions were made during the tenures of Madhav Kumar Nepal and Dr. Baburam Bhattarai as Prime Ministers. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The SC's order mandates an investigation into members of the former Council of Ministers responsible for decision-making, as well as those who certified these decisions for implementation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Likewise, the SC has also ordered to investigate those taking the proposal to the higher level or authority.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18394', 'image' => '20230807054140_collage (2).jpg', 'article_date' => '2023-08-07 05:40:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '18664', 'article_category_id' => '1', 'title' => 'Ncell Flood Alert SMS Contributing to Saving Lives of Nepali Citizens', 'sub_title' => '', 'summary' => 'August 6: Ncell, a private sector telecommunication giant of Nepal, has claimed that the company has been disseminating early warning SMS alerts to people living in flood-prone areas, contributing to saving lives and properties from monsoon-induced floods each year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">August 6: Ncell, a private sector telecommunication giant of Nepal, has claimed that the company has been disseminating early warning SMS alerts to people living in flood-prone areas, contributing to saving lives and properties from monsoon-induced floods each year. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Issuing a statement, Ncell said that the company has sent over 4.4 million such SMS in the last two months, pre-informing people from flood risk areas.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The areas where SMS alerts were disseminated this year include downstream communities or basins of major rivers such as Narayani, Babai, Rapti, Kankai, Bagmati, Koshi, and Karnali, among others. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Ncell under its Corporate Social Responsibility (CSR) has been pre-notifying risks of flood via SMS since 2016 in collaboration with the Department of Hydrology and Meteorology (DHM), added the statement.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Under this initiative, Ncell has been collaborating with the DHM for Early Warning System (EWS) to broadcast SMS alerts to the public mainly during the monsoon season. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Early warning SMS alerts ensure that people get pre-informed about the risk and move to safe locations with their belongings, while organisations involved in disaster response and preparedness get time to act on time, the statement further said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">When the water level returns to normal in the rivers, people also receive an SMS alert that there is no looming risk, and they can now return to their places. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“At Ncell, we are committed to serving people and the community of Nepal. Leveraging on our technical expertise and reach, we are pleased to support our community of Nepal with timely dissemination of flood alerts contributing to reducing potential loss of lives and properties every year during monsoon. This collaborative initiative under our CSR is a testament to how public-private partnership can deliver results for the betterment of our society,” the statement quoted Ncell’s Chief Executive Officer and Managing Director Jabbor Kayumov as saying.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">DHM through its telemetry stations keeps close track of the hydrological and metrological situations and triggers the messaging based on the level of water in the rivers. Ncell upon DHM’s request broadcasts location-based alert messages to people living along the downstream communities of rivers known for creating flood mayhem via short code number 1155, which is also a DHM’s toll-free hotline dedicated to providing information updates on flood situations. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to the Flood Forecasting Division of DHM, with almost all households having access to GMS mobile service, flood SMS alert has been one of the most effective mediums in the flood EWS to minimize loss of lives and properties, and it is thankful to Ncell for collaboration in this noble cause, the statement reads.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The statement says that apart from individuals within the identified hazard zones, these alerts are also sent to vital organisations involved in disaster risk reduction, including the National Emergency Operating Centre for necessary activities on disaster response and preparedness.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">As part of continued collaboration, last year Ncell disseminated over 7.8 million such flood alerts mainly during monsoon to the public from basins and communities that are identified as flood-prone areas. After signing an agreement for this initiative in 2016, Ncell and DHM strengthened the association further in 2018 for improving disaster preparedness.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">As a responsible corporate entity, Ncell said it remains committed to serving people and the community and is also exploring possibilities to implement EWS for other hydro-meteorology related disasters too. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“As DHM installs new telemetry devices and expands hydro-meteorological stations, Ncell will continue to provide similar connectivity support to those stations, so that more people could benefit from the EWS initiative.”</span></span></span></p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18393', 'image' => '20230806062642_20221007090312_DevrajSubedi_Sindhupalchok_RSS_19_khatam.jpg', 'article_date' => '2023-08-06 18:25:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18663', 'article_category_id' => '1', 'title' => 'Forests Hold Potential for National Prosperity, Minister Mahato Says', 'sub_title' => '', 'summary' => 'Minister for Forests and Environment, Dr. Birendra Prasad Mahato, said that forests hold the potential to significantly contribute to the country's prosperity.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 6: Minister for Forests and Environment, Dr. Birendra Prasad Mahato, said that forests hold the potential to significantly contribute to the country's prosperity. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Highlighting that forests currently encompass 45 percent of the nation's total land area, Dr Mahato emphasized the importance of harnessing maximum benefits from these natural resources to bolster the nation's prosperity.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dr. Mahato expressed these views while addressing an event organized by Round Table Nepal. He commended the organization for its commendable efforts in maintaining greenery across the country.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The minister underscored the collective responsibility of government bodies at all levels to actively engage in preserving and nurturing the eco-environment.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">"With 45 percent of Nepal's landscape covered by forests, it is crucial to establish forests as a reliable avenue for enhancing the country's economic well-being”, he said. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dr Mahato stated that all government and non-government bodies should collaborate to adopt innovative strategies to effectively implement the motto 'Green Forests - Nepal's Wealth’. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18392', 'image' => '20230806060703_mofe-minister-birendra-mahato-singhadurbar.jpg', 'article_date' => '2023-08-06 18:05:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '18662', 'article_category_id' => '1', 'title' => 'Beni Municipality Collecting Details of Landlords to Bring Them Under Tax Ambit', 'sub_title' => '', 'summary' => 'Beni Municipality in Myagdi district has initiated a process to gather information about landlords who lease their houses and land.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 6: Beni Municipality in Myagdi district has initiated a process to gather information about landlords who lease their houses and land. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This step aims to bring the landlords to taxation system. Prabha Sharma, the tax officer at the municipality, stated that they have given landlords 35 days' time to submit details of their leased properties at the respective ward offices. The deadline to submit the details is set for September 7.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">To facilitate the taxation process, the municipality has categorized landlords into three groups. Those failing to submit their property details within the specified timeframe will face late fines. Sharma emphasized that starting from this fiscal year, house rent tax has been made compulsory.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This decision to categorize landlords and impose taxes comes as a response to the low number of landlords previously paying house rent tax.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> Under the revised regulations, landlords renting their properties for official purposes will be charged a 10% tax, while those renting for business purposes will have to pay a 4% tax. For residential rentals, a 2% tax will be applied. This system replaces the previous flat 10% tax rate for all rental purposes.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The municipality had collected Rs 3.035 million from house rent tax in the last fiscal year. </span></span></p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18391', 'image' => '20230806042248_collage.jpg', 'article_date' => '2023-08-06 16:21:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '18661', 'article_category_id' => '1', 'title' => 'NRB Steps Up Preparation to Issue Digital Currency', 'sub_title' => '', 'summary' => 'August 6: Nepal Rastra Bank (NRB) has stepped up preparations for issuing digital currency.', '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 6: Nepal Rastra Bank (NRB) has stepped up preparations for issuing digital currency. Due to the interest shown by the general public in virtual transactions and other countries also issuing digital currency, the central bank has started necessary preparations to issue the Central Bank Digital Currency (CBDC).</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"">Nepal Rastra Bank had formed a steering committee under the coordination of Deputy Governor Bam Bahadur Mishra two years ago regarding the digital currency. A group formed by the steering committee under the coordination of director Anuj Dahal to study the prospects of digital currency study had submitted a feasibility study report in the last fiscal year. Based on the recommendations of the group, a separate unit has also been established in the Payment System Department of NRB to work on the digital currency.</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"">NRB Governor Maha Prasad Adhikari had announced in a formal program last Monday that Nepal will issue its own digital currency within the next three years.</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 an official of Nepal Rastra Bank, it will take a long time for the formation of policy as well as legal and infrastructure frameworks for the issuance of the CBDC. </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"">"We are only at the initial stage for the issuance of CBDC," he said, requesting anonymity.</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"">In the feasibility study report carried out by the central nank, it has been mentioned that it would be appropriate to proceed with the CBDC project only by building a separate structure and team with the participation of all stakeholders. </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"">In the initial stage, the study has suggested setting up a small unit within the Payment System Department or the Information Technology Department of the central bank and the work can be carried forward. Similarly, the NRB needs to have high-level technology along with security of data to issue CBDC.</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 report also suggested to conduct the detailed feasibility of CBDC, study adequate legal system and to increase public awareness before implementation of the digital currency. </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 economy is gradually transforming from cash to digital, the report states that although electronic currency is necessary, political ownership and public acceptance are equally important for success.</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"">With the increase in public interest in digital currencies including cryptocurrencies issued by the private sector around the world, the central bank has started preparing to issue CBDC. </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 Reserve Bank of India (RBI) has already issued digital currency since last November. In the first phase of the currency issued as a pilot project, only wholesale transactions have been arranged with nine commercial banks. Only after its success, India is ready to start retail business to be used by common people. </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"">It is mentioned in the report of the central bank that the use of digital currency will attract common people to electronic payment and the expenses incurred in printing and circulation of notes will be reduced.</span></span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18390', 'image' => '20230806032821_20221104124812_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-08-06 15:27:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '18660', 'article_category_id' => '1', 'title' => 'Nepal’s Trade with US in Profit after Five Years', 'sub_title' => '', 'summary' => 'August 6: Nepal has made a profit in trade with the United States of America (USA) after five years.', '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 6: Nepal has made a profit in trade with the United States of America (USA) after five years. According to the statistics of the Department of Customs, the trade with the US was profitable in the last fiscal year (FY). In the review year, Nepal made a trade profit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">146</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million with the USA. </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 department, goods worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19.57</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion were exported from Nepal to the USA last year, while goods worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19.42</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion were imported from the USA.</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"">Prior to that, the last time Nepal made a trade profit with the US was in the fiscal year 2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">073/74. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Since then, Nepal's trade with America was in deficit for five years.</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"">Among the items exported from Nepal to the USA last year, carpets and felt materials were the ones that earned Nepal the most money. More than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.38 billion was received from carpet export alone. According to the data of the department, felt goods worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.44</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion were exported to the USA.</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"">Experts say that Nepali goods are exported to countries like America because of their good quality.</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 experts, it also shows the ability of Nepali entrepreneurs.</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"">Gandhi Pandit, secretary general of the American Chamber of Commerce, says that Nepal's trade with America has improved somewhat in the last 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"">However, he says that it is necessary to further improve trade with America. For this, he suggested that the Nepalese government should take initiative with the American government. He also suggests that the government should also take initiatives to bring in American investment. “There is immense potential in Nepal,” he says, adding, “Investment also came through the MCC. However, we could not bring as much investment as possible.”</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, he suggested that items with export potential should be identified and sent to America. Since </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2015</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, the United States has given customs exemptions to the export of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">77</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> items. “Production of such items should be increased. Similarly, Nepal should take initiatives with the American government to give concessions to exported goods,” he said.</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"">Experts also say that if the government of Nepal takes the initiative, the size of exports to America will increase further.</span></span></span></span></p> <p><strong><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"">Foreign trade with </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">170</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> countries, profits with only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">38</span></span></span></span></strong></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 department, Nepal trades with </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">170</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> countries. Out of them, it has trade deficit with </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">132</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> countries and trade surplus with </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">38</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> countries. Denmark has the country with whom Nepal has the highest trade profit. Last year, Nepal's trade surplus with Denmark was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">512.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million, according to the department's data.</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"">In the list of highest trade profits, America is second and Norway is third. According to the data of the department, Nepal's trade profit with Norway stood at Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">97.2</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"">Nepal's largest trade deficit is with neighboring India. Nepal has a trade deficit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">921</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.16 billion with India alone.</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"">China is second in this list. Nepal's trade deficit with China is Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">220</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.95 billion. Nepal's trade deficit with Indonesia, which is third in this list, is Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">41.51</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion.</span></span></span></span></p> <p><strong><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"">Foreign trade is at a deficit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">14</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">54</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion</span></span></span></span></strong></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 volume of foreign trade of Nepal in the review year stood at Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1768 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion. According to the Department of Customs, Nepal's trade deficit was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1454 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion in the last fiscal year. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18389', 'image' => '20230806024310_Trade.jpg', 'article_date' => '2023-08-06 14:41:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '18659', 'article_category_id' => '1', 'title' => 'Workshop on Coffee Roasting Held in Collaboration with EU', 'sub_title' => '', 'summary' => 'August 6: The EU-Nepal trade and investment program has prepared two dozen coffee roasters of international level to increase the quality of coffee in Nepal.', '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 6: The EU-Nepal trade and investment program has prepared two dozen coffee roasters of international level to increase the quality of coffee in Nepal. They have been trained according to the standards of the Special Coffee Association, an organization that monitors the quality of coffee of specific taste and quality around the world.</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"">Coffee roasters from Kathmandu, Chitwan, Pokhara, Kavre, Dhankuta and others participated in the workshop held in Kathmandu in collaboration with the National Tea and Coffee Development Board and Nepal Coffee Producers Federation. The workshop was organized targeting businessmen and workers involved in the coffee roasting sector with the aim of increasing the quality of coffee cups and producing skilled manpower necessary to make special Nepali coffee more popular.</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 coffee roasting companies operating in Nepal lack technical skills for high quality coffee roasting, this workshop is expected to produce international level coffee roasters in this area. It is also expected to help in improving the quality of coffee. About 20-25 coffee roasting firms are operating in Nepal.</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"">Coffee roasting is a very technical and complex subject. The quality of the coffee is determined by the roasted coffee beans. The course of this workshop is to show the technical aspects of roasting to the trainees in an experimental manner and make them familiar and proficient in it, said the organisers. </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"">“Since there are participants working in this field, roasting skill as per the international standards will greatly help in increasing the quality of coffee,'' said Nima Sherpa, the main trainer of the workshop.</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"">In the workshop, the participants were introduced to the roasting process through practical methods and theoretical knowledge in a high-level laboratory. </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"">Sherpa, an internationally recognized trainer, said that the method of roasting cycle, roast level to identify changes in coffee beans and how to manage the roasting site were taught during the worksop.</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"">Stakeholders believe that the workshop will help improve the value chain of Nepali coffee. Coffee businesses with high-quality roasters can attract high-end consumers and earn good profits. </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"">“We believe that such skilled roasters will strengthen the profile of the cafe and roasting business and demonstrate their commitment to quality control," said Santosh Pokharel, secretary general of Nepal Coffee Producers Federation.</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"">“I found this workshop very enlightening and fruitful. I am confident that we can help to increase the quality of coffee by using technology to promote quality in coffee roasting through people like us who are trained from here," said Ghomaya Gurung, a trainee who came from Chitwan to attend the workshop.</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 European Union has been helping to strengthen the value chain of Nepali coffee.</span></span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18388', 'image' => '20230806011758_20230703020046_20221204030252_1669933354.Clipboard05.jpg', 'article_date' => '2023-08-06 13:17:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '18658', 'article_category_id' => '1', 'title' => 'Floods, Landslides Cause Damages Worth Rs 520 Million to Roads and Bridges', 'sub_title' => '', 'summary' => 'August 6: Landslides and floods triggered by rainfall since the onset of monsoon this year have caused considerable damages to roads and bridges across the country.', '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 6: Landslides and floods triggered by rainfall since the onset of monsoon this year have caused considerable damages to roads and bridges across the country.</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 preliminary estimate of the Department of Roads (DoR), the floods and landslides caused damages worth Rs 520 million to roads and bridges.</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 DoR stated that </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> highways and other roads have sustained damages worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">265.6</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million. Similarly, bridges have sustained damages worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">25</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0 million as of Saturday. </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 department, floods and landslides during the monsoon cause damages worth billions of rupees to roads and bridges in Nepal every 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"">So far, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">151</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> roads and bridges were blocked due to floods and landslides this year. Among them, vehicular movement still remains blocked in three places as of Saturday evening, while one-way traffic has been resumed along </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">25</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> roads. The department informed that two-way traffic has been resumed along </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">123</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> blocked locations.</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 Hewakhola Bridge under the Tamor Corridor, which was damaged due to floods in mid-June, is still not operational. Similarly, roads blocked by landslides in Garjeni of Pyuthan and Khawa of Dolakha still remain blocked, the department said.</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"">Floods and landslides have also damaged culverts, wooden bridges, Bailey bridges, auxiliary structures of RCC bridges, steel bridges and other under-construction and completed bridges. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18387', 'image' => '20230806120213_20211020080208_SBS_Kanchanpur-1.jpg', 'article_date' => '2023-08-06 12:01:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '18657', 'article_category_id' => '1', 'title' => 'Minister Rijal Instructs Local Bodies to Remove Double Taxation ', 'sub_title' => '', 'summary' => 'August 6: Minister for Industry, Commerce and Supplies, Ramesh Rijal, has urged the local units of Bara and Parsa districts to scrap tax imposed on raw materials in the name of scrap tax. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 6: Minister for Industry, Commerce and Supplies, Ramesh Rijal, has urged the local units of Bara and Parsa districts to scrap tax imposed on raw materials in the name of scrap tax. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Addressing a programme organised on the occasion of 6th establishment day of Jitpursimara Chamber of Commerce and Industry at Jitpur of Simara on Saturday, Minister Rijal warned that the federal government would take necessary step if the local units do not remove scrap tax. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He mentioned that although industrialists and entrepreneurs pay income tax from their earnings, the local level collects double tax even by levying integrated property tax. Therefore, he urged the local bodies to withdraw the decision of imposing double tax. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Rijal shared that the government is planning to run ruined industries in partnership with the private sector.</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"">“The government also has plans of attracting entrepreneurs to special economic zone by providing land on rent at an affordable price,” said the minister. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further said that the land could be provided free of cost to establish export-oriented industries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, President of Birjung Chamber of Commerce and Industry, Anil Kumar Agrawal, President of Nepal India Cooperation Forum, Ashok Das, Central Committee member of the Federation of Nepalese Chambers of Commerce and Industries, Dr Subodh Kumar Gupta, FNCCI Madhes Province President, Ashok Tamata, among others talked about the problems faced by the industries during the programme chaired by Jitpursimara Chamber of Commerce and Industry, Mohan Sharma Lamichhane. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18386', 'image' => '20230806113339_taxxxxx.jpg', 'article_date' => '2023-08-06 11:32:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $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' => '18671', 'article_category_id' => '1', 'title' => 'Public Procurement Monitoring Office to Operate 'Procurement Clinic' ', 'sub_title' => '', 'summary' => 'August 7: The Public Procurement Monitoring Office (PPMO) is preparing to operate 'Procurement Clinic' with the objective of resolving the problems faced in connection with issues related to public procurement.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 7: The Public Procurement Monitoring Office (PPMO) is preparing to operate 'Procurement Clinic' with the objective of resolving the problems faced in connection with issues related to public procurement.</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"">The clinic aims to help in capacity development of the human resources involved in the procurement unit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary at the PPMO Dr Damodar Regmi told the state-owned National News Agency, RSS, that the office will run 'procurement clinic interactive programme' wherein the participants will express about the challenges that come up regarding public procurement issues and the experts will tell them about the ways of resolving the problems. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Procurement clinic will be operated soon for the employees of the local level and the province level,” said Regmi, adding, “The procurement clinic is a successful international practice which can develop the capacity of the human resources involved in the procurement job." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The PPMO is also preparing to develop a general guideline on public procurement so as to simplify the issues related to the public procurement process which in itself is a technical issue and its laws are complex. The simple guideline will be prepared as promptly as possible for resolving problems related to public procurement faced by the provincial and local level offices as well the federal offices. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary Regmi further added that intensive training on e-procurement would also be held for enhancing the public procurement capacity of the local and provincial governments. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18400', 'image' => '20230807043651_PPMOOO.jpg', 'article_date' => '2023-08-07 16:36:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18670', 'article_category_id' => '1', 'title' => 'Construction Entrepreneurs Announce more Protest Programmes ', 'sub_title' => '', 'summary' => 'August 7: The Federation of Contractors' Associations of Nepal (FCAN) has announced more protest programmes saying that the government has not yet addressed their legitimate demands. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">August 7: The Federation of Contractors' Associations of Nepal (FCAN) has announced more protest programmes saying that the government has not yet addressed their legitimate demands. The federation announced the second and third phases of protest programme at a press conference in Kathmandu on Sunday. As part of the second phase of the programme, the federation has announced the protest from Monday, August 7 to Friday, August 11.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The federation has announced a daily demonstration through the week with a whistle rally in addition to a procession, a corner meeting and a sit-in, from the Federation to the Parliament building with black bands in their hands. Similarly, as part of the third phase of protest programme, all non-essential construction works will be stopped indefinitely from Sunday, August 13, said FCAN President Ravi Singh. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Under the third phase of protest programme, the federation will organize a live public hearing among construction experts. In the press conference, the president of the federation Singh said that only if the construction industry functions the overall economy will function. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the payment for the work completed by the builders cannot be stopped under any pretext.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Yakshadhwaj Karki, adviser and former president of the federation, said that there are many problems in the construction industry and that it is wrong for the consumer committee to get involved in construction works. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">General Secretary of the Federation Roshan Dahal said that the federation is agitating with demands such as payment of all construction works, amendment of the extension order issued by the Nepal government and re-issue of a lump-sum extension of the entire project. The Federation of Nepalese Chamber of Commerce and Industries, Nepal Heavy Equipment Federation and other organizations have expressed solidarity with the ongoing movement of the federation.</span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18399', 'image' => '20230807034938_fcann.jpg', 'article_date' => '2023-08-07 15:48:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '18669', 'article_category_id' => '1', 'title' => 'Buddha Air’s Tickets now Available through IME Pay', 'sub_title' => '', 'summary' => 'August 7: Passengers can now purchase tickets of Buddha Air through the airline company’s website and app using IME Pay.', '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 7: Passengers can now purchase tickets of Buddha Air through the airline company’s website and app using IME Pay. The service was launched on Sunday after IME Pay and Buddha Air signed an agreement to this effect.</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 per the agreement, passengers will be able to pay easily by selecting IME Pay while purchasing tickets on Buddha Air’s website and app. </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"">Passengers will also get a free coupon of Chandragiri Cable Car on every payment.</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 statement, IME Pay said that the company expects encouragement in creating a cashless society for the convenience of customers. </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"">Praveen Regmi, Chief Executive Officer of IME Pay, said that the agreement was signed with the aim of making the air travel experience of the user more convenient.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18398', 'image' => '20230807023304_1691377358.jpg', 'article_date' => '2023-08-07 14:32:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '18668', 'article_category_id' => '1', 'title' => 'Profit of Commercial Banks Increased by 25 Percent during Last FY', 'sub_title' => '', 'summary' => 'August 7: The net profit of commercial banks increased by almost 25 percent in the last fiscal year (FY 2022/23) despite slowdown of economic activities due to the impacts of Covid-19 and Russia-Ukraine war.', '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 7: The net profit of commercial banks increased by almost 25 percent in the last fiscal year (FY 2022/23) despite slowdown of economic activities due to the impacts of Covid-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> and Russia-Ukraine war.</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 profits of banks improved in the review year due to the increase in income from interest and the control in growth rate of bad loans. According to the financial statements published by the commercial banks for the FY </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"">22</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","sans-serif"">23, they earned a total net profit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">70</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.17 billion in the review year. In the previous year (FY </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"">21</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","sans-serif"">22), the profit was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">56.17</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion, which is an increase of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">24.93</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent last 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"">Although the profit growth rate decreased in the first, second and third quarters of the last fiscal year, there was an improvement in the fourth quarter. Compared to the same period of the previous year, the profit increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5.94</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the first quarter of FY </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"">22</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","sans-serif"">23, by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11.10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the second quarter and by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11.67</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the third quarter. Coming to the fourth quarter, the growth in profit was more than double compared to the third quarter.</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"">Former banker Analraj Bhattarai said that although the business expansion of banks was not significant in the last fiscal year, the increase in spread rate and the increase in income from investments made by banks in treasury bills and bonds had a positive effect on the profit. </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"">"Last year, the spread rate was also high and the income from the government treasury was also good," he said, "Because of which the profit of the banks has been seen somewhat positive."</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"">He says that the merger of banks had a positive effect on some banks. However, compared to the capital of the banks, this year's profit should be considered normal, Bhattarai said.</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"">In the fourth quarter of the last fiscal year, banks also succeeded in controlling bad loans. In the previous year, bad loans of banks were </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. However, bad loans of banks increased to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.83</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the first quarter of FY </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"">22</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","sans-serif"">23. Bad loans further increased to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.35</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the second quarter while the average bad loans reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.03</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent by the third quarter. In the fourth quarter, banks succeeded in reducing bad loans to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.7</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"">Control of bad loans also had a positive effect on the profit of banks. Former banker Bhattarai says that it can be compared to the financial discipline of banks and businessmen. </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"">Last year, Nabil Bank earned the highest net profit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.52</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion after acquiring Nepal Bangladesh Bank which is an increase of 76.86 percent compared to the previous year. Similarly, Global IME Bank, which merged with Bank of Kathmandu, earned a net profit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.25</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. The profit of Global IME increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">46.26</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"">In the last fiscal year, the profit of Kumari Bank and Prime Commercial Bank was less than the previous year. The profit Kumari, which acquired NCC Bank, decreased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">24.14 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent compared to the previous year and was limited to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.95 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion. In the previous year, the profit of the bank was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.57 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion rupees. Similarly, the profit of Prime Bank decreased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">18.81 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.26 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18397', 'image' => '20230807013335_bankkkkkkk.jpg', 'article_date' => '2023-08-07 13:32:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18667', 'article_category_id' => '1', 'title' => 'Project Cost of MCC to Increase by Rs 900 Million', 'sub_title' => 'Preparations Underway for Declaring EIF Phase of MCC from mid-August', 'summary' => 'August 7: The Millennium Challenge Corporation (MCC) Compact that was signed between the Ministry of Finance and the US Government around six years ago has reached the entry into force (EIF) phase and the development itself marks a significant milestone in the implementation of the agreement. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 7: The Millennium Challenge Corporation (MCC) Compact that was signed between the Ministry of Finance and the US Government around six years ago has reached the entry into force (EIF) phase and the development itself marks a significant milestone in the implementation of the agreement. </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 the Millennium Challenge Account (MCA)-Nepal Development Committee, preparations are on to announce the date for EIP regarding the MCC soon. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Over the course of six years since signing of the agreement, the Compact was endorsed by the Federal Parliament along with a 12-point descriptive note. During this period, Nepal has met almost all conditions, five out of six, required to be enabled by it before advancing the agreement to the implementation phase. Of the six prerequisites, land acquisition for the implementation of the pact has been awaited. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">However, over the course of time, Nepal is needed to own up additional economic responsibility for initiations and projects to be implemented under the agreement. Initially, it was agreed that USD 500 million shall be provided in grants to Nepal while the government shall bear USD 130, expecting the total cost of the MCC project to remain at USD 630 million. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"> But the 'supplemental agreement' over the MCC that was signed in last May-June, demands the government to bear additional USD 67 million, seeking its total contribution of USD 197 million to the enforcement of the agreement. In the beginning, Nepal was supposed to take up the 20.63 per cent economic responsibility for the MCC project and now it has risen to 28.26 percent. The increased responsibility amount is equivalent to Rs 900 million. </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 preparations for the announcement of EIF date sans meeting all the preconditions is another concern regarding the implementation of projects under the MCA-Nepal, the government agency formed to implement the projects co-funded by the US government under the MCC. </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 acquisition of land for the implementation of MCC Nepal Compact projects, as well as the guarantee of the land use rights within forest areas is still awaited. </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 Compact mandates the project implementing body to complete the projects within five years of the declaration of EIF. </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 prevailing time provides room to doubt over the completion of the projects within the stipulated time frame. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">This article primarily highlights the factors contributing to the increase in the cost of Compact implementation and sheds light on the reasons behind the decision to proceed with the Entry into Force (EIF) without fulfilling all the prerequisites.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Factors contributing to additional responsibility for Nepal</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 Council of Ministers on May 23 decided to endorse the Finance Ministry's proposal to revise the agreement between Nepal and the MCC and increase the government's share in its implementation. On the basis of the same agreement, Nepal Electricity Authority (NEA) and the MCA-Nepal on May 30 signed the 'supplemental agreement'. </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 NEA and MCA-Nepal signed the agreement a few days ago. The MCA-Nepal issued a public statement citing that "The government has decided to include additional endeavors included in the electricity transmission projects under the MCC Compact on the request of the Nepal Electricity Authority." The statement further mentioned that the additional budget of USD 67 million required to implement these additional endeavors will be managed from the major budget of the Compact. In the event of the full utilization of the allocated budget, any insufficient funds will be borne by the NEA.</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 additional budget to be required for the implementation of the Compact is to be considered as the government's contribution to it and it will be adjusted in the relevant schedule of the Compact through the implementation letter. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Road and electricity projects are the areas of priorities for Nepal identified by the MCC Compact signed on September 14, 2017.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">As per the statement, the cost amount of USD 67 million which has been recently added will be spent for the construction of the section of the 400kV New Butwal-Gorakhpur Nepal-India Inter-country Transmission line towards the Nepal side and for increasing the capacity of three substations. This transmission line project is in the construction process at present.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Schedule-1 (B) (1) of the MCC Compact states about the transmission line to be constructed under MCA-Nepal. It is mentioned in the Compact that around 300 kilometers of double circuit 400 kV transmission line would be constructed within Nepal.</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 Compact states that the transmission line would be constructed on five different routes – from Lapsiphedi of Kathmandu up to Ratamaate, from Ratamate to Hetauda, from Ratamate to Damauli, from Damauli to Butwal and from Butwal to the India border. This means that the plan of constructing the transmission line from Butwal to the India border for which the added cost has been managed is included in the existing cost of USD 630 million.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">RSS had approached the MCA-Nepal for its comment regarding allocation of additional budget for the construction of the transmission line on this route the estimated cost of which has been already included in the Compact. In response, MCA-Nepal stated that the amount added in the MCC Nepal Compact programme would be merged with the Electricity Transmission Project budget and it would be used for increasing the capacity of three substations by installing extra 'bays' as per the requirement and request of Nepal Electricity Authority (NEA). </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">To RSS' question whether the amount merged in this way can be termed as an increment in the project's cost, MCA-Nepal's information officer Rajib Dahal said the cost automatically goes up when extra work has to be carried out than what was previously determined.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">"Additional work of expanding the capacity of the under-construction three substations by installing extra bays is being carried out from the amount added on behalf of the Government of Nepal to the MCC Nepal Compact, as per the NEA's need and request. The increase in cost is obvious after the addition of extra work on the predetermined work. Therefore, we can call it the need for additional investment due to the expansion of the limit of the project's work," the MCA-Nepal has stated.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Similarly, MCA-Nepal has said although some changes have been made in the works of the Road Maintenance Project, it will not have any impact on the overall budget related to the roads.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">NEA executive director Kulman Ghising said India had already started the process for tender for the construction of the transmission line on its side.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">“But in our case, the dispute whether the MCC Compact would be endorsed by the parliament or not was not finalized. Therefore, we detached this from the MCC Compact," Ghising said, adding that the tendering process of programmes under the MCC Compact also moves ahead after the parliament's endorsement. "It was again included in the MCC after coming to the conclusion that only small contractors will come for the bidding when NEA does the contract for the project whereas big contractors would come if the MCA-Nepal calls for the contract. The cost increased after the NEA added to the scope of work that was already in the compact before.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Preparations for EIF without meeting prerequisites </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 agreement which was signed on 14 September, 2017 between the Finance Ministry of Nepal and the MCC, was endorsed by the parliament on 27 February, 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">The countdown for the five-year project will as per the agreement begin from the day of EIF. </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 the preliminary agreement, EIF would take place from 30 June 2020. However, many factors like a dispute in getting the compact endorsed from the parliament and other difficulties are blamed for the delay. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Land acquisition as a prerequisite for EIF has yet to take place</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 Section 8.1 of Article 8 of the MCC Compact, the Government will ensure the full and expeditious cooperation of all relevant government entities to ensure that all land acquisition, site access, and forest clearance required to implement the Compact is provided in a timely manner, and consistent with all MCC policies. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Asked about the implementation of the compact, the MCC Nepal said the date for its implementation would be announced within the Nepali month of Bhadra. "Preparations are underway to announce the date for the implementation of the MCC Nepal Compact 2080," said the MCC Nepal. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">It requires a total of 1,471 hectares of land for the electricity transmission project, and around 20 hectares for the construction of a substation at Ratmate in Nuwakot. It requires 104 hectares of land for constructing around 856 electrical towers. There is still a dispute in the land required for constructing a substation, and the distribution of compensation for the land acquired for the transmission line has yet to begin, said the MCC Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">"Except for a family-disputed plot, the distribution of compensation for the land acquired for a substation at Ratamate has been completed. A preliminary legal process has been initiated to acquire the land required to build the electrical towers."</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 legal process to determine compensation amounts for the land acquired for the project has started under the leadership of Chief District Officer of the respective district of the total nine affected districts, it has been said. The affected areas have 122 community and government forests. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Over Rs 10.8 billion allocated for the current FY</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">For the project, the government has allocated over Rs 10.8 billion for the current FY, 2023/24. Out of the allocated budget, Rs 8.7 billion will go for the electricity transmission project, Rs 1.5 billion for road repair, Rs 2 million for monitoring and evaluation, and Rs 555 million for administrative work. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18396', 'image' => '20230807114556_MCC.jpg', 'article_date' => '2023-08-07 11:43:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18666', 'article_category_id' => '1', 'title' => 'CIB Handed Responsibility to Investigate into Gold Smuggling', 'sub_title' => '', 'summary' => 'The Central Investigation Bureau (CIB) of Nepal Police has been handed over the responsibility to further investigate the smuggling of 100 kg gold.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 7: The Central Investigation Bureau (CIB) of Nepal Police has been handed over the responsibility to further investigate the smuggling of 100 kg gold.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> After 17 days of the seizure of the gold smuggled from foreign country, the Revenue Investigation Department (RID) handed over the responsibility to the CIB to dig deeper into the gold smuggling incident on Sunday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Director General of RID Nabaraj Dhungana said that the CIB had been provided with the files of the investigations to dig further issues into the case of gold smuggling. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dhungana said that entire other activities of the investigations now would be carried out by the CIB. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Earlier on Thursday, Prime Minister Pushpa Kamal Dahal 'Prachanda' had directed the RID to give responsibility to the CIB for investigation. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As per the PM's directive, the files have been sent to the CIB by fulfilling necessary processes. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Now, the CIB will also investigate the financial issues, organized and trans-national crimes. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Likewise, Deputy Inspector General of Nepal Police Kuber Kadayat said that the CIB will begin the investigation after getting letter from the Department. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Currently, 17 individuals are in the custody of security force on their alleged involvement in the case. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">(RSS)</span></span></p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18395', 'image' => '20230807060300_collage (4).jpg', 'article_date' => '2023-08-07 06:00:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '18665', 'article_category_id' => '1', 'title' => 'Lalita Niwas Land Scam: SC Orders to Probe Decision Makers', 'sub_title' => '', 'summary' => 'The Supreme Court (SC) on Sunday ordered to investigate into the individuals directly responsible for decision-making related to Lalita Niwas land grab scam. The directive was issued by a bench comprising Justices Anil Kumar Sinha and Dr. Kumar Chudal.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 7: The Supreme Court (SC) on Sunday ordered to investigate into the individuals directly responsible for decision-making related to Lalita Niwas land grab scam. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The directive was issued by a bench comprising Justices Anil Kumar Sinha and Dr. Kumar Chudal. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The implicated decisions were made during the tenures of Madhav Kumar Nepal and Dr. Baburam Bhattarai as Prime Ministers. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The SC's order mandates an investigation into members of the former Council of Ministers responsible for decision-making, as well as those who certified these decisions for implementation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Likewise, the SC has also ordered to investigate those taking the proposal to the higher level or authority.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18394', 'image' => '20230807054140_collage (2).jpg', 'article_date' => '2023-08-07 05:40:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '18664', 'article_category_id' => '1', 'title' => 'Ncell Flood Alert SMS Contributing to Saving Lives of Nepali Citizens', 'sub_title' => '', 'summary' => 'August 6: Ncell, a private sector telecommunication giant of Nepal, has claimed that the company has been disseminating early warning SMS alerts to people living in flood-prone areas, contributing to saving lives and properties from monsoon-induced floods each year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">August 6: Ncell, a private sector telecommunication giant of Nepal, has claimed that the company has been disseminating early warning SMS alerts to people living in flood-prone areas, contributing to saving lives and properties from monsoon-induced floods each year. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Issuing a statement, Ncell said that the company has sent over 4.4 million such SMS in the last two months, pre-informing people from flood risk areas.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The areas where SMS alerts were disseminated this year include downstream communities or basins of major rivers such as Narayani, Babai, Rapti, Kankai, Bagmati, Koshi, and Karnali, among others. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Ncell under its Corporate Social Responsibility (CSR) has been pre-notifying risks of flood via SMS since 2016 in collaboration with the Department of Hydrology and Meteorology (DHM), added the statement.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Under this initiative, Ncell has been collaborating with the DHM for Early Warning System (EWS) to broadcast SMS alerts to the public mainly during the monsoon season. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Early warning SMS alerts ensure that people get pre-informed about the risk and move to safe locations with their belongings, while organisations involved in disaster response and preparedness get time to act on time, the statement further said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">When the water level returns to normal in the rivers, people also receive an SMS alert that there is no looming risk, and they can now return to their places. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“At Ncell, we are committed to serving people and the community of Nepal. Leveraging on our technical expertise and reach, we are pleased to support our community of Nepal with timely dissemination of flood alerts contributing to reducing potential loss of lives and properties every year during monsoon. This collaborative initiative under our CSR is a testament to how public-private partnership can deliver results for the betterment of our society,” the statement quoted Ncell’s Chief Executive Officer and Managing Director Jabbor Kayumov as saying.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">DHM through its telemetry stations keeps close track of the hydrological and metrological situations and triggers the messaging based on the level of water in the rivers. Ncell upon DHM’s request broadcasts location-based alert messages to people living along the downstream communities of rivers known for creating flood mayhem via short code number 1155, which is also a DHM’s toll-free hotline dedicated to providing information updates on flood situations. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to the Flood Forecasting Division of DHM, with almost all households having access to GMS mobile service, flood SMS alert has been one of the most effective mediums in the flood EWS to minimize loss of lives and properties, and it is thankful to Ncell for collaboration in this noble cause, the statement reads.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The statement says that apart from individuals within the identified hazard zones, these alerts are also sent to vital organisations involved in disaster risk reduction, including the National Emergency Operating Centre for necessary activities on disaster response and preparedness.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">As part of continued collaboration, last year Ncell disseminated over 7.8 million such flood alerts mainly during monsoon to the public from basins and communities that are identified as flood-prone areas. After signing an agreement for this initiative in 2016, Ncell and DHM strengthened the association further in 2018 for improving disaster preparedness.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">As a responsible corporate entity, Ncell said it remains committed to serving people and the community and is also exploring possibilities to implement EWS for other hydro-meteorology related disasters too. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“As DHM installs new telemetry devices and expands hydro-meteorological stations, Ncell will continue to provide similar connectivity support to those stations, so that more people could benefit from the EWS initiative.”</span></span></span></p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18393', 'image' => '20230806062642_20221007090312_DevrajSubedi_Sindhupalchok_RSS_19_khatam.jpg', 'article_date' => '2023-08-06 18:25:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18663', 'article_category_id' => '1', 'title' => 'Forests Hold Potential for National Prosperity, Minister Mahato Says', 'sub_title' => '', 'summary' => 'Minister for Forests and Environment, Dr. Birendra Prasad Mahato, said that forests hold the potential to significantly contribute to the country's prosperity.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 6: Minister for Forests and Environment, Dr. Birendra Prasad Mahato, said that forests hold the potential to significantly contribute to the country's prosperity. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Highlighting that forests currently encompass 45 percent of the nation's total land area, Dr Mahato emphasized the importance of harnessing maximum benefits from these natural resources to bolster the nation's prosperity.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dr. Mahato expressed these views while addressing an event organized by Round Table Nepal. He commended the organization for its commendable efforts in maintaining greenery across the country.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The minister underscored the collective responsibility of government bodies at all levels to actively engage in preserving and nurturing the eco-environment.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">"With 45 percent of Nepal's landscape covered by forests, it is crucial to establish forests as a reliable avenue for enhancing the country's economic well-being”, he said. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dr Mahato stated that all government and non-government bodies should collaborate to adopt innovative strategies to effectively implement the motto 'Green Forests - Nepal's Wealth’. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18392', 'image' => '20230806060703_mofe-minister-birendra-mahato-singhadurbar.jpg', 'article_date' => '2023-08-06 18:05:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '18662', 'article_category_id' => '1', 'title' => 'Beni Municipality Collecting Details of Landlords to Bring Them Under Tax Ambit', 'sub_title' => '', 'summary' => 'Beni Municipality in Myagdi district has initiated a process to gather information about landlords who lease their houses and land.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 6: Beni Municipality in Myagdi district has initiated a process to gather information about landlords who lease their houses and land. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This step aims to bring the landlords to taxation system. Prabha Sharma, the tax officer at the municipality, stated that they have given landlords 35 days' time to submit details of their leased properties at the respective ward offices. The deadline to submit the details is set for September 7.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">To facilitate the taxation process, the municipality has categorized landlords into three groups. Those failing to submit their property details within the specified timeframe will face late fines. Sharma emphasized that starting from this fiscal year, house rent tax has been made compulsory.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This decision to categorize landlords and impose taxes comes as a response to the low number of landlords previously paying house rent tax.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> Under the revised regulations, landlords renting their properties for official purposes will be charged a 10% tax, while those renting for business purposes will have to pay a 4% tax. For residential rentals, a 2% tax will be applied. This system replaces the previous flat 10% tax rate for all rental purposes.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The municipality had collected Rs 3.035 million from house rent tax in the last fiscal year. </span></span></p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18391', 'image' => '20230806042248_collage.jpg', 'article_date' => '2023-08-06 16:21:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '18661', 'article_category_id' => '1', 'title' => 'NRB Steps Up Preparation to Issue Digital Currency', 'sub_title' => '', 'summary' => 'August 6: Nepal Rastra Bank (NRB) has stepped up preparations for issuing digital currency.', '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 6: Nepal Rastra Bank (NRB) has stepped up preparations for issuing digital currency. Due to the interest shown by the general public in virtual transactions and other countries also issuing digital currency, the central bank has started necessary preparations to issue the Central Bank Digital Currency (CBDC).</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"">Nepal Rastra Bank had formed a steering committee under the coordination of Deputy Governor Bam Bahadur Mishra two years ago regarding the digital currency. A group formed by the steering committee under the coordination of director Anuj Dahal to study the prospects of digital currency study had submitted a feasibility study report in the last fiscal year. Based on the recommendations of the group, a separate unit has also been established in the Payment System Department of NRB to work on the digital currency.</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"">NRB Governor Maha Prasad Adhikari had announced in a formal program last Monday that Nepal will issue its own digital currency within the next three years.</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 an official of Nepal Rastra Bank, it will take a long time for the formation of policy as well as legal and infrastructure frameworks for the issuance of the CBDC. </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"">"We are only at the initial stage for the issuance of CBDC," he said, requesting anonymity.</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"">In the feasibility study report carried out by the central nank, it has been mentioned that it would be appropriate to proceed with the CBDC project only by building a separate structure and team with the participation of all stakeholders. </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"">In the initial stage, the study has suggested setting up a small unit within the Payment System Department or the Information Technology Department of the central bank and the work can be carried forward. Similarly, the NRB needs to have high-level technology along with security of data to issue CBDC.</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 report also suggested to conduct the detailed feasibility of CBDC, study adequate legal system and to increase public awareness before implementation of the digital currency. </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 economy is gradually transforming from cash to digital, the report states that although electronic currency is necessary, political ownership and public acceptance are equally important for success.</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"">With the increase in public interest in digital currencies including cryptocurrencies issued by the private sector around the world, the central bank has started preparing to issue CBDC. </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 Reserve Bank of India (RBI) has already issued digital currency since last November. In the first phase of the currency issued as a pilot project, only wholesale transactions have been arranged with nine commercial banks. Only after its success, India is ready to start retail business to be used by common people. </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"">It is mentioned in the report of the central bank that the use of digital currency will attract common people to electronic payment and the expenses incurred in printing and circulation of notes will be reduced.</span></span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18390', 'image' => '20230806032821_20221104124812_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-08-06 15:27:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '18660', 'article_category_id' => '1', 'title' => 'Nepal’s Trade with US in Profit after Five Years', 'sub_title' => '', 'summary' => 'August 6: Nepal has made a profit in trade with the United States of America (USA) after five years.', '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 6: Nepal has made a profit in trade with the United States of America (USA) after five years. According to the statistics of the Department of Customs, the trade with the US was profitable in the last fiscal year (FY). In the review year, Nepal made a trade profit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">146</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million with the USA. </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 department, goods worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19.57</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion were exported from Nepal to the USA last year, while goods worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19.42</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion were imported from the USA.</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"">Prior to that, the last time Nepal made a trade profit with the US was in the fiscal year 2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">073/74. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Since then, Nepal's trade with America was in deficit for five years.</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"">Among the items exported from Nepal to the USA last year, carpets and felt materials were the ones that earned Nepal the most money. More than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.38 billion was received from carpet export alone. According to the data of the department, felt goods worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.44</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion were exported to the USA.</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"">Experts say that Nepali goods are exported to countries like America because of their good quality.</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 experts, it also shows the ability of Nepali entrepreneurs.</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"">Gandhi Pandit, secretary general of the American Chamber of Commerce, says that Nepal's trade with America has improved somewhat in the last 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"">However, he says that it is necessary to further improve trade with America. For this, he suggested that the Nepalese government should take initiative with the American government. He also suggests that the government should also take initiatives to bring in American investment. “There is immense potential in Nepal,” he says, adding, “Investment also came through the MCC. However, we could not bring as much investment as possible.”</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, he suggested that items with export potential should be identified and sent to America. Since </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2015</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, the United States has given customs exemptions to the export of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">77</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> items. “Production of such items should be increased. Similarly, Nepal should take initiatives with the American government to give concessions to exported goods,” he said.</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"">Experts also say that if the government of Nepal takes the initiative, the size of exports to America will increase further.</span></span></span></span></p> <p><strong><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"">Foreign trade with </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">170</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> countries, profits with only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">38</span></span></span></span></strong></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 department, Nepal trades with </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">170</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> countries. Out of them, it has trade deficit with </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">132</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> countries and trade surplus with </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">38</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> countries. Denmark has the country with whom Nepal has the highest trade profit. Last year, Nepal's trade surplus with Denmark was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">512.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million, according to the department's data.</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"">In the list of highest trade profits, America is second and Norway is third. According to the data of the department, Nepal's trade profit with Norway stood at Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">97.2</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"">Nepal's largest trade deficit is with neighboring India. Nepal has a trade deficit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">921</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.16 billion with India alone.</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"">China is second in this list. Nepal's trade deficit with China is Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">220</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.95 billion. Nepal's trade deficit with Indonesia, which is third in this list, is Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">41.51</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion.</span></span></span></span></p> <p><strong><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"">Foreign trade is at a deficit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">14</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">54</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion</span></span></span></span></strong></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 volume of foreign trade of Nepal in the review year stood at Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1768 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion. According to the Department of Customs, Nepal's trade deficit was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1454 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion in the last fiscal year. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18389', 'image' => '20230806024310_Trade.jpg', 'article_date' => '2023-08-06 14:41:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '18659', 'article_category_id' => '1', 'title' => 'Workshop on Coffee Roasting Held in Collaboration with EU', 'sub_title' => '', 'summary' => 'August 6: The EU-Nepal trade and investment program has prepared two dozen coffee roasters of international level to increase the quality of coffee in Nepal.', '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 6: The EU-Nepal trade and investment program has prepared two dozen coffee roasters of international level to increase the quality of coffee in Nepal. They have been trained according to the standards of the Special Coffee Association, an organization that monitors the quality of coffee of specific taste and quality around the world.</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"">Coffee roasters from Kathmandu, Chitwan, Pokhara, Kavre, Dhankuta and others participated in the workshop held in Kathmandu in collaboration with the National Tea and Coffee Development Board and Nepal Coffee Producers Federation. The workshop was organized targeting businessmen and workers involved in the coffee roasting sector with the aim of increasing the quality of coffee cups and producing skilled manpower necessary to make special Nepali coffee more popular.</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 coffee roasting companies operating in Nepal lack technical skills for high quality coffee roasting, this workshop is expected to produce international level coffee roasters in this area. It is also expected to help in improving the quality of coffee. About 20-25 coffee roasting firms are operating in Nepal.</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"">Coffee roasting is a very technical and complex subject. The quality of the coffee is determined by the roasted coffee beans. The course of this workshop is to show the technical aspects of roasting to the trainees in an experimental manner and make them familiar and proficient in it, said the organisers. </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"">“Since there are participants working in this field, roasting skill as per the international standards will greatly help in increasing the quality of coffee,'' said Nima Sherpa, the main trainer of the workshop.</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"">In the workshop, the participants were introduced to the roasting process through practical methods and theoretical knowledge in a high-level laboratory. </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"">Sherpa, an internationally recognized trainer, said that the method of roasting cycle, roast level to identify changes in coffee beans and how to manage the roasting site were taught during the worksop.</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"">Stakeholders believe that the workshop will help improve the value chain of Nepali coffee. Coffee businesses with high-quality roasters can attract high-end consumers and earn good profits. </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"">“We believe that such skilled roasters will strengthen the profile of the cafe and roasting business and demonstrate their commitment to quality control," said Santosh Pokharel, secretary general of Nepal Coffee Producers Federation.</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"">“I found this workshop very enlightening and fruitful. I am confident that we can help to increase the quality of coffee by using technology to promote quality in coffee roasting through people like us who are trained from here," said Ghomaya Gurung, a trainee who came from Chitwan to attend the workshop.</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 European Union has been helping to strengthen the value chain of Nepali coffee.</span></span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18388', 'image' => '20230806011758_20230703020046_20221204030252_1669933354.Clipboard05.jpg', 'article_date' => '2023-08-06 13:17:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '18658', 'article_category_id' => '1', 'title' => 'Floods, Landslides Cause Damages Worth Rs 520 Million to Roads and Bridges', 'sub_title' => '', 'summary' => 'August 6: Landslides and floods triggered by rainfall since the onset of monsoon this year have caused considerable damages to roads and bridges across the country.', '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 6: Landslides and floods triggered by rainfall since the onset of monsoon this year have caused considerable damages to roads and bridges across the country.</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 preliminary estimate of the Department of Roads (DoR), the floods and landslides caused damages worth Rs 520 million to roads and bridges.</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 DoR stated that </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> highways and other roads have sustained damages worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">265.6</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million. Similarly, bridges have sustained damages worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">25</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0 million as of Saturday. </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 department, floods and landslides during the monsoon cause damages worth billions of rupees to roads and bridges in Nepal every 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"">So far, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">151</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> roads and bridges were blocked due to floods and landslides this year. Among them, vehicular movement still remains blocked in three places as of Saturday evening, while one-way traffic has been resumed along </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">25</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> roads. The department informed that two-way traffic has been resumed along </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">123</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> blocked locations.</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 Hewakhola Bridge under the Tamor Corridor, which was damaged due to floods in mid-June, is still not operational. Similarly, roads blocked by landslides in Garjeni of Pyuthan and Khawa of Dolakha still remain blocked, the department said.</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"">Floods and landslides have also damaged culverts, wooden bridges, Bailey bridges, auxiliary structures of RCC bridges, steel bridges and other under-construction and completed bridges. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18387', 'image' => '20230806120213_20211020080208_SBS_Kanchanpur-1.jpg', 'article_date' => '2023-08-06 12:01:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '18657', 'article_category_id' => '1', 'title' => 'Minister Rijal Instructs Local Bodies to Remove Double Taxation ', 'sub_title' => '', 'summary' => 'August 6: Minister for Industry, Commerce and Supplies, Ramesh Rijal, has urged the local units of Bara and Parsa districts to scrap tax imposed on raw materials in the name of scrap tax. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 6: Minister for Industry, Commerce and Supplies, Ramesh Rijal, has urged the local units of Bara and Parsa districts to scrap tax imposed on raw materials in the name of scrap tax. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Addressing a programme organised on the occasion of 6th establishment day of Jitpursimara Chamber of Commerce and Industry at Jitpur of Simara on Saturday, Minister Rijal warned that the federal government would take necessary step if the local units do not remove scrap tax. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He mentioned that although industrialists and entrepreneurs pay income tax from their earnings, the local level collects double tax even by levying integrated property tax. Therefore, he urged the local bodies to withdraw the decision of imposing double tax. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Rijal shared that the government is planning to run ruined industries in partnership with the private sector.</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"">“The government also has plans of attracting entrepreneurs to special economic zone by providing land on rent at an affordable price,” said the minister. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further said that the land could be provided free of cost to establish export-oriented industries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, President of Birjung Chamber of Commerce and Industry, Anil Kumar Agrawal, President of Nepal India Cooperation Forum, Ashok Das, Central Committee member of the Federation of Nepalese Chambers of Commerce and Industries, Dr Subodh Kumar Gupta, FNCCI Madhes Province President, Ashok Tamata, among others talked about the problems faced by the industries during the programme chaired by Jitpursimara Chamber of Commerce and Industry, Mohan Sharma Lamichhane. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18386', 'image' => '20230806113339_taxxxxx.jpg', 'article_date' => '2023-08-06 11:32:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $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' => '18671', 'article_category_id' => '1', 'title' => 'Public Procurement Monitoring Office to Operate 'Procurement Clinic' ', 'sub_title' => '', 'summary' => 'August 7: The Public Procurement Monitoring Office (PPMO) is preparing to operate 'Procurement Clinic' with the objective of resolving the problems faced in connection with issues related to public procurement.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 7: The Public Procurement Monitoring Office (PPMO) is preparing to operate 'Procurement Clinic' with the objective of resolving the problems faced in connection with issues related to public procurement.</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"">The clinic aims to help in capacity development of the human resources involved in the procurement unit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary at the PPMO Dr Damodar Regmi told the state-owned National News Agency, RSS, that the office will run 'procurement clinic interactive programme' wherein the participants will express about the challenges that come up regarding public procurement issues and the experts will tell them about the ways of resolving the problems. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Procurement clinic will be operated soon for the employees of the local level and the province level,” said Regmi, adding, “The procurement clinic is a successful international practice which can develop the capacity of the human resources involved in the procurement job." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The PPMO is also preparing to develop a general guideline on public procurement so as to simplify the issues related to the public procurement process which in itself is a technical issue and its laws are complex. The simple guideline will be prepared as promptly as possible for resolving problems related to public procurement faced by the provincial and local level offices as well the federal offices. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary Regmi further added that intensive training on e-procurement would also be held for enhancing the public procurement capacity of the local and provincial governments. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18400', 'image' => '20230807043651_PPMOOO.jpg', 'article_date' => '2023-08-07 16:36:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18670', 'article_category_id' => '1', 'title' => 'Construction Entrepreneurs Announce more Protest Programmes ', 'sub_title' => '', 'summary' => 'August 7: The Federation of Contractors' Associations of Nepal (FCAN) has announced more protest programmes saying that the government has not yet addressed their legitimate demands. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">August 7: The Federation of Contractors' Associations of Nepal (FCAN) has announced more protest programmes saying that the government has not yet addressed their legitimate demands. The federation announced the second and third phases of protest programme at a press conference in Kathmandu on Sunday. As part of the second phase of the programme, the federation has announced the protest from Monday, August 7 to Friday, August 11.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The federation has announced a daily demonstration through the week with a whistle rally in addition to a procession, a corner meeting and a sit-in, from the Federation to the Parliament building with black bands in their hands. Similarly, as part of the third phase of protest programme, all non-essential construction works will be stopped indefinitely from Sunday, August 13, said FCAN President Ravi Singh. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Under the third phase of protest programme, the federation will organize a live public hearing among construction experts. In the press conference, the president of the federation Singh said that only if the construction industry functions the overall economy will function. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the payment for the work completed by the builders cannot be stopped under any pretext.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Yakshadhwaj Karki, adviser and former president of the federation, said that there are many problems in the construction industry and that it is wrong for the consumer committee to get involved in construction works. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">General Secretary of the Federation Roshan Dahal said that the federation is agitating with demands such as payment of all construction works, amendment of the extension order issued by the Nepal government and re-issue of a lump-sum extension of the entire project. The Federation of Nepalese Chamber of Commerce and Industries, Nepal Heavy Equipment Federation and other organizations have expressed solidarity with the ongoing movement of the federation.</span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18399', 'image' => '20230807034938_fcann.jpg', 'article_date' => '2023-08-07 15:48:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '18669', 'article_category_id' => '1', 'title' => 'Buddha Air’s Tickets now Available through IME Pay', 'sub_title' => '', 'summary' => 'August 7: Passengers can now purchase tickets of Buddha Air through the airline company’s website and app using IME Pay.', '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 7: Passengers can now purchase tickets of Buddha Air through the airline company’s website and app using IME Pay. The service was launched on Sunday after IME Pay and Buddha Air signed an agreement to this effect.</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 per the agreement, passengers will be able to pay easily by selecting IME Pay while purchasing tickets on Buddha Air’s website and app. </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"">Passengers will also get a free coupon of Chandragiri Cable Car on every payment.</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 statement, IME Pay said that the company expects encouragement in creating a cashless society for the convenience of customers. </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"">Praveen Regmi, Chief Executive Officer of IME Pay, said that the agreement was signed with the aim of making the air travel experience of the user more convenient.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18398', 'image' => '20230807023304_1691377358.jpg', 'article_date' => '2023-08-07 14:32:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '18668', 'article_category_id' => '1', 'title' => 'Profit of Commercial Banks Increased by 25 Percent during Last FY', 'sub_title' => '', 'summary' => 'August 7: The net profit of commercial banks increased by almost 25 percent in the last fiscal year (FY 2022/23) despite slowdown of economic activities due to the impacts of Covid-19 and Russia-Ukraine war.', '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 7: The net profit of commercial banks increased by almost 25 percent in the last fiscal year (FY 2022/23) despite slowdown of economic activities due to the impacts of Covid-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> and Russia-Ukraine war.</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 profits of banks improved in the review year due to the increase in income from interest and the control in growth rate of bad loans. According to the financial statements published by the commercial banks for the FY </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"">22</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","sans-serif"">23, they earned a total net profit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">70</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.17 billion in the review year. In the previous year (FY </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"">21</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","sans-serif"">22), the profit was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">56.17</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion, which is an increase of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">24.93</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent last 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"">Although the profit growth rate decreased in the first, second and third quarters of the last fiscal year, there was an improvement in the fourth quarter. Compared to the same period of the previous year, the profit increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5.94</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the first quarter of FY </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"">22</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","sans-serif"">23, by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11.10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the second quarter and by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11.67</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the third quarter. Coming to the fourth quarter, the growth in profit was more than double compared to the third quarter.</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"">Former banker Analraj Bhattarai said that although the business expansion of banks was not significant in the last fiscal year, the increase in spread rate and the increase in income from investments made by banks in treasury bills and bonds had a positive effect on the profit. </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"">"Last year, the spread rate was also high and the income from the government treasury was also good," he said, "Because of which the profit of the banks has been seen somewhat positive."</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"">He says that the merger of banks had a positive effect on some banks. However, compared to the capital of the banks, this year's profit should be considered normal, Bhattarai said.</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"">In the fourth quarter of the last fiscal year, banks also succeeded in controlling bad loans. In the previous year, bad loans of banks were </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. However, bad loans of banks increased to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.83</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the first quarter of FY </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"">22</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","sans-serif"">23. Bad loans further increased to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.35</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the second quarter while the average bad loans reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.03</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent by the third quarter. In the fourth quarter, banks succeeded in reducing bad loans to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.7</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"">Control of bad loans also had a positive effect on the profit of banks. Former banker Bhattarai says that it can be compared to the financial discipline of banks and businessmen. </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"">Last year, Nabil Bank earned the highest net profit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.52</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion after acquiring Nepal Bangladesh Bank which is an increase of 76.86 percent compared to the previous year. Similarly, Global IME Bank, which merged with Bank of Kathmandu, earned a net profit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.25</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. The profit of Global IME increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">46.26</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"">In the last fiscal year, the profit of Kumari Bank and Prime Commercial Bank was less than the previous year. The profit Kumari, which acquired NCC Bank, decreased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">24.14 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent compared to the previous year and was limited to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.95 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion. In the previous year, the profit of the bank was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.57 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion rupees. Similarly, the profit of Prime Bank decreased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">18.81 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.26 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18397', 'image' => '20230807013335_bankkkkkkk.jpg', 'article_date' => '2023-08-07 13:32:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18667', 'article_category_id' => '1', 'title' => 'Project Cost of MCC to Increase by Rs 900 Million', 'sub_title' => 'Preparations Underway for Declaring EIF Phase of MCC from mid-August', 'summary' => 'August 7: The Millennium Challenge Corporation (MCC) Compact that was signed between the Ministry of Finance and the US Government around six years ago has reached the entry into force (EIF) phase and the development itself marks a significant milestone in the implementation of the agreement. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 7: The Millennium Challenge Corporation (MCC) Compact that was signed between the Ministry of Finance and the US Government around six years ago has reached the entry into force (EIF) phase and the development itself marks a significant milestone in the implementation of the agreement. </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 the Millennium Challenge Account (MCA)-Nepal Development Committee, preparations are on to announce the date for EIP regarding the MCC soon. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Over the course of six years since signing of the agreement, the Compact was endorsed by the Federal Parliament along with a 12-point descriptive note. During this period, Nepal has met almost all conditions, five out of six, required to be enabled by it before advancing the agreement to the implementation phase. Of the six prerequisites, land acquisition for the implementation of the pact has been awaited. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">However, over the course of time, Nepal is needed to own up additional economic responsibility for initiations and projects to be implemented under the agreement. Initially, it was agreed that USD 500 million shall be provided in grants to Nepal while the government shall bear USD 130, expecting the total cost of the MCC project to remain at USD 630 million. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"> But the 'supplemental agreement' over the MCC that was signed in last May-June, demands the government to bear additional USD 67 million, seeking its total contribution of USD 197 million to the enforcement of the agreement. In the beginning, Nepal was supposed to take up the 20.63 per cent economic responsibility for the MCC project and now it has risen to 28.26 percent. The increased responsibility amount is equivalent to Rs 900 million. </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 preparations for the announcement of EIF date sans meeting all the preconditions is another concern regarding the implementation of projects under the MCA-Nepal, the government agency formed to implement the projects co-funded by the US government under the MCC. </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 acquisition of land for the implementation of MCC Nepal Compact projects, as well as the guarantee of the land use rights within forest areas is still awaited. </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 Compact mandates the project implementing body to complete the projects within five years of the declaration of EIF. </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 prevailing time provides room to doubt over the completion of the projects within the stipulated time frame. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">This article primarily highlights the factors contributing to the increase in the cost of Compact implementation and sheds light on the reasons behind the decision to proceed with the Entry into Force (EIF) without fulfilling all the prerequisites.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Factors contributing to additional responsibility for Nepal</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 Council of Ministers on May 23 decided to endorse the Finance Ministry's proposal to revise the agreement between Nepal and the MCC and increase the government's share in its implementation. On the basis of the same agreement, Nepal Electricity Authority (NEA) and the MCA-Nepal on May 30 signed the 'supplemental agreement'. </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 NEA and MCA-Nepal signed the agreement a few days ago. The MCA-Nepal issued a public statement citing that "The government has decided to include additional endeavors included in the electricity transmission projects under the MCC Compact on the request of the Nepal Electricity Authority." The statement further mentioned that the additional budget of USD 67 million required to implement these additional endeavors will be managed from the major budget of the Compact. In the event of the full utilization of the allocated budget, any insufficient funds will be borne by the NEA.</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 additional budget to be required for the implementation of the Compact is to be considered as the government's contribution to it and it will be adjusted in the relevant schedule of the Compact through the implementation letter. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Road and electricity projects are the areas of priorities for Nepal identified by the MCC Compact signed on September 14, 2017.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">As per the statement, the cost amount of USD 67 million which has been recently added will be spent for the construction of the section of the 400kV New Butwal-Gorakhpur Nepal-India Inter-country Transmission line towards the Nepal side and for increasing the capacity of three substations. This transmission line project is in the construction process at present.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Schedule-1 (B) (1) of the MCC Compact states about the transmission line to be constructed under MCA-Nepal. It is mentioned in the Compact that around 300 kilometers of double circuit 400 kV transmission line would be constructed within Nepal.</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 Compact states that the transmission line would be constructed on five different routes – from Lapsiphedi of Kathmandu up to Ratamaate, from Ratamate to Hetauda, from Ratamate to Damauli, from Damauli to Butwal and from Butwal to the India border. This means that the plan of constructing the transmission line from Butwal to the India border for which the added cost has been managed is included in the existing cost of USD 630 million.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">RSS had approached the MCA-Nepal for its comment regarding allocation of additional budget for the construction of the transmission line on this route the estimated cost of which has been already included in the Compact. In response, MCA-Nepal stated that the amount added in the MCC Nepal Compact programme would be merged with the Electricity Transmission Project budget and it would be used for increasing the capacity of three substations by installing extra 'bays' as per the requirement and request of Nepal Electricity Authority (NEA). </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">To RSS' question whether the amount merged in this way can be termed as an increment in the project's cost, MCA-Nepal's information officer Rajib Dahal said the cost automatically goes up when extra work has to be carried out than what was previously determined.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">"Additional work of expanding the capacity of the under-construction three substations by installing extra bays is being carried out from the amount added on behalf of the Government of Nepal to the MCC Nepal Compact, as per the NEA's need and request. The increase in cost is obvious after the addition of extra work on the predetermined work. Therefore, we can call it the need for additional investment due to the expansion of the limit of the project's work," the MCA-Nepal has stated.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Similarly, MCA-Nepal has said although some changes have been made in the works of the Road Maintenance Project, it will not have any impact on the overall budget related to the roads.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">NEA executive director Kulman Ghising said India had already started the process for tender for the construction of the transmission line on its side.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">“But in our case, the dispute whether the MCC Compact would be endorsed by the parliament or not was not finalized. Therefore, we detached this from the MCC Compact," Ghising said, adding that the tendering process of programmes under the MCC Compact also moves ahead after the parliament's endorsement. "It was again included in the MCC after coming to the conclusion that only small contractors will come for the bidding when NEA does the contract for the project whereas big contractors would come if the MCA-Nepal calls for the contract. The cost increased after the NEA added to the scope of work that was already in the compact before.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Preparations for EIF without meeting prerequisites </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 agreement which was signed on 14 September, 2017 between the Finance Ministry of Nepal and the MCC, was endorsed by the parliament on 27 February, 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">The countdown for the five-year project will as per the agreement begin from the day of EIF. </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 the preliminary agreement, EIF would take place from 30 June 2020. However, many factors like a dispute in getting the compact endorsed from the parliament and other difficulties are blamed for the delay. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Land acquisition as a prerequisite for EIF has yet to take place</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 Section 8.1 of Article 8 of the MCC Compact, the Government will ensure the full and expeditious cooperation of all relevant government entities to ensure that all land acquisition, site access, and forest clearance required to implement the Compact is provided in a timely manner, and consistent with all MCC policies. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Asked about the implementation of the compact, the MCC Nepal said the date for its implementation would be announced within the Nepali month of Bhadra. "Preparations are underway to announce the date for the implementation of the MCC Nepal Compact 2080," said the MCC Nepal. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">It requires a total of 1,471 hectares of land for the electricity transmission project, and around 20 hectares for the construction of a substation at Ratmate in Nuwakot. It requires 104 hectares of land for constructing around 856 electrical towers. There is still a dispute in the land required for constructing a substation, and the distribution of compensation for the land acquired for the transmission line has yet to begin, said the MCC Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">"Except for a family-disputed plot, the distribution of compensation for the land acquired for a substation at Ratamate has been completed. A preliminary legal process has been initiated to acquire the land required to build the electrical towers."</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 legal process to determine compensation amounts for the land acquired for the project has started under the leadership of Chief District Officer of the respective district of the total nine affected districts, it has been said. The affected areas have 122 community and government forests. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Over Rs 10.8 billion allocated for the current FY</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">For the project, the government has allocated over Rs 10.8 billion for the current FY, 2023/24. Out of the allocated budget, Rs 8.7 billion will go for the electricity transmission project, Rs 1.5 billion for road repair, Rs 2 million for monitoring and evaluation, and Rs 555 million for administrative work. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18396', 'image' => '20230807114556_MCC.jpg', 'article_date' => '2023-08-07 11:43:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18666', 'article_category_id' => '1', 'title' => 'CIB Handed Responsibility to Investigate into Gold Smuggling', 'sub_title' => '', 'summary' => 'The Central Investigation Bureau (CIB) of Nepal Police has been handed over the responsibility to further investigate the smuggling of 100 kg gold.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 7: The Central Investigation Bureau (CIB) of Nepal Police has been handed over the responsibility to further investigate the smuggling of 100 kg gold.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> After 17 days of the seizure of the gold smuggled from foreign country, the Revenue Investigation Department (RID) handed over the responsibility to the CIB to dig deeper into the gold smuggling incident on Sunday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Director General of RID Nabaraj Dhungana said that the CIB had been provided with the files of the investigations to dig further issues into the case of gold smuggling. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dhungana said that entire other activities of the investigations now would be carried out by the CIB. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Earlier on Thursday, Prime Minister Pushpa Kamal Dahal 'Prachanda' had directed the RID to give responsibility to the CIB for investigation. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As per the PM's directive, the files have been sent to the CIB by fulfilling necessary processes. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Now, the CIB will also investigate the financial issues, organized and trans-national crimes. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Likewise, Deputy Inspector General of Nepal Police Kuber Kadayat said that the CIB will begin the investigation after getting letter from the Department. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Currently, 17 individuals are in the custody of security force on their alleged involvement in the case. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">(RSS)</span></span></p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18395', 'image' => '20230807060300_collage (4).jpg', 'article_date' => '2023-08-07 06:00:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '18665', 'article_category_id' => '1', 'title' => 'Lalita Niwas Land Scam: SC Orders to Probe Decision Makers', 'sub_title' => '', 'summary' => 'The Supreme Court (SC) on Sunday ordered to investigate into the individuals directly responsible for decision-making related to Lalita Niwas land grab scam. The directive was issued by a bench comprising Justices Anil Kumar Sinha and Dr. Kumar Chudal.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 7: The Supreme Court (SC) on Sunday ordered to investigate into the individuals directly responsible for decision-making related to Lalita Niwas land grab scam. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The directive was issued by a bench comprising Justices Anil Kumar Sinha and Dr. Kumar Chudal. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The implicated decisions were made during the tenures of Madhav Kumar Nepal and Dr. Baburam Bhattarai as Prime Ministers. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The SC's order mandates an investigation into members of the former Council of Ministers responsible for decision-making, as well as those who certified these decisions for implementation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Likewise, the SC has also ordered to investigate those taking the proposal to the higher level or authority.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18394', 'image' => '20230807054140_collage (2).jpg', 'article_date' => '2023-08-07 05:40:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '18664', 'article_category_id' => '1', 'title' => 'Ncell Flood Alert SMS Contributing to Saving Lives of Nepali Citizens', 'sub_title' => '', 'summary' => 'August 6: Ncell, a private sector telecommunication giant of Nepal, has claimed that the company has been disseminating early warning SMS alerts to people living in flood-prone areas, contributing to saving lives and properties from monsoon-induced floods each year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">August 6: Ncell, a private sector telecommunication giant of Nepal, has claimed that the company has been disseminating early warning SMS alerts to people living in flood-prone areas, contributing to saving lives and properties from monsoon-induced floods each year. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Issuing a statement, Ncell said that the company has sent over 4.4 million such SMS in the last two months, pre-informing people from flood risk areas.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The areas where SMS alerts were disseminated this year include downstream communities or basins of major rivers such as Narayani, Babai, Rapti, Kankai, Bagmati, Koshi, and Karnali, among others. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Ncell under its Corporate Social Responsibility (CSR) has been pre-notifying risks of flood via SMS since 2016 in collaboration with the Department of Hydrology and Meteorology (DHM), added the statement.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Under this initiative, Ncell has been collaborating with the DHM for Early Warning System (EWS) to broadcast SMS alerts to the public mainly during the monsoon season. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Early warning SMS alerts ensure that people get pre-informed about the risk and move to safe locations with their belongings, while organisations involved in disaster response and preparedness get time to act on time, the statement further said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">When the water level returns to normal in the rivers, people also receive an SMS alert that there is no looming risk, and they can now return to their places. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“At Ncell, we are committed to serving people and the community of Nepal. Leveraging on our technical expertise and reach, we are pleased to support our community of Nepal with timely dissemination of flood alerts contributing to reducing potential loss of lives and properties every year during monsoon. This collaborative initiative under our CSR is a testament to how public-private partnership can deliver results for the betterment of our society,” the statement quoted Ncell’s Chief Executive Officer and Managing Director Jabbor Kayumov as saying.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">DHM through its telemetry stations keeps close track of the hydrological and metrological situations and triggers the messaging based on the level of water in the rivers. Ncell upon DHM’s request broadcasts location-based alert messages to people living along the downstream communities of rivers known for creating flood mayhem via short code number 1155, which is also a DHM’s toll-free hotline dedicated to providing information updates on flood situations. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to the Flood Forecasting Division of DHM, with almost all households having access to GMS mobile service, flood SMS alert has been one of the most effective mediums in the flood EWS to minimize loss of lives and properties, and it is thankful to Ncell for collaboration in this noble cause, the statement reads.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The statement says that apart from individuals within the identified hazard zones, these alerts are also sent to vital organisations involved in disaster risk reduction, including the National Emergency Operating Centre for necessary activities on disaster response and preparedness.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">As part of continued collaboration, last year Ncell disseminated over 7.8 million such flood alerts mainly during monsoon to the public from basins and communities that are identified as flood-prone areas. After signing an agreement for this initiative in 2016, Ncell and DHM strengthened the association further in 2018 for improving disaster preparedness.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">As a responsible corporate entity, Ncell said it remains committed to serving people and the community and is also exploring possibilities to implement EWS for other hydro-meteorology related disasters too. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“As DHM installs new telemetry devices and expands hydro-meteorological stations, Ncell will continue to provide similar connectivity support to those stations, so that more people could benefit from the EWS initiative.”</span></span></span></p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18393', 'image' => '20230806062642_20221007090312_DevrajSubedi_Sindhupalchok_RSS_19_khatam.jpg', 'article_date' => '2023-08-06 18:25:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18663', 'article_category_id' => '1', 'title' => 'Forests Hold Potential for National Prosperity, Minister Mahato Says', 'sub_title' => '', 'summary' => 'Minister for Forests and Environment, Dr. Birendra Prasad Mahato, said that forests hold the potential to significantly contribute to the country's prosperity.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 6: Minister for Forests and Environment, Dr. Birendra Prasad Mahato, said that forests hold the potential to significantly contribute to the country's prosperity. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Highlighting that forests currently encompass 45 percent of the nation's total land area, Dr Mahato emphasized the importance of harnessing maximum benefits from these natural resources to bolster the nation's prosperity.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dr. Mahato expressed these views while addressing an event organized by Round Table Nepal. He commended the organization for its commendable efforts in maintaining greenery across the country.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The minister underscored the collective responsibility of government bodies at all levels to actively engage in preserving and nurturing the eco-environment.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">"With 45 percent of Nepal's landscape covered by forests, it is crucial to establish forests as a reliable avenue for enhancing the country's economic well-being”, he said. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dr Mahato stated that all government and non-government bodies should collaborate to adopt innovative strategies to effectively implement the motto 'Green Forests - Nepal's Wealth’. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18392', 'image' => '20230806060703_mofe-minister-birendra-mahato-singhadurbar.jpg', 'article_date' => '2023-08-06 18:05:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '18662', 'article_category_id' => '1', 'title' => 'Beni Municipality Collecting Details of Landlords to Bring Them Under Tax Ambit', 'sub_title' => '', 'summary' => 'Beni Municipality in Myagdi district has initiated a process to gather information about landlords who lease their houses and land.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 6: Beni Municipality in Myagdi district has initiated a process to gather information about landlords who lease their houses and land. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This step aims to bring the landlords to taxation system. Prabha Sharma, the tax officer at the municipality, stated that they have given landlords 35 days' time to submit details of their leased properties at the respective ward offices. The deadline to submit the details is set for September 7.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">To facilitate the taxation process, the municipality has categorized landlords into three groups. Those failing to submit their property details within the specified timeframe will face late fines. Sharma emphasized that starting from this fiscal year, house rent tax has been made compulsory.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This decision to categorize landlords and impose taxes comes as a response to the low number of landlords previously paying house rent tax.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> Under the revised regulations, landlords renting their properties for official purposes will be charged a 10% tax, while those renting for business purposes will have to pay a 4% tax. For residential rentals, a 2% tax will be applied. This system replaces the previous flat 10% tax rate for all rental purposes.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The municipality had collected Rs 3.035 million from house rent tax in the last fiscal year. </span></span></p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18391', 'image' => '20230806042248_collage.jpg', 'article_date' => '2023-08-06 16:21:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '18661', 'article_category_id' => '1', 'title' => 'NRB Steps Up Preparation to Issue Digital Currency', 'sub_title' => '', 'summary' => 'August 6: Nepal Rastra Bank (NRB) has stepped up preparations for issuing digital currency.', '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 6: Nepal Rastra Bank (NRB) has stepped up preparations for issuing digital currency. Due to the interest shown by the general public in virtual transactions and other countries also issuing digital currency, the central bank has started necessary preparations to issue the Central Bank Digital Currency (CBDC).</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"">Nepal Rastra Bank had formed a steering committee under the coordination of Deputy Governor Bam Bahadur Mishra two years ago regarding the digital currency. A group formed by the steering committee under the coordination of director Anuj Dahal to study the prospects of digital currency study had submitted a feasibility study report in the last fiscal year. Based on the recommendations of the group, a separate unit has also been established in the Payment System Department of NRB to work on the digital currency.</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"">NRB Governor Maha Prasad Adhikari had announced in a formal program last Monday that Nepal will issue its own digital currency within the next three years.</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 an official of Nepal Rastra Bank, it will take a long time for the formation of policy as well as legal and infrastructure frameworks for the issuance of the CBDC. </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"">"We are only at the initial stage for the issuance of CBDC," he said, requesting anonymity.</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"">In the feasibility study report carried out by the central nank, it has been mentioned that it would be appropriate to proceed with the CBDC project only by building a separate structure and team with the participation of all stakeholders. </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"">In the initial stage, the study has suggested setting up a small unit within the Payment System Department or the Information Technology Department of the central bank and the work can be carried forward. Similarly, the NRB needs to have high-level technology along with security of data to issue CBDC.</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 report also suggested to conduct the detailed feasibility of CBDC, study adequate legal system and to increase public awareness before implementation of the digital currency. </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 economy is gradually transforming from cash to digital, the report states that although electronic currency is necessary, political ownership and public acceptance are equally important for success.</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"">With the increase in public interest in digital currencies including cryptocurrencies issued by the private sector around the world, the central bank has started preparing to issue CBDC. </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 Reserve Bank of India (RBI) has already issued digital currency since last November. In the first phase of the currency issued as a pilot project, only wholesale transactions have been arranged with nine commercial banks. Only after its success, India is ready to start retail business to be used by common people. </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"">It is mentioned in the report of the central bank that the use of digital currency will attract common people to electronic payment and the expenses incurred in printing and circulation of notes will be reduced.</span></span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18390', 'image' => '20230806032821_20221104124812_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-08-06 15:27:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '18660', 'article_category_id' => '1', 'title' => 'Nepal’s Trade with US in Profit after Five Years', 'sub_title' => '', 'summary' => 'August 6: Nepal has made a profit in trade with the United States of America (USA) after five years.', '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 6: Nepal has made a profit in trade with the United States of America (USA) after five years. According to the statistics of the Department of Customs, the trade with the US was profitable in the last fiscal year (FY). In the review year, Nepal made a trade profit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">146</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million with the USA. </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 department, goods worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19.57</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion were exported from Nepal to the USA last year, while goods worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19.42</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion were imported from the USA.</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"">Prior to that, the last time Nepal made a trade profit with the US was in the fiscal year 2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">073/74. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Since then, Nepal's trade with America was in deficit for five years.</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"">Among the items exported from Nepal to the USA last year, carpets and felt materials were the ones that earned Nepal the most money. More than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.38 billion was received from carpet export alone. According to the data of the department, felt goods worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.44</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion were exported to the USA.</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"">Experts say that Nepali goods are exported to countries like America because of their good quality.</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 experts, it also shows the ability of Nepali entrepreneurs.</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"">Gandhi Pandit, secretary general of the American Chamber of Commerce, says that Nepal's trade with America has improved somewhat in the last 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"">However, he says that it is necessary to further improve trade with America. For this, he suggested that the Nepalese government should take initiative with the American government. He also suggests that the government should also take initiatives to bring in American investment. “There is immense potential in Nepal,” he says, adding, “Investment also came through the MCC. However, we could not bring as much investment as possible.”</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, he suggested that items with export potential should be identified and sent to America. Since </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2015</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, the United States has given customs exemptions to the export of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">77</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> items. “Production of such items should be increased. Similarly, Nepal should take initiatives with the American government to give concessions to exported goods,” he said.</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"">Experts also say that if the government of Nepal takes the initiative, the size of exports to America will increase further.</span></span></span></span></p> <p><strong><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"">Foreign trade with </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">170</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> countries, profits with only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">38</span></span></span></span></strong></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 department, Nepal trades with </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">170</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> countries. Out of them, it has trade deficit with </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">132</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> countries and trade surplus with </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">38</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> countries. Denmark has the country with whom Nepal has the highest trade profit. Last year, Nepal's trade surplus with Denmark was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">512.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million, according to the department's data.</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"">In the list of highest trade profits, America is second and Norway is third. According to the data of the department, Nepal's trade profit with Norway stood at Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">97.2</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"">Nepal's largest trade deficit is with neighboring India. Nepal has a trade deficit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">921</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.16 billion with India alone.</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"">China is second in this list. Nepal's trade deficit with China is Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">220</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.95 billion. Nepal's trade deficit with Indonesia, which is third in this list, is Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">41.51</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion.</span></span></span></span></p> <p><strong><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"">Foreign trade is at a deficit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">14</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">54</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion</span></span></span></span></strong></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 volume of foreign trade of Nepal in the review year stood at Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1768 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion. According to the Department of Customs, Nepal's trade deficit was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1454 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion in the last fiscal year. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18389', 'image' => '20230806024310_Trade.jpg', 'article_date' => '2023-08-06 14:41:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '18659', 'article_category_id' => '1', 'title' => 'Workshop on Coffee Roasting Held in Collaboration with EU', 'sub_title' => '', 'summary' => 'August 6: The EU-Nepal trade and investment program has prepared two dozen coffee roasters of international level to increase the quality of coffee in Nepal.', '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 6: The EU-Nepal trade and investment program has prepared two dozen coffee roasters of international level to increase the quality of coffee in Nepal. They have been trained according to the standards of the Special Coffee Association, an organization that monitors the quality of coffee of specific taste and quality around the world.</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"">Coffee roasters from Kathmandu, Chitwan, Pokhara, Kavre, Dhankuta and others participated in the workshop held in Kathmandu in collaboration with the National Tea and Coffee Development Board and Nepal Coffee Producers Federation. The workshop was organized targeting businessmen and workers involved in the coffee roasting sector with the aim of increasing the quality of coffee cups and producing skilled manpower necessary to make special Nepali coffee more popular.</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 coffee roasting companies operating in Nepal lack technical skills for high quality coffee roasting, this workshop is expected to produce international level coffee roasters in this area. It is also expected to help in improving the quality of coffee. About 20-25 coffee roasting firms are operating in Nepal.</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"">Coffee roasting is a very technical and complex subject. The quality of the coffee is determined by the roasted coffee beans. The course of this workshop is to show the technical aspects of roasting to the trainees in an experimental manner and make them familiar and proficient in it, said the organisers. </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"">“Since there are participants working in this field, roasting skill as per the international standards will greatly help in increasing the quality of coffee,'' said Nima Sherpa, the main trainer of the workshop.</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"">In the workshop, the participants were introduced to the roasting process through practical methods and theoretical knowledge in a high-level laboratory. </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"">Sherpa, an internationally recognized trainer, said that the method of roasting cycle, roast level to identify changes in coffee beans and how to manage the roasting site were taught during the worksop.</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"">Stakeholders believe that the workshop will help improve the value chain of Nepali coffee. Coffee businesses with high-quality roasters can attract high-end consumers and earn good profits. </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"">“We believe that such skilled roasters will strengthen the profile of the cafe and roasting business and demonstrate their commitment to quality control," said Santosh Pokharel, secretary general of Nepal Coffee Producers Federation.</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"">“I found this workshop very enlightening and fruitful. I am confident that we can help to increase the quality of coffee by using technology to promote quality in coffee roasting through people like us who are trained from here," said Ghomaya Gurung, a trainee who came from Chitwan to attend the workshop.</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 European Union has been helping to strengthen the value chain of Nepali coffee.</span></span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18388', 'image' => '20230806011758_20230703020046_20221204030252_1669933354.Clipboard05.jpg', 'article_date' => '2023-08-06 13:17:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '18658', 'article_category_id' => '1', 'title' => 'Floods, Landslides Cause Damages Worth Rs 520 Million to Roads and Bridges', 'sub_title' => '', 'summary' => 'August 6: Landslides and floods triggered by rainfall since the onset of monsoon this year have caused considerable damages to roads and bridges across the country.', '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 6: Landslides and floods triggered by rainfall since the onset of monsoon this year have caused considerable damages to roads and bridges across the country.</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 preliminary estimate of the Department of Roads (DoR), the floods and landslides caused damages worth Rs 520 million to roads and bridges.</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 DoR stated that </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> highways and other roads have sustained damages worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">265.6</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million. Similarly, bridges have sustained damages worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">25</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0 million as of Saturday. </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 department, floods and landslides during the monsoon cause damages worth billions of rupees to roads and bridges in Nepal every 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"">So far, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">151</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> roads and bridges were blocked due to floods and landslides this year. Among them, vehicular movement still remains blocked in three places as of Saturday evening, while one-way traffic has been resumed along </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">25</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> roads. The department informed that two-way traffic has been resumed along </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">123</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> blocked locations.</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 Hewakhola Bridge under the Tamor Corridor, which was damaged due to floods in mid-June, is still not operational. Similarly, roads blocked by landslides in Garjeni of Pyuthan and Khawa of Dolakha still remain blocked, the department said.</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"">Floods and landslides have also damaged culverts, wooden bridges, Bailey bridges, auxiliary structures of RCC bridges, steel bridges and other under-construction and completed bridges. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18387', 'image' => '20230806120213_20211020080208_SBS_Kanchanpur-1.jpg', 'article_date' => '2023-08-06 12:01:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '18657', 'article_category_id' => '1', 'title' => 'Minister Rijal Instructs Local Bodies to Remove Double Taxation ', 'sub_title' => '', 'summary' => 'August 6: Minister for Industry, Commerce and Supplies, Ramesh Rijal, has urged the local units of Bara and Parsa districts to scrap tax imposed on raw materials in the name of scrap tax. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 6: Minister for Industry, Commerce and Supplies, Ramesh Rijal, has urged the local units of Bara and Parsa districts to scrap tax imposed on raw materials in the name of scrap tax. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Addressing a programme organised on the occasion of 6th establishment day of Jitpursimara Chamber of Commerce and Industry at Jitpur of Simara on Saturday, Minister Rijal warned that the federal government would take necessary step if the local units do not remove scrap tax. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He mentioned that although industrialists and entrepreneurs pay income tax from their earnings, the local level collects double tax even by levying integrated property tax. Therefore, he urged the local bodies to withdraw the decision of imposing double tax. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Rijal shared that the government is planning to run ruined industries in partnership with the private sector.</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"">“The government also has plans of attracting entrepreneurs to special economic zone by providing land on rent at an affordable price,” said the minister. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further said that the land could be provided free of cost to establish export-oriented industries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, President of Birjung Chamber of Commerce and Industry, Anil Kumar Agrawal, President of Nepal India Cooperation Forum, Ashok Das, Central Committee member of the Federation of Nepalese Chambers of Commerce and Industries, Dr Subodh Kumar Gupta, FNCCI Madhes Province President, Ashok Tamata, among others talked about the problems faced by the industries during the programme chaired by Jitpursimara Chamber of Commerce and Industry, Mohan Sharma Lamichhane. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18386', 'image' => '20230806113339_taxxxxx.jpg', 'article_date' => '2023-08-06 11:32:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $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' => '18671', 'article_category_id' => '1', 'title' => 'Public Procurement Monitoring Office to Operate 'Procurement Clinic' ', 'sub_title' => '', 'summary' => 'August 7: The Public Procurement Monitoring Office (PPMO) is preparing to operate 'Procurement Clinic' with the objective of resolving the problems faced in connection with issues related to public procurement.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 7: The Public Procurement Monitoring Office (PPMO) is preparing to operate 'Procurement Clinic' with the objective of resolving the problems faced in connection with issues related to public procurement.</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"">The clinic aims to help in capacity development of the human resources involved in the procurement unit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary at the PPMO Dr Damodar Regmi told the state-owned National News Agency, RSS, that the office will run 'procurement clinic interactive programme' wherein the participants will express about the challenges that come up regarding public procurement issues and the experts will tell them about the ways of resolving the problems. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Procurement clinic will be operated soon for the employees of the local level and the province level,” said Regmi, adding, “The procurement clinic is a successful international practice which can develop the capacity of the human resources involved in the procurement job." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The PPMO is also preparing to develop a general guideline on public procurement so as to simplify the issues related to the public procurement process which in itself is a technical issue and its laws are complex. The simple guideline will be prepared as promptly as possible for resolving problems related to public procurement faced by the provincial and local level offices as well the federal offices. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary Regmi further added that intensive training on e-procurement would also be held for enhancing the public procurement capacity of the local and provincial governments. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18400', 'image' => '20230807043651_PPMOOO.jpg', 'article_date' => '2023-08-07 16:36:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18670', 'article_category_id' => '1', 'title' => 'Construction Entrepreneurs Announce more Protest Programmes ', 'sub_title' => '', 'summary' => 'August 7: The Federation of Contractors' Associations of Nepal (FCAN) has announced more protest programmes saying that the government has not yet addressed their legitimate demands. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">August 7: The Federation of Contractors' Associations of Nepal (FCAN) has announced more protest programmes saying that the government has not yet addressed their legitimate demands. The federation announced the second and third phases of protest programme at a press conference in Kathmandu on Sunday. As part of the second phase of the programme, the federation has announced the protest from Monday, August 7 to Friday, August 11.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The federation has announced a daily demonstration through the week with a whistle rally in addition to a procession, a corner meeting and a sit-in, from the Federation to the Parliament building with black bands in their hands. Similarly, as part of the third phase of protest programme, all non-essential construction works will be stopped indefinitely from Sunday, August 13, said FCAN President Ravi Singh. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Under the third phase of protest programme, the federation will organize a live public hearing among construction experts. In the press conference, the president of the federation Singh said that only if the construction industry functions the overall economy will function. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the payment for the work completed by the builders cannot be stopped under any pretext.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Yakshadhwaj Karki, adviser and former president of the federation, said that there are many problems in the construction industry and that it is wrong for the consumer committee to get involved in construction works. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">General Secretary of the Federation Roshan Dahal said that the federation is agitating with demands such as payment of all construction works, amendment of the extension order issued by the Nepal government and re-issue of a lump-sum extension of the entire project. The Federation of Nepalese Chamber of Commerce and Industries, Nepal Heavy Equipment Federation and other organizations have expressed solidarity with the ongoing movement of the federation.</span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18399', 'image' => '20230807034938_fcann.jpg', 'article_date' => '2023-08-07 15:48:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '18669', 'article_category_id' => '1', 'title' => 'Buddha Air’s Tickets now Available through IME Pay', 'sub_title' => '', 'summary' => 'August 7: Passengers can now purchase tickets of Buddha Air through the airline company’s website and app using IME Pay.', '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 7: Passengers can now purchase tickets of Buddha Air through the airline company’s website and app using IME Pay. The service was launched on Sunday after IME Pay and Buddha Air signed an agreement to this effect.</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 per the agreement, passengers will be able to pay easily by selecting IME Pay while purchasing tickets on Buddha Air’s website and app. </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"">Passengers will also get a free coupon of Chandragiri Cable Car on every payment.</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 statement, IME Pay said that the company expects encouragement in creating a cashless society for the convenience of customers. </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"">Praveen Regmi, Chief Executive Officer of IME Pay, said that the agreement was signed with the aim of making the air travel experience of the user more convenient.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18398', 'image' => '20230807023304_1691377358.jpg', 'article_date' => '2023-08-07 14:32:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '18668', 'article_category_id' => '1', 'title' => 'Profit of Commercial Banks Increased by 25 Percent during Last FY', 'sub_title' => '', 'summary' => 'August 7: The net profit of commercial banks increased by almost 25 percent in the last fiscal year (FY 2022/23) despite slowdown of economic activities due to the impacts of Covid-19 and Russia-Ukraine war.', '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 7: The net profit of commercial banks increased by almost 25 percent in the last fiscal year (FY 2022/23) despite slowdown of economic activities due to the impacts of Covid-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> and Russia-Ukraine war.</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 profits of banks improved in the review year due to the increase in income from interest and the control in growth rate of bad loans. According to the financial statements published by the commercial banks for the FY </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"">22</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","sans-serif"">23, they earned a total net profit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">70</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.17 billion in the review year. In the previous year (FY </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"">21</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","sans-serif"">22), the profit was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">56.17</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion, which is an increase of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">24.93</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent last 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"">Although the profit growth rate decreased in the first, second and third quarters of the last fiscal year, there was an improvement in the fourth quarter. Compared to the same period of the previous year, the profit increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5.94</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the first quarter of FY </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"">22</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","sans-serif"">23, by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11.10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the second quarter and by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11.67</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the third quarter. Coming to the fourth quarter, the growth in profit was more than double compared to the third quarter.</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"">Former banker Analraj Bhattarai said that although the business expansion of banks was not significant in the last fiscal year, the increase in spread rate and the increase in income from investments made by banks in treasury bills and bonds had a positive effect on the profit. </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"">"Last year, the spread rate was also high and the income from the government treasury was also good," he said, "Because of which the profit of the banks has been seen somewhat positive."</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"">He says that the merger of banks had a positive effect on some banks. However, compared to the capital of the banks, this year's profit should be considered normal, Bhattarai said.</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"">In the fourth quarter of the last fiscal year, banks also succeeded in controlling bad loans. In the previous year, bad loans of banks were </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. However, bad loans of banks increased to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.83</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the first quarter of FY </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"">22</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","sans-serif"">23. Bad loans further increased to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.35</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the second quarter while the average bad loans reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.03</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent by the third quarter. In the fourth quarter, banks succeeded in reducing bad loans to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.7</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"">Control of bad loans also had a positive effect on the profit of banks. Former banker Bhattarai says that it can be compared to the financial discipline of banks and businessmen. </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"">Last year, Nabil Bank earned the highest net profit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.52</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion after acquiring Nepal Bangladesh Bank which is an increase of 76.86 percent compared to the previous year. Similarly, Global IME Bank, which merged with Bank of Kathmandu, earned a net profit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.25</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. The profit of Global IME increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">46.26</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"">In the last fiscal year, the profit of Kumari Bank and Prime Commercial Bank was less than the previous year. The profit Kumari, which acquired NCC Bank, decreased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">24.14 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent compared to the previous year and was limited to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.95 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion. In the previous year, the profit of the bank was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.57 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion rupees. Similarly, the profit of Prime Bank decreased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">18.81 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.26 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18397', 'image' => '20230807013335_bankkkkkkk.jpg', 'article_date' => '2023-08-07 13:32:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18667', 'article_category_id' => '1', 'title' => 'Project Cost of MCC to Increase by Rs 900 Million', 'sub_title' => 'Preparations Underway for Declaring EIF Phase of MCC from mid-August', 'summary' => 'August 7: The Millennium Challenge Corporation (MCC) Compact that was signed between the Ministry of Finance and the US Government around six years ago has reached the entry into force (EIF) phase and the development itself marks a significant milestone in the implementation of the agreement. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 7: The Millennium Challenge Corporation (MCC) Compact that was signed between the Ministry of Finance and the US Government around six years ago has reached the entry into force (EIF) phase and the development itself marks a significant milestone in the implementation of the agreement. </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 the Millennium Challenge Account (MCA)-Nepal Development Committee, preparations are on to announce the date for EIP regarding the MCC soon. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Over the course of six years since signing of the agreement, the Compact was endorsed by the Federal Parliament along with a 12-point descriptive note. During this period, Nepal has met almost all conditions, five out of six, required to be enabled by it before advancing the agreement to the implementation phase. Of the six prerequisites, land acquisition for the implementation of the pact has been awaited. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">However, over the course of time, Nepal is needed to own up additional economic responsibility for initiations and projects to be implemented under the agreement. Initially, it was agreed that USD 500 million shall be provided in grants to Nepal while the government shall bear USD 130, expecting the total cost of the MCC project to remain at USD 630 million. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"> But the 'supplemental agreement' over the MCC that was signed in last May-June, demands the government to bear additional USD 67 million, seeking its total contribution of USD 197 million to the enforcement of the agreement. In the beginning, Nepal was supposed to take up the 20.63 per cent economic responsibility for the MCC project and now it has risen to 28.26 percent. The increased responsibility amount is equivalent to Rs 900 million. </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 preparations for the announcement of EIF date sans meeting all the preconditions is another concern regarding the implementation of projects under the MCA-Nepal, the government agency formed to implement the projects co-funded by the US government under the MCC. </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 acquisition of land for the implementation of MCC Nepal Compact projects, as well as the guarantee of the land use rights within forest areas is still awaited. </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 Compact mandates the project implementing body to complete the projects within five years of the declaration of EIF. </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 prevailing time provides room to doubt over the completion of the projects within the stipulated time frame. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">This article primarily highlights the factors contributing to the increase in the cost of Compact implementation and sheds light on the reasons behind the decision to proceed with the Entry into Force (EIF) without fulfilling all the prerequisites.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Factors contributing to additional responsibility for Nepal</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 Council of Ministers on May 23 decided to endorse the Finance Ministry's proposal to revise the agreement between Nepal and the MCC and increase the government's share in its implementation. On the basis of the same agreement, Nepal Electricity Authority (NEA) and the MCA-Nepal on May 30 signed the 'supplemental agreement'. </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 NEA and MCA-Nepal signed the agreement a few days ago. The MCA-Nepal issued a public statement citing that "The government has decided to include additional endeavors included in the electricity transmission projects under the MCC Compact on the request of the Nepal Electricity Authority." The statement further mentioned that the additional budget of USD 67 million required to implement these additional endeavors will be managed from the major budget of the Compact. In the event of the full utilization of the allocated budget, any insufficient funds will be borne by the NEA.</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 additional budget to be required for the implementation of the Compact is to be considered as the government's contribution to it and it will be adjusted in the relevant schedule of the Compact through the implementation letter. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Road and electricity projects are the areas of priorities for Nepal identified by the MCC Compact signed on September 14, 2017.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">As per the statement, the cost amount of USD 67 million which has been recently added will be spent for the construction of the section of the 400kV New Butwal-Gorakhpur Nepal-India Inter-country Transmission line towards the Nepal side and for increasing the capacity of three substations. This transmission line project is in the construction process at present.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Schedule-1 (B) (1) of the MCC Compact states about the transmission line to be constructed under MCA-Nepal. It is mentioned in the Compact that around 300 kilometers of double circuit 400 kV transmission line would be constructed within Nepal.</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 Compact states that the transmission line would be constructed on five different routes – from Lapsiphedi of Kathmandu up to Ratamaate, from Ratamate to Hetauda, from Ratamate to Damauli, from Damauli to Butwal and from Butwal to the India border. This means that the plan of constructing the transmission line from Butwal to the India border for which the added cost has been managed is included in the existing cost of USD 630 million.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">RSS had approached the MCA-Nepal for its comment regarding allocation of additional budget for the construction of the transmission line on this route the estimated cost of which has been already included in the Compact. In response, MCA-Nepal stated that the amount added in the MCC Nepal Compact programme would be merged with the Electricity Transmission Project budget and it would be used for increasing the capacity of three substations by installing extra 'bays' as per the requirement and request of Nepal Electricity Authority (NEA). </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">To RSS' question whether the amount merged in this way can be termed as an increment in the project's cost, MCA-Nepal's information officer Rajib Dahal said the cost automatically goes up when extra work has to be carried out than what was previously determined.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">"Additional work of expanding the capacity of the under-construction three substations by installing extra bays is being carried out from the amount added on behalf of the Government of Nepal to the MCC Nepal Compact, as per the NEA's need and request. The increase in cost is obvious after the addition of extra work on the predetermined work. Therefore, we can call it the need for additional investment due to the expansion of the limit of the project's work," the MCA-Nepal has stated.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Similarly, MCA-Nepal has said although some changes have been made in the works of the Road Maintenance Project, it will not have any impact on the overall budget related to the roads.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">NEA executive director Kulman Ghising said India had already started the process for tender for the construction of the transmission line on its side.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">“But in our case, the dispute whether the MCC Compact would be endorsed by the parliament or not was not finalized. Therefore, we detached this from the MCC Compact," Ghising said, adding that the tendering process of programmes under the MCC Compact also moves ahead after the parliament's endorsement. "It was again included in the MCC after coming to the conclusion that only small contractors will come for the bidding when NEA does the contract for the project whereas big contractors would come if the MCA-Nepal calls for the contract. The cost increased after the NEA added to the scope of work that was already in the compact before.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Preparations for EIF without meeting prerequisites </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 agreement which was signed on 14 September, 2017 between the Finance Ministry of Nepal and the MCC, was endorsed by the parliament on 27 February, 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">The countdown for the five-year project will as per the agreement begin from the day of EIF. </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 the preliminary agreement, EIF would take place from 30 June 2020. However, many factors like a dispute in getting the compact endorsed from the parliament and other difficulties are blamed for the delay. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Land acquisition as a prerequisite for EIF has yet to take place</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 Section 8.1 of Article 8 of the MCC Compact, the Government will ensure the full and expeditious cooperation of all relevant government entities to ensure that all land acquisition, site access, and forest clearance required to implement the Compact is provided in a timely manner, and consistent with all MCC policies. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Asked about the implementation of the compact, the MCC Nepal said the date for its implementation would be announced within the Nepali month of Bhadra. "Preparations are underway to announce the date for the implementation of the MCC Nepal Compact 2080," said the MCC Nepal. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">It requires a total of 1,471 hectares of land for the electricity transmission project, and around 20 hectares for the construction of a substation at Ratmate in Nuwakot. It requires 104 hectares of land for constructing around 856 electrical towers. There is still a dispute in the land required for constructing a substation, and the distribution of compensation for the land acquired for the transmission line has yet to begin, said the MCC Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">"Except for a family-disputed plot, the distribution of compensation for the land acquired for a substation at Ratamate has been completed. A preliminary legal process has been initiated to acquire the land required to build the electrical towers."</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 legal process to determine compensation amounts for the land acquired for the project has started under the leadership of Chief District Officer of the respective district of the total nine affected districts, it has been said. The affected areas have 122 community and government forests. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Over Rs 10.8 billion allocated for the current FY</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">For the project, the government has allocated over Rs 10.8 billion for the current FY, 2023/24. Out of the allocated budget, Rs 8.7 billion will go for the electricity transmission project, Rs 1.5 billion for road repair, Rs 2 million for monitoring and evaluation, and Rs 555 million for administrative work. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18396', 'image' => '20230807114556_MCC.jpg', 'article_date' => '2023-08-07 11:43:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18666', 'article_category_id' => '1', 'title' => 'CIB Handed Responsibility to Investigate into Gold Smuggling', 'sub_title' => '', 'summary' => 'The Central Investigation Bureau (CIB) of Nepal Police has been handed over the responsibility to further investigate the smuggling of 100 kg gold.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 7: The Central Investigation Bureau (CIB) of Nepal Police has been handed over the responsibility to further investigate the smuggling of 100 kg gold.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> After 17 days of the seizure of the gold smuggled from foreign country, the Revenue Investigation Department (RID) handed over the responsibility to the CIB to dig deeper into the gold smuggling incident on Sunday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Director General of RID Nabaraj Dhungana said that the CIB had been provided with the files of the investigations to dig further issues into the case of gold smuggling. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dhungana said that entire other activities of the investigations now would be carried out by the CIB. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Earlier on Thursday, Prime Minister Pushpa Kamal Dahal 'Prachanda' had directed the RID to give responsibility to the CIB for investigation. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As per the PM's directive, the files have been sent to the CIB by fulfilling necessary processes. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Now, the CIB will also investigate the financial issues, organized and trans-national crimes. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Likewise, Deputy Inspector General of Nepal Police Kuber Kadayat said that the CIB will begin the investigation after getting letter from the Department. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Currently, 17 individuals are in the custody of security force on their alleged involvement in the case. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">(RSS)</span></span></p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18395', 'image' => '20230807060300_collage (4).jpg', 'article_date' => '2023-08-07 06:00:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '18665', 'article_category_id' => '1', 'title' => 'Lalita Niwas Land Scam: SC Orders to Probe Decision Makers', 'sub_title' => '', 'summary' => 'The Supreme Court (SC) on Sunday ordered to investigate into the individuals directly responsible for decision-making related to Lalita Niwas land grab scam. The directive was issued by a bench comprising Justices Anil Kumar Sinha and Dr. Kumar Chudal.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 7: The Supreme Court (SC) on Sunday ordered to investigate into the individuals directly responsible for decision-making related to Lalita Niwas land grab scam. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The directive was issued by a bench comprising Justices Anil Kumar Sinha and Dr. Kumar Chudal. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The implicated decisions were made during the tenures of Madhav Kumar Nepal and Dr. Baburam Bhattarai as Prime Ministers. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The SC's order mandates an investigation into members of the former Council of Ministers responsible for decision-making, as well as those who certified these decisions for implementation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Likewise, the SC has also ordered to investigate those taking the proposal to the higher level or authority.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2023-08-07', 'modified' => '2023-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '18394', 'image' => '20230807054140_collage (2).jpg', 'article_date' => '2023-08-07 05:40:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '18664', 'article_category_id' => '1', 'title' => 'Ncell Flood Alert SMS Contributing to Saving Lives of Nepali Citizens', 'sub_title' => '', 'summary' => 'August 6: Ncell, a private sector telecommunication giant of Nepal, has claimed that the company has been disseminating early warning SMS alerts to people living in flood-prone areas, contributing to saving lives and properties from monsoon-induced floods each year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">August 6: Ncell, a private sector telecommunication giant of Nepal, has claimed that the company has been disseminating early warning SMS alerts to people living in flood-prone areas, contributing to saving lives and properties from monsoon-induced floods each year. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Issuing a statement, Ncell said that the company has sent over 4.4 million such SMS in the last two months, pre-informing people from flood risk areas.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The areas where SMS alerts were disseminated this year include downstream communities or basins of major rivers such as Narayani, Babai, Rapti, Kankai, Bagmati, Koshi, and Karnali, among others. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Ncell under its Corporate Social Responsibility (CSR) has been pre-notifying risks of flood via SMS since 2016 in collaboration with the Department of Hydrology and Meteorology (DHM), added the statement.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Under this initiative, Ncell has been collaborating with the DHM for Early Warning System (EWS) to broadcast SMS alerts to the public mainly during the monsoon season. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Early warning SMS alerts ensure that people get pre-informed about the risk and move to safe locations with their belongings, while organisations involved in disaster response and preparedness get time to act on time, the statement further said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">When the water level returns to normal in the rivers, people also receive an SMS alert that there is no looming risk, and they can now return to their places. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“At Ncell, we are committed to serving people and the community of Nepal. Leveraging on our technical expertise and reach, we are pleased to support our community of Nepal with timely dissemination of flood alerts contributing to reducing potential loss of lives and properties every year during monsoon. This collaborative initiative under our CSR is a testament to how public-private partnership can deliver results for the betterment of our society,” the statement quoted Ncell’s Chief Executive Officer and Managing Director Jabbor Kayumov as saying.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">DHM through its telemetry stations keeps close track of the hydrological and metrological situations and triggers the messaging based on the level of water in the rivers. Ncell upon DHM’s request broadcasts location-based alert messages to people living along the downstream communities of rivers known for creating flood mayhem via short code number 1155, which is also a DHM’s toll-free hotline dedicated to providing information updates on flood situations. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to the Flood Forecasting Division of DHM, with almost all households having access to GMS mobile service, flood SMS alert has been one of the most effective mediums in the flood EWS to minimize loss of lives and properties, and it is thankful to Ncell for collaboration in this noble cause, the statement reads.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The statement says that apart from individuals within the identified hazard zones, these alerts are also sent to vital organisations involved in disaster risk reduction, including the National Emergency Operating Centre for necessary activities on disaster response and preparedness.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">As part of continued collaboration, last year Ncell disseminated over 7.8 million such flood alerts mainly during monsoon to the public from basins and communities that are identified as flood-prone areas. After signing an agreement for this initiative in 2016, Ncell and DHM strengthened the association further in 2018 for improving disaster preparedness.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">As a responsible corporate entity, Ncell said it remains committed to serving people and the community and is also exploring possibilities to implement EWS for other hydro-meteorology related disasters too. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“As DHM installs new telemetry devices and expands hydro-meteorological stations, Ncell will continue to provide similar connectivity support to those stations, so that more people could benefit from the EWS initiative.”</span></span></span></p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18393', 'image' => '20230806062642_20221007090312_DevrajSubedi_Sindhupalchok_RSS_19_khatam.jpg', 'article_date' => '2023-08-06 18:25:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18663', 'article_category_id' => '1', 'title' => 'Forests Hold Potential for National Prosperity, Minister Mahato Says', 'sub_title' => '', 'summary' => 'Minister for Forests and Environment, Dr. Birendra Prasad Mahato, said that forests hold the potential to significantly contribute to the country's prosperity.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 6: Minister for Forests and Environment, Dr. Birendra Prasad Mahato, said that forests hold the potential to significantly contribute to the country's prosperity. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Highlighting that forests currently encompass 45 percent of the nation's total land area, Dr Mahato emphasized the importance of harnessing maximum benefits from these natural resources to bolster the nation's prosperity.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dr. Mahato expressed these views while addressing an event organized by Round Table Nepal. He commended the organization for its commendable efforts in maintaining greenery across the country.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The minister underscored the collective responsibility of government bodies at all levels to actively engage in preserving and nurturing the eco-environment.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">"With 45 percent of Nepal's landscape covered by forests, it is crucial to establish forests as a reliable avenue for enhancing the country's economic well-being”, he said. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dr Mahato stated that all government and non-government bodies should collaborate to adopt innovative strategies to effectively implement the motto 'Green Forests - Nepal's Wealth’. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18392', 'image' => '20230806060703_mofe-minister-birendra-mahato-singhadurbar.jpg', 'article_date' => '2023-08-06 18:05:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '18662', 'article_category_id' => '1', 'title' => 'Beni Municipality Collecting Details of Landlords to Bring Them Under Tax Ambit', 'sub_title' => '', 'summary' => 'Beni Municipality in Myagdi district has initiated a process to gather information about landlords who lease their houses and land.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 6: Beni Municipality in Myagdi district has initiated a process to gather information about landlords who lease their houses and land. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This step aims to bring the landlords to taxation system. Prabha Sharma, the tax officer at the municipality, stated that they have given landlords 35 days' time to submit details of their leased properties at the respective ward offices. The deadline to submit the details is set for September 7.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">To facilitate the taxation process, the municipality has categorized landlords into three groups. Those failing to submit their property details within the specified timeframe will face late fines. Sharma emphasized that starting from this fiscal year, house rent tax has been made compulsory.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This decision to categorize landlords and impose taxes comes as a response to the low number of landlords previously paying house rent tax.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> Under the revised regulations, landlords renting their properties for official purposes will be charged a 10% tax, while those renting for business purposes will have to pay a 4% tax. For residential rentals, a 2% tax will be applied. This system replaces the previous flat 10% tax rate for all rental purposes.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The municipality had collected Rs 3.035 million from house rent tax in the last fiscal year. </span></span></p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18391', 'image' => '20230806042248_collage.jpg', 'article_date' => '2023-08-06 16:21:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '18661', 'article_category_id' => '1', 'title' => 'NRB Steps Up Preparation to Issue Digital Currency', 'sub_title' => '', 'summary' => 'August 6: Nepal Rastra Bank (NRB) has stepped up preparations for issuing digital currency.', '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 6: Nepal Rastra Bank (NRB) has stepped up preparations for issuing digital currency. Due to the interest shown by the general public in virtual transactions and other countries also issuing digital currency, the central bank has started necessary preparations to issue the Central Bank Digital Currency (CBDC).</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"">Nepal Rastra Bank had formed a steering committee under the coordination of Deputy Governor Bam Bahadur Mishra two years ago regarding the digital currency. A group formed by the steering committee under the coordination of director Anuj Dahal to study the prospects of digital currency study had submitted a feasibility study report in the last fiscal year. Based on the recommendations of the group, a separate unit has also been established in the Payment System Department of NRB to work on the digital currency.</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"">NRB Governor Maha Prasad Adhikari had announced in a formal program last Monday that Nepal will issue its own digital currency within the next three years.</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 an official of Nepal Rastra Bank, it will take a long time for the formation of policy as well as legal and infrastructure frameworks for the issuance of the CBDC. </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"">"We are only at the initial stage for the issuance of CBDC," he said, requesting anonymity.</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"">In the feasibility study report carried out by the central nank, it has been mentioned that it would be appropriate to proceed with the CBDC project only by building a separate structure and team with the participation of all stakeholders. </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"">In the initial stage, the study has suggested setting up a small unit within the Payment System Department or the Information Technology Department of the central bank and the work can be carried forward. Similarly, the NRB needs to have high-level technology along with security of data to issue CBDC.</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 report also suggested to conduct the detailed feasibility of CBDC, study adequate legal system and to increase public awareness before implementation of the digital currency. </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 economy is gradually transforming from cash to digital, the report states that although electronic currency is necessary, political ownership and public acceptance are equally important for success.</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"">With the increase in public interest in digital currencies including cryptocurrencies issued by the private sector around the world, the central bank has started preparing to issue CBDC. </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 Reserve Bank of India (RBI) has already issued digital currency since last November. In the first phase of the currency issued as a pilot project, only wholesale transactions have been arranged with nine commercial banks. Only after its success, India is ready to start retail business to be used by common people. </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"">It is mentioned in the report of the central bank that the use of digital currency will attract common people to electronic payment and the expenses incurred in printing and circulation of notes will be reduced.</span></span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18390', 'image' => '20230806032821_20221104124812_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-08-06 15:27:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '18660', 'article_category_id' => '1', 'title' => 'Nepal’s Trade with US in Profit after Five Years', 'sub_title' => '', 'summary' => 'August 6: Nepal has made a profit in trade with the United States of America (USA) after five years.', '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 6: Nepal has made a profit in trade with the United States of America (USA) after five years. According to the statistics of the Department of Customs, the trade with the US was profitable in the last fiscal year (FY). In the review year, Nepal made a trade profit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">146</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million with the USA. </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 department, goods worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19.57</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion were exported from Nepal to the USA last year, while goods worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19.42</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion were imported from the USA.</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"">Prior to that, the last time Nepal made a trade profit with the US was in the fiscal year 2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">073/74. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Since then, Nepal's trade with America was in deficit for five years.</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"">Among the items exported from Nepal to the USA last year, carpets and felt materials were the ones that earned Nepal the most money. More than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.38 billion was received from carpet export alone. According to the data of the department, felt goods worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.44</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion were exported to the USA.</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"">Experts say that Nepali goods are exported to countries like America because of their good quality.</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 experts, it also shows the ability of Nepali entrepreneurs.</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"">Gandhi Pandit, secretary general of the American Chamber of Commerce, says that Nepal's trade with America has improved somewhat in the last 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"">However, he says that it is necessary to further improve trade with America. For this, he suggested that the Nepalese government should take initiative with the American government. He also suggests that the government should also take initiatives to bring in American investment. “There is immense potential in Nepal,” he says, adding, “Investment also came through the MCC. However, we could not bring as much investment as possible.”</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, he suggested that items with export potential should be identified and sent to America. Since </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2015</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, the United States has given customs exemptions to the export of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">77</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> items. “Production of such items should be increased. Similarly, Nepal should take initiatives with the American government to give concessions to exported goods,” he said.</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"">Experts also say that if the government of Nepal takes the initiative, the size of exports to America will increase further.</span></span></span></span></p> <p><strong><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"">Foreign trade with </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">170</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> countries, profits with only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">38</span></span></span></span></strong></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 department, Nepal trades with </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">170</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> countries. Out of them, it has trade deficit with </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">132</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> countries and trade surplus with </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">38</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> countries. Denmark has the country with whom Nepal has the highest trade profit. Last year, Nepal's trade surplus with Denmark was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">512.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million, according to the department's data.</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"">In the list of highest trade profits, America is second and Norway is third. According to the data of the department, Nepal's trade profit with Norway stood at Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">97.2</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"">Nepal's largest trade deficit is with neighboring India. Nepal has a trade deficit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">921</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.16 billion with India alone.</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"">China is second in this list. Nepal's trade deficit with China is Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">220</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.95 billion. Nepal's trade deficit with Indonesia, which is third in this list, is Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">41.51</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion.</span></span></span></span></p> <p><strong><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"">Foreign trade is at a deficit of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">14</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">54</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion</span></span></span></span></strong></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 volume of foreign trade of Nepal in the review year stood at Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1768 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion. According to the Department of Customs, Nepal's trade deficit was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1454 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion in the last fiscal year. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18389', 'image' => '20230806024310_Trade.jpg', 'article_date' => '2023-08-06 14:41:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '18659', 'article_category_id' => '1', 'title' => 'Workshop on Coffee Roasting Held in Collaboration with EU', 'sub_title' => '', 'summary' => 'August 6: The EU-Nepal trade and investment program has prepared two dozen coffee roasters of international level to increase the quality of coffee in Nepal.', '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 6: The EU-Nepal trade and investment program has prepared two dozen coffee roasters of international level to increase the quality of coffee in Nepal. They have been trained according to the standards of the Special Coffee Association, an organization that monitors the quality of coffee of specific taste and quality around the world.</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"">Coffee roasters from Kathmandu, Chitwan, Pokhara, Kavre, Dhankuta and others participated in the workshop held in Kathmandu in collaboration with the National Tea and Coffee Development Board and Nepal Coffee Producers Federation. The workshop was organized targeting businessmen and workers involved in the coffee roasting sector with the aim of increasing the quality of coffee cups and producing skilled manpower necessary to make special Nepali coffee more popular.</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 coffee roasting companies operating in Nepal lack technical skills for high quality coffee roasting, this workshop is expected to produce international level coffee roasters in this area. It is also expected to help in improving the quality of coffee. About 20-25 coffee roasting firms are operating in Nepal.</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"">Coffee roasting is a very technical and complex subject. The quality of the coffee is determined by the roasted coffee beans. The course of this workshop is to show the technical aspects of roasting to the trainees in an experimental manner and make them familiar and proficient in it, said the organisers. </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"">“Since there are participants working in this field, roasting skill as per the international standards will greatly help in increasing the quality of coffee,'' said Nima Sherpa, the main trainer of the workshop.</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"">In the workshop, the participants were introduced to the roasting process through practical methods and theoretical knowledge in a high-level laboratory. </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"">Sherpa, an internationally recognized trainer, said that the method of roasting cycle, roast level to identify changes in coffee beans and how to manage the roasting site were taught during the worksop.</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"">Stakeholders believe that the workshop will help improve the value chain of Nepali coffee. Coffee businesses with high-quality roasters can attract high-end consumers and earn good profits. </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"">“We believe that such skilled roasters will strengthen the profile of the cafe and roasting business and demonstrate their commitment to quality control," said Santosh Pokharel, secretary general of Nepal Coffee Producers Federation.</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"">“I found this workshop very enlightening and fruitful. I am confident that we can help to increase the quality of coffee by using technology to promote quality in coffee roasting through people like us who are trained from here," said Ghomaya Gurung, a trainee who came from Chitwan to attend the workshop.</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 European Union has been helping to strengthen the value chain of Nepali coffee.</span></span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18388', 'image' => '20230806011758_20230703020046_20221204030252_1669933354.Clipboard05.jpg', 'article_date' => '2023-08-06 13:17:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '18658', 'article_category_id' => '1', 'title' => 'Floods, Landslides Cause Damages Worth Rs 520 Million to Roads and Bridges', 'sub_title' => '', 'summary' => 'August 6: Landslides and floods triggered by rainfall since the onset of monsoon this year have caused considerable damages to roads and bridges across the country.', '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 6: Landslides and floods triggered by rainfall since the onset of monsoon this year have caused considerable damages to roads and bridges across the country.</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 preliminary estimate of the Department of Roads (DoR), the floods and landslides caused damages worth Rs 520 million to roads and bridges.</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 DoR stated that </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> highways and other roads have sustained damages worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">265.6</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million. Similarly, bridges have sustained damages worth Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">25</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0 million as of Saturday. </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 department, floods and landslides during the monsoon cause damages worth billions of rupees to roads and bridges in Nepal every 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"">So far, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">151</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> roads and bridges were blocked due to floods and landslides this year. Among them, vehicular movement still remains blocked in three places as of Saturday evening, while one-way traffic has been resumed along </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">25</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> roads. The department informed that two-way traffic has been resumed along </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">123</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> blocked locations.</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 Hewakhola Bridge under the Tamor Corridor, which was damaged due to floods in mid-June, is still not operational. Similarly, roads blocked by landslides in Garjeni of Pyuthan and Khawa of Dolakha still remain blocked, the department said.</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"">Floods and landslides have also damaged culverts, wooden bridges, Bailey bridges, auxiliary structures of RCC bridges, steel bridges and other under-construction and completed bridges. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18387', 'image' => '20230806120213_20211020080208_SBS_Kanchanpur-1.jpg', 'article_date' => '2023-08-06 12:01:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '18657', 'article_category_id' => '1', 'title' => 'Minister Rijal Instructs Local Bodies to Remove Double Taxation ', 'sub_title' => '', 'summary' => 'August 6: Minister for Industry, Commerce and Supplies, Ramesh Rijal, has urged the local units of Bara and Parsa districts to scrap tax imposed on raw materials in the name of scrap tax. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 6: Minister for Industry, Commerce and Supplies, Ramesh Rijal, has urged the local units of Bara and Parsa districts to scrap tax imposed on raw materials in the name of scrap tax. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Addressing a programme organised on the occasion of 6th establishment day of Jitpursimara Chamber of Commerce and Industry at Jitpur of Simara on Saturday, Minister Rijal warned that the federal government would take necessary step if the local units do not remove scrap tax. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He mentioned that although industrialists and entrepreneurs pay income tax from their earnings, the local level collects double tax even by levying integrated property tax. Therefore, he urged the local bodies to withdraw the decision of imposing double tax. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Rijal shared that the government is planning to run ruined industries in partnership with the private sector.</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"">“The government also has plans of attracting entrepreneurs to special economic zone by providing land on rent at an affordable price,” said the minister. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further said that the land could be provided free of cost to establish export-oriented industries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, President of Birjung Chamber of Commerce and Industry, Anil Kumar Agrawal, President of Nepal India Cooperation Forum, Ashok Das, Central Committee member of the Federation of Nepalese Chambers of Commerce and Industries, Dr Subodh Kumar Gupta, FNCCI Madhes Province President, Ashok Tamata, among others talked about the problems faced by the industries during the programme chaired by Jitpursimara Chamber of Commerce and Industry, Mohan Sharma Lamichhane. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-06', 'modified' => '2023-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '18386', 'image' => '20230806113339_taxxxxx.jpg', 'article_date' => '2023-08-06 11:32:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $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
