KATHMANDU: Sixty kilograms of gold hidden in the 'brake shoes' meant for motorcycles was recovered outside the Tribhuvan International Airport last July.…
KATHMANDU: Sixty kilograms of gold hidden in the 'brake shoes' meant for motorcycles was recovered outside the Tribhuvan International Airport last July.…
KATHMANDU: Nearly 600,000 foreign tourists visited Nepal in the first six months of 2024.…
KATHMANDU: The Nepali Congress (NC) has taken a stance that it will now allow the country take loans under China's Belt and Road Initiative (BRI), signaling potential political manipulation affecting the BRI's…
NEW DELHI: Hair oil, toothpaste, soap; detergents and washing powder; wheat; rice; curd, lassi, buttermilk; wrist watches; TV upto 32 inches; refrigators; washing machines, mobile phones, are among key items on which Goods and Services Tax (GST) rates have been slashed substantially, or for some kept at zero, benefiting people of…
KATHMANDU: The House of Representatives (HoR) on Monday passed the Bill designed to Amend Some Nepal Acts on Investment Facilitation, 2081…
NIC Asia Bank Limited has launched a new Mastercard issuance service to enhance its payment system. The service was officially inaugurated during a program held in Pokhara on…
Kathmandu: A meeting of the Council of Ministers on Monday approved the National Strategy and Action Plan on Anti-Money Laundering and Counter-Terrorist…
The Nepal Stock Exchange (NEPSE) Index witnessed a gain of 16.29 points, or 0.80%, closing ta 2053.38 on the second trading day of the week on…
KATHMANDU: The Board of Directors of the Industrial District Management Limited (IDML) has decided to collect outstanding dues from industrialists based on rates established six years…
BIRGUNJ: The domestic rice industry of Nepal has been adversely affected by the tariffs imposed by India on rice exports. India implemented a policy last year that charges a 20 percent export duty on rice to control its domestic market prices.…
Kathmandu: The 6th Annual General Meeting (AGM) of Nepalese Young Entrepreneurs Forum (NYEF) Kathmandu elected Abhimanyu Golchha as its new president.…
KATHMANDU: The Department of Cooperatives of the Federal Government, which is responsible for monitoring cooperatives and taking action against erring entities and directors, has been found to be limited to issuing instructions rather than enforcing…
BIRATNAGAR: Industrialists in the Sunsari-Morang Industrial Corridor have expressed concerns about the rising insecurity caused by bounced checks and the pressure exerted by both political and non-political…
MAKAWANPUR: The collection of milk from dairy farmers has been adversely affected in the Hetauda Dairy Distribution Project due to a decline in milk production, caused by the prolonged dry weather in the Terai…
Nepal Oil Corporation (NOC) has increased the prices of petroleum products. The corporation has hiked price of petrol by Rs 2 per liter, and the prices of diesel and kerosene have been raised by Rs 5 per…
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 60]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21414', 'article_category_id' => '1', 'title' => 'Probe into 60 kg Gold Smuggling Case Reveals Smuggling of Additional 362 kg of Gold', 'sub_title' => 'Use of Electronic Wallets for Illegal Payments', 'summary' => 'KATHMANDU: Sixty kilograms of gold hidden in the 'brake shoes' meant for motorcycles was recovered outside the Tribhuvan International Airport last July. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">BIJAY DAMASE</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Sixty kilograms of gold hidden in the 'brake shoes' meant for motorcycles was recovered outside the Tribhuvan International Airport last July. A police investigation has since revealed that the same gang smuggled gold worth approximately Rs 32 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On July 18 of the previous year, the Revenue Investigation Department seized 60 kg and 716 grams of gold concealed in motorcycle brake shoes. Initially, the department conducted the investigation, but it was later handed over to the Central Investigation Bureau (CIB) of Nepal Police.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On September 17, 2023, the Kathmandu District Public Prosecutor's Office filed a case against 29 individuals, including Chinese nationals, in the Kathmandu District Court. The police investigation uncovered that a group of Chinese smugglers, connected with leaders such as former Speaker Krishna Bahadur Mahara, orchestrated the smuggling. It was found that Daoxin Wang, the "mastermind" of this smuggling operation, had several telephone contacts with Mahara, who is also the vice-chairman of the CPN (Maoist Center). Although Mahara was questioned, he was not named as a defendant. Mahara's son Rahul and former Vice President Nanda Bahadur Pun's son Dipesh were also questioned.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Despite filing a case against 29 individuals last year, the police continued their investigation, uncovering further smuggling activities. It was found that gold worth Rs 31.822 billion had been smuggled through five fake companies, with gold hidden in electrical equipment and brakes. The investigation revealed that 2,831 kg 89 grams of gold were hidden in electrical goods and 362 kg 778 grams in brakes. Twenty more individuals were arrested during this investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The volume of gold smuggled by this group amounts to almost the annual gold import through formal channels. In the last fiscal year (FY) 2079/80, Nepal imported gold worth Rs 39.93 billion through official channels. In the current year, gold worth Rs 23.65 billion was imported in the first 11 months, totaling 2,652 tons. This shows that the smuggling of gold has had significant impact on foreign currency reserves.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The police discovered that gold was smuggled through Bhujel Electric Suppliers Pvt Ltd, Hwada Electric Suppliers Pvt Ltd, Chungak Electric Suppliers Pvt Ltd, Dolakha Electric Suppliers Pvt Ltd, and Ready Trade Pvt Ltd. Ready Trade Pvt Ltd was implicated when the Revenue Investigation Department seized gold outside Tribhuvan International Airport. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Additionally, two payment gateways, Paywell Nepal Pvt Ltd and Easy Payment Service Pvt Ltd, were involved in illegal payments for the smuggled gold, leading to the arrest of eight individuals, including board members and employees.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During the first phase of the investigation, the police found that 362 kg 778 grams of gold hidden in the brake shoes were smuggled into Nepal. The CIB filed a charge sheet against 29 individuals on September 17, 2023, demanding Rs 3.50 billion from them. Out of the 29 people arrested, 24 are in pre-trial detention. In the second phase, 46 individuals were made defendants, with 20 arrested and 26 still absconding.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The CIB arrested several key figures involved in the smuggling and illegal payment processes, including Siddanath Ashok Gaikwad, Dheeraj Dinesh Bhoite, Prashant Ganesh Baj Balkar, Chinese nationals Genja Jhachi and Sherap Sonam Gurung, Raju Palase, Kancha Lama, Manojraj Shrestha, Rupak Bhandari, Baijnath Brahmadatta Goyal, and Surendraman Shrestha. Paywell's chairman Bhimprasad Timalsina and several employees were also arrested.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Daoxin Wang's group set up seven companies, smuggling gold through five of them. Fake companies like Bhujel Electric Suppliers Pvt Ltd and Hwada Electric Suppliers Pvt Ltd were part of Wang's scheme. Gold was smelted at factories operated by Yao Pucheng's group in Tokha and Zhong Jingchuan's group in Lazimpat, with further operations at Sankata Mandir and Tangal in Patan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The police found images of the gold hidden in the brake shoes on Siddanath Ashok Gaikwad's mobile phone, along with conversations between key figures in the smuggling operation. Additionally, images of the gold were found on the phone of a Nepalese Gamba Sherpa, who later committed suicide.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Electronic Wallet Used for Illegal Payments</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Investigations revealed that electronic wallets, promoted by Nepal Rastra Bank to reduce cash usage, were used for illegal transactions. The CIB's investigation into gold smuggling found that Paywell and Easy Pay Wallet conducted illegal transactions worth over Rs 123 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">From April 25, 2023, to June 3, 2024, Paywell's wallet received e-money credits worth Rs 86 billion, with Rs 61.5 billion deposited through vouchers instead of bank transfers. Similarly, Easy Pay Wallet loaded e-money worth Rs 36.94 billion, with Rs 19.46 billion uploaded through vouchers. Following the investigation, Nepal Rastra Bank froze the accounts of both wallet companies on June 3.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank has set transaction limits of Rs 200,000 per day and Rs 1 million per month for wallets, with different limits for transactions from one wallet to another. Wallet companies can also partner with remittance companies to send remittances, with no applicable limits. However, both Paywell and Easy Pay used unauthorized methods for remittance transactions and engaged in Hundi transactions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The CIB investigation found that the wallet companies conducted cash transactions through agents without Nepal Rastra Bank's approval, used bank vouchers as payment instruments, and issued more e-money than what was in the bank's settlement account. The companies also submitted inaccurate daily and monthly transaction details to the Nepal Rastra Bank’s Payment System Department.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21140', 'image' => '20240702013841_1592322460.gold_.jpg', 'article_date' => '2024-07-02 13:37:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21413', 'article_category_id' => '1', 'title' => 'Expensive Airfares Lower Number of Tourists', 'sub_title' => 'Nearly 600,000 Foreign Tourists Visit Nepal in 6 Months', 'summary' => 'KATHMANDU: Nearly 600,000 foreign tourists visited Nepal in the first six months of 2024. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Nearly 600,000 foreign tourists visited Nepal in the first six months of 2024. According to data released by the Nepal Tourism Board on Monday, the total number of tourists visiting Nepal in the review period stands at 583,016.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">While the arrival of tourists has improved in 2024 compared to the previous year, there was a noticeable decline in June compared to the previous month. March and April, known for mountain climbing and trekking season, saw over 100,000 tourists each month. However, this number decreased in May and further in June, which saw 76,736 tourists, down from 90,211 in May.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Tourism experts argue that the monsoon season contributes to the drop in tourists, but they also point out that June, a non-monsoon month, should not see such a decline. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Former President of the Nepal Association of Tour and Travel Agents (NATTA), CN Pandey, attributes the decrease in number of tourists to high airfares. He explains that tourists often choose other destinations due to expensive flight tickets.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Connectivity is also difficult, making it cheaper to travel to other countries than to Nepal," said Pandey. "Additionally, the roads to major tourist destinations like Pokhara, Chitwan, and Bhairahawa are not easy to navigate."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Pandey cites several reasons for the decline in number of tourists in June, including the 13% Value Added Tax (VAT), high air fuel prices, and airport parking fees. He believes that reducing these fees is essential for increasing tourist arrivals.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government has set a target to attract 1.6 million tourists in the next fiscal year and aims to make Nepal a year-round tourist destination. Currently, arrival of tourists decreases during the summer, with the peak season being from September to November.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Maniraj Lamichhane, director of the Nepal Tourism Board, emphasized the need to increase tourist numbers to meet the government's target. To this end, the board has launched a 'Summer Season Chalo Nepal' campaign in India, promoting summer packages in Himalayan regions like Manang and Mustang. However, Lamichhane noted that the absence of a chief executive officer in the board has hindered publicity and promotion efforts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The data also showed a decrease in tourists from Nepal's major source countries, India and China. Although it was expected that arrival of Indian tourists would increase in summer, the number dropped from 38,288 in May to 37,835 in June. Similarly, arrival of Chinese tourists decreased from 8,381 in May to 7,494 in June.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21139', 'image' => '20240702010723_Tourist.jpg', 'article_date' => '2024-07-02 13:06:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21412', 'article_category_id' => '1', 'title' => 'National Consensus on BRI Remains Elusive', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepali Congress (NC) has taken a stance that it will now allow the country take loans under China's Belt and Road Initiative (BRI), signaling potential political manipulation affecting the BRI's progress.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: </span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Nepali Congress (NC) has taken a stance that it will now allow the country take loans under China's Belt and Road Initiative (BRI), signaling potential political manipulation affecting the BRI's progress.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Recently, Nepal faced disputes over the Millennium Challenge Corporation (MCC) grant from the American government due to lack of consensus among political parties. Eventually, in early 2022, the House of Representatives approved the US-funded program with an explanatory declaration, leading to its implementation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The NC’s public stance against accepting BRI loans has cast doubts about reaching an agreement on the BRI implementation plan and Chinese aid projects under it. Nepali Congress leader Dr. Prakash Sharan Mahat stated, "Nepal has a huge debt burden. The size of the loan should not be increased anymore. This (BRI) should only be taken forward with subsidies."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal's public debt began to rise rapidly after the 2015 earthquake, further exacerbated by the COVID-19 pandemic. Mahat noted that even concessional loans from the World Bank and the Asian Development Bank are not being utilized effectively, making additional loans impractical for development projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The NC’s position emerged as Nepal and China prepared to sign the BRI implementation plan. However, the Nepali Congress has not clearly stated its stance on accepting concessional loans. During the 16th meeting of the Nepal-China Diplomatic Consultative Mechanism in Kathmandu on June 25, Nepal raised the issue of grants under BRI, but the Chinese side did not agree.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On the same day, Prime Minister Pushpa Kamal Dahal emphasized Nepal's preference for receiving grants under BRI but mentioned the possibility of accepting loans at interest rates similar to those from the World Bank and the Asian Development Bank, which are Nepal's largest donors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Public Debt Management Office, most of the loans from the World Bank have an interest rate of 0.75 percent, while Asian Development Bank loans go up to 1.5 percent. Former ambassador to Denmark, Bijayakant Karna, expressed skepticism about reaching a consensus on the BRI implementation plan, comparing it to the MCC debate before its ratification. He suggested that without the Chinese offering at least concessional loans, there is little chance of immediate national consensus in Nepal regarding the BRI.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21138', 'image' => '20240702123010_Clipboard09-8-1.jpg', 'article_date' => '2024-07-02 12:29:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21411', 'article_category_id' => '1', 'title' => 'Seven Years of GST Saw Reduced Prices of Daily Consumables in India ', 'sub_title' => '', 'summary' => 'NEW DELHI: Hair oil, toothpaste, soap; detergents and washing powder; wheat; rice; curd, lassi, buttermilk; wrist watches; TV upto 32 inches; refrigators; washing machines, mobile phones, are among key items on which Goods and Services Tax (GST) rates have been slashed substantially, or for some kept at zero, benefiting people of India. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NEW DELHI: Hair oil, toothpaste, soap; detergents and washing powder; wheat; rice; curd, lassi, buttermilk; wrist watches; TV upto 32 inches; refrigators; washing machines, mobile phones, are among key items on which Goods and Services Tax (GST) rates have been slashed substantially, or for some kept at zero, benefiting people of India. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">A study conducted by the Finance Ministry of India suggested that consumers saved at least four per cent of their household monthly expenses on an aggregate after GST. Thus, consumers now spend less on daily consumables like cereals, edible oils, sugar, sweets and snacks. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Goods and Services Tax (GST), a key tax reform in India's history, has turned seven years on Monday. In the review period, many consumer-centric moves were taken under this new taxation regime. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The biggest tax reform GST was rolled out on July 1, 2017, removing the inefficiencies and complexities of the previous archaic taxation system. Over the years, GST has, among others, simplified compliance and reduced the cascading impact of tax. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Government of India has progressively lowered tax rates on essential and daily-use items. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">A range of decisions were taken in the GST Council with the consensus of the states and Union territories, benefitting households in one or the other way. GST Council has from time to time slashed taxes on key consumer goods of daily use, supporting household budgeting. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The GST Council, a federal body comprising the Union Finance Minister as its Chairman and Finance Ministers of all States as members, has played its part in the forum. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Before July 1, 2017, the indirect tax regime was highly fragmented. The Centre and States were separately taxing goods and services. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">There were many taxes like excise duty, service tax, VAT, CST, purchase tax, and entertainment tax, putting a multiple layer of burden on consumers. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">GST brought uniformity in the tax structure across India, eliminating the cascading effect of taxes. GST includes Central GST (CGST) and State GST (SGST), with Integrated GST (IGST) for interstate transactions. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Under GST, businesses can claim credit for taxes paid on inputs, avoiding double taxation. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In the earlier system, there was a multiplicity of rates, laws and procedures. This caused a heavy compliance burden. There used to be tax gates at every inter-state border, creating bottlenecks in the inter-state transport of goods. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The industry's choice of locating factories or warehouses was heavily influenced by the prevailing tax regime rather than pure business consideration, making the industry uncompetitive. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In 2,000, the then government had conceptualized GST and had set up a committee to design a GST model. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In the GST system, the salient features among those mentioned above are that it ensured compliance simplification with uniform processes across the country, a simple registration process - single return - minimal physical interface, faster refunds, a fully IT-driven system, free flow of goods - check posts removed. – ANI/RSS </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21137', 'image' => '20240702112854_Untitled.jpg', 'article_date' => '2024-07-02 11:28:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21410', 'article_category_id' => '1', 'title' => 'HoR Passes Bill on Investment Facilitation ', 'sub_title' => '', 'summary' => 'KATHMANDU: The House of Representatives (HoR) on Monday passed the Bill designed to Amend Some Nepal Acts on Investment Facilitation, 2081 BS. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The House of Representatives (HoR) on Monday passed the Bill designed to Amend Some Nepal Acts on Investment Facilitation, 2081 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The bill submitted at the HoR meeting by Minister for Industry, Commerce and Supplies Damodar Bhandari was approved by majority votes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government had introduced an ordinance in view of the Third Investment Summit to convince the investors of policy reforms on investment in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The bill has amended the existing provisions on registration of business startups, foreign investment and technology transfer, tenure extension of industries' operation, production of goods on a contract basis and some other issues. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, subsidies to the industries at special economic zones and easing the process for the establishment of prioritized industries in the forest sectors are also mentioned in the bill. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In its bid to ease the investment environment in the country, the government has amended different Acts including the Industrial Enterprises Act 2076, Lands Act of 2021 BS, National Parks and Wildlife Conservation Act of 2028 BS, Land Acquisition Act of 2034 BS, Special Economic Zone Act of 2073 BS, and Public Private Partnership and Investment Act of 2075 BS, Foreign Investment and Technology Transfer Act 2075 and Forest Act, 2076. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The HoR meeting on Monday also approved a proposal seeking consideration on 'Water Resources Bill, 2080' and the proposal tabled by Finance Minister Barsha Man Pun on "Bank and Financial Institutions (First Amendment) Bill, 2080". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The next meeting of the HoR is scheduled for coming Sunday. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21136', 'image' => '20240702105017_20160513034506_editor.jpg', 'article_date' => '2024-07-02 10:49:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21409', 'article_category_id' => '1', 'title' => ' NIC Asia Launches Mastercard Issuance Service', 'sub_title' => '', 'summary' => ' NIC Asia Bank Limited has launched a new Mastercard issuance service to enhance its payment system. The service was officially inaugurated during a program held in Pokhara on Sunday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 2: NIC Asia Bank Limited has launched a new Mastercard issuance service to enhance its payment system. The service was officially inaugurated during a program held in Pokhara on Sunday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to the bank, the Mastercard, which functions as a debit card, will be available at its branch offices. The card includes advanced security features such as an EMV chip and state-of-the-art contactless technology.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">With this card, customers can enjoy ATM withdrawals in Nepal, India, and Bhutan, as well as POS and e-commerce payment facilities.</span></span></p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21135', 'image' => '20240702054746_collage (48).jpg', 'article_date' => '2024-07-02 05:46:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '21408', 'article_category_id' => '1', 'title' => 'Govt Approves Nat'l Strategy and Action Plan on Anti-Money Laundering ', 'sub_title' => '', 'summary' => 'Kathmandu: A meeting of the Council of Ministers on Monday approved the National Strategy and Action Plan on Anti-Money Laundering and Counter-Terrorist Financing. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: A meeting of the Council of Ministers on Monday approved the National Strategy and Action Plan on Anti-Money Laundering and Counter-Terrorist Financing. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting also decided to approve Rs 382.2 million in grants to be received from the Government of Japan for human resource development, Minister for Communications and Information Technology Rekha Sharma said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Minister Sharma, the cabinet meeting decided to table a bill in the Federal Parliament designed to amend the Securities Act, 2063 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, a decision has been made to table the bills designed to amend the Financial Procedures and Fiscal Responsibility Act 2076 BS and Nepal Bar Council Act, 2050 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Sharma said that the cabinet meeting also decided to provide 107 hectares of land in Lamkichuha Municipality for the Rani-Jamara-Kulariya Irrigation Project. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21134', 'image' => '20240701090527_202Richest-People-scaled.jpg', 'article_date' => '2024-07-01 21:04:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21406', 'article_category_id' => '1', 'title' => 'NEPSE Index Gains 16.29 Points', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index witnessed a gain of 16.29 points, or 0.80%, closing ta 2053.38 on the second trading day of the week on Monday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 1: The Nepal Stock Exchange (NEPSE) Index witnessed a gain of 16.29 points, or 0.80%, closing ta 2053.38 on the second trading day of the week on Monday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Today’s trading day commenced with the index at 2,038.7 points, reaching an intraday low of 2,030.38 points. It climbed to an intraday high of 2,053.38 points before settling at the closing value of 2,053.38 points.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 323 scrips were traded through 44,169 transactions on the NEPSE. A total of 7,165,735 shares were exchanged with total turnover of Rs 2.99 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nepal Finance Ltd. (NFS) led the market in terms of turnover, achieving Rs. 19.13 crores and closing at Rs. 873 per share. Himalaya Urja Bikas Company Limited (HURJA) gained the most, with a rise of 9.74% for the day, while Nepal Finance Ltd. (NFS) experienced a significant loss of 10%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector performance, only two sector indices concluded the day in negative territory. The "Banking Index" recorded the highest sectoral gain of 2.04%, while the "Finance Index" saw the highest loss, declining by 0.83%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21132', 'image' => '20240701033203_collage (47).jpg', 'article_date' => '2024-07-01 15:30:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '21405', 'article_category_id' => '1', 'title' => 'Rent Dispute in Industrial Area: IDML Decides to Collect Rs 690 Million Dues from Industrialists', 'sub_title' => '', 'summary' => 'KATHMANDU: The Board of Directors of the Industrial District Management Limited (IDML) has decided to collect outstanding dues from industrialists based on rates established six years ago.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">HIMA BK</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The Board of Directors of the Industrial District Management Limited (IDML) has decided to collect outstanding dues from industrialists based on rates established six years ago.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IDML is a corporate entity established by the government in 1988 for the overall management and supervision of industrial districts as well as promotion of industries within those districts.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the IDML’s board meeting on Saturday, the Board of Directors resolved to collect arrears according to the rate established on July 17, 2018. The decision was based on the recent verdict of the Patan High Court ordering the implementation of the rate from that particular date.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Dissatisfied with the High Court's order, industrialists operating in the industrial areas have filed a case in the Supreme Court. Although the case is sub judice, the board decided to proceed with the High Court's order. As a result, industrialists now owe Rs 690 million to the government based on the established rate effective from July 17, 2018.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Krishna Bahadur Pun, information officer of Industrial District Management Limited, stated that the board's decision mandates industrialists to pay land rent based on the rate fixed six years ago. Letters will be sent to all 10 Industrial District Management Offices to implement this decision. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The offices will then notify industrialists to make the payments. A discount facility is available for timely payments. A three percent discount is available for payments within 30 days while the industrialists will have to make the full payments between 30 to 90 days, while a 12 percent annual fine will be imposed for payments later than 90 days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">There is ongoing tension between the IDML and the industrialists regarding the payment of dues. Ramheera Pathak, president of the Federation of Nepal Industrial Sector Industries, who attended the board meeting, disagreed with the decision to collect arrears as per the High Court's order.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Pathak questioned the board's decision-making process, especially given the pending Supreme Court case filed by the industrialists. He argued that the decision could negatively impact the industrial environment and suggested that the government might need to take sole responsibility for running the industries.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Pathak emphasized that industrialists are willing to pay rent hike aligned with relevant regulations but oppose arbitrary increases. He noted that since 2018, 45 industries have left the sector, raising concerns about the feasibility of collecting arrears from these entities. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Pathak also pointed out discrepancies in the IDML’s financial practices, such as not reflecting amounts receivable from industrialists in its balance sheet.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Federation of Nepal Industrial Sector Industries represents 10 industrial associations in Balaju, Patan, Bhaktapur, Hetaunda, Dharan, Nepalgunj, Pokhara, Butwal, Birendranagar, and Rajbiraj. Industrialists had filed a case in the Patan High Court on July 16, 2023, demanding the cancellation of the rate set by the IDML. The High Court dismissed the case on February 18, 2024, and ordered the implementation of the rate established on July 17, 2018.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21131', 'image' => '20240701033037_20200819013035_1597786507.Clipboard12.jpg', 'article_date' => '2024-07-01 15:29:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21404', 'article_category_id' => '1', 'title' => 'India’s Policy on Rice Exports Adversely Affecting Domestic Rice Industry of Nepal', 'sub_title' => '', 'summary' => 'BIRGUNJ: The domestic rice industry of Nepal has been adversely affected by the tariffs imposed by India on rice exports. India implemented a policy last year that charges a 20 percent export duty on rice to control its domestic market prices. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">OM PRAKASH KHANAL</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">BIRGUNJ: The domestic rice industry of Nepal has been adversely affected by the tariffs imposed by India on rice exports. India implemented a policy last year that charges a 20 percent export duty on rice to control its domestic market prices. Although India waived this export duty for Nepal by determining a rice quota last year, this year, the absence of such a quota has hindered the import of rice from India, crippling the local industry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Industrialists report that the majority of rice factories are operating at minimal capacity, with Nepal's rice industry heavily reliant on Indian rice.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Subodh Kumar Gupta, outgoing president of the Nepal Rice, Pulses and Oil Industry Association, stated that the domestic rice industry is currently operating at only 10 to 20 percent of its capacity. India periodically restricts food grain exports to stabilize domestic prices.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In addition to rice, India has implemented export controls on other food grains, including wheat and sugar, while imposing zero customs duty on edible oil imports to reduce its price. This zero customs duty policy has also placed the domestic oil industry in crisis.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Gupta, who also heads the Trade Committee of the Federation of Nepalese Chambers of Commerce and Industries, indicated that India's policy changes, aimed at managing its supply system, have severely impacted domestic production in Nepal. He criticized the Government of Nepal for failing to take effective diplomatic steps to address the issues arising from Indian policies.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"While it is understandable for India to adopt trade policies favorable to its interests, our government did not take the necessary diplomatic initiatives," said Gupta. "As a result, the rice industry here is on the brink of collapse." </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Gupta highlighted that the Indian government's policy of reducing food prices was influenced by the recently concluded Lok Sabha elections. Early last year, India imposed a 20 percent export duty on paddy and rice and later halted the export of all rice except basmati rice.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Data from Birganj Customs show a significant decrease in rice imports. Dilaram Panthi, Chief Customs Officer of Birgunj Customs Office, reported that rice imports were halted this year as India removed the quota allocation. From mid-July to mid-June of the last fiscal year (FY 2079/80), Nepal imported 340,829 tons of rice from India. This quantity dropped to 201,319 tons in the corresponding period of the current fiscal year (FY 2080/81).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">An official from the Ministry of Industry, Commerce and Supplies stated that the Lok Sabha elections in India affected the rice quota allocation. Efforts are being made to resolve this issue, said the official.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Importing rice from India requires paying a 20 percent Indian customs duty, a 5 percent agricultural reform fee, and a 2.5 percent advance income tax to customs office of Nepal. Industrialist Gupta noted that the cumulative cost of these duties makes it unfeasible to sustain the industry with imported rice.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21130', 'image' => '20240701025106_rrr.jpg', 'article_date' => '2024-07-01 14:44:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21403', 'article_category_id' => '1', 'title' => 'Abhimanyu Golchha Elected as New President of NYEF Kathmandu', 'sub_title' => '', 'summary' => 'Kathmandu: The 6th Annual General Meeting (AGM) of Nepalese Young Entrepreneurs Forum (NYEF) Kathmandu elected Abhimanyu Golchha as its new president. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt">Kathmandu: </span></strong><span style="font-size:14.0pt">The 6th Annual General Meeting (AGM) of Nepalese Young Entrepreneurs Forum (NYEF) Kathmandu elected Abhimanyu Golchha as its new president. The AGM was held in Kathmandu on June 28.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Golchha will take the place of outgoing president Prarthana Saakha, reads a statement issued by NYEF Kathmandu.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt">Newly-elected President Abhimanyu Golchha </span></strong><span style="font-size:14.0pt">is the executive director of Golchha Group and brings extensive experience to the role. He expressed his commitment to continuing the organization's focus on improving the entrepreneurial landscape and giving a platform for young entrepreneurs to drive for positive change. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">NYEF Kathmandu extends its heartfelt gratitude to Ms. Saakha for her exceptional leadership and dedication, significantly contributing to the organization's growth.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Golchha’s executive committee includes immediate past president Prarthana Saakha. The AGM elected Appa Sherpa as the first vice president and Anubhav Shrestha as the second vice president. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Executive members of the committee are Cheteze Tamang, Ichhya Malla, Nirdesh Dwa, Saurabh Shrestha, Vedika Murarka, Sandeep Sharma, Surakshya Adhikari, Santosh Pandey and Nikhil Agrawal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“These passionate individuals will bring their diverse expertise to NYEF Kathmandu, further enhancing the organization's ability to foster entrepreneurship and create opportunities for youth and women in Nepal,” reads the statement.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to NYEF Kathmandu, the newly elected team is enthusiastic about continuing the forum’s mission to nurture entrepreneurial spirit and drive positive change in the local business ecosystem. They are committed to building on past achievements and leading the organization to new heights, added the statement.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The statement further mentions that NYEF Kathmandu organized numerous events promoting youth and women entrepreneurship under the leadership of Saakha including the NYEF Startup Award, a felicitation event for women entrepreneurs, the NYEF Junior Entrepreneurship program, and various networking events. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21129', 'image' => '20240701021410_picture1.jpg', 'article_date' => '2024-07-01 14:13:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21402', 'article_category_id' => '1', 'title' => 'Department of Cooperatives Limited to Issuing Instructions', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Cooperatives of the Federal Government, which is responsible for monitoring cooperatives and taking action against erring entities and directors, has been found to be limited to issuing instructions rather than enforcing them.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Department of Cooperatives of the Federal Government, which is responsible for monitoring cooperatives and taking action against erring entities and directors, has been found to be limited to issuing instructions rather than enforcing them.</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"">Recently, on June 13, the department issued a notice instructing that individuals maintain membership in only one cooperative of the same nature at the local level. According to Subsection (1) of Section 32 of the Cooperatives Act, 2074 (2017), a person cannot be a member of more than one cooperative of the same nature at the local level. Those who were members of more than one such organization before the Act came into effect were required to choose one membership within three years. If the department had implemented the Act, dual memberships would have ended by October 2020. However, more than three years after this deadline, the enforcement remains limited to departmental instructions.</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"">On June 13, the department directed cooperatives to join the Cooperative and Poverty Alleviation Information System (COPOMIS) and enter specified details within one month. Section 73 of the Cooperatives Act, 2074 mandates that cooperatives must be affiliated with COPOMIS. However, due to non-compliance, the government lacks reliable data on cooperatives.</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 Cooperatives Act empowers the registrar of the department to impose fines of up to Rs 500, 000 on non-compliant organizations and individuals. Despite this, no action has been taken against cooperatives or directors. </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"">Pitambar Ghimire, the department's registrar, stated that the law entrusts the Department of Cooperatives and the registrar with both promotional and punitive responsibilities. Therefore, the department is hesitant to take action directly as it is also responsible for the promotion of cooperatives, argues Ghimire.</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"">Last November, following recommendations from the Cooperative Reform Suggestion Task Force, the department issued a notice instructing cooperatives to submit a white paper detailing their financial status, including savings, liabilities, investments, assets, and an action plan for returning savings, within one month. However, cooperatives have not complied with these instructions either.</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"">Previously, on February 13, 2022, the department issued an 88-point integrated directive, instructing cooperatives to implement the Act's provisions and regulations. Three months later, it also issued a 35-point instruction, which included a directive for elected representatives to resign from the post of cooperatives’ director and a provision allowing only 49% of directors to manage loans. These directives also remain unenforced. </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"">In March, the department in collaboration with Nepal Rastra Bank monitored 19 cooperatives but did not impose fines or take action against those in violation. Instead, the department merely instructed these organizations to rectify their problems. </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"">A cooperative stakeholder noted that due to the department's inefficacy, there is a growing demand for a separate regulatory body to monitor cooperatives.</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 department has failed to implement numerous provisions of the Cooperatives Act. Structures envisioned in the Act, such as the Cooperative Credit Information Center, Debt Recovery Tribunal, and Credit and Deposit Protection Fund, have not been established even six years after the endorsement of the Act.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21128', 'image' => '20240701123458_20220214015629_Cooperative dept.jpg', 'article_date' => '2024-07-01 12:34:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21401', 'article_category_id' => '1', 'title' => 'Rising Incidents of Check Bounce Causes Insecurity among Business Community', 'sub_title' => '', 'summary' => 'BIRATNAGAR: Industrialists in the Sunsari-Morang Industrial Corridor have expressed concerns about the rising insecurity caused by bounced checks and the pressure exerted by both political and non-political entities.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">BEDRAJ POUDEL </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"">BIRATNAGAR: Industrialists in the Sunsari-Morang Industrial Corridor have expressed concerns about the rising insecurity caused by bounced checks and the pressure exerted by both political and non-political entities. The industrialists highlighted this issue during an interaction organized by the Morang Merchants’ Association and the Koshi Province chapter of the Confederation of Nepalese Industries. The industrialists informed about the incidents of check bounce to Additional Inspector General of Police Bhim Bahadur Dhakal who also attended the interaction.</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"">Anish Kumar Sah, acting president of the association, noted that industrialists face threats from various power centers when they pursue legal action for bounced checks, making it difficult to collect the dues. He also mentioned that the police often detain and interrogate industrialists and businessmen without any valid reason, leading to a call for more considerate handling of such cases.</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"">Pawan Kumar Sharda, president of the Koshi chapter of CNI, pointed out that along with the issue of bounced checks, land mafia have been active, causing financial losses to long-standing industries. He claimed that these gangs collaborate with the employees of the Land Revenue Office to create additional hardships for the industrialists.</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"">Navin Rijal, current president of the association, remarked that crime rates have increased as due to the weakening condition of the country's economy. He emphasized that the problem of bounced checks is becoming more complex and noted that imported goods from third countries are often delayed at the customs, causing higher transportation costs for industrialists.</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"">Bhim Ghimire, central vice president of the CNI, stressed the need to reduce financial crimes, especially during times of economic downturn. He praised the police administration's recent efforts in maintaining peace and security.</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"">Rakesh Surana, president of the Chamber of Industries Morang, requested that traffic police to check the documents of trucks carrying industrial raw materials and products at one location only to avoid repeated checks within short distances. He also asked the police to facilitate in resolving the check bounce issues. Tourism entrepreneur Bhavish Shrestha complained that unnecessary traffic checks and illegal parking fees in Itahari have been discouraging tourists from India.</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 association’s Vice President Bikas Begbani highlighted the insecurity in gold trading and called for armed security guards for gold traders. He also mentioned the issue of bounced checks as a major problem.</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"">Sushil Joshi, representing the transportation entrepreneurs, suggested that police use QR stickers on cargo vehicles that have already been checked to streamline the process and avoid repeated stops.</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"">Senior Superintendent of Police Bhim Dahal informed that Tourist Police will be stationed at 11 locations in Koshi Province to address the concerns raised by the business community. Additional Inspector General of Police Dhakal emphasized the importance of information and assistance from industrialists in stopping illegal sumggling at the border. He committed to supporting industrialists and businessmen in addressing check bounce issues and suggested installing CC cameras in front of homes, industries, and shops to aid in crime control. Dhakal assured that the police are ready to solve the problems faced by industrialists and businessmen, urging them to also focus on initial security measures.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21127', 'image' => '20240701113415_check.jpg', 'article_date' => '2024-07-01 11:33:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21400', 'article_category_id' => '1', 'title' => 'Dry Weather Behind Decreased Milk Collection', 'sub_title' => '', 'summary' => 'MAKAWANPUR: The collection of milk from dairy farmers has been adversely affected in the Hetauda Dairy Distribution Project due to a decline in milk production, caused by the prolonged dry weather in the Terai areas.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">MAKAWANPUR: The collection of milk from dairy farmers has been adversely affected in the Hetauda Dairy Distribution Project due to a decline in milk production, caused by the prolonged dry weather in the Terai areas.</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 project had been collecting approximately 22,000 to 23,000 litres of milk daily until a few months ago, but now it stands at just 6,000 litres a day, said Rajiv Khanal, chief of the Project. The project used to sell around 4,000 litres of milk daily to local consumers in Birgunj, Hetauda, and Bharatpur, while 12,000 litres were sent to Biratnagar for production of powdered milk.</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 project sources milk from about 200 dairy producers' cooperatives in Sarlahi, Bara, Rautahat, and Parsa districts in Madhesh Province and Makawanpur in Bagmati Province. However, due to the decline in milk collection, the facility has not been able to sell its product at the same volume as in the past, Khanal added.</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"">With the onset of the monsoon and rainfall in the Terai, the availability of fodder is expected to increase, which would contribute to higher milk production from cattle and similar collection levels at the dairies. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21126', 'image' => '20240701104046_20210714055638_Dairy.jpg', 'article_date' => '2024-07-01 10:39:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21399', 'article_category_id' => '1', 'title' => 'NOC Hikes Fuel Prices', 'sub_title' => '', 'summary' => 'Nepal Oil Corporation (NOC) has increased the prices of petroleum products. The corporation has hiked price of petrol by Rs 2 per liter, and the prices of diesel and kerosene have been raised by Rs 5 per liter', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 31: Nepal Oil Corporation (NOC) has increased the prices of petroleum products. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The corporation has hiked price of petrol by Rs 2 per liter, and the prices of diesel and kerosene have been raised by Rs 5 per liter.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NOC, however, has not changed the prices of aviation fuel and LPG gas. The new prices will come into effect from Sunday’s midnight. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Following the price adjustment, petrol will cost Rs 167 per liter and diesel and kerosene will cost Rs 157 per liter in Kathmandu, Pokhara, and Dipayal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Similarly, in areas around Charali, Biratnagar, Janakpur, Amlekhganj, Bhalwari, Nepalgunj, Dhangadhi, and Birgunj, petrol will cost Rs 164 per liter and diesel and kerosene will cost Rs 152 per liter. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In Surkhet and Dang, petrol has been priced at Rs 166 per liter and diesel and kerosene priced at Rs 156 per liter.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21125', 'image' => '20240701055652_collage (46).jpg', 'article_date' => '2024-07-01 05:55:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21414', 'article_category_id' => '1', 'title' => 'Probe into 60 kg Gold Smuggling Case Reveals Smuggling of Additional 362 kg of Gold', 'sub_title' => 'Use of Electronic Wallets for Illegal Payments', 'summary' => 'KATHMANDU: Sixty kilograms of gold hidden in the 'brake shoes' meant for motorcycles was recovered outside the Tribhuvan International Airport last July. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">BIJAY DAMASE</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Sixty kilograms of gold hidden in the 'brake shoes' meant for motorcycles was recovered outside the Tribhuvan International Airport last July. A police investigation has since revealed that the same gang smuggled gold worth approximately Rs 32 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On July 18 of the previous year, the Revenue Investigation Department seized 60 kg and 716 grams of gold concealed in motorcycle brake shoes. Initially, the department conducted the investigation, but it was later handed over to the Central Investigation Bureau (CIB) of Nepal Police.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On September 17, 2023, the Kathmandu District Public Prosecutor's Office filed a case against 29 individuals, including Chinese nationals, in the Kathmandu District Court. The police investigation uncovered that a group of Chinese smugglers, connected with leaders such as former Speaker Krishna Bahadur Mahara, orchestrated the smuggling. It was found that Daoxin Wang, the "mastermind" of this smuggling operation, had several telephone contacts with Mahara, who is also the vice-chairman of the CPN (Maoist Center). Although Mahara was questioned, he was not named as a defendant. Mahara's son Rahul and former Vice President Nanda Bahadur Pun's son Dipesh were also questioned.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Despite filing a case against 29 individuals last year, the police continued their investigation, uncovering further smuggling activities. It was found that gold worth Rs 31.822 billion had been smuggled through five fake companies, with gold hidden in electrical equipment and brakes. The investigation revealed that 2,831 kg 89 grams of gold were hidden in electrical goods and 362 kg 778 grams in brakes. Twenty more individuals were arrested during this investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The volume of gold smuggled by this group amounts to almost the annual gold import through formal channels. In the last fiscal year (FY) 2079/80, Nepal imported gold worth Rs 39.93 billion through official channels. In the current year, gold worth Rs 23.65 billion was imported in the first 11 months, totaling 2,652 tons. This shows that the smuggling of gold has had significant impact on foreign currency reserves.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The police discovered that gold was smuggled through Bhujel Electric Suppliers Pvt Ltd, Hwada Electric Suppliers Pvt Ltd, Chungak Electric Suppliers Pvt Ltd, Dolakha Electric Suppliers Pvt Ltd, and Ready Trade Pvt Ltd. Ready Trade Pvt Ltd was implicated when the Revenue Investigation Department seized gold outside Tribhuvan International Airport. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Additionally, two payment gateways, Paywell Nepal Pvt Ltd and Easy Payment Service Pvt Ltd, were involved in illegal payments for the smuggled gold, leading to the arrest of eight individuals, including board members and employees.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During the first phase of the investigation, the police found that 362 kg 778 grams of gold hidden in the brake shoes were smuggled into Nepal. The CIB filed a charge sheet against 29 individuals on September 17, 2023, demanding Rs 3.50 billion from them. Out of the 29 people arrested, 24 are in pre-trial detention. In the second phase, 46 individuals were made defendants, with 20 arrested and 26 still absconding.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The CIB arrested several key figures involved in the smuggling and illegal payment processes, including Siddanath Ashok Gaikwad, Dheeraj Dinesh Bhoite, Prashant Ganesh Baj Balkar, Chinese nationals Genja Jhachi and Sherap Sonam Gurung, Raju Palase, Kancha Lama, Manojraj Shrestha, Rupak Bhandari, Baijnath Brahmadatta Goyal, and Surendraman Shrestha. Paywell's chairman Bhimprasad Timalsina and several employees were also arrested.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Daoxin Wang's group set up seven companies, smuggling gold through five of them. Fake companies like Bhujel Electric Suppliers Pvt Ltd and Hwada Electric Suppliers Pvt Ltd were part of Wang's scheme. Gold was smelted at factories operated by Yao Pucheng's group in Tokha and Zhong Jingchuan's group in Lazimpat, with further operations at Sankata Mandir and Tangal in Patan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The police found images of the gold hidden in the brake shoes on Siddanath Ashok Gaikwad's mobile phone, along with conversations between key figures in the smuggling operation. Additionally, images of the gold were found on the phone of a Nepalese Gamba Sherpa, who later committed suicide.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Electronic Wallet Used for Illegal Payments</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Investigations revealed that electronic wallets, promoted by Nepal Rastra Bank to reduce cash usage, were used for illegal transactions. The CIB's investigation into gold smuggling found that Paywell and Easy Pay Wallet conducted illegal transactions worth over Rs 123 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">From April 25, 2023, to June 3, 2024, Paywell's wallet received e-money credits worth Rs 86 billion, with Rs 61.5 billion deposited through vouchers instead of bank transfers. Similarly, Easy Pay Wallet loaded e-money worth Rs 36.94 billion, with Rs 19.46 billion uploaded through vouchers. Following the investigation, Nepal Rastra Bank froze the accounts of both wallet companies on June 3.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank has set transaction limits of Rs 200,000 per day and Rs 1 million per month for wallets, with different limits for transactions from one wallet to another. Wallet companies can also partner with remittance companies to send remittances, with no applicable limits. However, both Paywell and Easy Pay used unauthorized methods for remittance transactions and engaged in Hundi transactions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The CIB investigation found that the wallet companies conducted cash transactions through agents without Nepal Rastra Bank's approval, used bank vouchers as payment instruments, and issued more e-money than what was in the bank's settlement account. The companies also submitted inaccurate daily and monthly transaction details to the Nepal Rastra Bank’s Payment System Department.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21140', 'image' => '20240702013841_1592322460.gold_.jpg', 'article_date' => '2024-07-02 13:37:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21413', 'article_category_id' => '1', 'title' => 'Expensive Airfares Lower Number of Tourists', 'sub_title' => 'Nearly 600,000 Foreign Tourists Visit Nepal in 6 Months', 'summary' => 'KATHMANDU: Nearly 600,000 foreign tourists visited Nepal in the first six months of 2024. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Nearly 600,000 foreign tourists visited Nepal in the first six months of 2024. According to data released by the Nepal Tourism Board on Monday, the total number of tourists visiting Nepal in the review period stands at 583,016.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">While the arrival of tourists has improved in 2024 compared to the previous year, there was a noticeable decline in June compared to the previous month. March and April, known for mountain climbing and trekking season, saw over 100,000 tourists each month. However, this number decreased in May and further in June, which saw 76,736 tourists, down from 90,211 in May.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Tourism experts argue that the monsoon season contributes to the drop in tourists, but they also point out that June, a non-monsoon month, should not see such a decline. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Former President of the Nepal Association of Tour and Travel Agents (NATTA), CN Pandey, attributes the decrease in number of tourists to high airfares. He explains that tourists often choose other destinations due to expensive flight tickets.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Connectivity is also difficult, making it cheaper to travel to other countries than to Nepal," said Pandey. "Additionally, the roads to major tourist destinations like Pokhara, Chitwan, and Bhairahawa are not easy to navigate."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Pandey cites several reasons for the decline in number of tourists in June, including the 13% Value Added Tax (VAT), high air fuel prices, and airport parking fees. He believes that reducing these fees is essential for increasing tourist arrivals.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government has set a target to attract 1.6 million tourists in the next fiscal year and aims to make Nepal a year-round tourist destination. Currently, arrival of tourists decreases during the summer, with the peak season being from September to November.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Maniraj Lamichhane, director of the Nepal Tourism Board, emphasized the need to increase tourist numbers to meet the government's target. To this end, the board has launched a 'Summer Season Chalo Nepal' campaign in India, promoting summer packages in Himalayan regions like Manang and Mustang. However, Lamichhane noted that the absence of a chief executive officer in the board has hindered publicity and promotion efforts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The data also showed a decrease in tourists from Nepal's major source countries, India and China. Although it was expected that arrival of Indian tourists would increase in summer, the number dropped from 38,288 in May to 37,835 in June. Similarly, arrival of Chinese tourists decreased from 8,381 in May to 7,494 in June.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21139', 'image' => '20240702010723_Tourist.jpg', 'article_date' => '2024-07-02 13:06:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21412', 'article_category_id' => '1', 'title' => 'National Consensus on BRI Remains Elusive', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepali Congress (NC) has taken a stance that it will now allow the country take loans under China's Belt and Road Initiative (BRI), signaling potential political manipulation affecting the BRI's progress.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: </span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Nepali Congress (NC) has taken a stance that it will now allow the country take loans under China's Belt and Road Initiative (BRI), signaling potential political manipulation affecting the BRI's progress.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Recently, Nepal faced disputes over the Millennium Challenge Corporation (MCC) grant from the American government due to lack of consensus among political parties. Eventually, in early 2022, the House of Representatives approved the US-funded program with an explanatory declaration, leading to its implementation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The NC’s public stance against accepting BRI loans has cast doubts about reaching an agreement on the BRI implementation plan and Chinese aid projects under it. Nepali Congress leader Dr. Prakash Sharan Mahat stated, "Nepal has a huge debt burden. The size of the loan should not be increased anymore. This (BRI) should only be taken forward with subsidies."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal's public debt began to rise rapidly after the 2015 earthquake, further exacerbated by the COVID-19 pandemic. Mahat noted that even concessional loans from the World Bank and the Asian Development Bank are not being utilized effectively, making additional loans impractical for development projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The NC’s position emerged as Nepal and China prepared to sign the BRI implementation plan. However, the Nepali Congress has not clearly stated its stance on accepting concessional loans. During the 16th meeting of the Nepal-China Diplomatic Consultative Mechanism in Kathmandu on June 25, Nepal raised the issue of grants under BRI, but the Chinese side did not agree.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On the same day, Prime Minister Pushpa Kamal Dahal emphasized Nepal's preference for receiving grants under BRI but mentioned the possibility of accepting loans at interest rates similar to those from the World Bank and the Asian Development Bank, which are Nepal's largest donors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Public Debt Management Office, most of the loans from the World Bank have an interest rate of 0.75 percent, while Asian Development Bank loans go up to 1.5 percent. Former ambassador to Denmark, Bijayakant Karna, expressed skepticism about reaching a consensus on the BRI implementation plan, comparing it to the MCC debate before its ratification. He suggested that without the Chinese offering at least concessional loans, there is little chance of immediate national consensus in Nepal regarding the BRI.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21138', 'image' => '20240702123010_Clipboard09-8-1.jpg', 'article_date' => '2024-07-02 12:29:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21411', 'article_category_id' => '1', 'title' => 'Seven Years of GST Saw Reduced Prices of Daily Consumables in India ', 'sub_title' => '', 'summary' => 'NEW DELHI: Hair oil, toothpaste, soap; detergents and washing powder; wheat; rice; curd, lassi, buttermilk; wrist watches; TV upto 32 inches; refrigators; washing machines, mobile phones, are among key items on which Goods and Services Tax (GST) rates have been slashed substantially, or for some kept at zero, benefiting people of India. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NEW DELHI: Hair oil, toothpaste, soap; detergents and washing powder; wheat; rice; curd, lassi, buttermilk; wrist watches; TV upto 32 inches; refrigators; washing machines, mobile phones, are among key items on which Goods and Services Tax (GST) rates have been slashed substantially, or for some kept at zero, benefiting people of India. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">A study conducted by the Finance Ministry of India suggested that consumers saved at least four per cent of their household monthly expenses on an aggregate after GST. Thus, consumers now spend less on daily consumables like cereals, edible oils, sugar, sweets and snacks. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Goods and Services Tax (GST), a key tax reform in India's history, has turned seven years on Monday. In the review period, many consumer-centric moves were taken under this new taxation regime. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The biggest tax reform GST was rolled out on July 1, 2017, removing the inefficiencies and complexities of the previous archaic taxation system. Over the years, GST has, among others, simplified compliance and reduced the cascading impact of tax. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Government of India has progressively lowered tax rates on essential and daily-use items. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">A range of decisions were taken in the GST Council with the consensus of the states and Union territories, benefitting households in one or the other way. GST Council has from time to time slashed taxes on key consumer goods of daily use, supporting household budgeting. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The GST Council, a federal body comprising the Union Finance Minister as its Chairman and Finance Ministers of all States as members, has played its part in the forum. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Before July 1, 2017, the indirect tax regime was highly fragmented. The Centre and States were separately taxing goods and services. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">There were many taxes like excise duty, service tax, VAT, CST, purchase tax, and entertainment tax, putting a multiple layer of burden on consumers. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">GST brought uniformity in the tax structure across India, eliminating the cascading effect of taxes. GST includes Central GST (CGST) and State GST (SGST), with Integrated GST (IGST) for interstate transactions. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Under GST, businesses can claim credit for taxes paid on inputs, avoiding double taxation. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In the earlier system, there was a multiplicity of rates, laws and procedures. This caused a heavy compliance burden. There used to be tax gates at every inter-state border, creating bottlenecks in the inter-state transport of goods. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The industry's choice of locating factories or warehouses was heavily influenced by the prevailing tax regime rather than pure business consideration, making the industry uncompetitive. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In 2,000, the then government had conceptualized GST and had set up a committee to design a GST model. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In the GST system, the salient features among those mentioned above are that it ensured compliance simplification with uniform processes across the country, a simple registration process - single return - minimal physical interface, faster refunds, a fully IT-driven system, free flow of goods - check posts removed. – ANI/RSS </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21137', 'image' => '20240702112854_Untitled.jpg', 'article_date' => '2024-07-02 11:28:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21410', 'article_category_id' => '1', 'title' => 'HoR Passes Bill on Investment Facilitation ', 'sub_title' => '', 'summary' => 'KATHMANDU: The House of Representatives (HoR) on Monday passed the Bill designed to Amend Some Nepal Acts on Investment Facilitation, 2081 BS. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The House of Representatives (HoR) on Monday passed the Bill designed to Amend Some Nepal Acts on Investment Facilitation, 2081 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The bill submitted at the HoR meeting by Minister for Industry, Commerce and Supplies Damodar Bhandari was approved by majority votes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government had introduced an ordinance in view of the Third Investment Summit to convince the investors of policy reforms on investment in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The bill has amended the existing provisions on registration of business startups, foreign investment and technology transfer, tenure extension of industries' operation, production of goods on a contract basis and some other issues. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, subsidies to the industries at special economic zones and easing the process for the establishment of prioritized industries in the forest sectors are also mentioned in the bill. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In its bid to ease the investment environment in the country, the government has amended different Acts including the Industrial Enterprises Act 2076, Lands Act of 2021 BS, National Parks and Wildlife Conservation Act of 2028 BS, Land Acquisition Act of 2034 BS, Special Economic Zone Act of 2073 BS, and Public Private Partnership and Investment Act of 2075 BS, Foreign Investment and Technology Transfer Act 2075 and Forest Act, 2076. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The HoR meeting on Monday also approved a proposal seeking consideration on 'Water Resources Bill, 2080' and the proposal tabled by Finance Minister Barsha Man Pun on "Bank and Financial Institutions (First Amendment) Bill, 2080". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The next meeting of the HoR is scheduled for coming Sunday. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21136', 'image' => '20240702105017_20160513034506_editor.jpg', 'article_date' => '2024-07-02 10:49:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21409', 'article_category_id' => '1', 'title' => ' NIC Asia Launches Mastercard Issuance Service', 'sub_title' => '', 'summary' => ' NIC Asia Bank Limited has launched a new Mastercard issuance service to enhance its payment system. The service was officially inaugurated during a program held in Pokhara on Sunday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 2: NIC Asia Bank Limited has launched a new Mastercard issuance service to enhance its payment system. The service was officially inaugurated during a program held in Pokhara on Sunday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to the bank, the Mastercard, which functions as a debit card, will be available at its branch offices. The card includes advanced security features such as an EMV chip and state-of-the-art contactless technology.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">With this card, customers can enjoy ATM withdrawals in Nepal, India, and Bhutan, as well as POS and e-commerce payment facilities.</span></span></p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21135', 'image' => '20240702054746_collage (48).jpg', 'article_date' => '2024-07-02 05:46:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '21408', 'article_category_id' => '1', 'title' => 'Govt Approves Nat'l Strategy and Action Plan on Anti-Money Laundering ', 'sub_title' => '', 'summary' => 'Kathmandu: A meeting of the Council of Ministers on Monday approved the National Strategy and Action Plan on Anti-Money Laundering and Counter-Terrorist Financing. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: A meeting of the Council of Ministers on Monday approved the National Strategy and Action Plan on Anti-Money Laundering and Counter-Terrorist Financing. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting also decided to approve Rs 382.2 million in grants to be received from the Government of Japan for human resource development, Minister for Communications and Information Technology Rekha Sharma said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Minister Sharma, the cabinet meeting decided to table a bill in the Federal Parliament designed to amend the Securities Act, 2063 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, a decision has been made to table the bills designed to amend the Financial Procedures and Fiscal Responsibility Act 2076 BS and Nepal Bar Council Act, 2050 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Sharma said that the cabinet meeting also decided to provide 107 hectares of land in Lamkichuha Municipality for the Rani-Jamara-Kulariya Irrigation Project. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21134', 'image' => '20240701090527_202Richest-People-scaled.jpg', 'article_date' => '2024-07-01 21:04:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21406', 'article_category_id' => '1', 'title' => 'NEPSE Index Gains 16.29 Points', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index witnessed a gain of 16.29 points, or 0.80%, closing ta 2053.38 on the second trading day of the week on Monday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 1: The Nepal Stock Exchange (NEPSE) Index witnessed a gain of 16.29 points, or 0.80%, closing ta 2053.38 on the second trading day of the week on Monday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Today’s trading day commenced with the index at 2,038.7 points, reaching an intraday low of 2,030.38 points. It climbed to an intraday high of 2,053.38 points before settling at the closing value of 2,053.38 points.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 323 scrips were traded through 44,169 transactions on the NEPSE. A total of 7,165,735 shares were exchanged with total turnover of Rs 2.99 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nepal Finance Ltd. (NFS) led the market in terms of turnover, achieving Rs. 19.13 crores and closing at Rs. 873 per share. Himalaya Urja Bikas Company Limited (HURJA) gained the most, with a rise of 9.74% for the day, while Nepal Finance Ltd. (NFS) experienced a significant loss of 10%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector performance, only two sector indices concluded the day in negative territory. The "Banking Index" recorded the highest sectoral gain of 2.04%, while the "Finance Index" saw the highest loss, declining by 0.83%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21132', 'image' => '20240701033203_collage (47).jpg', 'article_date' => '2024-07-01 15:30:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '21405', 'article_category_id' => '1', 'title' => 'Rent Dispute in Industrial Area: IDML Decides to Collect Rs 690 Million Dues from Industrialists', 'sub_title' => '', 'summary' => 'KATHMANDU: The Board of Directors of the Industrial District Management Limited (IDML) has decided to collect outstanding dues from industrialists based on rates established six years ago.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">HIMA BK</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The Board of Directors of the Industrial District Management Limited (IDML) has decided to collect outstanding dues from industrialists based on rates established six years ago.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IDML is a corporate entity established by the government in 1988 for the overall management and supervision of industrial districts as well as promotion of industries within those districts.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the IDML’s board meeting on Saturday, the Board of Directors resolved to collect arrears according to the rate established on July 17, 2018. The decision was based on the recent verdict of the Patan High Court ordering the implementation of the rate from that particular date.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Dissatisfied with the High Court's order, industrialists operating in the industrial areas have filed a case in the Supreme Court. Although the case is sub judice, the board decided to proceed with the High Court's order. As a result, industrialists now owe Rs 690 million to the government based on the established rate effective from July 17, 2018.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Krishna Bahadur Pun, information officer of Industrial District Management Limited, stated that the board's decision mandates industrialists to pay land rent based on the rate fixed six years ago. Letters will be sent to all 10 Industrial District Management Offices to implement this decision. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The offices will then notify industrialists to make the payments. A discount facility is available for timely payments. A three percent discount is available for payments within 30 days while the industrialists will have to make the full payments between 30 to 90 days, while a 12 percent annual fine will be imposed for payments later than 90 days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">There is ongoing tension between the IDML and the industrialists regarding the payment of dues. Ramheera Pathak, president of the Federation of Nepal Industrial Sector Industries, who attended the board meeting, disagreed with the decision to collect arrears as per the High Court's order.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Pathak questioned the board's decision-making process, especially given the pending Supreme Court case filed by the industrialists. He argued that the decision could negatively impact the industrial environment and suggested that the government might need to take sole responsibility for running the industries.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Pathak emphasized that industrialists are willing to pay rent hike aligned with relevant regulations but oppose arbitrary increases. He noted that since 2018, 45 industries have left the sector, raising concerns about the feasibility of collecting arrears from these entities. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Pathak also pointed out discrepancies in the IDML’s financial practices, such as not reflecting amounts receivable from industrialists in its balance sheet.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Federation of Nepal Industrial Sector Industries represents 10 industrial associations in Balaju, Patan, Bhaktapur, Hetaunda, Dharan, Nepalgunj, Pokhara, Butwal, Birendranagar, and Rajbiraj. Industrialists had filed a case in the Patan High Court on July 16, 2023, demanding the cancellation of the rate set by the IDML. The High Court dismissed the case on February 18, 2024, and ordered the implementation of the rate established on July 17, 2018.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21131', 'image' => '20240701033037_20200819013035_1597786507.Clipboard12.jpg', 'article_date' => '2024-07-01 15:29:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21404', 'article_category_id' => '1', 'title' => 'India’s Policy on Rice Exports Adversely Affecting Domestic Rice Industry of Nepal', 'sub_title' => '', 'summary' => 'BIRGUNJ: The domestic rice industry of Nepal has been adversely affected by the tariffs imposed by India on rice exports. India implemented a policy last year that charges a 20 percent export duty on rice to control its domestic market prices. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">OM PRAKASH KHANAL</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">BIRGUNJ: The domestic rice industry of Nepal has been adversely affected by the tariffs imposed by India on rice exports. India implemented a policy last year that charges a 20 percent export duty on rice to control its domestic market prices. Although India waived this export duty for Nepal by determining a rice quota last year, this year, the absence of such a quota has hindered the import of rice from India, crippling the local industry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Industrialists report that the majority of rice factories are operating at minimal capacity, with Nepal's rice industry heavily reliant on Indian rice.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Subodh Kumar Gupta, outgoing president of the Nepal Rice, Pulses and Oil Industry Association, stated that the domestic rice industry is currently operating at only 10 to 20 percent of its capacity. India periodically restricts food grain exports to stabilize domestic prices.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In addition to rice, India has implemented export controls on other food grains, including wheat and sugar, while imposing zero customs duty on edible oil imports to reduce its price. This zero customs duty policy has also placed the domestic oil industry in crisis.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Gupta, who also heads the Trade Committee of the Federation of Nepalese Chambers of Commerce and Industries, indicated that India's policy changes, aimed at managing its supply system, have severely impacted domestic production in Nepal. He criticized the Government of Nepal for failing to take effective diplomatic steps to address the issues arising from Indian policies.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"While it is understandable for India to adopt trade policies favorable to its interests, our government did not take the necessary diplomatic initiatives," said Gupta. "As a result, the rice industry here is on the brink of collapse." </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Gupta highlighted that the Indian government's policy of reducing food prices was influenced by the recently concluded Lok Sabha elections. Early last year, India imposed a 20 percent export duty on paddy and rice and later halted the export of all rice except basmati rice.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Data from Birganj Customs show a significant decrease in rice imports. Dilaram Panthi, Chief Customs Officer of Birgunj Customs Office, reported that rice imports were halted this year as India removed the quota allocation. From mid-July to mid-June of the last fiscal year (FY 2079/80), Nepal imported 340,829 tons of rice from India. This quantity dropped to 201,319 tons in the corresponding period of the current fiscal year (FY 2080/81).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">An official from the Ministry of Industry, Commerce and Supplies stated that the Lok Sabha elections in India affected the rice quota allocation. Efforts are being made to resolve this issue, said the official.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Importing rice from India requires paying a 20 percent Indian customs duty, a 5 percent agricultural reform fee, and a 2.5 percent advance income tax to customs office of Nepal. Industrialist Gupta noted that the cumulative cost of these duties makes it unfeasible to sustain the industry with imported rice.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21130', 'image' => '20240701025106_rrr.jpg', 'article_date' => '2024-07-01 14:44:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21403', 'article_category_id' => '1', 'title' => 'Abhimanyu Golchha Elected as New President of NYEF Kathmandu', 'sub_title' => '', 'summary' => 'Kathmandu: The 6th Annual General Meeting (AGM) of Nepalese Young Entrepreneurs Forum (NYEF) Kathmandu elected Abhimanyu Golchha as its new president. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt">Kathmandu: </span></strong><span style="font-size:14.0pt">The 6th Annual General Meeting (AGM) of Nepalese Young Entrepreneurs Forum (NYEF) Kathmandu elected Abhimanyu Golchha as its new president. The AGM was held in Kathmandu on June 28.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Golchha will take the place of outgoing president Prarthana Saakha, reads a statement issued by NYEF Kathmandu.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt">Newly-elected President Abhimanyu Golchha </span></strong><span style="font-size:14.0pt">is the executive director of Golchha Group and brings extensive experience to the role. He expressed his commitment to continuing the organization's focus on improving the entrepreneurial landscape and giving a platform for young entrepreneurs to drive for positive change. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">NYEF Kathmandu extends its heartfelt gratitude to Ms. Saakha for her exceptional leadership and dedication, significantly contributing to the organization's growth.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Golchha’s executive committee includes immediate past president Prarthana Saakha. The AGM elected Appa Sherpa as the first vice president and Anubhav Shrestha as the second vice president. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Executive members of the committee are Cheteze Tamang, Ichhya Malla, Nirdesh Dwa, Saurabh Shrestha, Vedika Murarka, Sandeep Sharma, Surakshya Adhikari, Santosh Pandey and Nikhil Agrawal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“These passionate individuals will bring their diverse expertise to NYEF Kathmandu, further enhancing the organization's ability to foster entrepreneurship and create opportunities for youth and women in Nepal,” reads the statement.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to NYEF Kathmandu, the newly elected team is enthusiastic about continuing the forum’s mission to nurture entrepreneurial spirit and drive positive change in the local business ecosystem. They are committed to building on past achievements and leading the organization to new heights, added the statement.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The statement further mentions that NYEF Kathmandu organized numerous events promoting youth and women entrepreneurship under the leadership of Saakha including the NYEF Startup Award, a felicitation event for women entrepreneurs, the NYEF Junior Entrepreneurship program, and various networking events. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21129', 'image' => '20240701021410_picture1.jpg', 'article_date' => '2024-07-01 14:13:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21402', 'article_category_id' => '1', 'title' => 'Department of Cooperatives Limited to Issuing Instructions', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Cooperatives of the Federal Government, which is responsible for monitoring cooperatives and taking action against erring entities and directors, has been found to be limited to issuing instructions rather than enforcing them.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Department of Cooperatives of the Federal Government, which is responsible for monitoring cooperatives and taking action against erring entities and directors, has been found to be limited to issuing instructions rather than enforcing them.</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"">Recently, on June 13, the department issued a notice instructing that individuals maintain membership in only one cooperative of the same nature at the local level. According to Subsection (1) of Section 32 of the Cooperatives Act, 2074 (2017), a person cannot be a member of more than one cooperative of the same nature at the local level. Those who were members of more than one such organization before the Act came into effect were required to choose one membership within three years. If the department had implemented the Act, dual memberships would have ended by October 2020. However, more than three years after this deadline, the enforcement remains limited to departmental instructions.</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"">On June 13, the department directed cooperatives to join the Cooperative and Poverty Alleviation Information System (COPOMIS) and enter specified details within one month. Section 73 of the Cooperatives Act, 2074 mandates that cooperatives must be affiliated with COPOMIS. However, due to non-compliance, the government lacks reliable data on cooperatives.</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 Cooperatives Act empowers the registrar of the department to impose fines of up to Rs 500, 000 on non-compliant organizations and individuals. Despite this, no action has been taken against cooperatives or directors. </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"">Pitambar Ghimire, the department's registrar, stated that the law entrusts the Department of Cooperatives and the registrar with both promotional and punitive responsibilities. Therefore, the department is hesitant to take action directly as it is also responsible for the promotion of cooperatives, argues Ghimire.</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"">Last November, following recommendations from the Cooperative Reform Suggestion Task Force, the department issued a notice instructing cooperatives to submit a white paper detailing their financial status, including savings, liabilities, investments, assets, and an action plan for returning savings, within one month. However, cooperatives have not complied with these instructions either.</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"">Previously, on February 13, 2022, the department issued an 88-point integrated directive, instructing cooperatives to implement the Act's provisions and regulations. Three months later, it also issued a 35-point instruction, which included a directive for elected representatives to resign from the post of cooperatives’ director and a provision allowing only 49% of directors to manage loans. These directives also remain unenforced. </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"">In March, the department in collaboration with Nepal Rastra Bank monitored 19 cooperatives but did not impose fines or take action against those in violation. Instead, the department merely instructed these organizations to rectify their problems. </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"">A cooperative stakeholder noted that due to the department's inefficacy, there is a growing demand for a separate regulatory body to monitor cooperatives.</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 department has failed to implement numerous provisions of the Cooperatives Act. Structures envisioned in the Act, such as the Cooperative Credit Information Center, Debt Recovery Tribunal, and Credit and Deposit Protection Fund, have not been established even six years after the endorsement of the Act.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21128', 'image' => '20240701123458_20220214015629_Cooperative dept.jpg', 'article_date' => '2024-07-01 12:34:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21401', 'article_category_id' => '1', 'title' => 'Rising Incidents of Check Bounce Causes Insecurity among Business Community', 'sub_title' => '', 'summary' => 'BIRATNAGAR: Industrialists in the Sunsari-Morang Industrial Corridor have expressed concerns about the rising insecurity caused by bounced checks and the pressure exerted by both political and non-political entities.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">BEDRAJ POUDEL </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"">BIRATNAGAR: Industrialists in the Sunsari-Morang Industrial Corridor have expressed concerns about the rising insecurity caused by bounced checks and the pressure exerted by both political and non-political entities. The industrialists highlighted this issue during an interaction organized by the Morang Merchants’ Association and the Koshi Province chapter of the Confederation of Nepalese Industries. The industrialists informed about the incidents of check bounce to Additional Inspector General of Police Bhim Bahadur Dhakal who also attended the interaction.</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"">Anish Kumar Sah, acting president of the association, noted that industrialists face threats from various power centers when they pursue legal action for bounced checks, making it difficult to collect the dues. He also mentioned that the police often detain and interrogate industrialists and businessmen without any valid reason, leading to a call for more considerate handling of such cases.</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"">Pawan Kumar Sharda, president of the Koshi chapter of CNI, pointed out that along with the issue of bounced checks, land mafia have been active, causing financial losses to long-standing industries. He claimed that these gangs collaborate with the employees of the Land Revenue Office to create additional hardships for the industrialists.</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"">Navin Rijal, current president of the association, remarked that crime rates have increased as due to the weakening condition of the country's economy. He emphasized that the problem of bounced checks is becoming more complex and noted that imported goods from third countries are often delayed at the customs, causing higher transportation costs for industrialists.</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"">Bhim Ghimire, central vice president of the CNI, stressed the need to reduce financial crimes, especially during times of economic downturn. He praised the police administration's recent efforts in maintaining peace and security.</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"">Rakesh Surana, president of the Chamber of Industries Morang, requested that traffic police to check the documents of trucks carrying industrial raw materials and products at one location only to avoid repeated checks within short distances. He also asked the police to facilitate in resolving the check bounce issues. Tourism entrepreneur Bhavish Shrestha complained that unnecessary traffic checks and illegal parking fees in Itahari have been discouraging tourists from India.</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 association’s Vice President Bikas Begbani highlighted the insecurity in gold trading and called for armed security guards for gold traders. He also mentioned the issue of bounced checks as a major problem.</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"">Sushil Joshi, representing the transportation entrepreneurs, suggested that police use QR stickers on cargo vehicles that have already been checked to streamline the process and avoid repeated stops.</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"">Senior Superintendent of Police Bhim Dahal informed that Tourist Police will be stationed at 11 locations in Koshi Province to address the concerns raised by the business community. Additional Inspector General of Police Dhakal emphasized the importance of information and assistance from industrialists in stopping illegal sumggling at the border. He committed to supporting industrialists and businessmen in addressing check bounce issues and suggested installing CC cameras in front of homes, industries, and shops to aid in crime control. Dhakal assured that the police are ready to solve the problems faced by industrialists and businessmen, urging them to also focus on initial security measures.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21127', 'image' => '20240701113415_check.jpg', 'article_date' => '2024-07-01 11:33:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21400', 'article_category_id' => '1', 'title' => 'Dry Weather Behind Decreased Milk Collection', 'sub_title' => '', 'summary' => 'MAKAWANPUR: The collection of milk from dairy farmers has been adversely affected in the Hetauda Dairy Distribution Project due to a decline in milk production, caused by the prolonged dry weather in the Terai areas.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">MAKAWANPUR: The collection of milk from dairy farmers has been adversely affected in the Hetauda Dairy Distribution Project due to a decline in milk production, caused by the prolonged dry weather in the Terai areas.</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 project had been collecting approximately 22,000 to 23,000 litres of milk daily until a few months ago, but now it stands at just 6,000 litres a day, said Rajiv Khanal, chief of the Project. The project used to sell around 4,000 litres of milk daily to local consumers in Birgunj, Hetauda, and Bharatpur, while 12,000 litres were sent to Biratnagar for production of powdered milk.</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 project sources milk from about 200 dairy producers' cooperatives in Sarlahi, Bara, Rautahat, and Parsa districts in Madhesh Province and Makawanpur in Bagmati Province. However, due to the decline in milk collection, the facility has not been able to sell its product at the same volume as in the past, Khanal added.</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"">With the onset of the monsoon and rainfall in the Terai, the availability of fodder is expected to increase, which would contribute to higher milk production from cattle and similar collection levels at the dairies. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21126', 'image' => '20240701104046_20210714055638_Dairy.jpg', 'article_date' => '2024-07-01 10:39:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21399', 'article_category_id' => '1', 'title' => 'NOC Hikes Fuel Prices', 'sub_title' => '', 'summary' => 'Nepal Oil Corporation (NOC) has increased the prices of petroleum products. The corporation has hiked price of petrol by Rs 2 per liter, and the prices of diesel and kerosene have been raised by Rs 5 per liter', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 31: Nepal Oil Corporation (NOC) has increased the prices of petroleum products. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The corporation has hiked price of petrol by Rs 2 per liter, and the prices of diesel and kerosene have been raised by Rs 5 per liter.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NOC, however, has not changed the prices of aviation fuel and LPG gas. The new prices will come into effect from Sunday’s midnight. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Following the price adjustment, petrol will cost Rs 167 per liter and diesel and kerosene will cost Rs 157 per liter in Kathmandu, Pokhara, and Dipayal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Similarly, in areas around Charali, Biratnagar, Janakpur, Amlekhganj, Bhalwari, Nepalgunj, Dhangadhi, and Birgunj, petrol will cost Rs 164 per liter and diesel and kerosene will cost Rs 152 per liter. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In Surkhet and Dang, petrol has been priced at Rs 166 per liter and diesel and kerosene priced at Rs 156 per liter.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21125', 'image' => '20240701055652_collage (46).jpg', 'article_date' => '2024-07-01 05:55:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21414', 'article_category_id' => '1', 'title' => 'Probe into 60 kg Gold Smuggling Case Reveals Smuggling of Additional 362 kg of Gold', 'sub_title' => 'Use of Electronic Wallets for Illegal Payments', 'summary' => 'KATHMANDU: Sixty kilograms of gold hidden in the 'brake shoes' meant for motorcycles was recovered outside the Tribhuvan International Airport last July. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">BIJAY DAMASE</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Sixty kilograms of gold hidden in the 'brake shoes' meant for motorcycles was recovered outside the Tribhuvan International Airport last July. A police investigation has since revealed that the same gang smuggled gold worth approximately Rs 32 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On July 18 of the previous year, the Revenue Investigation Department seized 60 kg and 716 grams of gold concealed in motorcycle brake shoes. Initially, the department conducted the investigation, but it was later handed over to the Central Investigation Bureau (CIB) of Nepal Police.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On September 17, 2023, the Kathmandu District Public Prosecutor's Office filed a case against 29 individuals, including Chinese nationals, in the Kathmandu District Court. The police investigation uncovered that a group of Chinese smugglers, connected with leaders such as former Speaker Krishna Bahadur Mahara, orchestrated the smuggling. It was found that Daoxin Wang, the "mastermind" of this smuggling operation, had several telephone contacts with Mahara, who is also the vice-chairman of the CPN (Maoist Center). Although Mahara was questioned, he was not named as a defendant. Mahara's son Rahul and former Vice President Nanda Bahadur Pun's son Dipesh were also questioned.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Despite filing a case against 29 individuals last year, the police continued their investigation, uncovering further smuggling activities. It was found that gold worth Rs 31.822 billion had been smuggled through five fake companies, with gold hidden in electrical equipment and brakes. The investigation revealed that 2,831 kg 89 grams of gold were hidden in electrical goods and 362 kg 778 grams in brakes. Twenty more individuals were arrested during this investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The volume of gold smuggled by this group amounts to almost the annual gold import through formal channels. In the last fiscal year (FY) 2079/80, Nepal imported gold worth Rs 39.93 billion through official channels. In the current year, gold worth Rs 23.65 billion was imported in the first 11 months, totaling 2,652 tons. This shows that the smuggling of gold has had significant impact on foreign currency reserves.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The police discovered that gold was smuggled through Bhujel Electric Suppliers Pvt Ltd, Hwada Electric Suppliers Pvt Ltd, Chungak Electric Suppliers Pvt Ltd, Dolakha Electric Suppliers Pvt Ltd, and Ready Trade Pvt Ltd. Ready Trade Pvt Ltd was implicated when the Revenue Investigation Department seized gold outside Tribhuvan International Airport. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Additionally, two payment gateways, Paywell Nepal Pvt Ltd and Easy Payment Service Pvt Ltd, were involved in illegal payments for the smuggled gold, leading to the arrest of eight individuals, including board members and employees.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During the first phase of the investigation, the police found that 362 kg 778 grams of gold hidden in the brake shoes were smuggled into Nepal. The CIB filed a charge sheet against 29 individuals on September 17, 2023, demanding Rs 3.50 billion from them. Out of the 29 people arrested, 24 are in pre-trial detention. In the second phase, 46 individuals were made defendants, with 20 arrested and 26 still absconding.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The CIB arrested several key figures involved in the smuggling and illegal payment processes, including Siddanath Ashok Gaikwad, Dheeraj Dinesh Bhoite, Prashant Ganesh Baj Balkar, Chinese nationals Genja Jhachi and Sherap Sonam Gurung, Raju Palase, Kancha Lama, Manojraj Shrestha, Rupak Bhandari, Baijnath Brahmadatta Goyal, and Surendraman Shrestha. Paywell's chairman Bhimprasad Timalsina and several employees were also arrested.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Daoxin Wang's group set up seven companies, smuggling gold through five of them. Fake companies like Bhujel Electric Suppliers Pvt Ltd and Hwada Electric Suppliers Pvt Ltd were part of Wang's scheme. Gold was smelted at factories operated by Yao Pucheng's group in Tokha and Zhong Jingchuan's group in Lazimpat, with further operations at Sankata Mandir and Tangal in Patan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The police found images of the gold hidden in the brake shoes on Siddanath Ashok Gaikwad's mobile phone, along with conversations between key figures in the smuggling operation. Additionally, images of the gold were found on the phone of a Nepalese Gamba Sherpa, who later committed suicide.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Electronic Wallet Used for Illegal Payments</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Investigations revealed that electronic wallets, promoted by Nepal Rastra Bank to reduce cash usage, were used for illegal transactions. The CIB's investigation into gold smuggling found that Paywell and Easy Pay Wallet conducted illegal transactions worth over Rs 123 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">From April 25, 2023, to June 3, 2024, Paywell's wallet received e-money credits worth Rs 86 billion, with Rs 61.5 billion deposited through vouchers instead of bank transfers. Similarly, Easy Pay Wallet loaded e-money worth Rs 36.94 billion, with Rs 19.46 billion uploaded through vouchers. Following the investigation, Nepal Rastra Bank froze the accounts of both wallet companies on June 3.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank has set transaction limits of Rs 200,000 per day and Rs 1 million per month for wallets, with different limits for transactions from one wallet to another. Wallet companies can also partner with remittance companies to send remittances, with no applicable limits. However, both Paywell and Easy Pay used unauthorized methods for remittance transactions and engaged in Hundi transactions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The CIB investigation found that the wallet companies conducted cash transactions through agents without Nepal Rastra Bank's approval, used bank vouchers as payment instruments, and issued more e-money than what was in the bank's settlement account. The companies also submitted inaccurate daily and monthly transaction details to the Nepal Rastra Bank’s Payment System Department.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21140', 'image' => '20240702013841_1592322460.gold_.jpg', 'article_date' => '2024-07-02 13:37:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21413', 'article_category_id' => '1', 'title' => 'Expensive Airfares Lower Number of Tourists', 'sub_title' => 'Nearly 600,000 Foreign Tourists Visit Nepal in 6 Months', 'summary' => 'KATHMANDU: Nearly 600,000 foreign tourists visited Nepal in the first six months of 2024. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Nearly 600,000 foreign tourists visited Nepal in the first six months of 2024. According to data released by the Nepal Tourism Board on Monday, the total number of tourists visiting Nepal in the review period stands at 583,016.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">While the arrival of tourists has improved in 2024 compared to the previous year, there was a noticeable decline in June compared to the previous month. March and April, known for mountain climbing and trekking season, saw over 100,000 tourists each month. However, this number decreased in May and further in June, which saw 76,736 tourists, down from 90,211 in May.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Tourism experts argue that the monsoon season contributes to the drop in tourists, but they also point out that June, a non-monsoon month, should not see such a decline. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Former President of the Nepal Association of Tour and Travel Agents (NATTA), CN Pandey, attributes the decrease in number of tourists to high airfares. He explains that tourists often choose other destinations due to expensive flight tickets.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Connectivity is also difficult, making it cheaper to travel to other countries than to Nepal," said Pandey. "Additionally, the roads to major tourist destinations like Pokhara, Chitwan, and Bhairahawa are not easy to navigate."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Pandey cites several reasons for the decline in number of tourists in June, including the 13% Value Added Tax (VAT), high air fuel prices, and airport parking fees. He believes that reducing these fees is essential for increasing tourist arrivals.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government has set a target to attract 1.6 million tourists in the next fiscal year and aims to make Nepal a year-round tourist destination. Currently, arrival of tourists decreases during the summer, with the peak season being from September to November.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Maniraj Lamichhane, director of the Nepal Tourism Board, emphasized the need to increase tourist numbers to meet the government's target. To this end, the board has launched a 'Summer Season Chalo Nepal' campaign in India, promoting summer packages in Himalayan regions like Manang and Mustang. However, Lamichhane noted that the absence of a chief executive officer in the board has hindered publicity and promotion efforts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The data also showed a decrease in tourists from Nepal's major source countries, India and China. Although it was expected that arrival of Indian tourists would increase in summer, the number dropped from 38,288 in May to 37,835 in June. Similarly, arrival of Chinese tourists decreased from 8,381 in May to 7,494 in June.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21139', 'image' => '20240702010723_Tourist.jpg', 'article_date' => '2024-07-02 13:06:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21412', 'article_category_id' => '1', 'title' => 'National Consensus on BRI Remains Elusive', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepali Congress (NC) has taken a stance that it will now allow the country take loans under China's Belt and Road Initiative (BRI), signaling potential political manipulation affecting the BRI's progress.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: </span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Nepali Congress (NC) has taken a stance that it will now allow the country take loans under China's Belt and Road Initiative (BRI), signaling potential political manipulation affecting the BRI's progress.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Recently, Nepal faced disputes over the Millennium Challenge Corporation (MCC) grant from the American government due to lack of consensus among political parties. Eventually, in early 2022, the House of Representatives approved the US-funded program with an explanatory declaration, leading to its implementation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The NC’s public stance against accepting BRI loans has cast doubts about reaching an agreement on the BRI implementation plan and Chinese aid projects under it. Nepali Congress leader Dr. Prakash Sharan Mahat stated, "Nepal has a huge debt burden. The size of the loan should not be increased anymore. This (BRI) should only be taken forward with subsidies."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal's public debt began to rise rapidly after the 2015 earthquake, further exacerbated by the COVID-19 pandemic. Mahat noted that even concessional loans from the World Bank and the Asian Development Bank are not being utilized effectively, making additional loans impractical for development projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The NC’s position emerged as Nepal and China prepared to sign the BRI implementation plan. However, the Nepali Congress has not clearly stated its stance on accepting concessional loans. During the 16th meeting of the Nepal-China Diplomatic Consultative Mechanism in Kathmandu on June 25, Nepal raised the issue of grants under BRI, but the Chinese side did not agree.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On the same day, Prime Minister Pushpa Kamal Dahal emphasized Nepal's preference for receiving grants under BRI but mentioned the possibility of accepting loans at interest rates similar to those from the World Bank and the Asian Development Bank, which are Nepal's largest donors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Public Debt Management Office, most of the loans from the World Bank have an interest rate of 0.75 percent, while Asian Development Bank loans go up to 1.5 percent. Former ambassador to Denmark, Bijayakant Karna, expressed skepticism about reaching a consensus on the BRI implementation plan, comparing it to the MCC debate before its ratification. He suggested that without the Chinese offering at least concessional loans, there is little chance of immediate national consensus in Nepal regarding the BRI.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21138', 'image' => '20240702123010_Clipboard09-8-1.jpg', 'article_date' => '2024-07-02 12:29:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21411', 'article_category_id' => '1', 'title' => 'Seven Years of GST Saw Reduced Prices of Daily Consumables in India ', 'sub_title' => '', 'summary' => 'NEW DELHI: Hair oil, toothpaste, soap; detergents and washing powder; wheat; rice; curd, lassi, buttermilk; wrist watches; TV upto 32 inches; refrigators; washing machines, mobile phones, are among key items on which Goods and Services Tax (GST) rates have been slashed substantially, or for some kept at zero, benefiting people of India. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NEW DELHI: Hair oil, toothpaste, soap; detergents and washing powder; wheat; rice; curd, lassi, buttermilk; wrist watches; TV upto 32 inches; refrigators; washing machines, mobile phones, are among key items on which Goods and Services Tax (GST) rates have been slashed substantially, or for some kept at zero, benefiting people of India. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">A study conducted by the Finance Ministry of India suggested that consumers saved at least four per cent of their household monthly expenses on an aggregate after GST. Thus, consumers now spend less on daily consumables like cereals, edible oils, sugar, sweets and snacks. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Goods and Services Tax (GST), a key tax reform in India's history, has turned seven years on Monday. In the review period, many consumer-centric moves were taken under this new taxation regime. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The biggest tax reform GST was rolled out on July 1, 2017, removing the inefficiencies and complexities of the previous archaic taxation system. Over the years, GST has, among others, simplified compliance and reduced the cascading impact of tax. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Government of India has progressively lowered tax rates on essential and daily-use items. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">A range of decisions were taken in the GST Council with the consensus of the states and Union territories, benefitting households in one or the other way. GST Council has from time to time slashed taxes on key consumer goods of daily use, supporting household budgeting. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The GST Council, a federal body comprising the Union Finance Minister as its Chairman and Finance Ministers of all States as members, has played its part in the forum. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Before July 1, 2017, the indirect tax regime was highly fragmented. The Centre and States were separately taxing goods and services. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">There were many taxes like excise duty, service tax, VAT, CST, purchase tax, and entertainment tax, putting a multiple layer of burden on consumers. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">GST brought uniformity in the tax structure across India, eliminating the cascading effect of taxes. GST includes Central GST (CGST) and State GST (SGST), with Integrated GST (IGST) for interstate transactions. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Under GST, businesses can claim credit for taxes paid on inputs, avoiding double taxation. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In the earlier system, there was a multiplicity of rates, laws and procedures. This caused a heavy compliance burden. There used to be tax gates at every inter-state border, creating bottlenecks in the inter-state transport of goods. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The industry's choice of locating factories or warehouses was heavily influenced by the prevailing tax regime rather than pure business consideration, making the industry uncompetitive. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In 2,000, the then government had conceptualized GST and had set up a committee to design a GST model. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In the GST system, the salient features among those mentioned above are that it ensured compliance simplification with uniform processes across the country, a simple registration process - single return - minimal physical interface, faster refunds, a fully IT-driven system, free flow of goods - check posts removed. – ANI/RSS </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21137', 'image' => '20240702112854_Untitled.jpg', 'article_date' => '2024-07-02 11:28:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21410', 'article_category_id' => '1', 'title' => 'HoR Passes Bill on Investment Facilitation ', 'sub_title' => '', 'summary' => 'KATHMANDU: The House of Representatives (HoR) on Monday passed the Bill designed to Amend Some Nepal Acts on Investment Facilitation, 2081 BS. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The House of Representatives (HoR) on Monday passed the Bill designed to Amend Some Nepal Acts on Investment Facilitation, 2081 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The bill submitted at the HoR meeting by Minister for Industry, Commerce and Supplies Damodar Bhandari was approved by majority votes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government had introduced an ordinance in view of the Third Investment Summit to convince the investors of policy reforms on investment in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The bill has amended the existing provisions on registration of business startups, foreign investment and technology transfer, tenure extension of industries' operation, production of goods on a contract basis and some other issues. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, subsidies to the industries at special economic zones and easing the process for the establishment of prioritized industries in the forest sectors are also mentioned in the bill. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In its bid to ease the investment environment in the country, the government has amended different Acts including the Industrial Enterprises Act 2076, Lands Act of 2021 BS, National Parks and Wildlife Conservation Act of 2028 BS, Land Acquisition Act of 2034 BS, Special Economic Zone Act of 2073 BS, and Public Private Partnership and Investment Act of 2075 BS, Foreign Investment and Technology Transfer Act 2075 and Forest Act, 2076. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The HoR meeting on Monday also approved a proposal seeking consideration on 'Water Resources Bill, 2080' and the proposal tabled by Finance Minister Barsha Man Pun on "Bank and Financial Institutions (First Amendment) Bill, 2080". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The next meeting of the HoR is scheduled for coming Sunday. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21136', 'image' => '20240702105017_20160513034506_editor.jpg', 'article_date' => '2024-07-02 10:49:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21409', 'article_category_id' => '1', 'title' => ' NIC Asia Launches Mastercard Issuance Service', 'sub_title' => '', 'summary' => ' NIC Asia Bank Limited has launched a new Mastercard issuance service to enhance its payment system. The service was officially inaugurated during a program held in Pokhara on Sunday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 2: NIC Asia Bank Limited has launched a new Mastercard issuance service to enhance its payment system. The service was officially inaugurated during a program held in Pokhara on Sunday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to the bank, the Mastercard, which functions as a debit card, will be available at its branch offices. The card includes advanced security features such as an EMV chip and state-of-the-art contactless technology.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">With this card, customers can enjoy ATM withdrawals in Nepal, India, and Bhutan, as well as POS and e-commerce payment facilities.</span></span></p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21135', 'image' => '20240702054746_collage (48).jpg', 'article_date' => '2024-07-02 05:46:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '21408', 'article_category_id' => '1', 'title' => 'Govt Approves Nat'l Strategy and Action Plan on Anti-Money Laundering ', 'sub_title' => '', 'summary' => 'Kathmandu: A meeting of the Council of Ministers on Monday approved the National Strategy and Action Plan on Anti-Money Laundering and Counter-Terrorist Financing. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: A meeting of the Council of Ministers on Monday approved the National Strategy and Action Plan on Anti-Money Laundering and Counter-Terrorist Financing. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting also decided to approve Rs 382.2 million in grants to be received from the Government of Japan for human resource development, Minister for Communications and Information Technology Rekha Sharma said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Minister Sharma, the cabinet meeting decided to table a bill in the Federal Parliament designed to amend the Securities Act, 2063 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, a decision has been made to table the bills designed to amend the Financial Procedures and Fiscal Responsibility Act 2076 BS and Nepal Bar Council Act, 2050 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Sharma said that the cabinet meeting also decided to provide 107 hectares of land in Lamkichuha Municipality for the Rani-Jamara-Kulariya Irrigation Project. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21134', 'image' => '20240701090527_202Richest-People-scaled.jpg', 'article_date' => '2024-07-01 21:04:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21406', 'article_category_id' => '1', 'title' => 'NEPSE Index Gains 16.29 Points', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index witnessed a gain of 16.29 points, or 0.80%, closing ta 2053.38 on the second trading day of the week on Monday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 1: The Nepal Stock Exchange (NEPSE) Index witnessed a gain of 16.29 points, or 0.80%, closing ta 2053.38 on the second trading day of the week on Monday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Today’s trading day commenced with the index at 2,038.7 points, reaching an intraday low of 2,030.38 points. It climbed to an intraday high of 2,053.38 points before settling at the closing value of 2,053.38 points.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 323 scrips were traded through 44,169 transactions on the NEPSE. A total of 7,165,735 shares were exchanged with total turnover of Rs 2.99 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nepal Finance Ltd. (NFS) led the market in terms of turnover, achieving Rs. 19.13 crores and closing at Rs. 873 per share. Himalaya Urja Bikas Company Limited (HURJA) gained the most, with a rise of 9.74% for the day, while Nepal Finance Ltd. (NFS) experienced a significant loss of 10%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector performance, only two sector indices concluded the day in negative territory. The "Banking Index" recorded the highest sectoral gain of 2.04%, while the "Finance Index" saw the highest loss, declining by 0.83%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21132', 'image' => '20240701033203_collage (47).jpg', 'article_date' => '2024-07-01 15:30:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '21405', 'article_category_id' => '1', 'title' => 'Rent Dispute in Industrial Area: IDML Decides to Collect Rs 690 Million Dues from Industrialists', 'sub_title' => '', 'summary' => 'KATHMANDU: The Board of Directors of the Industrial District Management Limited (IDML) has decided to collect outstanding dues from industrialists based on rates established six years ago.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">HIMA BK</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The Board of Directors of the Industrial District Management Limited (IDML) has decided to collect outstanding dues from industrialists based on rates established six years ago.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IDML is a corporate entity established by the government in 1988 for the overall management and supervision of industrial districts as well as promotion of industries within those districts.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the IDML’s board meeting on Saturday, the Board of Directors resolved to collect arrears according to the rate established on July 17, 2018. The decision was based on the recent verdict of the Patan High Court ordering the implementation of the rate from that particular date.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Dissatisfied with the High Court's order, industrialists operating in the industrial areas have filed a case in the Supreme Court. Although the case is sub judice, the board decided to proceed with the High Court's order. As a result, industrialists now owe Rs 690 million to the government based on the established rate effective from July 17, 2018.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Krishna Bahadur Pun, information officer of Industrial District Management Limited, stated that the board's decision mandates industrialists to pay land rent based on the rate fixed six years ago. Letters will be sent to all 10 Industrial District Management Offices to implement this decision. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The offices will then notify industrialists to make the payments. A discount facility is available for timely payments. A three percent discount is available for payments within 30 days while the industrialists will have to make the full payments between 30 to 90 days, while a 12 percent annual fine will be imposed for payments later than 90 days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">There is ongoing tension between the IDML and the industrialists regarding the payment of dues. Ramheera Pathak, president of the Federation of Nepal Industrial Sector Industries, who attended the board meeting, disagreed with the decision to collect arrears as per the High Court's order.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Pathak questioned the board's decision-making process, especially given the pending Supreme Court case filed by the industrialists. He argued that the decision could negatively impact the industrial environment and suggested that the government might need to take sole responsibility for running the industries.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Pathak emphasized that industrialists are willing to pay rent hike aligned with relevant regulations but oppose arbitrary increases. He noted that since 2018, 45 industries have left the sector, raising concerns about the feasibility of collecting arrears from these entities. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Pathak also pointed out discrepancies in the IDML’s financial practices, such as not reflecting amounts receivable from industrialists in its balance sheet.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Federation of Nepal Industrial Sector Industries represents 10 industrial associations in Balaju, Patan, Bhaktapur, Hetaunda, Dharan, Nepalgunj, Pokhara, Butwal, Birendranagar, and Rajbiraj. Industrialists had filed a case in the Patan High Court on July 16, 2023, demanding the cancellation of the rate set by the IDML. The High Court dismissed the case on February 18, 2024, and ordered the implementation of the rate established on July 17, 2018.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21131', 'image' => '20240701033037_20200819013035_1597786507.Clipboard12.jpg', 'article_date' => '2024-07-01 15:29:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21404', 'article_category_id' => '1', 'title' => 'India’s Policy on Rice Exports Adversely Affecting Domestic Rice Industry of Nepal', 'sub_title' => '', 'summary' => 'BIRGUNJ: The domestic rice industry of Nepal has been adversely affected by the tariffs imposed by India on rice exports. India implemented a policy last year that charges a 20 percent export duty on rice to control its domestic market prices. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">OM PRAKASH KHANAL</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">BIRGUNJ: The domestic rice industry of Nepal has been adversely affected by the tariffs imposed by India on rice exports. India implemented a policy last year that charges a 20 percent export duty on rice to control its domestic market prices. Although India waived this export duty for Nepal by determining a rice quota last year, this year, the absence of such a quota has hindered the import of rice from India, crippling the local industry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Industrialists report that the majority of rice factories are operating at minimal capacity, with Nepal's rice industry heavily reliant on Indian rice.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Subodh Kumar Gupta, outgoing president of the Nepal Rice, Pulses and Oil Industry Association, stated that the domestic rice industry is currently operating at only 10 to 20 percent of its capacity. India periodically restricts food grain exports to stabilize domestic prices.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In addition to rice, India has implemented export controls on other food grains, including wheat and sugar, while imposing zero customs duty on edible oil imports to reduce its price. This zero customs duty policy has also placed the domestic oil industry in crisis.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Gupta, who also heads the Trade Committee of the Federation of Nepalese Chambers of Commerce and Industries, indicated that India's policy changes, aimed at managing its supply system, have severely impacted domestic production in Nepal. He criticized the Government of Nepal for failing to take effective diplomatic steps to address the issues arising from Indian policies.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"While it is understandable for India to adopt trade policies favorable to its interests, our government did not take the necessary diplomatic initiatives," said Gupta. "As a result, the rice industry here is on the brink of collapse." </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Gupta highlighted that the Indian government's policy of reducing food prices was influenced by the recently concluded Lok Sabha elections. Early last year, India imposed a 20 percent export duty on paddy and rice and later halted the export of all rice except basmati rice.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Data from Birganj Customs show a significant decrease in rice imports. Dilaram Panthi, Chief Customs Officer of Birgunj Customs Office, reported that rice imports were halted this year as India removed the quota allocation. From mid-July to mid-June of the last fiscal year (FY 2079/80), Nepal imported 340,829 tons of rice from India. This quantity dropped to 201,319 tons in the corresponding period of the current fiscal year (FY 2080/81).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">An official from the Ministry of Industry, Commerce and Supplies stated that the Lok Sabha elections in India affected the rice quota allocation. Efforts are being made to resolve this issue, said the official.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Importing rice from India requires paying a 20 percent Indian customs duty, a 5 percent agricultural reform fee, and a 2.5 percent advance income tax to customs office of Nepal. Industrialist Gupta noted that the cumulative cost of these duties makes it unfeasible to sustain the industry with imported rice.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21130', 'image' => '20240701025106_rrr.jpg', 'article_date' => '2024-07-01 14:44:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21403', 'article_category_id' => '1', 'title' => 'Abhimanyu Golchha Elected as New President of NYEF Kathmandu', 'sub_title' => '', 'summary' => 'Kathmandu: The 6th Annual General Meeting (AGM) of Nepalese Young Entrepreneurs Forum (NYEF) Kathmandu elected Abhimanyu Golchha as its new president. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt">Kathmandu: </span></strong><span style="font-size:14.0pt">The 6th Annual General Meeting (AGM) of Nepalese Young Entrepreneurs Forum (NYEF) Kathmandu elected Abhimanyu Golchha as its new president. The AGM was held in Kathmandu on June 28.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Golchha will take the place of outgoing president Prarthana Saakha, reads a statement issued by NYEF Kathmandu.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt">Newly-elected President Abhimanyu Golchha </span></strong><span style="font-size:14.0pt">is the executive director of Golchha Group and brings extensive experience to the role. He expressed his commitment to continuing the organization's focus on improving the entrepreneurial landscape and giving a platform for young entrepreneurs to drive for positive change. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">NYEF Kathmandu extends its heartfelt gratitude to Ms. Saakha for her exceptional leadership and dedication, significantly contributing to the organization's growth.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Golchha’s executive committee includes immediate past president Prarthana Saakha. The AGM elected Appa Sherpa as the first vice president and Anubhav Shrestha as the second vice president. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Executive members of the committee are Cheteze Tamang, Ichhya Malla, Nirdesh Dwa, Saurabh Shrestha, Vedika Murarka, Sandeep Sharma, Surakshya Adhikari, Santosh Pandey and Nikhil Agrawal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“These passionate individuals will bring their diverse expertise to NYEF Kathmandu, further enhancing the organization's ability to foster entrepreneurship and create opportunities for youth and women in Nepal,” reads the statement.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to NYEF Kathmandu, the newly elected team is enthusiastic about continuing the forum’s mission to nurture entrepreneurial spirit and drive positive change in the local business ecosystem. They are committed to building on past achievements and leading the organization to new heights, added the statement.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The statement further mentions that NYEF Kathmandu organized numerous events promoting youth and women entrepreneurship under the leadership of Saakha including the NYEF Startup Award, a felicitation event for women entrepreneurs, the NYEF Junior Entrepreneurship program, and various networking events. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21129', 'image' => '20240701021410_picture1.jpg', 'article_date' => '2024-07-01 14:13:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21402', 'article_category_id' => '1', 'title' => 'Department of Cooperatives Limited to Issuing Instructions', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Cooperatives of the Federal Government, which is responsible for monitoring cooperatives and taking action against erring entities and directors, has been found to be limited to issuing instructions rather than enforcing them.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Department of Cooperatives of the Federal Government, which is responsible for monitoring cooperatives and taking action against erring entities and directors, has been found to be limited to issuing instructions rather than enforcing them.</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"">Recently, on June 13, the department issued a notice instructing that individuals maintain membership in only one cooperative of the same nature at the local level. According to Subsection (1) of Section 32 of the Cooperatives Act, 2074 (2017), a person cannot be a member of more than one cooperative of the same nature at the local level. Those who were members of more than one such organization before the Act came into effect were required to choose one membership within three years. If the department had implemented the Act, dual memberships would have ended by October 2020. However, more than three years after this deadline, the enforcement remains limited to departmental instructions.</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"">On June 13, the department directed cooperatives to join the Cooperative and Poverty Alleviation Information System (COPOMIS) and enter specified details within one month. Section 73 of the Cooperatives Act, 2074 mandates that cooperatives must be affiliated with COPOMIS. However, due to non-compliance, the government lacks reliable data on cooperatives.</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 Cooperatives Act empowers the registrar of the department to impose fines of up to Rs 500, 000 on non-compliant organizations and individuals. Despite this, no action has been taken against cooperatives or directors. </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"">Pitambar Ghimire, the department's registrar, stated that the law entrusts the Department of Cooperatives and the registrar with both promotional and punitive responsibilities. Therefore, the department is hesitant to take action directly as it is also responsible for the promotion of cooperatives, argues Ghimire.</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"">Last November, following recommendations from the Cooperative Reform Suggestion Task Force, the department issued a notice instructing cooperatives to submit a white paper detailing their financial status, including savings, liabilities, investments, assets, and an action plan for returning savings, within one month. However, cooperatives have not complied with these instructions either.</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"">Previously, on February 13, 2022, the department issued an 88-point integrated directive, instructing cooperatives to implement the Act's provisions and regulations. Three months later, it also issued a 35-point instruction, which included a directive for elected representatives to resign from the post of cooperatives’ director and a provision allowing only 49% of directors to manage loans. These directives also remain unenforced. </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"">In March, the department in collaboration with Nepal Rastra Bank monitored 19 cooperatives but did not impose fines or take action against those in violation. Instead, the department merely instructed these organizations to rectify their problems. </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"">A cooperative stakeholder noted that due to the department's inefficacy, there is a growing demand for a separate regulatory body to monitor cooperatives.</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 department has failed to implement numerous provisions of the Cooperatives Act. Structures envisioned in the Act, such as the Cooperative Credit Information Center, Debt Recovery Tribunal, and Credit and Deposit Protection Fund, have not been established even six years after the endorsement of the Act.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21128', 'image' => '20240701123458_20220214015629_Cooperative dept.jpg', 'article_date' => '2024-07-01 12:34:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21401', 'article_category_id' => '1', 'title' => 'Rising Incidents of Check Bounce Causes Insecurity among Business Community', 'sub_title' => '', 'summary' => 'BIRATNAGAR: Industrialists in the Sunsari-Morang Industrial Corridor have expressed concerns about the rising insecurity caused by bounced checks and the pressure exerted by both political and non-political entities.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">BEDRAJ POUDEL </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"">BIRATNAGAR: Industrialists in the Sunsari-Morang Industrial Corridor have expressed concerns about the rising insecurity caused by bounced checks and the pressure exerted by both political and non-political entities. The industrialists highlighted this issue during an interaction organized by the Morang Merchants’ Association and the Koshi Province chapter of the Confederation of Nepalese Industries. The industrialists informed about the incidents of check bounce to Additional Inspector General of Police Bhim Bahadur Dhakal who also attended the interaction.</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"">Anish Kumar Sah, acting president of the association, noted that industrialists face threats from various power centers when they pursue legal action for bounced checks, making it difficult to collect the dues. He also mentioned that the police often detain and interrogate industrialists and businessmen without any valid reason, leading to a call for more considerate handling of such cases.</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"">Pawan Kumar Sharda, president of the Koshi chapter of CNI, pointed out that along with the issue of bounced checks, land mafia have been active, causing financial losses to long-standing industries. He claimed that these gangs collaborate with the employees of the Land Revenue Office to create additional hardships for the industrialists.</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"">Navin Rijal, current president of the association, remarked that crime rates have increased as due to the weakening condition of the country's economy. He emphasized that the problem of bounced checks is becoming more complex and noted that imported goods from third countries are often delayed at the customs, causing higher transportation costs for industrialists.</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"">Bhim Ghimire, central vice president of the CNI, stressed the need to reduce financial crimes, especially during times of economic downturn. He praised the police administration's recent efforts in maintaining peace and security.</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"">Rakesh Surana, president of the Chamber of Industries Morang, requested that traffic police to check the documents of trucks carrying industrial raw materials and products at one location only to avoid repeated checks within short distances. He also asked the police to facilitate in resolving the check bounce issues. Tourism entrepreneur Bhavish Shrestha complained that unnecessary traffic checks and illegal parking fees in Itahari have been discouraging tourists from India.</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 association’s Vice President Bikas Begbani highlighted the insecurity in gold trading and called for armed security guards for gold traders. He also mentioned the issue of bounced checks as a major problem.</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"">Sushil Joshi, representing the transportation entrepreneurs, suggested that police use QR stickers on cargo vehicles that have already been checked to streamline the process and avoid repeated stops.</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"">Senior Superintendent of Police Bhim Dahal informed that Tourist Police will be stationed at 11 locations in Koshi Province to address the concerns raised by the business community. Additional Inspector General of Police Dhakal emphasized the importance of information and assistance from industrialists in stopping illegal sumggling at the border. He committed to supporting industrialists and businessmen in addressing check bounce issues and suggested installing CC cameras in front of homes, industries, and shops to aid in crime control. Dhakal assured that the police are ready to solve the problems faced by industrialists and businessmen, urging them to also focus on initial security measures.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21127', 'image' => '20240701113415_check.jpg', 'article_date' => '2024-07-01 11:33:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21400', 'article_category_id' => '1', 'title' => 'Dry Weather Behind Decreased Milk Collection', 'sub_title' => '', 'summary' => 'MAKAWANPUR: The collection of milk from dairy farmers has been adversely affected in the Hetauda Dairy Distribution Project due to a decline in milk production, caused by the prolonged dry weather in the Terai areas.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">MAKAWANPUR: The collection of milk from dairy farmers has been adversely affected in the Hetauda Dairy Distribution Project due to a decline in milk production, caused by the prolonged dry weather in the Terai areas.</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 project had been collecting approximately 22,000 to 23,000 litres of milk daily until a few months ago, but now it stands at just 6,000 litres a day, said Rajiv Khanal, chief of the Project. The project used to sell around 4,000 litres of milk daily to local consumers in Birgunj, Hetauda, and Bharatpur, while 12,000 litres were sent to Biratnagar for production of powdered milk.</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 project sources milk from about 200 dairy producers' cooperatives in Sarlahi, Bara, Rautahat, and Parsa districts in Madhesh Province and Makawanpur in Bagmati Province. However, due to the decline in milk collection, the facility has not been able to sell its product at the same volume as in the past, Khanal added.</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"">With the onset of the monsoon and rainfall in the Terai, the availability of fodder is expected to increase, which would contribute to higher milk production from cattle and similar collection levels at the dairies. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21126', 'image' => '20240701104046_20210714055638_Dairy.jpg', 'article_date' => '2024-07-01 10:39:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21399', 'article_category_id' => '1', 'title' => 'NOC Hikes Fuel Prices', 'sub_title' => '', 'summary' => 'Nepal Oil Corporation (NOC) has increased the prices of petroleum products. The corporation has hiked price of petrol by Rs 2 per liter, and the prices of diesel and kerosene have been raised by Rs 5 per liter', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 31: Nepal Oil Corporation (NOC) has increased the prices of petroleum products. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The corporation has hiked price of petrol by Rs 2 per liter, and the prices of diesel and kerosene have been raised by Rs 5 per liter.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NOC, however, has not changed the prices of aviation fuel and LPG gas. The new prices will come into effect from Sunday’s midnight. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Following the price adjustment, petrol will cost Rs 167 per liter and diesel and kerosene will cost Rs 157 per liter in Kathmandu, Pokhara, and Dipayal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Similarly, in areas around Charali, Biratnagar, Janakpur, Amlekhganj, Bhalwari, Nepalgunj, Dhangadhi, and Birgunj, petrol will cost Rs 164 per liter and diesel and kerosene will cost Rs 152 per liter. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In Surkhet and Dang, petrol has been priced at Rs 166 per liter and diesel and kerosene priced at Rs 156 per liter.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21125', 'image' => '20240701055652_collage (46).jpg', 'article_date' => '2024-07-01 05:55:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21414', 'article_category_id' => '1', 'title' => 'Probe into 60 kg Gold Smuggling Case Reveals Smuggling of Additional 362 kg of Gold', 'sub_title' => 'Use of Electronic Wallets for Illegal Payments', 'summary' => 'KATHMANDU: Sixty kilograms of gold hidden in the 'brake shoes' meant for motorcycles was recovered outside the Tribhuvan International Airport last July. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">BIJAY DAMASE</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Sixty kilograms of gold hidden in the 'brake shoes' meant for motorcycles was recovered outside the Tribhuvan International Airport last July. A police investigation has since revealed that the same gang smuggled gold worth approximately Rs 32 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On July 18 of the previous year, the Revenue Investigation Department seized 60 kg and 716 grams of gold concealed in motorcycle brake shoes. Initially, the department conducted the investigation, but it was later handed over to the Central Investigation Bureau (CIB) of Nepal Police.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On September 17, 2023, the Kathmandu District Public Prosecutor's Office filed a case against 29 individuals, including Chinese nationals, in the Kathmandu District Court. The police investigation uncovered that a group of Chinese smugglers, connected with leaders such as former Speaker Krishna Bahadur Mahara, orchestrated the smuggling. It was found that Daoxin Wang, the "mastermind" of this smuggling operation, had several telephone contacts with Mahara, who is also the vice-chairman of the CPN (Maoist Center). Although Mahara was questioned, he was not named as a defendant. Mahara's son Rahul and former Vice President Nanda Bahadur Pun's son Dipesh were also questioned.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Despite filing a case against 29 individuals last year, the police continued their investigation, uncovering further smuggling activities. It was found that gold worth Rs 31.822 billion had been smuggled through five fake companies, with gold hidden in electrical equipment and brakes. The investigation revealed that 2,831 kg 89 grams of gold were hidden in electrical goods and 362 kg 778 grams in brakes. Twenty more individuals were arrested during this investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The volume of gold smuggled by this group amounts to almost the annual gold import through formal channels. In the last fiscal year (FY) 2079/80, Nepal imported gold worth Rs 39.93 billion through official channels. In the current year, gold worth Rs 23.65 billion was imported in the first 11 months, totaling 2,652 tons. This shows that the smuggling of gold has had significant impact on foreign currency reserves.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The police discovered that gold was smuggled through Bhujel Electric Suppliers Pvt Ltd, Hwada Electric Suppliers Pvt Ltd, Chungak Electric Suppliers Pvt Ltd, Dolakha Electric Suppliers Pvt Ltd, and Ready Trade Pvt Ltd. Ready Trade Pvt Ltd was implicated when the Revenue Investigation Department seized gold outside Tribhuvan International Airport. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Additionally, two payment gateways, Paywell Nepal Pvt Ltd and Easy Payment Service Pvt Ltd, were involved in illegal payments for the smuggled gold, leading to the arrest of eight individuals, including board members and employees.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During the first phase of the investigation, the police found that 362 kg 778 grams of gold hidden in the brake shoes were smuggled into Nepal. The CIB filed a charge sheet against 29 individuals on September 17, 2023, demanding Rs 3.50 billion from them. Out of the 29 people arrested, 24 are in pre-trial detention. In the second phase, 46 individuals were made defendants, with 20 arrested and 26 still absconding.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The CIB arrested several key figures involved in the smuggling and illegal payment processes, including Siddanath Ashok Gaikwad, Dheeraj Dinesh Bhoite, Prashant Ganesh Baj Balkar, Chinese nationals Genja Jhachi and Sherap Sonam Gurung, Raju Palase, Kancha Lama, Manojraj Shrestha, Rupak Bhandari, Baijnath Brahmadatta Goyal, and Surendraman Shrestha. Paywell's chairman Bhimprasad Timalsina and several employees were also arrested.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Daoxin Wang's group set up seven companies, smuggling gold through five of them. Fake companies like Bhujel Electric Suppliers Pvt Ltd and Hwada Electric Suppliers Pvt Ltd were part of Wang's scheme. Gold was smelted at factories operated by Yao Pucheng's group in Tokha and Zhong Jingchuan's group in Lazimpat, with further operations at Sankata Mandir and Tangal in Patan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The police found images of the gold hidden in the brake shoes on Siddanath Ashok Gaikwad's mobile phone, along with conversations between key figures in the smuggling operation. Additionally, images of the gold were found on the phone of a Nepalese Gamba Sherpa, who later committed suicide.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Electronic Wallet Used for Illegal Payments</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Investigations revealed that electronic wallets, promoted by Nepal Rastra Bank to reduce cash usage, were used for illegal transactions. The CIB's investigation into gold smuggling found that Paywell and Easy Pay Wallet conducted illegal transactions worth over Rs 123 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">From April 25, 2023, to June 3, 2024, Paywell's wallet received e-money credits worth Rs 86 billion, with Rs 61.5 billion deposited through vouchers instead of bank transfers. Similarly, Easy Pay Wallet loaded e-money worth Rs 36.94 billion, with Rs 19.46 billion uploaded through vouchers. Following the investigation, Nepal Rastra Bank froze the accounts of both wallet companies on June 3.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank has set transaction limits of Rs 200,000 per day and Rs 1 million per month for wallets, with different limits for transactions from one wallet to another. Wallet companies can also partner with remittance companies to send remittances, with no applicable limits. However, both Paywell and Easy Pay used unauthorized methods for remittance transactions and engaged in Hundi transactions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The CIB investigation found that the wallet companies conducted cash transactions through agents without Nepal Rastra Bank's approval, used bank vouchers as payment instruments, and issued more e-money than what was in the bank's settlement account. The companies also submitted inaccurate daily and monthly transaction details to the Nepal Rastra Bank’s Payment System Department.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21140', 'image' => '20240702013841_1592322460.gold_.jpg', 'article_date' => '2024-07-02 13:37:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21413', 'article_category_id' => '1', 'title' => 'Expensive Airfares Lower Number of Tourists', 'sub_title' => 'Nearly 600,000 Foreign Tourists Visit Nepal in 6 Months', 'summary' => 'KATHMANDU: Nearly 600,000 foreign tourists visited Nepal in the first six months of 2024. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Nearly 600,000 foreign tourists visited Nepal in the first six months of 2024. According to data released by the Nepal Tourism Board on Monday, the total number of tourists visiting Nepal in the review period stands at 583,016.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">While the arrival of tourists has improved in 2024 compared to the previous year, there was a noticeable decline in June compared to the previous month. March and April, known for mountain climbing and trekking season, saw over 100,000 tourists each month. However, this number decreased in May and further in June, which saw 76,736 tourists, down from 90,211 in May.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Tourism experts argue that the monsoon season contributes to the drop in tourists, but they also point out that June, a non-monsoon month, should not see such a decline. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Former President of the Nepal Association of Tour and Travel Agents (NATTA), CN Pandey, attributes the decrease in number of tourists to high airfares. He explains that tourists often choose other destinations due to expensive flight tickets.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Connectivity is also difficult, making it cheaper to travel to other countries than to Nepal," said Pandey. "Additionally, the roads to major tourist destinations like Pokhara, Chitwan, and Bhairahawa are not easy to navigate."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Pandey cites several reasons for the decline in number of tourists in June, including the 13% Value Added Tax (VAT), high air fuel prices, and airport parking fees. He believes that reducing these fees is essential for increasing tourist arrivals.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government has set a target to attract 1.6 million tourists in the next fiscal year and aims to make Nepal a year-round tourist destination. Currently, arrival of tourists decreases during the summer, with the peak season being from September to November.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Maniraj Lamichhane, director of the Nepal Tourism Board, emphasized the need to increase tourist numbers to meet the government's target. To this end, the board has launched a 'Summer Season Chalo Nepal' campaign in India, promoting summer packages in Himalayan regions like Manang and Mustang. However, Lamichhane noted that the absence of a chief executive officer in the board has hindered publicity and promotion efforts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The data also showed a decrease in tourists from Nepal's major source countries, India and China. Although it was expected that arrival of Indian tourists would increase in summer, the number dropped from 38,288 in May to 37,835 in June. Similarly, arrival of Chinese tourists decreased from 8,381 in May to 7,494 in June.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21139', 'image' => '20240702010723_Tourist.jpg', 'article_date' => '2024-07-02 13:06:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21412', 'article_category_id' => '1', 'title' => 'National Consensus on BRI Remains Elusive', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepali Congress (NC) has taken a stance that it will now allow the country take loans under China's Belt and Road Initiative (BRI), signaling potential political manipulation affecting the BRI's progress.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: </span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Nepali Congress (NC) has taken a stance that it will now allow the country take loans under China's Belt and Road Initiative (BRI), signaling potential political manipulation affecting the BRI's progress.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Recently, Nepal faced disputes over the Millennium Challenge Corporation (MCC) grant from the American government due to lack of consensus among political parties. Eventually, in early 2022, the House of Representatives approved the US-funded program with an explanatory declaration, leading to its implementation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The NC’s public stance against accepting BRI loans has cast doubts about reaching an agreement on the BRI implementation plan and Chinese aid projects under it. Nepali Congress leader Dr. Prakash Sharan Mahat stated, "Nepal has a huge debt burden. The size of the loan should not be increased anymore. This (BRI) should only be taken forward with subsidies."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal's public debt began to rise rapidly after the 2015 earthquake, further exacerbated by the COVID-19 pandemic. Mahat noted that even concessional loans from the World Bank and the Asian Development Bank are not being utilized effectively, making additional loans impractical for development projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The NC’s position emerged as Nepal and China prepared to sign the BRI implementation plan. However, the Nepali Congress has not clearly stated its stance on accepting concessional loans. During the 16th meeting of the Nepal-China Diplomatic Consultative Mechanism in Kathmandu on June 25, Nepal raised the issue of grants under BRI, but the Chinese side did not agree.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On the same day, Prime Minister Pushpa Kamal Dahal emphasized Nepal's preference for receiving grants under BRI but mentioned the possibility of accepting loans at interest rates similar to those from the World Bank and the Asian Development Bank, which are Nepal's largest donors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Public Debt Management Office, most of the loans from the World Bank have an interest rate of 0.75 percent, while Asian Development Bank loans go up to 1.5 percent. Former ambassador to Denmark, Bijayakant Karna, expressed skepticism about reaching a consensus on the BRI implementation plan, comparing it to the MCC debate before its ratification. He suggested that without the Chinese offering at least concessional loans, there is little chance of immediate national consensus in Nepal regarding the BRI.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21138', 'image' => '20240702123010_Clipboard09-8-1.jpg', 'article_date' => '2024-07-02 12:29:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21411', 'article_category_id' => '1', 'title' => 'Seven Years of GST Saw Reduced Prices of Daily Consumables in India ', 'sub_title' => '', 'summary' => 'NEW DELHI: Hair oil, toothpaste, soap; detergents and washing powder; wheat; rice; curd, lassi, buttermilk; wrist watches; TV upto 32 inches; refrigators; washing machines, mobile phones, are among key items on which Goods and Services Tax (GST) rates have been slashed substantially, or for some kept at zero, benefiting people of India. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NEW DELHI: Hair oil, toothpaste, soap; detergents and washing powder; wheat; rice; curd, lassi, buttermilk; wrist watches; TV upto 32 inches; refrigators; washing machines, mobile phones, are among key items on which Goods and Services Tax (GST) rates have been slashed substantially, or for some kept at zero, benefiting people of India. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">A study conducted by the Finance Ministry of India suggested that consumers saved at least four per cent of their household monthly expenses on an aggregate after GST. Thus, consumers now spend less on daily consumables like cereals, edible oils, sugar, sweets and snacks. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Goods and Services Tax (GST), a key tax reform in India's history, has turned seven years on Monday. In the review period, many consumer-centric moves were taken under this new taxation regime. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The biggest tax reform GST was rolled out on July 1, 2017, removing the inefficiencies and complexities of the previous archaic taxation system. Over the years, GST has, among others, simplified compliance and reduced the cascading impact of tax. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Government of India has progressively lowered tax rates on essential and daily-use items. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">A range of decisions were taken in the GST Council with the consensus of the states and Union territories, benefitting households in one or the other way. GST Council has from time to time slashed taxes on key consumer goods of daily use, supporting household budgeting. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The GST Council, a federal body comprising the Union Finance Minister as its Chairman and Finance Ministers of all States as members, has played its part in the forum. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Before July 1, 2017, the indirect tax regime was highly fragmented. The Centre and States were separately taxing goods and services. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">There were many taxes like excise duty, service tax, VAT, CST, purchase tax, and entertainment tax, putting a multiple layer of burden on consumers. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">GST brought uniformity in the tax structure across India, eliminating the cascading effect of taxes. GST includes Central GST (CGST) and State GST (SGST), with Integrated GST (IGST) for interstate transactions. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Under GST, businesses can claim credit for taxes paid on inputs, avoiding double taxation. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In the earlier system, there was a multiplicity of rates, laws and procedures. This caused a heavy compliance burden. There used to be tax gates at every inter-state border, creating bottlenecks in the inter-state transport of goods. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The industry's choice of locating factories or warehouses was heavily influenced by the prevailing tax regime rather than pure business consideration, making the industry uncompetitive. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In 2,000, the then government had conceptualized GST and had set up a committee to design a GST model. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In the GST system, the salient features among those mentioned above are that it ensured compliance simplification with uniform processes across the country, a simple registration process - single return - minimal physical interface, faster refunds, a fully IT-driven system, free flow of goods - check posts removed. – ANI/RSS </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21137', 'image' => '20240702112854_Untitled.jpg', 'article_date' => '2024-07-02 11:28:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21410', 'article_category_id' => '1', 'title' => 'HoR Passes Bill on Investment Facilitation ', 'sub_title' => '', 'summary' => 'KATHMANDU: The House of Representatives (HoR) on Monday passed the Bill designed to Amend Some Nepal Acts on Investment Facilitation, 2081 BS. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The House of Representatives (HoR) on Monday passed the Bill designed to Amend Some Nepal Acts on Investment Facilitation, 2081 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The bill submitted at the HoR meeting by Minister for Industry, Commerce and Supplies Damodar Bhandari was approved by majority votes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government had introduced an ordinance in view of the Third Investment Summit to convince the investors of policy reforms on investment in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The bill has amended the existing provisions on registration of business startups, foreign investment and technology transfer, tenure extension of industries' operation, production of goods on a contract basis and some other issues. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, subsidies to the industries at special economic zones and easing the process for the establishment of prioritized industries in the forest sectors are also mentioned in the bill. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In its bid to ease the investment environment in the country, the government has amended different Acts including the Industrial Enterprises Act 2076, Lands Act of 2021 BS, National Parks and Wildlife Conservation Act of 2028 BS, Land Acquisition Act of 2034 BS, Special Economic Zone Act of 2073 BS, and Public Private Partnership and Investment Act of 2075 BS, Foreign Investment and Technology Transfer Act 2075 and Forest Act, 2076. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The HoR meeting on Monday also approved a proposal seeking consideration on 'Water Resources Bill, 2080' and the proposal tabled by Finance Minister Barsha Man Pun on "Bank and Financial Institutions (First Amendment) Bill, 2080". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The next meeting of the HoR is scheduled for coming Sunday. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21136', 'image' => '20240702105017_20160513034506_editor.jpg', 'article_date' => '2024-07-02 10:49:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21409', 'article_category_id' => '1', 'title' => ' NIC Asia Launches Mastercard Issuance Service', 'sub_title' => '', 'summary' => ' NIC Asia Bank Limited has launched a new Mastercard issuance service to enhance its payment system. The service was officially inaugurated during a program held in Pokhara on Sunday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 2: NIC Asia Bank Limited has launched a new Mastercard issuance service to enhance its payment system. The service was officially inaugurated during a program held in Pokhara on Sunday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to the bank, the Mastercard, which functions as a debit card, will be available at its branch offices. The card includes advanced security features such as an EMV chip and state-of-the-art contactless technology.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">With this card, customers can enjoy ATM withdrawals in Nepal, India, and Bhutan, as well as POS and e-commerce payment facilities.</span></span></p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21135', 'image' => '20240702054746_collage (48).jpg', 'article_date' => '2024-07-02 05:46:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '21408', 'article_category_id' => '1', 'title' => 'Govt Approves Nat'l Strategy and Action Plan on Anti-Money Laundering ', 'sub_title' => '', 'summary' => 'Kathmandu: A meeting of the Council of Ministers on Monday approved the National Strategy and Action Plan on Anti-Money Laundering and Counter-Terrorist Financing. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: A meeting of the Council of Ministers on Monday approved the National Strategy and Action Plan on Anti-Money Laundering and Counter-Terrorist Financing. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting also decided to approve Rs 382.2 million in grants to be received from the Government of Japan for human resource development, Minister for Communications and Information Technology Rekha Sharma said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Minister Sharma, the cabinet meeting decided to table a bill in the Federal Parliament designed to amend the Securities Act, 2063 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, a decision has been made to table the bills designed to amend the Financial Procedures and Fiscal Responsibility Act 2076 BS and Nepal Bar Council Act, 2050 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Sharma said that the cabinet meeting also decided to provide 107 hectares of land in Lamkichuha Municipality for the Rani-Jamara-Kulariya Irrigation Project. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21134', 'image' => '20240701090527_202Richest-People-scaled.jpg', 'article_date' => '2024-07-01 21:04:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21406', 'article_category_id' => '1', 'title' => 'NEPSE Index Gains 16.29 Points', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index witnessed a gain of 16.29 points, or 0.80%, closing ta 2053.38 on the second trading day of the week on Monday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 1: The Nepal Stock Exchange (NEPSE) Index witnessed a gain of 16.29 points, or 0.80%, closing ta 2053.38 on the second trading day of the week on Monday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Today’s trading day commenced with the index at 2,038.7 points, reaching an intraday low of 2,030.38 points. It climbed to an intraday high of 2,053.38 points before settling at the closing value of 2,053.38 points.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 323 scrips were traded through 44,169 transactions on the NEPSE. A total of 7,165,735 shares were exchanged with total turnover of Rs 2.99 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nepal Finance Ltd. (NFS) led the market in terms of turnover, achieving Rs. 19.13 crores and closing at Rs. 873 per share. Himalaya Urja Bikas Company Limited (HURJA) gained the most, with a rise of 9.74% for the day, while Nepal Finance Ltd. (NFS) experienced a significant loss of 10%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector performance, only two sector indices concluded the day in negative territory. The "Banking Index" recorded the highest sectoral gain of 2.04%, while the "Finance Index" saw the highest loss, declining by 0.83%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21132', 'image' => '20240701033203_collage (47).jpg', 'article_date' => '2024-07-01 15:30:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '21405', 'article_category_id' => '1', 'title' => 'Rent Dispute in Industrial Area: IDML Decides to Collect Rs 690 Million Dues from Industrialists', 'sub_title' => '', 'summary' => 'KATHMANDU: The Board of Directors of the Industrial District Management Limited (IDML) has decided to collect outstanding dues from industrialists based on rates established six years ago.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">HIMA BK</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The Board of Directors of the Industrial District Management Limited (IDML) has decided to collect outstanding dues from industrialists based on rates established six years ago.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IDML is a corporate entity established by the government in 1988 for the overall management and supervision of industrial districts as well as promotion of industries within those districts.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the IDML’s board meeting on Saturday, the Board of Directors resolved to collect arrears according to the rate established on July 17, 2018. The decision was based on the recent verdict of the Patan High Court ordering the implementation of the rate from that particular date.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Dissatisfied with the High Court's order, industrialists operating in the industrial areas have filed a case in the Supreme Court. Although the case is sub judice, the board decided to proceed with the High Court's order. As a result, industrialists now owe Rs 690 million to the government based on the established rate effective from July 17, 2018.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Krishna Bahadur Pun, information officer of Industrial District Management Limited, stated that the board's decision mandates industrialists to pay land rent based on the rate fixed six years ago. Letters will be sent to all 10 Industrial District Management Offices to implement this decision. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The offices will then notify industrialists to make the payments. A discount facility is available for timely payments. A three percent discount is available for payments within 30 days while the industrialists will have to make the full payments between 30 to 90 days, while a 12 percent annual fine will be imposed for payments later than 90 days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">There is ongoing tension between the IDML and the industrialists regarding the payment of dues. Ramheera Pathak, president of the Federation of Nepal Industrial Sector Industries, who attended the board meeting, disagreed with the decision to collect arrears as per the High Court's order.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Pathak questioned the board's decision-making process, especially given the pending Supreme Court case filed by the industrialists. He argued that the decision could negatively impact the industrial environment and suggested that the government might need to take sole responsibility for running the industries.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Pathak emphasized that industrialists are willing to pay rent hike aligned with relevant regulations but oppose arbitrary increases. He noted that since 2018, 45 industries have left the sector, raising concerns about the feasibility of collecting arrears from these entities. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Pathak also pointed out discrepancies in the IDML’s financial practices, such as not reflecting amounts receivable from industrialists in its balance sheet.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Federation of Nepal Industrial Sector Industries represents 10 industrial associations in Balaju, Patan, Bhaktapur, Hetaunda, Dharan, Nepalgunj, Pokhara, Butwal, Birendranagar, and Rajbiraj. Industrialists had filed a case in the Patan High Court on July 16, 2023, demanding the cancellation of the rate set by the IDML. The High Court dismissed the case on February 18, 2024, and ordered the implementation of the rate established on July 17, 2018.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21131', 'image' => '20240701033037_20200819013035_1597786507.Clipboard12.jpg', 'article_date' => '2024-07-01 15:29:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21404', 'article_category_id' => '1', 'title' => 'India’s Policy on Rice Exports Adversely Affecting Domestic Rice Industry of Nepal', 'sub_title' => '', 'summary' => 'BIRGUNJ: The domestic rice industry of Nepal has been adversely affected by the tariffs imposed by India on rice exports. India implemented a policy last year that charges a 20 percent export duty on rice to control its domestic market prices. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">OM PRAKASH KHANAL</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">BIRGUNJ: The domestic rice industry of Nepal has been adversely affected by the tariffs imposed by India on rice exports. India implemented a policy last year that charges a 20 percent export duty on rice to control its domestic market prices. Although India waived this export duty for Nepal by determining a rice quota last year, this year, the absence of such a quota has hindered the import of rice from India, crippling the local industry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Industrialists report that the majority of rice factories are operating at minimal capacity, with Nepal's rice industry heavily reliant on Indian rice.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Subodh Kumar Gupta, outgoing president of the Nepal Rice, Pulses and Oil Industry Association, stated that the domestic rice industry is currently operating at only 10 to 20 percent of its capacity. India periodically restricts food grain exports to stabilize domestic prices.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In addition to rice, India has implemented export controls on other food grains, including wheat and sugar, while imposing zero customs duty on edible oil imports to reduce its price. This zero customs duty policy has also placed the domestic oil industry in crisis.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Gupta, who also heads the Trade Committee of the Federation of Nepalese Chambers of Commerce and Industries, indicated that India's policy changes, aimed at managing its supply system, have severely impacted domestic production in Nepal. He criticized the Government of Nepal for failing to take effective diplomatic steps to address the issues arising from Indian policies.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"While it is understandable for India to adopt trade policies favorable to its interests, our government did not take the necessary diplomatic initiatives," said Gupta. "As a result, the rice industry here is on the brink of collapse." </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Gupta highlighted that the Indian government's policy of reducing food prices was influenced by the recently concluded Lok Sabha elections. Early last year, India imposed a 20 percent export duty on paddy and rice and later halted the export of all rice except basmati rice.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Data from Birganj Customs show a significant decrease in rice imports. Dilaram Panthi, Chief Customs Officer of Birgunj Customs Office, reported that rice imports were halted this year as India removed the quota allocation. From mid-July to mid-June of the last fiscal year (FY 2079/80), Nepal imported 340,829 tons of rice from India. This quantity dropped to 201,319 tons in the corresponding period of the current fiscal year (FY 2080/81).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">An official from the Ministry of Industry, Commerce and Supplies stated that the Lok Sabha elections in India affected the rice quota allocation. Efforts are being made to resolve this issue, said the official.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Importing rice from India requires paying a 20 percent Indian customs duty, a 5 percent agricultural reform fee, and a 2.5 percent advance income tax to customs office of Nepal. Industrialist Gupta noted that the cumulative cost of these duties makes it unfeasible to sustain the industry with imported rice.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21130', 'image' => '20240701025106_rrr.jpg', 'article_date' => '2024-07-01 14:44:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21403', 'article_category_id' => '1', 'title' => 'Abhimanyu Golchha Elected as New President of NYEF Kathmandu', 'sub_title' => '', 'summary' => 'Kathmandu: The 6th Annual General Meeting (AGM) of Nepalese Young Entrepreneurs Forum (NYEF) Kathmandu elected Abhimanyu Golchha as its new president. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt">Kathmandu: </span></strong><span style="font-size:14.0pt">The 6th Annual General Meeting (AGM) of Nepalese Young Entrepreneurs Forum (NYEF) Kathmandu elected Abhimanyu Golchha as its new president. The AGM was held in Kathmandu on June 28.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Golchha will take the place of outgoing president Prarthana Saakha, reads a statement issued by NYEF Kathmandu.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt">Newly-elected President Abhimanyu Golchha </span></strong><span style="font-size:14.0pt">is the executive director of Golchha Group and brings extensive experience to the role. He expressed his commitment to continuing the organization's focus on improving the entrepreneurial landscape and giving a platform for young entrepreneurs to drive for positive change. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">NYEF Kathmandu extends its heartfelt gratitude to Ms. Saakha for her exceptional leadership and dedication, significantly contributing to the organization's growth.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Golchha’s executive committee includes immediate past president Prarthana Saakha. The AGM elected Appa Sherpa as the first vice president and Anubhav Shrestha as the second vice president. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Executive members of the committee are Cheteze Tamang, Ichhya Malla, Nirdesh Dwa, Saurabh Shrestha, Vedika Murarka, Sandeep Sharma, Surakshya Adhikari, Santosh Pandey and Nikhil Agrawal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“These passionate individuals will bring their diverse expertise to NYEF Kathmandu, further enhancing the organization's ability to foster entrepreneurship and create opportunities for youth and women in Nepal,” reads the statement.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to NYEF Kathmandu, the newly elected team is enthusiastic about continuing the forum’s mission to nurture entrepreneurial spirit and drive positive change in the local business ecosystem. They are committed to building on past achievements and leading the organization to new heights, added the statement.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The statement further mentions that NYEF Kathmandu organized numerous events promoting youth and women entrepreneurship under the leadership of Saakha including the NYEF Startup Award, a felicitation event for women entrepreneurs, the NYEF Junior Entrepreneurship program, and various networking events. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21129', 'image' => '20240701021410_picture1.jpg', 'article_date' => '2024-07-01 14:13:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21402', 'article_category_id' => '1', 'title' => 'Department of Cooperatives Limited to Issuing Instructions', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Cooperatives of the Federal Government, which is responsible for monitoring cooperatives and taking action against erring entities and directors, has been found to be limited to issuing instructions rather than enforcing them.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Department of Cooperatives of the Federal Government, which is responsible for monitoring cooperatives and taking action against erring entities and directors, has been found to be limited to issuing instructions rather than enforcing them.</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"">Recently, on June 13, the department issued a notice instructing that individuals maintain membership in only one cooperative of the same nature at the local level. According to Subsection (1) of Section 32 of the Cooperatives Act, 2074 (2017), a person cannot be a member of more than one cooperative of the same nature at the local level. Those who were members of more than one such organization before the Act came into effect were required to choose one membership within three years. If the department had implemented the Act, dual memberships would have ended by October 2020. However, more than three years after this deadline, the enforcement remains limited to departmental instructions.</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"">On June 13, the department directed cooperatives to join the Cooperative and Poverty Alleviation Information System (COPOMIS) and enter specified details within one month. Section 73 of the Cooperatives Act, 2074 mandates that cooperatives must be affiliated with COPOMIS. However, due to non-compliance, the government lacks reliable data on cooperatives.</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 Cooperatives Act empowers the registrar of the department to impose fines of up to Rs 500, 000 on non-compliant organizations and individuals. Despite this, no action has been taken against cooperatives or directors. </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"">Pitambar Ghimire, the department's registrar, stated that the law entrusts the Department of Cooperatives and the registrar with both promotional and punitive responsibilities. Therefore, the department is hesitant to take action directly as it is also responsible for the promotion of cooperatives, argues Ghimire.</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"">Last November, following recommendations from the Cooperative Reform Suggestion Task Force, the department issued a notice instructing cooperatives to submit a white paper detailing their financial status, including savings, liabilities, investments, assets, and an action plan for returning savings, within one month. However, cooperatives have not complied with these instructions either.</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"">Previously, on February 13, 2022, the department issued an 88-point integrated directive, instructing cooperatives to implement the Act's provisions and regulations. Three months later, it also issued a 35-point instruction, which included a directive for elected representatives to resign from the post of cooperatives’ director and a provision allowing only 49% of directors to manage loans. These directives also remain unenforced. </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"">In March, the department in collaboration with Nepal Rastra Bank monitored 19 cooperatives but did not impose fines or take action against those in violation. Instead, the department merely instructed these organizations to rectify their problems. </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"">A cooperative stakeholder noted that due to the department's inefficacy, there is a growing demand for a separate regulatory body to monitor cooperatives.</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 department has failed to implement numerous provisions of the Cooperatives Act. Structures envisioned in the Act, such as the Cooperative Credit Information Center, Debt Recovery Tribunal, and Credit and Deposit Protection Fund, have not been established even six years after the endorsement of the Act.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21128', 'image' => '20240701123458_20220214015629_Cooperative dept.jpg', 'article_date' => '2024-07-01 12:34:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21401', 'article_category_id' => '1', 'title' => 'Rising Incidents of Check Bounce Causes Insecurity among Business Community', 'sub_title' => '', 'summary' => 'BIRATNAGAR: Industrialists in the Sunsari-Morang Industrial Corridor have expressed concerns about the rising insecurity caused by bounced checks and the pressure exerted by both political and non-political entities.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">BEDRAJ POUDEL </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"">BIRATNAGAR: Industrialists in the Sunsari-Morang Industrial Corridor have expressed concerns about the rising insecurity caused by bounced checks and the pressure exerted by both political and non-political entities. The industrialists highlighted this issue during an interaction organized by the Morang Merchants’ Association and the Koshi Province chapter of the Confederation of Nepalese Industries. The industrialists informed about the incidents of check bounce to Additional Inspector General of Police Bhim Bahadur Dhakal who also attended the interaction.</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"">Anish Kumar Sah, acting president of the association, noted that industrialists face threats from various power centers when they pursue legal action for bounced checks, making it difficult to collect the dues. He also mentioned that the police often detain and interrogate industrialists and businessmen without any valid reason, leading to a call for more considerate handling of such cases.</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"">Pawan Kumar Sharda, president of the Koshi chapter of CNI, pointed out that along with the issue of bounced checks, land mafia have been active, causing financial losses to long-standing industries. He claimed that these gangs collaborate with the employees of the Land Revenue Office to create additional hardships for the industrialists.</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"">Navin Rijal, current president of the association, remarked that crime rates have increased as due to the weakening condition of the country's economy. He emphasized that the problem of bounced checks is becoming more complex and noted that imported goods from third countries are often delayed at the customs, causing higher transportation costs for industrialists.</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"">Bhim Ghimire, central vice president of the CNI, stressed the need to reduce financial crimes, especially during times of economic downturn. He praised the police administration's recent efforts in maintaining peace and security.</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"">Rakesh Surana, president of the Chamber of Industries Morang, requested that traffic police to check the documents of trucks carrying industrial raw materials and products at one location only to avoid repeated checks within short distances. He also asked the police to facilitate in resolving the check bounce issues. Tourism entrepreneur Bhavish Shrestha complained that unnecessary traffic checks and illegal parking fees in Itahari have been discouraging tourists from India.</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 association’s Vice President Bikas Begbani highlighted the insecurity in gold trading and called for armed security guards for gold traders. He also mentioned the issue of bounced checks as a major problem.</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"">Sushil Joshi, representing the transportation entrepreneurs, suggested that police use QR stickers on cargo vehicles that have already been checked to streamline the process and avoid repeated stops.</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"">Senior Superintendent of Police Bhim Dahal informed that Tourist Police will be stationed at 11 locations in Koshi Province to address the concerns raised by the business community. Additional Inspector General of Police Dhakal emphasized the importance of information and assistance from industrialists in stopping illegal sumggling at the border. He committed to supporting industrialists and businessmen in addressing check bounce issues and suggested installing CC cameras in front of homes, industries, and shops to aid in crime control. Dhakal assured that the police are ready to solve the problems faced by industrialists and businessmen, urging them to also focus on initial security measures.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21127', 'image' => '20240701113415_check.jpg', 'article_date' => '2024-07-01 11:33:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21400', 'article_category_id' => '1', 'title' => 'Dry Weather Behind Decreased Milk Collection', 'sub_title' => '', 'summary' => 'MAKAWANPUR: The collection of milk from dairy farmers has been adversely affected in the Hetauda Dairy Distribution Project due to a decline in milk production, caused by the prolonged dry weather in the Terai areas.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">MAKAWANPUR: The collection of milk from dairy farmers has been adversely affected in the Hetauda Dairy Distribution Project due to a decline in milk production, caused by the prolonged dry weather in the Terai areas.</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 project had been collecting approximately 22,000 to 23,000 litres of milk daily until a few months ago, but now it stands at just 6,000 litres a day, said Rajiv Khanal, chief of the Project. The project used to sell around 4,000 litres of milk daily to local consumers in Birgunj, Hetauda, and Bharatpur, while 12,000 litres were sent to Biratnagar for production of powdered milk.</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 project sources milk from about 200 dairy producers' cooperatives in Sarlahi, Bara, Rautahat, and Parsa districts in Madhesh Province and Makawanpur in Bagmati Province. However, due to the decline in milk collection, the facility has not been able to sell its product at the same volume as in the past, Khanal added.</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"">With the onset of the monsoon and rainfall in the Terai, the availability of fodder is expected to increase, which would contribute to higher milk production from cattle and similar collection levels at the dairies. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21126', 'image' => '20240701104046_20210714055638_Dairy.jpg', 'article_date' => '2024-07-01 10:39:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21399', 'article_category_id' => '1', 'title' => 'NOC Hikes Fuel Prices', 'sub_title' => '', 'summary' => 'Nepal Oil Corporation (NOC) has increased the prices of petroleum products. The corporation has hiked price of petrol by Rs 2 per liter, and the prices of diesel and kerosene have been raised by Rs 5 per liter', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 31: Nepal Oil Corporation (NOC) has increased the prices of petroleum products. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The corporation has hiked price of petrol by Rs 2 per liter, and the prices of diesel and kerosene have been raised by Rs 5 per liter.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NOC, however, has not changed the prices of aviation fuel and LPG gas. The new prices will come into effect from Sunday’s midnight. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Following the price adjustment, petrol will cost Rs 167 per liter and diesel and kerosene will cost Rs 157 per liter in Kathmandu, Pokhara, and Dipayal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Similarly, in areas around Charali, Biratnagar, Janakpur, Amlekhganj, Bhalwari, Nepalgunj, Dhangadhi, and Birgunj, petrol will cost Rs 164 per liter and diesel and kerosene will cost Rs 152 per liter. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In Surkhet and Dang, petrol has been priced at Rs 166 per liter and diesel and kerosene priced at Rs 156 per liter.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-01', 'modified' => '2024-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '21125', 'image' => '20240701055652_collage (46).jpg', 'article_date' => '2024-07-01 05:55:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
