December 11: Nepal Rastra Bank’s Governor Maha Prasad Adhikari has said that the central bank is committed to the develop digital economy and promote financial system in Nepal.…
December 11: Nepal Rastra Bank’s Governor Maha Prasad Adhikari has said that the central bank is committed to the develop digital economy and promote financial system in Nepal.…
December 11: Fitch Ratings, which has been assigned for sovereign credit rating of Nepal, has decided to postpone the assigned task for the time being.…
December 11: Finance Minister Bishnu Prasad Poudel has requested South Korea to increase investment in education, health, tourism, and infrastructure sectors of Nepal.…
December 11: Nepal and India have agreed to resume regular flights after nine months. Nepal has agreed to the air transport bubble scheme proposed by India to resume the flight service.…
December 10: Nepal has challenged India’s claim over geographical indication tag for Basmati rice.…
December 10: The prices of food products have been consistently rising since the last one and a half months.…
December 10: The government has extended the renewal period of vehicles’ blue book by three months.…
December 10: The government has decided to issue Certificate of Origin to the products made in Nepal from the raw materials imported from third countries in order to curb unauthorized export of such products.…
December 9: The non-performing loans of majority of commercial banks have increased as the lockdown to curb coronavirus affected most of the businesses in the…
December 9: The height of Mount Everest has increased by 86…
December 9: Insurance companies will also have to make their financial reports public from now onward in accordance to the Nepal Financial Reporting Standard…
December 9: Russia has expressed its interest in investing in the hydropower sector of Nepal.…
December 9: The use of QR codes for payment has increased significantly in the market in recent…
December 9: The Metropolitan Traffic Police Division (MTPD) has arrested 14 persons involved in stealing motorcycles from different parts of Kathmandu Valley in the current fiscal year.…
December 8: Hydropower projects with capacity to generate around 7,000 megawatts of electricity have been denied permission to sign power purchase agreement (PPA) after the government blocked them from signing PPA stating that the quota of run-of-the river (ROR) hydroelectricity projects has reached its…
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', '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"">December 11: Nepal Rastra Bank’s Governor Maha Prasad Adhikari has said that the central bank is committed to the develop digital economy and promote financial system in 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"">Governor Adhikari made such remarks during the virtual inauguration of Singapore FinTech Festival on Thursday (December 10). The festival is being organised by the United Nations Capital Development Fund and Singapore Monetary Authority.</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"">Speaking on the topic of digital payment for agriculture, Governor Adhikari said that Nepal Rastra Bank in capacity of the financial sector regulator has realized its role for the development of digital economy 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"">He revealed that the Government of Nepal has already initiated an ambitious project named Digital Nepal for promoting digital economy 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"">“This initiative will play a vital role in transforming the economy, administrative system and social activities,” said Governor Adhikari.</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"">Governor Adhikari further informed that the Government of Nepal as well as the central bank have given high priority for electronic transaction and payment system in recent days. He also said that the central bank has made necessary arrangements including legal provisions as well as policy-level decisions to implement the use of digital transaction 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"">He said that the importance of digital transaction has been clearly visible due to the coronavirus pandemic and also stressed on the need for digital payment in agriculture as well.</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 suggested expanding digital payment system from urban areas to rural areas and to connect local farmers with e-commerce system.</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"">Stating that that 28 percent of Nepal’s total GDP and almost two-thirds population are dependent on Agriculture, Governor Adhikari said that traditional farmers must focus on commercial farming. He said that the monetary policy has provision for credit card facilities and bonds for the farmers in order to make them competitive in the commercial market.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-11', 'modified' => '2020-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '12539', 'image' => '20201211011108_20200407080848_IMG_4955 - Copy.JPG', 'article_date' => '2020-12-11 13:10:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12790', 'article_category_id' => '1', 'title' => 'Nepal’s Credit Rating Suspended until Situation Becomes Normal', 'sub_title' => '', 'summary' => 'December 11: Fitch Ratings, which has been assigned for sovereign credit rating of Nepal, has decided to postpone the assigned task for the time being. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">December 11: Fitch Ratings, which has been assigned for sovereign credit rating of Nepal, has decided to postpone the assigned task for the time being. </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">The international company was preparing to complete the credit rating of Nepal within the first six months of the current fiscal year. However, the process has been postponed because of the impact of coronavirus on the country’s economy. The rating will be suspended until the economy returns to normalcy.</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 Ratings Oversight Committee, formed under the coordination of revenue secretary of Ministry of Finance (MoF) had given the task of Nepal’s credit rating to the US-based company before March after conducting discussions and necessary studies. </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">Moody’s, Fitch and Standard and Poor’s are the three major global credit rating agencies. Among them, the committee selected Fitch for conducing Nepal’s ratings. But the process has been suspended due to coronavirus, informed Revenue Secretary Ram Sharan Pudasaini.</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">He further said that the credit rating will resume once the situation becomes normal.</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">“This is not the appropriate time for conducting credit rating because of the pandemic. During this situation, Nepal’s major economic indicators will not be satisfactory. Study conducted in such circumstances will not yield good result,” he told New Business Age.</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">Deputy Governor of Nepal Rastra Bank Chintamani Shivakoti, who is also a member of the committee, informed that Fitch has been conducting some works related to the credit rating but it has to visit Nepal to complete the work. The company is currently unable to come to Nepal for conducting the study.</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">“Foreign consultants and technicians need to come here for the study. But that is not possible at the moment,” said the deputy governor.</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">Fitch will have to collect data from the concerned offices upon visiting Nepal. The committee informed that Fitch has been carrying out other works that can be done remotely.</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">Members of the Ratings Oversight Committee include NRB Deputy Governor Shivakoti, chairman of the Insurance Board, Chairman of the Securities Board of Nepal and chief of the Central Bureau of Statistics. Standard Chartered Bank, Singapore is the consultant company for the credit rating. </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">The budget of the current fiscal year has mentioned that the credit rating will be completed within the first six months of the 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">Stakeholders have been urging for sovereign rating saying that the absence of the rating has hugely impacted foreign direct investment (FDI) prospects of Nepal. Nevertheless, about half a dozen banks and financial institutions have borrowed billions of rupees in loans from foreign financial institutions over the last few years although the country does not have its credit rating. The banks say that the process of obtaining foreign loan would have been much easier if the country had credit rating.</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">Statistics related to economic activities in the country, ability to repay loans, trade with other countries and other various aspects are assessed while conducting sovereign rating. According to officials at Credit Rating Oversight Committee, the rating will form a basis for easy access to funds in the international market and sales of bonds. </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">Experts say that the sovereign rating helps to depict the real economic and financial situation of Nepal internationally.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-11', 'modified' => '2020-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '12538', 'image' => '20201211121731_1607645110.Clipboard13.jpg', 'article_date' => '2020-12-11 12:16:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12791', 'article_category_id' => '1', 'title' => 'Finance Minister Urges South Korea to Increase Investment ', 'sub_title' => '', 'summary' => 'December 11: Finance Minister Bishnu Prasad Poudel has requested South Korea to increase investment in education, health, tourism, and infrastructure sectors of Nepal. ', '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"">December 11: Finance Minister Bishnu Prasad Poudel has requested South Korea to increase investment in education, health, tourism, and infrastructure sectors of Nepal. Thanking South Korea for its current assistance in the field of education, health and infrastructure development through the Korea International Cooperation Agency (KOICA), Poudel during a bilateral meeting with South Korean Ambassador to Nepal Park Yong-sik urged for more investment. </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"">Stating that mutual cooperation between Nepal and South Korea is increasing in the area of trade, investment and employment, Finance Minister Poudel said that Nepalis have been going to South Korea for employment through EPS (Employment Permit System) and the country has benefited by using the skills learned there in Nepal. He also thanked the South Korean government for its support and cooperation in Nepal's efforts against Covid-19. </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"">He further said that the Ministry of Finance supports the projects being implemented in Nepal with the support of the South Korean government. </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"">During the meeting, Ambassador Yong-sik briefed about the assistance provided by the South Korean government to Nepal in various fields and said that the assistance would be extended in the field of technical and vocational education. He said they would coordinate to increase investment from South Korea’s private sector. Likewise, he also said that the South Korean government would actively contribute to the prevention, control and treatment of COVID-19. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-11', 'modified' => '2020-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '12537', 'image' => '20201211124716_1607644457.Clipboard09.jpg', 'article_date' => '2020-12-11 12:46:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12788', 'article_category_id' => '1', 'title' => 'Nepal and India Agree to Resume Regular Flights under Air Transport Bubble Scheme', 'sub_title' => '', 'summary' => 'December 11: Nepal and India have agreed to resume regular flights after nine months. Nepal has agreed to the air transport bubble scheme proposed by India to resume the flight service. ', '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"">December 11: Nepal and India have agreed to resume regular flights after nine months. Nepal has agreed to the air transport bubble scheme proposed by India to resume the flight 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"">Regular flights between Nepal and India were disrupted since March 24 after the government imposed lockdown to control the spread of coronavirus. Last month, India had proposed the air transport bubble scheme for taking back the citizens of different countries from Nepal. However, the government had not agreed to the proposal. </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"">After the government imposed lockdown, it also banned international flights for five months. Regular international flights to and from Nepal resumed on September 1 but the flight to India remained suspended due to high rate of infection in the neighbouring 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"">Under the air bubble scheme, both countries will be allowed to operate flights between New Delhi and Kathmandu with only one airline company. Nepal has selected the state-owned Nepal Airlines Corporation to conduct flight one flight per day between Kathmandu and New Delhi while Indian Airlines will be operating flights on behalf of India, informed the Civil Aviation Authority of Nepal (CAAN).</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 of CAAN Raj Kumar Chhetri informed that regular flights between the two countries will resume within two to three days.</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"">“Flights between Nepal and India will resume soon under the air transport bubble scheme. Under this scheme, only diplomats and the citizens of the two countries will be able to travel between the two countries,” said Chhetri.</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"">Chhetri clarified that citizens from third countries will not be allowed to travel under this scheme. The concept of air bubble is a scheme proposed by India to airlift stranded citizens from across the world during coronavirus pandemic.</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 travellers need to fill up the form online to travel under this scheme. They also need to present PCT test taken not more than 72 hours before the flight.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-11', 'modified' => '2020-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '12536', 'image' => '20201211110530_1607643876.11.jpg', 'article_date' => '2020-12-11 11:04:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12785', 'article_category_id' => '1', 'title' => 'Nepal to Challenge India’s Geographical Indication Claim on Basmati Rice', 'sub_title' => '', 'summary' => 'December 10: Nepal has challenged India’s claim over geographical indication tag for Basmati rice. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">December 10: Nepal has challenged India’s claim over geographical indication tag for Basmati rice. The government of Nepal is making preparations for counter claim after India lodged an application with the European Union exclusive rights over Basmati rice based on geographical indication. </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">Issuing a press statement, the Ministry of Agriculture and Livestock Development has said its serious attention has been drawn to the claim made by 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">The government has maintained that Nepal too should enjoy exclusive rights based on geographical indication over Basmati rice as the country has been producing the rice species and selling it abroad since time immemorial.</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">The ministry informed that the National Agriculture Genetic Resource Centre, Khumaltar will be making counter claim for the exclusive right at the EU within the given deadline.</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">Spokesperson of the ministry Dr Hari Bahadur KC informed that the centre will soon make a formal claim on behalf of 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">India has also filed a patent claim against an American research company after the establishment of the World Trade Organisation.</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">India had filed the complaint after an American company obtained patent for a cross-breed of Basmati rice. After India won the claim, it has been exporting Basmati rice to the USA. </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">Pakistan has also claimed its stake on Basmati 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">Vice President of the Intellectual Property Protection Society Madhusudhan Poudyal says Nepal made a mistake when India filed the patent claim but now it has take the right decision. He says it is necessary to stop India from claiming exclusive right over Basmati rice.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-10', 'modified' => '2020-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '12533', 'image' => '20201210023421_1607557260.Clipboard08.jpg', 'article_date' => '2020-12-10 14:33:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12784', 'article_category_id' => '1', 'title' => 'Prices of Food Products Rising Despite Normal Supply', 'sub_title' => '', 'summary' => 'December 10: The prices of food products have been consistently rising since the last one and a half months. ', '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"">December 10: The prices of food products have been consistently rising since the last one and a half months. Considering the prices of food before Dashain festival as reference point, there has been a price hike of up to 33 percent.</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 prices of edible oil, sugar and pulses shot up by 25 percent soon after Dashain. </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 data provided by the Retail Business Association, the prices of lentil, pulses and edible oil have been consistently rising in recent weeks.</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 price of string beans which was Rs 120 per kilogram increased by 33 percent to Rs 160 per kilogram. Similarly, red lentil which used to cost Rs 140 per kg before Dashain now costs Rs 160, which is 14 percent increase in price.</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"">Likewise, Indian red lentil also increased from Rs 115 kg to Rs 125 per kg during the review period. The price of black lentil increased from Rs 150 per kg to Rs 170 per kg.</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, price of soybean oil has increased by 20 percent from R s 150 per litre to Rs 180 per litre.</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, price of mustard oil (Dhara brand) has increased from Rs 220 to Rs 240. Sunflower oil saw an increase in price from Rs 175 per litre to Rs 195.</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"">President of the Retail Business Association Raj Kumar Shrestha told New Business Age that the businessmen themselves are unaware about the reason behind price hike. He said that the industries and wholesalers have allegedly increased the price citing an increase in price in the international market but they have not mentioned it in the bill. Shrestha further said that the retailers are unable to maintain a uniform price because they haven’t received accurate bill from the producers and wholesalers.</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"">“There isn’t any shortage of food in the market and there isn’t any excessive demand. Therefore, price hike during this time is unusual,” said Shrestha.</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, wholesalers accuse the retailers of refusing to take the bill due to fear of value added tax (VAT).</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-10', 'modified' => '2020-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '12532', 'image' => '20201210010458_1607557332.Clipboard07.jpg', 'article_date' => '2020-12-10 13:04:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12787', 'article_category_id' => '1', 'title' => 'Government Extends Deadline for Renewal of Blue Book by 3 Months', 'sub_title' => '', 'summary' => 'December 10: The government has extended the renewal period of vehicles’ blue book by three months. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Devanagari Sangam MN"">December 10: The government has extended the renewal period of vehicles’ blue book by three months. </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:"Devanagari Sangam MN"">A recent cabinet meeting took a decision to this effect. In addition to blue book renewal, the government has also extended the deadline for renewal of driving license as well as vehicles’ fitness test and route permit. </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:"Devanagari Sangam MN"">Unveiling the decisions taken by the Council of Ministers on Wednesday, government’s spokesperson Parbat Gurung confirmed that the deadline for renewal of blue book has been extended by three months.</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:"Devanagari Sangam MN"">The government had set the deadline of mid-September for payment of fines as well as renewal of blue books and route permits due to the coronavirus pandemic. As the restrictions were not fully lifted even after mid-September, the government decided to further extend the deadline. The decision to extend the deadline was also taken considering the festive season and various other reasons that hampered the smooth functioning of government offices. The government has announced that it will not be charging any fine or late fee during this period. The grace period will remain effective till mid-December.</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:"Devanagari Sangam MN"">The Ministry of Physical Infrastructure and Transport has already directed the Department of Transport Management to implement the decision taken by the Council of Ministers.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-10', 'modified' => '2020-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '12531', 'image' => '20201210033243_20200729013332_1595974364.Clipboard13.jpg', 'article_date' => '2020-12-10 15:32:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12783', 'article_category_id' => '1', 'title' => 'Government to Issue Certificate of Origin to Discourage Unauthorized Export', 'sub_title' => '', 'summary' => 'December 10: The government has decided to issue Certificate of Origin to the products made in Nepal from the raw materials imported from third countries in order to curb unauthorized export of such products. ', '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"">December 10: The government has decided to issue Certificate of Origin to the products made in Nepal from the raw materials imported from third countries in order to curb unauthorized export of such products. The move comes after India’s accusation that Nepal has been importing unrefined palm oil and then exporting the products without refining them to 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"">From now on, importers can bring food products from overseas only upon the recommendation from the authorised government body formed to regulate food market of 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"">Nepali importers have been facing accusation that they have been importing food products like pepper, beetle nuts and dates from third countries without authorization and then exporting them to India. Therefore India has banned the import of these products from 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"">The Certificate of Origin stands as a proof that the products are manufactured in 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"">Prior to this, the government had increased customs duty and allowed export of limited products in order to discourage unauthorized export. </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 has been accusing Nepal of exporting products imported from countries like Malaysia, Singapore and Indonesia as its own product. India made such accusation during the recent secretary-level meeting between the two countries to discuss trade-related issues.</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 Ministry of Industry, Commerce and Supplies believes that the issuance of Certificate of Origin will promote lawful business.</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"">“Unauthorised business will come to a halt one the Certificate of Origin is issued,” said joint secretary Urmila KC, adding, “This will be beneficial for the country’s industries.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-10', 'modified' => '2020-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '12530', 'image' => '20201210120656_20191103092810_20190807121918_Clipboard01.jpg', 'article_date' => '2020-12-10 12:06:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12779', 'article_category_id' => '1', 'title' => '18 Commercial Banks Record Increase in Non-Performing Loans', 'sub_title' => '', 'summary' => 'December 9: The non-performing loans of majority of commercial banks have increased as the lockdown to curb coronavirus affected most of the businesses in the country.', '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"">December 9: The non-performing loans of majority of commercial banks have increased as the lockdown to curb coronavirus affected most of the businesses 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"">The non-performing loans of 18 out of 27 commercial banks increased in the first quarter of the current fiscal year compared to the corresponding period of last FY.</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"">However, the remaining nine commercial banks have kept the non-performing loans in check.</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"">Bankers say that the non-performing loans could further increase as the individuals and businesses affected by coronavirus have not been able to pay the interest and installment and are unlikely to pay in bulk amount. </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"">Bankers say that although they have given the defaulters affected by coronavirus some more time to pay the loan and interest, it will only pile up pressure later on. </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"">“Sooner or later the borrowers will have to pay the interest and loan. If they do not pay now and pile up the amount, its impact will be seen in the non-performing loan,” said a banker requesting not to be named.</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 state-owned Rastriya Banijya Bank has the highest amount of non-performing loan in the current fiscal year. The non-performing loan of RBB, which was 3.50 percent in the first quarter of last fiscal year, has increased to 4.10 percent 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"">CEO of Rastriya Banijya Bank Kiran Kumar Shrestha says they were expecting the NPL to rise because the businesses have not been able to operate smoothly and the borrowers are unable to pay the interest and installment. Shrestha says they are anticipating non-performing loan to increase further.</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 sectors most affected by Covid-19 haven’t paid their loans or interest. We have be lenient toward those who are affected by the pandemic and we cannot force them to pay the loan. This only risks further increasing NPL,” said Shrestha. </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"">Another state-owned bank- Nepal Bank Limited- stands second in the list of banks with high non-performing loans. Nepal Bank has recorded 3.2 percent NPL in the first quarter of the current fiscal year. During the corresponding period of last FY, the banks NPL was 2.75 percent.</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, the NPL of NMB Bank is 2.26 percent followed by Bank of Kathmandu (2.18 percent), Global IME Bank (1.83 percent), Sunrise Bank (1.58 percent), Kumari Bank (1.43 percent) and Century Bank (1.43 percent). The NPL of Nepal Bangladesh Bank is 1.97 percent.</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"">Other banks which have recorded an increase in non-performing loans by 0.23 percentage points.</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, other nine commercial banks have succeeded in reducing their NPL. Despite covid-19 crisis, NIC Asia Bank has maintained its non-performing loan at 0.40 percent in the third week of October. Likewise, other banks that have succeeded in lowering their NPL include Laxmi Bank (0.97 percent), Mega Bank (1.0 percent), Agriculture Development Bank (2.37 percent), Prabhu Bank (2.67 percent) and NCC Bank (2.83 percent).</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"">General Manager of Himalayan Bank Sushil Joshi says that the relief given to the borrowers at present is certain to increase NPL because they will have to pay at once later on. It will have an impact on the bank’s distributable profit, says Joshi.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-09', 'keywords' => '', 'description' => '', 'sortorder' => '12529', 'image' => '20201209021045_Non-Performing-Loans-890x395_c 2.jpg', 'article_date' => '2020-12-09 14:10:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12777', 'article_category_id' => '1', 'title' => 'Height of Mount Everest Increases by 86 Centimetres', 'sub_title' => '', 'summary' => 'December 9: The height of Mount Everest has increased by 86 centimetres.', '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"">December 9: The height of Mount Everest has increased by 86 centimetres.</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"">Minister for Foreign Affairs Pradeep Gyawali made the revelation during a function organised at the Department of Survey on Tuesday (December 9).</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"">With the formal announcement made jointly by the Government of Nepal as well as China, the official height of Mt Everest has now been revised to 8848.86 meters.</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"">Until now, the height of Everest was considered 8848 meters. That measurement was taken in 1857 by India’s GL Gulati Company. Nepal conducted a survey on its own following speculations that the 2015 earthquakes might have altered the height of the world’s highest peak.</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"">Nepal and China had agreed to jointly measure the height of Mt Everest during Chinese President Xi Jinping’s state visit to Nepal last 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 Department of Survey conducted a study to measure the height of Mt Everest be spending Rs 130 million. It took almost two years to complete the study.</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"">Survey officer Sushil Dangol informed that they used various techniques to measure the height of Mt Everest because the use of a single technique would raise doubts regarding the findings of the study. He said that the department used direct measurement, triangulation method and global positioning system (GPS) to reach to the conclusion.</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 Dangol, the surveyors measure height of the mountain directly from both faces in direct measurement. Likewise, in the triangulation method, they use a certain point as reference to measure the height while the GPS method employs earth’s gravitational force and sophisticated equipment for the measurement.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-09', 'keywords' => '', 'description' => '', 'sortorder' => '12528', 'image' => '20201209120005_1607418193.mount_everest.jpg', 'article_date' => '2020-12-09 11:59:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12781', 'article_category_id' => '1', 'title' => 'Insurance Companies told to Unveil Financial Report in Compliance to NFRS ', 'sub_title' => '', 'summary' => 'December 9: Insurance companies will also have to make their financial reports public from now onward in accordance to the Nepal Financial Reporting Standard (NFRS).', '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"">December 9: Insurance companies will also have to make their financial reports public from now onward in accordance to the Nepal Financial Reporting Standard (NFRS).</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"">Issuing separate circulars to reinsurance and non-life insurance companies on Monday (December 7), the Insurance Board instructed them to follow NFRS while unveiling their financial report.</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"">Now, those insurance companies will have to make public their quarterly and annual financial reports based on NFRS. The board has said this provision will have to be implemented from the start of the current fiscal year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '12527', 'image' => '20201209023803_20200825040928_bima_samiti.jpg', 'article_date' => '2020-12-09 14:37:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12780', 'article_category_id' => '1', 'title' => 'Russia’s Shows Interest to Invest in Nepal’s Hydropower Sector', 'sub_title' => '', 'summary' => 'December 9: Russia has expressed its interest in investing in the hydropower sector of Nepal. ', '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"">December 9: Russia has expressed its interest in investing in the hydropower sector of Nepal. </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"">A delegation led by Russian Ambassador to Nepal Aleksei Novikov met with Minister for Energy, Water Resources and Irrigation Barshaman Pun on Tuesday and informed that two Russian banks have shown such interest. </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"">During the meeting, ambassador Novikov said that Russia’s two largest banks Lanta and Moscow Industrial Bank proposed to invest in Nepal’s hydropower. The delegation said that they want to sign a G2G investment agreement with Nepal. </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 delegation discussed about the legal provisions related to hydropower generation and distribution in Nepal and the potential of the regional market with Minister Pun. The ministry said that the team was also interested in the possibility of a joint project of electricity and irrigation. </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"">Novikov said that they will invest in a ‘pilot project’ and encourage both the private sector and the government to invest in Nepal by alaysing the market situation. </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"">Minister Pun had projected that 10,000 MW of electricity would be consumed in Nepal's internal market in the next 10 years. He informed that the surplus electricity will be exported to India and Bangladesh and power purchase agreement has been already signed with India and Bangladesh regarding this. </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"">“We are ready for the modality which you find most convenient, we welcome it,” Minister Pun said to the delegation, adding, “We are okay if you find a market on your own otherwise we can also help arrange a market.” </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-09', 'keywords' => '', 'description' => '', 'sortorder' => '12526', 'image' => '20201209022729_1607471407.Clipboard07.jpg', 'article_date' => '2020-12-09 14:26:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12778', 'article_category_id' => '1', 'title' => 'Use of QR Code for Payment Increasing', 'sub_title' => 'NRB preparing to make it more organized', 'summary' => 'December 9: The use of QR codes for payment has increased significantly in the market in recent days.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">December 9: The use of QR codes for payment has increased significantly in the market in recent days. As marketplaces are now using new devices to replace cash as means of payment, the frequency of payment through QR code has increased.</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:Calibri">Nepal Rastra Bank (NRB) reported that an additional 85,975 transactions worth Rs 321 million took place through QR code during the last month compared to the previous month. In mid-September to mid-October, customers made 265,000 transactions worth Rs 969 million using the code system. In mid-August to mid-September, altogether 179,000 transactions worth Rs 64.8 billion were reported in the country.</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:Calibri">Nepal Rastra Bank (NRB) is preparing to make the payment more systematic and uniform, as the payment from QR code has been increasing lately. The NRB is a statement informed that it is preparing to maintain QR code more systematically with the increase in transactions.</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:Calibri">The central bank is going to make more arrangements based on international standards. According to the central bank, international practice of QR code shows details including identifications of the customer and merchant, bank details, date and time of transaction mobile number the PSO operator and the three-page customer identification (KYC) of the person involved in the 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:Calibri">“Such a scan should have the detailed information which should be on the server or all the details should be seen once scanned and found when we search. That is why we are trying to manage it,” said an NRB source requesting anonymity.</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:Calibri">The QR code payment at present does not contain all this information. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-09', 'keywords' => '', 'description' => '', 'sortorder' => '12525', 'image' => '20201209125551_1607471670.Clipboard09.jpg', 'article_date' => '2020-12-09 12:55:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12782', 'article_category_id' => '1', 'title' => 'Traffic Police Launch Special Campaign Against Motyorcycle Theft ', 'sub_title' => '', 'summary' => 'December 9: The Metropolitan Traffic Police Division (MTPD) has arrested 14 persons involved in stealing motorcycles from different parts of Kathmandu Valley in the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">December 9: The Metropolitan Traffic Police Division (MTPD) has arrested 14 persons involved in stealing motorcycles from different parts of Kathmandu Valley in the current fiscal year. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">According the division, it has started a special campaign to search for stolen motorcycles and to bust the gang of people involved in this activity. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">The MTPD said in a statement on Tuesday (December 8) that it has already initiated action against those involved in stealing the motorcycles since a long time. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">The traffic police division said it has recovered 85 stolen motorcycles from different areas of the valley and returned them to their rightful owners.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">Chief of the division SSP Janak Bhattarai said that the police have started a special operation by deploying plain-clothes policemen to keep a watch on professional thieves who have been involved in this activity since a long time. He added that most of the motorcycles stolen in the capital have been found in villages outside the valley. Police have even mobilized informants in the villages to track stolen motorcycles, said SSP Bhattarai.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">The traffic police division yesterday arrested 25-year-old Sujan Tamang of Kavre from Lalitpur’s Dholahiti in possession with a stolen Pulsar 220 cc motorbike. According to the police, the bike was stolen from Setopul ten days ago.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">Statistics show that theft of motorcycles parked in public places as well as isolated areas is rampant in Kathmandu. Police say that the use of additional lock and security system can prevent bikes from being stolen.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">Police investigation has revealed that the thieves often change the number plate or modify the parts of the stolen bikes so that the owners cannot recognize them.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-09', 'keywords' => '', 'description' => '', 'sortorder' => '12524', 'image' => '20201209023911_MotorcycleTheft3.jpg', 'article_date' => '2020-12-09 14:38:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12774', 'article_category_id' => '1', 'title' => '170 Hydropower Projects Unable to Sign PPA due to Flaw in Government Policy', 'sub_title' => '', 'summary' => 'December 8: Hydropower projects with capacity to generate around 7,000 megawatts of electricity have been denied permission to sign power purchase agreement (PPA) after the government blocked them from signing PPA stating that the quota of run-of-the river (ROR) hydroelectricity projects has reached its limit.', '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"">December 8: Hydropower projects with capacity to generate around 7,000 megawatts of electricity have been denied permission to sign power purchase agreement (PPA) after the government blocked them from signing PPA stating that the quota of run-of-the river (ROR) hydroelectricity projects has reached its limit.</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 has denied permission for ROR hydropower projects to sign PPA under the ‘take and pay’ scheme since the last one and a half years. As a result, a total of 170 private hydroelectricity projects with capacity to produce between 6000 to 7000 megawatts of electricity have not been able to sign PPA.</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 government has stopped such projects from signing PPA under the pretext that the quota has reached its limit, it is still granting permission to new projects for conducting surveys.</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 data kept by the Department of Electricity Development, a total of 26 projects were granted permission for survey to develop 1691 MW of electricity during the last fiscal year while 5 such projects have been granted permission to survey the possibility of generating 88 MW of electricity in the current fiscal year. But the government has not allowed any of the completed projects to sign PPA since the last one and a half years.</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 state-owned Nepal Electricity Authority (NEA) has refused to sign PPAs under the ‘take and pay’ scheme with the private companies following instructions from 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"">The government has been giving permission for survey to the promoter companies without any hesitation. However, it has not signed any single deal with such projects to purchase electricity.</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 has left the promoters of the under-construction project worried. One of the promoters said that the government has been giving them license for survey only with the intention of collecting revenue. </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 API Power Company Guru Prasad Neupane informed that around 170 projects have not been able to sign the PPA.</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"">“All of those projects have completed the required process. But they have not been able to strike the PPA,” said Neupane, adding that two of the projects developed by API Power Company has also not been able to sign PPA.</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"">“It is not fair to give license to the projects but deny them the opportunity to sign PPA,” he added. </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 must take appropriate decision.”</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 has set a target to develop 15,000 megawatts of electricity in 10 years. That includes 30 percent from ROR projects, as per the government’s concept. As per the government’s target, ROR projects can supply only up to 4500 megawatts of electricity.</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 the NEA has already initiated the process to purchase 6000 MW of electricity from ROR projects. However, the NEA has stopped signing PPA under take and pay scheme after the production of the ROR projects crossed the limit, says Ramji Bhandari, an official of NEA.</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, chairman of the Independent Power Producers Association of Nepal (IPPAN) Krishna Acharya says that the NEA is still not clear about the PPA issue.</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"">“Energy minister and officials of NEA assure us that they will sign PPA with us. But the NEA does not implement it,” said Acharya.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-08', 'modified' => '2020-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '12522', 'image' => '20201208032412_My Effect.jpg', 'article_date' => '2020-12-08 15:23:35', '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:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 11: Nepal Rastra Bank’s Governor Maha Prasad Adhikari has said that the central bank is committed to the develop digital economy and promote financial system in 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"">Governor Adhikari made such remarks during the virtual inauguration of Singapore FinTech Festival on Thursday (December 10). The festival is being organised by the United Nations Capital Development Fund and Singapore Monetary Authority.</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"">Speaking on the topic of digital payment for agriculture, Governor Adhikari said that Nepal Rastra Bank in capacity of the financial sector regulator has realized its role for the development of digital economy 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"">He revealed that the Government of Nepal has already initiated an ambitious project named Digital Nepal for promoting digital economy 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"">“This initiative will play a vital role in transforming the economy, administrative system and social activities,” said Governor Adhikari.</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"">Governor Adhikari further informed that the Government of Nepal as well as the central bank have given high priority for electronic transaction and payment system in recent days. He also said that the central bank has made necessary arrangements including legal provisions as well as policy-level decisions to implement the use of digital transaction 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"">He said that the importance of digital transaction has been clearly visible due to the coronavirus pandemic and also stressed on the need for digital payment in agriculture as well.</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 suggested expanding digital payment system from urban areas to rural areas and to connect local farmers with e-commerce system.</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"">Stating that that 28 percent of Nepal’s total GDP and almost two-thirds population are dependent on Agriculture, Governor Adhikari said that traditional farmers must focus on commercial farming. He said that the monetary policy has provision for credit card facilities and bonds for the farmers in order to make them competitive in the commercial market.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-11', 'modified' => '2020-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '12539', 'image' => '20201211011108_20200407080848_IMG_4955 - Copy.JPG', 'article_date' => '2020-12-11 13:10:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12790', 'article_category_id' => '1', 'title' => 'Nepal’s Credit Rating Suspended until Situation Becomes Normal', 'sub_title' => '', 'summary' => 'December 11: Fitch Ratings, which has been assigned for sovereign credit rating of Nepal, has decided to postpone the assigned task for the time being. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">December 11: Fitch Ratings, which has been assigned for sovereign credit rating of Nepal, has decided to postpone the assigned task for the time being. </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">The international company was preparing to complete the credit rating of Nepal within the first six months of the current fiscal year. However, the process has been postponed because of the impact of coronavirus on the country’s economy. The rating will be suspended until the economy returns to normalcy.</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 Ratings Oversight Committee, formed under the coordination of revenue secretary of Ministry of Finance (MoF) had given the task of Nepal’s credit rating to the US-based company before March after conducting discussions and necessary studies. </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">Moody’s, Fitch and Standard and Poor’s are the three major global credit rating agencies. Among them, the committee selected Fitch for conducing Nepal’s ratings. But the process has been suspended due to coronavirus, informed Revenue Secretary Ram Sharan Pudasaini.</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">He further said that the credit rating will resume once the situation becomes normal.</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">“This is not the appropriate time for conducting credit rating because of the pandemic. During this situation, Nepal’s major economic indicators will not be satisfactory. Study conducted in such circumstances will not yield good result,” he told New Business Age.</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">Deputy Governor of Nepal Rastra Bank Chintamani Shivakoti, who is also a member of the committee, informed that Fitch has been conducting some works related to the credit rating but it has to visit Nepal to complete the work. The company is currently unable to come to Nepal for conducting the study.</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">“Foreign consultants and technicians need to come here for the study. But that is not possible at the moment,” said the deputy governor.</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">Fitch will have to collect data from the concerned offices upon visiting Nepal. The committee informed that Fitch has been carrying out other works that can be done remotely.</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">Members of the Ratings Oversight Committee include NRB Deputy Governor Shivakoti, chairman of the Insurance Board, Chairman of the Securities Board of Nepal and chief of the Central Bureau of Statistics. Standard Chartered Bank, Singapore is the consultant company for the credit rating. </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">The budget of the current fiscal year has mentioned that the credit rating will be completed within the first six months of the 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">Stakeholders have been urging for sovereign rating saying that the absence of the rating has hugely impacted foreign direct investment (FDI) prospects of Nepal. Nevertheless, about half a dozen banks and financial institutions have borrowed billions of rupees in loans from foreign financial institutions over the last few years although the country does not have its credit rating. The banks say that the process of obtaining foreign loan would have been much easier if the country had credit rating.</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">Statistics related to economic activities in the country, ability to repay loans, trade with other countries and other various aspects are assessed while conducting sovereign rating. According to officials at Credit Rating Oversight Committee, the rating will form a basis for easy access to funds in the international market and sales of bonds. </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">Experts say that the sovereign rating helps to depict the real economic and financial situation of Nepal internationally.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-11', 'modified' => '2020-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '12538', 'image' => '20201211121731_1607645110.Clipboard13.jpg', 'article_date' => '2020-12-11 12:16:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12791', 'article_category_id' => '1', 'title' => 'Finance Minister Urges South Korea to Increase Investment ', 'sub_title' => '', 'summary' => 'December 11: Finance Minister Bishnu Prasad Poudel has requested South Korea to increase investment in education, health, tourism, and infrastructure sectors of Nepal. ', '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"">December 11: Finance Minister Bishnu Prasad Poudel has requested South Korea to increase investment in education, health, tourism, and infrastructure sectors of Nepal. Thanking South Korea for its current assistance in the field of education, health and infrastructure development through the Korea International Cooperation Agency (KOICA), Poudel during a bilateral meeting with South Korean Ambassador to Nepal Park Yong-sik urged for more investment. </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"">Stating that mutual cooperation between Nepal and South Korea is increasing in the area of trade, investment and employment, Finance Minister Poudel said that Nepalis have been going to South Korea for employment through EPS (Employment Permit System) and the country has benefited by using the skills learned there in Nepal. He also thanked the South Korean government for its support and cooperation in Nepal's efforts against Covid-19. </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"">He further said that the Ministry of Finance supports the projects being implemented in Nepal with the support of the South Korean government. </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"">During the meeting, Ambassador Yong-sik briefed about the assistance provided by the South Korean government to Nepal in various fields and said that the assistance would be extended in the field of technical and vocational education. He said they would coordinate to increase investment from South Korea’s private sector. Likewise, he also said that the South Korean government would actively contribute to the prevention, control and treatment of COVID-19. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-11', 'modified' => '2020-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '12537', 'image' => '20201211124716_1607644457.Clipboard09.jpg', 'article_date' => '2020-12-11 12:46:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12788', 'article_category_id' => '1', 'title' => 'Nepal and India Agree to Resume Regular Flights under Air Transport Bubble Scheme', 'sub_title' => '', 'summary' => 'December 11: Nepal and India have agreed to resume regular flights after nine months. Nepal has agreed to the air transport bubble scheme proposed by India to resume the flight service. ', '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"">December 11: Nepal and India have agreed to resume regular flights after nine months. Nepal has agreed to the air transport bubble scheme proposed by India to resume the flight 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"">Regular flights between Nepal and India were disrupted since March 24 after the government imposed lockdown to control the spread of coronavirus. Last month, India had proposed the air transport bubble scheme for taking back the citizens of different countries from Nepal. However, the government had not agreed to the proposal. </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"">After the government imposed lockdown, it also banned international flights for five months. Regular international flights to and from Nepal resumed on September 1 but the flight to India remained suspended due to high rate of infection in the neighbouring 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"">Under the air bubble scheme, both countries will be allowed to operate flights between New Delhi and Kathmandu with only one airline company. Nepal has selected the state-owned Nepal Airlines Corporation to conduct flight one flight per day between Kathmandu and New Delhi while Indian Airlines will be operating flights on behalf of India, informed the Civil Aviation Authority of Nepal (CAAN).</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 of CAAN Raj Kumar Chhetri informed that regular flights between the two countries will resume within two to three days.</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"">“Flights between Nepal and India will resume soon under the air transport bubble scheme. Under this scheme, only diplomats and the citizens of the two countries will be able to travel between the two countries,” said Chhetri.</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"">Chhetri clarified that citizens from third countries will not be allowed to travel under this scheme. The concept of air bubble is a scheme proposed by India to airlift stranded citizens from across the world during coronavirus pandemic.</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 travellers need to fill up the form online to travel under this scheme. They also need to present PCT test taken not more than 72 hours before the flight.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-11', 'modified' => '2020-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '12536', 'image' => '20201211110530_1607643876.11.jpg', 'article_date' => '2020-12-11 11:04:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12785', 'article_category_id' => '1', 'title' => 'Nepal to Challenge India’s Geographical Indication Claim on Basmati Rice', 'sub_title' => '', 'summary' => 'December 10: Nepal has challenged India’s claim over geographical indication tag for Basmati rice. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">December 10: Nepal has challenged India’s claim over geographical indication tag for Basmati rice. The government of Nepal is making preparations for counter claim after India lodged an application with the European Union exclusive rights over Basmati rice based on geographical indication. </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">Issuing a press statement, the Ministry of Agriculture and Livestock Development has said its serious attention has been drawn to the claim made by 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">The government has maintained that Nepal too should enjoy exclusive rights based on geographical indication over Basmati rice as the country has been producing the rice species and selling it abroad since time immemorial.</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">The ministry informed that the National Agriculture Genetic Resource Centre, Khumaltar will be making counter claim for the exclusive right at the EU within the given deadline.</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">Spokesperson of the ministry Dr Hari Bahadur KC informed that the centre will soon make a formal claim on behalf of 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">India has also filed a patent claim against an American research company after the establishment of the World Trade Organisation.</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">India had filed the complaint after an American company obtained patent for a cross-breed of Basmati rice. After India won the claim, it has been exporting Basmati rice to the USA. </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">Pakistan has also claimed its stake on Basmati 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">Vice President of the Intellectual Property Protection Society Madhusudhan Poudyal says Nepal made a mistake when India filed the patent claim but now it has take the right decision. He says it is necessary to stop India from claiming exclusive right over Basmati rice.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-10', 'modified' => '2020-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '12533', 'image' => '20201210023421_1607557260.Clipboard08.jpg', 'article_date' => '2020-12-10 14:33:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12784', 'article_category_id' => '1', 'title' => 'Prices of Food Products Rising Despite Normal Supply', 'sub_title' => '', 'summary' => 'December 10: The prices of food products have been consistently rising since the last one and a half months. ', '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"">December 10: The prices of food products have been consistently rising since the last one and a half months. Considering the prices of food before Dashain festival as reference point, there has been a price hike of up to 33 percent.</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 prices of edible oil, sugar and pulses shot up by 25 percent soon after Dashain. </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 data provided by the Retail Business Association, the prices of lentil, pulses and edible oil have been consistently rising in recent weeks.</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 price of string beans which was Rs 120 per kilogram increased by 33 percent to Rs 160 per kilogram. Similarly, red lentil which used to cost Rs 140 per kg before Dashain now costs Rs 160, which is 14 percent increase in price.</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"">Likewise, Indian red lentil also increased from Rs 115 kg to Rs 125 per kg during the review period. The price of black lentil increased from Rs 150 per kg to Rs 170 per kg.</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, price of soybean oil has increased by 20 percent from R s 150 per litre to Rs 180 per litre.</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, price of mustard oil (Dhara brand) has increased from Rs 220 to Rs 240. Sunflower oil saw an increase in price from Rs 175 per litre to Rs 195.</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"">President of the Retail Business Association Raj Kumar Shrestha told New Business Age that the businessmen themselves are unaware about the reason behind price hike. He said that the industries and wholesalers have allegedly increased the price citing an increase in price in the international market but they have not mentioned it in the bill. Shrestha further said that the retailers are unable to maintain a uniform price because they haven’t received accurate bill from the producers and wholesalers.</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"">“There isn’t any shortage of food in the market and there isn’t any excessive demand. Therefore, price hike during this time is unusual,” said Shrestha.</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, wholesalers accuse the retailers of refusing to take the bill due to fear of value added tax (VAT).</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-10', 'modified' => '2020-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '12532', 'image' => '20201210010458_1607557332.Clipboard07.jpg', 'article_date' => '2020-12-10 13:04:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12787', 'article_category_id' => '1', 'title' => 'Government Extends Deadline for Renewal of Blue Book by 3 Months', 'sub_title' => '', 'summary' => 'December 10: The government has extended the renewal period of vehicles’ blue book by three months. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Devanagari Sangam MN"">December 10: The government has extended the renewal period of vehicles’ blue book by three months. </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:"Devanagari Sangam MN"">A recent cabinet meeting took a decision to this effect. In addition to blue book renewal, the government has also extended the deadline for renewal of driving license as well as vehicles’ fitness test and route permit. </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:"Devanagari Sangam MN"">Unveiling the decisions taken by the Council of Ministers on Wednesday, government’s spokesperson Parbat Gurung confirmed that the deadline for renewal of blue book has been extended by three months.</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:"Devanagari Sangam MN"">The government had set the deadline of mid-September for payment of fines as well as renewal of blue books and route permits due to the coronavirus pandemic. As the restrictions were not fully lifted even after mid-September, the government decided to further extend the deadline. The decision to extend the deadline was also taken considering the festive season and various other reasons that hampered the smooth functioning of government offices. The government has announced that it will not be charging any fine or late fee during this period. The grace period will remain effective till mid-December.</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:"Devanagari Sangam MN"">The Ministry of Physical Infrastructure and Transport has already directed the Department of Transport Management to implement the decision taken by the Council of Ministers.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-10', 'modified' => '2020-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '12531', 'image' => '20201210033243_20200729013332_1595974364.Clipboard13.jpg', 'article_date' => '2020-12-10 15:32:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12783', 'article_category_id' => '1', 'title' => 'Government to Issue Certificate of Origin to Discourage Unauthorized Export', 'sub_title' => '', 'summary' => 'December 10: The government has decided to issue Certificate of Origin to the products made in Nepal from the raw materials imported from third countries in order to curb unauthorized export of such products. ', '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"">December 10: The government has decided to issue Certificate of Origin to the products made in Nepal from the raw materials imported from third countries in order to curb unauthorized export of such products. The move comes after India’s accusation that Nepal has been importing unrefined palm oil and then exporting the products without refining them to 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"">From now on, importers can bring food products from overseas only upon the recommendation from the authorised government body formed to regulate food market of 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"">Nepali importers have been facing accusation that they have been importing food products like pepper, beetle nuts and dates from third countries without authorization and then exporting them to India. Therefore India has banned the import of these products from 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"">The Certificate of Origin stands as a proof that the products are manufactured in 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"">Prior to this, the government had increased customs duty and allowed export of limited products in order to discourage unauthorized export. </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 has been accusing Nepal of exporting products imported from countries like Malaysia, Singapore and Indonesia as its own product. India made such accusation during the recent secretary-level meeting between the two countries to discuss trade-related issues.</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 Ministry of Industry, Commerce and Supplies believes that the issuance of Certificate of Origin will promote lawful business.</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"">“Unauthorised business will come to a halt one the Certificate of Origin is issued,” said joint secretary Urmila KC, adding, “This will be beneficial for the country’s industries.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-10', 'modified' => '2020-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '12530', 'image' => '20201210120656_20191103092810_20190807121918_Clipboard01.jpg', 'article_date' => '2020-12-10 12:06:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12779', 'article_category_id' => '1', 'title' => '18 Commercial Banks Record Increase in Non-Performing Loans', 'sub_title' => '', 'summary' => 'December 9: The non-performing loans of majority of commercial banks have increased as the lockdown to curb coronavirus affected most of the businesses in the country.', '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"">December 9: The non-performing loans of majority of commercial banks have increased as the lockdown to curb coronavirus affected most of the businesses 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"">The non-performing loans of 18 out of 27 commercial banks increased in the first quarter of the current fiscal year compared to the corresponding period of last FY.</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"">However, the remaining nine commercial banks have kept the non-performing loans in check.</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"">Bankers say that the non-performing loans could further increase as the individuals and businesses affected by coronavirus have not been able to pay the interest and installment and are unlikely to pay in bulk amount. </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"">Bankers say that although they have given the defaulters affected by coronavirus some more time to pay the loan and interest, it will only pile up pressure later on. </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"">“Sooner or later the borrowers will have to pay the interest and loan. If they do not pay now and pile up the amount, its impact will be seen in the non-performing loan,” said a banker requesting not to be named.</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 state-owned Rastriya Banijya Bank has the highest amount of non-performing loan in the current fiscal year. The non-performing loan of RBB, which was 3.50 percent in the first quarter of last fiscal year, has increased to 4.10 percent 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"">CEO of Rastriya Banijya Bank Kiran Kumar Shrestha says they were expecting the NPL to rise because the businesses have not been able to operate smoothly and the borrowers are unable to pay the interest and installment. Shrestha says they are anticipating non-performing loan to increase further.</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 sectors most affected by Covid-19 haven’t paid their loans or interest. We have be lenient toward those who are affected by the pandemic and we cannot force them to pay the loan. This only risks further increasing NPL,” said Shrestha. </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"">Another state-owned bank- Nepal Bank Limited- stands second in the list of banks with high non-performing loans. Nepal Bank has recorded 3.2 percent NPL in the first quarter of the current fiscal year. During the corresponding period of last FY, the banks NPL was 2.75 percent.</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, the NPL of NMB Bank is 2.26 percent followed by Bank of Kathmandu (2.18 percent), Global IME Bank (1.83 percent), Sunrise Bank (1.58 percent), Kumari Bank (1.43 percent) and Century Bank (1.43 percent). The NPL of Nepal Bangladesh Bank is 1.97 percent.</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"">Other banks which have recorded an increase in non-performing loans by 0.23 percentage points.</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, other nine commercial banks have succeeded in reducing their NPL. Despite covid-19 crisis, NIC Asia Bank has maintained its non-performing loan at 0.40 percent in the third week of October. Likewise, other banks that have succeeded in lowering their NPL include Laxmi Bank (0.97 percent), Mega Bank (1.0 percent), Agriculture Development Bank (2.37 percent), Prabhu Bank (2.67 percent) and NCC Bank (2.83 percent).</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"">General Manager of Himalayan Bank Sushil Joshi says that the relief given to the borrowers at present is certain to increase NPL because they will have to pay at once later on. It will have an impact on the bank’s distributable profit, says Joshi.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-09', 'keywords' => '', 'description' => '', 'sortorder' => '12529', 'image' => '20201209021045_Non-Performing-Loans-890x395_c 2.jpg', 'article_date' => '2020-12-09 14:10:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12777', 'article_category_id' => '1', 'title' => 'Height of Mount Everest Increases by 86 Centimetres', 'sub_title' => '', 'summary' => 'December 9: The height of Mount Everest has increased by 86 centimetres.', '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"">December 9: The height of Mount Everest has increased by 86 centimetres.</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"">Minister for Foreign Affairs Pradeep Gyawali made the revelation during a function organised at the Department of Survey on Tuesday (December 9).</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"">With the formal announcement made jointly by the Government of Nepal as well as China, the official height of Mt Everest has now been revised to 8848.86 meters.</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"">Until now, the height of Everest was considered 8848 meters. That measurement was taken in 1857 by India’s GL Gulati Company. Nepal conducted a survey on its own following speculations that the 2015 earthquakes might have altered the height of the world’s highest peak.</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"">Nepal and China had agreed to jointly measure the height of Mt Everest during Chinese President Xi Jinping’s state visit to Nepal last 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 Department of Survey conducted a study to measure the height of Mt Everest be spending Rs 130 million. It took almost two years to complete the study.</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"">Survey officer Sushil Dangol informed that they used various techniques to measure the height of Mt Everest because the use of a single technique would raise doubts regarding the findings of the study. He said that the department used direct measurement, triangulation method and global positioning system (GPS) to reach to the conclusion.</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 Dangol, the surveyors measure height of the mountain directly from both faces in direct measurement. Likewise, in the triangulation method, they use a certain point as reference to measure the height while the GPS method employs earth’s gravitational force and sophisticated equipment for the measurement.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-09', 'keywords' => '', 'description' => '', 'sortorder' => '12528', 'image' => '20201209120005_1607418193.mount_everest.jpg', 'article_date' => '2020-12-09 11:59:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12781', 'article_category_id' => '1', 'title' => 'Insurance Companies told to Unveil Financial Report in Compliance to NFRS ', 'sub_title' => '', 'summary' => 'December 9: Insurance companies will also have to make their financial reports public from now onward in accordance to the Nepal Financial Reporting Standard (NFRS).', '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"">December 9: Insurance companies will also have to make their financial reports public from now onward in accordance to the Nepal Financial Reporting Standard (NFRS).</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"">Issuing separate circulars to reinsurance and non-life insurance companies on Monday (December 7), the Insurance Board instructed them to follow NFRS while unveiling their financial report.</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"">Now, those insurance companies will have to make public their quarterly and annual financial reports based on NFRS. The board has said this provision will have to be implemented from the start of the current fiscal year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '12527', 'image' => '20201209023803_20200825040928_bima_samiti.jpg', 'article_date' => '2020-12-09 14:37:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12780', 'article_category_id' => '1', 'title' => 'Russia’s Shows Interest to Invest in Nepal’s Hydropower Sector', 'sub_title' => '', 'summary' => 'December 9: Russia has expressed its interest in investing in the hydropower sector of Nepal. ', '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"">December 9: Russia has expressed its interest in investing in the hydropower sector of Nepal. </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"">A delegation led by Russian Ambassador to Nepal Aleksei Novikov met with Minister for Energy, Water Resources and Irrigation Barshaman Pun on Tuesday and informed that two Russian banks have shown such interest. </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"">During the meeting, ambassador Novikov said that Russia’s two largest banks Lanta and Moscow Industrial Bank proposed to invest in Nepal’s hydropower. The delegation said that they want to sign a G2G investment agreement with Nepal. </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 delegation discussed about the legal provisions related to hydropower generation and distribution in Nepal and the potential of the regional market with Minister Pun. The ministry said that the team was also interested in the possibility of a joint project of electricity and irrigation. </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"">Novikov said that they will invest in a ‘pilot project’ and encourage both the private sector and the government to invest in Nepal by alaysing the market situation. </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"">Minister Pun had projected that 10,000 MW of electricity would be consumed in Nepal's internal market in the next 10 years. He informed that the surplus electricity will be exported to India and Bangladesh and power purchase agreement has been already signed with India and Bangladesh regarding this. </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"">“We are ready for the modality which you find most convenient, we welcome it,” Minister Pun said to the delegation, adding, “We are okay if you find a market on your own otherwise we can also help arrange a market.” </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-09', 'keywords' => '', 'description' => '', 'sortorder' => '12526', 'image' => '20201209022729_1607471407.Clipboard07.jpg', 'article_date' => '2020-12-09 14:26:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12778', 'article_category_id' => '1', 'title' => 'Use of QR Code for Payment Increasing', 'sub_title' => 'NRB preparing to make it more organized', 'summary' => 'December 9: The use of QR codes for payment has increased significantly in the market in recent days.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">December 9: The use of QR codes for payment has increased significantly in the market in recent days. As marketplaces are now using new devices to replace cash as means of payment, the frequency of payment through QR code has increased.</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:Calibri">Nepal Rastra Bank (NRB) reported that an additional 85,975 transactions worth Rs 321 million took place through QR code during the last month compared to the previous month. In mid-September to mid-October, customers made 265,000 transactions worth Rs 969 million using the code system. In mid-August to mid-September, altogether 179,000 transactions worth Rs 64.8 billion were reported in the country.</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:Calibri">Nepal Rastra Bank (NRB) is preparing to make the payment more systematic and uniform, as the payment from QR code has been increasing lately. The NRB is a statement informed that it is preparing to maintain QR code more systematically with the increase in transactions.</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:Calibri">The central bank is going to make more arrangements based on international standards. According to the central bank, international practice of QR code shows details including identifications of the customer and merchant, bank details, date and time of transaction mobile number the PSO operator and the three-page customer identification (KYC) of the person involved in the 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:Calibri">“Such a scan should have the detailed information which should be on the server or all the details should be seen once scanned and found when we search. That is why we are trying to manage it,” said an NRB source requesting anonymity.</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:Calibri">The QR code payment at present does not contain all this information. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-09', 'keywords' => '', 'description' => '', 'sortorder' => '12525', 'image' => '20201209125551_1607471670.Clipboard09.jpg', 'article_date' => '2020-12-09 12:55:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12782', 'article_category_id' => '1', 'title' => 'Traffic Police Launch Special Campaign Against Motyorcycle Theft ', 'sub_title' => '', 'summary' => 'December 9: The Metropolitan Traffic Police Division (MTPD) has arrested 14 persons involved in stealing motorcycles from different parts of Kathmandu Valley in the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">December 9: The Metropolitan Traffic Police Division (MTPD) has arrested 14 persons involved in stealing motorcycles from different parts of Kathmandu Valley in the current fiscal year. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">According the division, it has started a special campaign to search for stolen motorcycles and to bust the gang of people involved in this activity. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">The MTPD said in a statement on Tuesday (December 8) that it has already initiated action against those involved in stealing the motorcycles since a long time. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">The traffic police division said it has recovered 85 stolen motorcycles from different areas of the valley and returned them to their rightful owners.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">Chief of the division SSP Janak Bhattarai said that the police have started a special operation by deploying plain-clothes policemen to keep a watch on professional thieves who have been involved in this activity since a long time. He added that most of the motorcycles stolen in the capital have been found in villages outside the valley. Police have even mobilized informants in the villages to track stolen motorcycles, said SSP Bhattarai.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">The traffic police division yesterday arrested 25-year-old Sujan Tamang of Kavre from Lalitpur’s Dholahiti in possession with a stolen Pulsar 220 cc motorbike. According to the police, the bike was stolen from Setopul ten days ago.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">Statistics show that theft of motorcycles parked in public places as well as isolated areas is rampant in Kathmandu. Police say that the use of additional lock and security system can prevent bikes from being stolen.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">Police investigation has revealed that the thieves often change the number plate or modify the parts of the stolen bikes so that the owners cannot recognize them.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-09', 'keywords' => '', 'description' => '', 'sortorder' => '12524', 'image' => '20201209023911_MotorcycleTheft3.jpg', 'article_date' => '2020-12-09 14:38:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12774', 'article_category_id' => '1', 'title' => '170 Hydropower Projects Unable to Sign PPA due to Flaw in Government Policy', 'sub_title' => '', 'summary' => 'December 8: Hydropower projects with capacity to generate around 7,000 megawatts of electricity have been denied permission to sign power purchase agreement (PPA) after the government blocked them from signing PPA stating that the quota of run-of-the river (ROR) hydroelectricity projects has reached its limit.', '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"">December 8: Hydropower projects with capacity to generate around 7,000 megawatts of electricity have been denied permission to sign power purchase agreement (PPA) after the government blocked them from signing PPA stating that the quota of run-of-the river (ROR) hydroelectricity projects has reached its limit.</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 has denied permission for ROR hydropower projects to sign PPA under the ‘take and pay’ scheme since the last one and a half years. As a result, a total of 170 private hydroelectricity projects with capacity to produce between 6000 to 7000 megawatts of electricity have not been able to sign PPA.</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 government has stopped such projects from signing PPA under the pretext that the quota has reached its limit, it is still granting permission to new projects for conducting surveys.</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 data kept by the Department of Electricity Development, a total of 26 projects were granted permission for survey to develop 1691 MW of electricity during the last fiscal year while 5 such projects have been granted permission to survey the possibility of generating 88 MW of electricity in the current fiscal year. But the government has not allowed any of the completed projects to sign PPA since the last one and a half years.</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 state-owned Nepal Electricity Authority (NEA) has refused to sign PPAs under the ‘take and pay’ scheme with the private companies following instructions from 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"">The government has been giving permission for survey to the promoter companies without any hesitation. However, it has not signed any single deal with such projects to purchase electricity.</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 has left the promoters of the under-construction project worried. One of the promoters said that the government has been giving them license for survey only with the intention of collecting revenue. </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 API Power Company Guru Prasad Neupane informed that around 170 projects have not been able to sign the PPA.</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"">“All of those projects have completed the required process. But they have not been able to strike the PPA,” said Neupane, adding that two of the projects developed by API Power Company has also not been able to sign PPA.</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"">“It is not fair to give license to the projects but deny them the opportunity to sign PPA,” he added. </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 must take appropriate decision.”</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 has set a target to develop 15,000 megawatts of electricity in 10 years. That includes 30 percent from ROR projects, as per the government’s concept. As per the government’s target, ROR projects can supply only up to 4500 megawatts of electricity.</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 the NEA has already initiated the process to purchase 6000 MW of electricity from ROR projects. However, the NEA has stopped signing PPA under take and pay scheme after the production of the ROR projects crossed the limit, says Ramji Bhandari, an official of NEA.</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, chairman of the Independent Power Producers Association of Nepal (IPPAN) Krishna Acharya says that the NEA is still not clear about the PPA issue.</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"">“Energy minister and officials of NEA assure us that they will sign PPA with us. But the NEA does not implement it,” said Acharya.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-08', 'modified' => '2020-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '12522', 'image' => '20201208032412_My Effect.jpg', 'article_date' => '2020-12-08 15:23:35', '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:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 11: Nepal Rastra Bank’s Governor Maha Prasad Adhikari has said that the central bank is committed to the develop digital economy and promote financial system in 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"">Governor Adhikari made such remarks during the virtual inauguration of Singapore FinTech Festival on Thursday (December 10). The festival is being organised by the United Nations Capital Development Fund and Singapore Monetary Authority.</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"">Speaking on the topic of digital payment for agriculture, Governor Adhikari said that Nepal Rastra Bank in capacity of the financial sector regulator has realized its role for the development of digital economy 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"">He revealed that the Government of Nepal has already initiated an ambitious project named Digital Nepal for promoting digital economy 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"">“This initiative will play a vital role in transforming the economy, administrative system and social activities,” said Governor Adhikari.</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"">Governor Adhikari further informed that the Government of Nepal as well as the central bank have given high priority for electronic transaction and payment system in recent days. He also said that the central bank has made necessary arrangements including legal provisions as well as policy-level decisions to implement the use of digital transaction 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"">He said that the importance of digital transaction has been clearly visible due to the coronavirus pandemic and also stressed on the need for digital payment in agriculture as well.</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 suggested expanding digital payment system from urban areas to rural areas and to connect local farmers with e-commerce system.</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"">Stating that that 28 percent of Nepal’s total GDP and almost two-thirds population are dependent on Agriculture, Governor Adhikari said that traditional farmers must focus on commercial farming. He said that the monetary policy has provision for credit card facilities and bonds for the farmers in order to make them competitive in the commercial market.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-11', 'modified' => '2020-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '12539', 'image' => '20201211011108_20200407080848_IMG_4955 - Copy.JPG', 'article_date' => '2020-12-11 13:10:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12790', 'article_category_id' => '1', 'title' => 'Nepal’s Credit Rating Suspended until Situation Becomes Normal', 'sub_title' => '', 'summary' => 'December 11: Fitch Ratings, which has been assigned for sovereign credit rating of Nepal, has decided to postpone the assigned task for the time being. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">December 11: Fitch Ratings, which has been assigned for sovereign credit rating of Nepal, has decided to postpone the assigned task for the time being. </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">The international company was preparing to complete the credit rating of Nepal within the first six months of the current fiscal year. However, the process has been postponed because of the impact of coronavirus on the country’s economy. The rating will be suspended until the economy returns to normalcy.</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 Ratings Oversight Committee, formed under the coordination of revenue secretary of Ministry of Finance (MoF) had given the task of Nepal’s credit rating to the US-based company before March after conducting discussions and necessary studies. </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">Moody’s, Fitch and Standard and Poor’s are the three major global credit rating agencies. Among them, the committee selected Fitch for conducing Nepal’s ratings. But the process has been suspended due to coronavirus, informed Revenue Secretary Ram Sharan Pudasaini.</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">He further said that the credit rating will resume once the situation becomes normal.</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">“This is not the appropriate time for conducting credit rating because of the pandemic. During this situation, Nepal’s major economic indicators will not be satisfactory. Study conducted in such circumstances will not yield good result,” he told New Business Age.</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">Deputy Governor of Nepal Rastra Bank Chintamani Shivakoti, who is also a member of the committee, informed that Fitch has been conducting some works related to the credit rating but it has to visit Nepal to complete the work. The company is currently unable to come to Nepal for conducting the study.</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">“Foreign consultants and technicians need to come here for the study. But that is not possible at the moment,” said the deputy governor.</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">Fitch will have to collect data from the concerned offices upon visiting Nepal. The committee informed that Fitch has been carrying out other works that can be done remotely.</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">Members of the Ratings Oversight Committee include NRB Deputy Governor Shivakoti, chairman of the Insurance Board, Chairman of the Securities Board of Nepal and chief of the Central Bureau of Statistics. Standard Chartered Bank, Singapore is the consultant company for the credit rating. </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">The budget of the current fiscal year has mentioned that the credit rating will be completed within the first six months of the 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">Stakeholders have been urging for sovereign rating saying that the absence of the rating has hugely impacted foreign direct investment (FDI) prospects of Nepal. Nevertheless, about half a dozen banks and financial institutions have borrowed billions of rupees in loans from foreign financial institutions over the last few years although the country does not have its credit rating. The banks say that the process of obtaining foreign loan would have been much easier if the country had credit rating.</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">Statistics related to economic activities in the country, ability to repay loans, trade with other countries and other various aspects are assessed while conducting sovereign rating. According to officials at Credit Rating Oversight Committee, the rating will form a basis for easy access to funds in the international market and sales of bonds. </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">Experts say that the sovereign rating helps to depict the real economic and financial situation of Nepal internationally.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-11', 'modified' => '2020-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '12538', 'image' => '20201211121731_1607645110.Clipboard13.jpg', 'article_date' => '2020-12-11 12:16:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12791', 'article_category_id' => '1', 'title' => 'Finance Minister Urges South Korea to Increase Investment ', 'sub_title' => '', 'summary' => 'December 11: Finance Minister Bishnu Prasad Poudel has requested South Korea to increase investment in education, health, tourism, and infrastructure sectors of Nepal. ', '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"">December 11: Finance Minister Bishnu Prasad Poudel has requested South Korea to increase investment in education, health, tourism, and infrastructure sectors of Nepal. Thanking South Korea for its current assistance in the field of education, health and infrastructure development through the Korea International Cooperation Agency (KOICA), Poudel during a bilateral meeting with South Korean Ambassador to Nepal Park Yong-sik urged for more investment. </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"">Stating that mutual cooperation between Nepal and South Korea is increasing in the area of trade, investment and employment, Finance Minister Poudel said that Nepalis have been going to South Korea for employment through EPS (Employment Permit System) and the country has benefited by using the skills learned there in Nepal. He also thanked the South Korean government for its support and cooperation in Nepal's efforts against Covid-19. </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"">He further said that the Ministry of Finance supports the projects being implemented in Nepal with the support of the South Korean government. </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"">During the meeting, Ambassador Yong-sik briefed about the assistance provided by the South Korean government to Nepal in various fields and said that the assistance would be extended in the field of technical and vocational education. He said they would coordinate to increase investment from South Korea’s private sector. Likewise, he also said that the South Korean government would actively contribute to the prevention, control and treatment of COVID-19. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-11', 'modified' => '2020-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '12537', 'image' => '20201211124716_1607644457.Clipboard09.jpg', 'article_date' => '2020-12-11 12:46:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12788', 'article_category_id' => '1', 'title' => 'Nepal and India Agree to Resume Regular Flights under Air Transport Bubble Scheme', 'sub_title' => '', 'summary' => 'December 11: Nepal and India have agreed to resume regular flights after nine months. Nepal has agreed to the air transport bubble scheme proposed by India to resume the flight service. ', '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"">December 11: Nepal and India have agreed to resume regular flights after nine months. Nepal has agreed to the air transport bubble scheme proposed by India to resume the flight 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"">Regular flights between Nepal and India were disrupted since March 24 after the government imposed lockdown to control the spread of coronavirus. Last month, India had proposed the air transport bubble scheme for taking back the citizens of different countries from Nepal. However, the government had not agreed to the proposal. </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"">After the government imposed lockdown, it also banned international flights for five months. Regular international flights to and from Nepal resumed on September 1 but the flight to India remained suspended due to high rate of infection in the neighbouring 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"">Under the air bubble scheme, both countries will be allowed to operate flights between New Delhi and Kathmandu with only one airline company. Nepal has selected the state-owned Nepal Airlines Corporation to conduct flight one flight per day between Kathmandu and New Delhi while Indian Airlines will be operating flights on behalf of India, informed the Civil Aviation Authority of Nepal (CAAN).</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 of CAAN Raj Kumar Chhetri informed that regular flights between the two countries will resume within two to three days.</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"">“Flights between Nepal and India will resume soon under the air transport bubble scheme. Under this scheme, only diplomats and the citizens of the two countries will be able to travel between the two countries,” said Chhetri.</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"">Chhetri clarified that citizens from third countries will not be allowed to travel under this scheme. The concept of air bubble is a scheme proposed by India to airlift stranded citizens from across the world during coronavirus pandemic.</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 travellers need to fill up the form online to travel under this scheme. They also need to present PCT test taken not more than 72 hours before the flight.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-11', 'modified' => '2020-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '12536', 'image' => '20201211110530_1607643876.11.jpg', 'article_date' => '2020-12-11 11:04:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12785', 'article_category_id' => '1', 'title' => 'Nepal to Challenge India’s Geographical Indication Claim on Basmati Rice', 'sub_title' => '', 'summary' => 'December 10: Nepal has challenged India’s claim over geographical indication tag for Basmati rice. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">December 10: Nepal has challenged India’s claim over geographical indication tag for Basmati rice. The government of Nepal is making preparations for counter claim after India lodged an application with the European Union exclusive rights over Basmati rice based on geographical indication. </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">Issuing a press statement, the Ministry of Agriculture and Livestock Development has said its serious attention has been drawn to the claim made by 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">The government has maintained that Nepal too should enjoy exclusive rights based on geographical indication over Basmati rice as the country has been producing the rice species and selling it abroad since time immemorial.</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">The ministry informed that the National Agriculture Genetic Resource Centre, Khumaltar will be making counter claim for the exclusive right at the EU within the given deadline.</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">Spokesperson of the ministry Dr Hari Bahadur KC informed that the centre will soon make a formal claim on behalf of 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">India has also filed a patent claim against an American research company after the establishment of the World Trade Organisation.</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">India had filed the complaint after an American company obtained patent for a cross-breed of Basmati rice. After India won the claim, it has been exporting Basmati rice to the USA. </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">Pakistan has also claimed its stake on Basmati 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">Vice President of the Intellectual Property Protection Society Madhusudhan Poudyal says Nepal made a mistake when India filed the patent claim but now it has take the right decision. He says it is necessary to stop India from claiming exclusive right over Basmati rice.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-10', 'modified' => '2020-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '12533', 'image' => '20201210023421_1607557260.Clipboard08.jpg', 'article_date' => '2020-12-10 14:33:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12784', 'article_category_id' => '1', 'title' => 'Prices of Food Products Rising Despite Normal Supply', 'sub_title' => '', 'summary' => 'December 10: The prices of food products have been consistently rising since the last one and a half months. ', '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"">December 10: The prices of food products have been consistently rising since the last one and a half months. Considering the prices of food before Dashain festival as reference point, there has been a price hike of up to 33 percent.</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 prices of edible oil, sugar and pulses shot up by 25 percent soon after Dashain. </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 data provided by the Retail Business Association, the prices of lentil, pulses and edible oil have been consistently rising in recent weeks.</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 price of string beans which was Rs 120 per kilogram increased by 33 percent to Rs 160 per kilogram. Similarly, red lentil which used to cost Rs 140 per kg before Dashain now costs Rs 160, which is 14 percent increase in price.</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"">Likewise, Indian red lentil also increased from Rs 115 kg to Rs 125 per kg during the review period. The price of black lentil increased from Rs 150 per kg to Rs 170 per kg.</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, price of soybean oil has increased by 20 percent from R s 150 per litre to Rs 180 per litre.</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, price of mustard oil (Dhara brand) has increased from Rs 220 to Rs 240. Sunflower oil saw an increase in price from Rs 175 per litre to Rs 195.</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"">President of the Retail Business Association Raj Kumar Shrestha told New Business Age that the businessmen themselves are unaware about the reason behind price hike. He said that the industries and wholesalers have allegedly increased the price citing an increase in price in the international market but they have not mentioned it in the bill. Shrestha further said that the retailers are unable to maintain a uniform price because they haven’t received accurate bill from the producers and wholesalers.</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"">“There isn’t any shortage of food in the market and there isn’t any excessive demand. Therefore, price hike during this time is unusual,” said Shrestha.</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, wholesalers accuse the retailers of refusing to take the bill due to fear of value added tax (VAT).</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-10', 'modified' => '2020-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '12532', 'image' => '20201210010458_1607557332.Clipboard07.jpg', 'article_date' => '2020-12-10 13:04:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12787', 'article_category_id' => '1', 'title' => 'Government Extends Deadline for Renewal of Blue Book by 3 Months', 'sub_title' => '', 'summary' => 'December 10: The government has extended the renewal period of vehicles’ blue book by three months. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Devanagari Sangam MN"">December 10: The government has extended the renewal period of vehicles’ blue book by three months. </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:"Devanagari Sangam MN"">A recent cabinet meeting took a decision to this effect. In addition to blue book renewal, the government has also extended the deadline for renewal of driving license as well as vehicles’ fitness test and route permit. </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:"Devanagari Sangam MN"">Unveiling the decisions taken by the Council of Ministers on Wednesday, government’s spokesperson Parbat Gurung confirmed that the deadline for renewal of blue book has been extended by three months.</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:"Devanagari Sangam MN"">The government had set the deadline of mid-September for payment of fines as well as renewal of blue books and route permits due to the coronavirus pandemic. As the restrictions were not fully lifted even after mid-September, the government decided to further extend the deadline. The decision to extend the deadline was also taken considering the festive season and various other reasons that hampered the smooth functioning of government offices. The government has announced that it will not be charging any fine or late fee during this period. The grace period will remain effective till mid-December.</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:"Devanagari Sangam MN"">The Ministry of Physical Infrastructure and Transport has already directed the Department of Transport Management to implement the decision taken by the Council of Ministers.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-10', 'modified' => '2020-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '12531', 'image' => '20201210033243_20200729013332_1595974364.Clipboard13.jpg', 'article_date' => '2020-12-10 15:32:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12783', 'article_category_id' => '1', 'title' => 'Government to Issue Certificate of Origin to Discourage Unauthorized Export', 'sub_title' => '', 'summary' => 'December 10: The government has decided to issue Certificate of Origin to the products made in Nepal from the raw materials imported from third countries in order to curb unauthorized export of such products. ', '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"">December 10: The government has decided to issue Certificate of Origin to the products made in Nepal from the raw materials imported from third countries in order to curb unauthorized export of such products. The move comes after India’s accusation that Nepal has been importing unrefined palm oil and then exporting the products without refining them to 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"">From now on, importers can bring food products from overseas only upon the recommendation from the authorised government body formed to regulate food market of 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"">Nepali importers have been facing accusation that they have been importing food products like pepper, beetle nuts and dates from third countries without authorization and then exporting them to India. Therefore India has banned the import of these products from 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"">The Certificate of Origin stands as a proof that the products are manufactured in 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"">Prior to this, the government had increased customs duty and allowed export of limited products in order to discourage unauthorized export. </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 has been accusing Nepal of exporting products imported from countries like Malaysia, Singapore and Indonesia as its own product. India made such accusation during the recent secretary-level meeting between the two countries to discuss trade-related issues.</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 Ministry of Industry, Commerce and Supplies believes that the issuance of Certificate of Origin will promote lawful business.</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"">“Unauthorised business will come to a halt one the Certificate of Origin is issued,” said joint secretary Urmila KC, adding, “This will be beneficial for the country’s industries.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-10', 'modified' => '2020-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '12530', 'image' => '20201210120656_20191103092810_20190807121918_Clipboard01.jpg', 'article_date' => '2020-12-10 12:06:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12779', 'article_category_id' => '1', 'title' => '18 Commercial Banks Record Increase in Non-Performing Loans', 'sub_title' => '', 'summary' => 'December 9: The non-performing loans of majority of commercial banks have increased as the lockdown to curb coronavirus affected most of the businesses in the country.', '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"">December 9: The non-performing loans of majority of commercial banks have increased as the lockdown to curb coronavirus affected most of the businesses 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"">The non-performing loans of 18 out of 27 commercial banks increased in the first quarter of the current fiscal year compared to the corresponding period of last FY.</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"">However, the remaining nine commercial banks have kept the non-performing loans in check.</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"">Bankers say that the non-performing loans could further increase as the individuals and businesses affected by coronavirus have not been able to pay the interest and installment and are unlikely to pay in bulk amount. </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"">Bankers say that although they have given the defaulters affected by coronavirus some more time to pay the loan and interest, it will only pile up pressure later on. </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"">“Sooner or later the borrowers will have to pay the interest and loan. If they do not pay now and pile up the amount, its impact will be seen in the non-performing loan,” said a banker requesting not to be named.</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 state-owned Rastriya Banijya Bank has the highest amount of non-performing loan in the current fiscal year. The non-performing loan of RBB, which was 3.50 percent in the first quarter of last fiscal year, has increased to 4.10 percent 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"">CEO of Rastriya Banijya Bank Kiran Kumar Shrestha says they were expecting the NPL to rise because the businesses have not been able to operate smoothly and the borrowers are unable to pay the interest and installment. Shrestha says they are anticipating non-performing loan to increase further.</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 sectors most affected by Covid-19 haven’t paid their loans or interest. We have be lenient toward those who are affected by the pandemic and we cannot force them to pay the loan. This only risks further increasing NPL,” said Shrestha. </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"">Another state-owned bank- Nepal Bank Limited- stands second in the list of banks with high non-performing loans. Nepal Bank has recorded 3.2 percent NPL in the first quarter of the current fiscal year. During the corresponding period of last FY, the banks NPL was 2.75 percent.</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, the NPL of NMB Bank is 2.26 percent followed by Bank of Kathmandu (2.18 percent), Global IME Bank (1.83 percent), Sunrise Bank (1.58 percent), Kumari Bank (1.43 percent) and Century Bank (1.43 percent). The NPL of Nepal Bangladesh Bank is 1.97 percent.</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"">Other banks which have recorded an increase in non-performing loans by 0.23 percentage points.</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, other nine commercial banks have succeeded in reducing their NPL. Despite covid-19 crisis, NIC Asia Bank has maintained its non-performing loan at 0.40 percent in the third week of October. Likewise, other banks that have succeeded in lowering their NPL include Laxmi Bank (0.97 percent), Mega Bank (1.0 percent), Agriculture Development Bank (2.37 percent), Prabhu Bank (2.67 percent) and NCC Bank (2.83 percent).</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"">General Manager of Himalayan Bank Sushil Joshi says that the relief given to the borrowers at present is certain to increase NPL because they will have to pay at once later on. It will have an impact on the bank’s distributable profit, says Joshi.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-09', 'keywords' => '', 'description' => '', 'sortorder' => '12529', 'image' => '20201209021045_Non-Performing-Loans-890x395_c 2.jpg', 'article_date' => '2020-12-09 14:10:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12777', 'article_category_id' => '1', 'title' => 'Height of Mount Everest Increases by 86 Centimetres', 'sub_title' => '', 'summary' => 'December 9: The height of Mount Everest has increased by 86 centimetres.', '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"">December 9: The height of Mount Everest has increased by 86 centimetres.</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"">Minister for Foreign Affairs Pradeep Gyawali made the revelation during a function organised at the Department of Survey on Tuesday (December 9).</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"">With the formal announcement made jointly by the Government of Nepal as well as China, the official height of Mt Everest has now been revised to 8848.86 meters.</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"">Until now, the height of Everest was considered 8848 meters. That measurement was taken in 1857 by India’s GL Gulati Company. Nepal conducted a survey on its own following speculations that the 2015 earthquakes might have altered the height of the world’s highest peak.</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"">Nepal and China had agreed to jointly measure the height of Mt Everest during Chinese President Xi Jinping’s state visit to Nepal last 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 Department of Survey conducted a study to measure the height of Mt Everest be spending Rs 130 million. It took almost two years to complete the study.</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"">Survey officer Sushil Dangol informed that they used various techniques to measure the height of Mt Everest because the use of a single technique would raise doubts regarding the findings of the study. He said that the department used direct measurement, triangulation method and global positioning system (GPS) to reach to the conclusion.</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 Dangol, the surveyors measure height of the mountain directly from both faces in direct measurement. Likewise, in the triangulation method, they use a certain point as reference to measure the height while the GPS method employs earth’s gravitational force and sophisticated equipment for the measurement.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-09', 'keywords' => '', 'description' => '', 'sortorder' => '12528', 'image' => '20201209120005_1607418193.mount_everest.jpg', 'article_date' => '2020-12-09 11:59:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12781', 'article_category_id' => '1', 'title' => 'Insurance Companies told to Unveil Financial Report in Compliance to NFRS ', 'sub_title' => '', 'summary' => 'December 9: Insurance companies will also have to make their financial reports public from now onward in accordance to the Nepal Financial Reporting Standard (NFRS).', '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"">December 9: Insurance companies will also have to make their financial reports public from now onward in accordance to the Nepal Financial Reporting Standard (NFRS).</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"">Issuing separate circulars to reinsurance and non-life insurance companies on Monday (December 7), the Insurance Board instructed them to follow NFRS while unveiling their financial report.</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"">Now, those insurance companies will have to make public their quarterly and annual financial reports based on NFRS. The board has said this provision will have to be implemented from the start of the current fiscal year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '12527', 'image' => '20201209023803_20200825040928_bima_samiti.jpg', 'article_date' => '2020-12-09 14:37:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12780', 'article_category_id' => '1', 'title' => 'Russia’s Shows Interest to Invest in Nepal’s Hydropower Sector', 'sub_title' => '', 'summary' => 'December 9: Russia has expressed its interest in investing in the hydropower sector of Nepal. ', '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"">December 9: Russia has expressed its interest in investing in the hydropower sector of Nepal. </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"">A delegation led by Russian Ambassador to Nepal Aleksei Novikov met with Minister for Energy, Water Resources and Irrigation Barshaman Pun on Tuesday and informed that two Russian banks have shown such interest. </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"">During the meeting, ambassador Novikov said that Russia’s two largest banks Lanta and Moscow Industrial Bank proposed to invest in Nepal’s hydropower. The delegation said that they want to sign a G2G investment agreement with Nepal. </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 delegation discussed about the legal provisions related to hydropower generation and distribution in Nepal and the potential of the regional market with Minister Pun. The ministry said that the team was also interested in the possibility of a joint project of electricity and irrigation. </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"">Novikov said that they will invest in a ‘pilot project’ and encourage both the private sector and the government to invest in Nepal by alaysing the market situation. </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"">Minister Pun had projected that 10,000 MW of electricity would be consumed in Nepal's internal market in the next 10 years. He informed that the surplus electricity will be exported to India and Bangladesh and power purchase agreement has been already signed with India and Bangladesh regarding this. </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"">“We are ready for the modality which you find most convenient, we welcome it,” Minister Pun said to the delegation, adding, “We are okay if you find a market on your own otherwise we can also help arrange a market.” </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-09', 'keywords' => '', 'description' => '', 'sortorder' => '12526', 'image' => '20201209022729_1607471407.Clipboard07.jpg', 'article_date' => '2020-12-09 14:26:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12778', 'article_category_id' => '1', 'title' => 'Use of QR Code for Payment Increasing', 'sub_title' => 'NRB preparing to make it more organized', 'summary' => 'December 9: The use of QR codes for payment has increased significantly in the market in recent days.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">December 9: The use of QR codes for payment has increased significantly in the market in recent days. As marketplaces are now using new devices to replace cash as means of payment, the frequency of payment through QR code has increased.</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:Calibri">Nepal Rastra Bank (NRB) reported that an additional 85,975 transactions worth Rs 321 million took place through QR code during the last month compared to the previous month. In mid-September to mid-October, customers made 265,000 transactions worth Rs 969 million using the code system. In mid-August to mid-September, altogether 179,000 transactions worth Rs 64.8 billion were reported in the country.</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:Calibri">Nepal Rastra Bank (NRB) is preparing to make the payment more systematic and uniform, as the payment from QR code has been increasing lately. The NRB is a statement informed that it is preparing to maintain QR code more systematically with the increase in transactions.</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:Calibri">The central bank is going to make more arrangements based on international standards. According to the central bank, international practice of QR code shows details including identifications of the customer and merchant, bank details, date and time of transaction mobile number the PSO operator and the three-page customer identification (KYC) of the person involved in the 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:Calibri">“Such a scan should have the detailed information which should be on the server or all the details should be seen once scanned and found when we search. That is why we are trying to manage it,” said an NRB source requesting anonymity.</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:Calibri">The QR code payment at present does not contain all this information. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-09', 'keywords' => '', 'description' => '', 'sortorder' => '12525', 'image' => '20201209125551_1607471670.Clipboard09.jpg', 'article_date' => '2020-12-09 12:55:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12782', 'article_category_id' => '1', 'title' => 'Traffic Police Launch Special Campaign Against Motyorcycle Theft ', 'sub_title' => '', 'summary' => 'December 9: The Metropolitan Traffic Police Division (MTPD) has arrested 14 persons involved in stealing motorcycles from different parts of Kathmandu Valley in the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">December 9: The Metropolitan Traffic Police Division (MTPD) has arrested 14 persons involved in stealing motorcycles from different parts of Kathmandu Valley in the current fiscal year. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">According the division, it has started a special campaign to search for stolen motorcycles and to bust the gang of people involved in this activity. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">The MTPD said in a statement on Tuesday (December 8) that it has already initiated action against those involved in stealing the motorcycles since a long time. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">The traffic police division said it has recovered 85 stolen motorcycles from different areas of the valley and returned them to their rightful owners.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">Chief of the division SSP Janak Bhattarai said that the police have started a special operation by deploying plain-clothes policemen to keep a watch on professional thieves who have been involved in this activity since a long time. He added that most of the motorcycles stolen in the capital have been found in villages outside the valley. Police have even mobilized informants in the villages to track stolen motorcycles, said SSP Bhattarai.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">The traffic police division yesterday arrested 25-year-old Sujan Tamang of Kavre from Lalitpur’s Dholahiti in possession with a stolen Pulsar 220 cc motorbike. According to the police, the bike was stolen from Setopul ten days ago.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">Statistics show that theft of motorcycles parked in public places as well as isolated areas is rampant in Kathmandu. Police say that the use of additional lock and security system can prevent bikes from being stolen.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">Police investigation has revealed that the thieves often change the number plate or modify the parts of the stolen bikes so that the owners cannot recognize them.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-09', 'keywords' => '', 'description' => '', 'sortorder' => '12524', 'image' => '20201209023911_MotorcycleTheft3.jpg', 'article_date' => '2020-12-09 14:38:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12774', 'article_category_id' => '1', 'title' => '170 Hydropower Projects Unable to Sign PPA due to Flaw in Government Policy', 'sub_title' => '', 'summary' => 'December 8: Hydropower projects with capacity to generate around 7,000 megawatts of electricity have been denied permission to sign power purchase agreement (PPA) after the government blocked them from signing PPA stating that the quota of run-of-the river (ROR) hydroelectricity projects has reached its limit.', '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"">December 8: Hydropower projects with capacity to generate around 7,000 megawatts of electricity have been denied permission to sign power purchase agreement (PPA) after the government blocked them from signing PPA stating that the quota of run-of-the river (ROR) hydroelectricity projects has reached its limit.</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 has denied permission for ROR hydropower projects to sign PPA under the ‘take and pay’ scheme since the last one and a half years. As a result, a total of 170 private hydroelectricity projects with capacity to produce between 6000 to 7000 megawatts of electricity have not been able to sign PPA.</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 government has stopped such projects from signing PPA under the pretext that the quota has reached its limit, it is still granting permission to new projects for conducting surveys.</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 data kept by the Department of Electricity Development, a total of 26 projects were granted permission for survey to develop 1691 MW of electricity during the last fiscal year while 5 such projects have been granted permission to survey the possibility of generating 88 MW of electricity in the current fiscal year. But the government has not allowed any of the completed projects to sign PPA since the last one and a half years.</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 state-owned Nepal Electricity Authority (NEA) has refused to sign PPAs under the ‘take and pay’ scheme with the private companies following instructions from 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"">The government has been giving permission for survey to the promoter companies without any hesitation. However, it has not signed any single deal with such projects to purchase electricity.</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 has left the promoters of the under-construction project worried. One of the promoters said that the government has been giving them license for survey only with the intention of collecting revenue. </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 API Power Company Guru Prasad Neupane informed that around 170 projects have not been able to sign the PPA.</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"">“All of those projects have completed the required process. But they have not been able to strike the PPA,” said Neupane, adding that two of the projects developed by API Power Company has also not been able to sign PPA.</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"">“It is not fair to give license to the projects but deny them the opportunity to sign PPA,” he added. </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 must take appropriate decision.”</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 has set a target to develop 15,000 megawatts of electricity in 10 years. That includes 30 percent from ROR projects, as per the government’s concept. As per the government’s target, ROR projects can supply only up to 4500 megawatts of electricity.</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 the NEA has already initiated the process to purchase 6000 MW of electricity from ROR projects. However, the NEA has stopped signing PPA under take and pay scheme after the production of the ROR projects crossed the limit, says Ramji Bhandari, an official of NEA.</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, chairman of the Independent Power Producers Association of Nepal (IPPAN) Krishna Acharya says that the NEA is still not clear about the PPA issue.</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"">“Energy minister and officials of NEA assure us that they will sign PPA with us. But the NEA does not implement it,” said Acharya.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-08', 'modified' => '2020-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '12522', 'image' => '20201208032412_My Effect.jpg', 'article_date' => '2020-12-08 15:23:35', '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:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 11: Nepal Rastra Bank’s Governor Maha Prasad Adhikari has said that the central bank is committed to the develop digital economy and promote financial system in 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"">Governor Adhikari made such remarks during the virtual inauguration of Singapore FinTech Festival on Thursday (December 10). The festival is being organised by the United Nations Capital Development Fund and Singapore Monetary Authority.</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"">Speaking on the topic of digital payment for agriculture, Governor Adhikari said that Nepal Rastra Bank in capacity of the financial sector regulator has realized its role for the development of digital economy 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"">He revealed that the Government of Nepal has already initiated an ambitious project named Digital Nepal for promoting digital economy 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"">“This initiative will play a vital role in transforming the economy, administrative system and social activities,” said Governor Adhikari.</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"">Governor Adhikari further informed that the Government of Nepal as well as the central bank have given high priority for electronic transaction and payment system in recent days. He also said that the central bank has made necessary arrangements including legal provisions as well as policy-level decisions to implement the use of digital transaction 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"">He said that the importance of digital transaction has been clearly visible due to the coronavirus pandemic and also stressed on the need for digital payment in agriculture as well.</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 suggested expanding digital payment system from urban areas to rural areas and to connect local farmers with e-commerce system.</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"">Stating that that 28 percent of Nepal’s total GDP and almost two-thirds population are dependent on Agriculture, Governor Adhikari said that traditional farmers must focus on commercial farming. He said that the monetary policy has provision for credit card facilities and bonds for the farmers in order to make them competitive in the commercial market.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-11', 'modified' => '2020-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '12539', 'image' => '20201211011108_20200407080848_IMG_4955 - Copy.JPG', 'article_date' => '2020-12-11 13:10:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12790', 'article_category_id' => '1', 'title' => 'Nepal’s Credit Rating Suspended until Situation Becomes Normal', 'sub_title' => '', 'summary' => 'December 11: Fitch Ratings, which has been assigned for sovereign credit rating of Nepal, has decided to postpone the assigned task for the time being. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">December 11: Fitch Ratings, which has been assigned for sovereign credit rating of Nepal, has decided to postpone the assigned task for the time being. </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">The international company was preparing to complete the credit rating of Nepal within the first six months of the current fiscal year. However, the process has been postponed because of the impact of coronavirus on the country’s economy. The rating will be suspended until the economy returns to normalcy.</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 Ratings Oversight Committee, formed under the coordination of revenue secretary of Ministry of Finance (MoF) had given the task of Nepal’s credit rating to the US-based company before March after conducting discussions and necessary studies. </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">Moody’s, Fitch and Standard and Poor’s are the three major global credit rating agencies. Among them, the committee selected Fitch for conducing Nepal’s ratings. But the process has been suspended due to coronavirus, informed Revenue Secretary Ram Sharan Pudasaini.</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">He further said that the credit rating will resume once the situation becomes normal.</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">“This is not the appropriate time for conducting credit rating because of the pandemic. During this situation, Nepal’s major economic indicators will not be satisfactory. Study conducted in such circumstances will not yield good result,” he told New Business Age.</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">Deputy Governor of Nepal Rastra Bank Chintamani Shivakoti, who is also a member of the committee, informed that Fitch has been conducting some works related to the credit rating but it has to visit Nepal to complete the work. The company is currently unable to come to Nepal for conducting the study.</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">“Foreign consultants and technicians need to come here for the study. But that is not possible at the moment,” said the deputy governor.</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">Fitch will have to collect data from the concerned offices upon visiting Nepal. The committee informed that Fitch has been carrying out other works that can be done remotely.</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">Members of the Ratings Oversight Committee include NRB Deputy Governor Shivakoti, chairman of the Insurance Board, Chairman of the Securities Board of Nepal and chief of the Central Bureau of Statistics. Standard Chartered Bank, Singapore is the consultant company for the credit rating. </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">The budget of the current fiscal year has mentioned that the credit rating will be completed within the first six months of the 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">Stakeholders have been urging for sovereign rating saying that the absence of the rating has hugely impacted foreign direct investment (FDI) prospects of Nepal. Nevertheless, about half a dozen banks and financial institutions have borrowed billions of rupees in loans from foreign financial institutions over the last few years although the country does not have its credit rating. The banks say that the process of obtaining foreign loan would have been much easier if the country had credit rating.</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">Statistics related to economic activities in the country, ability to repay loans, trade with other countries and other various aspects are assessed while conducting sovereign rating. According to officials at Credit Rating Oversight Committee, the rating will form a basis for easy access to funds in the international market and sales of bonds. </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">Experts say that the sovereign rating helps to depict the real economic and financial situation of Nepal internationally.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-11', 'modified' => '2020-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '12538', 'image' => '20201211121731_1607645110.Clipboard13.jpg', 'article_date' => '2020-12-11 12:16:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12791', 'article_category_id' => '1', 'title' => 'Finance Minister Urges South Korea to Increase Investment ', 'sub_title' => '', 'summary' => 'December 11: Finance Minister Bishnu Prasad Poudel has requested South Korea to increase investment in education, health, tourism, and infrastructure sectors of Nepal. ', '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"">December 11: Finance Minister Bishnu Prasad Poudel has requested South Korea to increase investment in education, health, tourism, and infrastructure sectors of Nepal. Thanking South Korea for its current assistance in the field of education, health and infrastructure development through the Korea International Cooperation Agency (KOICA), Poudel during a bilateral meeting with South Korean Ambassador to Nepal Park Yong-sik urged for more investment. </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"">Stating that mutual cooperation between Nepal and South Korea is increasing in the area of trade, investment and employment, Finance Minister Poudel said that Nepalis have been going to South Korea for employment through EPS (Employment Permit System) and the country has benefited by using the skills learned there in Nepal. He also thanked the South Korean government for its support and cooperation in Nepal's efforts against Covid-19. </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"">He further said that the Ministry of Finance supports the projects being implemented in Nepal with the support of the South Korean government. </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"">During the meeting, Ambassador Yong-sik briefed about the assistance provided by the South Korean government to Nepal in various fields and said that the assistance would be extended in the field of technical and vocational education. He said they would coordinate to increase investment from South Korea’s private sector. Likewise, he also said that the South Korean government would actively contribute to the prevention, control and treatment of COVID-19. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-11', 'modified' => '2020-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '12537', 'image' => '20201211124716_1607644457.Clipboard09.jpg', 'article_date' => '2020-12-11 12:46:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12788', 'article_category_id' => '1', 'title' => 'Nepal and India Agree to Resume Regular Flights under Air Transport Bubble Scheme', 'sub_title' => '', 'summary' => 'December 11: Nepal and India have agreed to resume regular flights after nine months. Nepal has agreed to the air transport bubble scheme proposed by India to resume the flight service. ', '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"">December 11: Nepal and India have agreed to resume regular flights after nine months. Nepal has agreed to the air transport bubble scheme proposed by India to resume the flight 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"">Regular flights between Nepal and India were disrupted since March 24 after the government imposed lockdown to control the spread of coronavirus. Last month, India had proposed the air transport bubble scheme for taking back the citizens of different countries from Nepal. However, the government had not agreed to the proposal. </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"">After the government imposed lockdown, it also banned international flights for five months. Regular international flights to and from Nepal resumed on September 1 but the flight to India remained suspended due to high rate of infection in the neighbouring 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"">Under the air bubble scheme, both countries will be allowed to operate flights between New Delhi and Kathmandu with only one airline company. Nepal has selected the state-owned Nepal Airlines Corporation to conduct flight one flight per day between Kathmandu and New Delhi while Indian Airlines will be operating flights on behalf of India, informed the Civil Aviation Authority of Nepal (CAAN).</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 of CAAN Raj Kumar Chhetri informed that regular flights between the two countries will resume within two to three days.</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"">“Flights between Nepal and India will resume soon under the air transport bubble scheme. Under this scheme, only diplomats and the citizens of the two countries will be able to travel between the two countries,” said Chhetri.</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"">Chhetri clarified that citizens from third countries will not be allowed to travel under this scheme. The concept of air bubble is a scheme proposed by India to airlift stranded citizens from across the world during coronavirus pandemic.</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 travellers need to fill up the form online to travel under this scheme. They also need to present PCT test taken not more than 72 hours before the flight.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-11', 'modified' => '2020-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '12536', 'image' => '20201211110530_1607643876.11.jpg', 'article_date' => '2020-12-11 11:04:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12785', 'article_category_id' => '1', 'title' => 'Nepal to Challenge India’s Geographical Indication Claim on Basmati Rice', 'sub_title' => '', 'summary' => 'December 10: Nepal has challenged India’s claim over geographical indication tag for Basmati rice. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">December 10: Nepal has challenged India’s claim over geographical indication tag for Basmati rice. The government of Nepal is making preparations for counter claim after India lodged an application with the European Union exclusive rights over Basmati rice based on geographical indication. </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">Issuing a press statement, the Ministry of Agriculture and Livestock Development has said its serious attention has been drawn to the claim made by 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">The government has maintained that Nepal too should enjoy exclusive rights based on geographical indication over Basmati rice as the country has been producing the rice species and selling it abroad since time immemorial.</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">The ministry informed that the National Agriculture Genetic Resource Centre, Khumaltar will be making counter claim for the exclusive right at the EU within the given deadline.</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">Spokesperson of the ministry Dr Hari Bahadur KC informed that the centre will soon make a formal claim on behalf of 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">India has also filed a patent claim against an American research company after the establishment of the World Trade Organisation.</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">India had filed the complaint after an American company obtained patent for a cross-breed of Basmati rice. After India won the claim, it has been exporting Basmati rice to the USA. </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">Pakistan has also claimed its stake on Basmati 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">Vice President of the Intellectual Property Protection Society Madhusudhan Poudyal says Nepal made a mistake when India filed the patent claim but now it has take the right decision. He says it is necessary to stop India from claiming exclusive right over Basmati rice.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-10', 'modified' => '2020-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '12533', 'image' => '20201210023421_1607557260.Clipboard08.jpg', 'article_date' => '2020-12-10 14:33:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12784', 'article_category_id' => '1', 'title' => 'Prices of Food Products Rising Despite Normal Supply', 'sub_title' => '', 'summary' => 'December 10: The prices of food products have been consistently rising since the last one and a half months. ', '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"">December 10: The prices of food products have been consistently rising since the last one and a half months. Considering the prices of food before Dashain festival as reference point, there has been a price hike of up to 33 percent.</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 prices of edible oil, sugar and pulses shot up by 25 percent soon after Dashain. </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 data provided by the Retail Business Association, the prices of lentil, pulses and edible oil have been consistently rising in recent weeks.</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 price of string beans which was Rs 120 per kilogram increased by 33 percent to Rs 160 per kilogram. Similarly, red lentil which used to cost Rs 140 per kg before Dashain now costs Rs 160, which is 14 percent increase in price.</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"">Likewise, Indian red lentil also increased from Rs 115 kg to Rs 125 per kg during the review period. The price of black lentil increased from Rs 150 per kg to Rs 170 per kg.</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, price of soybean oil has increased by 20 percent from R s 150 per litre to Rs 180 per litre.</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, price of mustard oil (Dhara brand) has increased from Rs 220 to Rs 240. Sunflower oil saw an increase in price from Rs 175 per litre to Rs 195.</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"">President of the Retail Business Association Raj Kumar Shrestha told New Business Age that the businessmen themselves are unaware about the reason behind price hike. He said that the industries and wholesalers have allegedly increased the price citing an increase in price in the international market but they have not mentioned it in the bill. Shrestha further said that the retailers are unable to maintain a uniform price because they haven’t received accurate bill from the producers and wholesalers.</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"">“There isn’t any shortage of food in the market and there isn’t any excessive demand. Therefore, price hike during this time is unusual,” said Shrestha.</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, wholesalers accuse the retailers of refusing to take the bill due to fear of value added tax (VAT).</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-10', 'modified' => '2020-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '12532', 'image' => '20201210010458_1607557332.Clipboard07.jpg', 'article_date' => '2020-12-10 13:04:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12787', 'article_category_id' => '1', 'title' => 'Government Extends Deadline for Renewal of Blue Book by 3 Months', 'sub_title' => '', 'summary' => 'December 10: The government has extended the renewal period of vehicles’ blue book by three months. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Devanagari Sangam MN"">December 10: The government has extended the renewal period of vehicles’ blue book by three months. </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:"Devanagari Sangam MN"">A recent cabinet meeting took a decision to this effect. In addition to blue book renewal, the government has also extended the deadline for renewal of driving license as well as vehicles’ fitness test and route permit. </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:"Devanagari Sangam MN"">Unveiling the decisions taken by the Council of Ministers on Wednesday, government’s spokesperson Parbat Gurung confirmed that the deadline for renewal of blue book has been extended by three months.</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:"Devanagari Sangam MN"">The government had set the deadline of mid-September for payment of fines as well as renewal of blue books and route permits due to the coronavirus pandemic. As the restrictions were not fully lifted even after mid-September, the government decided to further extend the deadline. The decision to extend the deadline was also taken considering the festive season and various other reasons that hampered the smooth functioning of government offices. The government has announced that it will not be charging any fine or late fee during this period. The grace period will remain effective till mid-December.</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:"Devanagari Sangam MN"">The Ministry of Physical Infrastructure and Transport has already directed the Department of Transport Management to implement the decision taken by the Council of Ministers.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-10', 'modified' => '2020-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '12531', 'image' => '20201210033243_20200729013332_1595974364.Clipboard13.jpg', 'article_date' => '2020-12-10 15:32:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12783', 'article_category_id' => '1', 'title' => 'Government to Issue Certificate of Origin to Discourage Unauthorized Export', 'sub_title' => '', 'summary' => 'December 10: The government has decided to issue Certificate of Origin to the products made in Nepal from the raw materials imported from third countries in order to curb unauthorized export of such products. ', '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"">December 10: The government has decided to issue Certificate of Origin to the products made in Nepal from the raw materials imported from third countries in order to curb unauthorized export of such products. The move comes after India’s accusation that Nepal has been importing unrefined palm oil and then exporting the products without refining them to 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"">From now on, importers can bring food products from overseas only upon the recommendation from the authorised government body formed to regulate food market of 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"">Nepali importers have been facing accusation that they have been importing food products like pepper, beetle nuts and dates from third countries without authorization and then exporting them to India. Therefore India has banned the import of these products from 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"">The Certificate of Origin stands as a proof that the products are manufactured in 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"">Prior to this, the government had increased customs duty and allowed export of limited products in order to discourage unauthorized export. </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 has been accusing Nepal of exporting products imported from countries like Malaysia, Singapore and Indonesia as its own product. India made such accusation during the recent secretary-level meeting between the two countries to discuss trade-related issues.</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 Ministry of Industry, Commerce and Supplies believes that the issuance of Certificate of Origin will promote lawful business.</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"">“Unauthorised business will come to a halt one the Certificate of Origin is issued,” said joint secretary Urmila KC, adding, “This will be beneficial for the country’s industries.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-10', 'modified' => '2020-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '12530', 'image' => '20201210120656_20191103092810_20190807121918_Clipboard01.jpg', 'article_date' => '2020-12-10 12:06:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12779', 'article_category_id' => '1', 'title' => '18 Commercial Banks Record Increase in Non-Performing Loans', 'sub_title' => '', 'summary' => 'December 9: The non-performing loans of majority of commercial banks have increased as the lockdown to curb coronavirus affected most of the businesses in the country.', '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"">December 9: The non-performing loans of majority of commercial banks have increased as the lockdown to curb coronavirus affected most of the businesses 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"">The non-performing loans of 18 out of 27 commercial banks increased in the first quarter of the current fiscal year compared to the corresponding period of last FY.</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"">However, the remaining nine commercial banks have kept the non-performing loans in check.</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"">Bankers say that the non-performing loans could further increase as the individuals and businesses affected by coronavirus have not been able to pay the interest and installment and are unlikely to pay in bulk amount. </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"">Bankers say that although they have given the defaulters affected by coronavirus some more time to pay the loan and interest, it will only pile up pressure later on. </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"">“Sooner or later the borrowers will have to pay the interest and loan. If they do not pay now and pile up the amount, its impact will be seen in the non-performing loan,” said a banker requesting not to be named.</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 state-owned Rastriya Banijya Bank has the highest amount of non-performing loan in the current fiscal year. The non-performing loan of RBB, which was 3.50 percent in the first quarter of last fiscal year, has increased to 4.10 percent 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"">CEO of Rastriya Banijya Bank Kiran Kumar Shrestha says they were expecting the NPL to rise because the businesses have not been able to operate smoothly and the borrowers are unable to pay the interest and installment. Shrestha says they are anticipating non-performing loan to increase further.</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 sectors most affected by Covid-19 haven’t paid their loans or interest. We have be lenient toward those who are affected by the pandemic and we cannot force them to pay the loan. This only risks further increasing NPL,” said Shrestha. </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"">Another state-owned bank- Nepal Bank Limited- stands second in the list of banks with high non-performing loans. Nepal Bank has recorded 3.2 percent NPL in the first quarter of the current fiscal year. During the corresponding period of last FY, the banks NPL was 2.75 percent.</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, the NPL of NMB Bank is 2.26 percent followed by Bank of Kathmandu (2.18 percent), Global IME Bank (1.83 percent), Sunrise Bank (1.58 percent), Kumari Bank (1.43 percent) and Century Bank (1.43 percent). The NPL of Nepal Bangladesh Bank is 1.97 percent.</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"">Other banks which have recorded an increase in non-performing loans by 0.23 percentage points.</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, other nine commercial banks have succeeded in reducing their NPL. Despite covid-19 crisis, NIC Asia Bank has maintained its non-performing loan at 0.40 percent in the third week of October. Likewise, other banks that have succeeded in lowering their NPL include Laxmi Bank (0.97 percent), Mega Bank (1.0 percent), Agriculture Development Bank (2.37 percent), Prabhu Bank (2.67 percent) and NCC Bank (2.83 percent).</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"">General Manager of Himalayan Bank Sushil Joshi says that the relief given to the borrowers at present is certain to increase NPL because they will have to pay at once later on. It will have an impact on the bank’s distributable profit, says Joshi.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-09', 'keywords' => '', 'description' => '', 'sortorder' => '12529', 'image' => '20201209021045_Non-Performing-Loans-890x395_c 2.jpg', 'article_date' => '2020-12-09 14:10:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12777', 'article_category_id' => '1', 'title' => 'Height of Mount Everest Increases by 86 Centimetres', 'sub_title' => '', 'summary' => 'December 9: The height of Mount Everest has increased by 86 centimetres.', '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"">December 9: The height of Mount Everest has increased by 86 centimetres.</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"">Minister for Foreign Affairs Pradeep Gyawali made the revelation during a function organised at the Department of Survey on Tuesday (December 9).</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"">With the formal announcement made jointly by the Government of Nepal as well as China, the official height of Mt Everest has now been revised to 8848.86 meters.</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"">Until now, the height of Everest was considered 8848 meters. That measurement was taken in 1857 by India’s GL Gulati Company. Nepal conducted a survey on its own following speculations that the 2015 earthquakes might have altered the height of the world’s highest peak.</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"">Nepal and China had agreed to jointly measure the height of Mt Everest during Chinese President Xi Jinping’s state visit to Nepal last 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 Department of Survey conducted a study to measure the height of Mt Everest be spending Rs 130 million. It took almost two years to complete the study.</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"">Survey officer Sushil Dangol informed that they used various techniques to measure the height of Mt Everest because the use of a single technique would raise doubts regarding the findings of the study. He said that the department used direct measurement, triangulation method and global positioning system (GPS) to reach to the conclusion.</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 Dangol, the surveyors measure height of the mountain directly from both faces in direct measurement. Likewise, in the triangulation method, they use a certain point as reference to measure the height while the GPS method employs earth’s gravitational force and sophisticated equipment for the measurement.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-09', 'keywords' => '', 'description' => '', 'sortorder' => '12528', 'image' => '20201209120005_1607418193.mount_everest.jpg', 'article_date' => '2020-12-09 11:59:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12781', 'article_category_id' => '1', 'title' => 'Insurance Companies told to Unveil Financial Report in Compliance to NFRS ', 'sub_title' => '', 'summary' => 'December 9: Insurance companies will also have to make their financial reports public from now onward in accordance to the Nepal Financial Reporting Standard (NFRS).', '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"">December 9: Insurance companies will also have to make their financial reports public from now onward in accordance to the Nepal Financial Reporting Standard (NFRS).</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"">Issuing separate circulars to reinsurance and non-life insurance companies on Monday (December 7), the Insurance Board instructed them to follow NFRS while unveiling their financial report.</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"">Now, those insurance companies will have to make public their quarterly and annual financial reports based on NFRS. The board has said this provision will have to be implemented from the start of the current fiscal year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '12527', 'image' => '20201209023803_20200825040928_bima_samiti.jpg', 'article_date' => '2020-12-09 14:37:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12780', 'article_category_id' => '1', 'title' => 'Russia’s Shows Interest to Invest in Nepal’s Hydropower Sector', 'sub_title' => '', 'summary' => 'December 9: Russia has expressed its interest in investing in the hydropower sector of Nepal. ', '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"">December 9: Russia has expressed its interest in investing in the hydropower sector of Nepal. </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"">A delegation led by Russian Ambassador to Nepal Aleksei Novikov met with Minister for Energy, Water Resources and Irrigation Barshaman Pun on Tuesday and informed that two Russian banks have shown such interest. </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"">During the meeting, ambassador Novikov said that Russia’s two largest banks Lanta and Moscow Industrial Bank proposed to invest in Nepal’s hydropower. The delegation said that they want to sign a G2G investment agreement with Nepal. </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 delegation discussed about the legal provisions related to hydropower generation and distribution in Nepal and the potential of the regional market with Minister Pun. The ministry said that the team was also interested in the possibility of a joint project of electricity and irrigation. </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"">Novikov said that they will invest in a ‘pilot project’ and encourage both the private sector and the government to invest in Nepal by alaysing the market situation. </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"">Minister Pun had projected that 10,000 MW of electricity would be consumed in Nepal's internal market in the next 10 years. He informed that the surplus electricity will be exported to India and Bangladesh and power purchase agreement has been already signed with India and Bangladesh regarding this. </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"">“We are ready for the modality which you find most convenient, we welcome it,” Minister Pun said to the delegation, adding, “We are okay if you find a market on your own otherwise we can also help arrange a market.” </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-09', 'keywords' => '', 'description' => '', 'sortorder' => '12526', 'image' => '20201209022729_1607471407.Clipboard07.jpg', 'article_date' => '2020-12-09 14:26:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12778', 'article_category_id' => '1', 'title' => 'Use of QR Code for Payment Increasing', 'sub_title' => 'NRB preparing to make it more organized', 'summary' => 'December 9: The use of QR codes for payment has increased significantly in the market in recent days.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">December 9: The use of QR codes for payment has increased significantly in the market in recent days. As marketplaces are now using new devices to replace cash as means of payment, the frequency of payment through QR code has increased.</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:Calibri">Nepal Rastra Bank (NRB) reported that an additional 85,975 transactions worth Rs 321 million took place through QR code during the last month compared to the previous month. In mid-September to mid-October, customers made 265,000 transactions worth Rs 969 million using the code system. In mid-August to mid-September, altogether 179,000 transactions worth Rs 64.8 billion were reported in the country.</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:Calibri">Nepal Rastra Bank (NRB) is preparing to make the payment more systematic and uniform, as the payment from QR code has been increasing lately. The NRB is a statement informed that it is preparing to maintain QR code more systematically with the increase in transactions.</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:Calibri">The central bank is going to make more arrangements based on international standards. According to the central bank, international practice of QR code shows details including identifications of the customer and merchant, bank details, date and time of transaction mobile number the PSO operator and the three-page customer identification (KYC) of the person involved in the 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:Calibri">“Such a scan should have the detailed information which should be on the server or all the details should be seen once scanned and found when we search. That is why we are trying to manage it,” said an NRB source requesting anonymity.</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:Calibri">The QR code payment at present does not contain all this information. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-09', 'keywords' => '', 'description' => '', 'sortorder' => '12525', 'image' => '20201209125551_1607471670.Clipboard09.jpg', 'article_date' => '2020-12-09 12:55:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12782', 'article_category_id' => '1', 'title' => 'Traffic Police Launch Special Campaign Against Motyorcycle Theft ', 'sub_title' => '', 'summary' => 'December 9: The Metropolitan Traffic Police Division (MTPD) has arrested 14 persons involved in stealing motorcycles from different parts of Kathmandu Valley in the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">December 9: The Metropolitan Traffic Police Division (MTPD) has arrested 14 persons involved in stealing motorcycles from different parts of Kathmandu Valley in the current fiscal year. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">According the division, it has started a special campaign to search for stolen motorcycles and to bust the gang of people involved in this activity. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">The MTPD said in a statement on Tuesday (December 8) that it has already initiated action against those involved in stealing the motorcycles since a long time. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">The traffic police division said it has recovered 85 stolen motorcycles from different areas of the valley and returned them to their rightful owners.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">Chief of the division SSP Janak Bhattarai said that the police have started a special operation by deploying plain-clothes policemen to keep a watch on professional thieves who have been involved in this activity since a long time. He added that most of the motorcycles stolen in the capital have been found in villages outside the valley. Police have even mobilized informants in the villages to track stolen motorcycles, said SSP Bhattarai.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">The traffic police division yesterday arrested 25-year-old Sujan Tamang of Kavre from Lalitpur’s Dholahiti in possession with a stolen Pulsar 220 cc motorbike. According to the police, the bike was stolen from Setopul ten days ago.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">Statistics show that theft of motorcycles parked in public places as well as isolated areas is rampant in Kathmandu. Police say that the use of additional lock and security system can prevent bikes from being stolen.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman""><span style="font-size:16.0pt"><span style="font-family:"Arial Unicode MS"">Police investigation has revealed that the thieves often change the number plate or modify the parts of the stolen bikes so that the owners cannot recognize them.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-09', 'modified' => '2020-12-09', 'keywords' => '', 'description' => '', 'sortorder' => '12524', 'image' => '20201209023911_MotorcycleTheft3.jpg', 'article_date' => '2020-12-09 14:38:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12774', 'article_category_id' => '1', 'title' => '170 Hydropower Projects Unable to Sign PPA due to Flaw in Government Policy', 'sub_title' => '', 'summary' => 'December 8: Hydropower projects with capacity to generate around 7,000 megawatts of electricity have been denied permission to sign power purchase agreement (PPA) after the government blocked them from signing PPA stating that the quota of run-of-the river (ROR) hydroelectricity projects has reached its limit.', '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"">December 8: Hydropower projects with capacity to generate around 7,000 megawatts of electricity have been denied permission to sign power purchase agreement (PPA) after the government blocked them from signing PPA stating that the quota of run-of-the river (ROR) hydroelectricity projects has reached its limit.</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 has denied permission for ROR hydropower projects to sign PPA under the ‘take and pay’ scheme since the last one and a half years. As a result, a total of 170 private hydroelectricity projects with capacity to produce between 6000 to 7000 megawatts of electricity have not been able to sign PPA.</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 government has stopped such projects from signing PPA under the pretext that the quota has reached its limit, it is still granting permission to new projects for conducting surveys.</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 data kept by the Department of Electricity Development, a total of 26 projects were granted permission for survey to develop 1691 MW of electricity during the last fiscal year while 5 such projects have been granted permission to survey the possibility of generating 88 MW of electricity in the current fiscal year. But the government has not allowed any of the completed projects to sign PPA since the last one and a half years.</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 state-owned Nepal Electricity Authority (NEA) has refused to sign PPAs under the ‘take and pay’ scheme with the private companies following instructions from 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"">The government has been giving permission for survey to the promoter companies without any hesitation. However, it has not signed any single deal with such projects to purchase electricity.</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 has left the promoters of the under-construction project worried. One of the promoters said that the government has been giving them license for survey only with the intention of collecting revenue. </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 API Power Company Guru Prasad Neupane informed that around 170 projects have not been able to sign the PPA.</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"">“All of those projects have completed the required process. But they have not been able to strike the PPA,” said Neupane, adding that two of the projects developed by API Power Company has also not been able to sign PPA.</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"">“It is not fair to give license to the projects but deny them the opportunity to sign PPA,” he added. </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 must take appropriate decision.”</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 has set a target to develop 15,000 megawatts of electricity in 10 years. That includes 30 percent from ROR projects, as per the government’s concept. As per the government’s target, ROR projects can supply only up to 4500 megawatts of electricity.</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 the NEA has already initiated the process to purchase 6000 MW of electricity from ROR projects. However, the NEA has stopped signing PPA under take and pay scheme after the production of the ROR projects crossed the limit, says Ramji Bhandari, an official of NEA.</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, chairman of the Independent Power Producers Association of Nepal (IPPAN) Krishna Acharya says that the NEA is still not clear about the PPA issue.</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"">“Energy minister and officials of NEA assure us that they will sign PPA with us. But the NEA does not implement it,” said Acharya.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-08', 'modified' => '2020-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '12522', 'image' => '20201208032412_My Effect.jpg', 'article_date' => '2020-12-08 15:23:35', '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
