NEWS

2,000 Quintals of Expired Butter found at DDC’s Warehouse

Oct 14, 2020 0 2 minutes 27 seconds to read

October 14: A joint monitoring team comprising of Consumer Protection Committee and human rights activists under the initiative of Kathmandu Metropolitan City has found around 2,000 quintals of expired butter in the warehouse of Dairy Development Corporation (DDC) at Balaju.…

Government Forms Technical Committee for Drafting Suggestions for Energy Sector

Oct 14, 2020 0 1 minutes 34 seconds to read

October 14: A task force formed under the coordination of Minister for Energy, Water Resources and Irrigation Barshaman Pun to study the energy sector in detail and submit suggestions has formed a technical committee with the responsibility of drafting suggestions for the development of the energy…

FNCCI Urges Business Enterprises and Industries to Follow Proper Ethics

Oct 14, 2020 0 1 minutes 26 seconds to read

October 14: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged all of its members to follow proper ethics while conducting their businesses and selling products in the market.…

World Economy to Shrink by 4.4 Percent in 2020: IMF

Oct 14, 2020 0 2 minutes 56 seconds to read

October 14: The International Monetary Fund (IMF) has forecast a decline in global economic growth by 4.4 percent in its latest World Economic Outlook…

Central Bank Directs BFIs not to Provide Foreign Exchange Facility for Import of Banned Products

Oct 14, 2020 0 1 minutes 4 seconds to read

October 14: Nepal Rastra Bank (NRB) has directed all stakeholders not to provide foreign exchange facility to individual or organisation for the import of banned…

NEA Instructed not to fine Hydropower Companies below 10MW Capacity

Oct 13, 2020 0 1 minutes 24 seconds to read

October 13: The Electricity Regulatory Commission has directed Nepal Electricity Authority not to charge any kind of fine or penalty to the hydropower companies with the capacity of 10 Mega Watt in case of reduction of electricity generation due to natural causes.…

Two Dozen Microfinance Companies in the Process of Merger and Acquisition

Oct 13, 2020 0 4 minutes 18 seconds to read

October 13: Microfinance companies have been more active in the process of merger and acquisition as compared to commercial banks, development banks and finance…

Import Takes a Nosedive due to Covid-19 Crisis

Oct 13, 2020 0 3 minutes 26 seconds to read

October 13: Coronavirus has not only weakened the country’s economy but also disrupted production and supply…

Poudel Assumes Responsibility of NAC General Manager

Oct 13, 2020 0 1 minutes 32 seconds to read

October 13: Newly-appointed General Manager of Nepal Airlines Corporation Dim Prasad Poudel has assumed his responsibilities at the state-owned airline…

Government Allows Diplomatic Missions to Import Luxurious Vehicles

Oct 12, 2020 0 1 minutes 48 seconds to read

October 12: The government has eased the restriction imposed on the import of luxurious vehicles to some extent.…

Government Lifts Ban on Import of Foreign Liquor

Oct 12, 2020 0 2 minutes 19 seconds to read

October 12: The government has lifted a ban on import of foreign…

Central Bank Issuing Treasury Bills Worth Rs 18.25 Billion

Oct 12, 2020 0 49 seconds to read

October 12: Nepal Rastra Bank has announced to issue treasury bills worth Rs 18.25 billion on Monday (October 12).…

FCAN Draws Government Attention toward their Problems

Oct 12, 2020 0 2 minutes 11 seconds to read

October 12: A delegation of the Federation of Contractors’ Associations of Nepal (FCAN) met with Minister for Physical Infrastructure and Transport Basanta Kumar Nembang on Sunday (October 11) and drew his attention towards the impacts of COVID-19 on the real-estate business and construction works.…

Automated System Introduced at Birgunj Customs

Oct 12, 2020 0 1 minutes 19 seconds to read

October 12: An automated system has been brought into operation at the customs point in Birgunj to make the import business through the checkpoint quick and…

Duplication of Customers of Microfinance Companies Declining

Oct 11, 2020 0 3 minutes 58 seconds to read

October 11: The trend of taking multiple loans from different microfinance companies (duplication) has started to…

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

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NEPSE

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			'title' => '2,000 Quintals of Expired Butter found at DDC’s Warehouse ',
			'sub_title' => '',
			'summary' => 'October 14: A joint monitoring team comprising of Consumer Protection Committee and human rights activists under the initiative of Kathmandu Metropolitan City has found around 2,000 quintals of expired butter in the warehouse of Dairy Development Corporation (DDC) at Balaju. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 14: A joint monitoring team comprising of Consumer Protection Committee and human rights activists under the initiative of Kathmandu Metropolitan City has found around 2,000 quintals of expired butter in the warehouse of Dairy Development Corporation (DDC) at Balaju. </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:&quot;Times New Roman&quot;">According to the committee, the monitoring team found 194,975 kg of expired and unlabeled butter used for making ghee during the market monitoring conducted on Tuesday. Its market price is around Rs 160 million. </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:&quot;Times New Roman&quot;">Upon reaching the Balaju-based DDC plant, the monitoring team found a pile of garbage, foul smell and chemicals leaking from the machineries. </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:&quot;Times New Roman&quot;">Hari Bahadur Bhandari, chief of the market monitoring team, said that the four warehouses were monitored on the basis of a complaint that food items including ghee and butter sold from the warehouse of DDC in Balaju had expired. </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:&quot;Times New Roman&quot;">According to him, the amount of butter was brought by the DDC from Sujal Dairy in Pokhara in four lots. The butter was brought twice in November and December 2019. The other two lots were brought in January and February 2020. It has been more than eight months since the butter was produced. He informed that the DDC has been sending it for sale in the market even after the expiration date. </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:&quot;Times New Roman&quot;">&ldquo;We have collected the samples and sent for examination for confirmation as DDC has been claiming that the products have not expired,&rdquo; he said. </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:&quot;Times New Roman&quot;">DDC, on the other hand, has been claiming that the products have not expired. General Manager of DDC Rudra Prasad Poudel has claimed that the butter can be used for one and a half years if it is kept at a temperature of -18 to -20 degrees Celcius. According to him, the milk bought by DDC from the farmers was sent to Sujal Dairy in Pokhara to be powdered and the butter was extracted from the milk. </span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Government Forms Technical Committee for Drafting Suggestions for Energy Sector',
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			'summary' => 'October 14: A task force formed under the coordination of Minister for Energy, Water Resources and Irrigation Barshaman Pun to study the energy sector in detail and submit suggestions has formed a technical committee with the responsibility of drafting suggestions for the development of the energy sector.',
			'content' => '<p><em><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:11.0pt"><span style="font-family:Calibri">Energy Minister Barsha Man Pun during a field visit in this file photo.</span></span></span></span></em></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">October 14: A task force formed under the coordination of Minister for Energy, Water Resources and Irrigation Barshaman Pun to study the energy sector in detail and submit suggestions has formed a technical committee with the responsibility of drafting suggestions for the development of the energy sector.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">The committee formed under the coordination of Joint Secretary of the Ministry of Energy Praveen Raj Aryal also has representatives from the Ministry of Finance, Ministry of Industry, Commerce and Supplies, Ministry of Forest and Environment, National Planning Commission, Director-General of the Power Development Department and representatives of the Nepal Electricity Authority.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">The task force has directed the committee to submit the proposed draft of the policy by mid-November, including suggestions from independent energy producers and the private sector. Aryal, the coordinator of the committee, informed New Business Age that the study will be done by making necessary preparations.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">A meeting of the task force on Tuesday also appointed Energy Secretary Dinesh Ghimire as the member secretary of the task force. Spokesperson Aryal also informed that members of the National Planning Commission, Ministry of Finance, Ministry of Industry, Commerce and Supply and Secretary of the Ministry of Forest and Environment have been appointed as members of the task force.</span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12593',
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			'title' => 'FNCCI Urges Business Enterprises and Industries to Follow Proper Ethics',
			'sub_title' => '',
			'summary' => 'October 14: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged all of its members to follow proper ethics while conducting their businesses and selling products in the market. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">October 14: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged all of its members to follow proper ethics while conducting their businesses and selling products in the market. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">FNCCI issued such directive to its members after receiving complaints that the industries in the country have been selling sub-standard products.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The FNCCI also urged the industries through a press statement to stop sending expired products to the market. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The umbrella body of industries and businesses enterprises of the country has also asked the concerned bodies to take appropriate actions against the violators. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The federation said it has received complaints of low quality products, products with weight below what is prescribed, products with re-written expiry dates among others. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The federation has also urged everyone to be extremely careful with any products that directly impact the health of a consumer. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">It has also urged the government to conduct its market monitoring programs throughout the year instead of only during the festive season. </span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'World Economy to Shrink by 4.4 Percent in 2020: IMF',
			'sub_title' => '',
			'summary' => 'October 14: The International Monetary Fund (IMF) has forecast a decline in global economic growth by 4.4 percent in its latest World Economic Outlook report.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Times">October 14: The International Monetary Fund (IMF) has forecast a decline in global economic growth by 4.4 percent in its latest World Economic Outlook report.</span></span></p>

<h1><span style="font-size:18px"><span style="font-family:Times">The IMF acknowledged that the global economy is climbing out from the depths to which it had plummeted during the &ldquo;Great Lockdown&rdquo; in April. </span></span></h1>

<h1><span style="font-size:18px"><span style="font-family:Times">But with the COVID-19 pandemic continuing to spread, many countries have slowed reopening and some are reinstating partial lockdowns to protect susceptible populations, IMF said in the report published on its website. </span></span></h1>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">&ldquo;Global growth is projected at 4.4 percent in 2020, a less severe contraction than forecast in the June 2020 World Economic Outlook (WEO) Update. The revision reflects better-than-anticipated second quarter GDP outturns, mostly in advanced economies, where activity began to improve sooner than expected after lockdowns were scaled back in May and June, as well as indicators of a stronger recovery in the third quarter.&rdquo;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">The report further states that the level of global GDP in 2021 is expected to be a modest 0.6 percent above that of 2019 following the contraction in 2020 and recovery in 2021.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria">While forecasting a global contraction this year after 2.8 percent growth last year, the IMF predicts a rebound to global growth of 5.2 percent next year, 0.2 percentage point lower than in its June forecast, reports the Associated Press.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">IMF further said that the growth projections imply wide negative output gaps and elevated unemployment rates this year and in 2021 across both advanced and emerging market economies.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">According to AP, the contraction of global growth by 4.4 percent would be the worst annual plunge since the Great Depression of the 1930s. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">&nbsp;&ldquo;While the global economy is coming back, the ascent will be long, uneven and uncertain,&rdquo; Gita Gopinath, the IMF&rsquo;s chief economist, wrote in the new outlook. &ldquo;Recovery is not assured while the pandemic continues to spread.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">The report says the pandemic will reverse the progress made since the 1990s in reducing global poverty and will increase inequality. People who rely on daily wage labor and are outside the formal safety net faced sudden income losses when mobility restrictions were imposed.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">Poor countries have been hurt the most by the pandemic, AP reported citing the IMF outlook. The World Bank has estimated that the pandemic has thrown between 88 million and 114 million people into extreme poverty, which is defined as living on less than $1.90 a day. That would mark the largest increase in extreme poverty on data going back to 1990. And it would end a period of more than two decades in which the rate of extreme poverty had declined.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12594',
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			'title' => 'Central Bank Directs BFIs not to Provide Foreign Exchange Facility for Import of Banned Products',
			'sub_title' => '',
			'summary' => 'October 14: Nepal Rastra Bank (NRB) has directed all stakeholders not to provide foreign exchange facility to individual or organisation for the import of banned products.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">October 14: Nepal Rastra Bank (NRB) has directed all stakeholders not to provide foreign exchange facility to individual or organisation for the import of banned products. The products banned by the government include black pepper, beetle nuts, peas and dates as well as luxurious vehicles that cost more than US$ 50,000.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Concluding that the transaction of the products banned by the government is illegal, the central bank issued a circular to all foreign exchange outlets as well as banks and financial institutions (BFIs) not to get involved in it.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The central bank issued such circular by amending the Unified Directive 2076. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The Foreign Exchange Management Department of NRB however has said that BFIs and other concerned institutions can provide foreign exchange facility to foreign diplomatic missions in Nepal and other international organisations working in the country for the purchase of luxurious vehicles.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'NEA Instructed not to fine Hydropower Companies below 10MW Capacity',
			'sub_title' => '',
			'summary' => 'October 13: The Electricity Regulatory Commission has directed Nepal Electricity Authority not to charge any kind of fine or penalty to the hydropower companies with the capacity of 10 Mega Watt in case of reduction of electricity generation due to natural causes. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 13: The Electricity Regulatory Commission has directed Nepal Electricity Authority not to charge any kind of fine or penalty to the hydropower companies with the capacity of 10 Mega Watt in case of reduction of electricity generation due to natural causes. </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:&quot;Times New Roman&quot;">The commission gave such directive to the NEA after it did not comply with the existing legal provisions. </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:&quot;Times New Roman&quot;">The promoter company normally sign a power purchase agreement with NEA to provide a certain amount of electricity in a month. The company has to provide at least 80 percent electricity to the NEA as per the commitment within the stipulated time. If the company fails to provide electricity, they will have to pay fine to NEA. But the commission has made it clear that the NEA should not charge any fine in case the company fails to provide electricity as promised due to natural calamities.</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:&quot;Times New Roman&quot;">It has been directed not to charge any fine in case of damage to the transmission line or substation due to floods, landslides, earthquake and other out of control conditions. </span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12591',
			'article_category_id' => '1',
			'title' => 'Two Dozen Microfinance Companies in the Process of Merger and Acquisition',
			'sub_title' => '',
			'summary' => 'October 13: Microfinance companies have been more active in the process of merger and acquisition as compared to commercial banks, development banks and finance companies.',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 13: Microfinance companies have been more active in the process of merger and acquisition as compared to commercial banks, development banks and finance companies.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">According to Nepal Rastra Bank, around two dozen microfinance companies are currently in the process of merger and acquisition.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The central bank is currently analyzing the process of merger and acquisition of eight such companies.&nbsp;Swastik and Samaj Microfinance, and CYC Nepal and Shaligram Microfinance are in the process of merger. Similarly, Mirmire and Srijansheel microfinance, and Global IME Microfinance and Sparsh Microfinance are in the process of acquisitions.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Similarly, the process of merger and acquisition of eight organizations has moved forward after their analysis was completed.&nbsp;The microfinance companies opting for mergers include OMI and Grameen Swayamsevak Microfinance, NIC Asia Microfinance and Swadeshi Microfinance, Mahuli and Nawikaran Microfinance, and Jalpa and Mahila Samudayik Microfinance.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">In addition, the central bank has given agreement in principle to 12 institutions to come for the final approval.&nbsp;Nepal Rastra Bank has given an agreement letter for the merger between Samata and Gharelu Microfinance.&nbsp;Unique Nepal and Buddhajyoti Microfinance were given the agreement letter to merge four months ago.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Narayan Pokharel, deputy spokesperson of Nepal Rastra Bank, informed that Dhaulagiri Microfinance and Nesdo Sambridha Microfinance were given agreement letters two months ago to merge with Aandhikhola Microfinance and Nepal Agro Microfinance respectively.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">A total of 207 banks and financial institutions have joined the merger/acquisition procedure as of October 11, after the central bank started the process of mergers and acquisitions between banks and financial institutions with the objective of strengthening their financial stability.&nbsp;Out of these, the licenses of 157 organizations have been revoked whereas 50 organizations have been established.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Some microfinance companies have also taken their steps back from the merger process.&nbsp;The acquisition process between Vijay Microfinance and Sweda was canceled even though they had already received an agreement letter from Nepal Rastra Bank. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Sweda has already merged with another microfinance and Vijay Microfinance has signed an agreement to acquire Khaptad Microfinance.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">According to Prakash Kumar Shrestha, executive director of the Microfinance Supervision Department of Nepal Rastra Bank, says that most of the microfinance companies are in the process of merger and acquisition in order to strengthen their capital as all of them were struggling due the coronavirus pandemic. He also believes that the facility provided by the central bank to those who go for mergers and acquisitions has also encouraged them to merge/acquire.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;Coronavirus has affected the microfinance companies.&nbsp;Some of the organizations have chosen the path of merger and acquisition to become stronger,&rdquo; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The central bank has formulated a strategy to reduce the number of microfinance companies from 84 to 30.&nbsp;The central bank has made an arrangement to provide incentives to the merged/acquired entities by permitting them to issue their right shares.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The central bank says that the process of merger and acquisition will strengthen the paid-up capital and ensure reliable financial services.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Nepal Rastra Bank has also emphasized the microfinance companies to raise their capital.&nbsp;At present, there is a provision to have Rs 10 million as the paid-up capital for state-level microfinance company and Rs 100 million as the paid-up capital for national level microfinance company.&nbsp;Executive Director Shrestha informed that Nepal Rastra Bank is now thinking of increasing the minimum paid-up capital of microfinance institutions.</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12588',
			'article_category_id' => '1',
			'title' => 'Import Takes a Nosedive due to Covid-19 Crisis',
			'sub_title' => '',
			'summary' => 'October 13: Coronavirus has not only weakened the country’s economy but also disrupted production and supply chain.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 13: Coronavirus has not only weakened the country&rsquo;s economy but also disrupted production and supply chain. The effect of coronavirus is now being observed in the core of the economic activities.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Birgunj customs point, which accounts for the maximum foreign trade of Nepal, has witnessed a massive decline in import of vehicles, petroleum products and raw materials for industries.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The import of these vital products took a nosedive in the first three months of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Birgunj Customs Office informed that the import has declined drastically compared to the last fiscal year. Customs officer Ramesh Sukmani informed that the import of vehicles, petroleum product as well as raw materials has declined to a great extent.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Birgunj is the major entry point for vehicles, petroleum products and raw materials.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Data kept by the customs office shows that the import of vehicles has dropped by more than 50 percent and so has the 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:&quot;Arial Unicode MS&quot;">Altogether 1174 jeeps and cars have been imported as of October 9 in the current fiscal year. The import of vehicles during the corresponding period of last FY was 2786.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The import of morotcycles, pick-up vans, trucks, mini trucks, auto rickshaw have also declined&nbsp; during the review period.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, the import of diesel, petrol and aviation turbine fuel (ATF) have dropped by 51, 25 and 77 percent respectively.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Information officer of the customs office Bimal Kumar Sah says that the import through the customs point declined heavily due to the obstruction in transportation after the government imposed lockdown and prohibitory order.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Industrialists say that the lack of demand in the market has also led to a decline in import of raw materials. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Industrialist Rajesh Kyal says the decline in import of raw materials and petroleum products as well as luxurious goods is a sign of economic contraction.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The lockdown has taken toll on employment opportunities which in turn has hit earning capacity of the people. This has led to a decline in demand and production. In such a scenario, it is obvious for import to decline,&rdquo; says Kyal.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12589',
			'article_category_id' => '1',
			'title' => 'Poudel  Assumes Responsibility of NAC General Manager ',
			'sub_title' => '',
			'summary' => 'October 13: Newly-appointed General Manager of Nepal Airlines Corporation Dim Prasad Poudel has assumed his responsibilities at the state-owned airline company.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">October 13: Newly-appointed General Manager of Nepal Airlines Corporation Dim Prasad Poudel has assumed his responsibilities at the state-owned airline company.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">The government has appointed his to the post for a four-year period. Poudel, a chartered accountant by profession and a management expert, was a member of the board of directors of NAC. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">NAC Chairman Sushil Ghimire handed over the responsibilities of NAC to Poudel amid a function held on Monday (October 12) and expressed happiness in getting some with great experience as chartered accountant as the GM of NAC.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">Chairman Ghimire said that the new GM was appointed as per the common understanding among the board members and also added that they were proud as an airliner for providing service during Covid-19 crisis.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">Meanwhile, Poudel said that although he is new to the aviation sector he would work towards revitalizing the NAC. Poudel also thanked the government for putting its trust on him.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">During the function, Poudel said that they cannot achieve must with the traditional working style and therefore stressed on a new approach and creativity for taking NAC to new heights.</span></span></span></p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12587',
			'article_category_id' => '1',
			'title' => 'Government Allows Diplomatic Missions to Import Luxurious Vehicles',
			'sub_title' => '',
			'summary' => 'October 12: The government has eased the restriction imposed on the import of luxurious vehicles to some extent. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">October 12: The government has eased the restriction imposed on the import of luxurious vehicles to some extent. The cabinet has decided to allow the import of luxurious vehicles for the diplomatic missions 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:&quot;Bangla MN&quot;">Minister for Foreign Affairs Pradeep Gyawali, who is also the government&rsquo;s spokesperson, informed that the Council of Ministers had decided to allow the diplomatic missions in Nepal and other organisations that enjoy diplomatic facilities to import luxurious cars. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The government had banned the import of luxurious goods including vehicles in mid-March stating that the country&rsquo;s economy was in grave danger due to coronavirus. Back then, the government had completely banned the import of vehicles that cost more than US$ 50,000.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The government had decided to ban import of such vehicles arguing that the country&rsquo;s economy was badly affected due to the outflow of Nepali currency as a result of importing luxurious vehicles. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">However, that decision caused problems for the diplomatic missions in Nepal and therefore the government lifted the ban for that specific purpose.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The cost of vehicles worth US$ 50,000 increases up to Rs 20 million by the time it arrives in Nepal due to high customs duty. Such vehicles were basically used by high-class businessmen and government officials.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12583',
			'article_category_id' => '1',
			'title' => 'Government Lifts Ban on Import of Foreign Liquor',
			'sub_title' => '',
			'summary' => 'October 12: The government has lifted a ban on import of foreign liquor.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">October 12: The government has lifted a ban on import of foreign liquor. The Council of Ministers has decided to lift the ban which was in force since the last seven 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:&quot;Bangla MN&quot;">Minister for Foreign Affairs Pradeep Gyawali, who is also the government&rsquo;s spokesperson, informed that the cabinet decided to lift the ban upon the recommendation of the Ministry of Industry, Commerce and Supplies.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Issuing a notice in the Nepal Gazette, the government had banned the import of foreign liquor on March 24 while imposing the lockdown to contain the spread of coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">With the ban in place for several months, liquors of foreign brand were being smuggled from India after running out of stock. The government has stated that the ban was lifted to discourage illegal smuggling of liquor. The government is also expecting an increase in revenue collection after lifting the ban.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The import of whiskey in the current fiscal&nbsp; year has been worth Rs 820 million so far while its import was worth Rs 1.7 billion during the last 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:&quot;Bangla MN&quot;">SPG Trading, Global Trading, Sahara Allied are some of the companies that import foreign liquor to 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:&quot;Bangla MN&quot;">Liquors like whiskey, wine, vodka, gin among others are mostly imported from India, Germany, Scotland, Italy, the USA, Belgium, Cuba as well as Gulf countries. The liquor dealers say that the consumption of foreign liquor goes up during the festive season. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Nepal imports liquor as well as raw materials for liquor worth Rs 5 billion every year. The government collects revenue of Rs500 million from the import of such products.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12586',
			'article_category_id' => '1',
			'title' => 'Central Bank Issuing Treasury Bills Worth Rs 18.25 Billion',
			'sub_title' => '',
			'summary' => 'October 12: Nepal Rastra Bank has announced to issue treasury bills worth Rs 18.25 billion on Monday (October 12). ',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 12: Nepal Rastra Bank has announced to issue treasury bills worth Rs 18.25 billion on Monday (October 12). Amongst the treasury bills issued by the central bank, bills worth Rs 3 billion are newly issued while the remaining bills worth Rs 15.25 billion are renewed ones.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The notice from Nepal Rastra Bank specifies that the treasury bills will have a maturity period of 364 days. According to the central bank, both new and renewed treasury bills will mature on October 11, 2021.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The treasury bills will be sold through auction. The central bank had also sold development bonds worth Rs 10 billion on October 6, 2020 through bidding. --RSS</span></span></span></p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12584',
			'article_category_id' => '1',
			'title' => 'FCAN Draws Government Attention toward their Problems',
			'sub_title' => '',
			'summary' => 'October 12: A delegation of the Federation of Contractors’ Associations of Nepal (FCAN) met with Minister for Physical Infrastructure and Transport Basanta Kumar Nembang on Sunday (October 11) and drew his attention towards the impacts of COVID-19 on the real-estate business and construction works. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 12: A delegation of the Federation of Contractors&rsquo; Associations of Nepal (FCAN) met with Minister for Physical Infrastructure and Transport Basanta Kumar Nembang on Sunday (October 11) and drew his attention towards the impacts of COVID-19 on the real-estate business and construction works. They also discussed ways to resolve the problem with the minister. </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:&quot;Times New Roman&quot;">The delegation led by FCAN president Ravi Singh discussed about extension of project deadlines, bank guarantee and insurance, credit line commission among others. </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:&quot;Times New Roman&quot;">Minister Nembang said that he would work with the stakeholders to resolve the problems seen in the construction business. </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:&quot;Times New Roman&quot;">The federation demanded a policy-level decision from the government to extend the term of all projects and contracts by one year as the Public Procurement Act has defined the epidemic as a special circumstance. </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:&quot;Times New Roman&quot;">The federation also said that even if the deadline is extended for only six months, the deadline won&rsquo;t be sufficient. The deadline for all the construction works should be automatically extended by one year as per the decision of the council of ministers. </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:&quot;Times New Roman&quot;">According to the federation, the cash flow in the construction sector has been low due to overhead expenses such as house rent, bank installments, staff salaries, etc. </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:&quot;Times New Roman&quot;">In order to revive the closed construction work and make the business run smoothly, the federation said that it is necessary for the construction entrepreneurs to get back the amount of five percent (retention money) deposit in the state treasury on the basis of bank guarantee. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '12585',
			'article_category_id' => '1',
			'title' => 'Automated System Introduced at Birgunj Customs',
			'sub_title' => '',
			'summary' => 'October 12: An automated system has been brought into operation at the customs point in Birgunj to make the import business through the checkpoint quick and effective.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 12: An automated system has been brought into operation at the customs point in Birgunj to make the import business through the checkpoint quick and effective. For the first time, an automatic barrier has been set up at the Inaruwa-Raxaul checkpoint in Birgunj.</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">Customs Officer Ramesh Sukmani informed that the import from the checkpoint will be more transparent as the gate will be opened automatically based on the exit notes provided to the vehicles that have passed the inspection from the customs office. Sukmani informed that the gate will open automatically after the system approves the bar code given to each vehicle.</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">With the implementation of the automated system, there will be no need for staff to open the gate of the customs office.</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">&nbsp;&quot;Importers can no longer pass more than one vehicle with the same exit note by deception or in collusion with employees,&quot; an official informed. The technology will also update the details of vehicles entering and leaving the customs premises, the customs officer added.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12582',
			'article_category_id' => '1',
			'title' => 'Duplication of Customers of Microfinance Companies Declining',
			'sub_title' => '',
			'summary' => 'October 11: The trend of taking multiple loans from different microfinance companies (duplication) has started to decrease.',
			'content' => '<h1><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">October 11: The trend of taking multiple loans from different microfinance companies (duplication) has started to decrease.&nbsp;This trend of duplication has decreased after Nepal Rastra Bank (NRB) made a provision to blacklist the non-performing borrowers at the Credit Information Center.</span></span></h1>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Dr Prakash Kumar Shrestha, executive director of the Department of Microfinance Supervision at Nepal Rastra Bank, says that cases of duplication has decreased by about 66,000 as compared to the previous year due to this arrangement. According to him, the names of all of the debtors of all microfinance companies are yet to be included in the system.&nbsp;After all the debtors are listed in the system, it will become very easy to find out the names of debtors along with the details of their creditor microfinance as well as the loan amount.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;On this basis, the information of all indebted members can be taken from the credit information center,&rdquo; &nbsp;Dr&nbsp;Shrestha told New Business Age, adding, &quot;It is easy to find out whether the borrower has taken a loan from other microfinance institutions and if so, the information about the amount of the loan, the name of the microfinance institutions and if they&rsquo;ve been blacklisted can also be easily found out.&nbsp;The institutions will be able to give loans without repeating the debtors in this way.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Microfinance companies say that it has become easy to identify the debt history of the debtors from the credit information center due to this arrangement.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The amendment made on Nepal Rastra Bank&rsquo;s directive for all &lsquo;D&rsquo; class institutions, 2076 recommends the microfinance institutions to enlist any debtors in the blacklist if they have a loan of Rs 500,000 or more and are in a condition of turning into a non-performing loan.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The directive has also made a provision directing the concerned microfinance companies to make a recommendation to the credit information center to blacklist the borrowers, who have not paid their loans intentionally.&nbsp;Another provision was made through the monetary policy to blacklist those borrowers, who have fallen into a debt trap by borrowing from more than one microfinance institution.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">There were no provisions for the removal of the names of the debtors from the blacklist after they had repaid their loans. The directive of the current fiscal year, has however made an arrangement for this.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The revised and amended directive for the &lsquo;D&rsquo; class institutions issued by the central bank states, &quot;If the debtors, who have been blacklisted for not paying their loans, pay back their loan along with the interest amount, the concerned microfinance institutions should recommend the credit information center to remove the debtors&rsquo; names from the blacklist.&quot;&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Chairman of the Nepal Microfinance Bankers&#39; Association, Basanta Raj Lamsal, says that the provision for removing the blacklisted name has brought a sense of completion to the blacklisting procedure.&nbsp;&ldquo;Earlier, there was no provision to remove the name of a debtor from the blacklist even after he/she had repaid their loans,&quot; he said.&nbsp;Debtors are deprived of any government benefits until they get their names removed from the blacklist.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">There are 84 microfinance institutions across the country.&nbsp;There are about 3,900 branches of these companies.&nbsp;There are about 4,600,000 members of these microfinances.&nbsp;Among them, about 2,800,000 members are debtors.&nbsp;In previous years, a maximum of Rs 500,000 to Rs 1,000,000 could be taken as a loan from a microfinance.&nbsp;Since last year, the maximum amount of loan that can be taken has increased to Rs 1,500,000.&nbsp;The central bank says that risk and abuse of loans may increase with the increase of the maximum limit, which may lead to an increase in the number of blacklisted debtors.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12596',
			'article_category_id' => '1',
			'title' => '2,000 Quintals of Expired Butter found at DDC’s Warehouse ',
			'sub_title' => '',
			'summary' => 'October 14: A joint monitoring team comprising of Consumer Protection Committee and human rights activists under the initiative of Kathmandu Metropolitan City has found around 2,000 quintals of expired butter in the warehouse of Dairy Development Corporation (DDC) at Balaju. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 14: A joint monitoring team comprising of Consumer Protection Committee and human rights activists under the initiative of Kathmandu Metropolitan City has found around 2,000 quintals of expired butter in the warehouse of Dairy Development Corporation (DDC) at Balaju. </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:&quot;Times New Roman&quot;">According to the committee, the monitoring team found 194,975 kg of expired and unlabeled butter used for making ghee during the market monitoring conducted on Tuesday. Its market price is around Rs 160 million. </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:&quot;Times New Roman&quot;">Upon reaching the Balaju-based DDC plant, the monitoring team found a pile of garbage, foul smell and chemicals leaking from the machineries. </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:&quot;Times New Roman&quot;">Hari Bahadur Bhandari, chief of the market monitoring team, said that the four warehouses were monitored on the basis of a complaint that food items including ghee and butter sold from the warehouse of DDC in Balaju had expired. </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:&quot;Times New Roman&quot;">According to him, the amount of butter was brought by the DDC from Sujal Dairy in Pokhara in four lots. The butter was brought twice in November and December 2019. The other two lots were brought in January and February 2020. It has been more than eight months since the butter was produced. He informed that the DDC has been sending it for sale in the market even after the expiration date. </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:&quot;Times New Roman&quot;">&ldquo;We have collected the samples and sent for examination for confirmation as DDC has been claiming that the products have not expired,&rdquo; he said. </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:&quot;Times New Roman&quot;">DDC, on the other hand, has been claiming that the products have not expired. General Manager of DDC Rudra Prasad Poudel has claimed that the butter can be used for one and a half years if it is kept at a temperature of -18 to -20 degrees Celcius. According to him, the milk bought by DDC from the farmers was sent to Sujal Dairy in Pokhara to be powdered and the butter was extracted from the milk. </span></span></span></span></p>

<p>&nbsp;</p>
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			'article_category_id' => '1',
			'title' => 'Government Forms Technical Committee for Drafting Suggestions for Energy Sector',
			'sub_title' => '',
			'summary' => 'October 14: A task force formed under the coordination of Minister for Energy, Water Resources and Irrigation Barshaman Pun to study the energy sector in detail and submit suggestions has formed a technical committee with the responsibility of drafting suggestions for the development of the energy sector.',
			'content' => '<p><em><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:11.0pt"><span style="font-family:Calibri">Energy Minister Barsha Man Pun during a field visit in this file photo.</span></span></span></span></em></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">October 14: A task force formed under the coordination of Minister for Energy, Water Resources and Irrigation Barshaman Pun to study the energy sector in detail and submit suggestions has formed a technical committee with the responsibility of drafting suggestions for the development of the energy sector.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">The committee formed under the coordination of Joint Secretary of the Ministry of Energy Praveen Raj Aryal also has representatives from the Ministry of Finance, Ministry of Industry, Commerce and Supplies, Ministry of Forest and Environment, National Planning Commission, Director-General of the Power Development Department and representatives of the Nepal Electricity Authority.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">The task force has directed the committee to submit the proposed draft of the policy by mid-November, including suggestions from independent energy producers and the private sector. Aryal, the coordinator of the committee, informed New Business Age that the study will be done by making necessary preparations.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">A meeting of the task force on Tuesday also appointed Energy Secretary Dinesh Ghimire as the member secretary of the task force. Spokesperson Aryal also informed that members of the National Planning Commission, Ministry of Finance, Ministry of Industry, Commerce and Supply and Secretary of the Ministry of Forest and Environment have been appointed as members of the task force.</span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12593',
			'article_category_id' => '1',
			'title' => 'FNCCI Urges Business Enterprises and Industries to Follow Proper Ethics',
			'sub_title' => '',
			'summary' => 'October 14: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged all of its members to follow proper ethics while conducting their businesses and selling products in the market. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">October 14: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged all of its members to follow proper ethics while conducting their businesses and selling products in the market. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">FNCCI issued such directive to its members after receiving complaints that the industries in the country have been selling sub-standard products.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The FNCCI also urged the industries through a press statement to stop sending expired products to the market. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The umbrella body of industries and businesses enterprises of the country has also asked the concerned bodies to take appropriate actions against the violators. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The federation said it has received complaints of low quality products, products with weight below what is prescribed, products with re-written expiry dates among others. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The federation has also urged everyone to be extremely careful with any products that directly impact the health of a consumer. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">It has also urged the government to conduct its market monitoring programs throughout the year instead of only during the festive season. </span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'World Economy to Shrink by 4.4 Percent in 2020: IMF',
			'sub_title' => '',
			'summary' => 'October 14: The International Monetary Fund (IMF) has forecast a decline in global economic growth by 4.4 percent in its latest World Economic Outlook report.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Times">October 14: The International Monetary Fund (IMF) has forecast a decline in global economic growth by 4.4 percent in its latest World Economic Outlook report.</span></span></p>

<h1><span style="font-size:18px"><span style="font-family:Times">The IMF acknowledged that the global economy is climbing out from the depths to which it had plummeted during the &ldquo;Great Lockdown&rdquo; in April. </span></span></h1>

<h1><span style="font-size:18px"><span style="font-family:Times">But with the COVID-19 pandemic continuing to spread, many countries have slowed reopening and some are reinstating partial lockdowns to protect susceptible populations, IMF said in the report published on its website. </span></span></h1>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">&ldquo;Global growth is projected at 4.4 percent in 2020, a less severe contraction than forecast in the June 2020 World Economic Outlook (WEO) Update. The revision reflects better-than-anticipated second quarter GDP outturns, mostly in advanced economies, where activity began to improve sooner than expected after lockdowns were scaled back in May and June, as well as indicators of a stronger recovery in the third quarter.&rdquo;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">The report further states that the level of global GDP in 2021 is expected to be a modest 0.6 percent above that of 2019 following the contraction in 2020 and recovery in 2021.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria">While forecasting a global contraction this year after 2.8 percent growth last year, the IMF predicts a rebound to global growth of 5.2 percent next year, 0.2 percentage point lower than in its June forecast, reports the Associated Press.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">IMF further said that the growth projections imply wide negative output gaps and elevated unemployment rates this year and in 2021 across both advanced and emerging market economies.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">According to AP, the contraction of global growth by 4.4 percent would be the worst annual plunge since the Great Depression of the 1930s. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">&nbsp;&ldquo;While the global economy is coming back, the ascent will be long, uneven and uncertain,&rdquo; Gita Gopinath, the IMF&rsquo;s chief economist, wrote in the new outlook. &ldquo;Recovery is not assured while the pandemic continues to spread.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">The report says the pandemic will reverse the progress made since the 1990s in reducing global poverty and will increase inequality. People who rely on daily wage labor and are outside the formal safety net faced sudden income losses when mobility restrictions were imposed.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">Poor countries have been hurt the most by the pandemic, AP reported citing the IMF outlook. The World Bank has estimated that the pandemic has thrown between 88 million and 114 million people into extreme poverty, which is defined as living on less than $1.90 a day. That would mark the largest increase in extreme poverty on data going back to 1990. And it would end a period of more than two decades in which the rate of extreme poverty had declined.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12594',
			'article_category_id' => '1',
			'title' => 'Central Bank Directs BFIs not to Provide Foreign Exchange Facility for Import of Banned Products',
			'sub_title' => '',
			'summary' => 'October 14: Nepal Rastra Bank (NRB) has directed all stakeholders not to provide foreign exchange facility to individual or organisation for the import of banned products.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">October 14: Nepal Rastra Bank (NRB) has directed all stakeholders not to provide foreign exchange facility to individual or organisation for the import of banned products. The products banned by the government include black pepper, beetle nuts, peas and dates as well as luxurious vehicles that cost more than US$ 50,000.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Concluding that the transaction of the products banned by the government is illegal, the central bank issued a circular to all foreign exchange outlets as well as banks and financial institutions (BFIs) not to get involved in it.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The central bank issued such circular by amending the Unified Directive 2076. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The Foreign Exchange Management Department of NRB however has said that BFIs and other concerned institutions can provide foreign exchange facility to foreign diplomatic missions in Nepal and other international organisations working in the country for the purchase of luxurious vehicles.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '12590',
			'article_category_id' => '1',
			'title' => 'NEA Instructed not to fine Hydropower Companies below 10MW Capacity',
			'sub_title' => '',
			'summary' => 'October 13: The Electricity Regulatory Commission has directed Nepal Electricity Authority not to charge any kind of fine or penalty to the hydropower companies with the capacity of 10 Mega Watt in case of reduction of electricity generation due to natural causes. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 13: The Electricity Regulatory Commission has directed Nepal Electricity Authority not to charge any kind of fine or penalty to the hydropower companies with the capacity of 10 Mega Watt in case of reduction of electricity generation due to natural causes. </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:&quot;Times New Roman&quot;">The commission gave such directive to the NEA after it did not comply with the existing legal provisions. </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:&quot;Times New Roman&quot;">The promoter company normally sign a power purchase agreement with NEA to provide a certain amount of electricity in a month. The company has to provide at least 80 percent electricity to the NEA as per the commitment within the stipulated time. If the company fails to provide electricity, they will have to pay fine to NEA. But the commission has made it clear that the NEA should not charge any fine in case the company fails to provide electricity as promised due to natural calamities.</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:&quot;Times New Roman&quot;">It has been directed not to charge any fine in case of damage to the transmission line or substation due to floods, landslides, earthquake and other out of control conditions. </span></span></span></span></p>

<p>&nbsp;</p>
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			'article_date' => '2020-10-13 14:31:21',
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		'Article' => array(
			'id' => '12591',
			'article_category_id' => '1',
			'title' => 'Two Dozen Microfinance Companies in the Process of Merger and Acquisition',
			'sub_title' => '',
			'summary' => 'October 13: Microfinance companies have been more active in the process of merger and acquisition as compared to commercial banks, development banks and finance companies.',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 13: Microfinance companies have been more active in the process of merger and acquisition as compared to commercial banks, development banks and finance companies.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">According to Nepal Rastra Bank, around two dozen microfinance companies are currently in the process of merger and acquisition.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The central bank is currently analyzing the process of merger and acquisition of eight such companies.&nbsp;Swastik and Samaj Microfinance, and CYC Nepal and Shaligram Microfinance are in the process of merger. Similarly, Mirmire and Srijansheel microfinance, and Global IME Microfinance and Sparsh Microfinance are in the process of acquisitions.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Similarly, the process of merger and acquisition of eight organizations has moved forward after their analysis was completed.&nbsp;The microfinance companies opting for mergers include OMI and Grameen Swayamsevak Microfinance, NIC Asia Microfinance and Swadeshi Microfinance, Mahuli and Nawikaran Microfinance, and Jalpa and Mahila Samudayik Microfinance.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">In addition, the central bank has given agreement in principle to 12 institutions to come for the final approval.&nbsp;Nepal Rastra Bank has given an agreement letter for the merger between Samata and Gharelu Microfinance.&nbsp;Unique Nepal and Buddhajyoti Microfinance were given the agreement letter to merge four months ago.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Narayan Pokharel, deputy spokesperson of Nepal Rastra Bank, informed that Dhaulagiri Microfinance and Nesdo Sambridha Microfinance were given agreement letters two months ago to merge with Aandhikhola Microfinance and Nepal Agro Microfinance respectively.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">A total of 207 banks and financial institutions have joined the merger/acquisition procedure as of October 11, after the central bank started the process of mergers and acquisitions between banks and financial institutions with the objective of strengthening their financial stability.&nbsp;Out of these, the licenses of 157 organizations have been revoked whereas 50 organizations have been established.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Some microfinance companies have also taken their steps back from the merger process.&nbsp;The acquisition process between Vijay Microfinance and Sweda was canceled even though they had already received an agreement letter from Nepal Rastra Bank. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Sweda has already merged with another microfinance and Vijay Microfinance has signed an agreement to acquire Khaptad Microfinance.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">According to Prakash Kumar Shrestha, executive director of the Microfinance Supervision Department of Nepal Rastra Bank, says that most of the microfinance companies are in the process of merger and acquisition in order to strengthen their capital as all of them were struggling due the coronavirus pandemic. He also believes that the facility provided by the central bank to those who go for mergers and acquisitions has also encouraged them to merge/acquire.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;Coronavirus has affected the microfinance companies.&nbsp;Some of the organizations have chosen the path of merger and acquisition to become stronger,&rdquo; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The central bank has formulated a strategy to reduce the number of microfinance companies from 84 to 30.&nbsp;The central bank has made an arrangement to provide incentives to the merged/acquired entities by permitting them to issue their right shares.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The central bank says that the process of merger and acquisition will strengthen the paid-up capital and ensure reliable financial services.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Nepal Rastra Bank has also emphasized the microfinance companies to raise their capital.&nbsp;At present, there is a provision to have Rs 10 million as the paid-up capital for state-level microfinance company and Rs 100 million as the paid-up capital for national level microfinance company.&nbsp;Executive Director Shrestha informed that Nepal Rastra Bank is now thinking of increasing the minimum paid-up capital of microfinance institutions.</span></span></span></p>

<p>&nbsp;</p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12588',
			'article_category_id' => '1',
			'title' => 'Import Takes a Nosedive due to Covid-19 Crisis',
			'sub_title' => '',
			'summary' => 'October 13: Coronavirus has not only weakened the country’s economy but also disrupted production and supply chain.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 13: Coronavirus has not only weakened the country&rsquo;s economy but also disrupted production and supply chain. The effect of coronavirus is now being observed in the core of the economic activities.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Birgunj customs point, which accounts for the maximum foreign trade of Nepal, has witnessed a massive decline in import of vehicles, petroleum products and raw materials for industries.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The import of these vital products took a nosedive in the first three months of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Birgunj Customs Office informed that the import has declined drastically compared to the last fiscal year. Customs officer Ramesh Sukmani informed that the import of vehicles, petroleum product as well as raw materials has declined to a great extent.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Birgunj is the major entry point for vehicles, petroleum products and raw materials.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Data kept by the customs office shows that the import of vehicles has dropped by more than 50 percent and so has the 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:&quot;Arial Unicode MS&quot;">Altogether 1174 jeeps and cars have been imported as of October 9 in the current fiscal year. The import of vehicles during the corresponding period of last FY was 2786.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The import of morotcycles, pick-up vans, trucks, mini trucks, auto rickshaw have also declined&nbsp; during the review period.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, the import of diesel, petrol and aviation turbine fuel (ATF) have dropped by 51, 25 and 77 percent respectively.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Information officer of the customs office Bimal Kumar Sah says that the import through the customs point declined heavily due to the obstruction in transportation after the government imposed lockdown and prohibitory order.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Industrialists say that the lack of demand in the market has also led to a decline in import of raw materials. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Industrialist Rajesh Kyal says the decline in import of raw materials and petroleum products as well as luxurious goods is a sign of economic contraction.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The lockdown has taken toll on employment opportunities which in turn has hit earning capacity of the people. This has led to a decline in demand and production. In such a scenario, it is obvious for import to decline,&rdquo; says Kyal.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12589',
			'article_category_id' => '1',
			'title' => 'Poudel  Assumes Responsibility of NAC General Manager ',
			'sub_title' => '',
			'summary' => 'October 13: Newly-appointed General Manager of Nepal Airlines Corporation Dim Prasad Poudel has assumed his responsibilities at the state-owned airline company.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">October 13: Newly-appointed General Manager of Nepal Airlines Corporation Dim Prasad Poudel has assumed his responsibilities at the state-owned airline company.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">The government has appointed his to the post for a four-year period. Poudel, a chartered accountant by profession and a management expert, was a member of the board of directors of NAC. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">NAC Chairman Sushil Ghimire handed over the responsibilities of NAC to Poudel amid a function held on Monday (October 12) and expressed happiness in getting some with great experience as chartered accountant as the GM of NAC.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">Chairman Ghimire said that the new GM was appointed as per the common understanding among the board members and also added that they were proud as an airliner for providing service during Covid-19 crisis.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">Meanwhile, Poudel said that although he is new to the aviation sector he would work towards revitalizing the NAC. Poudel also thanked the government for putting its trust on him.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">During the function, Poudel said that they cannot achieve must with the traditional working style and therefore stressed on a new approach and creativity for taking NAC to new heights.</span></span></span></p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12587',
			'article_category_id' => '1',
			'title' => 'Government Allows Diplomatic Missions to Import Luxurious Vehicles',
			'sub_title' => '',
			'summary' => 'October 12: The government has eased the restriction imposed on the import of luxurious vehicles to some extent. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">October 12: The government has eased the restriction imposed on the import of luxurious vehicles to some extent. The cabinet has decided to allow the import of luxurious vehicles for the diplomatic missions 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:&quot;Bangla MN&quot;">Minister for Foreign Affairs Pradeep Gyawali, who is also the government&rsquo;s spokesperson, informed that the Council of Ministers had decided to allow the diplomatic missions in Nepal and other organisations that enjoy diplomatic facilities to import luxurious cars. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The government had banned the import of luxurious goods including vehicles in mid-March stating that the country&rsquo;s economy was in grave danger due to coronavirus. Back then, the government had completely banned the import of vehicles that cost more than US$ 50,000.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The government had decided to ban import of such vehicles arguing that the country&rsquo;s economy was badly affected due to the outflow of Nepali currency as a result of importing luxurious vehicles. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">However, that decision caused problems for the diplomatic missions in Nepal and therefore the government lifted the ban for that specific purpose.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The cost of vehicles worth US$ 50,000 increases up to Rs 20 million by the time it arrives in Nepal due to high customs duty. Such vehicles were basically used by high-class businessmen and government officials.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12583',
			'article_category_id' => '1',
			'title' => 'Government Lifts Ban on Import of Foreign Liquor',
			'sub_title' => '',
			'summary' => 'October 12: The government has lifted a ban on import of foreign liquor.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">October 12: The government has lifted a ban on import of foreign liquor. The Council of Ministers has decided to lift the ban which was in force since the last seven 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:&quot;Bangla MN&quot;">Minister for Foreign Affairs Pradeep Gyawali, who is also the government&rsquo;s spokesperson, informed that the cabinet decided to lift the ban upon the recommendation of the Ministry of Industry, Commerce and Supplies.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Issuing a notice in the Nepal Gazette, the government had banned the import of foreign liquor on March 24 while imposing the lockdown to contain the spread of coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">With the ban in place for several months, liquors of foreign brand were being smuggled from India after running out of stock. The government has stated that the ban was lifted to discourage illegal smuggling of liquor. The government is also expecting an increase in revenue collection after lifting the ban.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The import of whiskey in the current fiscal&nbsp; year has been worth Rs 820 million so far while its import was worth Rs 1.7 billion during the last 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:&quot;Bangla MN&quot;">SPG Trading, Global Trading, Sahara Allied are some of the companies that import foreign liquor to 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:&quot;Bangla MN&quot;">Liquors like whiskey, wine, vodka, gin among others are mostly imported from India, Germany, Scotland, Italy, the USA, Belgium, Cuba as well as Gulf countries. The liquor dealers say that the consumption of foreign liquor goes up during the festive season. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Nepal imports liquor as well as raw materials for liquor worth Rs 5 billion every year. The government collects revenue of Rs500 million from the import of such products.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12586',
			'article_category_id' => '1',
			'title' => 'Central Bank Issuing Treasury Bills Worth Rs 18.25 Billion',
			'sub_title' => '',
			'summary' => 'October 12: Nepal Rastra Bank has announced to issue treasury bills worth Rs 18.25 billion on Monday (October 12). ',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 12: Nepal Rastra Bank has announced to issue treasury bills worth Rs 18.25 billion on Monday (October 12). Amongst the treasury bills issued by the central bank, bills worth Rs 3 billion are newly issued while the remaining bills worth Rs 15.25 billion are renewed ones.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The notice from Nepal Rastra Bank specifies that the treasury bills will have a maturity period of 364 days. According to the central bank, both new and renewed treasury bills will mature on October 11, 2021.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The treasury bills will be sold through auction. The central bank had also sold development bonds worth Rs 10 billion on October 6, 2020 through bidding. --RSS</span></span></span></p>
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			'id' => '12584',
			'article_category_id' => '1',
			'title' => 'FCAN Draws Government Attention toward their Problems',
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			'summary' => 'October 12: A delegation of the Federation of Contractors’ Associations of Nepal (FCAN) met with Minister for Physical Infrastructure and Transport Basanta Kumar Nembang on Sunday (October 11) and drew his attention towards the impacts of COVID-19 on the real-estate business and construction works. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 12: A delegation of the Federation of Contractors&rsquo; Associations of Nepal (FCAN) met with Minister for Physical Infrastructure and Transport Basanta Kumar Nembang on Sunday (October 11) and drew his attention towards the impacts of COVID-19 on the real-estate business and construction works. They also discussed ways to resolve the problem with the minister. </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:&quot;Times New Roman&quot;">The delegation led by FCAN president Ravi Singh discussed about extension of project deadlines, bank guarantee and insurance, credit line commission among others. </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:&quot;Times New Roman&quot;">Minister Nembang said that he would work with the stakeholders to resolve the problems seen in the construction business. </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:&quot;Times New Roman&quot;">The federation demanded a policy-level decision from the government to extend the term of all projects and contracts by one year as the Public Procurement Act has defined the epidemic as a special circumstance. </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:&quot;Times New Roman&quot;">The federation also said that even if the deadline is extended for only six months, the deadline won&rsquo;t be sufficient. The deadline for all the construction works should be automatically extended by one year as per the decision of the council of ministers. </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:&quot;Times New Roman&quot;">According to the federation, the cash flow in the construction sector has been low due to overhead expenses such as house rent, bank installments, staff salaries, etc. </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:&quot;Times New Roman&quot;">In order to revive the closed construction work and make the business run smoothly, the federation said that it is necessary for the construction entrepreneurs to get back the amount of five percent (retention money) deposit in the state treasury on the basis of bank guarantee. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12585',
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			'title' => 'Automated System Introduced at Birgunj Customs',
			'sub_title' => '',
			'summary' => 'October 12: An automated system has been brought into operation at the customs point in Birgunj to make the import business through the checkpoint quick and effective.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 12: An automated system has been brought into operation at the customs point in Birgunj to make the import business through the checkpoint quick and effective. For the first time, an automatic barrier has been set up at the Inaruwa-Raxaul checkpoint in Birgunj.</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">Customs Officer Ramesh Sukmani informed that the import from the checkpoint will be more transparent as the gate will be opened automatically based on the exit notes provided to the vehicles that have passed the inspection from the customs office. Sukmani informed that the gate will open automatically after the system approves the bar code given to each vehicle.</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">With the implementation of the automated system, there will be no need for staff to open the gate of the customs office.</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">&nbsp;&quot;Importers can no longer pass more than one vehicle with the same exit note by deception or in collusion with employees,&quot; an official informed. The technology will also update the details of vehicles entering and leaving the customs premises, the customs officer added.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12582',
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			'title' => 'Duplication of Customers of Microfinance Companies Declining',
			'sub_title' => '',
			'summary' => 'October 11: The trend of taking multiple loans from different microfinance companies (duplication) has started to decrease.',
			'content' => '<h1><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">October 11: The trend of taking multiple loans from different microfinance companies (duplication) has started to decrease.&nbsp;This trend of duplication has decreased after Nepal Rastra Bank (NRB) made a provision to blacklist the non-performing borrowers at the Credit Information Center.</span></span></h1>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Dr Prakash Kumar Shrestha, executive director of the Department of Microfinance Supervision at Nepal Rastra Bank, says that cases of duplication has decreased by about 66,000 as compared to the previous year due to this arrangement. According to him, the names of all of the debtors of all microfinance companies are yet to be included in the system.&nbsp;After all the debtors are listed in the system, it will become very easy to find out the names of debtors along with the details of their creditor microfinance as well as the loan amount.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;On this basis, the information of all indebted members can be taken from the credit information center,&rdquo; &nbsp;Dr&nbsp;Shrestha told New Business Age, adding, &quot;It is easy to find out whether the borrower has taken a loan from other microfinance institutions and if so, the information about the amount of the loan, the name of the microfinance institutions and if they&rsquo;ve been blacklisted can also be easily found out.&nbsp;The institutions will be able to give loans without repeating the debtors in this way.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Microfinance companies say that it has become easy to identify the debt history of the debtors from the credit information center due to this arrangement.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The amendment made on Nepal Rastra Bank&rsquo;s directive for all &lsquo;D&rsquo; class institutions, 2076 recommends the microfinance institutions to enlist any debtors in the blacklist if they have a loan of Rs 500,000 or more and are in a condition of turning into a non-performing loan.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The directive has also made a provision directing the concerned microfinance companies to make a recommendation to the credit information center to blacklist the borrowers, who have not paid their loans intentionally.&nbsp;Another provision was made through the monetary policy to blacklist those borrowers, who have fallen into a debt trap by borrowing from more than one microfinance institution.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">There were no provisions for the removal of the names of the debtors from the blacklist after they had repaid their loans. The directive of the current fiscal year, has however made an arrangement for this.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The revised and amended directive for the &lsquo;D&rsquo; class institutions issued by the central bank states, &quot;If the debtors, who have been blacklisted for not paying their loans, pay back their loan along with the interest amount, the concerned microfinance institutions should recommend the credit information center to remove the debtors&rsquo; names from the blacklist.&quot;&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Chairman of the Nepal Microfinance Bankers&#39; Association, Basanta Raj Lamsal, says that the provision for removing the blacklisted name has brought a sense of completion to the blacklisting procedure.&nbsp;&ldquo;Earlier, there was no provision to remove the name of a debtor from the blacklist even after he/she had repaid their loans,&quot; he said.&nbsp;Debtors are deprived of any government benefits until they get their names removed from the blacklist.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">There are 84 microfinance institutions across the country.&nbsp;There are about 3,900 branches of these companies.&nbsp;There are about 4,600,000 members of these microfinances.&nbsp;Among them, about 2,800,000 members are debtors.&nbsp;In previous years, a maximum of Rs 500,000 to Rs 1,000,000 could be taken as a loan from a microfinance.&nbsp;Since last year, the maximum amount of loan that can be taken has increased to Rs 1,500,000.&nbsp;The central bank says that risk and abuse of loans may increase with the increase of the maximum limit, which may lead to an increase in the number of blacklisted debtors.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12596',
			'article_category_id' => '1',
			'title' => '2,000 Quintals of Expired Butter found at DDC’s Warehouse ',
			'sub_title' => '',
			'summary' => 'October 14: A joint monitoring team comprising of Consumer Protection Committee and human rights activists under the initiative of Kathmandu Metropolitan City has found around 2,000 quintals of expired butter in the warehouse of Dairy Development Corporation (DDC) at Balaju. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 14: A joint monitoring team comprising of Consumer Protection Committee and human rights activists under the initiative of Kathmandu Metropolitan City has found around 2,000 quintals of expired butter in the warehouse of Dairy Development Corporation (DDC) at Balaju. </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:&quot;Times New Roman&quot;">According to the committee, the monitoring team found 194,975 kg of expired and unlabeled butter used for making ghee during the market monitoring conducted on Tuesday. Its market price is around Rs 160 million. </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:&quot;Times New Roman&quot;">Upon reaching the Balaju-based DDC plant, the monitoring team found a pile of garbage, foul smell and chemicals leaking from the machineries. </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:&quot;Times New Roman&quot;">Hari Bahadur Bhandari, chief of the market monitoring team, said that the four warehouses were monitored on the basis of a complaint that food items including ghee and butter sold from the warehouse of DDC in Balaju had expired. </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:&quot;Times New Roman&quot;">According to him, the amount of butter was brought by the DDC from Sujal Dairy in Pokhara in four lots. The butter was brought twice in November and December 2019. The other two lots were brought in January and February 2020. It has been more than eight months since the butter was produced. He informed that the DDC has been sending it for sale in the market even after the expiration date. </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:&quot;Times New Roman&quot;">&ldquo;We have collected the samples and sent for examination for confirmation as DDC has been claiming that the products have not expired,&rdquo; he said. </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:&quot;Times New Roman&quot;">DDC, on the other hand, has been claiming that the products have not expired. General Manager of DDC Rudra Prasad Poudel has claimed that the butter can be used for one and a half years if it is kept at a temperature of -18 to -20 degrees Celcius. According to him, the milk bought by DDC from the farmers was sent to Sujal Dairy in Pokhara to be powdered and the butter was extracted from the milk. </span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Government Forms Technical Committee for Drafting Suggestions for Energy Sector',
			'sub_title' => '',
			'summary' => 'October 14: A task force formed under the coordination of Minister for Energy, Water Resources and Irrigation Barshaman Pun to study the energy sector in detail and submit suggestions has formed a technical committee with the responsibility of drafting suggestions for the development of the energy sector.',
			'content' => '<p><em><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:11.0pt"><span style="font-family:Calibri">Energy Minister Barsha Man Pun during a field visit in this file photo.</span></span></span></span></em></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">October 14: A task force formed under the coordination of Minister for Energy, Water Resources and Irrigation Barshaman Pun to study the energy sector in detail and submit suggestions has formed a technical committee with the responsibility of drafting suggestions for the development of the energy sector.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">The committee formed under the coordination of Joint Secretary of the Ministry of Energy Praveen Raj Aryal also has representatives from the Ministry of Finance, Ministry of Industry, Commerce and Supplies, Ministry of Forest and Environment, National Planning Commission, Director-General of the Power Development Department and representatives of the Nepal Electricity Authority.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">The task force has directed the committee to submit the proposed draft of the policy by mid-November, including suggestions from independent energy producers and the private sector. Aryal, the coordinator of the committee, informed New Business Age that the study will be done by making necessary preparations.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">A meeting of the task force on Tuesday also appointed Energy Secretary Dinesh Ghimire as the member secretary of the task force. Spokesperson Aryal also informed that members of the National Planning Commission, Ministry of Finance, Ministry of Industry, Commerce and Supply and Secretary of the Ministry of Forest and Environment have been appointed as members of the task force.</span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12593',
			'article_category_id' => '1',
			'title' => 'FNCCI Urges Business Enterprises and Industries to Follow Proper Ethics',
			'sub_title' => '',
			'summary' => 'October 14: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged all of its members to follow proper ethics while conducting their businesses and selling products in the market. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">October 14: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged all of its members to follow proper ethics while conducting their businesses and selling products in the market. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">FNCCI issued such directive to its members after receiving complaints that the industries in the country have been selling sub-standard products.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The FNCCI also urged the industries through a press statement to stop sending expired products to the market. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The umbrella body of industries and businesses enterprises of the country has also asked the concerned bodies to take appropriate actions against the violators. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The federation said it has received complaints of low quality products, products with weight below what is prescribed, products with re-written expiry dates among others. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The federation has also urged everyone to be extremely careful with any products that directly impact the health of a consumer. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">It has also urged the government to conduct its market monitoring programs throughout the year instead of only during the festive season. </span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'World Economy to Shrink by 4.4 Percent in 2020: IMF',
			'sub_title' => '',
			'summary' => 'October 14: The International Monetary Fund (IMF) has forecast a decline in global economic growth by 4.4 percent in its latest World Economic Outlook report.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Times">October 14: The International Monetary Fund (IMF) has forecast a decline in global economic growth by 4.4 percent in its latest World Economic Outlook report.</span></span></p>

<h1><span style="font-size:18px"><span style="font-family:Times">The IMF acknowledged that the global economy is climbing out from the depths to which it had plummeted during the &ldquo;Great Lockdown&rdquo; in April. </span></span></h1>

<h1><span style="font-size:18px"><span style="font-family:Times">But with the COVID-19 pandemic continuing to spread, many countries have slowed reopening and some are reinstating partial lockdowns to protect susceptible populations, IMF said in the report published on its website. </span></span></h1>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">&ldquo;Global growth is projected at 4.4 percent in 2020, a less severe contraction than forecast in the June 2020 World Economic Outlook (WEO) Update. The revision reflects better-than-anticipated second quarter GDP outturns, mostly in advanced economies, where activity began to improve sooner than expected after lockdowns were scaled back in May and June, as well as indicators of a stronger recovery in the third quarter.&rdquo;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">The report further states that the level of global GDP in 2021 is expected to be a modest 0.6 percent above that of 2019 following the contraction in 2020 and recovery in 2021.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria">While forecasting a global contraction this year after 2.8 percent growth last year, the IMF predicts a rebound to global growth of 5.2 percent next year, 0.2 percentage point lower than in its June forecast, reports the Associated Press.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">IMF further said that the growth projections imply wide negative output gaps and elevated unemployment rates this year and in 2021 across both advanced and emerging market economies.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">According to AP, the contraction of global growth by 4.4 percent would be the worst annual plunge since the Great Depression of the 1930s. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">&nbsp;&ldquo;While the global economy is coming back, the ascent will be long, uneven and uncertain,&rdquo; Gita Gopinath, the IMF&rsquo;s chief economist, wrote in the new outlook. &ldquo;Recovery is not assured while the pandemic continues to spread.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">The report says the pandemic will reverse the progress made since the 1990s in reducing global poverty and will increase inequality. People who rely on daily wage labor and are outside the formal safety net faced sudden income losses when mobility restrictions were imposed.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">Poor countries have been hurt the most by the pandemic, AP reported citing the IMF outlook. The World Bank has estimated that the pandemic has thrown between 88 million and 114 million people into extreme poverty, which is defined as living on less than $1.90 a day. That would mark the largest increase in extreme poverty on data going back to 1990. And it would end a period of more than two decades in which the rate of extreme poverty had declined.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12594',
			'article_category_id' => '1',
			'title' => 'Central Bank Directs BFIs not to Provide Foreign Exchange Facility for Import of Banned Products',
			'sub_title' => '',
			'summary' => 'October 14: Nepal Rastra Bank (NRB) has directed all stakeholders not to provide foreign exchange facility to individual or organisation for the import of banned products.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">October 14: Nepal Rastra Bank (NRB) has directed all stakeholders not to provide foreign exchange facility to individual or organisation for the import of banned products. The products banned by the government include black pepper, beetle nuts, peas and dates as well as luxurious vehicles that cost more than US$ 50,000.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Concluding that the transaction of the products banned by the government is illegal, the central bank issued a circular to all foreign exchange outlets as well as banks and financial institutions (BFIs) not to get involved in it.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The central bank issued such circular by amending the Unified Directive 2076. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The Foreign Exchange Management Department of NRB however has said that BFIs and other concerned institutions can provide foreign exchange facility to foreign diplomatic missions in Nepal and other international organisations working in the country for the purchase of luxurious vehicles.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12590',
			'article_category_id' => '1',
			'title' => 'NEA Instructed not to fine Hydropower Companies below 10MW Capacity',
			'sub_title' => '',
			'summary' => 'October 13: The Electricity Regulatory Commission has directed Nepal Electricity Authority not to charge any kind of fine or penalty to the hydropower companies with the capacity of 10 Mega Watt in case of reduction of electricity generation due to natural causes. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 13: The Electricity Regulatory Commission has directed Nepal Electricity Authority not to charge any kind of fine or penalty to the hydropower companies with the capacity of 10 Mega Watt in case of reduction of electricity generation due to natural causes. </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:&quot;Times New Roman&quot;">The commission gave such directive to the NEA after it did not comply with the existing legal provisions. </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:&quot;Times New Roman&quot;">The promoter company normally sign a power purchase agreement with NEA to provide a certain amount of electricity in a month. The company has to provide at least 80 percent electricity to the NEA as per the commitment within the stipulated time. If the company fails to provide electricity, they will have to pay fine to NEA. But the commission has made it clear that the NEA should not charge any fine in case the company fails to provide electricity as promised due to natural calamities.</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:&quot;Times New Roman&quot;">It has been directed not to charge any fine in case of damage to the transmission line or substation due to floods, landslides, earthquake and other out of control conditions. </span></span></span></span></p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '12591',
			'article_category_id' => '1',
			'title' => 'Two Dozen Microfinance Companies in the Process of Merger and Acquisition',
			'sub_title' => '',
			'summary' => 'October 13: Microfinance companies have been more active in the process of merger and acquisition as compared to commercial banks, development banks and finance companies.',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 13: Microfinance companies have been more active in the process of merger and acquisition as compared to commercial banks, development banks and finance companies.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">According to Nepal Rastra Bank, around two dozen microfinance companies are currently in the process of merger and acquisition.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The central bank is currently analyzing the process of merger and acquisition of eight such companies.&nbsp;Swastik and Samaj Microfinance, and CYC Nepal and Shaligram Microfinance are in the process of merger. Similarly, Mirmire and Srijansheel microfinance, and Global IME Microfinance and Sparsh Microfinance are in the process of acquisitions.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Similarly, the process of merger and acquisition of eight organizations has moved forward after their analysis was completed.&nbsp;The microfinance companies opting for mergers include OMI and Grameen Swayamsevak Microfinance, NIC Asia Microfinance and Swadeshi Microfinance, Mahuli and Nawikaran Microfinance, and Jalpa and Mahila Samudayik Microfinance.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">In addition, the central bank has given agreement in principle to 12 institutions to come for the final approval.&nbsp;Nepal Rastra Bank has given an agreement letter for the merger between Samata and Gharelu Microfinance.&nbsp;Unique Nepal and Buddhajyoti Microfinance were given the agreement letter to merge four months ago.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Narayan Pokharel, deputy spokesperson of Nepal Rastra Bank, informed that Dhaulagiri Microfinance and Nesdo Sambridha Microfinance were given agreement letters two months ago to merge with Aandhikhola Microfinance and Nepal Agro Microfinance respectively.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">A total of 207 banks and financial institutions have joined the merger/acquisition procedure as of October 11, after the central bank started the process of mergers and acquisitions between banks and financial institutions with the objective of strengthening their financial stability.&nbsp;Out of these, the licenses of 157 organizations have been revoked whereas 50 organizations have been established.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Some microfinance companies have also taken their steps back from the merger process.&nbsp;The acquisition process between Vijay Microfinance and Sweda was canceled even though they had already received an agreement letter from Nepal Rastra Bank. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Sweda has already merged with another microfinance and Vijay Microfinance has signed an agreement to acquire Khaptad Microfinance.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">According to Prakash Kumar Shrestha, executive director of the Microfinance Supervision Department of Nepal Rastra Bank, says that most of the microfinance companies are in the process of merger and acquisition in order to strengthen their capital as all of them were struggling due the coronavirus pandemic. He also believes that the facility provided by the central bank to those who go for mergers and acquisitions has also encouraged them to merge/acquire.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;Coronavirus has affected the microfinance companies.&nbsp;Some of the organizations have chosen the path of merger and acquisition to become stronger,&rdquo; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The central bank has formulated a strategy to reduce the number of microfinance companies from 84 to 30.&nbsp;The central bank has made an arrangement to provide incentives to the merged/acquired entities by permitting them to issue their right shares.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The central bank says that the process of merger and acquisition will strengthen the paid-up capital and ensure reliable financial services.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Nepal Rastra Bank has also emphasized the microfinance companies to raise their capital.&nbsp;At present, there is a provision to have Rs 10 million as the paid-up capital for state-level microfinance company and Rs 100 million as the paid-up capital for national level microfinance company.&nbsp;Executive Director Shrestha informed that Nepal Rastra Bank is now thinking of increasing the minimum paid-up capital of microfinance institutions.</span></span></span></p>

<p>&nbsp;</p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12588',
			'article_category_id' => '1',
			'title' => 'Import Takes a Nosedive due to Covid-19 Crisis',
			'sub_title' => '',
			'summary' => 'October 13: Coronavirus has not only weakened the country’s economy but also disrupted production and supply chain.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 13: Coronavirus has not only weakened the country&rsquo;s economy but also disrupted production and supply chain. The effect of coronavirus is now being observed in the core of the economic activities.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Birgunj customs point, which accounts for the maximum foreign trade of Nepal, has witnessed a massive decline in import of vehicles, petroleum products and raw materials for industries.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The import of these vital products took a nosedive in the first three months of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Birgunj Customs Office informed that the import has declined drastically compared to the last fiscal year. Customs officer Ramesh Sukmani informed that the import of vehicles, petroleum product as well as raw materials has declined to a great extent.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Birgunj is the major entry point for vehicles, petroleum products and raw materials.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Data kept by the customs office shows that the import of vehicles has dropped by more than 50 percent and so has the 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:&quot;Arial Unicode MS&quot;">Altogether 1174 jeeps and cars have been imported as of October 9 in the current fiscal year. The import of vehicles during the corresponding period of last FY was 2786.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The import of morotcycles, pick-up vans, trucks, mini trucks, auto rickshaw have also declined&nbsp; during the review period.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, the import of diesel, petrol and aviation turbine fuel (ATF) have dropped by 51, 25 and 77 percent respectively.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Information officer of the customs office Bimal Kumar Sah says that the import through the customs point declined heavily due to the obstruction in transportation after the government imposed lockdown and prohibitory order.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Industrialists say that the lack of demand in the market has also led to a decline in import of raw materials. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Industrialist Rajesh Kyal says the decline in import of raw materials and petroleum products as well as luxurious goods is a sign of economic contraction.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The lockdown has taken toll on employment opportunities which in turn has hit earning capacity of the people. This has led to a decline in demand and production. In such a scenario, it is obvious for import to decline,&rdquo; says Kyal.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12589',
			'article_category_id' => '1',
			'title' => 'Poudel  Assumes Responsibility of NAC General Manager ',
			'sub_title' => '',
			'summary' => 'October 13: Newly-appointed General Manager of Nepal Airlines Corporation Dim Prasad Poudel has assumed his responsibilities at the state-owned airline company.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">October 13: Newly-appointed General Manager of Nepal Airlines Corporation Dim Prasad Poudel has assumed his responsibilities at the state-owned airline company.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">The government has appointed his to the post for a four-year period. Poudel, a chartered accountant by profession and a management expert, was a member of the board of directors of NAC. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">NAC Chairman Sushil Ghimire handed over the responsibilities of NAC to Poudel amid a function held on Monday (October 12) and expressed happiness in getting some with great experience as chartered accountant as the GM of NAC.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">Chairman Ghimire said that the new GM was appointed as per the common understanding among the board members and also added that they were proud as an airliner for providing service during Covid-19 crisis.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">Meanwhile, Poudel said that although he is new to the aviation sector he would work towards revitalizing the NAC. Poudel also thanked the government for putting its trust on him.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">During the function, Poudel said that they cannot achieve must with the traditional working style and therefore stressed on a new approach and creativity for taking NAC to new heights.</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12587',
			'article_category_id' => '1',
			'title' => 'Government Allows Diplomatic Missions to Import Luxurious Vehicles',
			'sub_title' => '',
			'summary' => 'October 12: The government has eased the restriction imposed on the import of luxurious vehicles to some extent. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">October 12: The government has eased the restriction imposed on the import of luxurious vehicles to some extent. The cabinet has decided to allow the import of luxurious vehicles for the diplomatic missions 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:&quot;Bangla MN&quot;">Minister for Foreign Affairs Pradeep Gyawali, who is also the government&rsquo;s spokesperson, informed that the Council of Ministers had decided to allow the diplomatic missions in Nepal and other organisations that enjoy diplomatic facilities to import luxurious cars. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The government had banned the import of luxurious goods including vehicles in mid-March stating that the country&rsquo;s economy was in grave danger due to coronavirus. Back then, the government had completely banned the import of vehicles that cost more than US$ 50,000.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The government had decided to ban import of such vehicles arguing that the country&rsquo;s economy was badly affected due to the outflow of Nepali currency as a result of importing luxurious vehicles. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">However, that decision caused problems for the diplomatic missions in Nepal and therefore the government lifted the ban for that specific purpose.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The cost of vehicles worth US$ 50,000 increases up to Rs 20 million by the time it arrives in Nepal due to high customs duty. Such vehicles were basically used by high-class businessmen and government officials.</span></span></span></span></p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '12583',
			'article_category_id' => '1',
			'title' => 'Government Lifts Ban on Import of Foreign Liquor',
			'sub_title' => '',
			'summary' => 'October 12: The government has lifted a ban on import of foreign liquor.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">October 12: The government has lifted a ban on import of foreign liquor. The Council of Ministers has decided to lift the ban which was in force since the last seven 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:&quot;Bangla MN&quot;">Minister for Foreign Affairs Pradeep Gyawali, who is also the government&rsquo;s spokesperson, informed that the cabinet decided to lift the ban upon the recommendation of the Ministry of Industry, Commerce and Supplies.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Issuing a notice in the Nepal Gazette, the government had banned the import of foreign liquor on March 24 while imposing the lockdown to contain the spread of coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">With the ban in place for several months, liquors of foreign brand were being smuggled from India after running out of stock. The government has stated that the ban was lifted to discourage illegal smuggling of liquor. The government is also expecting an increase in revenue collection after lifting the ban.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The import of whiskey in the current fiscal&nbsp; year has been worth Rs 820 million so far while its import was worth Rs 1.7 billion during the last 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:&quot;Bangla MN&quot;">SPG Trading, Global Trading, Sahara Allied are some of the companies that import foreign liquor to 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:&quot;Bangla MN&quot;">Liquors like whiskey, wine, vodka, gin among others are mostly imported from India, Germany, Scotland, Italy, the USA, Belgium, Cuba as well as Gulf countries. The liquor dealers say that the consumption of foreign liquor goes up during the festive season. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Nepal imports liquor as well as raw materials for liquor worth Rs 5 billion every year. The government collects revenue of Rs500 million from the import of such products.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12586',
			'article_category_id' => '1',
			'title' => 'Central Bank Issuing Treasury Bills Worth Rs 18.25 Billion',
			'sub_title' => '',
			'summary' => 'October 12: Nepal Rastra Bank has announced to issue treasury bills worth Rs 18.25 billion on Monday (October 12). ',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 12: Nepal Rastra Bank has announced to issue treasury bills worth Rs 18.25 billion on Monday (October 12). Amongst the treasury bills issued by the central bank, bills worth Rs 3 billion are newly issued while the remaining bills worth Rs 15.25 billion are renewed ones.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The notice from Nepal Rastra Bank specifies that the treasury bills will have a maturity period of 364 days. According to the central bank, both new and renewed treasury bills will mature on October 11, 2021.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The treasury bills will be sold through auction. The central bank had also sold development bonds worth Rs 10 billion on October 6, 2020 through bidding. --RSS</span></span></span></p>
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			'id' => '12584',
			'article_category_id' => '1',
			'title' => 'FCAN Draws Government Attention toward their Problems',
			'sub_title' => '',
			'summary' => 'October 12: A delegation of the Federation of Contractors’ Associations of Nepal (FCAN) met with Minister for Physical Infrastructure and Transport Basanta Kumar Nembang on Sunday (October 11) and drew his attention towards the impacts of COVID-19 on the real-estate business and construction works. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 12: A delegation of the Federation of Contractors&rsquo; Associations of Nepal (FCAN) met with Minister for Physical Infrastructure and Transport Basanta Kumar Nembang on Sunday (October 11) and drew his attention towards the impacts of COVID-19 on the real-estate business and construction works. They also discussed ways to resolve the problem with the minister. </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:&quot;Times New Roman&quot;">The delegation led by FCAN president Ravi Singh discussed about extension of project deadlines, bank guarantee and insurance, credit line commission among others. </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:&quot;Times New Roman&quot;">Minister Nembang said that he would work with the stakeholders to resolve the problems seen in the construction business. </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:&quot;Times New Roman&quot;">The federation demanded a policy-level decision from the government to extend the term of all projects and contracts by one year as the Public Procurement Act has defined the epidemic as a special circumstance. </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:&quot;Times New Roman&quot;">The federation also said that even if the deadline is extended for only six months, the deadline won&rsquo;t be sufficient. The deadline for all the construction works should be automatically extended by one year as per the decision of the council of ministers. </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:&quot;Times New Roman&quot;">According to the federation, the cash flow in the construction sector has been low due to overhead expenses such as house rent, bank installments, staff salaries, etc. </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:&quot;Times New Roman&quot;">In order to revive the closed construction work and make the business run smoothly, the federation said that it is necessary for the construction entrepreneurs to get back the amount of five percent (retention money) deposit in the state treasury on the basis of bank guarantee. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'Automated System Introduced at Birgunj Customs',
			'sub_title' => '',
			'summary' => 'October 12: An automated system has been brought into operation at the customs point in Birgunj to make the import business through the checkpoint quick and effective.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 12: An automated system has been brought into operation at the customs point in Birgunj to make the import business through the checkpoint quick and effective. For the first time, an automatic barrier has been set up at the Inaruwa-Raxaul checkpoint in Birgunj.</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">Customs Officer Ramesh Sukmani informed that the import from the checkpoint will be more transparent as the gate will be opened automatically based on the exit notes provided to the vehicles that have passed the inspection from the customs office. Sukmani informed that the gate will open automatically after the system approves the bar code given to each vehicle.</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">With the implementation of the automated system, there will be no need for staff to open the gate of the customs office.</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">&nbsp;&quot;Importers can no longer pass more than one vehicle with the same exit note by deception or in collusion with employees,&quot; an official informed. The technology will also update the details of vehicles entering and leaving the customs premises, the customs officer added.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12582',
			'article_category_id' => '1',
			'title' => 'Duplication of Customers of Microfinance Companies Declining',
			'sub_title' => '',
			'summary' => 'October 11: The trend of taking multiple loans from different microfinance companies (duplication) has started to decrease.',
			'content' => '<h1><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">October 11: The trend of taking multiple loans from different microfinance companies (duplication) has started to decrease.&nbsp;This trend of duplication has decreased after Nepal Rastra Bank (NRB) made a provision to blacklist the non-performing borrowers at the Credit Information Center.</span></span></h1>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Dr Prakash Kumar Shrestha, executive director of the Department of Microfinance Supervision at Nepal Rastra Bank, says that cases of duplication has decreased by about 66,000 as compared to the previous year due to this arrangement. According to him, the names of all of the debtors of all microfinance companies are yet to be included in the system.&nbsp;After all the debtors are listed in the system, it will become very easy to find out the names of debtors along with the details of their creditor microfinance as well as the loan amount.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;On this basis, the information of all indebted members can be taken from the credit information center,&rdquo; &nbsp;Dr&nbsp;Shrestha told New Business Age, adding, &quot;It is easy to find out whether the borrower has taken a loan from other microfinance institutions and if so, the information about the amount of the loan, the name of the microfinance institutions and if they&rsquo;ve been blacklisted can also be easily found out.&nbsp;The institutions will be able to give loans without repeating the debtors in this way.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Microfinance companies say that it has become easy to identify the debt history of the debtors from the credit information center due to this arrangement.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The amendment made on Nepal Rastra Bank&rsquo;s directive for all &lsquo;D&rsquo; class institutions, 2076 recommends the microfinance institutions to enlist any debtors in the blacklist if they have a loan of Rs 500,000 or more and are in a condition of turning into a non-performing loan.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The directive has also made a provision directing the concerned microfinance companies to make a recommendation to the credit information center to blacklist the borrowers, who have not paid their loans intentionally.&nbsp;Another provision was made through the monetary policy to blacklist those borrowers, who have fallen into a debt trap by borrowing from more than one microfinance institution.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">There were no provisions for the removal of the names of the debtors from the blacklist after they had repaid their loans. The directive of the current fiscal year, has however made an arrangement for this.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The revised and amended directive for the &lsquo;D&rsquo; class institutions issued by the central bank states, &quot;If the debtors, who have been blacklisted for not paying their loans, pay back their loan along with the interest amount, the concerned microfinance institutions should recommend the credit information center to remove the debtors&rsquo; names from the blacklist.&quot;&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Chairman of the Nepal Microfinance Bankers&#39; Association, Basanta Raj Lamsal, says that the provision for removing the blacklisted name has brought a sense of completion to the blacklisting procedure.&nbsp;&ldquo;Earlier, there was no provision to remove the name of a debtor from the blacklist even after he/she had repaid their loans,&quot; he said.&nbsp;Debtors are deprived of any government benefits until they get their names removed from the blacklist.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">There are 84 microfinance institutions across the country.&nbsp;There are about 3,900 branches of these companies.&nbsp;There are about 4,600,000 members of these microfinances.&nbsp;Among them, about 2,800,000 members are debtors.&nbsp;In previous years, a maximum of Rs 500,000 to Rs 1,000,000 could be taken as a loan from a microfinance.&nbsp;Since last year, the maximum amount of loan that can be taken has increased to Rs 1,500,000.&nbsp;The central bank says that risk and abuse of loans may increase with the increase of the maximum limit, which may lead to an increase in the number of blacklisted debtors.</span></span></p>

<p>&nbsp;</p>
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			'id' => '12596',
			'article_category_id' => '1',
			'title' => '2,000 Quintals of Expired Butter found at DDC’s Warehouse ',
			'sub_title' => '',
			'summary' => 'October 14: A joint monitoring team comprising of Consumer Protection Committee and human rights activists under the initiative of Kathmandu Metropolitan City has found around 2,000 quintals of expired butter in the warehouse of Dairy Development Corporation (DDC) at Balaju. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 14: A joint monitoring team comprising of Consumer Protection Committee and human rights activists under the initiative of Kathmandu Metropolitan City has found around 2,000 quintals of expired butter in the warehouse of Dairy Development Corporation (DDC) at Balaju. </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:&quot;Times New Roman&quot;">According to the committee, the monitoring team found 194,975 kg of expired and unlabeled butter used for making ghee during the market monitoring conducted on Tuesday. Its market price is around Rs 160 million. </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:&quot;Times New Roman&quot;">Upon reaching the Balaju-based DDC plant, the monitoring team found a pile of garbage, foul smell and chemicals leaking from the machineries. </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:&quot;Times New Roman&quot;">Hari Bahadur Bhandari, chief of the market monitoring team, said that the four warehouses were monitored on the basis of a complaint that food items including ghee and butter sold from the warehouse of DDC in Balaju had expired. </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:&quot;Times New Roman&quot;">According to him, the amount of butter was brought by the DDC from Sujal Dairy in Pokhara in four lots. The butter was brought twice in November and December 2019. The other two lots were brought in January and February 2020. It has been more than eight months since the butter was produced. He informed that the DDC has been sending it for sale in the market even after the expiration date. </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:&quot;Times New Roman&quot;">&ldquo;We have collected the samples and sent for examination for confirmation as DDC has been claiming that the products have not expired,&rdquo; he said. </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:&quot;Times New Roman&quot;">DDC, on the other hand, has been claiming that the products have not expired. General Manager of DDC Rudra Prasad Poudel has claimed that the butter can be used for one and a half years if it is kept at a temperature of -18 to -20 degrees Celcius. According to him, the milk bought by DDC from the farmers was sent to Sujal Dairy in Pokhara to be powdered and the butter was extracted from the milk. </span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Government Forms Technical Committee for Drafting Suggestions for Energy Sector',
			'sub_title' => '',
			'summary' => 'October 14: A task force formed under the coordination of Minister for Energy, Water Resources and Irrigation Barshaman Pun to study the energy sector in detail and submit suggestions has formed a technical committee with the responsibility of drafting suggestions for the development of the energy sector.',
			'content' => '<p><em><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:11.0pt"><span style="font-family:Calibri">Energy Minister Barsha Man Pun during a field visit in this file photo.</span></span></span></span></em></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">October 14: A task force formed under the coordination of Minister for Energy, Water Resources and Irrigation Barshaman Pun to study the energy sector in detail and submit suggestions has formed a technical committee with the responsibility of drafting suggestions for the development of the energy sector.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">The committee formed under the coordination of Joint Secretary of the Ministry of Energy Praveen Raj Aryal also has representatives from the Ministry of Finance, Ministry of Industry, Commerce and Supplies, Ministry of Forest and Environment, National Planning Commission, Director-General of the Power Development Department and representatives of the Nepal Electricity Authority.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">The task force has directed the committee to submit the proposed draft of the policy by mid-November, including suggestions from independent energy producers and the private sector. Aryal, the coordinator of the committee, informed New Business Age that the study will be done by making necessary preparations.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">A meeting of the task force on Tuesday also appointed Energy Secretary Dinesh Ghimire as the member secretary of the task force. Spokesperson Aryal also informed that members of the National Planning Commission, Ministry of Finance, Ministry of Industry, Commerce and Supply and Secretary of the Ministry of Forest and Environment have been appointed as members of the task force.</span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'FNCCI Urges Business Enterprises and Industries to Follow Proper Ethics',
			'sub_title' => '',
			'summary' => 'October 14: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged all of its members to follow proper ethics while conducting their businesses and selling products in the market. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">October 14: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged all of its members to follow proper ethics while conducting their businesses and selling products in the market. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">FNCCI issued such directive to its members after receiving complaints that the industries in the country have been selling sub-standard products.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The FNCCI also urged the industries through a press statement to stop sending expired products to the market. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The umbrella body of industries and businesses enterprises of the country has also asked the concerned bodies to take appropriate actions against the violators. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The federation said it has received complaints of low quality products, products with weight below what is prescribed, products with re-written expiry dates among others. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The federation has also urged everyone to be extremely careful with any products that directly impact the health of a consumer. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">It has also urged the government to conduct its market monitoring programs throughout the year instead of only during the festive season. </span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 3 => array(
		'Article' => array(
			'id' => '12592',
			'article_category_id' => '1',
			'title' => 'World Economy to Shrink by 4.4 Percent in 2020: IMF',
			'sub_title' => '',
			'summary' => 'October 14: The International Monetary Fund (IMF) has forecast a decline in global economic growth by 4.4 percent in its latest World Economic Outlook report.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Times">October 14: The International Monetary Fund (IMF) has forecast a decline in global economic growth by 4.4 percent in its latest World Economic Outlook report.</span></span></p>

<h1><span style="font-size:18px"><span style="font-family:Times">The IMF acknowledged that the global economy is climbing out from the depths to which it had plummeted during the &ldquo;Great Lockdown&rdquo; in April. </span></span></h1>

<h1><span style="font-size:18px"><span style="font-family:Times">But with the COVID-19 pandemic continuing to spread, many countries have slowed reopening and some are reinstating partial lockdowns to protect susceptible populations, IMF said in the report published on its website. </span></span></h1>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">&ldquo;Global growth is projected at 4.4 percent in 2020, a less severe contraction than forecast in the June 2020 World Economic Outlook (WEO) Update. The revision reflects better-than-anticipated second quarter GDP outturns, mostly in advanced economies, where activity began to improve sooner than expected after lockdowns were scaled back in May and June, as well as indicators of a stronger recovery in the third quarter.&rdquo;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">The report further states that the level of global GDP in 2021 is expected to be a modest 0.6 percent above that of 2019 following the contraction in 2020 and recovery in 2021.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria">While forecasting a global contraction this year after 2.8 percent growth last year, the IMF predicts a rebound to global growth of 5.2 percent next year, 0.2 percentage point lower than in its June forecast, reports the Associated Press.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">IMF further said that the growth projections imply wide negative output gaps and elevated unemployment rates this year and in 2021 across both advanced and emerging market economies.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">According to AP, the contraction of global growth by 4.4 percent would be the worst annual plunge since the Great Depression of the 1930s. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">&nbsp;&ldquo;While the global economy is coming back, the ascent will be long, uneven and uncertain,&rdquo; Gita Gopinath, the IMF&rsquo;s chief economist, wrote in the new outlook. &ldquo;Recovery is not assured while the pandemic continues to spread.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">The report says the pandemic will reverse the progress made since the 1990s in reducing global poverty and will increase inequality. People who rely on daily wage labor and are outside the formal safety net faced sudden income losses when mobility restrictions were imposed.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">Poor countries have been hurt the most by the pandemic, AP reported citing the IMF outlook. The World Bank has estimated that the pandemic has thrown between 88 million and 114 million people into extreme poverty, which is defined as living on less than $1.90 a day. That would mark the largest increase in extreme poverty on data going back to 1990. And it would end a period of more than two decades in which the rate of extreme poverty had declined.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12594',
			'article_category_id' => '1',
			'title' => 'Central Bank Directs BFIs not to Provide Foreign Exchange Facility for Import of Banned Products',
			'sub_title' => '',
			'summary' => 'October 14: Nepal Rastra Bank (NRB) has directed all stakeholders not to provide foreign exchange facility to individual or organisation for the import of banned products.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">October 14: Nepal Rastra Bank (NRB) has directed all stakeholders not to provide foreign exchange facility to individual or organisation for the import of banned products. The products banned by the government include black pepper, beetle nuts, peas and dates as well as luxurious vehicles that cost more than US$ 50,000.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Concluding that the transaction of the products banned by the government is illegal, the central bank issued a circular to all foreign exchange outlets as well as banks and financial institutions (BFIs) not to get involved in it.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The central bank issued such circular by amending the Unified Directive 2076. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The Foreign Exchange Management Department of NRB however has said that BFIs and other concerned institutions can provide foreign exchange facility to foreign diplomatic missions in Nepal and other international organisations working in the country for the purchase of luxurious vehicles.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12590',
			'article_category_id' => '1',
			'title' => 'NEA Instructed not to fine Hydropower Companies below 10MW Capacity',
			'sub_title' => '',
			'summary' => 'October 13: The Electricity Regulatory Commission has directed Nepal Electricity Authority not to charge any kind of fine or penalty to the hydropower companies with the capacity of 10 Mega Watt in case of reduction of electricity generation due to natural causes. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 13: The Electricity Regulatory Commission has directed Nepal Electricity Authority not to charge any kind of fine or penalty to the hydropower companies with the capacity of 10 Mega Watt in case of reduction of electricity generation due to natural causes. </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:&quot;Times New Roman&quot;">The commission gave such directive to the NEA after it did not comply with the existing legal provisions. </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:&quot;Times New Roman&quot;">The promoter company normally sign a power purchase agreement with NEA to provide a certain amount of electricity in a month. The company has to provide at least 80 percent electricity to the NEA as per the commitment within the stipulated time. If the company fails to provide electricity, they will have to pay fine to NEA. But the commission has made it clear that the NEA should not charge any fine in case the company fails to provide electricity as promised due to natural calamities.</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:&quot;Times New Roman&quot;">It has been directed not to charge any fine in case of damage to the transmission line or substation due to floods, landslides, earthquake and other out of control conditions. </span></span></span></span></p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '12591',
			'article_category_id' => '1',
			'title' => 'Two Dozen Microfinance Companies in the Process of Merger and Acquisition',
			'sub_title' => '',
			'summary' => 'October 13: Microfinance companies have been more active in the process of merger and acquisition as compared to commercial banks, development banks and finance companies.',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 13: Microfinance companies have been more active in the process of merger and acquisition as compared to commercial banks, development banks and finance companies.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">According to Nepal Rastra Bank, around two dozen microfinance companies are currently in the process of merger and acquisition.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The central bank is currently analyzing the process of merger and acquisition of eight such companies.&nbsp;Swastik and Samaj Microfinance, and CYC Nepal and Shaligram Microfinance are in the process of merger. Similarly, Mirmire and Srijansheel microfinance, and Global IME Microfinance and Sparsh Microfinance are in the process of acquisitions.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Similarly, the process of merger and acquisition of eight organizations has moved forward after their analysis was completed.&nbsp;The microfinance companies opting for mergers include OMI and Grameen Swayamsevak Microfinance, NIC Asia Microfinance and Swadeshi Microfinance, Mahuli and Nawikaran Microfinance, and Jalpa and Mahila Samudayik Microfinance.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">In addition, the central bank has given agreement in principle to 12 institutions to come for the final approval.&nbsp;Nepal Rastra Bank has given an agreement letter for the merger between Samata and Gharelu Microfinance.&nbsp;Unique Nepal and Buddhajyoti Microfinance were given the agreement letter to merge four months ago.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Narayan Pokharel, deputy spokesperson of Nepal Rastra Bank, informed that Dhaulagiri Microfinance and Nesdo Sambridha Microfinance were given agreement letters two months ago to merge with Aandhikhola Microfinance and Nepal Agro Microfinance respectively.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">A total of 207 banks and financial institutions have joined the merger/acquisition procedure as of October 11, after the central bank started the process of mergers and acquisitions between banks and financial institutions with the objective of strengthening their financial stability.&nbsp;Out of these, the licenses of 157 organizations have been revoked whereas 50 organizations have been established.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Some microfinance companies have also taken their steps back from the merger process.&nbsp;The acquisition process between Vijay Microfinance and Sweda was canceled even though they had already received an agreement letter from Nepal Rastra Bank. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Sweda has already merged with another microfinance and Vijay Microfinance has signed an agreement to acquire Khaptad Microfinance.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">According to Prakash Kumar Shrestha, executive director of the Microfinance Supervision Department of Nepal Rastra Bank, says that most of the microfinance companies are in the process of merger and acquisition in order to strengthen their capital as all of them were struggling due the coronavirus pandemic. He also believes that the facility provided by the central bank to those who go for mergers and acquisitions has also encouraged them to merge/acquire.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;Coronavirus has affected the microfinance companies.&nbsp;Some of the organizations have chosen the path of merger and acquisition to become stronger,&rdquo; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The central bank has formulated a strategy to reduce the number of microfinance companies from 84 to 30.&nbsp;The central bank has made an arrangement to provide incentives to the merged/acquired entities by permitting them to issue their right shares.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The central bank says that the process of merger and acquisition will strengthen the paid-up capital and ensure reliable financial services.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Nepal Rastra Bank has also emphasized the microfinance companies to raise their capital.&nbsp;At present, there is a provision to have Rs 10 million as the paid-up capital for state-level microfinance company and Rs 100 million as the paid-up capital for national level microfinance company.&nbsp;Executive Director Shrestha informed that Nepal Rastra Bank is now thinking of increasing the minimum paid-up capital of microfinance institutions.</span></span></span></p>

<p>&nbsp;</p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12588',
			'article_category_id' => '1',
			'title' => 'Import Takes a Nosedive due to Covid-19 Crisis',
			'sub_title' => '',
			'summary' => 'October 13: Coronavirus has not only weakened the country’s economy but also disrupted production and supply chain.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 13: Coronavirus has not only weakened the country&rsquo;s economy but also disrupted production and supply chain. The effect of coronavirus is now being observed in the core of the economic activities.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Birgunj customs point, which accounts for the maximum foreign trade of Nepal, has witnessed a massive decline in import of vehicles, petroleum products and raw materials for industries.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The import of these vital products took a nosedive in the first three months of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Birgunj Customs Office informed that the import has declined drastically compared to the last fiscal year. Customs officer Ramesh Sukmani informed that the import of vehicles, petroleum product as well as raw materials has declined to a great extent.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Birgunj is the major entry point for vehicles, petroleum products and raw materials.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Data kept by the customs office shows that the import of vehicles has dropped by more than 50 percent and so has the 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:&quot;Arial Unicode MS&quot;">Altogether 1174 jeeps and cars have been imported as of October 9 in the current fiscal year. The import of vehicles during the corresponding period of last FY was 2786.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The import of morotcycles, pick-up vans, trucks, mini trucks, auto rickshaw have also declined&nbsp; during the review period.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, the import of diesel, petrol and aviation turbine fuel (ATF) have dropped by 51, 25 and 77 percent respectively.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Information officer of the customs office Bimal Kumar Sah says that the import through the customs point declined heavily due to the obstruction in transportation after the government imposed lockdown and prohibitory order.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Industrialists say that the lack of demand in the market has also led to a decline in import of raw materials. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Industrialist Rajesh Kyal says the decline in import of raw materials and petroleum products as well as luxurious goods is a sign of economic contraction.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The lockdown has taken toll on employment opportunities which in turn has hit earning capacity of the people. This has led to a decline in demand and production. In such a scenario, it is obvious for import to decline,&rdquo; says Kyal.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12589',
			'article_category_id' => '1',
			'title' => 'Poudel  Assumes Responsibility of NAC General Manager ',
			'sub_title' => '',
			'summary' => 'October 13: Newly-appointed General Manager of Nepal Airlines Corporation Dim Prasad Poudel has assumed his responsibilities at the state-owned airline company.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">October 13: Newly-appointed General Manager of Nepal Airlines Corporation Dim Prasad Poudel has assumed his responsibilities at the state-owned airline company.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">The government has appointed his to the post for a four-year period. Poudel, a chartered accountant by profession and a management expert, was a member of the board of directors of NAC. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">NAC Chairman Sushil Ghimire handed over the responsibilities of NAC to Poudel amid a function held on Monday (October 12) and expressed happiness in getting some with great experience as chartered accountant as the GM of NAC.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">Chairman Ghimire said that the new GM was appointed as per the common understanding among the board members and also added that they were proud as an airliner for providing service during Covid-19 crisis.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">Meanwhile, Poudel said that although he is new to the aviation sector he would work towards revitalizing the NAC. Poudel also thanked the government for putting its trust on him.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Bangla MN&quot;">During the function, Poudel said that they cannot achieve must with the traditional working style and therefore stressed on a new approach and creativity for taking NAC to new heights.</span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12587',
			'article_category_id' => '1',
			'title' => 'Government Allows Diplomatic Missions to Import Luxurious Vehicles',
			'sub_title' => '',
			'summary' => 'October 12: The government has eased the restriction imposed on the import of luxurious vehicles to some extent. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">October 12: The government has eased the restriction imposed on the import of luxurious vehicles to some extent. The cabinet has decided to allow the import of luxurious vehicles for the diplomatic missions 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:&quot;Bangla MN&quot;">Minister for Foreign Affairs Pradeep Gyawali, who is also the government&rsquo;s spokesperson, informed that the Council of Ministers had decided to allow the diplomatic missions in Nepal and other organisations that enjoy diplomatic facilities to import luxurious cars. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The government had banned the import of luxurious goods including vehicles in mid-March stating that the country&rsquo;s economy was in grave danger due to coronavirus. Back then, the government had completely banned the import of vehicles that cost more than US$ 50,000.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The government had decided to ban import of such vehicles arguing that the country&rsquo;s economy was badly affected due to the outflow of Nepali currency as a result of importing luxurious vehicles. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">However, that decision caused problems for the diplomatic missions in Nepal and therefore the government lifted the ban for that specific purpose.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The cost of vehicles worth US$ 50,000 increases up to Rs 20 million by the time it arrives in Nepal due to high customs duty. Such vehicles were basically used by high-class businessmen and government officials.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12583',
			'article_category_id' => '1',
			'title' => 'Government Lifts Ban on Import of Foreign Liquor',
			'sub_title' => '',
			'summary' => 'October 12: The government has lifted a ban on import of foreign liquor.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">October 12: The government has lifted a ban on import of foreign liquor. The Council of Ministers has decided to lift the ban which was in force since the last seven 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:&quot;Bangla MN&quot;">Minister for Foreign Affairs Pradeep Gyawali, who is also the government&rsquo;s spokesperson, informed that the cabinet decided to lift the ban upon the recommendation of the Ministry of Industry, Commerce and Supplies.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Issuing a notice in the Nepal Gazette, the government had banned the import of foreign liquor on March 24 while imposing the lockdown to contain the spread of coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">With the ban in place for several months, liquors of foreign brand were being smuggled from India after running out of stock. The government has stated that the ban was lifted to discourage illegal smuggling of liquor. The government is also expecting an increase in revenue collection after lifting the ban.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The import of whiskey in the current fiscal&nbsp; year has been worth Rs 820 million so far while its import was worth Rs 1.7 billion during the last 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:&quot;Bangla MN&quot;">SPG Trading, Global Trading, Sahara Allied are some of the companies that import foreign liquor to 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:&quot;Bangla MN&quot;">Liquors like whiskey, wine, vodka, gin among others are mostly imported from India, Germany, Scotland, Italy, the USA, Belgium, Cuba as well as Gulf countries. The liquor dealers say that the consumption of foreign liquor goes up during the festive season. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Nepal imports liquor as well as raw materials for liquor worth Rs 5 billion every year. The government collects revenue of Rs500 million from the import of such products.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12586',
			'article_category_id' => '1',
			'title' => 'Central Bank Issuing Treasury Bills Worth Rs 18.25 Billion',
			'sub_title' => '',
			'summary' => 'October 12: Nepal Rastra Bank has announced to issue treasury bills worth Rs 18.25 billion on Monday (October 12). ',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 12: Nepal Rastra Bank has announced to issue treasury bills worth Rs 18.25 billion on Monday (October 12). Amongst the treasury bills issued by the central bank, bills worth Rs 3 billion are newly issued while the remaining bills worth Rs 15.25 billion are renewed ones.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The notice from Nepal Rastra Bank specifies that the treasury bills will have a maturity period of 364 days. According to the central bank, both new and renewed treasury bills will mature on October 11, 2021.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The treasury bills will be sold through auction. The central bank had also sold development bonds worth Rs 10 billion on October 6, 2020 through bidding. --RSS</span></span></span></p>
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			'article_date' => '2020-10-12 15:37:36',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12584',
			'article_category_id' => '1',
			'title' => 'FCAN Draws Government Attention toward their Problems',
			'sub_title' => '',
			'summary' => 'October 12: A delegation of the Federation of Contractors’ Associations of Nepal (FCAN) met with Minister for Physical Infrastructure and Transport Basanta Kumar Nembang on Sunday (October 11) and drew his attention towards the impacts of COVID-19 on the real-estate business and construction works. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 12: A delegation of the Federation of Contractors&rsquo; Associations of Nepal (FCAN) met with Minister for Physical Infrastructure and Transport Basanta Kumar Nembang on Sunday (October 11) and drew his attention towards the impacts of COVID-19 on the real-estate business and construction works. They also discussed ways to resolve the problem with the minister. </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:&quot;Times New Roman&quot;">The delegation led by FCAN president Ravi Singh discussed about extension of project deadlines, bank guarantee and insurance, credit line commission among others. </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:&quot;Times New Roman&quot;">Minister Nembang said that he would work with the stakeholders to resolve the problems seen in the construction business. </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:&quot;Times New Roman&quot;">The federation demanded a policy-level decision from the government to extend the term of all projects and contracts by one year as the Public Procurement Act has defined the epidemic as a special circumstance. </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:&quot;Times New Roman&quot;">The federation also said that even if the deadline is extended for only six months, the deadline won&rsquo;t be sufficient. The deadline for all the construction works should be automatically extended by one year as per the decision of the council of ministers. </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:&quot;Times New Roman&quot;">According to the federation, the cash flow in the construction sector has been low due to overhead expenses such as house rent, bank installments, staff salaries, etc. </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:&quot;Times New Roman&quot;">In order to revive the closed construction work and make the business run smoothly, the federation said that it is necessary for the construction entrepreneurs to get back the amount of five percent (retention money) deposit in the state treasury on the basis of bank guarantee. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12585',
			'article_category_id' => '1',
			'title' => 'Automated System Introduced at Birgunj Customs',
			'sub_title' => '',
			'summary' => 'October 12: An automated system has been brought into operation at the customs point in Birgunj to make the import business through the checkpoint quick and effective.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 12: An automated system has been brought into operation at the customs point in Birgunj to make the import business through the checkpoint quick and effective. For the first time, an automatic barrier has been set up at the Inaruwa-Raxaul checkpoint in Birgunj.</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">Customs Officer Ramesh Sukmani informed that the import from the checkpoint will be more transparent as the gate will be opened automatically based on the exit notes provided to the vehicles that have passed the inspection from the customs office. Sukmani informed that the gate will open automatically after the system approves the bar code given to each vehicle.</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">With the implementation of the automated system, there will be no need for staff to open the gate of the customs office.</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">&nbsp;&quot;Importers can no longer pass more than one vehicle with the same exit note by deception or in collusion with employees,&quot; an official informed. The technology will also update the details of vehicles entering and leaving the customs premises, the customs officer added.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12582',
			'article_category_id' => '1',
			'title' => 'Duplication of Customers of Microfinance Companies Declining',
			'sub_title' => '',
			'summary' => 'October 11: The trend of taking multiple loans from different microfinance companies (duplication) has started to decrease.',
			'content' => '<h1><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">October 11: The trend of taking multiple loans from different microfinance companies (duplication) has started to decrease.&nbsp;This trend of duplication has decreased after Nepal Rastra Bank (NRB) made a provision to blacklist the non-performing borrowers at the Credit Information Center.</span></span></h1>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Dr Prakash Kumar Shrestha, executive director of the Department of Microfinance Supervision at Nepal Rastra Bank, says that cases of duplication has decreased by about 66,000 as compared to the previous year due to this arrangement. According to him, the names of all of the debtors of all microfinance companies are yet to be included in the system.&nbsp;After all the debtors are listed in the system, it will become very easy to find out the names of debtors along with the details of their creditor microfinance as well as the loan amount.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;On this basis, the information of all indebted members can be taken from the credit information center,&rdquo; &nbsp;Dr&nbsp;Shrestha told New Business Age, adding, &quot;It is easy to find out whether the borrower has taken a loan from other microfinance institutions and if so, the information about the amount of the loan, the name of the microfinance institutions and if they&rsquo;ve been blacklisted can also be easily found out.&nbsp;The institutions will be able to give loans without repeating the debtors in this way.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Microfinance companies say that it has become easy to identify the debt history of the debtors from the credit information center due to this arrangement.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The amendment made on Nepal Rastra Bank&rsquo;s directive for all &lsquo;D&rsquo; class institutions, 2076 recommends the microfinance institutions to enlist any debtors in the blacklist if they have a loan of Rs 500,000 or more and are in a condition of turning into a non-performing loan.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The directive has also made a provision directing the concerned microfinance companies to make a recommendation to the credit information center to blacklist the borrowers, who have not paid their loans intentionally.&nbsp;Another provision was made through the monetary policy to blacklist those borrowers, who have fallen into a debt trap by borrowing from more than one microfinance institution.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">There were no provisions for the removal of the names of the debtors from the blacklist after they had repaid their loans. The directive of the current fiscal year, has however made an arrangement for this.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The revised and amended directive for the &lsquo;D&rsquo; class institutions issued by the central bank states, &quot;If the debtors, who have been blacklisted for not paying their loans, pay back their loan along with the interest amount, the concerned microfinance institutions should recommend the credit information center to remove the debtors&rsquo; names from the blacklist.&quot;&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Chairman of the Nepal Microfinance Bankers&#39; Association, Basanta Raj Lamsal, says that the provision for removing the blacklisted name has brought a sense of completion to the blacklisting procedure.&nbsp;&ldquo;Earlier, there was no provision to remove the name of a debtor from the blacklist even after he/she had repaid their loans,&quot; he said.&nbsp;Debtors are deprived of any government benefits until they get their names removed from the blacklist.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">There are 84 microfinance institutions across the country.&nbsp;There are about 3,900 branches of these companies.&nbsp;There are about 4,600,000 members of these microfinances.&nbsp;Among them, about 2,800,000 members are debtors.&nbsp;In previous years, a maximum of Rs 500,000 to Rs 1,000,000 could be taken as a loan from a microfinance.&nbsp;Since last year, the maximum amount of loan that can be taken has increased to Rs 1,500,000.&nbsp;The central bank says that risk and abuse of loans may increase with the increase of the maximum limit, which may lead to an increase in the number of blacklisted debtors.</span></span></p>

<p>&nbsp;</p>
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FOREX

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)

Bullion

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

Petroleum

Petrol	1 Liter	106.00
Diesel	1 Liter	95.00
Kerosene	1 Liter	95.00
LP Gas	1 Cylinder	1375.00