January 15: The International Labour Organisation has called for better protection of workers who have been working from home due to the Covid-19 pandemic.…
January 15: The International Labour Organisation has called for better protection of workers who have been working from home due to the Covid-19 pandemic.…
January 15: Progress of development works in the first six months of the current fiscal year has been below par due to the failure of the government to expedite various projects.…
January 15: Banks have started charging fare for inter-bank ATM transaction effective from Thursday (January 14).…
January 14: The Tourism Recovery Task Force Nepal (TRTF Nepal) has launched the Health and Hygiene Safety Standards (HHS Protocol) Manual for Tourism Service Operators.…
anuary 14: The current account, which was in surplus since the first four months of the ongoing fiscal year, is now in deficit.…
January 14: Nepal-India Chamber of Commerce and Industry (NICCI) organized a round table meet on “Business and Investment Opportunities in Nepal” between representatives of India-based BPO company Vertex Global Services India and Nepali stakeholders on Tuesday (January…
January 14: The government is seeking funds to procure vaccine against Covid-19.…
January 14: Everest Bank has started online tax payment effective from January…
January 13: Although the government has made laws with the aim of facilitating foreign investment in Nepal, Dang Cement has not been able to acquire foreign investment due to the delay in implementation of the Foreign Investment and Technology Transfer Act (FITTA) 2075.…
January 13: Almost 54 percent of the industries and businesses that were closed due to Covid-19 have already resumed operation, according to Nepal Rastra…
January 13: The government has estimated an increase in paddy production in the current fiscal year.…
January 13: Customs clearance of new vehicles has increased at the entry points after banks lowered interest rates on vehicle…
Private sector stakeholders on Monday issued a joint statement saying that their attention has been drawn to the government’s decision to allow foreign investment in agriculture sector of…
January 12: Nepal Rastra Bank has opened registration for refinancing facility to microfinance companies until January…
January 12: The arrival of Indian tourists is increasing in Nepal after regular flights resumed between the two countries in nine months under the air transport bubble…
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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">January 15:</span></span> <span style="font-size:14.0pt"><span style="font-family:Times">The International Labour Organisation has called for better protection of workers who have been working from home due to the Covid-19 pandemic. The ILO noted that the number of such workers has greatly increased due to the spread of the Covid-19 pandemic.<br /> Since homeworking occurs in the private sphere it is often "invisible", ILO said in a statement. According to the ILO, almost all home-based workers (90 per cent) work informally in low and middle-income countries for instance. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The statement added that homeworkers earn on average 13 per cent less in the United Kingdom; 22 per cent less in the United States of America; 25 per cent less in South Africa and about 50 per cent in Argentina, India and Mexico. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">Homeworkers also face greater safety and health risks and have less access to training than non-home-based workers, which can affect their career prospects.<br /> The report, Working from Home: From Invisibility to Decent Work, also shows that homeworkers do not have the same level of social protection as other workers. They are also less likely to be part of a trade union or to be covered by a collective bargaining agreement. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong><span style="font-size:14.0pt"><span style="font-family:Times">Renewed Urgency </span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">According to ILO estimates, prior to the Covid-19 crisis, there were approximately 260 million home-based workers worldwide, representing 7.9 per cent of global employment; 56 per cent of them (147 million) were women.<br /> “They include teleworkers who work remotely on a continual basis, and a vast number of workers who are involved in the production of goods that cannot be automated, such as embroidery, handicrafts, electronic assembly. A third category, digital platform workers, provide services, such as processing insurance claims, copy-editing, or data annotation for the training of artificial intelligence systems.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">In the first months of the COVID-19 pandemic in 2020 an estimated one-in-five workers found themselves working from home. Data for the whole of 2020, once it is available, is expected to show a substantial increase on the previous year, the statement added<br /> The growth of homeworking is likely to continue in the coming years, the report says, bringing renewed urgency to the need to address the issues facing homeworkers and their employers. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong><span style="font-size:14.0pt"><span style="font-family:Times">Poorly Regulated with Lack of Compliance</span></span></strong> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">According to ILO, homeworking is often poorly regulated and compliance with existing laws remains a challenge. In many instances, homeworkers are classified as independent contractors and therefore excluded from the scope of labour legislation. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">"Only 10 ILO Member States have ratified Convention No 177, that promotes equality of treatment between homeworkers and other wage earners, and few have a comprehensive policy on homework," added the statement </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-15', 'modified' => '2021-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '12690', 'image' => '20210115021542_60586.jpg', 'article_date' => '2021-01-15 14:14:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12942', 'article_category_id' => '1', 'title' => 'Development Works Fail to Gather Momentum', 'sub_title' => '', 'summary' => 'January 15: Progress of development works in the first six months of the current fiscal year has been below par due to the failure of the government to expedite various projects. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 15: Progress of development works in the first six months of the current fiscal year has been below par due to the failure of the government to expedite various projects. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The current government, which was formed three years ago, has been engaged more in internal dispute rather than achieving its target of “Prosperous Nepal Happy Nepali”. The impact of internal rift within the ruling Nepal Communist Party has been clearly reflected by the lacklustre progress of development works.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The ruling party is divided into two factions and the House of Representatives has been dissolved in the six months since the announcement of budget for the current fiscal year. As a result, the government has been able to spend only Rs 50.81 billion capital expenditure during the review period out of Rs 352 billion allocated for the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Financial Comptroller General Office, the government has been able to spend only 15 percent of the total capital expenditure allocated for the current fiscal year. The government had estimated to spend more than 18 percent of the development budget.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Capital expenditure during the corresponding period of last fiscal year was 16 percent. This year’s capital expenditure is even worse than that of last year. Data kept by the Financial Comptroller General Office show that the current expenditure of the government has unexpectedly increased. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The current expenditure of the government during the review period is Rs 342 billion out of the total allocated amount of Rs 948 billion. This is 37 percent of the total budget allocated for current expenditure.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders say that the poor capital expenditure is a result of the government’s failure to resolve the policy-level hurdles faced by the construction sector and its inability to prepare a work plan for expediting the projects.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Vice Chairman of the National Planning Commission (NPC) Jagdish Chandra Pokharel, the current government had a golden opportunity to expedite development works but it failed to do so due to the internal conflict within the ruling party.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He further said that the government is bent toward adding more financial burden to the state coffers under various pretexts while it has not done anything substantial in the last six months to speed up development works. Pokharel opined that the government’s attention has been drawn to something else other than people’s aspirations.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Economist Keshav Acharya also blames the government leadership and different bodies for the slow pace of development in six months of current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Acharya, the government has not paid attention towards finding the reasons for its failure to spend development budget and to take timely action.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-15', 'modified' => '2021-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '12689', 'image' => '20210115122802_20190609013126_20190531021713_Budget.jpg', 'article_date' => '2021-01-15 12:27:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12941', 'article_category_id' => '1', 'title' => 'Banks Start Charging Fare for Inter-Bank ATM Service', 'sub_title' => '', 'summary' => 'January 15: Banks have started charging fare for inter-bank ATM transaction effective from Thursday (January 14). ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 15: Banks have started charging fare for inter-bank ATM transaction effective from Thursday (January 14). The banks had been providing free service for inter-bank ATM transaction to facilitate the customers during lockdown and post-lockdown period following the directive of Nepal Rastra Bank (NRB). The central bank had recently fixed a new rate for inter-bank ATM transaction starting from January 14. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Issuing a circular on January 7, the Payments Department of NRB said that ATM users can withdraw money from any bank for free two times a month. After that, the ATM users will have to incur Rs 20 per transaction for inter-bank ATM service.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank made such arrangement after amending its Integrated Directive on Payments System 2077.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Prior to this, the central bank in its monetary policy had made arrangement for free inter-bank ATM service as long as the effects of Covid-19 were prevalent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, banks had announced to charge fare for inter-bank ATM service from the start of the current fiscal year arguing that transportation and other sectors had already opened by that time. But the central bank again issued a directive to the banks to provide free service for inter-bank ATM transaction. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Bankers were complaining that they have to bear massive loss if they are to provide the free service for an indefinite period of time. Considering the request of the banks, the central bank issued the new directive which allows free service for two times a month.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-15', 'modified' => '2021-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '12688', 'image' => '20210115115200_1610606958.atm.jpg', 'article_date' => '2021-01-15 11:51:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12938', 'article_category_id' => '1', 'title' => 'Public Health and Hygiene Manual for Tourism Service Operators', 'sub_title' => '', 'summary' => 'January 14: The Tourism Recovery Task Force Nepal (TRTF Nepal) has launched the Health and Hygiene Safety Standards (HHS Protocol) Manual for Tourism Service Operators. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">January 14: The Tourism Recovery Task Force Nepal (TRTF Nepal) has launched the Health and Hygiene Safety Standards (HHS Protocol) Manual for Tourism Service Operators. TRTF launched the HHS Protocol virtually in an event on Wednesday, January 13. <br /> Dr Stephen Rosek, head of the development assistance department of the German embassy in Nepal, along with Deepak Raj Joshi, coordinator of TRTF Nepal and former CEO of the Nepal Tourism Board inaugurated the HHS protocol virtually.<br /> The project aims to develop a manual for health and hygiene safety standards for tourism and hospitality service operators based on government-approved standards for epidemic and post-pandemic tourism-related services and businesses.<br /> Dr Rosek informed that the Covid-19 was not only a global health crisis but also an economic crisis affecting the tourism sector mostly.<br /> The German ambassador shed light on various programmes under the assistance of GIZ and also expressed his commitment to help the tourism sector.<br /> According to TRTF Nepal Coordinator Joshi, 85 percent of small and medium entrepreneurs in Nepal have pointed out the need for training, education, and awareness programs in a survey conducted among Nepal's tourism entrepreneurs and stakeholders following the Covid-19 pandemic. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">He said that the first phase training on health and hygiene safety standards is being conducted in collaboration with GATE Foundation and GIZ.</span></span></span></p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12687', 'image' => '20210114042115_20200506031951_120_1571271950.jpg', 'article_date' => '2021-01-14 16:20:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12937', 'article_category_id' => '1', 'title' => 'Current Account in Deficit after Five Months', 'sub_title' => '', 'summary' => 'anuary 14: The current account, which was in surplus since the first four months of the ongoing fiscal year, is now in deficit. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">January 14: The current account, which was in surplus since the first four months of the ongoing fiscal year, is now in deficit. It is believed that the rise in import recently has increased the outflow of Nepalese currency resulting in the current account deficit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Current Macroeconomic and Financial Situation of Nepal released by Nepal Rastra Bank (NRB) on January 13 states that the </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">current account remained at a deficit of Rs 21.32 billion in the review period compared to a deficit of Rs 65.13 billion in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">In the US Dollar terms, the current account recorded a deficit of 182.4 million in the review period compared to a deficit of 572.0 million in the same period of the previous year, NRB stated. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In the review period, capital transfer decreased 16.0 percent to Rs 4.75 billion and net foreign direct investment (FDI) decreased 31.5 percent to Rs 4.50 billion. In the same period of the previous year, capital transfer and net FDI amounted to Rs 5.65 billion and Rs 6.57 billion respectively. </span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Balance of Payments</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Balance of Payments (BOP) registered a surplus of Rs106.48 billion in the review period as compared to a surplus of Rs 23.30 billion in the same period of the previous year. In the US Dollar terms, the BOP recorded a surplus of 896.5 million in the review period compared to a surplus of 205.9 million in the same period of the previous year. </span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Remittance</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the central bank, remittance inflow increased 10.9 percent to Rs 416.81 billion in the review period against a decrease of 0.2 percent in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Number of Nepali workers (institutional and individual-new and legalized) taking approval for foreign employment decreased 77.9 percent in the review period. It had increased 11.8 percent in the same period of the previous year. The number of Nepali workers (renew entry) taking approval for foreign employment decreased 69.4 percent in the review period. It had increased 7.6 percent in the same period of the previous year. </span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Merchandise Trade </span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In five months of 2020/21, merchandise exports increased 5.1 percent to Rs 50.06 billion compared to an increase of 27.0 percent in the same period of the previous year. Destination-wise, exports to India and other countries increased 8.6 percent and 0.8 percent respectively whereas exports to China decreased 55.2 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Exports of cardamom, jute goods, polyester yarn and threads, noodles, pashmina, among others, increased whereas exports of palm oil, pulses, zinc sheet, woolen carpet, textiles, among others, decreased in the review period.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In five months of 2020/21, merchandise imports decreased 9.6 percent to Rs 525.50 billion compared to a decrease of 4.2 percent a year ago. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Destination-wise, imports from India, China and other countries decreased 1.1 percent, 24.4 percent, and 20.8 percent respectively.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Imports of crude soybean oil, rice, MS billet, telecommunication equipment and parts, coal, among others, increased whereas imports of petroleum products, aircraft spareparts, crude palm oil, other machinery and parts, transport equipment and parts, among others, decreased in the review period.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Based on customs points, exports from Birgunj Dry Port, Biratnagar, Kailali, Tatopani, Kanchanpur and Rasuwa Customs offices decreased whereas exports from all the other customs points increased in the review period. On the import side, imports from all the other customs points decreased except Bhairahawa, Biratnagar, Nepalgunj, Krishnanagar, Kailali and Kanchanpur customs offices in the review period.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Trade Deficit </span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Total trade deficit narrowed down 10.9 percent to Rs 475.44 billion in five months of 2020/21. Such deficit had contracted 6.3 percent in the same period of the previous year. The export- import ratio increased to 9.5 percent in the review period from 8.2 percent in the same period of the previous year</span></span></span></span></p> <p><strong><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Consumer Price Inflation</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The y-o-y consumer price inflation stood at 2.93 percent in the fifth month of 2020/21 compared to 6.55 percent a year ago. Food and beverage inflation stood at 5.23 percent whereas non-food and service inflation stood at 1.16 percent in the review month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The price of fruit, ghee and oil, vegetables, and pulses and legumes sub-groups rose 14.75 percent, 13.01 percent, 11.44 percent and 10.74 percent respectively on y-o-y basis.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In the review month, the Kathmandu Valley, Terai, </span></span></span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Hill and Mountain witnessed 3.71 percent, 2.35 percent, 3.95 percent and 4.22 percent inflation respectively. These regions had witnessed 7.60 percent, 6.66 percent, 5.27 percent and 4.83 percent inflation respectively a year ago.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12686', 'image' => '20210114114323_20200927035331_1601159663.Clipboard12.jpg', 'article_date' => '2021-01-14 11:41:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12939', 'article_category_id' => '1', 'title' => 'NICCI Holds Round Table Meet on Business and Investment Opportunities in Nepal', 'sub_title' => '', 'summary' => 'January 14: Nepal-India Chamber of Commerce and Industry (NICCI) organized a round table meet on “Business and Investment Opportunities in Nepal” between representatives of India-based BPO company Vertex Global Services India and Nepali stakeholders on Tuesday (January 12).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:16.0pt"><span style="font-family:Arial">January 14: Nepal-India Chamber of Commerce and Industry (NICCI) organized a round table meet on “Business and Investment Opportunities in Nepal” between representatives of India-based BPO company Vertex Global Services India and Nepali stakeholders on Tuesday (January 12).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:16.0pt"><span style="font-family:Arial">Speaking at the inauguration of the meeting, Chairperson of NICCI Shreejana Rana said that it is not possible to do all things single handedly in the present context and therefore coordination between all kinds of service providers and institutions is necessary for success. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:16.0pt"><span style="font-family:Arial">Vice chairman of the chamber Sunil KC shed light on the motive for organising the roundtable meeting and pointed out to the global trend of outsourcing and effective mobilization of human resources in a cost effective way. He added that the meeting was held to discuss the possibility of BPO in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:16.0pt"><span style="font-family:Arial">The meeting was attended by CEO of Vertex Global Services India Gagan Arora, Chief Finance Officer Bikash Arora, Vice President-Corporate Relations Ashlin Madok, Vice President-Talent Acquisition Sachin Kalkal, Associate Director Tanmoya Dutta.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12685', 'image' => '20210114044939_1. IMG_7857.JPG', 'article_date' => '2021-01-14 16:48:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12936', 'article_category_id' => '1', 'title' => 'Government Seeking Funds to Purchase Covid-19 Vaccine', 'sub_title' => '', 'summary' => 'January 14: The government is seeking funds to procure vaccine against Covid-19. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 14: The government is seeking funds to procure vaccine against Covid-19. The government has pledged to avail the vaccine free-of-cost to the citizens on need basis and is therefor making attempts to raise funds for the purchase of the vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had set up a fund last year in its effort to prevent and control Covid-19 as well as to treat the patients infected with the disease. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the private sector and various agencies provided significant support by contributing generously to the fund in the initial stage, the process of fund collection has started to slow down. The Financial Comptroller General’s Office estimates that around Rs 2.9 billion has been deposited in the fund so far. The government has already spent Rs 2.44 billion from the fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As this fund was primarily set up for the prevention and treatment of Covid-19, the health ministry has established a new fund to seek support for the purchase of vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson at the Ministry of Health and Population Dr Jaageshwar Gautam informed that the government alone cannot manage the budget for procuring vaccine against Covid-19 and has therefore urged domestic and foreign donor agencies to contribute to the fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A meeting of the Council of Ministers on November 9 had given the permission to the health ministry to purchase the vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Spokesperson Gautam, the government will provide the vaccine free-of cost to the targeted groups on the basis of need and priority. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Gautam expressed his belief that the vaccine would protect the lives of the people to a large extent and would also bring back the battered economy on track. He further said that the government is preparing to purchase the vaccine as soon as it is available in the international market.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12684', 'image' => '20210114104505_1610581600.Clipboard18.jpg', 'article_date' => '2021-01-14 10:44:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12940', 'article_category_id' => '1', 'title' => 'Everest Bank Launches Online Tax Payment Service in Collaboration with Fonepay', 'sub_title' => '', 'summary' => 'January 14: Everest Bank has started online tax payment effective from January 12.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">January 14: Everest Bank has started online tax payment effective from January 12.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bank said in a statement that it has launched the Online Inland Revenue Tax Payment System in association with Financial Comptroller General Office (FCGO) and with technical collaboration of Fonepay. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bank expressed its belief that this electronic payment method will benefit the people at large and will eliminate the hassle and lengthy process of visiting tax offices for tax payments during the ongoing COVID-19 pandemic. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The Online Inland Revenue Tax Payment System was digitally inaugurated jointly by GK Negi, CEO of Everest Bank, and Ram Sharan Pudasaini, Revenue Secretary at the Finance Ministry, considering the outbreak of the COVID-19.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Everest Bank said it has a customer base of over 1.1 million and is providing banking services through a network of 100 branches, 33 revenue collection counters, and 132 ATMs across the country.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12683', 'image' => '20210114045945_Online-Tax-Payment-System.jpg', 'article_date' => '2021-01-14 16:58:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12934', 'article_category_id' => '1', 'title' => 'Delay in Implementation of Law Causing Problems in Bringing Investment from Foreign Partners ', 'sub_title' => '', 'summary' => 'January 13: Although the government has made laws with the aim of facilitating foreign investment in Nepal, Dang Cement has not been able to acquire foreign investment due to the delay in implementation of the Foreign Investment and Technology Transfer Act (FITTA) 2075. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">January 13: Although the government has made laws with the aim of facilitating foreign investment in Nepal, Dang Cement has not been able to acquire foreign investment due to the delay in implementation of the Foreign Investment and Technology Transfer Act (FITTA) 2075. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Dang cement has not been able to apply for bringing foreign investment as it took two years to endorse the regulations of the Foreign Investment and Technology Transfer act (FITTA) 2075. Dang Cement Industry was registered 15 years ago. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">One of the promoters of the Dang Cement said that they have not been able to bring investment from Chinese partner Hong Kong Redline as the government was not cooperative. The industry must be registered with the Department of Industry to bring 85 percent investment from its partner. But, the industry has not been able to register with the department due to the delay in implementation of the act (FITTA). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Following the publication of FITTA regulation in Nepal Gazette on Monday (January 11), the cement industry expressed its belief that it will now be easier for the industry acquire foreign investment. The promoter claimed that there have been unnecessary hassles after the process of registering the industry at the department was halted. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"If there are no weaknesses in the regulations and it is easy to register the industry, investment will start coming from the partner company," he said, requesting anonymity. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company has already received approval from the Ministry of Environment to conduct Environmental Impact Assessment (EIA). However, the promoter added that the main work is to attract investment and therefore other works will start only after that. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12681', 'image' => '20210113033332_foreign-investment.jpg', 'article_date' => '2021-01-13 15:32:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12933', 'article_category_id' => '1', 'title' => 'More than 50 Percent of Industries and Enterprises are Fully Operational: NRB', 'sub_title' => '', 'summary' => 'January 13: Almost 54 percent of the industries and businesses that were closed due to Covid-19 have already resumed operation, according to Nepal Rastra Bank.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 13: Almost 54 percent of the industries and businesses that were closed due to Covid-19 have already resumed operation, according to Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A survey report on Impact of Covid-19 on the economy released by the central bank on Tuesday (January 12) states that 9.1 percent of industries and businesses are yet to resume their service.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank report mentions that although all kinds of industries and businesses have reported improvement in day-to-day operation, small and middle scale enterprises are relatively lagging behind. According to the report, most of the big industries have made significant progress in resuming operation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As of mid-December, companies involved in the trade of electricity, LP gas and water have made good progress in resuming their service. A total of 66.67 percent of such industries have started full-fledged operation while 33.33 percent are yet to resume service. During the review period, altogether 64.97 percent of wholesale and retail trade centers have resumed full-fledged operation while 31.33 percent have started partial operation and 3.39 percent are yet to operate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, 63.64 percent of enterprises associated to the agriculture sector, forestry and fishery industries have resumed their business while 33.3 percent are partially operational.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Among the production-oriented industries, 49.04 percent are fully operational while 42.31 percent are partially open.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, 29.7 percent of hotels and restaurants have resumed their services to full extent while 44.44 percent of construction companies have also resumed normal operation. Similarly, 36 percent of media and communication companies have resumed their day-to-day operations.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the central bank’s survey, only a handful of educational institutions have resumed operation. The report states that only 11.36 percent of educational institutions are fully operational. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report clearly shows that more than half of the industries and businesses have started full-fledged operation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report states that most of the businesses have been finding it difficult to manage operational cost while they are also struggling to receive additional loan. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank had conducted the survey from October 28 to December 9. The central bank had surveyed 674 enterprises of 52 districts during this period.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12680', 'image' => '20210113023909_1610496553.Clipboard15.jpg', 'article_date' => '2021-01-13 14:38:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12931', 'article_category_id' => '1', 'title' => 'Low Quality of Paddy Results in Decline in Rice Production', 'sub_title' => '', 'summary' => 'January 13: The government has estimated an increase in paddy production in the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 13: The government has estimated an increase in paddy production in the current fiscal year. However, the paddy produced this year is found to be of low quality due to which less quantity of rice has been yielded after processing the paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The production of rice has declined due to low quality of paddy. Stakeholders have attributed this to non-availability of seeds and fertilizer during planting season. The cost of production has gone up and so has the selling price of rice.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Agriculture experts believe that the lack of fertilizer during the plantation season might be the reason behind low quality of paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The low standard of paddy will have direct impact on production of rice. According to Subodh Kumar Gupta, chairman of Nepal Rice, Oil and Lentil Industry Association, the production of per quintal of rice has gone down due to the low quality of paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Normally, 45 percent of rice is produced from one quintal of paddy while 15 percent is fragments of rice and the remaining by product is husk. But this year, only 35 percent of rice has been produced from one quintal of rice, says Gupta. Likewise, the percentage of rice fragments has increased by 10 percent to a total of 25 percent. This in turn has resulted in increased cost of production and an increase in price of rice.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“This is the main reason for the increase in price of rice,” said Gupta.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Central member of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Avinash Bohora also shares a similar view. Bohora also claimed that the standard of paddy has degraded this year due to which production of rice has declined while more amount of rice fragments have been produced.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the information provided by Nepal Retailers’ Association, the price of rice produced by every brand has increased by Rs 50 per sack.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Factories and industries have just received newly harvested paddy. The price of rice normally does not get hiked during harvesting season. However, industrialists say that they have been forced to increase the price of rice due to low quality or paddy produced this year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The local mills and industries have been producing 60 percent of the annual requirement of rice for the country while they produce 62 percent of lentil and 35 percent of edible oil.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chairman of the association Naresh Rathi says that the international market also has some influence in the price hike in Nepal. According to him, Bangladesh has lowered the customs duty for importing rice. As a result, India has increased its export to Bangladesh while the export of rice to Nepal has declined. This has also contributed to price hike, says Rathi.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12679', 'image' => '20210113120534_20190528010847_aaaa.jpg', 'article_date' => '2021-01-13 12:04:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12932', 'article_category_id' => '1', 'title' => 'Customs Clearance of Vehicles Increasing', 'sub_title' => '', 'summary' => 'January 13: Customs clearance of new vehicles has increased at the entry points after banks lowered interest rates on vehicle loan.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">January 13: Customs clearance of new vehicles has increased at the entry points after banks lowered interest rates on vehicle loan. The number of inspection passes for new vehicles is growing gradually in Birgunj, which is the main checkpoint for importing vehicles.<br /> In the past, importers used to park their vehicles at the customs premises for a long time. According to the Nepal Intermodal Transport Development Committee (NITDB), which operates the Integrated Check Post (ICP) in Birgunj, only 187 vehicles are left to pass the clearance at the ICP as of January 11.<br /> NITDB chief Kamal Gyawali informed that the number of vehicles being released from customs has increased from 250 to 300 within a few months. In the past, the importers reluctant to pass the customs clearance of their vehicles.<br /> According to the customs office, the importers have now lined up for vehicle inspection.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">ICP Customs Information Officer Sumit Gupta said that the number of new vehicles being released from the customs has increased recently.<br /> <br /> “Vehicle inspection passes from the customs office have increased since some time. The importers have swiftly started releasing the vehicles brought to the checkpoint,” Information Officer Gupta told New Business Age.<br /> <br /> The Customs Act has a provision that vehicles entering the country must be inspected within 60 days. There is an arrangement for customs office to auction the vehicles that have not passed inspection within the stipulated time.</span></span></span></p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12678', 'image' => '20210113013004_20150914010543_travel-map.jpg', 'article_date' => '2021-01-13 13:29:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12930', 'article_category_id' => '1', 'title' => 'Private Sector Suggests Government to Weigh Options Before Opening FDI in Agriculture', 'sub_title' => '', 'summary' => 'Private sector stakeholders on Monday issued a joint statement saying that their attention has been drawn to the government’s decision to allow foreign investment in agriculture sector of Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: Stakeholders of the private sector of Nepal including the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) on Monday issued a joint statement saying that their attention has been drawn to the government’s decision published on Nepal Gazette on January 4 to allow foreign investment in agriculture sector of Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The joint statement says that entrepreneurs associated with them have been protesting against the government’s decision because it contradicts the Foreign Investment and Technology Transfer Act introduced in 2075, which completely bans foreign investment in agriculture sector of Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The statement noted that there are questions regarding whether foreign investment should be allowed in agriculture sector which is directly linked with people’s livelihood or should we accept it in order to increase productivity and to reduce trade deficit.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In this context, FNCCI, CNI and NCC held discussions with stakeholders and decided to make certain recommendations to the government. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The statement says foreign investment is necessary for the country and therefore suggested the government to fulfill commitments made in the past. In this regard, they suggested the government to discuss issues related to policies and laws as well as work procedure and amendment of laws with the private sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders are of the view that the government must take a decision to allow foreign investment in agriculture sector depending on the technology transfer, its use, export condition of Nepal among others. They suggested that government must allow foreign investment only if the technology transfer is of high quality and if they ensure the use of locally produced raw materials and also if there is high possibility of exporting the products.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12677', 'image' => '20210112033204_20200512091924_20190527010000_Makai.jpg', 'article_date' => '2021-01-12 15:29:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12927', 'article_category_id' => '1', 'title' => 'Central Bank to Provide Refinancing Facility to Microfinance Companies for the First Time', 'sub_title' => '', 'summary' => 'January 12: Nepal Rastra Bank has opened registration for refinancing facility to microfinance companies until January 25.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: Nepal Rastra Bank has opened registration for refinancing facility to microfinance companies until January 25. Issuing a statement on Monday (January 11), the central bank has asked for submission of forms to avail refinance service to the microfinance companies. According to the central bank, bad debtors of microfinance companies since long time can also benefit from the scheme. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Prior to this, the refinance facility was provided only to commercial and development banks and finance companies. The central bank has fixed the maximum interest rate for microfinance companies at 15 percent and this is expected to provide some relief to the bad debtors. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Acting Executive Director of the Banks and Financial Institutions Regulation Department of NRB Kiran Pandit informed that the central bank has allocated a lump sum of Rs 21 billion to provide to the microfinance companies for refinancing.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Pandit, microfinance companies will have to reduce the interest rate of bad debtors to 5 percent irrespective of what rate they were charged before.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We will give a lump sum to the microfinance companies. They will be able to invest the amount,” said Pandit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He added that the central bank has not sought the details of the debtors because microfinance companies provide small scale loan. The central bank will finalize the reduction of interest rate after reviewing the applications submitted by the microfinance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The latest data of NRB show that there are altogether 76 microfinance companies in Nepal after their merger and acquisition. Each microfinance company is entitled to receive Rs 270 million in average. However, microfinance companies can seek funds for refinancing up to 65 percent of their capital fund of last quarter. Therefore, the central bank will be providing between Rs 60 million to Rs 200 million to each microfinance company based on their quarterly report.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12674', 'image' => '20210112023934_1610060919.Clipboard15.jpg', 'article_date' => '2021-01-12 14:39:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12926', 'article_category_id' => '1', 'title' => 'Number of Indian Tourists Increasing under Air Transport Bubble Scheme', 'sub_title' => '', 'summary' => 'January 12: The arrival of Indian tourists is increasing in Nepal after regular flights resumed between the two countries in nine months under the air transport bubble scheme.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: The arrival of Indian tourists is increasing in Nepal after regular flights resumed between the two countries in nine months under the air transport bubble scheme.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The two countries had agreed on December 21 to resume flights under the scheme proposed by India. Air service between Nepal and India was suspended since March 24 after the Government of Nepal imposed a nationwide lockdown to curb coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">India had proposed the air transport bubble scheme to Nepal around two months ago to take back the citizens of various countries. However, Nepal had initially declined the offer.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had lifted a ban on international flights on September 1 while domestic flights resumed three weeks later. The government had resumed air service after five months but the ban on India was still in force considering the number of Covid-19 cases in the country. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">But in late December, the two countries agreed to resume flight operation. Following the agreement, lots of Indian tourists visited Nepal to celebrate the New Year, according to tourism entrepreneurs of Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the air route has been opened between Nepal and India, the border points are still closed due to which thousands of Indian tourists willing to visit Nepal are unable to travel. Stakeholders have demanded the government to open the border and allow Indian tourists who fulfill the health standards set by the government.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Vice President of Siddhartha Hotel Association, Bhairahawa Kishor GC said that the number of Indian tourists will rise significantly if the border is opened.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Indian tourists are making enquiries. But they are unable to visit Nepal through the land route because the border is closed,” said GC, adding, “If the border is opened and Indian tourists arrive, it will be a relief to the tourism industry that has been badly affected by coronavirus.” </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">First Vice President of Pokhara chapter of Restaurants and Bars Association Nepal (REBAN) Naresh Bhattarai says that the arrival of Indian tourists during the New Year was much more than they had anticipated. He further said that the air transport bubble scheme has given the Indian tourists to visit their neighbouring country after a long gap. Stakeholders informed that Indian tourists arrived in considerable numbers to celebrate the New Year in Kathmandu, Pokhara, Chitwan and Lumbini. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Under the air bubble scheme, both countries have been operating flights between New Delhi and Kathmandu with only one airline company. Nepal has selected the state-owned Nepal Airlines Corporation to conduct one flight per day between Kathmandu and New Delhi while Indian Airlines has been operating flights on behalf of India.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Tribhuvan International Airport informed that only Indian tourists with negative PCR report of tests taken 72 hours before boarding the flight have been allowed to enter Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12673', 'image' => '20210112010908_20201211110530_1607643876.11.jpg', 'article_date' => '2021-01-12 13:08:37', '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
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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">January 15:</span></span> <span style="font-size:14.0pt"><span style="font-family:Times">The International Labour Organisation has called for better protection of workers who have been working from home due to the Covid-19 pandemic. The ILO noted that the number of such workers has greatly increased due to the spread of the Covid-19 pandemic.<br /> Since homeworking occurs in the private sphere it is often "invisible", ILO said in a statement. According to the ILO, almost all home-based workers (90 per cent) work informally in low and middle-income countries for instance. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The statement added that homeworkers earn on average 13 per cent less in the United Kingdom; 22 per cent less in the United States of America; 25 per cent less in South Africa and about 50 per cent in Argentina, India and Mexico. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">Homeworkers also face greater safety and health risks and have less access to training than non-home-based workers, which can affect their career prospects.<br /> The report, Working from Home: From Invisibility to Decent Work, also shows that homeworkers do not have the same level of social protection as other workers. They are also less likely to be part of a trade union or to be covered by a collective bargaining agreement. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong><span style="font-size:14.0pt"><span style="font-family:Times">Renewed Urgency </span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">According to ILO estimates, prior to the Covid-19 crisis, there were approximately 260 million home-based workers worldwide, representing 7.9 per cent of global employment; 56 per cent of them (147 million) were women.<br /> “They include teleworkers who work remotely on a continual basis, and a vast number of workers who are involved in the production of goods that cannot be automated, such as embroidery, handicrafts, electronic assembly. A third category, digital platform workers, provide services, such as processing insurance claims, copy-editing, or data annotation for the training of artificial intelligence systems.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">In the first months of the COVID-19 pandemic in 2020 an estimated one-in-five workers found themselves working from home. Data for the whole of 2020, once it is available, is expected to show a substantial increase on the previous year, the statement added<br /> The growth of homeworking is likely to continue in the coming years, the report says, bringing renewed urgency to the need to address the issues facing homeworkers and their employers. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong><span style="font-size:14.0pt"><span style="font-family:Times">Poorly Regulated with Lack of Compliance</span></span></strong> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">According to ILO, homeworking is often poorly regulated and compliance with existing laws remains a challenge. In many instances, homeworkers are classified as independent contractors and therefore excluded from the scope of labour legislation. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">"Only 10 ILO Member States have ratified Convention No 177, that promotes equality of treatment between homeworkers and other wage earners, and few have a comprehensive policy on homework," added the statement </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-15', 'modified' => '2021-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '12690', 'image' => '20210115021542_60586.jpg', 'article_date' => '2021-01-15 14:14:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12942', 'article_category_id' => '1', 'title' => 'Development Works Fail to Gather Momentum', 'sub_title' => '', 'summary' => 'January 15: Progress of development works in the first six months of the current fiscal year has been below par due to the failure of the government to expedite various projects. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 15: Progress of development works in the first six months of the current fiscal year has been below par due to the failure of the government to expedite various projects. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The current government, which was formed three years ago, has been engaged more in internal dispute rather than achieving its target of “Prosperous Nepal Happy Nepali”. The impact of internal rift within the ruling Nepal Communist Party has been clearly reflected by the lacklustre progress of development works.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The ruling party is divided into two factions and the House of Representatives has been dissolved in the six months since the announcement of budget for the current fiscal year. As a result, the government has been able to spend only Rs 50.81 billion capital expenditure during the review period out of Rs 352 billion allocated for the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Financial Comptroller General Office, the government has been able to spend only 15 percent of the total capital expenditure allocated for the current fiscal year. The government had estimated to spend more than 18 percent of the development budget.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Capital expenditure during the corresponding period of last fiscal year was 16 percent. This year’s capital expenditure is even worse than that of last year. Data kept by the Financial Comptroller General Office show that the current expenditure of the government has unexpectedly increased. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The current expenditure of the government during the review period is Rs 342 billion out of the total allocated amount of Rs 948 billion. This is 37 percent of the total budget allocated for current expenditure.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders say that the poor capital expenditure is a result of the government’s failure to resolve the policy-level hurdles faced by the construction sector and its inability to prepare a work plan for expediting the projects.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Vice Chairman of the National Planning Commission (NPC) Jagdish Chandra Pokharel, the current government had a golden opportunity to expedite development works but it failed to do so due to the internal conflict within the ruling party.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He further said that the government is bent toward adding more financial burden to the state coffers under various pretexts while it has not done anything substantial in the last six months to speed up development works. Pokharel opined that the government’s attention has been drawn to something else other than people’s aspirations.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Economist Keshav Acharya also blames the government leadership and different bodies for the slow pace of development in six months of current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Acharya, the government has not paid attention towards finding the reasons for its failure to spend development budget and to take timely action.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-15', 'modified' => '2021-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '12689', 'image' => '20210115122802_20190609013126_20190531021713_Budget.jpg', 'article_date' => '2021-01-15 12:27:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12941', 'article_category_id' => '1', 'title' => 'Banks Start Charging Fare for Inter-Bank ATM Service', 'sub_title' => '', 'summary' => 'January 15: Banks have started charging fare for inter-bank ATM transaction effective from Thursday (January 14). ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 15: Banks have started charging fare for inter-bank ATM transaction effective from Thursday (January 14). The banks had been providing free service for inter-bank ATM transaction to facilitate the customers during lockdown and post-lockdown period following the directive of Nepal Rastra Bank (NRB). The central bank had recently fixed a new rate for inter-bank ATM transaction starting from January 14. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Issuing a circular on January 7, the Payments Department of NRB said that ATM users can withdraw money from any bank for free two times a month. After that, the ATM users will have to incur Rs 20 per transaction for inter-bank ATM service.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank made such arrangement after amending its Integrated Directive on Payments System 2077.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Prior to this, the central bank in its monetary policy had made arrangement for free inter-bank ATM service as long as the effects of Covid-19 were prevalent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, banks had announced to charge fare for inter-bank ATM service from the start of the current fiscal year arguing that transportation and other sectors had already opened by that time. But the central bank again issued a directive to the banks to provide free service for inter-bank ATM transaction. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Bankers were complaining that they have to bear massive loss if they are to provide the free service for an indefinite period of time. Considering the request of the banks, the central bank issued the new directive which allows free service for two times a month.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-15', 'modified' => '2021-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '12688', 'image' => '20210115115200_1610606958.atm.jpg', 'article_date' => '2021-01-15 11:51:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12938', 'article_category_id' => '1', 'title' => 'Public Health and Hygiene Manual for Tourism Service Operators', 'sub_title' => '', 'summary' => 'January 14: The Tourism Recovery Task Force Nepal (TRTF Nepal) has launched the Health and Hygiene Safety Standards (HHS Protocol) Manual for Tourism Service Operators. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">January 14: The Tourism Recovery Task Force Nepal (TRTF Nepal) has launched the Health and Hygiene Safety Standards (HHS Protocol) Manual for Tourism Service Operators. TRTF launched the HHS Protocol virtually in an event on Wednesday, January 13. <br /> Dr Stephen Rosek, head of the development assistance department of the German embassy in Nepal, along with Deepak Raj Joshi, coordinator of TRTF Nepal and former CEO of the Nepal Tourism Board inaugurated the HHS protocol virtually.<br /> The project aims to develop a manual for health and hygiene safety standards for tourism and hospitality service operators based on government-approved standards for epidemic and post-pandemic tourism-related services and businesses.<br /> Dr Rosek informed that the Covid-19 was not only a global health crisis but also an economic crisis affecting the tourism sector mostly.<br /> The German ambassador shed light on various programmes under the assistance of GIZ and also expressed his commitment to help the tourism sector.<br /> According to TRTF Nepal Coordinator Joshi, 85 percent of small and medium entrepreneurs in Nepal have pointed out the need for training, education, and awareness programs in a survey conducted among Nepal's tourism entrepreneurs and stakeholders following the Covid-19 pandemic. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">He said that the first phase training on health and hygiene safety standards is being conducted in collaboration with GATE Foundation and GIZ.</span></span></span></p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12687', 'image' => '20210114042115_20200506031951_120_1571271950.jpg', 'article_date' => '2021-01-14 16:20:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12937', 'article_category_id' => '1', 'title' => 'Current Account in Deficit after Five Months', 'sub_title' => '', 'summary' => 'anuary 14: The current account, which was in surplus since the first four months of the ongoing fiscal year, is now in deficit. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">January 14: The current account, which was in surplus since the first four months of the ongoing fiscal year, is now in deficit. It is believed that the rise in import recently has increased the outflow of Nepalese currency resulting in the current account deficit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Current Macroeconomic and Financial Situation of Nepal released by Nepal Rastra Bank (NRB) on January 13 states that the </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">current account remained at a deficit of Rs 21.32 billion in the review period compared to a deficit of Rs 65.13 billion in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">In the US Dollar terms, the current account recorded a deficit of 182.4 million in the review period compared to a deficit of 572.0 million in the same period of the previous year, NRB stated. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In the review period, capital transfer decreased 16.0 percent to Rs 4.75 billion and net foreign direct investment (FDI) decreased 31.5 percent to Rs 4.50 billion. In the same period of the previous year, capital transfer and net FDI amounted to Rs 5.65 billion and Rs 6.57 billion respectively. </span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Balance of Payments</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Balance of Payments (BOP) registered a surplus of Rs106.48 billion in the review period as compared to a surplus of Rs 23.30 billion in the same period of the previous year. In the US Dollar terms, the BOP recorded a surplus of 896.5 million in the review period compared to a surplus of 205.9 million in the same period of the previous year. </span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Remittance</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the central bank, remittance inflow increased 10.9 percent to Rs 416.81 billion in the review period against a decrease of 0.2 percent in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Number of Nepali workers (institutional and individual-new and legalized) taking approval for foreign employment decreased 77.9 percent in the review period. It had increased 11.8 percent in the same period of the previous year. The number of Nepali workers (renew entry) taking approval for foreign employment decreased 69.4 percent in the review period. It had increased 7.6 percent in the same period of the previous year. </span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Merchandise Trade </span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In five months of 2020/21, merchandise exports increased 5.1 percent to Rs 50.06 billion compared to an increase of 27.0 percent in the same period of the previous year. Destination-wise, exports to India and other countries increased 8.6 percent and 0.8 percent respectively whereas exports to China decreased 55.2 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Exports of cardamom, jute goods, polyester yarn and threads, noodles, pashmina, among others, increased whereas exports of palm oil, pulses, zinc sheet, woolen carpet, textiles, among others, decreased in the review period.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In five months of 2020/21, merchandise imports decreased 9.6 percent to Rs 525.50 billion compared to a decrease of 4.2 percent a year ago. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Destination-wise, imports from India, China and other countries decreased 1.1 percent, 24.4 percent, and 20.8 percent respectively.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Imports of crude soybean oil, rice, MS billet, telecommunication equipment and parts, coal, among others, increased whereas imports of petroleum products, aircraft spareparts, crude palm oil, other machinery and parts, transport equipment and parts, among others, decreased in the review period.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Based on customs points, exports from Birgunj Dry Port, Biratnagar, Kailali, Tatopani, Kanchanpur and Rasuwa Customs offices decreased whereas exports from all the other customs points increased in the review period. On the import side, imports from all the other customs points decreased except Bhairahawa, Biratnagar, Nepalgunj, Krishnanagar, Kailali and Kanchanpur customs offices in the review period.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Trade Deficit </span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Total trade deficit narrowed down 10.9 percent to Rs 475.44 billion in five months of 2020/21. Such deficit had contracted 6.3 percent in the same period of the previous year. The export- import ratio increased to 9.5 percent in the review period from 8.2 percent in the same period of the previous year</span></span></span></span></p> <p><strong><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Consumer Price Inflation</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The y-o-y consumer price inflation stood at 2.93 percent in the fifth month of 2020/21 compared to 6.55 percent a year ago. Food and beverage inflation stood at 5.23 percent whereas non-food and service inflation stood at 1.16 percent in the review month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The price of fruit, ghee and oil, vegetables, and pulses and legumes sub-groups rose 14.75 percent, 13.01 percent, 11.44 percent and 10.74 percent respectively on y-o-y basis.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In the review month, the Kathmandu Valley, Terai, </span></span></span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Hill and Mountain witnessed 3.71 percent, 2.35 percent, 3.95 percent and 4.22 percent inflation respectively. These regions had witnessed 7.60 percent, 6.66 percent, 5.27 percent and 4.83 percent inflation respectively a year ago.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12686', 'image' => '20210114114323_20200927035331_1601159663.Clipboard12.jpg', 'article_date' => '2021-01-14 11:41:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12939', 'article_category_id' => '1', 'title' => 'NICCI Holds Round Table Meet on Business and Investment Opportunities in Nepal', 'sub_title' => '', 'summary' => 'January 14: Nepal-India Chamber of Commerce and Industry (NICCI) organized a round table meet on “Business and Investment Opportunities in Nepal” between representatives of India-based BPO company Vertex Global Services India and Nepali stakeholders on Tuesday (January 12).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:16.0pt"><span style="font-family:Arial">January 14: Nepal-India Chamber of Commerce and Industry (NICCI) organized a round table meet on “Business and Investment Opportunities in Nepal” between representatives of India-based BPO company Vertex Global Services India and Nepali stakeholders on Tuesday (January 12).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:16.0pt"><span style="font-family:Arial">Speaking at the inauguration of the meeting, Chairperson of NICCI Shreejana Rana said that it is not possible to do all things single handedly in the present context and therefore coordination between all kinds of service providers and institutions is necessary for success. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:16.0pt"><span style="font-family:Arial">Vice chairman of the chamber Sunil KC shed light on the motive for organising the roundtable meeting and pointed out to the global trend of outsourcing and effective mobilization of human resources in a cost effective way. He added that the meeting was held to discuss the possibility of BPO in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:16.0pt"><span style="font-family:Arial">The meeting was attended by CEO of Vertex Global Services India Gagan Arora, Chief Finance Officer Bikash Arora, Vice President-Corporate Relations Ashlin Madok, Vice President-Talent Acquisition Sachin Kalkal, Associate Director Tanmoya Dutta.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12685', 'image' => '20210114044939_1. IMG_7857.JPG', 'article_date' => '2021-01-14 16:48:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12936', 'article_category_id' => '1', 'title' => 'Government Seeking Funds to Purchase Covid-19 Vaccine', 'sub_title' => '', 'summary' => 'January 14: The government is seeking funds to procure vaccine against Covid-19. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 14: The government is seeking funds to procure vaccine against Covid-19. The government has pledged to avail the vaccine free-of-cost to the citizens on need basis and is therefor making attempts to raise funds for the purchase of the vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had set up a fund last year in its effort to prevent and control Covid-19 as well as to treat the patients infected with the disease. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the private sector and various agencies provided significant support by contributing generously to the fund in the initial stage, the process of fund collection has started to slow down. The Financial Comptroller General’s Office estimates that around Rs 2.9 billion has been deposited in the fund so far. The government has already spent Rs 2.44 billion from the fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As this fund was primarily set up for the prevention and treatment of Covid-19, the health ministry has established a new fund to seek support for the purchase of vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson at the Ministry of Health and Population Dr Jaageshwar Gautam informed that the government alone cannot manage the budget for procuring vaccine against Covid-19 and has therefore urged domestic and foreign donor agencies to contribute to the fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A meeting of the Council of Ministers on November 9 had given the permission to the health ministry to purchase the vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Spokesperson Gautam, the government will provide the vaccine free-of cost to the targeted groups on the basis of need and priority. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Gautam expressed his belief that the vaccine would protect the lives of the people to a large extent and would also bring back the battered economy on track. He further said that the government is preparing to purchase the vaccine as soon as it is available in the international market.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12684', 'image' => '20210114104505_1610581600.Clipboard18.jpg', 'article_date' => '2021-01-14 10:44:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12940', 'article_category_id' => '1', 'title' => 'Everest Bank Launches Online Tax Payment Service in Collaboration with Fonepay', 'sub_title' => '', 'summary' => 'January 14: Everest Bank has started online tax payment effective from January 12.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">January 14: Everest Bank has started online tax payment effective from January 12.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bank said in a statement that it has launched the Online Inland Revenue Tax Payment System in association with Financial Comptroller General Office (FCGO) and with technical collaboration of Fonepay. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bank expressed its belief that this electronic payment method will benefit the people at large and will eliminate the hassle and lengthy process of visiting tax offices for tax payments during the ongoing COVID-19 pandemic. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The Online Inland Revenue Tax Payment System was digitally inaugurated jointly by GK Negi, CEO of Everest Bank, and Ram Sharan Pudasaini, Revenue Secretary at the Finance Ministry, considering the outbreak of the COVID-19.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Everest Bank said it has a customer base of over 1.1 million and is providing banking services through a network of 100 branches, 33 revenue collection counters, and 132 ATMs across the country.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12683', 'image' => '20210114045945_Online-Tax-Payment-System.jpg', 'article_date' => '2021-01-14 16:58:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12934', 'article_category_id' => '1', 'title' => 'Delay in Implementation of Law Causing Problems in Bringing Investment from Foreign Partners ', 'sub_title' => '', 'summary' => 'January 13: Although the government has made laws with the aim of facilitating foreign investment in Nepal, Dang Cement has not been able to acquire foreign investment due to the delay in implementation of the Foreign Investment and Technology Transfer Act (FITTA) 2075. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">January 13: Although the government has made laws with the aim of facilitating foreign investment in Nepal, Dang Cement has not been able to acquire foreign investment due to the delay in implementation of the Foreign Investment and Technology Transfer Act (FITTA) 2075. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Dang cement has not been able to apply for bringing foreign investment as it took two years to endorse the regulations of the Foreign Investment and Technology Transfer act (FITTA) 2075. Dang Cement Industry was registered 15 years ago. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">One of the promoters of the Dang Cement said that they have not been able to bring investment from Chinese partner Hong Kong Redline as the government was not cooperative. The industry must be registered with the Department of Industry to bring 85 percent investment from its partner. But, the industry has not been able to register with the department due to the delay in implementation of the act (FITTA). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Following the publication of FITTA regulation in Nepal Gazette on Monday (January 11), the cement industry expressed its belief that it will now be easier for the industry acquire foreign investment. The promoter claimed that there have been unnecessary hassles after the process of registering the industry at the department was halted. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"If there are no weaknesses in the regulations and it is easy to register the industry, investment will start coming from the partner company," he said, requesting anonymity. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company has already received approval from the Ministry of Environment to conduct Environmental Impact Assessment (EIA). However, the promoter added that the main work is to attract investment and therefore other works will start only after that. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12681', 'image' => '20210113033332_foreign-investment.jpg', 'article_date' => '2021-01-13 15:32:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12933', 'article_category_id' => '1', 'title' => 'More than 50 Percent of Industries and Enterprises are Fully Operational: NRB', 'sub_title' => '', 'summary' => 'January 13: Almost 54 percent of the industries and businesses that were closed due to Covid-19 have already resumed operation, according to Nepal Rastra Bank.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 13: Almost 54 percent of the industries and businesses that were closed due to Covid-19 have already resumed operation, according to Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A survey report on Impact of Covid-19 on the economy released by the central bank on Tuesday (January 12) states that 9.1 percent of industries and businesses are yet to resume their service.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank report mentions that although all kinds of industries and businesses have reported improvement in day-to-day operation, small and middle scale enterprises are relatively lagging behind. According to the report, most of the big industries have made significant progress in resuming operation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As of mid-December, companies involved in the trade of electricity, LP gas and water have made good progress in resuming their service. A total of 66.67 percent of such industries have started full-fledged operation while 33.33 percent are yet to resume service. During the review period, altogether 64.97 percent of wholesale and retail trade centers have resumed full-fledged operation while 31.33 percent have started partial operation and 3.39 percent are yet to operate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, 63.64 percent of enterprises associated to the agriculture sector, forestry and fishery industries have resumed their business while 33.3 percent are partially operational.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Among the production-oriented industries, 49.04 percent are fully operational while 42.31 percent are partially open.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, 29.7 percent of hotels and restaurants have resumed their services to full extent while 44.44 percent of construction companies have also resumed normal operation. Similarly, 36 percent of media and communication companies have resumed their day-to-day operations.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the central bank’s survey, only a handful of educational institutions have resumed operation. The report states that only 11.36 percent of educational institutions are fully operational. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report clearly shows that more than half of the industries and businesses have started full-fledged operation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report states that most of the businesses have been finding it difficult to manage operational cost while they are also struggling to receive additional loan. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank had conducted the survey from October 28 to December 9. The central bank had surveyed 674 enterprises of 52 districts during this period.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12680', 'image' => '20210113023909_1610496553.Clipboard15.jpg', 'article_date' => '2021-01-13 14:38:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12931', 'article_category_id' => '1', 'title' => 'Low Quality of Paddy Results in Decline in Rice Production', 'sub_title' => '', 'summary' => 'January 13: The government has estimated an increase in paddy production in the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 13: The government has estimated an increase in paddy production in the current fiscal year. However, the paddy produced this year is found to be of low quality due to which less quantity of rice has been yielded after processing the paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The production of rice has declined due to low quality of paddy. Stakeholders have attributed this to non-availability of seeds and fertilizer during planting season. The cost of production has gone up and so has the selling price of rice.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Agriculture experts believe that the lack of fertilizer during the plantation season might be the reason behind low quality of paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The low standard of paddy will have direct impact on production of rice. According to Subodh Kumar Gupta, chairman of Nepal Rice, Oil and Lentil Industry Association, the production of per quintal of rice has gone down due to the low quality of paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Normally, 45 percent of rice is produced from one quintal of paddy while 15 percent is fragments of rice and the remaining by product is husk. But this year, only 35 percent of rice has been produced from one quintal of rice, says Gupta. Likewise, the percentage of rice fragments has increased by 10 percent to a total of 25 percent. This in turn has resulted in increased cost of production and an increase in price of rice.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“This is the main reason for the increase in price of rice,” said Gupta.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Central member of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Avinash Bohora also shares a similar view. Bohora also claimed that the standard of paddy has degraded this year due to which production of rice has declined while more amount of rice fragments have been produced.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the information provided by Nepal Retailers’ Association, the price of rice produced by every brand has increased by Rs 50 per sack.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Factories and industries have just received newly harvested paddy. The price of rice normally does not get hiked during harvesting season. However, industrialists say that they have been forced to increase the price of rice due to low quality or paddy produced this year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The local mills and industries have been producing 60 percent of the annual requirement of rice for the country while they produce 62 percent of lentil and 35 percent of edible oil.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chairman of the association Naresh Rathi says that the international market also has some influence in the price hike in Nepal. According to him, Bangladesh has lowered the customs duty for importing rice. As a result, India has increased its export to Bangladesh while the export of rice to Nepal has declined. This has also contributed to price hike, says Rathi.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12679', 'image' => '20210113120534_20190528010847_aaaa.jpg', 'article_date' => '2021-01-13 12:04:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12932', 'article_category_id' => '1', 'title' => 'Customs Clearance of Vehicles Increasing', 'sub_title' => '', 'summary' => 'January 13: Customs clearance of new vehicles has increased at the entry points after banks lowered interest rates on vehicle loan.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">January 13: Customs clearance of new vehicles has increased at the entry points after banks lowered interest rates on vehicle loan. The number of inspection passes for new vehicles is growing gradually in Birgunj, which is the main checkpoint for importing vehicles.<br /> In the past, importers used to park their vehicles at the customs premises for a long time. According to the Nepal Intermodal Transport Development Committee (NITDB), which operates the Integrated Check Post (ICP) in Birgunj, only 187 vehicles are left to pass the clearance at the ICP as of January 11.<br /> NITDB chief Kamal Gyawali informed that the number of vehicles being released from customs has increased from 250 to 300 within a few months. In the past, the importers reluctant to pass the customs clearance of their vehicles.<br /> According to the customs office, the importers have now lined up for vehicle inspection.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">ICP Customs Information Officer Sumit Gupta said that the number of new vehicles being released from the customs has increased recently.<br /> <br /> “Vehicle inspection passes from the customs office have increased since some time. The importers have swiftly started releasing the vehicles brought to the checkpoint,” Information Officer Gupta told New Business Age.<br /> <br /> The Customs Act has a provision that vehicles entering the country must be inspected within 60 days. There is an arrangement for customs office to auction the vehicles that have not passed inspection within the stipulated time.</span></span></span></p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12678', 'image' => '20210113013004_20150914010543_travel-map.jpg', 'article_date' => '2021-01-13 13:29:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12930', 'article_category_id' => '1', 'title' => 'Private Sector Suggests Government to Weigh Options Before Opening FDI in Agriculture', 'sub_title' => '', 'summary' => 'Private sector stakeholders on Monday issued a joint statement saying that their attention has been drawn to the government’s decision to allow foreign investment in agriculture sector of Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: Stakeholders of the private sector of Nepal including the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) on Monday issued a joint statement saying that their attention has been drawn to the government’s decision published on Nepal Gazette on January 4 to allow foreign investment in agriculture sector of Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The joint statement says that entrepreneurs associated with them have been protesting against the government’s decision because it contradicts the Foreign Investment and Technology Transfer Act introduced in 2075, which completely bans foreign investment in agriculture sector of Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The statement noted that there are questions regarding whether foreign investment should be allowed in agriculture sector which is directly linked with people’s livelihood or should we accept it in order to increase productivity and to reduce trade deficit.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In this context, FNCCI, CNI and NCC held discussions with stakeholders and decided to make certain recommendations to the government. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The statement says foreign investment is necessary for the country and therefore suggested the government to fulfill commitments made in the past. In this regard, they suggested the government to discuss issues related to policies and laws as well as work procedure and amendment of laws with the private sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders are of the view that the government must take a decision to allow foreign investment in agriculture sector depending on the technology transfer, its use, export condition of Nepal among others. They suggested that government must allow foreign investment only if the technology transfer is of high quality and if they ensure the use of locally produced raw materials and also if there is high possibility of exporting the products.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12677', 'image' => '20210112033204_20200512091924_20190527010000_Makai.jpg', 'article_date' => '2021-01-12 15:29:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12927', 'article_category_id' => '1', 'title' => 'Central Bank to Provide Refinancing Facility to Microfinance Companies for the First Time', 'sub_title' => '', 'summary' => 'January 12: Nepal Rastra Bank has opened registration for refinancing facility to microfinance companies until January 25.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: Nepal Rastra Bank has opened registration for refinancing facility to microfinance companies until January 25. Issuing a statement on Monday (January 11), the central bank has asked for submission of forms to avail refinance service to the microfinance companies. According to the central bank, bad debtors of microfinance companies since long time can also benefit from the scheme. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Prior to this, the refinance facility was provided only to commercial and development banks and finance companies. The central bank has fixed the maximum interest rate for microfinance companies at 15 percent and this is expected to provide some relief to the bad debtors. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Acting Executive Director of the Banks and Financial Institutions Regulation Department of NRB Kiran Pandit informed that the central bank has allocated a lump sum of Rs 21 billion to provide to the microfinance companies for refinancing.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Pandit, microfinance companies will have to reduce the interest rate of bad debtors to 5 percent irrespective of what rate they were charged before.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We will give a lump sum to the microfinance companies. They will be able to invest the amount,” said Pandit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He added that the central bank has not sought the details of the debtors because microfinance companies provide small scale loan. The central bank will finalize the reduction of interest rate after reviewing the applications submitted by the microfinance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The latest data of NRB show that there are altogether 76 microfinance companies in Nepal after their merger and acquisition. Each microfinance company is entitled to receive Rs 270 million in average. However, microfinance companies can seek funds for refinancing up to 65 percent of their capital fund of last quarter. Therefore, the central bank will be providing between Rs 60 million to Rs 200 million to each microfinance company based on their quarterly report.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12674', 'image' => '20210112023934_1610060919.Clipboard15.jpg', 'article_date' => '2021-01-12 14:39:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12926', 'article_category_id' => '1', 'title' => 'Number of Indian Tourists Increasing under Air Transport Bubble Scheme', 'sub_title' => '', 'summary' => 'January 12: The arrival of Indian tourists is increasing in Nepal after regular flights resumed between the two countries in nine months under the air transport bubble scheme.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: The arrival of Indian tourists is increasing in Nepal after regular flights resumed between the two countries in nine months under the air transport bubble scheme.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The two countries had agreed on December 21 to resume flights under the scheme proposed by India. Air service between Nepal and India was suspended since March 24 after the Government of Nepal imposed a nationwide lockdown to curb coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">India had proposed the air transport bubble scheme to Nepal around two months ago to take back the citizens of various countries. However, Nepal had initially declined the offer.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had lifted a ban on international flights on September 1 while domestic flights resumed three weeks later. The government had resumed air service after five months but the ban on India was still in force considering the number of Covid-19 cases in the country. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">But in late December, the two countries agreed to resume flight operation. Following the agreement, lots of Indian tourists visited Nepal to celebrate the New Year, according to tourism entrepreneurs of Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the air route has been opened between Nepal and India, the border points are still closed due to which thousands of Indian tourists willing to visit Nepal are unable to travel. Stakeholders have demanded the government to open the border and allow Indian tourists who fulfill the health standards set by the government.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Vice President of Siddhartha Hotel Association, Bhairahawa Kishor GC said that the number of Indian tourists will rise significantly if the border is opened.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Indian tourists are making enquiries. But they are unable to visit Nepal through the land route because the border is closed,” said GC, adding, “If the border is opened and Indian tourists arrive, it will be a relief to the tourism industry that has been badly affected by coronavirus.” </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">First Vice President of Pokhara chapter of Restaurants and Bars Association Nepal (REBAN) Naresh Bhattarai says that the arrival of Indian tourists during the New Year was much more than they had anticipated. He further said that the air transport bubble scheme has given the Indian tourists to visit their neighbouring country after a long gap. Stakeholders informed that Indian tourists arrived in considerable numbers to celebrate the New Year in Kathmandu, Pokhara, Chitwan and Lumbini. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Under the air bubble scheme, both countries have been operating flights between New Delhi and Kathmandu with only one airline company. Nepal has selected the state-owned Nepal Airlines Corporation to conduct one flight per day between Kathmandu and New Delhi while Indian Airlines has been operating flights on behalf of India.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Tribhuvan International Airport informed that only Indian tourists with negative PCR report of tests taken 72 hours before boarding the flight have been allowed to enter Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12673', 'image' => '20210112010908_20201211110530_1607643876.11.jpg', 'article_date' => '2021-01-12 13:08:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">January 15:</span></span> <span style="font-size:14.0pt"><span style="font-family:Times">The International Labour Organisation has called for better protection of workers who have been working from home due to the Covid-19 pandemic. The ILO noted that the number of such workers has greatly increased due to the spread of the Covid-19 pandemic.<br /> Since homeworking occurs in the private sphere it is often "invisible", ILO said in a statement. According to the ILO, almost all home-based workers (90 per cent) work informally in low and middle-income countries for instance. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The statement added that homeworkers earn on average 13 per cent less in the United Kingdom; 22 per cent less in the United States of America; 25 per cent less in South Africa and about 50 per cent in Argentina, India and Mexico. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">Homeworkers also face greater safety and health risks and have less access to training than non-home-based workers, which can affect their career prospects.<br /> The report, Working from Home: From Invisibility to Decent Work, also shows that homeworkers do not have the same level of social protection as other workers. They are also less likely to be part of a trade union or to be covered by a collective bargaining agreement. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong><span style="font-size:14.0pt"><span style="font-family:Times">Renewed Urgency </span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">According to ILO estimates, prior to the Covid-19 crisis, there were approximately 260 million home-based workers worldwide, representing 7.9 per cent of global employment; 56 per cent of them (147 million) were women.<br /> “They include teleworkers who work remotely on a continual basis, and a vast number of workers who are involved in the production of goods that cannot be automated, such as embroidery, handicrafts, electronic assembly. A third category, digital platform workers, provide services, such as processing insurance claims, copy-editing, or data annotation for the training of artificial intelligence systems.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">In the first months of the COVID-19 pandemic in 2020 an estimated one-in-five workers found themselves working from home. Data for the whole of 2020, once it is available, is expected to show a substantial increase on the previous year, the statement added<br /> The growth of homeworking is likely to continue in the coming years, the report says, bringing renewed urgency to the need to address the issues facing homeworkers and their employers. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong><span style="font-size:14.0pt"><span style="font-family:Times">Poorly Regulated with Lack of Compliance</span></span></strong> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">According to ILO, homeworking is often poorly regulated and compliance with existing laws remains a challenge. In many instances, homeworkers are classified as independent contractors and therefore excluded from the scope of labour legislation. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">"Only 10 ILO Member States have ratified Convention No 177, that promotes equality of treatment between homeworkers and other wage earners, and few have a comprehensive policy on homework," added the statement </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-15', 'modified' => '2021-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '12690', 'image' => '20210115021542_60586.jpg', 'article_date' => '2021-01-15 14:14:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12942', 'article_category_id' => '1', 'title' => 'Development Works Fail to Gather Momentum', 'sub_title' => '', 'summary' => 'January 15: Progress of development works in the first six months of the current fiscal year has been below par due to the failure of the government to expedite various projects. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 15: Progress of development works in the first six months of the current fiscal year has been below par due to the failure of the government to expedite various projects. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The current government, which was formed three years ago, has been engaged more in internal dispute rather than achieving its target of “Prosperous Nepal Happy Nepali”. The impact of internal rift within the ruling Nepal Communist Party has been clearly reflected by the lacklustre progress of development works.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The ruling party is divided into two factions and the House of Representatives has been dissolved in the six months since the announcement of budget for the current fiscal year. As a result, the government has been able to spend only Rs 50.81 billion capital expenditure during the review period out of Rs 352 billion allocated for the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Financial Comptroller General Office, the government has been able to spend only 15 percent of the total capital expenditure allocated for the current fiscal year. The government had estimated to spend more than 18 percent of the development budget.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Capital expenditure during the corresponding period of last fiscal year was 16 percent. This year’s capital expenditure is even worse than that of last year. Data kept by the Financial Comptroller General Office show that the current expenditure of the government has unexpectedly increased. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The current expenditure of the government during the review period is Rs 342 billion out of the total allocated amount of Rs 948 billion. This is 37 percent of the total budget allocated for current expenditure.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders say that the poor capital expenditure is a result of the government’s failure to resolve the policy-level hurdles faced by the construction sector and its inability to prepare a work plan for expediting the projects.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Vice Chairman of the National Planning Commission (NPC) Jagdish Chandra Pokharel, the current government had a golden opportunity to expedite development works but it failed to do so due to the internal conflict within the ruling party.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He further said that the government is bent toward adding more financial burden to the state coffers under various pretexts while it has not done anything substantial in the last six months to speed up development works. Pokharel opined that the government’s attention has been drawn to something else other than people’s aspirations.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Economist Keshav Acharya also blames the government leadership and different bodies for the slow pace of development in six months of current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Acharya, the government has not paid attention towards finding the reasons for its failure to spend development budget and to take timely action.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-15', 'modified' => '2021-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '12689', 'image' => '20210115122802_20190609013126_20190531021713_Budget.jpg', 'article_date' => '2021-01-15 12:27:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12941', 'article_category_id' => '1', 'title' => 'Banks Start Charging Fare for Inter-Bank ATM Service', 'sub_title' => '', 'summary' => 'January 15: Banks have started charging fare for inter-bank ATM transaction effective from Thursday (January 14). ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 15: Banks have started charging fare for inter-bank ATM transaction effective from Thursday (January 14). The banks had been providing free service for inter-bank ATM transaction to facilitate the customers during lockdown and post-lockdown period following the directive of Nepal Rastra Bank (NRB). The central bank had recently fixed a new rate for inter-bank ATM transaction starting from January 14. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Issuing a circular on January 7, the Payments Department of NRB said that ATM users can withdraw money from any bank for free two times a month. After that, the ATM users will have to incur Rs 20 per transaction for inter-bank ATM service.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank made such arrangement after amending its Integrated Directive on Payments System 2077.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Prior to this, the central bank in its monetary policy had made arrangement for free inter-bank ATM service as long as the effects of Covid-19 were prevalent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, banks had announced to charge fare for inter-bank ATM service from the start of the current fiscal year arguing that transportation and other sectors had already opened by that time. But the central bank again issued a directive to the banks to provide free service for inter-bank ATM transaction. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Bankers were complaining that they have to bear massive loss if they are to provide the free service for an indefinite period of time. Considering the request of the banks, the central bank issued the new directive which allows free service for two times a month.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-15', 'modified' => '2021-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '12688', 'image' => '20210115115200_1610606958.atm.jpg', 'article_date' => '2021-01-15 11:51:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12938', 'article_category_id' => '1', 'title' => 'Public Health and Hygiene Manual for Tourism Service Operators', 'sub_title' => '', 'summary' => 'January 14: The Tourism Recovery Task Force Nepal (TRTF Nepal) has launched the Health and Hygiene Safety Standards (HHS Protocol) Manual for Tourism Service Operators. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">January 14: The Tourism Recovery Task Force Nepal (TRTF Nepal) has launched the Health and Hygiene Safety Standards (HHS Protocol) Manual for Tourism Service Operators. TRTF launched the HHS Protocol virtually in an event on Wednesday, January 13. <br /> Dr Stephen Rosek, head of the development assistance department of the German embassy in Nepal, along with Deepak Raj Joshi, coordinator of TRTF Nepal and former CEO of the Nepal Tourism Board inaugurated the HHS protocol virtually.<br /> The project aims to develop a manual for health and hygiene safety standards for tourism and hospitality service operators based on government-approved standards for epidemic and post-pandemic tourism-related services and businesses.<br /> Dr Rosek informed that the Covid-19 was not only a global health crisis but also an economic crisis affecting the tourism sector mostly.<br /> The German ambassador shed light on various programmes under the assistance of GIZ and also expressed his commitment to help the tourism sector.<br /> According to TRTF Nepal Coordinator Joshi, 85 percent of small and medium entrepreneurs in Nepal have pointed out the need for training, education, and awareness programs in a survey conducted among Nepal's tourism entrepreneurs and stakeholders following the Covid-19 pandemic. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">He said that the first phase training on health and hygiene safety standards is being conducted in collaboration with GATE Foundation and GIZ.</span></span></span></p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12687', 'image' => '20210114042115_20200506031951_120_1571271950.jpg', 'article_date' => '2021-01-14 16:20:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12937', 'article_category_id' => '1', 'title' => 'Current Account in Deficit after Five Months', 'sub_title' => '', 'summary' => 'anuary 14: The current account, which was in surplus since the first four months of the ongoing fiscal year, is now in deficit. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">January 14: The current account, which was in surplus since the first four months of the ongoing fiscal year, is now in deficit. It is believed that the rise in import recently has increased the outflow of Nepalese currency resulting in the current account deficit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Current Macroeconomic and Financial Situation of Nepal released by Nepal Rastra Bank (NRB) on January 13 states that the </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">current account remained at a deficit of Rs 21.32 billion in the review period compared to a deficit of Rs 65.13 billion in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">In the US Dollar terms, the current account recorded a deficit of 182.4 million in the review period compared to a deficit of 572.0 million in the same period of the previous year, NRB stated. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In the review period, capital transfer decreased 16.0 percent to Rs 4.75 billion and net foreign direct investment (FDI) decreased 31.5 percent to Rs 4.50 billion. In the same period of the previous year, capital transfer and net FDI amounted to Rs 5.65 billion and Rs 6.57 billion respectively. </span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Balance of Payments</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Balance of Payments (BOP) registered a surplus of Rs106.48 billion in the review period as compared to a surplus of Rs 23.30 billion in the same period of the previous year. In the US Dollar terms, the BOP recorded a surplus of 896.5 million in the review period compared to a surplus of 205.9 million in the same period of the previous year. </span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Remittance</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the central bank, remittance inflow increased 10.9 percent to Rs 416.81 billion in the review period against a decrease of 0.2 percent in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Number of Nepali workers (institutional and individual-new and legalized) taking approval for foreign employment decreased 77.9 percent in the review period. It had increased 11.8 percent in the same period of the previous year. The number of Nepali workers (renew entry) taking approval for foreign employment decreased 69.4 percent in the review period. It had increased 7.6 percent in the same period of the previous year. </span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Merchandise Trade </span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In five months of 2020/21, merchandise exports increased 5.1 percent to Rs 50.06 billion compared to an increase of 27.0 percent in the same period of the previous year. Destination-wise, exports to India and other countries increased 8.6 percent and 0.8 percent respectively whereas exports to China decreased 55.2 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Exports of cardamom, jute goods, polyester yarn and threads, noodles, pashmina, among others, increased whereas exports of palm oil, pulses, zinc sheet, woolen carpet, textiles, among others, decreased in the review period.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In five months of 2020/21, merchandise imports decreased 9.6 percent to Rs 525.50 billion compared to a decrease of 4.2 percent a year ago. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Destination-wise, imports from India, China and other countries decreased 1.1 percent, 24.4 percent, and 20.8 percent respectively.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Imports of crude soybean oil, rice, MS billet, telecommunication equipment and parts, coal, among others, increased whereas imports of petroleum products, aircraft spareparts, crude palm oil, other machinery and parts, transport equipment and parts, among others, decreased in the review period.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Based on customs points, exports from Birgunj Dry Port, Biratnagar, Kailali, Tatopani, Kanchanpur and Rasuwa Customs offices decreased whereas exports from all the other customs points increased in the review period. On the import side, imports from all the other customs points decreased except Bhairahawa, Biratnagar, Nepalgunj, Krishnanagar, Kailali and Kanchanpur customs offices in the review period.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Trade Deficit </span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Total trade deficit narrowed down 10.9 percent to Rs 475.44 billion in five months of 2020/21. Such deficit had contracted 6.3 percent in the same period of the previous year. The export- import ratio increased to 9.5 percent in the review period from 8.2 percent in the same period of the previous year</span></span></span></span></p> <p><strong><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Consumer Price Inflation</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The y-o-y consumer price inflation stood at 2.93 percent in the fifth month of 2020/21 compared to 6.55 percent a year ago. Food and beverage inflation stood at 5.23 percent whereas non-food and service inflation stood at 1.16 percent in the review month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The price of fruit, ghee and oil, vegetables, and pulses and legumes sub-groups rose 14.75 percent, 13.01 percent, 11.44 percent and 10.74 percent respectively on y-o-y basis.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In the review month, the Kathmandu Valley, Terai, </span></span></span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Hill and Mountain witnessed 3.71 percent, 2.35 percent, 3.95 percent and 4.22 percent inflation respectively. These regions had witnessed 7.60 percent, 6.66 percent, 5.27 percent and 4.83 percent inflation respectively a year ago.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12686', 'image' => '20210114114323_20200927035331_1601159663.Clipboard12.jpg', 'article_date' => '2021-01-14 11:41:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12939', 'article_category_id' => '1', 'title' => 'NICCI Holds Round Table Meet on Business and Investment Opportunities in Nepal', 'sub_title' => '', 'summary' => 'January 14: Nepal-India Chamber of Commerce and Industry (NICCI) organized a round table meet on “Business and Investment Opportunities in Nepal” between representatives of India-based BPO company Vertex Global Services India and Nepali stakeholders on Tuesday (January 12).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:16.0pt"><span style="font-family:Arial">January 14: Nepal-India Chamber of Commerce and Industry (NICCI) organized a round table meet on “Business and Investment Opportunities in Nepal” between representatives of India-based BPO company Vertex Global Services India and Nepali stakeholders on Tuesday (January 12).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:16.0pt"><span style="font-family:Arial">Speaking at the inauguration of the meeting, Chairperson of NICCI Shreejana Rana said that it is not possible to do all things single handedly in the present context and therefore coordination between all kinds of service providers and institutions is necessary for success. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:16.0pt"><span style="font-family:Arial">Vice chairman of the chamber Sunil KC shed light on the motive for organising the roundtable meeting and pointed out to the global trend of outsourcing and effective mobilization of human resources in a cost effective way. He added that the meeting was held to discuss the possibility of BPO in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:16.0pt"><span style="font-family:Arial">The meeting was attended by CEO of Vertex Global Services India Gagan Arora, Chief Finance Officer Bikash Arora, Vice President-Corporate Relations Ashlin Madok, Vice President-Talent Acquisition Sachin Kalkal, Associate Director Tanmoya Dutta.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12685', 'image' => '20210114044939_1. IMG_7857.JPG', 'article_date' => '2021-01-14 16:48:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12936', 'article_category_id' => '1', 'title' => 'Government Seeking Funds to Purchase Covid-19 Vaccine', 'sub_title' => '', 'summary' => 'January 14: The government is seeking funds to procure vaccine against Covid-19. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 14: The government is seeking funds to procure vaccine against Covid-19. The government has pledged to avail the vaccine free-of-cost to the citizens on need basis and is therefor making attempts to raise funds for the purchase of the vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had set up a fund last year in its effort to prevent and control Covid-19 as well as to treat the patients infected with the disease. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the private sector and various agencies provided significant support by contributing generously to the fund in the initial stage, the process of fund collection has started to slow down. The Financial Comptroller General’s Office estimates that around Rs 2.9 billion has been deposited in the fund so far. The government has already spent Rs 2.44 billion from the fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As this fund was primarily set up for the prevention and treatment of Covid-19, the health ministry has established a new fund to seek support for the purchase of vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson at the Ministry of Health and Population Dr Jaageshwar Gautam informed that the government alone cannot manage the budget for procuring vaccine against Covid-19 and has therefore urged domestic and foreign donor agencies to contribute to the fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A meeting of the Council of Ministers on November 9 had given the permission to the health ministry to purchase the vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Spokesperson Gautam, the government will provide the vaccine free-of cost to the targeted groups on the basis of need and priority. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Gautam expressed his belief that the vaccine would protect the lives of the people to a large extent and would also bring back the battered economy on track. He further said that the government is preparing to purchase the vaccine as soon as it is available in the international market.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12684', 'image' => '20210114104505_1610581600.Clipboard18.jpg', 'article_date' => '2021-01-14 10:44:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12940', 'article_category_id' => '1', 'title' => 'Everest Bank Launches Online Tax Payment Service in Collaboration with Fonepay', 'sub_title' => '', 'summary' => 'January 14: Everest Bank has started online tax payment effective from January 12.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">January 14: Everest Bank has started online tax payment effective from January 12.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bank said in a statement that it has launched the Online Inland Revenue Tax Payment System in association with Financial Comptroller General Office (FCGO) and with technical collaboration of Fonepay. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bank expressed its belief that this electronic payment method will benefit the people at large and will eliminate the hassle and lengthy process of visiting tax offices for tax payments during the ongoing COVID-19 pandemic. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The Online Inland Revenue Tax Payment System was digitally inaugurated jointly by GK Negi, CEO of Everest Bank, and Ram Sharan Pudasaini, Revenue Secretary at the Finance Ministry, considering the outbreak of the COVID-19.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Everest Bank said it has a customer base of over 1.1 million and is providing banking services through a network of 100 branches, 33 revenue collection counters, and 132 ATMs across the country.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12683', 'image' => '20210114045945_Online-Tax-Payment-System.jpg', 'article_date' => '2021-01-14 16:58:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12934', 'article_category_id' => '1', 'title' => 'Delay in Implementation of Law Causing Problems in Bringing Investment from Foreign Partners ', 'sub_title' => '', 'summary' => 'January 13: Although the government has made laws with the aim of facilitating foreign investment in Nepal, Dang Cement has not been able to acquire foreign investment due to the delay in implementation of the Foreign Investment and Technology Transfer Act (FITTA) 2075. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">January 13: Although the government has made laws with the aim of facilitating foreign investment in Nepal, Dang Cement has not been able to acquire foreign investment due to the delay in implementation of the Foreign Investment and Technology Transfer Act (FITTA) 2075. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Dang cement has not been able to apply for bringing foreign investment as it took two years to endorse the regulations of the Foreign Investment and Technology Transfer act (FITTA) 2075. Dang Cement Industry was registered 15 years ago. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">One of the promoters of the Dang Cement said that they have not been able to bring investment from Chinese partner Hong Kong Redline as the government was not cooperative. The industry must be registered with the Department of Industry to bring 85 percent investment from its partner. But, the industry has not been able to register with the department due to the delay in implementation of the act (FITTA). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Following the publication of FITTA regulation in Nepal Gazette on Monday (January 11), the cement industry expressed its belief that it will now be easier for the industry acquire foreign investment. The promoter claimed that there have been unnecessary hassles after the process of registering the industry at the department was halted. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"If there are no weaknesses in the regulations and it is easy to register the industry, investment will start coming from the partner company," he said, requesting anonymity. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company has already received approval from the Ministry of Environment to conduct Environmental Impact Assessment (EIA). However, the promoter added that the main work is to attract investment and therefore other works will start only after that. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12681', 'image' => '20210113033332_foreign-investment.jpg', 'article_date' => '2021-01-13 15:32:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12933', 'article_category_id' => '1', 'title' => 'More than 50 Percent of Industries and Enterprises are Fully Operational: NRB', 'sub_title' => '', 'summary' => 'January 13: Almost 54 percent of the industries and businesses that were closed due to Covid-19 have already resumed operation, according to Nepal Rastra Bank.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 13: Almost 54 percent of the industries and businesses that were closed due to Covid-19 have already resumed operation, according to Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A survey report on Impact of Covid-19 on the economy released by the central bank on Tuesday (January 12) states that 9.1 percent of industries and businesses are yet to resume their service.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank report mentions that although all kinds of industries and businesses have reported improvement in day-to-day operation, small and middle scale enterprises are relatively lagging behind. According to the report, most of the big industries have made significant progress in resuming operation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As of mid-December, companies involved in the trade of electricity, LP gas and water have made good progress in resuming their service. A total of 66.67 percent of such industries have started full-fledged operation while 33.33 percent are yet to resume service. During the review period, altogether 64.97 percent of wholesale and retail trade centers have resumed full-fledged operation while 31.33 percent have started partial operation and 3.39 percent are yet to operate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, 63.64 percent of enterprises associated to the agriculture sector, forestry and fishery industries have resumed their business while 33.3 percent are partially operational.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Among the production-oriented industries, 49.04 percent are fully operational while 42.31 percent are partially open.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, 29.7 percent of hotels and restaurants have resumed their services to full extent while 44.44 percent of construction companies have also resumed normal operation. Similarly, 36 percent of media and communication companies have resumed their day-to-day operations.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the central bank’s survey, only a handful of educational institutions have resumed operation. The report states that only 11.36 percent of educational institutions are fully operational. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report clearly shows that more than half of the industries and businesses have started full-fledged operation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report states that most of the businesses have been finding it difficult to manage operational cost while they are also struggling to receive additional loan. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank had conducted the survey from October 28 to December 9. The central bank had surveyed 674 enterprises of 52 districts during this period.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12680', 'image' => '20210113023909_1610496553.Clipboard15.jpg', 'article_date' => '2021-01-13 14:38:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12931', 'article_category_id' => '1', 'title' => 'Low Quality of Paddy Results in Decline in Rice Production', 'sub_title' => '', 'summary' => 'January 13: The government has estimated an increase in paddy production in the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 13: The government has estimated an increase in paddy production in the current fiscal year. However, the paddy produced this year is found to be of low quality due to which less quantity of rice has been yielded after processing the paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The production of rice has declined due to low quality of paddy. Stakeholders have attributed this to non-availability of seeds and fertilizer during planting season. The cost of production has gone up and so has the selling price of rice.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Agriculture experts believe that the lack of fertilizer during the plantation season might be the reason behind low quality of paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The low standard of paddy will have direct impact on production of rice. According to Subodh Kumar Gupta, chairman of Nepal Rice, Oil and Lentil Industry Association, the production of per quintal of rice has gone down due to the low quality of paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Normally, 45 percent of rice is produced from one quintal of paddy while 15 percent is fragments of rice and the remaining by product is husk. But this year, only 35 percent of rice has been produced from one quintal of rice, says Gupta. Likewise, the percentage of rice fragments has increased by 10 percent to a total of 25 percent. This in turn has resulted in increased cost of production and an increase in price of rice.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“This is the main reason for the increase in price of rice,” said Gupta.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Central member of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Avinash Bohora also shares a similar view. Bohora also claimed that the standard of paddy has degraded this year due to which production of rice has declined while more amount of rice fragments have been produced.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the information provided by Nepal Retailers’ Association, the price of rice produced by every brand has increased by Rs 50 per sack.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Factories and industries have just received newly harvested paddy. The price of rice normally does not get hiked during harvesting season. However, industrialists say that they have been forced to increase the price of rice due to low quality or paddy produced this year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The local mills and industries have been producing 60 percent of the annual requirement of rice for the country while they produce 62 percent of lentil and 35 percent of edible oil.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chairman of the association Naresh Rathi says that the international market also has some influence in the price hike in Nepal. According to him, Bangladesh has lowered the customs duty for importing rice. As a result, India has increased its export to Bangladesh while the export of rice to Nepal has declined. This has also contributed to price hike, says Rathi.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12679', 'image' => '20210113120534_20190528010847_aaaa.jpg', 'article_date' => '2021-01-13 12:04:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12932', 'article_category_id' => '1', 'title' => 'Customs Clearance of Vehicles Increasing', 'sub_title' => '', 'summary' => 'January 13: Customs clearance of new vehicles has increased at the entry points after banks lowered interest rates on vehicle loan.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">January 13: Customs clearance of new vehicles has increased at the entry points after banks lowered interest rates on vehicle loan. The number of inspection passes for new vehicles is growing gradually in Birgunj, which is the main checkpoint for importing vehicles.<br /> In the past, importers used to park their vehicles at the customs premises for a long time. According to the Nepal Intermodal Transport Development Committee (NITDB), which operates the Integrated Check Post (ICP) in Birgunj, only 187 vehicles are left to pass the clearance at the ICP as of January 11.<br /> NITDB chief Kamal Gyawali informed that the number of vehicles being released from customs has increased from 250 to 300 within a few months. In the past, the importers reluctant to pass the customs clearance of their vehicles.<br /> According to the customs office, the importers have now lined up for vehicle inspection.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">ICP Customs Information Officer Sumit Gupta said that the number of new vehicles being released from the customs has increased recently.<br /> <br /> “Vehicle inspection passes from the customs office have increased since some time. The importers have swiftly started releasing the vehicles brought to the checkpoint,” Information Officer Gupta told New Business Age.<br /> <br /> The Customs Act has a provision that vehicles entering the country must be inspected within 60 days. There is an arrangement for customs office to auction the vehicles that have not passed inspection within the stipulated time.</span></span></span></p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12678', 'image' => '20210113013004_20150914010543_travel-map.jpg', 'article_date' => '2021-01-13 13:29:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12930', 'article_category_id' => '1', 'title' => 'Private Sector Suggests Government to Weigh Options Before Opening FDI in Agriculture', 'sub_title' => '', 'summary' => 'Private sector stakeholders on Monday issued a joint statement saying that their attention has been drawn to the government’s decision to allow foreign investment in agriculture sector of Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: Stakeholders of the private sector of Nepal including the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) on Monday issued a joint statement saying that their attention has been drawn to the government’s decision published on Nepal Gazette on January 4 to allow foreign investment in agriculture sector of Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The joint statement says that entrepreneurs associated with them have been protesting against the government’s decision because it contradicts the Foreign Investment and Technology Transfer Act introduced in 2075, which completely bans foreign investment in agriculture sector of Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The statement noted that there are questions regarding whether foreign investment should be allowed in agriculture sector which is directly linked with people’s livelihood or should we accept it in order to increase productivity and to reduce trade deficit.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In this context, FNCCI, CNI and NCC held discussions with stakeholders and decided to make certain recommendations to the government. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The statement says foreign investment is necessary for the country and therefore suggested the government to fulfill commitments made in the past. In this regard, they suggested the government to discuss issues related to policies and laws as well as work procedure and amendment of laws with the private sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders are of the view that the government must take a decision to allow foreign investment in agriculture sector depending on the technology transfer, its use, export condition of Nepal among others. They suggested that government must allow foreign investment only if the technology transfer is of high quality and if they ensure the use of locally produced raw materials and also if there is high possibility of exporting the products.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12677', 'image' => '20210112033204_20200512091924_20190527010000_Makai.jpg', 'article_date' => '2021-01-12 15:29:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12927', 'article_category_id' => '1', 'title' => 'Central Bank to Provide Refinancing Facility to Microfinance Companies for the First Time', 'sub_title' => '', 'summary' => 'January 12: Nepal Rastra Bank has opened registration for refinancing facility to microfinance companies until January 25.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: Nepal Rastra Bank has opened registration for refinancing facility to microfinance companies until January 25. Issuing a statement on Monday (January 11), the central bank has asked for submission of forms to avail refinance service to the microfinance companies. According to the central bank, bad debtors of microfinance companies since long time can also benefit from the scheme. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Prior to this, the refinance facility was provided only to commercial and development banks and finance companies. The central bank has fixed the maximum interest rate for microfinance companies at 15 percent and this is expected to provide some relief to the bad debtors. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Acting Executive Director of the Banks and Financial Institutions Regulation Department of NRB Kiran Pandit informed that the central bank has allocated a lump sum of Rs 21 billion to provide to the microfinance companies for refinancing.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Pandit, microfinance companies will have to reduce the interest rate of bad debtors to 5 percent irrespective of what rate they were charged before.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We will give a lump sum to the microfinance companies. They will be able to invest the amount,” said Pandit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He added that the central bank has not sought the details of the debtors because microfinance companies provide small scale loan. The central bank will finalize the reduction of interest rate after reviewing the applications submitted by the microfinance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The latest data of NRB show that there are altogether 76 microfinance companies in Nepal after their merger and acquisition. Each microfinance company is entitled to receive Rs 270 million in average. However, microfinance companies can seek funds for refinancing up to 65 percent of their capital fund of last quarter. Therefore, the central bank will be providing between Rs 60 million to Rs 200 million to each microfinance company based on their quarterly report.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12674', 'image' => '20210112023934_1610060919.Clipboard15.jpg', 'article_date' => '2021-01-12 14:39:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12926', 'article_category_id' => '1', 'title' => 'Number of Indian Tourists Increasing under Air Transport Bubble Scheme', 'sub_title' => '', 'summary' => 'January 12: The arrival of Indian tourists is increasing in Nepal after regular flights resumed between the two countries in nine months under the air transport bubble scheme.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: The arrival of Indian tourists is increasing in Nepal after regular flights resumed between the two countries in nine months under the air transport bubble scheme.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The two countries had agreed on December 21 to resume flights under the scheme proposed by India. Air service between Nepal and India was suspended since March 24 after the Government of Nepal imposed a nationwide lockdown to curb coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">India had proposed the air transport bubble scheme to Nepal around two months ago to take back the citizens of various countries. However, Nepal had initially declined the offer.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had lifted a ban on international flights on September 1 while domestic flights resumed three weeks later. The government had resumed air service after five months but the ban on India was still in force considering the number of Covid-19 cases in the country. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">But in late December, the two countries agreed to resume flight operation. Following the agreement, lots of Indian tourists visited Nepal to celebrate the New Year, according to tourism entrepreneurs of Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the air route has been opened between Nepal and India, the border points are still closed due to which thousands of Indian tourists willing to visit Nepal are unable to travel. Stakeholders have demanded the government to open the border and allow Indian tourists who fulfill the health standards set by the government.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Vice President of Siddhartha Hotel Association, Bhairahawa Kishor GC said that the number of Indian tourists will rise significantly if the border is opened.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Indian tourists are making enquiries. But they are unable to visit Nepal through the land route because the border is closed,” said GC, adding, “If the border is opened and Indian tourists arrive, it will be a relief to the tourism industry that has been badly affected by coronavirus.” </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">First Vice President of Pokhara chapter of Restaurants and Bars Association Nepal (REBAN) Naresh Bhattarai says that the arrival of Indian tourists during the New Year was much more than they had anticipated. He further said that the air transport bubble scheme has given the Indian tourists to visit their neighbouring country after a long gap. Stakeholders informed that Indian tourists arrived in considerable numbers to celebrate the New Year in Kathmandu, Pokhara, Chitwan and Lumbini. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Under the air bubble scheme, both countries have been operating flights between New Delhi and Kathmandu with only one airline company. Nepal has selected the state-owned Nepal Airlines Corporation to conduct one flight per day between Kathmandu and New Delhi while Indian Airlines has been operating flights on behalf of India.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Tribhuvan International Airport informed that only Indian tourists with negative PCR report of tests taken 72 hours before boarding the flight have been allowed to enter Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12673', 'image' => '20210112010908_20201211110530_1607643876.11.jpg', 'article_date' => '2021-01-12 13:08:37', '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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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">January 15:</span></span> <span style="font-size:14.0pt"><span style="font-family:Times">The International Labour Organisation has called for better protection of workers who have been working from home due to the Covid-19 pandemic. The ILO noted that the number of such workers has greatly increased due to the spread of the Covid-19 pandemic.<br /> Since homeworking occurs in the private sphere it is often "invisible", ILO said in a statement. According to the ILO, almost all home-based workers (90 per cent) work informally in low and middle-income countries for instance. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The statement added that homeworkers earn on average 13 per cent less in the United Kingdom; 22 per cent less in the United States of America; 25 per cent less in South Africa and about 50 per cent in Argentina, India and Mexico. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">Homeworkers also face greater safety and health risks and have less access to training than non-home-based workers, which can affect their career prospects.<br /> The report, Working from Home: From Invisibility to Decent Work, also shows that homeworkers do not have the same level of social protection as other workers. They are also less likely to be part of a trade union or to be covered by a collective bargaining agreement. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong><span style="font-size:14.0pt"><span style="font-family:Times">Renewed Urgency </span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">According to ILO estimates, prior to the Covid-19 crisis, there were approximately 260 million home-based workers worldwide, representing 7.9 per cent of global employment; 56 per cent of them (147 million) were women.<br /> “They include teleworkers who work remotely on a continual basis, and a vast number of workers who are involved in the production of goods that cannot be automated, such as embroidery, handicrafts, electronic assembly. A third category, digital platform workers, provide services, such as processing insurance claims, copy-editing, or data annotation for the training of artificial intelligence systems.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">In the first months of the COVID-19 pandemic in 2020 an estimated one-in-five workers found themselves working from home. Data for the whole of 2020, once it is available, is expected to show a substantial increase on the previous year, the statement added<br /> The growth of homeworking is likely to continue in the coming years, the report says, bringing renewed urgency to the need to address the issues facing homeworkers and their employers. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong><span style="font-size:14.0pt"><span style="font-family:Times">Poorly Regulated with Lack of Compliance</span></span></strong> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">According to ILO, homeworking is often poorly regulated and compliance with existing laws remains a challenge. In many instances, homeworkers are classified as independent contractors and therefore excluded from the scope of labour legislation. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">"Only 10 ILO Member States have ratified Convention No 177, that promotes equality of treatment between homeworkers and other wage earners, and few have a comprehensive policy on homework," added the statement </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-15', 'modified' => '2021-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '12690', 'image' => '20210115021542_60586.jpg', 'article_date' => '2021-01-15 14:14:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12942', 'article_category_id' => '1', 'title' => 'Development Works Fail to Gather Momentum', 'sub_title' => '', 'summary' => 'January 15: Progress of development works in the first six months of the current fiscal year has been below par due to the failure of the government to expedite various projects. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 15: Progress of development works in the first six months of the current fiscal year has been below par due to the failure of the government to expedite various projects. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The current government, which was formed three years ago, has been engaged more in internal dispute rather than achieving its target of “Prosperous Nepal Happy Nepali”. The impact of internal rift within the ruling Nepal Communist Party has been clearly reflected by the lacklustre progress of development works.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The ruling party is divided into two factions and the House of Representatives has been dissolved in the six months since the announcement of budget for the current fiscal year. As a result, the government has been able to spend only Rs 50.81 billion capital expenditure during the review period out of Rs 352 billion allocated for the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Financial Comptroller General Office, the government has been able to spend only 15 percent of the total capital expenditure allocated for the current fiscal year. The government had estimated to spend more than 18 percent of the development budget.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Capital expenditure during the corresponding period of last fiscal year was 16 percent. This year’s capital expenditure is even worse than that of last year. Data kept by the Financial Comptroller General Office show that the current expenditure of the government has unexpectedly increased. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The current expenditure of the government during the review period is Rs 342 billion out of the total allocated amount of Rs 948 billion. This is 37 percent of the total budget allocated for current expenditure.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders say that the poor capital expenditure is a result of the government’s failure to resolve the policy-level hurdles faced by the construction sector and its inability to prepare a work plan for expediting the projects.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Vice Chairman of the National Planning Commission (NPC) Jagdish Chandra Pokharel, the current government had a golden opportunity to expedite development works but it failed to do so due to the internal conflict within the ruling party.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He further said that the government is bent toward adding more financial burden to the state coffers under various pretexts while it has not done anything substantial in the last six months to speed up development works. Pokharel opined that the government’s attention has been drawn to something else other than people’s aspirations.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Economist Keshav Acharya also blames the government leadership and different bodies for the slow pace of development in six months of current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Acharya, the government has not paid attention towards finding the reasons for its failure to spend development budget and to take timely action.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-15', 'modified' => '2021-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '12689', 'image' => '20210115122802_20190609013126_20190531021713_Budget.jpg', 'article_date' => '2021-01-15 12:27:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12941', 'article_category_id' => '1', 'title' => 'Banks Start Charging Fare for Inter-Bank ATM Service', 'sub_title' => '', 'summary' => 'January 15: Banks have started charging fare for inter-bank ATM transaction effective from Thursday (January 14). ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 15: Banks have started charging fare for inter-bank ATM transaction effective from Thursday (January 14). The banks had been providing free service for inter-bank ATM transaction to facilitate the customers during lockdown and post-lockdown period following the directive of Nepal Rastra Bank (NRB). The central bank had recently fixed a new rate for inter-bank ATM transaction starting from January 14. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Issuing a circular on January 7, the Payments Department of NRB said that ATM users can withdraw money from any bank for free two times a month. After that, the ATM users will have to incur Rs 20 per transaction for inter-bank ATM service.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank made such arrangement after amending its Integrated Directive on Payments System 2077.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Prior to this, the central bank in its monetary policy had made arrangement for free inter-bank ATM service as long as the effects of Covid-19 were prevalent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, banks had announced to charge fare for inter-bank ATM service from the start of the current fiscal year arguing that transportation and other sectors had already opened by that time. But the central bank again issued a directive to the banks to provide free service for inter-bank ATM transaction. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Bankers were complaining that they have to bear massive loss if they are to provide the free service for an indefinite period of time. Considering the request of the banks, the central bank issued the new directive which allows free service for two times a month.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-15', 'modified' => '2021-01-15', 'keywords' => '', 'description' => '', 'sortorder' => '12688', 'image' => '20210115115200_1610606958.atm.jpg', 'article_date' => '2021-01-15 11:51:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12938', 'article_category_id' => '1', 'title' => 'Public Health and Hygiene Manual for Tourism Service Operators', 'sub_title' => '', 'summary' => 'January 14: The Tourism Recovery Task Force Nepal (TRTF Nepal) has launched the Health and Hygiene Safety Standards (HHS Protocol) Manual for Tourism Service Operators. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">January 14: The Tourism Recovery Task Force Nepal (TRTF Nepal) has launched the Health and Hygiene Safety Standards (HHS Protocol) Manual for Tourism Service Operators. TRTF launched the HHS Protocol virtually in an event on Wednesday, January 13. <br /> Dr Stephen Rosek, head of the development assistance department of the German embassy in Nepal, along with Deepak Raj Joshi, coordinator of TRTF Nepal and former CEO of the Nepal Tourism Board inaugurated the HHS protocol virtually.<br /> The project aims to develop a manual for health and hygiene safety standards for tourism and hospitality service operators based on government-approved standards for epidemic and post-pandemic tourism-related services and businesses.<br /> Dr Rosek informed that the Covid-19 was not only a global health crisis but also an economic crisis affecting the tourism sector mostly.<br /> The German ambassador shed light on various programmes under the assistance of GIZ and also expressed his commitment to help the tourism sector.<br /> According to TRTF Nepal Coordinator Joshi, 85 percent of small and medium entrepreneurs in Nepal have pointed out the need for training, education, and awareness programs in a survey conducted among Nepal's tourism entrepreneurs and stakeholders following the Covid-19 pandemic. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">He said that the first phase training on health and hygiene safety standards is being conducted in collaboration with GATE Foundation and GIZ.</span></span></span></p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12687', 'image' => '20210114042115_20200506031951_120_1571271950.jpg', 'article_date' => '2021-01-14 16:20:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12937', 'article_category_id' => '1', 'title' => 'Current Account in Deficit after Five Months', 'sub_title' => '', 'summary' => 'anuary 14: The current account, which was in surplus since the first four months of the ongoing fiscal year, is now in deficit. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">January 14: The current account, which was in surplus since the first four months of the ongoing fiscal year, is now in deficit. It is believed that the rise in import recently has increased the outflow of Nepalese currency resulting in the current account deficit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Current Macroeconomic and Financial Situation of Nepal released by Nepal Rastra Bank (NRB) on January 13 states that the </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">current account remained at a deficit of Rs 21.32 billion in the review period compared to a deficit of Rs 65.13 billion in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">In the US Dollar terms, the current account recorded a deficit of 182.4 million in the review period compared to a deficit of 572.0 million in the same period of the previous year, NRB stated. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In the review period, capital transfer decreased 16.0 percent to Rs 4.75 billion and net foreign direct investment (FDI) decreased 31.5 percent to Rs 4.50 billion. In the same period of the previous year, capital transfer and net FDI amounted to Rs 5.65 billion and Rs 6.57 billion respectively. </span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Balance of Payments</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Balance of Payments (BOP) registered a surplus of Rs106.48 billion in the review period as compared to a surplus of Rs 23.30 billion in the same period of the previous year. In the US Dollar terms, the BOP recorded a surplus of 896.5 million in the review period compared to a surplus of 205.9 million in the same period of the previous year. </span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Remittance</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the central bank, remittance inflow increased 10.9 percent to Rs 416.81 billion in the review period against a decrease of 0.2 percent in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Number of Nepali workers (institutional and individual-new and legalized) taking approval for foreign employment decreased 77.9 percent in the review period. It had increased 11.8 percent in the same period of the previous year. The number of Nepali workers (renew entry) taking approval for foreign employment decreased 69.4 percent in the review period. It had increased 7.6 percent in the same period of the previous year. </span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Merchandise Trade </span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In five months of 2020/21, merchandise exports increased 5.1 percent to Rs 50.06 billion compared to an increase of 27.0 percent in the same period of the previous year. Destination-wise, exports to India and other countries increased 8.6 percent and 0.8 percent respectively whereas exports to China decreased 55.2 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Exports of cardamom, jute goods, polyester yarn and threads, noodles, pashmina, among others, increased whereas exports of palm oil, pulses, zinc sheet, woolen carpet, textiles, among others, decreased in the review period.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In five months of 2020/21, merchandise imports decreased 9.6 percent to Rs 525.50 billion compared to a decrease of 4.2 percent a year ago. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Destination-wise, imports from India, China and other countries decreased 1.1 percent, 24.4 percent, and 20.8 percent respectively.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Imports of crude soybean oil, rice, MS billet, telecommunication equipment and parts, coal, among others, increased whereas imports of petroleum products, aircraft spareparts, crude palm oil, other machinery and parts, transport equipment and parts, among others, decreased in the review period.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Based on customs points, exports from Birgunj Dry Port, Biratnagar, Kailali, Tatopani, Kanchanpur and Rasuwa Customs offices decreased whereas exports from all the other customs points increased in the review period. On the import side, imports from all the other customs points decreased except Bhairahawa, Biratnagar, Nepalgunj, Krishnanagar, Kailali and Kanchanpur customs offices in the review period.</span></span></span></span></p> <p><strong><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Trade Deficit </span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Total trade deficit narrowed down 10.9 percent to Rs 475.44 billion in five months of 2020/21. Such deficit had contracted 6.3 percent in the same period of the previous year. The export- import ratio increased to 9.5 percent in the review period from 8.2 percent in the same period of the previous year</span></span></span></span></p> <p><strong><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Consumer Price Inflation</span></span></span></span></strong></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The y-o-y consumer price inflation stood at 2.93 percent in the fifth month of 2020/21 compared to 6.55 percent a year ago. Food and beverage inflation stood at 5.23 percent whereas non-food and service inflation stood at 1.16 percent in the review month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The price of fruit, ghee and oil, vegetables, and pulses and legumes sub-groups rose 14.75 percent, 13.01 percent, 11.44 percent and 10.74 percent respectively on y-o-y basis.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In the review month, the Kathmandu Valley, Terai, </span></span></span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Hill and Mountain witnessed 3.71 percent, 2.35 percent, 3.95 percent and 4.22 percent inflation respectively. These regions had witnessed 7.60 percent, 6.66 percent, 5.27 percent and 4.83 percent inflation respectively a year ago.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12686', 'image' => '20210114114323_20200927035331_1601159663.Clipboard12.jpg', 'article_date' => '2021-01-14 11:41:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12939', 'article_category_id' => '1', 'title' => 'NICCI Holds Round Table Meet on Business and Investment Opportunities in Nepal', 'sub_title' => '', 'summary' => 'January 14: Nepal-India Chamber of Commerce and Industry (NICCI) organized a round table meet on “Business and Investment Opportunities in Nepal” between representatives of India-based BPO company Vertex Global Services India and Nepali stakeholders on Tuesday (January 12).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:16.0pt"><span style="font-family:Arial">January 14: Nepal-India Chamber of Commerce and Industry (NICCI) organized a round table meet on “Business and Investment Opportunities in Nepal” between representatives of India-based BPO company Vertex Global Services India and Nepali stakeholders on Tuesday (January 12).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:16.0pt"><span style="font-family:Arial">Speaking at the inauguration of the meeting, Chairperson of NICCI Shreejana Rana said that it is not possible to do all things single handedly in the present context and therefore coordination between all kinds of service providers and institutions is necessary for success. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:16.0pt"><span style="font-family:Arial">Vice chairman of the chamber Sunil KC shed light on the motive for organising the roundtable meeting and pointed out to the global trend of outsourcing and effective mobilization of human resources in a cost effective way. He added that the meeting was held to discuss the possibility of BPO in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:16.0pt"><span style="font-family:Arial">The meeting was attended by CEO of Vertex Global Services India Gagan Arora, Chief Finance Officer Bikash Arora, Vice President-Corporate Relations Ashlin Madok, Vice President-Talent Acquisition Sachin Kalkal, Associate Director Tanmoya Dutta.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12685', 'image' => '20210114044939_1. IMG_7857.JPG', 'article_date' => '2021-01-14 16:48:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12936', 'article_category_id' => '1', 'title' => 'Government Seeking Funds to Purchase Covid-19 Vaccine', 'sub_title' => '', 'summary' => 'January 14: The government is seeking funds to procure vaccine against Covid-19. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 14: The government is seeking funds to procure vaccine against Covid-19. The government has pledged to avail the vaccine free-of-cost to the citizens on need basis and is therefor making attempts to raise funds for the purchase of the vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had set up a fund last year in its effort to prevent and control Covid-19 as well as to treat the patients infected with the disease. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the private sector and various agencies provided significant support by contributing generously to the fund in the initial stage, the process of fund collection has started to slow down. The Financial Comptroller General’s Office estimates that around Rs 2.9 billion has been deposited in the fund so far. The government has already spent Rs 2.44 billion from the fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As this fund was primarily set up for the prevention and treatment of Covid-19, the health ministry has established a new fund to seek support for the purchase of vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson at the Ministry of Health and Population Dr Jaageshwar Gautam informed that the government alone cannot manage the budget for procuring vaccine against Covid-19 and has therefore urged domestic and foreign donor agencies to contribute to the fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A meeting of the Council of Ministers on November 9 had given the permission to the health ministry to purchase the vaccine.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Spokesperson Gautam, the government will provide the vaccine free-of cost to the targeted groups on the basis of need and priority. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Gautam expressed his belief that the vaccine would protect the lives of the people to a large extent and would also bring back the battered economy on track. He further said that the government is preparing to purchase the vaccine as soon as it is available in the international market.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12684', 'image' => '20210114104505_1610581600.Clipboard18.jpg', 'article_date' => '2021-01-14 10:44:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12940', 'article_category_id' => '1', 'title' => 'Everest Bank Launches Online Tax Payment Service in Collaboration with Fonepay', 'sub_title' => '', 'summary' => 'January 14: Everest Bank has started online tax payment effective from January 12.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">January 14: Everest Bank has started online tax payment effective from January 12.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bank said in a statement that it has launched the Online Inland Revenue Tax Payment System in association with Financial Comptroller General Office (FCGO) and with technical collaboration of Fonepay. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bank expressed its belief that this electronic payment method will benefit the people at large and will eliminate the hassle and lengthy process of visiting tax offices for tax payments during the ongoing COVID-19 pandemic. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The Online Inland Revenue Tax Payment System was digitally inaugurated jointly by GK Negi, CEO of Everest Bank, and Ram Sharan Pudasaini, Revenue Secretary at the Finance Ministry, considering the outbreak of the COVID-19.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Everest Bank said it has a customer base of over 1.1 million and is providing banking services through a network of 100 branches, 33 revenue collection counters, and 132 ATMs across the country.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-14', 'modified' => '2021-01-14', 'keywords' => '', 'description' => '', 'sortorder' => '12683', 'image' => '20210114045945_Online-Tax-Payment-System.jpg', 'article_date' => '2021-01-14 16:58:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12934', 'article_category_id' => '1', 'title' => 'Delay in Implementation of Law Causing Problems in Bringing Investment from Foreign Partners ', 'sub_title' => '', 'summary' => 'January 13: Although the government has made laws with the aim of facilitating foreign investment in Nepal, Dang Cement has not been able to acquire foreign investment due to the delay in implementation of the Foreign Investment and Technology Transfer Act (FITTA) 2075. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">January 13: Although the government has made laws with the aim of facilitating foreign investment in Nepal, Dang Cement has not been able to acquire foreign investment due to the delay in implementation of the Foreign Investment and Technology Transfer Act (FITTA) 2075. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Dang cement has not been able to apply for bringing foreign investment as it took two years to endorse the regulations of the Foreign Investment and Technology Transfer act (FITTA) 2075. Dang Cement Industry was registered 15 years ago. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">One of the promoters of the Dang Cement said that they have not been able to bring investment from Chinese partner Hong Kong Redline as the government was not cooperative. The industry must be registered with the Department of Industry to bring 85 percent investment from its partner. But, the industry has not been able to register with the department due to the delay in implementation of the act (FITTA). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Following the publication of FITTA regulation in Nepal Gazette on Monday (January 11), the cement industry expressed its belief that it will now be easier for the industry acquire foreign investment. The promoter claimed that there have been unnecessary hassles after the process of registering the industry at the department was halted. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"If there are no weaknesses in the regulations and it is easy to register the industry, investment will start coming from the partner company," he said, requesting anonymity. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company has already received approval from the Ministry of Environment to conduct Environmental Impact Assessment (EIA). However, the promoter added that the main work is to attract investment and therefore other works will start only after that. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12681', 'image' => '20210113033332_foreign-investment.jpg', 'article_date' => '2021-01-13 15:32:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12933', 'article_category_id' => '1', 'title' => 'More than 50 Percent of Industries and Enterprises are Fully Operational: NRB', 'sub_title' => '', 'summary' => 'January 13: Almost 54 percent of the industries and businesses that were closed due to Covid-19 have already resumed operation, according to Nepal Rastra Bank.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 13: Almost 54 percent of the industries and businesses that were closed due to Covid-19 have already resumed operation, according to Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A survey report on Impact of Covid-19 on the economy released by the central bank on Tuesday (January 12) states that 9.1 percent of industries and businesses are yet to resume their service.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank report mentions that although all kinds of industries and businesses have reported improvement in day-to-day operation, small and middle scale enterprises are relatively lagging behind. According to the report, most of the big industries have made significant progress in resuming operation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As of mid-December, companies involved in the trade of electricity, LP gas and water have made good progress in resuming their service. A total of 66.67 percent of such industries have started full-fledged operation while 33.33 percent are yet to resume service. During the review period, altogether 64.97 percent of wholesale and retail trade centers have resumed full-fledged operation while 31.33 percent have started partial operation and 3.39 percent are yet to operate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, 63.64 percent of enterprises associated to the agriculture sector, forestry and fishery industries have resumed their business while 33.3 percent are partially operational.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Among the production-oriented industries, 49.04 percent are fully operational while 42.31 percent are partially open.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, 29.7 percent of hotels and restaurants have resumed their services to full extent while 44.44 percent of construction companies have also resumed normal operation. Similarly, 36 percent of media and communication companies have resumed their day-to-day operations.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the central bank’s survey, only a handful of educational institutions have resumed operation. The report states that only 11.36 percent of educational institutions are fully operational. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report clearly shows that more than half of the industries and businesses have started full-fledged operation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report states that most of the businesses have been finding it difficult to manage operational cost while they are also struggling to receive additional loan. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank had conducted the survey from October 28 to December 9. The central bank had surveyed 674 enterprises of 52 districts during this period.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12680', 'image' => '20210113023909_1610496553.Clipboard15.jpg', 'article_date' => '2021-01-13 14:38:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12931', 'article_category_id' => '1', 'title' => 'Low Quality of Paddy Results in Decline in Rice Production', 'sub_title' => '', 'summary' => 'January 13: The government has estimated an increase in paddy production in the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 13: The government has estimated an increase in paddy production in the current fiscal year. However, the paddy produced this year is found to be of low quality due to which less quantity of rice has been yielded after processing the paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The production of rice has declined due to low quality of paddy. Stakeholders have attributed this to non-availability of seeds and fertilizer during planting season. The cost of production has gone up and so has the selling price of rice.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Agriculture experts believe that the lack of fertilizer during the plantation season might be the reason behind low quality of paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The low standard of paddy will have direct impact on production of rice. According to Subodh Kumar Gupta, chairman of Nepal Rice, Oil and Lentil Industry Association, the production of per quintal of rice has gone down due to the low quality of paddy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Normally, 45 percent of rice is produced from one quintal of paddy while 15 percent is fragments of rice and the remaining by product is husk. But this year, only 35 percent of rice has been produced from one quintal of rice, says Gupta. Likewise, the percentage of rice fragments has increased by 10 percent to a total of 25 percent. This in turn has resulted in increased cost of production and an increase in price of rice.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“This is the main reason for the increase in price of rice,” said Gupta.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Central member of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Avinash Bohora also shares a similar view. Bohora also claimed that the standard of paddy has degraded this year due to which production of rice has declined while more amount of rice fragments have been produced.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the information provided by Nepal Retailers’ Association, the price of rice produced by every brand has increased by Rs 50 per sack.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Factories and industries have just received newly harvested paddy. The price of rice normally does not get hiked during harvesting season. However, industrialists say that they have been forced to increase the price of rice due to low quality or paddy produced this year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The local mills and industries have been producing 60 percent of the annual requirement of rice for the country while they produce 62 percent of lentil and 35 percent of edible oil.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chairman of the association Naresh Rathi says that the international market also has some influence in the price hike in Nepal. According to him, Bangladesh has lowered the customs duty for importing rice. As a result, India has increased its export to Bangladesh while the export of rice to Nepal has declined. This has also contributed to price hike, says Rathi.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12679', 'image' => '20210113120534_20190528010847_aaaa.jpg', 'article_date' => '2021-01-13 12:04:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12932', 'article_category_id' => '1', 'title' => 'Customs Clearance of Vehicles Increasing', 'sub_title' => '', 'summary' => 'January 13: Customs clearance of new vehicles has increased at the entry points after banks lowered interest rates on vehicle loan.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">January 13: Customs clearance of new vehicles has increased at the entry points after banks lowered interest rates on vehicle loan. The number of inspection passes for new vehicles is growing gradually in Birgunj, which is the main checkpoint for importing vehicles.<br /> In the past, importers used to park their vehicles at the customs premises for a long time. According to the Nepal Intermodal Transport Development Committee (NITDB), which operates the Integrated Check Post (ICP) in Birgunj, only 187 vehicles are left to pass the clearance at the ICP as of January 11.<br /> NITDB chief Kamal Gyawali informed that the number of vehicles being released from customs has increased from 250 to 300 within a few months. In the past, the importers reluctant to pass the customs clearance of their vehicles.<br /> According to the customs office, the importers have now lined up for vehicle inspection.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">ICP Customs Information Officer Sumit Gupta said that the number of new vehicles being released from the customs has increased recently.<br /> <br /> “Vehicle inspection passes from the customs office have increased since some time. The importers have swiftly started releasing the vehicles brought to the checkpoint,” Information Officer Gupta told New Business Age.<br /> <br /> The Customs Act has a provision that vehicles entering the country must be inspected within 60 days. There is an arrangement for customs office to auction the vehicles that have not passed inspection within the stipulated time.</span></span></span></p> ', 'published' => true, 'created' => '2021-01-13', 'modified' => '2021-01-13', 'keywords' => '', 'description' => '', 'sortorder' => '12678', 'image' => '20210113013004_20150914010543_travel-map.jpg', 'article_date' => '2021-01-13 13:29:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12930', 'article_category_id' => '1', 'title' => 'Private Sector Suggests Government to Weigh Options Before Opening FDI in Agriculture', 'sub_title' => '', 'summary' => 'Private sector stakeholders on Monday issued a joint statement saying that their attention has been drawn to the government’s decision to allow foreign investment in agriculture sector of Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: Stakeholders of the private sector of Nepal including the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) on Monday issued a joint statement saying that their attention has been drawn to the government’s decision published on Nepal Gazette on January 4 to allow foreign investment in agriculture sector of Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The joint statement says that entrepreneurs associated with them have been protesting against the government’s decision because it contradicts the Foreign Investment and Technology Transfer Act introduced in 2075, which completely bans foreign investment in agriculture sector of Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The statement noted that there are questions regarding whether foreign investment should be allowed in agriculture sector which is directly linked with people’s livelihood or should we accept it in order to increase productivity and to reduce trade deficit.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In this context, FNCCI, CNI and NCC held discussions with stakeholders and decided to make certain recommendations to the government. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The statement says foreign investment is necessary for the country and therefore suggested the government to fulfill commitments made in the past. In this regard, they suggested the government to discuss issues related to policies and laws as well as work procedure and amendment of laws with the private sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders are of the view that the government must take a decision to allow foreign investment in agriculture sector depending on the technology transfer, its use, export condition of Nepal among others. They suggested that government must allow foreign investment only if the technology transfer is of high quality and if they ensure the use of locally produced raw materials and also if there is high possibility of exporting the products.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12677', 'image' => '20210112033204_20200512091924_20190527010000_Makai.jpg', 'article_date' => '2021-01-12 15:29:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12927', 'article_category_id' => '1', 'title' => 'Central Bank to Provide Refinancing Facility to Microfinance Companies for the First Time', 'sub_title' => '', 'summary' => 'January 12: Nepal Rastra Bank has opened registration for refinancing facility to microfinance companies until January 25.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: Nepal Rastra Bank has opened registration for refinancing facility to microfinance companies until January 25. Issuing a statement on Monday (January 11), the central bank has asked for submission of forms to avail refinance service to the microfinance companies. According to the central bank, bad debtors of microfinance companies since long time can also benefit from the scheme. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Prior to this, the refinance facility was provided only to commercial and development banks and finance companies. The central bank has fixed the maximum interest rate for microfinance companies at 15 percent and this is expected to provide some relief to the bad debtors. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Acting Executive Director of the Banks and Financial Institutions Regulation Department of NRB Kiran Pandit informed that the central bank has allocated a lump sum of Rs 21 billion to provide to the microfinance companies for refinancing.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Pandit, microfinance companies will have to reduce the interest rate of bad debtors to 5 percent irrespective of what rate they were charged before.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We will give a lump sum to the microfinance companies. They will be able to invest the amount,” said Pandit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He added that the central bank has not sought the details of the debtors because microfinance companies provide small scale loan. The central bank will finalize the reduction of interest rate after reviewing the applications submitted by the microfinance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The latest data of NRB show that there are altogether 76 microfinance companies in Nepal after their merger and acquisition. Each microfinance company is entitled to receive Rs 270 million in average. However, microfinance companies can seek funds for refinancing up to 65 percent of their capital fund of last quarter. Therefore, the central bank will be providing between Rs 60 million to Rs 200 million to each microfinance company based on their quarterly report.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12674', 'image' => '20210112023934_1610060919.Clipboard15.jpg', 'article_date' => '2021-01-12 14:39:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12926', 'article_category_id' => '1', 'title' => 'Number of Indian Tourists Increasing under Air Transport Bubble Scheme', 'sub_title' => '', 'summary' => 'January 12: The arrival of Indian tourists is increasing in Nepal after regular flights resumed between the two countries in nine months under the air transport bubble scheme.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 12: The arrival of Indian tourists is increasing in Nepal after regular flights resumed between the two countries in nine months under the air transport bubble scheme.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The two countries had agreed on December 21 to resume flights under the scheme proposed by India. Air service between Nepal and India was suspended since March 24 after the Government of Nepal imposed a nationwide lockdown to curb coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">India had proposed the air transport bubble scheme to Nepal around two months ago to take back the citizens of various countries. However, Nepal had initially declined the offer.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had lifted a ban on international flights on September 1 while domestic flights resumed three weeks later. The government had resumed air service after five months but the ban on India was still in force considering the number of Covid-19 cases in the country. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">But in late December, the two countries agreed to resume flight operation. Following the agreement, lots of Indian tourists visited Nepal to celebrate the New Year, according to tourism entrepreneurs of Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the air route has been opened between Nepal and India, the border points are still closed due to which thousands of Indian tourists willing to visit Nepal are unable to travel. Stakeholders have demanded the government to open the border and allow Indian tourists who fulfill the health standards set by the government.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Vice President of Siddhartha Hotel Association, Bhairahawa Kishor GC said that the number of Indian tourists will rise significantly if the border is opened.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Indian tourists are making enquiries. But they are unable to visit Nepal through the land route because the border is closed,” said GC, adding, “If the border is opened and Indian tourists arrive, it will be a relief to the tourism industry that has been badly affected by coronavirus.” </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">First Vice President of Pokhara chapter of Restaurants and Bars Association Nepal (REBAN) Naresh Bhattarai says that the arrival of Indian tourists during the New Year was much more than they had anticipated. He further said that the air transport bubble scheme has given the Indian tourists to visit their neighbouring country after a long gap. Stakeholders informed that Indian tourists arrived in considerable numbers to celebrate the New Year in Kathmandu, Pokhara, Chitwan and Lumbini. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Under the air bubble scheme, both countries have been operating flights between New Delhi and Kathmandu with only one airline company. Nepal has selected the state-owned Nepal Airlines Corporation to conduct one flight per day between Kathmandu and New Delhi while Indian Airlines has been operating flights on behalf of India.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Tribhuvan International Airport informed that only Indian tourists with negative PCR report of tests taken 72 hours before boarding the flight have been allowed to enter Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-12', 'modified' => '2021-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '12673', 'image' => '20210112010908_20201211110530_1607643876.11.jpg', 'article_date' => '2021-01-12 13:08:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
