Commercial banks of Nepal saw their non-performing loans (NPLs) surge in the last fiscal year as slowdown in economic activities affected loan…
Commercial banks of Nepal saw their non-performing loans (NPLs) surge in the last fiscal year as slowdown in economic activities affected loan…
Lack of progress in the investigation against Birgunj-based Integrated Check Post’s officials, who had allegedly given customs clearance to processed palm oil in the guise of semi-processed oil, has raised suspicion of efforts to influence the…
KATHMANDU, August 7: Department of Hydrology and Meteorology has predicted rainfall to continue in most of the places across the country today (Wednesday).…
KATHMANDU, August 7: Nepal defeated Iran in a competitive match to reach the final of the CAVA Women's Nations Volleyball League on…
Kailali district has achieved self-sufficiency in milk production, thanks to the commercial rearing of advanced breeds of cows and…
KATHMANDU, August 6: Heavy rainfall across Nepal since Monday night has led to disruption of flights at Tribhuvan International Airport (TIA). Poor visibility caused by the relentless downpour has affected both domestic and international…
The Nepal Stock Exchange (NEPSE) Index experienced a massive downfall, dropping by 145.05 points or 5.18%, to close at 2651.32. This marked a massive drop on the second trading day of the week,…
KATHMANDU, August 6: Veteran industrialist Shrawan Kumar Agrawal, who was also a Constituent Assembly member, passed away at his residence in Sanepa, Lalitpur, on Monday night.…
KATHMANDU, August 6: Due to the ongoing violent protests in Bangladesh, Prime Minister Sheikh Hasina has resigned and left the country, causing uncertainty regarding Nepal's electricity exports to…
The government of Nepal collected around Rs 358 million in Value Added Tax (VAT) from foreign firms for services provided to Nepali consumers over the internet in the last fiscal year, 2023/24, according to the Large Taxpayers…
KATHMANDU, August 6: Price of gold, which had surged to an all-time high in the domestic market on Monday, dropped by Rs 2,300 per tola (11.66 grams) on…
The dividend distribution capacity of most commercial banks declined in the last fiscal year, FY 2023/24, with four banks unable to distribute dividends at…
KATHMANDU, August 6: A total of 154 people lost their lives in this year's monsoon-induced disasters so…
KATHMANDU, August 6: Nepal defeated the Maldives to book a place in the semi-finals of the CAVA Women's Nations Volleyball League on…
The Indian government has approved around Rs 91 billion in investment for the Lower Arun Hydroelectric Project, which is being developed by India’s state-owned SJVN…
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' => '21766', 'article_category_id' => '1', 'title' => 'Average NPL Ratio of Commercial Banks Surged to 3.58% in last FY', 'sub_title' => 'Kumari Bank and Nepal Investment Mega Bank each have the highest NPL ratio at 4.95%, while Everest has the lowest at 0.71%', 'summary' => 'Commercial banks of Nepal saw their non-performing loans (NPLs) surge in the last fiscal year as slowdown in economic activities affected loan recovery.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 7</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Commercial banks of Nepal saw their non-performing loans (NPLs) surge in the last fiscal year as slowdown in economic activities affected loan recovery.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The average NPL ratio of the commercial banks increased to 3.58% by the end of the FY 2023/24, up from 3.05% in the previous FY 2022/23, the unaudited financial statements of the banks for the last quarter of the last fiscal year show. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPLs, also known as bad loans, refer to the credit extended by the banks and financial institution which cannot be recovered in a specified period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While seven banks saw their NPL decline in the review year, remaining 13 witnessed an increase, with eight banks reporting more than 4% NPL.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While Kumari Bank has the highest NPL ratio at 4.95%, Everest Bank has the lowest at 0.71%.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Meanwhile, NIC Asia Bank’s NPL ratio increased from 0.88% to 3.41% in a year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Various external and internal factors caused slowdown in economic activities affecting banks’ credit expansion as well as recovery </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The long term effects of Covid pandemic, ongoing Russia-Ukraine conflict, and the protests in the country for non-payment of loans taken from the banks and financial institutions impacted the loan recovery. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The average NPL ratio of Nepal’s commercial banks was 1.10 in the fiscal year 2021/22. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite the surge, Nepal Rastra Bank’ newly appointed spokesperson Ramu Paudel, argued that it was not a major issue. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“NPL has surged because of the sluggish economic activities,” said Paudel. “It will start coming down as the economic activities accelerate.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The International Monetary Fund (IMF) has also raised questions on the NPL statistics of Nepali banks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The global financial agency put a condition last year of carrying out the audit of 10 big commercial banks to examine their credit quality before approving an installment under the Extended Credit Facility (ECF), suspecting evergreening of loans. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Rastra Bank has moved forward the process of selecting an auditor for the purpose.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Table below shows NPL ratios of Nepali commercial banks at the end of fiscal years 2022/23 and 2023/24.</span></span></strong></span></span></p> <p> </p> <table cellspacing="0" style="border-collapse:collapse"> <tbody> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Banks</span></span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPL ratio (2023/24)</span></span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPL ratio (2022/23)</span></span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Investment Mega</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.95</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.54</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kumari</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.95</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.96</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Himalayan</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.91</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.93</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Prabhu</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.78</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.98</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Laxmi Sunrise</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.72</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.91</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Prime Commercial </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.67</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.85</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Global IME</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.37</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.15</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Citizens</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.07</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.39</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nabil</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.85</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.39</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Rastriya Banijya</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.65</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.77</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Machhapuchchhre</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.63</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.26</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agriculture Development</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.44</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.78</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NIC Asia</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.41</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.88</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Bank</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.28</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.85</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NMB </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.27</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.75</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Siddhartha</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.22</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.01</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Standard Chartered</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.14</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.18</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal SBI</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.43</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Sanima </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.73</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.31</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Everest</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.71</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.79</span></span></span></span></p> </td> </tr> </tbody> </table> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21492', 'image' => '20240807120501_20240717011652_20240624011617_bankkkkkkk.jpg', 'article_date' => '2024-08-07 12:03:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21765', 'article_category_id' => '1', 'title' => 'Lack of Progress in Investigation against ICP Officials in Birgunj Raises Suspicion ', 'sub_title' => '', 'summary' => 'Lack of progress in the investigation against Birgunj-based Integrated Check Post’s officials, who had allegedly given customs clearance to processed palm oil in the guise of semi-processed oil, has raised suspicion of efforts to influence the investigation.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">OM PRAKASH KHANAL<br /> BIRGUNJ, August 7</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lack of progress in the investigation against Birgunj-based Integrated Check Post’s officials, who had allegedly given customs clearance to processed palm oil in the guise of semi-processed oil, has raised suspicion of efforts to influence the investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Department of Customs had started the investigation against customs officer Sunita Paudel and examiner Ramesh Majhi last month after finding out that the consignment of processed palm oil imported by RMC Foods was cleared by the customs office as semi-processed palm oil, for which the imported had to pay less customs duty.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The officials had given the clearance without examining the oil, against the directive of the department. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Traders are found lying about their consignment as they are charged 10% import duty on semi-processed palm oil and 15% on the processed one, department officials say. The alleged officials were suspected of colluding with the traders. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The palm oil imported by RMC Foods was given the customs clearance by charging 10% customs duty and 13% VAT.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Customs Officer Paudel and examiner Majhi were summoned in writing on July 14 to the department for further inquiry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Dhundi Prasad Niraula, director general at the Department of Customs, had earlier told New Business Age the department’s Investigation and Compliance Branch was tasked to move the investigation forward and submit a report in three days. But, the branch has not submitted the report till date.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">There has been no progress in the case even after three weeks, according to the department sources. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Niraula, however, argued that the two officials were visiting the department daily and the investigation was ongoing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">After discovering that traders were avoiding revenue by labelling processed oil as semi-processed, the Department of Customs directed its subordinate offices to approve inspections only through oil testing. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The ICP Customs has now started an investigation into a suspected collusion involving an employee, as the raw material got customs clearance without a laboratory test report.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Multiple attempts to reach Deputy Director General Ramesh Aryal, who has been assigned to carry out the investigation, for comments on the matter were unsuccessful.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A senior official of the Department of Customs said that the investigation is being delayed to exempt employees who are under investigation for causing a revenue loss. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Individuals aware of the matter said that attempts were being made to protect the two officials from any proceedings as they happen to be the members of the employee union close to the ruling political party.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">They argued that the investigation could be influenced by the transfer of DG Niraula, who started the investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"Since the DG is going to be transferred, there has been a delay in the investigation," the senior official said on condition of anonymity.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21491', 'image' => '20240807113552_20210702051202_20191103092810_20190807121918_Clipboard01.jpg', 'article_date' => '2024-08-07 11:35:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21764', 'article_category_id' => '1', 'title' => 'Rainfall Likely to Continue Across the Country Today', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: Department of Hydrology and Meteorology has predicted rainfall to continue in most of the places across the country today (Wednesday). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: Department of Hydrology and Meteorology has predicted rainfall to continue in most of the places across the country today (Wednesday). According to the department, monsoon low-pressure trough is located further north than usual due to which the monsoon wind is currently impacting the entire nation. As a result, the country is experiencing generally cloudy weather across the country with high possibility of rainfall.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The department has forecast light to moderate rainfall in all seven provinces, including Koshi, Madhes, Bagmati, Karnali, Sudurpaschim, Gandaki, and Lumbini. Heavy rainfall is also likely at a few locations within these provinces. Torrential rain is expected at one or two places in Koshi, Sudurpaschim, Lumbini, and Karnali provinces, prompting the department to urge caution due to the risk of landslides and flooding.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Tonight, the weather is predicted to remain partly to generally cloudy with light to moderate rain accompanied by thunder and lightning in some areas. Heavy rainfall is again anticipated in a few locations within the Koshi, Bagmati, Gandaki, Lumbini, and Sudurpaschim provinces.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Over the next 24 hours, the Meteorological Forecasting Division has predicted light to moderate rain with thunder and lightning in most provinces, including Koshi, Madhes, Bagmati, Gandaki, Lumbini, Karnali, and Sudurpaschim, with heavy rainfall expected in a few areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Meanwhile, the Meteorological Forecasting Division recorded 73 mm of rainfall in Kathmandu over the past 24 hours. The highest rainfall was recorded in Dharan at 104 mm, followed by Okhaldhunga (85 mm), Biratnagar (80 mm), Janakpur (74 mm), Jiri (46 mm), Pokhara (30 mm), Bhairahawa (26 mm), and Simara (21 mm).</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => 'rainfall, monsoon, Nepal, thunder, lightening, ', 'description' => '', 'sortorder' => '21490', 'image' => '20240807111209_20230904111644_rain (1).jpeg', 'article_date' => '2024-08-07 11:11:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21763', 'article_category_id' => '1', 'title' => 'Nepal into Final of CAVA Women's National League Volleyball after Defeating Iran ', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: Nepal defeated Iran in a competitive match to reach the final of the CAVA Women's Nations Volleyball League on Tuesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU, August </span></span>7<span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">: Nepal defeated Iran in a competitive match to reach the final of the CAVA Women's Nations Volleyball League on Tuesday. Nepal defeated Iran in straight sets of 25-21, 28-26 and 25-20 in the semifinals held at the </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">National Sports Council’s Covered Hall in Tripureshwar to avenge its earlier defeat in the round-robin league. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the victory, Nepal will now face India in the final of the League at 5 PM today (Wednesday). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, Nepal and Iran had entered the semi-finals of the League securing second and third positions in the league stage, respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal's chief coach Jagdish Bhatta shared happiness saying that Nepal achieved success by learning lessons from past mistakes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, Iran had defeated Nepal by 3-2 sets in the second match of the league stage. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier on Tuesday, India defeated Sri Lanka in the first semi-final in straight sets of 3-0. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21489', 'image' => '20240807110209_1722907003_nepal_cava-1200x560.jpg', 'article_date' => '2024-08-07 11:01:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21762', 'article_category_id' => '1', 'title' => 'Kailali Achieves Self-Sufficiency in Milk Production', 'sub_title' => '', 'summary' => 'Kailali district has achieved self-sufficiency in milk production, thanks to the commercial rearing of advanced breeds of cows and buffaloes.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 7: Kailali district has achieved self-sufficiency in milk production, thanks to the commercial rearing of advanced breeds of cows and buffaloes. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The district now exports milk to other areas, according to Kabiraj Kathayat, Information Officer at the Veterinary Hospital and Animal Services Expert Center.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Center's statistics reveal that, following the introduction of a subsidy program by the provincial government to promote dairy farming, Kailali produced 96 metric tons of milk in the fiscal year 2078/79. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The milk production increased to 106 metric tons in 2079/80 and further to 168 metric tons in 2080/81.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Currently, the district exports 2,000 to 2,500 liters of milk daily, according to the Dairy Development Project Attaria.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The district officially has 52 cow and buffalo farms registered with the Livestock Services Office, employing 156 people. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">There are also 14 dairy cooperatives, 44 private dairies, and one major enterprise, Khaptad Industries Pvt. Ltd, collectively generating an estimated annual business of around Rs 188.4 million.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Pushpa Bharati of the Livestock Services Office highlighted the economic impact of these developments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Puskarraj Nath from the Livestock and Fisheries Development Directorate said that Sudurpaschim Province is on the path to self-sufficiency not only in milk but also in meat, eggs, and fish production. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21488', 'image' => '20240807060440_collage (92).jpg', 'article_date' => '2024-08-07 06:02:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '21760', 'article_category_id' => '1', 'title' => 'Incessant Rainfall Disrupts Flights Nationwide', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Heavy rainfall across Nepal since Monday night has led to disruption of flights at Tribhuvan International Airport (TIA). Poor visibility caused by the relentless downpour has affected both domestic and international flights.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 6: Heavy rainfall across Nepal since Monday night has led to disruption of flights at Tribhuvan International Airport (TIA). Poor visibility caused by the relentless downpour has affected both domestic and international flights.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Jagannath Niraula, General Manager at TIA, reported that a Turkish Airlines flight was rerouted to Lucknow, India, and an Air India flight was diverted to Benaras on Tuesday morning. Domestic flights have also faced delays due to the adverse weather conditions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">TIA has indicated that flights will resume as visibility improves. However, the Meteorological Forecasting Division warns of continued heavy to extremely heavy rainfall on Tuesday as well as on Wednesday, with particular risk in Koshi Province, Madhes Province, Bagmati Province, Gandaki Province, and Sudurpaschim Province. -- RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21487', 'image' => '20240806055717_TIA.jpg', 'article_date' => '2024-08-06 17:56:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21759', 'article_category_id' => '1', 'title' => 'NEPSE Sees Massive Downfall with Record Turnover of Rs 23.71 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a massive downfall, dropping by 145.05 points or 5.18%, to close at 2651.32. This marked a massive drop on the second trading day of the week, Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 6: The Nepal Stock Exchange (NEPSE) Index experienced a significant decline, dropping by 145.05 points or 5.18%, to close at 2651.32. This marked a massive drop on the second trading day of the week, Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During the trading session, 322 different securities were traded in 271,587 transactions. A total of 53,844,237 shares were exchanged, resulting in a record turnover of Rs 23.71 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Himalayan Reinsurance Company Limited (HRL) led the market with a total transaction value of Rs 1.39 billion. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Three Star Hydropower Limited (TSHL) saw a 10% gain, hitting the upper circuit for the day. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In contrast, seven companies, including Nepal Finance Limited (NFS), Gurkhas Finance Limited (GUFL), and NRN Infrastructure and Development Limited (NRN), experienced a 10% loss, reaching the lower circuit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index fell by 5.53%, while the Float Index and the Sensitive Float Index decreased by 5.50% and 6.09%, respectively. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">All sectors closed in the red, with the Finance Index and Hotels and Tourism Index experiencing the most significant drops of 8.27% and 8.03%. The Others Index saw the smallest decline at 1.32%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21486', 'image' => '20240806034524_collage (91).jpg', 'article_date' => '2024-08-06 15:43:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21761', 'article_category_id' => '1', 'title' => 'Veteran Industrialist Shrawan Kumar Agrawal Passes Away', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Veteran industrialist Shrawan Kumar Agrawal, who was also a Constituent Assembly member, passed away at his residence in Sanepa, Lalitpur, on Monday night. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 6</span></span>: <span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Veteran industrialist Shrawan Kumar Agrawal, who was also a Constituent Assembly member, passed away at his residence in Sanepa, Lalitpur, on Monday night. He was 77.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agrawal, who was also the former chairman of Marwadi Sewa Samiti, was active in various industries and businesses for the last 58 years. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agrawal is survived by his wife, two sons, and a daughter. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">His son, Rajesh Kumar Agrawal, is the president of the Confederation of Nepalese Industries (CNI).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">CNI, through a statement, extended condolences on Agrawal's passing. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">His last rites would be performed at Pashupati Aryaghat on Tuesday. </span></span>-- <span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">RSS</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21485', 'image' => '20240806060046_thumb4-1722923853.jpg', 'article_date' => '2024-08-06 18:00:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21756', 'article_category_id' => '1', 'title' => 'Electricity Export to Bangladesh Uncertain', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Due to the ongoing violent protests in Bangladesh, Prime Minister Sheikh Hasina has resigned and left the country, causing uncertainty regarding Nepal's electricity exports to Bangladesh.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 6: Due to the ongoing violent protests in Bangladesh, Prime Minister Sheikh Hasina has resigned and left the country, causing uncertainty regarding Nepal's electricity exports to Bangladesh.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The agreement for Nepal's electricity export to Bangladesh, initially scheduled for July 28, was postponed due to the protests. Following Prime Minister Hasina's departure on Monday, Army Chief General Waqer-Uz-Zaman announced the formation of a new interim government.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">This political instability has raised more doubts about the timeline and feasibility of the agreement between the two countries. However, Bangladeshi government officials have indicated that despite potential delays, the newly formed government may still view purchasing electricity from Nepal favorably, given Bangladesh's need for power.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The agreement on electricity export from Nepal to Bangladesh, once signed, will mark the first time Nepal exports electricity to a third country. Since 2021, Nepal has been exporting electricity to India’s competitive energy market.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">A tripartite agreement between the Nepal Electricity Authority, India's NTPC Vidyut Vyapar Nigam (NVVN), and the Bangladesh Power Development Board was to be signed on July 28. The agreement outlined that Nepal would sell 40 megawatts of electricity to Bangladesh at 6.4 US cents per unit during the six-month rainy season (from June 15 to November 15 each year) for the next five years.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">However, the student protests in Bangladesh and the toppling of the government have significantly disrupted these plans. Deputy Executive Director of the NEA, Manoj Silwal, expressed concerns about the uncertainty surrounding electricity exports due to the recent developments.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The new interim government in Bangladesh, not formed through the electoral process, creates an abnormal situation. "There is a doubt that the new government will easily implement the decisions of the previous government," Silwal said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Previously, citing the protests, Sheikh Hasina's government informed the Nepali embassy that it would be unable to attend the agreement signing scheduled for July 28. The Ministry of Energy, Water Resources, and Irrigation had planned to export 28,800 megawatt hours of electricity to Bangladesh monthly, with a goal of exporting 144,000 megawatt hours and earning Rs 1.23 billion in the next five months if an agreement was reached immediately.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Navinraj Singh, spokesperson for the Ministry of Energy, Water Resources, and Irrigation, stated that due to the latest political developments in Bangladesh, it is challenging to predict the outcome of the electricity purchase and sale. "The first thing is that there is no government there now," he said. "The head of the government has left the country." This has added to the confusion surrounding the electricity purchase and sale agreement.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Despite Sheikh Hasina's government prioritizing the purchase of electricity from Nepal, Nepali officials acknowledge that the agreement will depend on the new government's stance. "However, due to the lack of electricity in Bangladesh, we believe that the newly formed government will prioritize purchasing electricity from Nepal. Now let's see how the events progress," Singh added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In addition to the tripartite agreement, the bilateral high-level mechanism meeting on energy between Nepal and Bangladesh, scheduled for July 29-30 in Pokhara, was also postponed. This meeting aimed to discuss or sign an agreement on establishing a joint venture to build the Sunkoshi 3 hydropower project with a capacity of 683 MW. However, recent developments have added uncertainty to this plan as well, Singh noted.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21484', 'image' => '20240806014732_20240718112709_c70a54ed.jpeg', 'article_date' => '2024-08-06 13:47:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21758', 'article_category_id' => '1', 'title' => 'Govt Collects Rs 358 Million in VAT from Foreign Firms Providing Digital Services in Nepal', 'sub_title' => 'A total of 18 foreign digital service providers were registered in Nepal by the end of the last FY, according to the Large Taxpayers Office', 'summary' => 'The government of Nepal collected around Rs 358 million in Value Added Tax (VAT) from foreign firms for services provided to Nepali consumers over the internet in the last fiscal year, 2023/24, according to the Large Taxpayers Office.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">PAWAN PANDEY</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 6</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government of Nepal collected around Rs 358 million in Value Added Tax (VAT) from foreign firms for services provided to Nepali consumers over the internet in the last fiscal year, 2023/24, according to the Large Taxpayers Office.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the previous fiscal year, 2022/23, the government had collected around Rs 100 million in VAT and Rs 16 million in Digital Service Tax (DST). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Digital Service Tax Procedure, 2022 which came into effect from the fiscal year 2022/23, a non-resident person providing digital services to Nepali consumers is charged 2% DST if their annual transaction exceeds Rs 2 million.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Inland Revenue Department (IRD) had also issued a procedure for VAT applicable to digital service for non-resident persons.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Income Tax Act, 2002, uses the 183-day rule as one of the criteria to determine non-residents for tax purposes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Janak Raj Sharma, chief tax administrator at the office, told New Business Age that 18 foreign firms providing such services have been registered in Nepal by the end of the last fiscal year, up from eight by the end of the previous fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Among the firms registered in Nepal are Goggle Asia, NCS Pearson, Linkedin, Meta, Microsoft Original, Amazon Web, Amazon.com, Adobe, Netflix, Zoho Corporation, Google Digital, Prometric Japan, Association of Chartered Certified Accountants (ACCA), Pearson Education and Apple Distribution, according to Sharma.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The registered firms will have to present their financial declaration and pay the DST for the last fiscal year by the end of the first quarter of the current fiscal year, Sharma said, adding, “The DST is only levied for services provided to the consumers, not to the businesses.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the procedure, services such as advertisements, data storage, gaming, those related to mobile applications, supply and update of software, and downloads of data and images; movies, television, music, over the top and similar subscription based services; and online marketplace and goods and services to be provided through it, among others, fall under the ‘digital service’. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The IRD had asked such foreign firms to be registered in Nepal from July 17, 2022, the beginning of the fiscal year 2022/23.</span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21483', 'image' => '20240806030120_2024041703362274520_1599400665.tax.jpg', 'article_date' => '2024-08-06 14:59:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21757', 'article_category_id' => '1', 'title' => 'Price of Gold Falls After Reaching a Record High in Nepal', 'sub_title' => 'The precious yellow metal became cheaper by Rs 2,300 per tola on Tuesday', 'summary' => 'KATHMANDU, August 6: Price of gold, which had surged to an all-time high in the domestic market on Monday, dropped by Rs 2,300 per tola (11.66 grams) on Tuesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 6: Price of gold, which had surged to an all-time high in the domestic market on Monday, dropped by Rs 2,300 per tola (11.66 grams) on Tuesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Following the fall in price, hallmark gold is being traded at Rs 147,700 per tola, according to the Federation of Gold and Silver Dealers' Association.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On Monday, it was traded at Rs 150,000 per tola.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, worked gold, which was traded at Rs 149,500 on Monday, is being traded at Rs 147,000 per tola.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of silver has also gone down by Rs 60 per tola to be traded at Rs 1,725 per tola on Tuesday. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21482', 'image' => '20240806025201_cd5483b7.jpeg', 'article_date' => '2024-08-06 14:50:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21755', 'article_category_id' => '1', 'title' => 'Dividend Distribution Capacity of Commercial Banks Declines', 'sub_title' => '', 'summary' => 'The dividend distribution capacity of most commercial banks declined in the last fiscal year, FY 2023/24, with four banks unable to distribute dividends at all.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Laxmi Sharma </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 6</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The dividend distribution capacity of most commercial banks declined in the last fiscal year, FY 2023/24, with four banks unable to distribute dividends at all.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the unaudited financial statements published by commercial banks for the last fiscal year, while the number of banks unable to distribute dividends decreased in the fourth quarter compared to the third quarter, investors of most banks will still see limited returns.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal Investment Mega Bank, Kumari Bank, NIC Asia Bank, and Himalayan Bank reported in their financial statements that they have no capacity to distribute dividends. In addition to these four banks, Laxmi Sunrise Bank, Nepal Bank, NMB Bank, Global IME Bank, Machhapuchhre Bank, and Siddhartha Bank had negative distributable profits in the third quarter of last year. However, six of these banks were able to distribute some dividends in the last quarter.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Besides those unable to distribute dividends, 10 other commercial banks saw a decrease in their dividend distribution capacity compared to the previous year. These banks include NMB Bank, Siddhartha Bank, Global IME Bank, Rastriya Banijya Bank, Machhapuchhre Bank, Citizens Bank, Laxmi Sunrise Bank, Sanima Bank, Standard Chartered Bank, and Everest Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Former banker Bhuwan Dahal attributed the decline in dividend distribution to high non-banking assets and failure to collect interest. He noted earlier in May that many commercial banks were unable to show profits because they could not collect interest due from the borrowers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"As per the instructions of Nepal Rastra Bank (NRB), the amount equal to the interest that has not been collected cannot be shown in the distributable profit as regulatory adjustment is required," Dahal explained. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">NRB's regulatory adjustments include accrued interest, provisioning on non-banking assets, and potential losses on investments. Despite the overall decrease in dividend capacity, Everest Bank had the highest dividend capacity last year at 29.86 percent, down from 38.42 percent in FY 2022/23.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Standard Chartered Bank was second with a dividend capacity of 26.5 percent, slightly lower than the previous year's 28.75 percent. The Agriculture Development Bank ranked third with a dividend capacity of 17.37 percent, an increase from the previous year's 9.24 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Among the 20 commercial banks, NMB Bank had the lowest dividend capacity, at just 1.3 percent, down from 6.21 percent in FY 2022/23. In the same year, eight other commercial banks did not distribute dividends to shareholders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Investors are concerned that the decreasing dividend capacity and rates may reduce the attraction towards shares of commercial banks. NRB has allowed banks and financial institutions to include interest up to mid-August in their financial statements up to mid-July. This provision means there could be some changes in the profit and dividend capacities once the audited financial statements are released.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21481', 'image' => '20240806013648_Banks - Copy.jpg', 'article_date' => '2024-08-06 13:35:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21754', 'article_category_id' => '1', 'title' => '154 Killed due to Monsoon-Induced Disasters ', 'sub_title' => 'MPs draw government's attention to resolve problems caused by monsoon disaster ', 'summary' => 'KATHMANDU, August 6: A total of 154 people lost their lives in this year's monsoon-induced disasters so far. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU, August 6: A total of 154 people lost their lives in this year's monsoon-induced disasters so far. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Landslide, floods and inundation claimed three lives in Kathmandu Valley, 25 in Koshi, six in Madhes, 20 in Bagmati, 43 in Gandaki, 29 in Lumbini, eight in Karnali and 10 in Sudurpaschim provinces, according to Nepal Police Headquarters. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Forty-seven people went missing and 186 were injured in the disaster. A total of 384 houses were waterlogged due to flood whhile 261 houses, 95 huts, 43 bridges, two school buildings and two government offices suffered damages, said police. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, 4,238 families were displaced due to disaster since June 10. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, Members of Parliament drew the attention of the government to solve the problems caused by floods, landslides and inundation in different parts of the country. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Speaking during the 'urgent Hour' of the Lower House meeting on Monday, they drew the attention of the government to effectively oversee natural disaster risk management, relief and rescue works. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Lawmakers Surya Thapa, Maya Rai, Hemraj Rai and Prem Maharjan drew the government's attention to manage immediate reliefs to the victims of natural disaster. -- RSS </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21480', 'image' => '20240806123235_KDN-Dang-DSC_1164.jpg', 'article_date' => '2024-08-06 12:31:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21753', 'article_category_id' => '1', 'title' => 'Nepal into Semis of CAVA Women's National League Volleyball ', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Nepal defeated the Maldives to book a place in the semi-finals of the CAVA Women's Nations Volleyball League on Monday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU, August 6: Nepal defeated the Maldives to book a place in the semi-finals of the CAVA Women's Nations Volleyball League on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal defeated the Maldives in straight sets of 25-8, 25-19 and 25-18 in the last group-stage match held at the National Sports Council’s Covered Hall in Tripureshwar on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the win, Nepal finished second in the points table and will now meet Iran in the semi-finals. Iran finished third in the points table. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">India and Sri Lanka will compete in the first semi-final. India topped the league while Sri Lanka finished fourth. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The first semi-final between Sri Lanka and India will start at 3:00 pm today (Tuesday) at the same venue while Nepal will face Iran in the second semi-final starting at 5:15 pm. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21479', 'image' => '20240806120108_GUD4D2JW8AAraFD.jpg', 'article_date' => '2024-08-06 11:59:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21752', 'article_category_id' => '1', 'title' => 'Indian Government Approves around Rs 91 Billion for Lower Arun Hydroelectric Project', 'sub_title' => 'The 669 megawatts project is being developed by India’s state-owned Satluj Jal Vidyut Nigam (SJVN)', 'summary' => 'The Indian government has approved around Rs 91 billion in investment for the Lower Arun Hydroelectric Project, which is being developed by India’s state-owned SJVN Limited.', 'content' => '<p><span style="font-size:18px">NewBiz Report</span></p> <p><span style="font-size:18px">KATHMANDU, August 5</span></p> <p><span style="font-size:18px">The Indian government has approved around Rs 91 billion in investment for the Lower Arun Hydroelectric Project, which is being developed by India’s state-owned SJVN Limited.</span></p> <p><span style="font-size:18px">The Cabinet Committee on Economic Affairs, chaired by Indian Prime Minister Narendra Modi, approved the investment of INR 5,792.36 crore (around Rs 91 billion) for the 669 megawatts project, according to India media reports.</span></p> <p><span style="font-size:18px">“The Committee has also accorded Ex-post facto approval for Special Purpose Vehicle SJVN Lower Arun Power Development Company Private Limited (SLPDC), a wholly owned subsidiary of SJVN incorporated in Nepal for implementation of LAHEP [Lower Arun Hydro Electric Project],” reads one of the report. “In addition to this, the Committee has also approved the equity investment of Rs.1737.70 crores [ around Rs 27 billion] in SLPDC.”</span></p> <p><span style="font-size:18px">Lower Arun is one of the projects –along with 900 megawatts Arun III and 490 megawatts Arun IV–being developed by SJVN in Nepal. </span></p> <p><span style="font-size:18px">Nepal Electricity Authority and the SJVN have signed a joint venture agreement to develop the Arun IV project.</span></p> <p><span style="font-size:18px">To be built under build, own, operate and transfer (BOOT) model, Lower Arun is scheduled to be completed in five years and expected to generate 2,901 million units of electricity annually.</span></p> <p><span style="font-size:18px">The hydel project will not have any reservoir as it is going to be a tailrace development of the Arun III hydro project.</span></p> <p><span style="font-size:18px">Earlier in July, 2021, the Investment Board of Nepal (IBN) and SJVN had signed a memorandum of understanding in Kathmandu to develop the hydropower project in eastern Nepal.</span></p> <p><span style="font-size:18px">Last year in April, right before the then Prime Minister Pushpa Kamal Dahal’s visit to India, the IBN had approved an investment of Rs 92.68 billion proposed by SJVN to develop the project.</span></p> <p><span style="font-size:18px">Later in June the same year, SJVN signed the project Development Agreement (PDA) with IBN during the then Prime Minister Pushpa Kamal Dahal’s visit to India.</span></p> <p><span style="font-size:18px">Officials from SJVN have said in the past that they aim to invest in projects generating 5,000 megawatts of electricity in Nepal by 2030.</span></p> <p><br /> </p> <p><br /> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21478', 'image' => '20240806113241_20230601043926_hydro.jpg', 'article_date' => '2024-08-06 11:31:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21766', 'article_category_id' => '1', 'title' => 'Average NPL Ratio of Commercial Banks Surged to 3.58% in last FY', 'sub_title' => 'Kumari Bank and Nepal Investment Mega Bank each have the highest NPL ratio at 4.95%, while Everest has the lowest at 0.71%', 'summary' => 'Commercial banks of Nepal saw their non-performing loans (NPLs) surge in the last fiscal year as slowdown in economic activities affected loan recovery.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 7</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Commercial banks of Nepal saw their non-performing loans (NPLs) surge in the last fiscal year as slowdown in economic activities affected loan recovery.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The average NPL ratio of the commercial banks increased to 3.58% by the end of the FY 2023/24, up from 3.05% in the previous FY 2022/23, the unaudited financial statements of the banks for the last quarter of the last fiscal year show. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPLs, also known as bad loans, refer to the credit extended by the banks and financial institution which cannot be recovered in a specified period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While seven banks saw their NPL decline in the review year, remaining 13 witnessed an increase, with eight banks reporting more than 4% NPL.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While Kumari Bank has the highest NPL ratio at 4.95%, Everest Bank has the lowest at 0.71%.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Meanwhile, NIC Asia Bank’s NPL ratio increased from 0.88% to 3.41% in a year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Various external and internal factors caused slowdown in economic activities affecting banks’ credit expansion as well as recovery </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The long term effects of Covid pandemic, ongoing Russia-Ukraine conflict, and the protests in the country for non-payment of loans taken from the banks and financial institutions impacted the loan recovery. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The average NPL ratio of Nepal’s commercial banks was 1.10 in the fiscal year 2021/22. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite the surge, Nepal Rastra Bank’ newly appointed spokesperson Ramu Paudel, argued that it was not a major issue. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“NPL has surged because of the sluggish economic activities,” said Paudel. “It will start coming down as the economic activities accelerate.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The International Monetary Fund (IMF) has also raised questions on the NPL statistics of Nepali banks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The global financial agency put a condition last year of carrying out the audit of 10 big commercial banks to examine their credit quality before approving an installment under the Extended Credit Facility (ECF), suspecting evergreening of loans. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Rastra Bank has moved forward the process of selecting an auditor for the purpose.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Table below shows NPL ratios of Nepali commercial banks at the end of fiscal years 2022/23 and 2023/24.</span></span></strong></span></span></p> <p> </p> <table cellspacing="0" style="border-collapse:collapse"> <tbody> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Banks</span></span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPL ratio (2023/24)</span></span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPL ratio (2022/23)</span></span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Investment Mega</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.95</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.54</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kumari</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.95</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.96</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Himalayan</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.91</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.93</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Prabhu</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.78</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.98</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Laxmi Sunrise</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.72</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.91</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Prime Commercial </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.67</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.85</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Global IME</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.37</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.15</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Citizens</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.07</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.39</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nabil</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.85</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.39</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Rastriya Banijya</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.65</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.77</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Machhapuchchhre</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.63</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.26</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agriculture Development</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.44</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.78</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NIC Asia</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.41</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.88</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Bank</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.28</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.85</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NMB </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.27</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.75</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Siddhartha</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.22</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.01</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Standard Chartered</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.14</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.18</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal SBI</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.43</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Sanima </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.73</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.31</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Everest</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.71</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.79</span></span></span></span></p> </td> </tr> </tbody> </table> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21492', 'image' => '20240807120501_20240717011652_20240624011617_bankkkkkkk.jpg', 'article_date' => '2024-08-07 12:03:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21765', 'article_category_id' => '1', 'title' => 'Lack of Progress in Investigation against ICP Officials in Birgunj Raises Suspicion ', 'sub_title' => '', 'summary' => 'Lack of progress in the investigation against Birgunj-based Integrated Check Post’s officials, who had allegedly given customs clearance to processed palm oil in the guise of semi-processed oil, has raised suspicion of efforts to influence the investigation.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">OM PRAKASH KHANAL<br /> BIRGUNJ, August 7</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lack of progress in the investigation against Birgunj-based Integrated Check Post’s officials, who had allegedly given customs clearance to processed palm oil in the guise of semi-processed oil, has raised suspicion of efforts to influence the investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Department of Customs had started the investigation against customs officer Sunita Paudel and examiner Ramesh Majhi last month after finding out that the consignment of processed palm oil imported by RMC Foods was cleared by the customs office as semi-processed palm oil, for which the imported had to pay less customs duty.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The officials had given the clearance without examining the oil, against the directive of the department. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Traders are found lying about their consignment as they are charged 10% import duty on semi-processed palm oil and 15% on the processed one, department officials say. The alleged officials were suspected of colluding with the traders. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The palm oil imported by RMC Foods was given the customs clearance by charging 10% customs duty and 13% VAT.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Customs Officer Paudel and examiner Majhi were summoned in writing on July 14 to the department for further inquiry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Dhundi Prasad Niraula, director general at the Department of Customs, had earlier told New Business Age the department’s Investigation and Compliance Branch was tasked to move the investigation forward and submit a report in three days. But, the branch has not submitted the report till date.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">There has been no progress in the case even after three weeks, according to the department sources. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Niraula, however, argued that the two officials were visiting the department daily and the investigation was ongoing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">After discovering that traders were avoiding revenue by labelling processed oil as semi-processed, the Department of Customs directed its subordinate offices to approve inspections only through oil testing. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The ICP Customs has now started an investigation into a suspected collusion involving an employee, as the raw material got customs clearance without a laboratory test report.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Multiple attempts to reach Deputy Director General Ramesh Aryal, who has been assigned to carry out the investigation, for comments on the matter were unsuccessful.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A senior official of the Department of Customs said that the investigation is being delayed to exempt employees who are under investigation for causing a revenue loss. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Individuals aware of the matter said that attempts were being made to protect the two officials from any proceedings as they happen to be the members of the employee union close to the ruling political party.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">They argued that the investigation could be influenced by the transfer of DG Niraula, who started the investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"Since the DG is going to be transferred, there has been a delay in the investigation," the senior official said on condition of anonymity.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21491', 'image' => '20240807113552_20210702051202_20191103092810_20190807121918_Clipboard01.jpg', 'article_date' => '2024-08-07 11:35:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21764', 'article_category_id' => '1', 'title' => 'Rainfall Likely to Continue Across the Country Today', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: Department of Hydrology and Meteorology has predicted rainfall to continue in most of the places across the country today (Wednesday). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: Department of Hydrology and Meteorology has predicted rainfall to continue in most of the places across the country today (Wednesday). According to the department, monsoon low-pressure trough is located further north than usual due to which the monsoon wind is currently impacting the entire nation. As a result, the country is experiencing generally cloudy weather across the country with high possibility of rainfall.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The department has forecast light to moderate rainfall in all seven provinces, including Koshi, Madhes, Bagmati, Karnali, Sudurpaschim, Gandaki, and Lumbini. Heavy rainfall is also likely at a few locations within these provinces. Torrential rain is expected at one or two places in Koshi, Sudurpaschim, Lumbini, and Karnali provinces, prompting the department to urge caution due to the risk of landslides and flooding.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Tonight, the weather is predicted to remain partly to generally cloudy with light to moderate rain accompanied by thunder and lightning in some areas. Heavy rainfall is again anticipated in a few locations within the Koshi, Bagmati, Gandaki, Lumbini, and Sudurpaschim provinces.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Over the next 24 hours, the Meteorological Forecasting Division has predicted light to moderate rain with thunder and lightning in most provinces, including Koshi, Madhes, Bagmati, Gandaki, Lumbini, Karnali, and Sudurpaschim, with heavy rainfall expected in a few areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Meanwhile, the Meteorological Forecasting Division recorded 73 mm of rainfall in Kathmandu over the past 24 hours. The highest rainfall was recorded in Dharan at 104 mm, followed by Okhaldhunga (85 mm), Biratnagar (80 mm), Janakpur (74 mm), Jiri (46 mm), Pokhara (30 mm), Bhairahawa (26 mm), and Simara (21 mm).</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => 'rainfall, monsoon, Nepal, thunder, lightening, ', 'description' => '', 'sortorder' => '21490', 'image' => '20240807111209_20230904111644_rain (1).jpeg', 'article_date' => '2024-08-07 11:11:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21763', 'article_category_id' => '1', 'title' => 'Nepal into Final of CAVA Women's National League Volleyball after Defeating Iran ', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: Nepal defeated Iran in a competitive match to reach the final of the CAVA Women's Nations Volleyball League on Tuesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU, August </span></span>7<span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">: Nepal defeated Iran in a competitive match to reach the final of the CAVA Women's Nations Volleyball League on Tuesday. Nepal defeated Iran in straight sets of 25-21, 28-26 and 25-20 in the semifinals held at the </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">National Sports Council’s Covered Hall in Tripureshwar to avenge its earlier defeat in the round-robin league. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the victory, Nepal will now face India in the final of the League at 5 PM today (Wednesday). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, Nepal and Iran had entered the semi-finals of the League securing second and third positions in the league stage, respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal's chief coach Jagdish Bhatta shared happiness saying that Nepal achieved success by learning lessons from past mistakes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, Iran had defeated Nepal by 3-2 sets in the second match of the league stage. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier on Tuesday, India defeated Sri Lanka in the first semi-final in straight sets of 3-0. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21489', 'image' => '20240807110209_1722907003_nepal_cava-1200x560.jpg', 'article_date' => '2024-08-07 11:01:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21762', 'article_category_id' => '1', 'title' => 'Kailali Achieves Self-Sufficiency in Milk Production', 'sub_title' => '', 'summary' => 'Kailali district has achieved self-sufficiency in milk production, thanks to the commercial rearing of advanced breeds of cows and buffaloes.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 7: Kailali district has achieved self-sufficiency in milk production, thanks to the commercial rearing of advanced breeds of cows and buffaloes. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The district now exports milk to other areas, according to Kabiraj Kathayat, Information Officer at the Veterinary Hospital and Animal Services Expert Center.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Center's statistics reveal that, following the introduction of a subsidy program by the provincial government to promote dairy farming, Kailali produced 96 metric tons of milk in the fiscal year 2078/79. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The milk production increased to 106 metric tons in 2079/80 and further to 168 metric tons in 2080/81.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Currently, the district exports 2,000 to 2,500 liters of milk daily, according to the Dairy Development Project Attaria.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The district officially has 52 cow and buffalo farms registered with the Livestock Services Office, employing 156 people. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">There are also 14 dairy cooperatives, 44 private dairies, and one major enterprise, Khaptad Industries Pvt. Ltd, collectively generating an estimated annual business of around Rs 188.4 million.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Pushpa Bharati of the Livestock Services Office highlighted the economic impact of these developments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Puskarraj Nath from the Livestock and Fisheries Development Directorate said that Sudurpaschim Province is on the path to self-sufficiency not only in milk but also in meat, eggs, and fish production. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21488', 'image' => '20240807060440_collage (92).jpg', 'article_date' => '2024-08-07 06:02:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '21760', 'article_category_id' => '1', 'title' => 'Incessant Rainfall Disrupts Flights Nationwide', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Heavy rainfall across Nepal since Monday night has led to disruption of flights at Tribhuvan International Airport (TIA). Poor visibility caused by the relentless downpour has affected both domestic and international flights.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 6: Heavy rainfall across Nepal since Monday night has led to disruption of flights at Tribhuvan International Airport (TIA). Poor visibility caused by the relentless downpour has affected both domestic and international flights.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Jagannath Niraula, General Manager at TIA, reported that a Turkish Airlines flight was rerouted to Lucknow, India, and an Air India flight was diverted to Benaras on Tuesday morning. Domestic flights have also faced delays due to the adverse weather conditions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">TIA has indicated that flights will resume as visibility improves. However, the Meteorological Forecasting Division warns of continued heavy to extremely heavy rainfall on Tuesday as well as on Wednesday, with particular risk in Koshi Province, Madhes Province, Bagmati Province, Gandaki Province, and Sudurpaschim Province. -- RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21487', 'image' => '20240806055717_TIA.jpg', 'article_date' => '2024-08-06 17:56:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21759', 'article_category_id' => '1', 'title' => 'NEPSE Sees Massive Downfall with Record Turnover of Rs 23.71 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a massive downfall, dropping by 145.05 points or 5.18%, to close at 2651.32. This marked a massive drop on the second trading day of the week, Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 6: The Nepal Stock Exchange (NEPSE) Index experienced a significant decline, dropping by 145.05 points or 5.18%, to close at 2651.32. This marked a massive drop on the second trading day of the week, Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During the trading session, 322 different securities were traded in 271,587 transactions. A total of 53,844,237 shares were exchanged, resulting in a record turnover of Rs 23.71 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Himalayan Reinsurance Company Limited (HRL) led the market with a total transaction value of Rs 1.39 billion. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Three Star Hydropower Limited (TSHL) saw a 10% gain, hitting the upper circuit for the day. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In contrast, seven companies, including Nepal Finance Limited (NFS), Gurkhas Finance Limited (GUFL), and NRN Infrastructure and Development Limited (NRN), experienced a 10% loss, reaching the lower circuit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index fell by 5.53%, while the Float Index and the Sensitive Float Index decreased by 5.50% and 6.09%, respectively. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">All sectors closed in the red, with the Finance Index and Hotels and Tourism Index experiencing the most significant drops of 8.27% and 8.03%. The Others Index saw the smallest decline at 1.32%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21486', 'image' => '20240806034524_collage (91).jpg', 'article_date' => '2024-08-06 15:43:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21761', 'article_category_id' => '1', 'title' => 'Veteran Industrialist Shrawan Kumar Agrawal Passes Away', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Veteran industrialist Shrawan Kumar Agrawal, who was also a Constituent Assembly member, passed away at his residence in Sanepa, Lalitpur, on Monday night. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 6</span></span>: <span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Veteran industrialist Shrawan Kumar Agrawal, who was also a Constituent Assembly member, passed away at his residence in Sanepa, Lalitpur, on Monday night. He was 77.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agrawal, who was also the former chairman of Marwadi Sewa Samiti, was active in various industries and businesses for the last 58 years. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agrawal is survived by his wife, two sons, and a daughter. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">His son, Rajesh Kumar Agrawal, is the president of the Confederation of Nepalese Industries (CNI).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">CNI, through a statement, extended condolences on Agrawal's passing. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">His last rites would be performed at Pashupati Aryaghat on Tuesday. </span></span>-- <span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">RSS</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21485', 'image' => '20240806060046_thumb4-1722923853.jpg', 'article_date' => '2024-08-06 18:00:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21756', 'article_category_id' => '1', 'title' => 'Electricity Export to Bangladesh Uncertain', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Due to the ongoing violent protests in Bangladesh, Prime Minister Sheikh Hasina has resigned and left the country, causing uncertainty regarding Nepal's electricity exports to Bangladesh.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 6: Due to the ongoing violent protests in Bangladesh, Prime Minister Sheikh Hasina has resigned and left the country, causing uncertainty regarding Nepal's electricity exports to Bangladesh.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The agreement for Nepal's electricity export to Bangladesh, initially scheduled for July 28, was postponed due to the protests. Following Prime Minister Hasina's departure on Monday, Army Chief General Waqer-Uz-Zaman announced the formation of a new interim government.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">This political instability has raised more doubts about the timeline and feasibility of the agreement between the two countries. However, Bangladeshi government officials have indicated that despite potential delays, the newly formed government may still view purchasing electricity from Nepal favorably, given Bangladesh's need for power.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The agreement on electricity export from Nepal to Bangladesh, once signed, will mark the first time Nepal exports electricity to a third country. Since 2021, Nepal has been exporting electricity to India’s competitive energy market.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">A tripartite agreement between the Nepal Electricity Authority, India's NTPC Vidyut Vyapar Nigam (NVVN), and the Bangladesh Power Development Board was to be signed on July 28. The agreement outlined that Nepal would sell 40 megawatts of electricity to Bangladesh at 6.4 US cents per unit during the six-month rainy season (from June 15 to November 15 each year) for the next five years.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">However, the student protests in Bangladesh and the toppling of the government have significantly disrupted these plans. Deputy Executive Director of the NEA, Manoj Silwal, expressed concerns about the uncertainty surrounding electricity exports due to the recent developments.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The new interim government in Bangladesh, not formed through the electoral process, creates an abnormal situation. "There is a doubt that the new government will easily implement the decisions of the previous government," Silwal said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Previously, citing the protests, Sheikh Hasina's government informed the Nepali embassy that it would be unable to attend the agreement signing scheduled for July 28. The Ministry of Energy, Water Resources, and Irrigation had planned to export 28,800 megawatt hours of electricity to Bangladesh monthly, with a goal of exporting 144,000 megawatt hours and earning Rs 1.23 billion in the next five months if an agreement was reached immediately.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Navinraj Singh, spokesperson for the Ministry of Energy, Water Resources, and Irrigation, stated that due to the latest political developments in Bangladesh, it is challenging to predict the outcome of the electricity purchase and sale. "The first thing is that there is no government there now," he said. "The head of the government has left the country." This has added to the confusion surrounding the electricity purchase and sale agreement.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Despite Sheikh Hasina's government prioritizing the purchase of electricity from Nepal, Nepali officials acknowledge that the agreement will depend on the new government's stance. "However, due to the lack of electricity in Bangladesh, we believe that the newly formed government will prioritize purchasing electricity from Nepal. Now let's see how the events progress," Singh added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In addition to the tripartite agreement, the bilateral high-level mechanism meeting on energy between Nepal and Bangladesh, scheduled for July 29-30 in Pokhara, was also postponed. This meeting aimed to discuss or sign an agreement on establishing a joint venture to build the Sunkoshi 3 hydropower project with a capacity of 683 MW. However, recent developments have added uncertainty to this plan as well, Singh noted.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21484', 'image' => '20240806014732_20240718112709_c70a54ed.jpeg', 'article_date' => '2024-08-06 13:47:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21758', 'article_category_id' => '1', 'title' => 'Govt Collects Rs 358 Million in VAT from Foreign Firms Providing Digital Services in Nepal', 'sub_title' => 'A total of 18 foreign digital service providers were registered in Nepal by the end of the last FY, according to the Large Taxpayers Office', 'summary' => 'The government of Nepal collected around Rs 358 million in Value Added Tax (VAT) from foreign firms for services provided to Nepali consumers over the internet in the last fiscal year, 2023/24, according to the Large Taxpayers Office.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">PAWAN PANDEY</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 6</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government of Nepal collected around Rs 358 million in Value Added Tax (VAT) from foreign firms for services provided to Nepali consumers over the internet in the last fiscal year, 2023/24, according to the Large Taxpayers Office.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the previous fiscal year, 2022/23, the government had collected around Rs 100 million in VAT and Rs 16 million in Digital Service Tax (DST). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Digital Service Tax Procedure, 2022 which came into effect from the fiscal year 2022/23, a non-resident person providing digital services to Nepali consumers is charged 2% DST if their annual transaction exceeds Rs 2 million.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Inland Revenue Department (IRD) had also issued a procedure for VAT applicable to digital service for non-resident persons.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Income Tax Act, 2002, uses the 183-day rule as one of the criteria to determine non-residents for tax purposes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Janak Raj Sharma, chief tax administrator at the office, told New Business Age that 18 foreign firms providing such services have been registered in Nepal by the end of the last fiscal year, up from eight by the end of the previous fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Among the firms registered in Nepal are Goggle Asia, NCS Pearson, Linkedin, Meta, Microsoft Original, Amazon Web, Amazon.com, Adobe, Netflix, Zoho Corporation, Google Digital, Prometric Japan, Association of Chartered Certified Accountants (ACCA), Pearson Education and Apple Distribution, according to Sharma.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The registered firms will have to present their financial declaration and pay the DST for the last fiscal year by the end of the first quarter of the current fiscal year, Sharma said, adding, “The DST is only levied for services provided to the consumers, not to the businesses.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the procedure, services such as advertisements, data storage, gaming, those related to mobile applications, supply and update of software, and downloads of data and images; movies, television, music, over the top and similar subscription based services; and online marketplace and goods and services to be provided through it, among others, fall under the ‘digital service’. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The IRD had asked such foreign firms to be registered in Nepal from July 17, 2022, the beginning of the fiscal year 2022/23.</span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21483', 'image' => '20240806030120_2024041703362274520_1599400665.tax.jpg', 'article_date' => '2024-08-06 14:59:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21757', 'article_category_id' => '1', 'title' => 'Price of Gold Falls After Reaching a Record High in Nepal', 'sub_title' => 'The precious yellow metal became cheaper by Rs 2,300 per tola on Tuesday', 'summary' => 'KATHMANDU, August 6: Price of gold, which had surged to an all-time high in the domestic market on Monday, dropped by Rs 2,300 per tola (11.66 grams) on Tuesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 6: Price of gold, which had surged to an all-time high in the domestic market on Monday, dropped by Rs 2,300 per tola (11.66 grams) on Tuesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Following the fall in price, hallmark gold is being traded at Rs 147,700 per tola, according to the Federation of Gold and Silver Dealers' Association.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On Monday, it was traded at Rs 150,000 per tola.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, worked gold, which was traded at Rs 149,500 on Monday, is being traded at Rs 147,000 per tola.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of silver has also gone down by Rs 60 per tola to be traded at Rs 1,725 per tola on Tuesday. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21482', 'image' => '20240806025201_cd5483b7.jpeg', 'article_date' => '2024-08-06 14:50:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21755', 'article_category_id' => '1', 'title' => 'Dividend Distribution Capacity of Commercial Banks Declines', 'sub_title' => '', 'summary' => 'The dividend distribution capacity of most commercial banks declined in the last fiscal year, FY 2023/24, with four banks unable to distribute dividends at all.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Laxmi Sharma </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 6</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The dividend distribution capacity of most commercial banks declined in the last fiscal year, FY 2023/24, with four banks unable to distribute dividends at all.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the unaudited financial statements published by commercial banks for the last fiscal year, while the number of banks unable to distribute dividends decreased in the fourth quarter compared to the third quarter, investors of most banks will still see limited returns.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal Investment Mega Bank, Kumari Bank, NIC Asia Bank, and Himalayan Bank reported in their financial statements that they have no capacity to distribute dividends. In addition to these four banks, Laxmi Sunrise Bank, Nepal Bank, NMB Bank, Global IME Bank, Machhapuchhre Bank, and Siddhartha Bank had negative distributable profits in the third quarter of last year. However, six of these banks were able to distribute some dividends in the last quarter.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Besides those unable to distribute dividends, 10 other commercial banks saw a decrease in their dividend distribution capacity compared to the previous year. These banks include NMB Bank, Siddhartha Bank, Global IME Bank, Rastriya Banijya Bank, Machhapuchhre Bank, Citizens Bank, Laxmi Sunrise Bank, Sanima Bank, Standard Chartered Bank, and Everest Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Former banker Bhuwan Dahal attributed the decline in dividend distribution to high non-banking assets and failure to collect interest. He noted earlier in May that many commercial banks were unable to show profits because they could not collect interest due from the borrowers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"As per the instructions of Nepal Rastra Bank (NRB), the amount equal to the interest that has not been collected cannot be shown in the distributable profit as regulatory adjustment is required," Dahal explained. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">NRB's regulatory adjustments include accrued interest, provisioning on non-banking assets, and potential losses on investments. Despite the overall decrease in dividend capacity, Everest Bank had the highest dividend capacity last year at 29.86 percent, down from 38.42 percent in FY 2022/23.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Standard Chartered Bank was second with a dividend capacity of 26.5 percent, slightly lower than the previous year's 28.75 percent. The Agriculture Development Bank ranked third with a dividend capacity of 17.37 percent, an increase from the previous year's 9.24 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Among the 20 commercial banks, NMB Bank had the lowest dividend capacity, at just 1.3 percent, down from 6.21 percent in FY 2022/23. In the same year, eight other commercial banks did not distribute dividends to shareholders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Investors are concerned that the decreasing dividend capacity and rates may reduce the attraction towards shares of commercial banks. NRB has allowed banks and financial institutions to include interest up to mid-August in their financial statements up to mid-July. This provision means there could be some changes in the profit and dividend capacities once the audited financial statements are released.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21481', 'image' => '20240806013648_Banks - Copy.jpg', 'article_date' => '2024-08-06 13:35:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21754', 'article_category_id' => '1', 'title' => '154 Killed due to Monsoon-Induced Disasters ', 'sub_title' => 'MPs draw government's attention to resolve problems caused by monsoon disaster ', 'summary' => 'KATHMANDU, August 6: A total of 154 people lost their lives in this year's monsoon-induced disasters so far. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU, August 6: A total of 154 people lost their lives in this year's monsoon-induced disasters so far. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Landslide, floods and inundation claimed three lives in Kathmandu Valley, 25 in Koshi, six in Madhes, 20 in Bagmati, 43 in Gandaki, 29 in Lumbini, eight in Karnali and 10 in Sudurpaschim provinces, according to Nepal Police Headquarters. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Forty-seven people went missing and 186 were injured in the disaster. A total of 384 houses were waterlogged due to flood whhile 261 houses, 95 huts, 43 bridges, two school buildings and two government offices suffered damages, said police. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, 4,238 families were displaced due to disaster since June 10. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, Members of Parliament drew the attention of the government to solve the problems caused by floods, landslides and inundation in different parts of the country. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Speaking during the 'urgent Hour' of the Lower House meeting on Monday, they drew the attention of the government to effectively oversee natural disaster risk management, relief and rescue works. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Lawmakers Surya Thapa, Maya Rai, Hemraj Rai and Prem Maharjan drew the government's attention to manage immediate reliefs to the victims of natural disaster. -- RSS </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21480', 'image' => '20240806123235_KDN-Dang-DSC_1164.jpg', 'article_date' => '2024-08-06 12:31:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21753', 'article_category_id' => '1', 'title' => 'Nepal into Semis of CAVA Women's National League Volleyball ', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Nepal defeated the Maldives to book a place in the semi-finals of the CAVA Women's Nations Volleyball League on Monday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU, August 6: Nepal defeated the Maldives to book a place in the semi-finals of the CAVA Women's Nations Volleyball League on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal defeated the Maldives in straight sets of 25-8, 25-19 and 25-18 in the last group-stage match held at the National Sports Council’s Covered Hall in Tripureshwar on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the win, Nepal finished second in the points table and will now meet Iran in the semi-finals. Iran finished third in the points table. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">India and Sri Lanka will compete in the first semi-final. India topped the league while Sri Lanka finished fourth. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The first semi-final between Sri Lanka and India will start at 3:00 pm today (Tuesday) at the same venue while Nepal will face Iran in the second semi-final starting at 5:15 pm. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21479', 'image' => '20240806120108_GUD4D2JW8AAraFD.jpg', 'article_date' => '2024-08-06 11:59:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21752', 'article_category_id' => '1', 'title' => 'Indian Government Approves around Rs 91 Billion for Lower Arun Hydroelectric Project', 'sub_title' => 'The 669 megawatts project is being developed by India’s state-owned Satluj Jal Vidyut Nigam (SJVN)', 'summary' => 'The Indian government has approved around Rs 91 billion in investment for the Lower Arun Hydroelectric Project, which is being developed by India’s state-owned SJVN Limited.', 'content' => '<p><span style="font-size:18px">NewBiz Report</span></p> <p><span style="font-size:18px">KATHMANDU, August 5</span></p> <p><span style="font-size:18px">The Indian government has approved around Rs 91 billion in investment for the Lower Arun Hydroelectric Project, which is being developed by India’s state-owned SJVN Limited.</span></p> <p><span style="font-size:18px">The Cabinet Committee on Economic Affairs, chaired by Indian Prime Minister Narendra Modi, approved the investment of INR 5,792.36 crore (around Rs 91 billion) for the 669 megawatts project, according to India media reports.</span></p> <p><span style="font-size:18px">“The Committee has also accorded Ex-post facto approval for Special Purpose Vehicle SJVN Lower Arun Power Development Company Private Limited (SLPDC), a wholly owned subsidiary of SJVN incorporated in Nepal for implementation of LAHEP [Lower Arun Hydro Electric Project],” reads one of the report. “In addition to this, the Committee has also approved the equity investment of Rs.1737.70 crores [ around Rs 27 billion] in SLPDC.”</span></p> <p><span style="font-size:18px">Lower Arun is one of the projects –along with 900 megawatts Arun III and 490 megawatts Arun IV–being developed by SJVN in Nepal. </span></p> <p><span style="font-size:18px">Nepal Electricity Authority and the SJVN have signed a joint venture agreement to develop the Arun IV project.</span></p> <p><span style="font-size:18px">To be built under build, own, operate and transfer (BOOT) model, Lower Arun is scheduled to be completed in five years and expected to generate 2,901 million units of electricity annually.</span></p> <p><span style="font-size:18px">The hydel project will not have any reservoir as it is going to be a tailrace development of the Arun III hydro project.</span></p> <p><span style="font-size:18px">Earlier in July, 2021, the Investment Board of Nepal (IBN) and SJVN had signed a memorandum of understanding in Kathmandu to develop the hydropower project in eastern Nepal.</span></p> <p><span style="font-size:18px">Last year in April, right before the then Prime Minister Pushpa Kamal Dahal’s visit to India, the IBN had approved an investment of Rs 92.68 billion proposed by SJVN to develop the project.</span></p> <p><span style="font-size:18px">Later in June the same year, SJVN signed the project Development Agreement (PDA) with IBN during the then Prime Minister Pushpa Kamal Dahal’s visit to India.</span></p> <p><span style="font-size:18px">Officials from SJVN have said in the past that they aim to invest in projects generating 5,000 megawatts of electricity in Nepal by 2030.</span></p> <p><br /> </p> <p><br /> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21478', 'image' => '20240806113241_20230601043926_hydro.jpg', 'article_date' => '2024-08-06 11:31:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? 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style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 7</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Commercial banks of Nepal saw their non-performing loans (NPLs) surge in the last fiscal year as slowdown in economic activities affected loan recovery.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The average NPL ratio of the commercial banks increased to 3.58% by the end of the FY 2023/24, up from 3.05% in the previous FY 2022/23, the unaudited financial statements of the banks for the last quarter of the last fiscal year show. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPLs, also known as bad loans, refer to the credit extended by the banks and financial institution which cannot be recovered in a specified period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While seven banks saw their NPL decline in the review year, remaining 13 witnessed an increase, with eight banks reporting more than 4% NPL.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While Kumari Bank has the highest NPL ratio at 4.95%, Everest Bank has the lowest at 0.71%.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Meanwhile, NIC Asia Bank’s NPL ratio increased from 0.88% to 3.41% in a year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Various external and internal factors caused slowdown in economic activities affecting banks’ credit expansion as well as recovery </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The long term effects of Covid pandemic, ongoing Russia-Ukraine conflict, and the protests in the country for non-payment of loans taken from the banks and financial institutions impacted the loan recovery. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The average NPL ratio of Nepal’s commercial banks was 1.10 in the fiscal year 2021/22. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite the surge, Nepal Rastra Bank’ newly appointed spokesperson Ramu Paudel, argued that it was not a major issue. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“NPL has surged because of the sluggish economic activities,” said Paudel. “It will start coming down as the economic activities accelerate.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The International Monetary Fund (IMF) has also raised questions on the NPL statistics of Nepali banks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The global financial agency put a condition last year of carrying out the audit of 10 big commercial banks to examine their credit quality before approving an installment under the Extended Credit Facility (ECF), suspecting evergreening of loans. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Rastra Bank has moved forward the process of selecting an auditor for the purpose.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Table below shows NPL ratios of Nepali commercial banks at the end of fiscal years 2022/23 and 2023/24.</span></span></strong></span></span></p> <p> </p> <table cellspacing="0" style="border-collapse:collapse"> <tbody> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Banks</span></span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPL ratio (2023/24)</span></span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPL ratio (2022/23)</span></span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Investment Mega</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.95</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.54</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kumari</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.95</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.96</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Himalayan</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.91</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.93</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Prabhu</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.78</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.98</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Laxmi Sunrise</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.72</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.91</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Prime Commercial </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.67</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.85</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Global IME</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.37</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.15</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Citizens</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.07</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.39</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nabil</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.85</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.39</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Rastriya Banijya</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.65</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.77</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Machhapuchchhre</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.63</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.26</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agriculture Development</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.44</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.78</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NIC Asia</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.41</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.88</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Bank</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.28</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.85</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NMB </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.27</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.75</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Siddhartha</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.22</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.01</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Standard Chartered</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.14</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.18</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal SBI</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.43</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Sanima </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.73</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.31</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Everest</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.71</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.79</span></span></span></span></p> </td> </tr> </tbody> </table> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21492', 'image' => '20240807120501_20240717011652_20240624011617_bankkkkkkk.jpg', 'article_date' => '2024-08-07 12:03:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21765', 'article_category_id' => '1', 'title' => 'Lack of Progress in Investigation against ICP Officials in Birgunj Raises Suspicion ', 'sub_title' => '', 'summary' => 'Lack of progress in the investigation against Birgunj-based Integrated Check Post’s officials, who had allegedly given customs clearance to processed palm oil in the guise of semi-processed oil, has raised suspicion of efforts to influence the investigation.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">OM PRAKASH KHANAL<br /> BIRGUNJ, August 7</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lack of progress in the investigation against Birgunj-based Integrated Check Post’s officials, who had allegedly given customs clearance to processed palm oil in the guise of semi-processed oil, has raised suspicion of efforts to influence the investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Department of Customs had started the investigation against customs officer Sunita Paudel and examiner Ramesh Majhi last month after finding out that the consignment of processed palm oil imported by RMC Foods was cleared by the customs office as semi-processed palm oil, for which the imported had to pay less customs duty.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The officials had given the clearance without examining the oil, against the directive of the department. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Traders are found lying about their consignment as they are charged 10% import duty on semi-processed palm oil and 15% on the processed one, department officials say. The alleged officials were suspected of colluding with the traders. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The palm oil imported by RMC Foods was given the customs clearance by charging 10% customs duty and 13% VAT.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Customs Officer Paudel and examiner Majhi were summoned in writing on July 14 to the department for further inquiry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Dhundi Prasad Niraula, director general at the Department of Customs, had earlier told New Business Age the department’s Investigation and Compliance Branch was tasked to move the investigation forward and submit a report in three days. But, the branch has not submitted the report till date.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">There has been no progress in the case even after three weeks, according to the department sources. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Niraula, however, argued that the two officials were visiting the department daily and the investigation was ongoing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">After discovering that traders were avoiding revenue by labelling processed oil as semi-processed, the Department of Customs directed its subordinate offices to approve inspections only through oil testing. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The ICP Customs has now started an investigation into a suspected collusion involving an employee, as the raw material got customs clearance without a laboratory test report.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Multiple attempts to reach Deputy Director General Ramesh Aryal, who has been assigned to carry out the investigation, for comments on the matter were unsuccessful.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A senior official of the Department of Customs said that the investigation is being delayed to exempt employees who are under investigation for causing a revenue loss. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Individuals aware of the matter said that attempts were being made to protect the two officials from any proceedings as they happen to be the members of the employee union close to the ruling political party.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">They argued that the investigation could be influenced by the transfer of DG Niraula, who started the investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"Since the DG is going to be transferred, there has been a delay in the investigation," the senior official said on condition of anonymity.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21491', 'image' => '20240807113552_20210702051202_20191103092810_20190807121918_Clipboard01.jpg', 'article_date' => '2024-08-07 11:35:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21764', 'article_category_id' => '1', 'title' => 'Rainfall Likely to Continue Across the Country Today', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: Department of Hydrology and Meteorology has predicted rainfall to continue in most of the places across the country today (Wednesday). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: Department of Hydrology and Meteorology has predicted rainfall to continue in most of the places across the country today (Wednesday). According to the department, monsoon low-pressure trough is located further north than usual due to which the monsoon wind is currently impacting the entire nation. As a result, the country is experiencing generally cloudy weather across the country with high possibility of rainfall.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The department has forecast light to moderate rainfall in all seven provinces, including Koshi, Madhes, Bagmati, Karnali, Sudurpaschim, Gandaki, and Lumbini. Heavy rainfall is also likely at a few locations within these provinces. Torrential rain is expected at one or two places in Koshi, Sudurpaschim, Lumbini, and Karnali provinces, prompting the department to urge caution due to the risk of landslides and flooding.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Tonight, the weather is predicted to remain partly to generally cloudy with light to moderate rain accompanied by thunder and lightning in some areas. Heavy rainfall is again anticipated in a few locations within the Koshi, Bagmati, Gandaki, Lumbini, and Sudurpaschim provinces.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Over the next 24 hours, the Meteorological Forecasting Division has predicted light to moderate rain with thunder and lightning in most provinces, including Koshi, Madhes, Bagmati, Gandaki, Lumbini, Karnali, and Sudurpaschim, with heavy rainfall expected in a few areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Meanwhile, the Meteorological Forecasting Division recorded 73 mm of rainfall in Kathmandu over the past 24 hours. The highest rainfall was recorded in Dharan at 104 mm, followed by Okhaldhunga (85 mm), Biratnagar (80 mm), Janakpur (74 mm), Jiri (46 mm), Pokhara (30 mm), Bhairahawa (26 mm), and Simara (21 mm).</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => 'rainfall, monsoon, Nepal, thunder, lightening, ', 'description' => '', 'sortorder' => '21490', 'image' => '20240807111209_20230904111644_rain (1).jpeg', 'article_date' => '2024-08-07 11:11:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21763', 'article_category_id' => '1', 'title' => 'Nepal into Final of CAVA Women's National League Volleyball after Defeating Iran ', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: Nepal defeated Iran in a competitive match to reach the final of the CAVA Women's Nations Volleyball League on Tuesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU, August </span></span>7<span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">: Nepal defeated Iran in a competitive match to reach the final of the CAVA Women's Nations Volleyball League on Tuesday. Nepal defeated Iran in straight sets of 25-21, 28-26 and 25-20 in the semifinals held at the </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">National Sports Council’s Covered Hall in Tripureshwar to avenge its earlier defeat in the round-robin league. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the victory, Nepal will now face India in the final of the League at 5 PM today (Wednesday). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, Nepal and Iran had entered the semi-finals of the League securing second and third positions in the league stage, respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal's chief coach Jagdish Bhatta shared happiness saying that Nepal achieved success by learning lessons from past mistakes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, Iran had defeated Nepal by 3-2 sets in the second match of the league stage. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier on Tuesday, India defeated Sri Lanka in the first semi-final in straight sets of 3-0. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21489', 'image' => '20240807110209_1722907003_nepal_cava-1200x560.jpg', 'article_date' => '2024-08-07 11:01:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21762', 'article_category_id' => '1', 'title' => 'Kailali Achieves Self-Sufficiency in Milk Production', 'sub_title' => '', 'summary' => 'Kailali district has achieved self-sufficiency in milk production, thanks to the commercial rearing of advanced breeds of cows and buffaloes.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 7: Kailali district has achieved self-sufficiency in milk production, thanks to the commercial rearing of advanced breeds of cows and buffaloes. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The district now exports milk to other areas, according to Kabiraj Kathayat, Information Officer at the Veterinary Hospital and Animal Services Expert Center.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Center's statistics reveal that, following the introduction of a subsidy program by the provincial government to promote dairy farming, Kailali produced 96 metric tons of milk in the fiscal year 2078/79. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The milk production increased to 106 metric tons in 2079/80 and further to 168 metric tons in 2080/81.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Currently, the district exports 2,000 to 2,500 liters of milk daily, according to the Dairy Development Project Attaria.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The district officially has 52 cow and buffalo farms registered with the Livestock Services Office, employing 156 people. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">There are also 14 dairy cooperatives, 44 private dairies, and one major enterprise, Khaptad Industries Pvt. Ltd, collectively generating an estimated annual business of around Rs 188.4 million.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Pushpa Bharati of the Livestock Services Office highlighted the economic impact of these developments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Puskarraj Nath from the Livestock and Fisheries Development Directorate said that Sudurpaschim Province is on the path to self-sufficiency not only in milk but also in meat, eggs, and fish production. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21488', 'image' => '20240807060440_collage (92).jpg', 'article_date' => '2024-08-07 06:02:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '21760', 'article_category_id' => '1', 'title' => 'Incessant Rainfall Disrupts Flights Nationwide', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Heavy rainfall across Nepal since Monday night has led to disruption of flights at Tribhuvan International Airport (TIA). Poor visibility caused by the relentless downpour has affected both domestic and international flights.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 6: Heavy rainfall across Nepal since Monday night has led to disruption of flights at Tribhuvan International Airport (TIA). Poor visibility caused by the relentless downpour has affected both domestic and international flights.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Jagannath Niraula, General Manager at TIA, reported that a Turkish Airlines flight was rerouted to Lucknow, India, and an Air India flight was diverted to Benaras on Tuesday morning. Domestic flights have also faced delays due to the adverse weather conditions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">TIA has indicated that flights will resume as visibility improves. However, the Meteorological Forecasting Division warns of continued heavy to extremely heavy rainfall on Tuesday as well as on Wednesday, with particular risk in Koshi Province, Madhes Province, Bagmati Province, Gandaki Province, and Sudurpaschim Province. -- RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21487', 'image' => '20240806055717_TIA.jpg', 'article_date' => '2024-08-06 17:56:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21759', 'article_category_id' => '1', 'title' => 'NEPSE Sees Massive Downfall with Record Turnover of Rs 23.71 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a massive downfall, dropping by 145.05 points or 5.18%, to close at 2651.32. This marked a massive drop on the second trading day of the week, Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 6: The Nepal Stock Exchange (NEPSE) Index experienced a significant decline, dropping by 145.05 points or 5.18%, to close at 2651.32. This marked a massive drop on the second trading day of the week, Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During the trading session, 322 different securities were traded in 271,587 transactions. A total of 53,844,237 shares were exchanged, resulting in a record turnover of Rs 23.71 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Himalayan Reinsurance Company Limited (HRL) led the market with a total transaction value of Rs 1.39 billion. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Three Star Hydropower Limited (TSHL) saw a 10% gain, hitting the upper circuit for the day. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In contrast, seven companies, including Nepal Finance Limited (NFS), Gurkhas Finance Limited (GUFL), and NRN Infrastructure and Development Limited (NRN), experienced a 10% loss, reaching the lower circuit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index fell by 5.53%, while the Float Index and the Sensitive Float Index decreased by 5.50% and 6.09%, respectively. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">All sectors closed in the red, with the Finance Index and Hotels and Tourism Index experiencing the most significant drops of 8.27% and 8.03%. The Others Index saw the smallest decline at 1.32%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21486', 'image' => '20240806034524_collage (91).jpg', 'article_date' => '2024-08-06 15:43:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21761', 'article_category_id' => '1', 'title' => 'Veteran Industrialist Shrawan Kumar Agrawal Passes Away', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Veteran industrialist Shrawan Kumar Agrawal, who was also a Constituent Assembly member, passed away at his residence in Sanepa, Lalitpur, on Monday night. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 6</span></span>: <span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Veteran industrialist Shrawan Kumar Agrawal, who was also a Constituent Assembly member, passed away at his residence in Sanepa, Lalitpur, on Monday night. He was 77.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agrawal, who was also the former chairman of Marwadi Sewa Samiti, was active in various industries and businesses for the last 58 years. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agrawal is survived by his wife, two sons, and a daughter. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">His son, Rajesh Kumar Agrawal, is the president of the Confederation of Nepalese Industries (CNI).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">CNI, through a statement, extended condolences on Agrawal's passing. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">His last rites would be performed at Pashupati Aryaghat on Tuesday. </span></span>-- <span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">RSS</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21485', 'image' => '20240806060046_thumb4-1722923853.jpg', 'article_date' => '2024-08-06 18:00:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21756', 'article_category_id' => '1', 'title' => 'Electricity Export to Bangladesh Uncertain', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Due to the ongoing violent protests in Bangladesh, Prime Minister Sheikh Hasina has resigned and left the country, causing uncertainty regarding Nepal's electricity exports to Bangladesh.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 6: Due to the ongoing violent protests in Bangladesh, Prime Minister Sheikh Hasina has resigned and left the country, causing uncertainty regarding Nepal's electricity exports to Bangladesh.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The agreement for Nepal's electricity export to Bangladesh, initially scheduled for July 28, was postponed due to the protests. Following Prime Minister Hasina's departure on Monday, Army Chief General Waqer-Uz-Zaman announced the formation of a new interim government.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">This political instability has raised more doubts about the timeline and feasibility of the agreement between the two countries. However, Bangladeshi government officials have indicated that despite potential delays, the newly formed government may still view purchasing electricity from Nepal favorably, given Bangladesh's need for power.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The agreement on electricity export from Nepal to Bangladesh, once signed, will mark the first time Nepal exports electricity to a third country. Since 2021, Nepal has been exporting electricity to India’s competitive energy market.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">A tripartite agreement between the Nepal Electricity Authority, India's NTPC Vidyut Vyapar Nigam (NVVN), and the Bangladesh Power Development Board was to be signed on July 28. The agreement outlined that Nepal would sell 40 megawatts of electricity to Bangladesh at 6.4 US cents per unit during the six-month rainy season (from June 15 to November 15 each year) for the next five years.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">However, the student protests in Bangladesh and the toppling of the government have significantly disrupted these plans. Deputy Executive Director of the NEA, Manoj Silwal, expressed concerns about the uncertainty surrounding electricity exports due to the recent developments.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The new interim government in Bangladesh, not formed through the electoral process, creates an abnormal situation. "There is a doubt that the new government will easily implement the decisions of the previous government," Silwal said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Previously, citing the protests, Sheikh Hasina's government informed the Nepali embassy that it would be unable to attend the agreement signing scheduled for July 28. The Ministry of Energy, Water Resources, and Irrigation had planned to export 28,800 megawatt hours of electricity to Bangladesh monthly, with a goal of exporting 144,000 megawatt hours and earning Rs 1.23 billion in the next five months if an agreement was reached immediately.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Navinraj Singh, spokesperson for the Ministry of Energy, Water Resources, and Irrigation, stated that due to the latest political developments in Bangladesh, it is challenging to predict the outcome of the electricity purchase and sale. "The first thing is that there is no government there now," he said. "The head of the government has left the country." This has added to the confusion surrounding the electricity purchase and sale agreement.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Despite Sheikh Hasina's government prioritizing the purchase of electricity from Nepal, Nepali officials acknowledge that the agreement will depend on the new government's stance. "However, due to the lack of electricity in Bangladesh, we believe that the newly formed government will prioritize purchasing electricity from Nepal. Now let's see how the events progress," Singh added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In addition to the tripartite agreement, the bilateral high-level mechanism meeting on energy between Nepal and Bangladesh, scheduled for July 29-30 in Pokhara, was also postponed. This meeting aimed to discuss or sign an agreement on establishing a joint venture to build the Sunkoshi 3 hydropower project with a capacity of 683 MW. However, recent developments have added uncertainty to this plan as well, Singh noted.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21484', 'image' => '20240806014732_20240718112709_c70a54ed.jpeg', 'article_date' => '2024-08-06 13:47:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21758', 'article_category_id' => '1', 'title' => 'Govt Collects Rs 358 Million in VAT from Foreign Firms Providing Digital Services in Nepal', 'sub_title' => 'A total of 18 foreign digital service providers were registered in Nepal by the end of the last FY, according to the Large Taxpayers Office', 'summary' => 'The government of Nepal collected around Rs 358 million in Value Added Tax (VAT) from foreign firms for services provided to Nepali consumers over the internet in the last fiscal year, 2023/24, according to the Large Taxpayers Office.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">PAWAN PANDEY</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 6</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government of Nepal collected around Rs 358 million in Value Added Tax (VAT) from foreign firms for services provided to Nepali consumers over the internet in the last fiscal year, 2023/24, according to the Large Taxpayers Office.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the previous fiscal year, 2022/23, the government had collected around Rs 100 million in VAT and Rs 16 million in Digital Service Tax (DST). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Digital Service Tax Procedure, 2022 which came into effect from the fiscal year 2022/23, a non-resident person providing digital services to Nepali consumers is charged 2% DST if their annual transaction exceeds Rs 2 million.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Inland Revenue Department (IRD) had also issued a procedure for VAT applicable to digital service for non-resident persons.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Income Tax Act, 2002, uses the 183-day rule as one of the criteria to determine non-residents for tax purposes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Janak Raj Sharma, chief tax administrator at the office, told New Business Age that 18 foreign firms providing such services have been registered in Nepal by the end of the last fiscal year, up from eight by the end of the previous fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Among the firms registered in Nepal are Goggle Asia, NCS Pearson, Linkedin, Meta, Microsoft Original, Amazon Web, Amazon.com, Adobe, Netflix, Zoho Corporation, Google Digital, Prometric Japan, Association of Chartered Certified Accountants (ACCA), Pearson Education and Apple Distribution, according to Sharma.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The registered firms will have to present their financial declaration and pay the DST for the last fiscal year by the end of the first quarter of the current fiscal year, Sharma said, adding, “The DST is only levied for services provided to the consumers, not to the businesses.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the procedure, services such as advertisements, data storage, gaming, those related to mobile applications, supply and update of software, and downloads of data and images; movies, television, music, over the top and similar subscription based services; and online marketplace and goods and services to be provided through it, among others, fall under the ‘digital service’. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The IRD had asked such foreign firms to be registered in Nepal from July 17, 2022, the beginning of the fiscal year 2022/23.</span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21483', 'image' => '20240806030120_2024041703362274520_1599400665.tax.jpg', 'article_date' => '2024-08-06 14:59:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21757', 'article_category_id' => '1', 'title' => 'Price of Gold Falls After Reaching a Record High in Nepal', 'sub_title' => 'The precious yellow metal became cheaper by Rs 2,300 per tola on Tuesday', 'summary' => 'KATHMANDU, August 6: Price of gold, which had surged to an all-time high in the domestic market on Monday, dropped by Rs 2,300 per tola (11.66 grams) on Tuesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 6: Price of gold, which had surged to an all-time high in the domestic market on Monday, dropped by Rs 2,300 per tola (11.66 grams) on Tuesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Following the fall in price, hallmark gold is being traded at Rs 147,700 per tola, according to the Federation of Gold and Silver Dealers' Association.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On Monday, it was traded at Rs 150,000 per tola.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, worked gold, which was traded at Rs 149,500 on Monday, is being traded at Rs 147,000 per tola.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of silver has also gone down by Rs 60 per tola to be traded at Rs 1,725 per tola on Tuesday. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21482', 'image' => '20240806025201_cd5483b7.jpeg', 'article_date' => '2024-08-06 14:50:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21755', 'article_category_id' => '1', 'title' => 'Dividend Distribution Capacity of Commercial Banks Declines', 'sub_title' => '', 'summary' => 'The dividend distribution capacity of most commercial banks declined in the last fiscal year, FY 2023/24, with four banks unable to distribute dividends at all.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Laxmi Sharma </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 6</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The dividend distribution capacity of most commercial banks declined in the last fiscal year, FY 2023/24, with four banks unable to distribute dividends at all.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the unaudited financial statements published by commercial banks for the last fiscal year, while the number of banks unable to distribute dividends decreased in the fourth quarter compared to the third quarter, investors of most banks will still see limited returns.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal Investment Mega Bank, Kumari Bank, NIC Asia Bank, and Himalayan Bank reported in their financial statements that they have no capacity to distribute dividends. In addition to these four banks, Laxmi Sunrise Bank, Nepal Bank, NMB Bank, Global IME Bank, Machhapuchhre Bank, and Siddhartha Bank had negative distributable profits in the third quarter of last year. However, six of these banks were able to distribute some dividends in the last quarter.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Besides those unable to distribute dividends, 10 other commercial banks saw a decrease in their dividend distribution capacity compared to the previous year. These banks include NMB Bank, Siddhartha Bank, Global IME Bank, Rastriya Banijya Bank, Machhapuchhre Bank, Citizens Bank, Laxmi Sunrise Bank, Sanima Bank, Standard Chartered Bank, and Everest Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Former banker Bhuwan Dahal attributed the decline in dividend distribution to high non-banking assets and failure to collect interest. He noted earlier in May that many commercial banks were unable to show profits because they could not collect interest due from the borrowers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"As per the instructions of Nepal Rastra Bank (NRB), the amount equal to the interest that has not been collected cannot be shown in the distributable profit as regulatory adjustment is required," Dahal explained. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">NRB's regulatory adjustments include accrued interest, provisioning on non-banking assets, and potential losses on investments. Despite the overall decrease in dividend capacity, Everest Bank had the highest dividend capacity last year at 29.86 percent, down from 38.42 percent in FY 2022/23.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Standard Chartered Bank was second with a dividend capacity of 26.5 percent, slightly lower than the previous year's 28.75 percent. The Agriculture Development Bank ranked third with a dividend capacity of 17.37 percent, an increase from the previous year's 9.24 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Among the 20 commercial banks, NMB Bank had the lowest dividend capacity, at just 1.3 percent, down from 6.21 percent in FY 2022/23. In the same year, eight other commercial banks did not distribute dividends to shareholders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Investors are concerned that the decreasing dividend capacity and rates may reduce the attraction towards shares of commercial banks. NRB has allowed banks and financial institutions to include interest up to mid-August in their financial statements up to mid-July. This provision means there could be some changes in the profit and dividend capacities once the audited financial statements are released.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21481', 'image' => '20240806013648_Banks - Copy.jpg', 'article_date' => '2024-08-06 13:35:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21754', 'article_category_id' => '1', 'title' => '154 Killed due to Monsoon-Induced Disasters ', 'sub_title' => 'MPs draw government's attention to resolve problems caused by monsoon disaster ', 'summary' => 'KATHMANDU, August 6: A total of 154 people lost their lives in this year's monsoon-induced disasters so far. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU, August 6: A total of 154 people lost their lives in this year's monsoon-induced disasters so far. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Landslide, floods and inundation claimed three lives in Kathmandu Valley, 25 in Koshi, six in Madhes, 20 in Bagmati, 43 in Gandaki, 29 in Lumbini, eight in Karnali and 10 in Sudurpaschim provinces, according to Nepal Police Headquarters. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Forty-seven people went missing and 186 were injured in the disaster. A total of 384 houses were waterlogged due to flood whhile 261 houses, 95 huts, 43 bridges, two school buildings and two government offices suffered damages, said police. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, 4,238 families were displaced due to disaster since June 10. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, Members of Parliament drew the attention of the government to solve the problems caused by floods, landslides and inundation in different parts of the country. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Speaking during the 'urgent Hour' of the Lower House meeting on Monday, they drew the attention of the government to effectively oversee natural disaster risk management, relief and rescue works. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Lawmakers Surya Thapa, Maya Rai, Hemraj Rai and Prem Maharjan drew the government's attention to manage immediate reliefs to the victims of natural disaster. -- RSS </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21480', 'image' => '20240806123235_KDN-Dang-DSC_1164.jpg', 'article_date' => '2024-08-06 12:31:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21753', 'article_category_id' => '1', 'title' => 'Nepal into Semis of CAVA Women's National League Volleyball ', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Nepal defeated the Maldives to book a place in the semi-finals of the CAVA Women's Nations Volleyball League on Monday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU, August 6: Nepal defeated the Maldives to book a place in the semi-finals of the CAVA Women's Nations Volleyball League on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal defeated the Maldives in straight sets of 25-8, 25-19 and 25-18 in the last group-stage match held at the National Sports Council’s Covered Hall in Tripureshwar on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the win, Nepal finished second in the points table and will now meet Iran in the semi-finals. Iran finished third in the points table. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">India and Sri Lanka will compete in the first semi-final. India topped the league while Sri Lanka finished fourth. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The first semi-final between Sri Lanka and India will start at 3:00 pm today (Tuesday) at the same venue while Nepal will face Iran in the second semi-final starting at 5:15 pm. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21479', 'image' => '20240806120108_GUD4D2JW8AAraFD.jpg', 'article_date' => '2024-08-06 11:59:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21752', 'article_category_id' => '1', 'title' => 'Indian Government Approves around Rs 91 Billion for Lower Arun Hydroelectric Project', 'sub_title' => 'The 669 megawatts project is being developed by India’s state-owned Satluj Jal Vidyut Nigam (SJVN)', 'summary' => 'The Indian government has approved around Rs 91 billion in investment for the Lower Arun Hydroelectric Project, which is being developed by India’s state-owned SJVN Limited.', 'content' => '<p><span style="font-size:18px">NewBiz Report</span></p> <p><span style="font-size:18px">KATHMANDU, August 5</span></p> <p><span style="font-size:18px">The Indian government has approved around Rs 91 billion in investment for the Lower Arun Hydroelectric Project, which is being developed by India’s state-owned SJVN Limited.</span></p> <p><span style="font-size:18px">The Cabinet Committee on Economic Affairs, chaired by Indian Prime Minister Narendra Modi, approved the investment of INR 5,792.36 crore (around Rs 91 billion) for the 669 megawatts project, according to India media reports.</span></p> <p><span style="font-size:18px">“The Committee has also accorded Ex-post facto approval for Special Purpose Vehicle SJVN Lower Arun Power Development Company Private Limited (SLPDC), a wholly owned subsidiary of SJVN incorporated in Nepal for implementation of LAHEP [Lower Arun Hydro Electric Project],” reads one of the report. “In addition to this, the Committee has also approved the equity investment of Rs.1737.70 crores [ around Rs 27 billion] in SLPDC.”</span></p> <p><span style="font-size:18px">Lower Arun is one of the projects –along with 900 megawatts Arun III and 490 megawatts Arun IV–being developed by SJVN in Nepal. </span></p> <p><span style="font-size:18px">Nepal Electricity Authority and the SJVN have signed a joint venture agreement to develop the Arun IV project.</span></p> <p><span style="font-size:18px">To be built under build, own, operate and transfer (BOOT) model, Lower Arun is scheduled to be completed in five years and expected to generate 2,901 million units of electricity annually.</span></p> <p><span style="font-size:18px">The hydel project will not have any reservoir as it is going to be a tailrace development of the Arun III hydro project.</span></p> <p><span style="font-size:18px">Earlier in July, 2021, the Investment Board of Nepal (IBN) and SJVN had signed a memorandum of understanding in Kathmandu to develop the hydropower project in eastern Nepal.</span></p> <p><span style="font-size:18px">Last year in April, right before the then Prime Minister Pushpa Kamal Dahal’s visit to India, the IBN had approved an investment of Rs 92.68 billion proposed by SJVN to develop the project.</span></p> <p><span style="font-size:18px">Later in June the same year, SJVN signed the project Development Agreement (PDA) with IBN during the then Prime Minister Pushpa Kamal Dahal’s visit to India.</span></p> <p><span style="font-size:18px">Officials from SJVN have said in the past that they aim to invest in projects generating 5,000 megawatts of electricity in Nepal by 2030.</span></p> <p><br /> </p> <p><br /> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21478', 'image' => '20240806113241_20230601043926_hydro.jpg', 'article_date' => '2024-08-06 11:31:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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[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' => '21766', 'article_category_id' => '1', 'title' => 'Average NPL Ratio of Commercial Banks Surged to 3.58% in last FY', 'sub_title' => 'Kumari Bank and Nepal Investment Mega Bank each have the highest NPL ratio at 4.95%, while Everest has the lowest at 0.71%', 'summary' => 'Commercial banks of Nepal saw their non-performing loans (NPLs) surge in the last fiscal year as slowdown in economic activities affected loan recovery.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 7</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Commercial banks of Nepal saw their non-performing loans (NPLs) surge in the last fiscal year as slowdown in economic activities affected loan recovery.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The average NPL ratio of the commercial banks increased to 3.58% by the end of the FY 2023/24, up from 3.05% in the previous FY 2022/23, the unaudited financial statements of the banks for the last quarter of the last fiscal year show. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPLs, also known as bad loans, refer to the credit extended by the banks and financial institution which cannot be recovered in a specified period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While seven banks saw their NPL decline in the review year, remaining 13 witnessed an increase, with eight banks reporting more than 4% NPL.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While Kumari Bank has the highest NPL ratio at 4.95%, Everest Bank has the lowest at 0.71%.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Meanwhile, NIC Asia Bank’s NPL ratio increased from 0.88% to 3.41% in a year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Various external and internal factors caused slowdown in economic activities affecting banks’ credit expansion as well as recovery </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The long term effects of Covid pandemic, ongoing Russia-Ukraine conflict, and the protests in the country for non-payment of loans taken from the banks and financial institutions impacted the loan recovery. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The average NPL ratio of Nepal’s commercial banks was 1.10 in the fiscal year 2021/22. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite the surge, Nepal Rastra Bank’ newly appointed spokesperson Ramu Paudel, argued that it was not a major issue. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“NPL has surged because of the sluggish economic activities,” said Paudel. “It will start coming down as the economic activities accelerate.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The International Monetary Fund (IMF) has also raised questions on the NPL statistics of Nepali banks.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The global financial agency put a condition last year of carrying out the audit of 10 big commercial banks to examine their credit quality before approving an installment under the Extended Credit Facility (ECF), suspecting evergreening of loans. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Rastra Bank has moved forward the process of selecting an auditor for the purpose.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Table below shows NPL ratios of Nepali commercial banks at the end of fiscal years 2022/23 and 2023/24.</span></span></strong></span></span></p> <p> </p> <table cellspacing="0" style="border-collapse:collapse"> <tbody> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Banks</span></span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPL ratio (2023/24)</span></span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NPL ratio (2022/23)</span></span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Investment Mega</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.95</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.54</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kumari</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.95</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.96</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Himalayan</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.91</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.93</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Prabhu</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.78</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.98</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Laxmi Sunrise</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.72</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.91</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Prime Commercial </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.67</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.85</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Global IME</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.37</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.15</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Citizens</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">4.07</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.39</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nabil</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.85</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.39</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Rastriya Banijya</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.65</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.77</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Machhapuchchhre</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.63</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.26</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agriculture Development</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.44</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.78</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NIC Asia</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.41</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.88</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal Bank</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.28</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.85</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NMB </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">3.27</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.75</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Siddhartha</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.22</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.01</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Standard Chartered</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.14</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.18</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal SBI</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">2.43</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Sanima </span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.73</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">1.31</span></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Everest</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.71</span></span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top"> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">0.79</span></span></span></span></p> </td> </tr> </tbody> </table> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21492', 'image' => '20240807120501_20240717011652_20240624011617_bankkkkkkk.jpg', 'article_date' => '2024-08-07 12:03:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21765', 'article_category_id' => '1', 'title' => 'Lack of Progress in Investigation against ICP Officials in Birgunj Raises Suspicion ', 'sub_title' => '', 'summary' => 'Lack of progress in the investigation against Birgunj-based Integrated Check Post’s officials, who had allegedly given customs clearance to processed palm oil in the guise of semi-processed oil, has raised suspicion of efforts to influence the investigation.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">OM PRAKASH KHANAL<br /> BIRGUNJ, August 7</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lack of progress in the investigation against Birgunj-based Integrated Check Post’s officials, who had allegedly given customs clearance to processed palm oil in the guise of semi-processed oil, has raised suspicion of efforts to influence the investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Department of Customs had started the investigation against customs officer Sunita Paudel and examiner Ramesh Majhi last month after finding out that the consignment of processed palm oil imported by RMC Foods was cleared by the customs office as semi-processed palm oil, for which the imported had to pay less customs duty.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The officials had given the clearance without examining the oil, against the directive of the department. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Traders are found lying about their consignment as they are charged 10% import duty on semi-processed palm oil and 15% on the processed one, department officials say. The alleged officials were suspected of colluding with the traders. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The palm oil imported by RMC Foods was given the customs clearance by charging 10% customs duty and 13% VAT.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Customs Officer Paudel and examiner Majhi were summoned in writing on July 14 to the department for further inquiry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Dhundi Prasad Niraula, director general at the Department of Customs, had earlier told New Business Age the department’s Investigation and Compliance Branch was tasked to move the investigation forward and submit a report in three days. But, the branch has not submitted the report till date.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">There has been no progress in the case even after three weeks, according to the department sources. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Niraula, however, argued that the two officials were visiting the department daily and the investigation was ongoing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">After discovering that traders were avoiding revenue by labelling processed oil as semi-processed, the Department of Customs directed its subordinate offices to approve inspections only through oil testing. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The ICP Customs has now started an investigation into a suspected collusion involving an employee, as the raw material got customs clearance without a laboratory test report.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Multiple attempts to reach Deputy Director General Ramesh Aryal, who has been assigned to carry out the investigation, for comments on the matter were unsuccessful.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A senior official of the Department of Customs said that the investigation is being delayed to exempt employees who are under investigation for causing a revenue loss. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Individuals aware of the matter said that attempts were being made to protect the two officials from any proceedings as they happen to be the members of the employee union close to the ruling political party.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">They argued that the investigation could be influenced by the transfer of DG Niraula, who started the investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"Since the DG is going to be transferred, there has been a delay in the investigation," the senior official said on condition of anonymity.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21491', 'image' => '20240807113552_20210702051202_20191103092810_20190807121918_Clipboard01.jpg', 'article_date' => '2024-08-07 11:35:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21764', 'article_category_id' => '1', 'title' => 'Rainfall Likely to Continue Across the Country Today', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: Department of Hydrology and Meteorology has predicted rainfall to continue in most of the places across the country today (Wednesday). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: Department of Hydrology and Meteorology has predicted rainfall to continue in most of the places across the country today (Wednesday). According to the department, monsoon low-pressure trough is located further north than usual due to which the monsoon wind is currently impacting the entire nation. As a result, the country is experiencing generally cloudy weather across the country with high possibility of rainfall.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The department has forecast light to moderate rainfall in all seven provinces, including Koshi, Madhes, Bagmati, Karnali, Sudurpaschim, Gandaki, and Lumbini. Heavy rainfall is also likely at a few locations within these provinces. Torrential rain is expected at one or two places in Koshi, Sudurpaschim, Lumbini, and Karnali provinces, prompting the department to urge caution due to the risk of landslides and flooding.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Tonight, the weather is predicted to remain partly to generally cloudy with light to moderate rain accompanied by thunder and lightning in some areas. Heavy rainfall is again anticipated in a few locations within the Koshi, Bagmati, Gandaki, Lumbini, and Sudurpaschim provinces.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Over the next 24 hours, the Meteorological Forecasting Division has predicted light to moderate rain with thunder and lightning in most provinces, including Koshi, Madhes, Bagmati, Gandaki, Lumbini, Karnali, and Sudurpaschim, with heavy rainfall expected in a few areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Meanwhile, the Meteorological Forecasting Division recorded 73 mm of rainfall in Kathmandu over the past 24 hours. The highest rainfall was recorded in Dharan at 104 mm, followed by Okhaldhunga (85 mm), Biratnagar (80 mm), Janakpur (74 mm), Jiri (46 mm), Pokhara (30 mm), Bhairahawa (26 mm), and Simara (21 mm).</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => 'rainfall, monsoon, Nepal, thunder, lightening, ', 'description' => '', 'sortorder' => '21490', 'image' => '20240807111209_20230904111644_rain (1).jpeg', 'article_date' => '2024-08-07 11:11:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21763', 'article_category_id' => '1', 'title' => 'Nepal into Final of CAVA Women's National League Volleyball after Defeating Iran ', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: Nepal defeated Iran in a competitive match to reach the final of the CAVA Women's Nations Volleyball League on Tuesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU, August </span></span>7<span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">: Nepal defeated Iran in a competitive match to reach the final of the CAVA Women's Nations Volleyball League on Tuesday. Nepal defeated Iran in straight sets of 25-21, 28-26 and 25-20 in the semifinals held at the </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">National Sports Council’s Covered Hall in Tripureshwar to avenge its earlier defeat in the round-robin league. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the victory, Nepal will now face India in the final of the League at 5 PM today (Wednesday). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, Nepal and Iran had entered the semi-finals of the League securing second and third positions in the league stage, respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal's chief coach Jagdish Bhatta shared happiness saying that Nepal achieved success by learning lessons from past mistakes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, Iran had defeated Nepal by 3-2 sets in the second match of the league stage. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier on Tuesday, India defeated Sri Lanka in the first semi-final in straight sets of 3-0. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21489', 'image' => '20240807110209_1722907003_nepal_cava-1200x560.jpg', 'article_date' => '2024-08-07 11:01:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21762', 'article_category_id' => '1', 'title' => 'Kailali Achieves Self-Sufficiency in Milk Production', 'sub_title' => '', 'summary' => 'Kailali district has achieved self-sufficiency in milk production, thanks to the commercial rearing of advanced breeds of cows and buffaloes.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 7: Kailali district has achieved self-sufficiency in milk production, thanks to the commercial rearing of advanced breeds of cows and buffaloes. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The district now exports milk to other areas, according to Kabiraj Kathayat, Information Officer at the Veterinary Hospital and Animal Services Expert Center.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Center's statistics reveal that, following the introduction of a subsidy program by the provincial government to promote dairy farming, Kailali produced 96 metric tons of milk in the fiscal year 2078/79. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The milk production increased to 106 metric tons in 2079/80 and further to 168 metric tons in 2080/81.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Currently, the district exports 2,000 to 2,500 liters of milk daily, according to the Dairy Development Project Attaria.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The district officially has 52 cow and buffalo farms registered with the Livestock Services Office, employing 156 people. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">There are also 14 dairy cooperatives, 44 private dairies, and one major enterprise, Khaptad Industries Pvt. Ltd, collectively generating an estimated annual business of around Rs 188.4 million.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Pushpa Bharati of the Livestock Services Office highlighted the economic impact of these developments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> Puskarraj Nath from the Livestock and Fisheries Development Directorate said that Sudurpaschim Province is on the path to self-sufficiency not only in milk but also in meat, eggs, and fish production. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21488', 'image' => '20240807060440_collage (92).jpg', 'article_date' => '2024-08-07 06:02:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '21760', 'article_category_id' => '1', 'title' => 'Incessant Rainfall Disrupts Flights Nationwide', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Heavy rainfall across Nepal since Monday night has led to disruption of flights at Tribhuvan International Airport (TIA). Poor visibility caused by the relentless downpour has affected both domestic and international flights.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 6: Heavy rainfall across Nepal since Monday night has led to disruption of flights at Tribhuvan International Airport (TIA). Poor visibility caused by the relentless downpour has affected both domestic and international flights.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Jagannath Niraula, General Manager at TIA, reported that a Turkish Airlines flight was rerouted to Lucknow, India, and an Air India flight was diverted to Benaras on Tuesday morning. Domestic flights have also faced delays due to the adverse weather conditions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">TIA has indicated that flights will resume as visibility improves. However, the Meteorological Forecasting Division warns of continued heavy to extremely heavy rainfall on Tuesday as well as on Wednesday, with particular risk in Koshi Province, Madhes Province, Bagmati Province, Gandaki Province, and Sudurpaschim Province. -- RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21487', 'image' => '20240806055717_TIA.jpg', 'article_date' => '2024-08-06 17:56:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21759', 'article_category_id' => '1', 'title' => 'NEPSE Sees Massive Downfall with Record Turnover of Rs 23.71 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a massive downfall, dropping by 145.05 points or 5.18%, to close at 2651.32. This marked a massive drop on the second trading day of the week, Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 6: The Nepal Stock Exchange (NEPSE) Index experienced a significant decline, dropping by 145.05 points or 5.18%, to close at 2651.32. This marked a massive drop on the second trading day of the week, Tuesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During the trading session, 322 different securities were traded in 271,587 transactions. A total of 53,844,237 shares were exchanged, resulting in a record turnover of Rs 23.71 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Himalayan Reinsurance Company Limited (HRL) led the market with a total transaction value of Rs 1.39 billion. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Three Star Hydropower Limited (TSHL) saw a 10% gain, hitting the upper circuit for the day. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In contrast, seven companies, including Nepal Finance Limited (NFS), Gurkhas Finance Limited (GUFL), and NRN Infrastructure and Development Limited (NRN), experienced a 10% loss, reaching the lower circuit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index fell by 5.53%, while the Float Index and the Sensitive Float Index decreased by 5.50% and 6.09%, respectively. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">All sectors closed in the red, with the Finance Index and Hotels and Tourism Index experiencing the most significant drops of 8.27% and 8.03%. The Others Index saw the smallest decline at 1.32%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21486', 'image' => '20240806034524_collage (91).jpg', 'article_date' => '2024-08-06 15:43:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21761', 'article_category_id' => '1', 'title' => 'Veteran Industrialist Shrawan Kumar Agrawal Passes Away', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Veteran industrialist Shrawan Kumar Agrawal, who was also a Constituent Assembly member, passed away at his residence in Sanepa, Lalitpur, on Monday night. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 6</span></span>: <span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Veteran industrialist Shrawan Kumar Agrawal, who was also a Constituent Assembly member, passed away at his residence in Sanepa, Lalitpur, on Monday night. He was 77.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agrawal, who was also the former chairman of Marwadi Sewa Samiti, was active in various industries and businesses for the last 58 years. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Agrawal is survived by his wife, two sons, and a daughter. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">His son, Rajesh Kumar Agrawal, is the president of the Confederation of Nepalese Industries (CNI).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">CNI, through a statement, extended condolences on Agrawal's passing. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">His last rites would be performed at Pashupati Aryaghat on Tuesday. </span></span>-- <span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">RSS</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21485', 'image' => '20240806060046_thumb4-1722923853.jpg', 'article_date' => '2024-08-06 18:00:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21756', 'article_category_id' => '1', 'title' => 'Electricity Export to Bangladesh Uncertain', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Due to the ongoing violent protests in Bangladesh, Prime Minister Sheikh Hasina has resigned and left the country, causing uncertainty regarding Nepal's electricity exports to Bangladesh.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 6: Due to the ongoing violent protests in Bangladesh, Prime Minister Sheikh Hasina has resigned and left the country, causing uncertainty regarding Nepal's electricity exports to Bangladesh.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The agreement for Nepal's electricity export to Bangladesh, initially scheduled for July 28, was postponed due to the protests. Following Prime Minister Hasina's departure on Monday, Army Chief General Waqer-Uz-Zaman announced the formation of a new interim government.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">This political instability has raised more doubts about the timeline and feasibility of the agreement between the two countries. However, Bangladeshi government officials have indicated that despite potential delays, the newly formed government may still view purchasing electricity from Nepal favorably, given Bangladesh's need for power.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The agreement on electricity export from Nepal to Bangladesh, once signed, will mark the first time Nepal exports electricity to a third country. Since 2021, Nepal has been exporting electricity to India’s competitive energy market.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">A tripartite agreement between the Nepal Electricity Authority, India's NTPC Vidyut Vyapar Nigam (NVVN), and the Bangladesh Power Development Board was to be signed on July 28. The agreement outlined that Nepal would sell 40 megawatts of electricity to Bangladesh at 6.4 US cents per unit during the six-month rainy season (from June 15 to November 15 each year) for the next five years.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">However, the student protests in Bangladesh and the toppling of the government have significantly disrupted these plans. Deputy Executive Director of the NEA, Manoj Silwal, expressed concerns about the uncertainty surrounding electricity exports due to the recent developments.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The new interim government in Bangladesh, not formed through the electoral process, creates an abnormal situation. "There is a doubt that the new government will easily implement the decisions of the previous government," Silwal said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Previously, citing the protests, Sheikh Hasina's government informed the Nepali embassy that it would be unable to attend the agreement signing scheduled for July 28. The Ministry of Energy, Water Resources, and Irrigation had planned to export 28,800 megawatt hours of electricity to Bangladesh monthly, with a goal of exporting 144,000 megawatt hours and earning Rs 1.23 billion in the next five months if an agreement was reached immediately.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Navinraj Singh, spokesperson for the Ministry of Energy, Water Resources, and Irrigation, stated that due to the latest political developments in Bangladesh, it is challenging to predict the outcome of the electricity purchase and sale. "The first thing is that there is no government there now," he said. "The head of the government has left the country." This has added to the confusion surrounding the electricity purchase and sale agreement.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Despite Sheikh Hasina's government prioritizing the purchase of electricity from Nepal, Nepali officials acknowledge that the agreement will depend on the new government's stance. "However, due to the lack of electricity in Bangladesh, we believe that the newly formed government will prioritize purchasing electricity from Nepal. Now let's see how the events progress," Singh added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In addition to the tripartite agreement, the bilateral high-level mechanism meeting on energy between Nepal and Bangladesh, scheduled for July 29-30 in Pokhara, was also postponed. This meeting aimed to discuss or sign an agreement on establishing a joint venture to build the Sunkoshi 3 hydropower project with a capacity of 683 MW. However, recent developments have added uncertainty to this plan as well, Singh noted.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21484', 'image' => '20240806014732_20240718112709_c70a54ed.jpeg', 'article_date' => '2024-08-06 13:47:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21758', 'article_category_id' => '1', 'title' => 'Govt Collects Rs 358 Million in VAT from Foreign Firms Providing Digital Services in Nepal', 'sub_title' => 'A total of 18 foreign digital service providers were registered in Nepal by the end of the last FY, according to the Large Taxpayers Office', 'summary' => 'The government of Nepal collected around Rs 358 million in Value Added Tax (VAT) from foreign firms for services provided to Nepali consumers over the internet in the last fiscal year, 2023/24, according to the Large Taxpayers Office.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">PAWAN PANDEY</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 6</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government of Nepal collected around Rs 358 million in Value Added Tax (VAT) from foreign firms for services provided to Nepali consumers over the internet in the last fiscal year, 2023/24, according to the Large Taxpayers Office.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the previous fiscal year, 2022/23, the government had collected around Rs 100 million in VAT and Rs 16 million in Digital Service Tax (DST). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Digital Service Tax Procedure, 2022 which came into effect from the fiscal year 2022/23, a non-resident person providing digital services to Nepali consumers is charged 2% DST if their annual transaction exceeds Rs 2 million.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Inland Revenue Department (IRD) had also issued a procedure for VAT applicable to digital service for non-resident persons.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Income Tax Act, 2002, uses the 183-day rule as one of the criteria to determine non-residents for tax purposes.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Janak Raj Sharma, chief tax administrator at the office, told New Business Age that 18 foreign firms providing such services have been registered in Nepal by the end of the last fiscal year, up from eight by the end of the previous fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Among the firms registered in Nepal are Goggle Asia, NCS Pearson, Linkedin, Meta, Microsoft Original, Amazon Web, Amazon.com, Adobe, Netflix, Zoho Corporation, Google Digital, Prometric Japan, Association of Chartered Certified Accountants (ACCA), Pearson Education and Apple Distribution, according to Sharma.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The registered firms will have to present their financial declaration and pay the DST for the last fiscal year by the end of the first quarter of the current fiscal year, Sharma said, adding, “The DST is only levied for services provided to the consumers, not to the businesses.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the procedure, services such as advertisements, data storage, gaming, those related to mobile applications, supply and update of software, and downloads of data and images; movies, television, music, over the top and similar subscription based services; and online marketplace and goods and services to be provided through it, among others, fall under the ‘digital service’. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The IRD had asked such foreign firms to be registered in Nepal from July 17, 2022, the beginning of the fiscal year 2022/23.</span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21483', 'image' => '20240806030120_2024041703362274520_1599400665.tax.jpg', 'article_date' => '2024-08-06 14:59:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21757', 'article_category_id' => '1', 'title' => 'Price of Gold Falls After Reaching a Record High in Nepal', 'sub_title' => 'The precious yellow metal became cheaper by Rs 2,300 per tola on Tuesday', 'summary' => 'KATHMANDU, August 6: Price of gold, which had surged to an all-time high in the domestic market on Monday, dropped by Rs 2,300 per tola (11.66 grams) on Tuesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 6: Price of gold, which had surged to an all-time high in the domestic market on Monday, dropped by Rs 2,300 per tola (11.66 grams) on Tuesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Following the fall in price, hallmark gold is being traded at Rs 147,700 per tola, according to the Federation of Gold and Silver Dealers' Association.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On Monday, it was traded at Rs 150,000 per tola.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, worked gold, which was traded at Rs 149,500 on Monday, is being traded at Rs 147,000 per tola.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of silver has also gone down by Rs 60 per tola to be traded at Rs 1,725 per tola on Tuesday. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21482', 'image' => '20240806025201_cd5483b7.jpeg', 'article_date' => '2024-08-06 14:50:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21755', 'article_category_id' => '1', 'title' => 'Dividend Distribution Capacity of Commercial Banks Declines', 'sub_title' => '', 'summary' => 'The dividend distribution capacity of most commercial banks declined in the last fiscal year, FY 2023/24, with four banks unable to distribute dividends at all.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Laxmi Sharma </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 6</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The dividend distribution capacity of most commercial banks declined in the last fiscal year, FY 2023/24, with four banks unable to distribute dividends at all.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the unaudited financial statements published by commercial banks for the last fiscal year, while the number of banks unable to distribute dividends decreased in the fourth quarter compared to the third quarter, investors of most banks will still see limited returns.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal Investment Mega Bank, Kumari Bank, NIC Asia Bank, and Himalayan Bank reported in their financial statements that they have no capacity to distribute dividends. In addition to these four banks, Laxmi Sunrise Bank, Nepal Bank, NMB Bank, Global IME Bank, Machhapuchhre Bank, and Siddhartha Bank had negative distributable profits in the third quarter of last year. However, six of these banks were able to distribute some dividends in the last quarter.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Besides those unable to distribute dividends, 10 other commercial banks saw a decrease in their dividend distribution capacity compared to the previous year. These banks include NMB Bank, Siddhartha Bank, Global IME Bank, Rastriya Banijya Bank, Machhapuchhre Bank, Citizens Bank, Laxmi Sunrise Bank, Sanima Bank, Standard Chartered Bank, and Everest Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Former banker Bhuwan Dahal attributed the decline in dividend distribution to high non-banking assets and failure to collect interest. He noted earlier in May that many commercial banks were unable to show profits because they could not collect interest due from the borrowers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"As per the instructions of Nepal Rastra Bank (NRB), the amount equal to the interest that has not been collected cannot be shown in the distributable profit as regulatory adjustment is required," Dahal explained. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">NRB's regulatory adjustments include accrued interest, provisioning on non-banking assets, and potential losses on investments. Despite the overall decrease in dividend capacity, Everest Bank had the highest dividend capacity last year at 29.86 percent, down from 38.42 percent in FY 2022/23.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Standard Chartered Bank was second with a dividend capacity of 26.5 percent, slightly lower than the previous year's 28.75 percent. The Agriculture Development Bank ranked third with a dividend capacity of 17.37 percent, an increase from the previous year's 9.24 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Among the 20 commercial banks, NMB Bank had the lowest dividend capacity, at just 1.3 percent, down from 6.21 percent in FY 2022/23. In the same year, eight other commercial banks did not distribute dividends to shareholders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Investors are concerned that the decreasing dividend capacity and rates may reduce the attraction towards shares of commercial banks. NRB has allowed banks and financial institutions to include interest up to mid-August in their financial statements up to mid-July. This provision means there could be some changes in the profit and dividend capacities once the audited financial statements are released.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21481', 'image' => '20240806013648_Banks - Copy.jpg', 'article_date' => '2024-08-06 13:35:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21754', 'article_category_id' => '1', 'title' => '154 Killed due to Monsoon-Induced Disasters ', 'sub_title' => 'MPs draw government's attention to resolve problems caused by monsoon disaster ', 'summary' => 'KATHMANDU, August 6: A total of 154 people lost their lives in this year's monsoon-induced disasters so far. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU, August 6: A total of 154 people lost their lives in this year's monsoon-induced disasters so far. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Landslide, floods and inundation claimed three lives in Kathmandu Valley, 25 in Koshi, six in Madhes, 20 in Bagmati, 43 in Gandaki, 29 in Lumbini, eight in Karnali and 10 in Sudurpaschim provinces, according to Nepal Police Headquarters. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Forty-seven people went missing and 186 were injured in the disaster. A total of 384 houses were waterlogged due to flood whhile 261 houses, 95 huts, 43 bridges, two school buildings and two government offices suffered damages, said police. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, 4,238 families were displaced due to disaster since June 10. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, Members of Parliament drew the attention of the government to solve the problems caused by floods, landslides and inundation in different parts of the country. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Speaking during the 'urgent Hour' of the Lower House meeting on Monday, they drew the attention of the government to effectively oversee natural disaster risk management, relief and rescue works. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Lawmakers Surya Thapa, Maya Rai, Hemraj Rai and Prem Maharjan drew the government's attention to manage immediate reliefs to the victims of natural disaster. -- RSS </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21480', 'image' => '20240806123235_KDN-Dang-DSC_1164.jpg', 'article_date' => '2024-08-06 12:31:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21753', 'article_category_id' => '1', 'title' => 'Nepal into Semis of CAVA Women's National League Volleyball ', 'sub_title' => '', 'summary' => 'KATHMANDU, August 6: Nepal defeated the Maldives to book a place in the semi-finals of the CAVA Women's Nations Volleyball League on Monday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU, August 6: Nepal defeated the Maldives to book a place in the semi-finals of the CAVA Women's Nations Volleyball League on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal defeated the Maldives in straight sets of 25-8, 25-19 and 25-18 in the last group-stage match held at the National Sports Council’s Covered Hall in Tripureshwar on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the win, Nepal finished second in the points table and will now meet Iran in the semi-finals. Iran finished third in the points table. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">India and Sri Lanka will compete in the first semi-final. India topped the league while Sri Lanka finished fourth. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The first semi-final between Sri Lanka and India will start at 3:00 pm today (Tuesday) at the same venue while Nepal will face Iran in the second semi-final starting at 5:15 pm. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21479', 'image' => '20240806120108_GUD4D2JW8AAraFD.jpg', 'article_date' => '2024-08-06 11:59:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21752', 'article_category_id' => '1', 'title' => 'Indian Government Approves around Rs 91 Billion for Lower Arun Hydroelectric Project', 'sub_title' => 'The 669 megawatts project is being developed by India’s state-owned Satluj Jal Vidyut Nigam (SJVN)', 'summary' => 'The Indian government has approved around Rs 91 billion in investment for the Lower Arun Hydroelectric Project, which is being developed by India’s state-owned SJVN Limited.', 'content' => '<p><span style="font-size:18px">NewBiz Report</span></p> <p><span style="font-size:18px">KATHMANDU, August 5</span></p> <p><span style="font-size:18px">The Indian government has approved around Rs 91 billion in investment for the Lower Arun Hydroelectric Project, which is being developed by India’s state-owned SJVN Limited.</span></p> <p><span style="font-size:18px">The Cabinet Committee on Economic Affairs, chaired by Indian Prime Minister Narendra Modi, approved the investment of INR 5,792.36 crore (around Rs 91 billion) for the 669 megawatts project, according to India media reports.</span></p> <p><span style="font-size:18px">“The Committee has also accorded Ex-post facto approval for Special Purpose Vehicle SJVN Lower Arun Power Development Company Private Limited (SLPDC), a wholly owned subsidiary of SJVN incorporated in Nepal for implementation of LAHEP [Lower Arun Hydro Electric Project],” reads one of the report. “In addition to this, the Committee has also approved the equity investment of Rs.1737.70 crores [ around Rs 27 billion] in SLPDC.”</span></p> <p><span style="font-size:18px">Lower Arun is one of the projects –along with 900 megawatts Arun III and 490 megawatts Arun IV–being developed by SJVN in Nepal. </span></p> <p><span style="font-size:18px">Nepal Electricity Authority and the SJVN have signed a joint venture agreement to develop the Arun IV project.</span></p> <p><span style="font-size:18px">To be built under build, own, operate and transfer (BOOT) model, Lower Arun is scheduled to be completed in five years and expected to generate 2,901 million units of electricity annually.</span></p> <p><span style="font-size:18px">The hydel project will not have any reservoir as it is going to be a tailrace development of the Arun III hydro project.</span></p> <p><span style="font-size:18px">Earlier in July, 2021, the Investment Board of Nepal (IBN) and SJVN had signed a memorandum of understanding in Kathmandu to develop the hydropower project in eastern Nepal.</span></p> <p><span style="font-size:18px">Last year in April, right before the then Prime Minister Pushpa Kamal Dahal’s visit to India, the IBN had approved an investment of Rs 92.68 billion proposed by SJVN to develop the project.</span></p> <p><span style="font-size:18px">Later in June the same year, SJVN signed the project Development Agreement (PDA) with IBN during the then Prime Minister Pushpa Kamal Dahal’s visit to India.</span></p> <p><span style="font-size:18px">Officials from SJVN have said in the past that they aim to invest in projects generating 5,000 megawatts of electricity in Nepal by 2030.</span></p> <p><br /> </p> <p><br /> </p> ', 'published' => true, 'created' => '2024-08-06', 'modified' => '2024-08-06', 'keywords' => '', 'description' => '', 'sortorder' => '21478', 'image' => '20240806113241_20230601043926_hydro.jpg', 'article_date' => '2024-08-06 11:31:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? 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| 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
