September 29: The government has approved concessional loan of more than Rs 27 billion from various donor agencies.…
September 29: The government has approved concessional loan of more than Rs 27 billion from various donor agencies.…
September 28: E-commerce businesses are becoming more appealing with the digitization of payment…
September 28: Government officials claim that the effectiveness of the Department of Revenue Investigation has grown immensely in the past two years after the prime minister took charge of the department.…
September 28: Tourism entrepreneurs of Sauraha have announced various schemes to attract tourists as the hotel industry reopened in almost six months since the government imposed lockdown to curb coronavirus.…
September 28: The Department of Money Laundering Investigation has started additional interrogation of the operator of Shankar Group, Sulav Agrawal in connection to money laundering issue.…
September 27: The current account, which had been in deficit for the last four years, is in surplus in the current Fiscal year (FY).…
September 27: Foreign technicians and workers, recruited for large infrastructure projects and national pride projects, have started returning to work after being stranded abroad for months due to coronavirus…
September 27: Coronavirus pandemic has badly affected all other businesses but the smartphone business is flourishing amid current crisis.…
September 27: Nepal is observing the World Tourism Day today (September 27) with the slogan “Tourism and Rural…
September 24: The Ministry of Culture, Tourism and Civil Aviation has proposed weekly holiday for two days in order to promote domestic tourism at a time when the tourism activities have come to a grinding halt due to coronavirus…
September 24: The lack of demand for loans in Banks and Financial Institutions (BFI) has led to a high accumulation of deposits in them.…
September 25: Even though there has been talks regarding construction of flyovers in the Kathmandu Valley since the last five years, the construction is still uncertain.…
September 24: The price of onion has started declining after the government stepped up market monitoring.…
September 24: Billions of rupees have been entering Nepal through unofficial channels for E-commerce.…
September 24: India’s Kolkota Port has made it mandatory for Nepal-bound goods from third countries to use Electronic Data Interchange (EDI) system.…
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', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 29: The government has approved concessional loan of more than Rs 27 billion from various donor agencies. The government has decided to take the loan from the World Bank, Asian Development Bank and other donors for budgetary support programmes.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Government Spokesperson Pradeep Gyawali, who is also the minister for foreign affairs, informed last week that the government is preparing to take concessional loan of Rs 26.38 billion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Foreign Minister Gyawali, the government has already formed a task force to study the prospects of such loans. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The Council of Ministers has formed a five-member negotiation team led by a joint secretary of the finance ministry for availing concessional loan of Rs 9.3 billion (USD 80 million) from the World Bank. The aid will be utilized for rural enterprises and economic development projects, the government further informed. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The government has been running this programme since 2015 to minimize poverty and to create employment opportunities in rural areas. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, a seven-member talks team has been formed to receive a concessional loan of Rs 18 billion (USD 150 million) from the ADB. This loan will be utilized by the Ministry of Culture, Tourism and Civil Aviation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government has also decided to approve financial and technical assistance worth Rs 3.52 billion from the British government. This aid will be spent on health related programmes.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-29', 'modified' => '2020-09-29', 'keywords' => '', 'description' => '', 'sortorder' => '12278', 'image' => '20200929104202_1601334333.Clipboard09.jpg', 'article_date' => '2020-09-29 10:41:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12528', 'article_category_id' => '1', 'title' => 'Electronic Payments Becoming More Attractive', 'sub_title' => '', 'summary' => 'September 28: E-commerce businesses are becoming more appealing with the digitization of payment methods.', 'content' => '<h1><span style="font-size:18px"><span style="font-family:"Times New Roman"">September 28: E-commerce businesses are becoming more appealing with the digitization of payment methods. In the process of paying for the purchase and sales of goods and services through electronic means, 168,627 transactions were made in the month of Shrawan (mid-July to mid-August) alone. According to Nepal Rastra Bank, these transactions amounted to around Rs 1.20 billion.</span></span></h1> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">This is the first time that the central bank has published such data. Among all the electronic payment methods, most of the transactions have been made through digital wallets. In the review month alone, 10,100,077 transactions worth Rs 7,000,057,000 was done.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The Payments System Department of Nepal Rastra Bank says that the data also included all the payments made through debit cards, credit cards, and pin cards for E-commerce. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">According to the department, payments are mostly made through the card’s number when the price to be paid is already predetermined. Bhuwan Kandel, the executive director of the department, says that the data made public is based on the transactions made through banks and financial institutions that provide the electronic payments and e-commerce facilities as well as payment service providers like Esewa, Khalti, IME Pay, Phone Pay, and payment gateways like Nepal Clearing House. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">According to Kandel, the data was made public because e-commerce is being prioritized currently as new electronic payment technologies and devices are being added to the market. “We have issued many circulars in order to promote e-commerce during the current crisis caused by the coronavirus pandemic. In addition, we have also been keeping a watch at the new as well the most frequently used electronic payment methods. We can generate information about how much appeal each electronic payment method has in the eye of the public from this,” he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Ecommerce companies like Daraz, Sastodeal, UG Bazaar, etc have been providing online delivery services for daily necessities, clothes and electrical appliances. Metro vegetables has been doing the same for fruits and vegetables, and Foodmandu, Foodmario and Bhoj Deal have been providing online delivery services for food. Similarly, Tootle, Pathao and Sarathi have been providing services through online payments.</span></span></p> ', 'published' => true, 'created' => '2020-09-28', 'modified' => '2020-09-28', 'keywords' => '', 'description' => '', 'sortorder' => '12275', 'image' => '20200928042838_88-800x430.jpg', 'article_date' => '2020-09-28 16:27:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12527', 'article_category_id' => '1', 'title' => 'Department of Revenue Investigation becomes more Efficient after coming under PMO', 'sub_title' => '', 'summary' => 'September 28: Government officials claim that the effectiveness of the Department of Revenue Investigation has grown immensely in the past two years after the prime minister took charge of the department. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 28: Government officials claim that the effectiveness of the Department of Revenue Investigation has grown immensely in the past two years after the prime minister took charge of the department. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The officials informed that the government employees were mostly involved in leakage of revenue. The government’s move to bring corrupt employees under investigations has resulted in better performance of the department. </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">According to the Department of Revenue Investigation, 11 of its employees were involved in leakage of revenue in the last two years and cases have also been filed against them. After coming under the prime minister's purview, the department has filed 190 cases against revenue leakage in a period of two years. The department claims that Rs 25.11 billion should be recovered in the case filed in the court against 621 people including 11 civil servants.</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">"There has been no pressure from any group in the investigation since it came under the Prime Minister's Office. We have not spared even the civil servants in the case of leakage," Gharaj Mainali, director general of the department, told New Business Age.</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">Mainali added that the investigation is focused on risky areas of revenue fraud and financial crimes. This has led to positive improvement in revenue collection by promoting integrity in revenue administration, he informed.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The department had settled cases involving Rs 9.83 billion within the first year it came under the Prime Minister's Office. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-28', 'modified' => '2020-09-28', 'keywords' => '', 'description' => '', 'sortorder' => '12274', 'image' => '20200928032338_1601259718.000.jpg', 'article_date' => '2020-09-28 15:22:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12526', 'article_category_id' => '1', 'title' => 'Tourism Entrepreneurs of Sauraha Announce Attractive Packages for Tourists', 'sub_title' => '', 'summary' => 'September 28: Tourism entrepreneurs of Sauraha have announced various schemes to attract tourists as the hotel industry reopened in almost six months since the government imposed lockdown to curb coronavirus. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">September 28: Tourism entrepreneurs of Sauraha have announced various schemes to attract tourists as the hotel industry reopened in almost six months since the government imposed lockdown to curb coronavirus. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">On the occasion of the World Tourism Day on Sunday (September 27), the hoteliers of Sauraha announced 20 to 30 percent discount to tourists.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">During the programme organised to mark the World Tourism Day, chairman of the Regional Hotel Association of Sauraha Deepak Bhattarai informed that all the sectors associated with the tourism industry will be providing discounts to the visitors, reports the national news agency, RSS.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">“We will unveil new packages within a week by including 20 to 30 percent discount depending on the nature of the hotel business,” RSS quoted Bhattarai as saying. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">The tourism entrepreneurs of Sauraha are preparing to focus on sanitation and cleanliness in 2020 and publicity and promotion in 2021 to bring the tourism back to track by 2022.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">According to RSS, Bhattarai and his associates are preparing to launch a campaign named ‘Let’s visit Chitwan’ in major cities of Nepal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">The tourism entrepreneurs are planning to sustain their businesses with the help of domestic tourists for the next two years.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">Meanwhile, chairman of the Restaurant and Bar Association of Nepal (Reban) Dipendra Khatiwada said during the programme that the concept of two-day holiday per week would be a great respite to the tourism and hospitality industry that has been badly affected by coronavirus pandemic.</span></span></span></p> ', 'published' => true, 'created' => '2020-09-28', 'modified' => '2020-09-28', 'keywords' => '', 'description' => '', 'sortorder' => '12273', 'image' => '20200928013626_1601256918.Clipboard05.jpg', 'article_date' => '2020-09-28 13:35:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12525', 'article_category_id' => '1', 'title' => 'Money Laundering Investigation Against Agrawal Resumes', 'sub_title' => '', 'summary' => 'September 28: The Department of Money Laundering Investigation has started additional interrogation of the operator of Shankar Group, Sulav Agrawal in connection to money laundering issue. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">September 28: The Department of Money Laundering Investigation has started additional interrogation of the operator of Shankar Group, Sulav Agrawal in connection to money laundering issue. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">It may be noted that a case of blackmarketing against Agrawal is sub judice at the Kathmandu District Court.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Besides Agrawal, the department has also initiated interrogation against Shankar Lal Agrawal and Sahali Agrawal of Shankar Group.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The district court had ordered the release of Agrawal on April 30 by posting a bail amount of Rs 2.5 million until the final verdict on the black marketing case.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">He was immediately rearrested by the police, this time to investigate on money laundering charges. He was handed to the Department of Money Laundering Investigation by the police for further investigation. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">On the same day, the department had released Agrawal stating that it would interrogate him after the lockdown was over.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Director General of the department Rup Narayan Bhattarai informed that they have started interrogation against Agrawal and some other members of his organisation after the government eased the lockdown restrictions.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">“We are currently collecting necessary information. It is not possible to divulge the details because the investigation is underway,” said Bhattarai, adding, “What I can say is that we have started investigation into the fraudulent activities of the group.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Officials of the department said that they are collecting property details of Shankar Group and its associate companies. The department is preparing to call the chairman, director and operator of the group to record statements after they collect all the details.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The department informed that they are basically focused on the source of the group’s properties. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Agrawal was arrested red handed by undercover agents while selling thermal guns at exorbitant price when the coronavirus pandemic had just begun.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-28', 'modified' => '2020-09-28', 'keywords' => '', 'description' => '', 'sortorder' => '12272', 'image' => '20200928114207_1601259586.99.jpg', 'article_date' => '2020-09-28 11:41:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12522', 'article_category_id' => '1', 'title' => 'Current Account in Surplus after 4 Years', 'sub_title' => '', 'summary' => 'September 27: The current account, which had been in deficit for the last four years, is in surplus in the current Fiscal year (FY). ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">September 27: The current account, which had been in deficit for the last four years, is in surplus in the current Fiscal year (FY). According to the financial report published by Nepal Rastra Bank, the current account balance recorded a surplus of Rs 25.42 billion in the first month of the current FY 2077/78. </span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The current account has a surplus of USD 212.1 million in this FY. The pandemic has decreased foreign travel, reduced imports and increased the remittance, which has led to a surplus in the nation’s current account, according to the report.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Previously, the current account in the first month of FY 2072/73 was in a surplus of Rs 9.15 billion. This account had been in a deficit from the FY 2073/74 to 2076/77. The current account had a deficit of Rs 9.34 billion in the first month of FY 2076/77. Similarly, the deficit widened to Rs 25.38 billion with the sharp increase in imports in FY 2075/76. Increase in deficit of merchandise trade led to a deficit of Rs 5.98 billion in FY 2074/75 whereas the decrease in remittance and foreign grants led to a current account deficit of Rs 2.32 billion in FY 2073/74.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Similarly, the inflow of foreign currencies has increased more than the outflow from the country along with current account surplus, which has led to a surplus of Rs 51.46 billion in the Balance of Payments. The Balance of Payments was in a surplus of Rs 6.05 billion in FY 2076/77.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Dr Gunakar Bhatta, the spokesperson of Nepal Rastra Bank, says that the current account surplus after a long time indicates the good savings of the entire country along with a weak investment situation.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">He pointed that it is a good thing to have savings for the import of required materials in order to construct big infrastructures in the future in Nepal. “The surplus in the current account shows that Nepal has good savings but less investments. The credit flow of banks, import of organizational and construction materials and the capital expenditure of the government has decreased. With less investments, the economic activities will decrease,” he told New Business Age, adding, “Moreover, if we are in surplus now, there won’t be lack of resources to increase the economic activities in the future. Without savings, there is a compulsion to take loans. Even if the current account is in deficit, it shows that there are investments being made in the country.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Economist Keshav Acharya however, believes that the surplus in the current account is necessary and a positive indication as this is not a good environment to invest due to the coronavirus pandemic. He argues that the current account surplus even when the economic activity is close to zero indicates a strong economy. “Nepal has also signed loan agreements with institutions like International Monetary Fund, the World Bank and the ADB. Such loans and grants may have also helped in the surplus balance of the current account and the balance of payments,” he said. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to NRB spokesperson Dr. Gunakar Bhatta, the surplus in the current account was due to the decrease in imports and services like foreign travel and the increase in remittance. The total merchandise imports has declined by 19.6 percent amounting to Rs 85.81 billion in the first month of this fiscal year. Imports of rice, telecommunications equipment and its spare parts, crude soybean oil, coal, edible oil and other commodities have decreased this time whereas the import of petroleum products, means of transport and its spare parts, other machinery, MS billets and hotroll seats and other items have declined. Such imports had decreased by 11.5 percent in the same period in the previous fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">In the first month of the FY 2077/78, the total merchandise exports increased by 8.9 percent amounting to Rs 9.62 billion. In the first month of FY 2077/78, the total merchandise trade deficit decreased by 22.2 percent leading to a total of Rs 76.19 billion. Such deficit had decreased by 13.9 percent in the same period of the last fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Another reason for the surplus in the current account and the Balance of Payments is the decrease in the balance of service account for the expenses related to foreign travel and education. The travel expenditure has decreased by 77.4 percent to Rs 1.58 billion in the current fiscal year, out of which Rs 1.39 billion was for education. The travel expenditure in the previous fiscal year was Rs 7.02 billion, out of which the expenditure for education was Rs 2.41 billion. However, the income from services has also decreased which is dangerous for an economy. Due to the decrease in income from tourism, the total service account is in a deficit of Rs 2.45 billion. The income from tourism has reached Rs 605.6 million after decreasing by 86.1 percent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">Sharp Increase in the Rates of Vegetables in One Month</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Although the overall inflation in the country seems to be under control, there has been a sudden hike in prices of vegetables across the country. The price of vegetables have increased sharply in a span of one month. The data from the central bank shows that the price of vegetables increased by 28.32 percent in the month of Shrawan (mid-July to mid-August) as compared to Ashad (mid-June to mid-July). Similarly, the inflation in the price of pulses and legumes, fish and meat, and tobacco was higher in the first month of the current fiscal year as compared to the corresponding period of last FY. The inflation in the food and beverages group was 5.38 percent and in the non-food and services group was 2.4 percent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">The Foreign exchange Reserve is at 14 trillion</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The foreign exchange reserve stood at Rs 1436.730 billion in the end of Shrawan (mid-July to mid-August) of this fiscal year. According to Nepal Rastra Bank, based on the imports up to the first month of FY 2077/78, the foreign exchange reserve of the banking sector will be sufficient to support the import of goods and services for 15.6 months.</span></span></span></p> ', 'published' => true, 'created' => '2020-09-27', 'modified' => '2020-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '12269', 'image' => '20200927035331_1601159663.Clipboard12.jpg', 'article_date' => '2020-09-27 15:52:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12521', 'article_category_id' => '1', 'title' => 'Foreign Technicians Stranded abroad by Covid-19 Start Returning to Work', 'sub_title' => '', 'summary' => 'September 27: Foreign technicians and workers, recruited for large infrastructure projects and national pride projects, have started returning to work after being stranded abroad for months due to coronavirus pandemic.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 27: Foreign technicians and workers, recruited for large infrastructure projects and national pride projects, have started returning to work after being stranded abroad for months due to coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The foreign workers and technicians have started returning following the government's decision to formally allow foreign manpower involved in under construction projects to enter the country. The government on September 17 had decided to allow entry to foreign workers recruited for big infrastructure projects.</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">Foreign workers involved in national pride projects including Kathmandu Terai Expressway and Gautam Buddha International Airport have started to return back to Nepal. Likewise, foreign companies and consultants for other projects have also started bringing in their employees to work.</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">Two surveyors have returned from South Korea for the expressway being built under the management of the Nepalese Army. Spokesperson of the Nepalese Army Santosh Poudel informed that the study of tunnels, bridges and marking of roads would be intensified with the arrival of additional manpower.</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">According to him, the government's decision has made it easier for the consulting companies to bring in more employees as per the requirement. The Gautam Buddha International Airport Project has also started the process of bringing in 55 Chinese technicians.</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">Pokhara Regional International Airport is also in need of 16 technicians from China and the project has already started necessary paperworks to bring them to Nepal. Currently, 172 Chinese workers are involved in the project.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-27', 'modified' => '2020-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '12268', 'image' => '20200927031416_1601158928.2.jpg', 'article_date' => '2020-09-27 15:13:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12520', 'article_category_id' => '1', 'title' => 'Smartphones Outstrip Petroleum Products as Nepal’s Major Import', 'sub_title' => '', 'summary' => 'September 27: Coronavirus pandemic has badly affected all other businesses but the smartphone business is flourishing amid current crisis. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 27: Coronavirus pandemic has badly affected all other businesses but the smartphone business is flourishing amid current crisis. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The import of smartphones and mobile sets has increased in the first two months of the current fiscal year compared to the corresponding period of 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:"Arial Unicode MS"">The demand for smartphones has outpaced the demand for petrol and diesel, making it the top import of the country. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the data made public by the customs department, the country imported smartphones worth Rs 7.94 billion in the review period, which is Rs 2.84 billion more than that of the last fiscal year. During the review period, the import of diesel and petrol has been limited to Rs 5.5 billion. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chairman of the Mobile Phone Importers of Nepal, Deepak Malhotra, said that smuggled smartphones used to cover 40 percent of the market before the lockdown was imposed. However, the smuggling of goods has stopped after the lockdown due to which the import of smartphones through official channels seems to have increased, says Malhotra.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He claims that the smuggling of smartphones has dropped to zero while the number of internet users has gone up because of online classes and virtual meetings amid coronavirus pandemic. This had led to an increase in demand for smartphones and gadgets, according to Malhotra.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The smuggling of smartphones had increased after the government increased the tax on smartphones from 7 to 16 percent in fiscal year 2018/19. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal had imported smartphones worth Rs 18 billion during the last fiscal year. Malhotra believes that the import would cross Rs 30 billion this year if the government curbs smuggling of goods.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-27', 'modified' => '2020-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '12267', 'image' => '20200927011921_1601158831.Clipboard08.jpg', 'article_date' => '2020-09-27 13:16:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12519', 'article_category_id' => '1', 'title' => 'Government forms Task Force to Revitalize Tourism Industry on the Eve of World Tourism Day ', 'sub_title' => '', 'summary' => 'September 27: Nepal is observing the World Tourism Day today (September 27) with the slogan “Tourism and Rural Development”.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 27: Nepal is observing the World Tourism Day today (September 27) with the slogan “Tourism and Rural Development”. The World Tourism Day is being marked across the globe with limited programmes due to coronavirus pandemic and Nepal is not an exception.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the government data of 2019, the tourism sector contributed 6.7 percent to the Gross Domestic Product (GDP) of Nepal and created employment opportunities for 1.1 million people.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government on the eve of the World Tourism Day decided to form a task force by including the private sector to revitalize the tourism industry that has been hard hit by the pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The task force is expected to revitalize domestic tourism. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Nepal Tourism Board has set the goal of promoting new destinations for promoting domestic tourism this year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai claimed that the government expects the tourism industry to bounce back as the authorities have already lifted restrictions on air service, hotels and restaurants, trekking and expeditions among other 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:Arial">Although the government resumed international flights from September 1, tourists are facing problems of obtaining visa. Minister Bhattarai said it is currently discussing with the home ministry and the Department of Immigration on the issue of on-arrival visa.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The World Tourism Day is celebrated every year on September 27 to mark the establishment of the United Nation's World Tourism Organization. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-27', 'modified' => '2020-09-29', 'keywords' => '', 'description' => '', 'sortorder' => '12266', 'image' => '20200927114052_1601159520.Clipboard11.jpg', 'article_date' => '2020-09-27 11:40:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12516', 'article_category_id' => '1', 'title' => 'Tourism Ministry Proposes Two-Day Holiday to Promote Domestic Tourism', 'sub_title' => '', 'summary' => 'September 24: The Ministry of Culture, Tourism and Civil Aviation has proposed weekly holiday for two days in order to promote domestic tourism at a time when the tourism activities have come to a grinding halt due to coronavirus pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">September 24: The Ministry of Culture, Tourism and Civil Aviation has proposed weekly holiday for two days in order to promote domestic tourism at a time when the tourism activities have come to a grinding halt due to coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The ministry is preparing to submit the proposal to the cabinet meeting soon. A meeting of the ministry chaired by Tourism Minister Yogesh Bhattarai on Thursday (September 23) decided to form a task force to study the prospect of two days off during the weekend. Once the task force prepares its report, it will be presented to the cabinet for approval, said sources at the ministry. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The task force is headed by joint secretary Pradeep Kumar Koirala. Other members of the task force are chief of the Tourism Department Rudra Singh Tamang and CEO of Nepal Tourism Board Dhananjay Regmi. The task force will also have a representative each from the finance ministry, home ministry and the ministry of general administration.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Tourism Minister Bhattarai confirmed the formation of the task force with the motive of studying the prospect of two days holiday in order to promote domestic tourism.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“Giving holidays for two days a week would facilitate in thousands of people to travel within the country for recreation. This move will definitely revitalize internal tourism of the country,” said Bhattarai.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">According to Minister Bhattarai, a single day holiday would not allow people to travel to different places even if they want to do so. But holiday for two days a week would give ample time for people to visit far off places during the weekends.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Likewise, Thursday’s meeting also decided to prepare a safety protocol to reopen Pashupatinath Temple and Lumbini and present it to the Covid-19 Crisis Management Centre (CCMC) for approval.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The meeting also decided to finalize the air service agreements signed with Bangladesh, Indonesia, Russia, South Korea and Finland and present them to the cabinet.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Former CEO of Nepal Tourism Board Deepak Raj Joshi believes that domestic tourism will grow if the proposal of two-day holiday gets approved by the cabinet.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“This concept was visualized a long time ago but it was never implemented. But now the time has come to implement this concept. It will help in promoting domestic tourism,” said Joshi.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Joshi further said that foreign tourists are still willing to visit Nepal and the government must launch a campaign to send clear message that Nepal is open for visitors.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-25', 'modified' => '2020-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '12265', 'image' => '20200925125557_20180513122353_tourism.jpg', 'article_date' => '2020-09-25 12:55:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12518', 'article_category_id' => '1', 'title' => 'BFIs Report Excessive Liquidity ', 'sub_title' => 'Central Bank to Mop Rs 30 Billion out of excess amount of Rs 200 Billion from Banks', 'summary' => 'September 24: The lack of demand for loans in Banks and Financial Institutions (BFI) has led to a high accumulation of deposits in them. ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">September 24: The lack of demand for loans in Banks and Financial Institutions (BFI) has led to a high accumulation of deposits in them. Nepal Rastra Bank has been compelled to use the 28-day deposit collection equipment to manage the liquidity as there is an excess liquidity of Rs 200 billion in the banking system.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Stating that there has been an extraordinary liquidity situation in the banking system, the Open Market Steering Committee of the central bank took a decision on Thursday (September 23), of using a deposit collection equipment to absorb Rs 30 billion worth of liquidity from the banking system for a long period.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Earlier, short-term government bonds like treasury bills were issued to collect internal debts. In addition, reverse repo was issued in the month of Shrawan (mid-July to mid-August) under the monetary management to absorb the liquidity from the market. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Depending upon the situation, the central bank can issue the deposit collection equipment for a maximum of 90 days. Nepal Rastra Bank will withdraw the money from the bank accounts of the successful bidders and keep it as deposit. This helps in the mopping of excess liquidity in the banking system for a specified period of time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“Even if it is a small amount, absorption of liquidity from the banks prevents the interest rate on deposits from decreasing too much. The flow of credit helps in keeping the overall economy going,” says Dr Gunakar Bhatta, the spokesperson for Nepal Rastra Bank. Banks have been emphasizing on the use of the deposit collection instruments as new loans weren’t distributed as much as they had expected.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bhuwan Kumar Dahal, the chairman of Nepal Bankers’ Association, said that it was more appropriate for the central bank to keep the banks’ deposits instead of the banks keeping a high capital for a long time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Former banker Parshuram Kunwar says that the central bank withdrawing only Rs 30 billion when there is a liquidity of more than Rs 200 billion isn’t enough. “Absorbing only Rs 30 billion when there is an excess liquidity of hundreds of billions is too less,” he said, adding, “Our neighboring country India also has excess liquidity due to the lack of credit flow. Their government has taken up a lot of internal debt to manage this. The Reserve Bank of India has made arrangements accordingly as it may make things uncomfortable by raising a lot of money in this way.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Former banker Kunwar says that the high liquidity situation in India has reduced the interest rates of deposits rather than on inflation. He claims that Nepal is also in a similar situation. He points out that things should not be made difficult for the customers by making the rates on deposits lower than the rate of inflation for a long time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Some banks have increased the interest rates on deposits despite of having sufficient investable capital.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Banks have reduced the interest rates from a minimum of 3 percent to a maximum of 8.5 percent. Recently, banks like Civil Bank and Nabil Bank have been in the forefront in raising the interest rates on term deposits. Nabil Bank has announced to pay up to 9.5 percent interest on personal term deposits. They have announced that they will however flow loans at 7 percent. Similarly, Civil Bank has kept a maximum rate of 6 percent on deposits in the month of Bhadra (mid-August to mid-September). However, it has announced a rate of 8.75 percent on personal term deposits for the month of Ashoj (mid-September to mid-October). </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank does not think that it’s abnormal to increase the rates on personal term deposits even during a high liquidity situation. NRB Spokesperson Dr. Bhatta points out that it is appropriate to determine the interest rates now as the banks will have to raise long-term deposits for long-term investments. According to him, the banks should not only depend on general savings but raise long-term personal deposits too. However, they must announce the interest rates one month in advance.</span></span></span></p> ', 'published' => true, 'created' => '2020-09-25', 'modified' => '2020-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '12264', 'image' => '20200925035717_1600901397.Clipboard17.jpg', 'article_date' => '2020-09-25 15:55:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12517', 'article_category_id' => '1', 'title' => 'Government Initiates Study for Construction of Flyovers in Valley', 'sub_title' => '', 'summary' => 'September 25: Even though there has been talks regarding construction of flyovers in the Kathmandu Valley since the last five years, the construction is still uncertain. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">September 25: Even though there has been talks regarding construction of flyovers in the Kathmandu Valley since the last five years, the construction is still uncertain. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The Department of Roads suggests that there is no urgency to construct the flyovers immediately as Nepal has no prior experience in construction while the investment is extremely high.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The department says that even if the study of flyovers is carried out, the construction won’t be completed immediately. A department source informed New Business Age that even though the construction of a flyover is on the pipeline, rumors about initiating the contract in the current fiscal year is unlikely.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The department has initiated a study in areas with high traffic congestion for the possibility of constructing flyovers.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The bridge division under the department had started a preliminary study four to five years ago to see if a flyover could be built in Baneshwar area. The plan to build the flyover has been included in the budget of the current Fiscal Year 2077/78. However, it has not been decided yet at which crossroads of the valley the flyover will be constructed.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Since, the flyover will be constructed for the first time in Nepal, essential and convenient locations with relatively low risk have been selected for construction site, informed Shiva Prasad Nepal, Deputy Director General of the Department. An agreement worth Rs 5.2 million has been signed with stakeholders to study three potential locations. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">In the current fiscal year, the department has started a study to build flyovers at three intersections inside the valley, Gwarko, Satdobato and Ekantakuna utilizing Nepali consulting company and Nepali investment.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-25', 'modified' => '2020-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '12263', 'image' => '20200925021204_1600988628.Clipboard13.jpg', 'article_date' => '2020-09-25 14:11:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12515', 'article_category_id' => '1', 'title' => 'Market Monitoring Brings Down Soaring Price of Onion ', 'sub_title' => '', 'summary' => 'September 24: The price of onion has started declining after the government stepped up market monitoring. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">September 24: The price of onion has started declining after the government stepped up market monitoring. The price had skyrocketed after a recent ban on export of onion by India.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The supply of onion at Kalimati Fruits and Vegetables Market</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">has come to a halt after India banned export of onion on September 14. The price started increasing in the Nepali market from the very next day.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The Commerce, Supply and Consumer Protection Department and the Kathmandu Metropolitan City started market monitoring after the businessmen started fixing the price of onion arbitrarily. Following the market inspection, the price has been gradually decreasing.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The wholesale price of onion, which was Rs 60 per kilogram on September 14 as per the price list prepared by the Kalimati Fruits and Vegetables Market, increased by 99 percent to Rs 119 the next day after India imposed 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:"Bangla MN"">The retail stores were found selling onion for as high as Rs 160 per kg. The price of onion at Kalimati market has now dropped to Rs 102 per kg.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The concerned government departments stepped up monitoring after there was artificial shortage and black-marketing of onion. The government took action against traders who were found hoarding onion. After initiating action, the price started declining.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Director General of the Department of Commerce Netra Prasad Subedi says Nepal is dependent on India for onions and the price will remain high until India eases 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:"Bangla MN"">He added that the stock of onion kept by businessmen has not finished yet and therefore the market monitoring will check the price hike to some extent.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-25', 'modified' => '2020-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '12262', 'image' => '20200925113442_1600988958.Clipboard06.jpg', 'article_date' => '2020-09-25 11:34:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12514', 'article_category_id' => '1', 'title' => 'Revenue from E-commerce to Enter Nepal through Formal Channels', 'sub_title' => '', 'summary' => 'September 24: Billions of rupees have been entering Nepal through unofficial channels for E-commerce. ', 'content' => '<h1><span style="font-size:20px"><span style="font-family:"Times New Roman"">September 24: Billions of rupees have been entering Nepal through unofficial channels for E-commerce. There hasn’t been any definitive data on it. The number of people generating revenue through online portals like YouTube, Facebook, Google, etc. have also been increasing. Due to the hassles in sending money to Nepal from abroad, Nepali citizens living in foreign countries have been saving money with PayPal and then spending it abroad.</span></span></h1> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">But now, Nepal Rastra Bank has made arrangements to transfer foreign currency to Nepal through online financial services. Bankers believe that this provision will make it easier for foreign currencies to enter Nepal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Nepal Rastra Bank has stated that the revenue from the sales of information technology expertise, posting of contents on social media and from the retail-level international business and commercial transactions can be brought to Nepal through the banking system. The payment service provider or the bank and financial institution can make the arrangements to transfer the money in domestic currency to the customer’s wallet or any other payment gateways after the local bank receives the amount in their account. BFIs will be liable to charge the fees or other charges as fixed by the Foreign Exchange Management Department of Nepal Rastra Bank for earning the foreign currency. </span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Anyone can earn foreign currency in compliance with the Act on Prevention of Investment in Money Laundering and Terrorist Activities along with other related prevailing acts, laws and directives.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">The Payments System Department of the central bank claims that the money received from foreign countries can be legally transferred directly to Nepalese banks through the use of various online payment services. Bhuwan Kadel, the executive director of the Payments System Department said that bringing such transactions under the banking system will help in the conversion of foreign currencies into Nepalese rupees. “It also legalizes online ordering and payments,” he told New Business Age, adding, “In conclusion, the revenue can enter Nepal through the use of online payment services like Visa Card, PayPal, etc. Similarly, payment services like Esewa, Khalti, IME Pay can also be used to transfer the money earned through E-commerce in the account or wallet of the concerned person.” He said that the central bank has created an environment which will even allow the money withheld abroad to enter the financial system of Nepal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Nepal Rastra Bank maintained that it is illegal to send and receive payments abroad through informal channels. Payments for advertisements on social media is done in dollars. There isn’t any facility for dollar exchange or payment through Nepalese medium for such work. So, Nepalese businesses, firms and organizations have been using foreign mediums too make payments for advertisements on social media. Therefore, there are no data for the amount that exits Nepal through foreign payment mediums.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Balkrishna Joshi of Thamel Remit claims that thousands of softwares are being sold through freelancing from Nepal. “Most people work for at least 50 to 200 dollars but it is expensive to transfer it to Nepal. For the minimum amount sent by a foreign company, the service fee is more than 45 dollars. This way most of them keep their money in Payoneer Internet Wallet,” he said, “They make the necessary payments to different apps through it. The money therefore, is usually spent outside Nepal before entering. There are people who earn 3-4 thousand dollars monthly through their IT services given from Nepal. In this way, billions of rupees have entered Nepal illegally every year.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Joshi said that the foreign currencies earned through E-commerce can enter through Nepalese system if the government encourages a formal channel for the transfer of money. He believes that this will also help in increasing the revenue collection of the nation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Bhuwan Dahal, the chairman of Nepal Bankers’ Association, said that this arrangement made by the central bank is a welcome step. </span></span></p> ', 'published' => true, 'created' => '2020-09-24', 'modified' => '2020-09-24', 'keywords' => '', 'description' => '', 'sortorder' => '12261', 'image' => '20200924075728_1600901397.Clipboard17.jpg', 'article_date' => '2020-09-24 19:56:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12513', 'article_category_id' => '1', 'title' => 'EDI Expected to Speed up Customs Clearance of Nepal Bound Goods', 'sub_title' => '', 'summary' => 'September 24: India’s Kolkota Port has made it mandatory for Nepal-bound goods from third countries to use Electronic Data Interchange (EDI) system. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 24: India’s Kolkota Port has made it mandatory for Nepal-bound goods from third countries to use Electronic Data Interchange (EDI) system. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">This system will be implemented for goods that have to go through the Customs Transit Declaration (CTD) at the port.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The EDI system has been introduced to remove the hassles of paper works at the port. Although this system was launched about a year ago, it was not mandatory until now.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The port officials claimed that they made this system mandatory to make the process of CTD fast and efficient. India has already made this system mandatory for goods it imports itself.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The importers need to submit documents for processing through online means.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The importers need to submit all the details of the goods including the bill, packing list, origin of product certificate, among others. With the full implementation of this system, it is believed that the importers will no longer need to present hard copy of documents to the port anymore, says Amrit Bhakta Shrestha of Customs House Agent. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, one of the importers Kamal Mantri says this new system has made the process even more longer.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Earlier, it used to take one day for customs clearance but now it takes three days,” he says, adding, “This has caused stockpiling of 1000 containers at the port.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Other agents says although this new technology is supposed to save time, it is taking longer than expected because the staff members of the customs office are not proficient to handle this new system at the moment.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:15.0pt"><span style="font-family:Arial">Ishwar Raj Poudel, Nepal’s Consul General at its Kolkata-based consulate, informed that they are coordinating with the concerned officials of India for making the EDI system fast and effective.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:15.0pt"><span style="font-family:Arial">He further said that they are facing some glitches because this system is in its initial phase. Poudel added that they are hopeful of resolving the problems soon.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:15.0pt"><span style="font-family:Arial">“We are facilitating in making this system more effective. Agents can complete the documentation process from their own offices and therefore this system is beneficial for the importers,” Poudel told New Business Age. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-24', 'modified' => '2020-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '12260', 'image' => '20200924055957_1600901880.343.jpg', 'article_date' => '2020-09-24 17:59:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12531', 'article_category_id' => '1', 'title' => 'Government Approves Concessional Loan of Rs 27 Billion from Donor Agencies', 'sub_title' => '', 'summary' => 'September 29: The government has approved concessional loan of more than Rs 27 billion from various donor agencies. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 29: The government has approved concessional loan of more than Rs 27 billion from various donor agencies. The government has decided to take the loan from the World Bank, Asian Development Bank and other donors for budgetary support programmes.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Government Spokesperson Pradeep Gyawali, who is also the minister for foreign affairs, informed last week that the government is preparing to take concessional loan of Rs 26.38 billion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Foreign Minister Gyawali, the government has already formed a task force to study the prospects of such loans. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The Council of Ministers has formed a five-member negotiation team led by a joint secretary of the finance ministry for availing concessional loan of Rs 9.3 billion (USD 80 million) from the World Bank. The aid will be utilized for rural enterprises and economic development projects, the government further informed. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The government has been running this programme since 2015 to minimize poverty and to create employment opportunities in rural areas. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, a seven-member talks team has been formed to receive a concessional loan of Rs 18 billion (USD 150 million) from the ADB. This loan will be utilized by the Ministry of Culture, Tourism and Civil Aviation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government has also decided to approve financial and technical assistance worth Rs 3.52 billion from the British government. This aid will be spent on health related programmes.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-29', 'modified' => '2020-09-29', 'keywords' => '', 'description' => '', 'sortorder' => '12278', 'image' => '20200929104202_1601334333.Clipboard09.jpg', 'article_date' => '2020-09-29 10:41:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12528', 'article_category_id' => '1', 'title' => 'Electronic Payments Becoming More Attractive', 'sub_title' => '', 'summary' => 'September 28: E-commerce businesses are becoming more appealing with the digitization of payment methods.', 'content' => '<h1><span style="font-size:18px"><span style="font-family:"Times New Roman"">September 28: E-commerce businesses are becoming more appealing with the digitization of payment methods. In the process of paying for the purchase and sales of goods and services through electronic means, 168,627 transactions were made in the month of Shrawan (mid-July to mid-August) alone. According to Nepal Rastra Bank, these transactions amounted to around Rs 1.20 billion.</span></span></h1> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">This is the first time that the central bank has published such data. Among all the electronic payment methods, most of the transactions have been made through digital wallets. In the review month alone, 10,100,077 transactions worth Rs 7,000,057,000 was done.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The Payments System Department of Nepal Rastra Bank says that the data also included all the payments made through debit cards, credit cards, and pin cards for E-commerce. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">According to the department, payments are mostly made through the card’s number when the price to be paid is already predetermined. Bhuwan Kandel, the executive director of the department, says that the data made public is based on the transactions made through banks and financial institutions that provide the electronic payments and e-commerce facilities as well as payment service providers like Esewa, Khalti, IME Pay, Phone Pay, and payment gateways like Nepal Clearing House. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">According to Kandel, the data was made public because e-commerce is being prioritized currently as new electronic payment technologies and devices are being added to the market. “We have issued many circulars in order to promote e-commerce during the current crisis caused by the coronavirus pandemic. In addition, we have also been keeping a watch at the new as well the most frequently used electronic payment methods. We can generate information about how much appeal each electronic payment method has in the eye of the public from this,” he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Ecommerce companies like Daraz, Sastodeal, UG Bazaar, etc have been providing online delivery services for daily necessities, clothes and electrical appliances. Metro vegetables has been doing the same for fruits and vegetables, and Foodmandu, Foodmario and Bhoj Deal have been providing online delivery services for food. Similarly, Tootle, Pathao and Sarathi have been providing services through online payments.</span></span></p> ', 'published' => true, 'created' => '2020-09-28', 'modified' => '2020-09-28', 'keywords' => '', 'description' => '', 'sortorder' => '12275', 'image' => '20200928042838_88-800x430.jpg', 'article_date' => '2020-09-28 16:27:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12527', 'article_category_id' => '1', 'title' => 'Department of Revenue Investigation becomes more Efficient after coming under PMO', 'sub_title' => '', 'summary' => 'September 28: Government officials claim that the effectiveness of the Department of Revenue Investigation has grown immensely in the past two years after the prime minister took charge of the department. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 28: Government officials claim that the effectiveness of the Department of Revenue Investigation has grown immensely in the past two years after the prime minister took charge of the department. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The officials informed that the government employees were mostly involved in leakage of revenue. The government’s move to bring corrupt employees under investigations has resulted in better performance of the department. </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">According to the Department of Revenue Investigation, 11 of its employees were involved in leakage of revenue in the last two years and cases have also been filed against them. After coming under the prime minister's purview, the department has filed 190 cases against revenue leakage in a period of two years. The department claims that Rs 25.11 billion should be recovered in the case filed in the court against 621 people including 11 civil servants.</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">"There has been no pressure from any group in the investigation since it came under the Prime Minister's Office. We have not spared even the civil servants in the case of leakage," Gharaj Mainali, director general of the department, told New Business Age.</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">Mainali added that the investigation is focused on risky areas of revenue fraud and financial crimes. This has led to positive improvement in revenue collection by promoting integrity in revenue administration, he informed.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The department had settled cases involving Rs 9.83 billion within the first year it came under the Prime Minister's Office. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-28', 'modified' => '2020-09-28', 'keywords' => '', 'description' => '', 'sortorder' => '12274', 'image' => '20200928032338_1601259718.000.jpg', 'article_date' => '2020-09-28 15:22:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12526', 'article_category_id' => '1', 'title' => 'Tourism Entrepreneurs of Sauraha Announce Attractive Packages for Tourists', 'sub_title' => '', 'summary' => 'September 28: Tourism entrepreneurs of Sauraha have announced various schemes to attract tourists as the hotel industry reopened in almost six months since the government imposed lockdown to curb coronavirus. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">September 28: Tourism entrepreneurs of Sauraha have announced various schemes to attract tourists as the hotel industry reopened in almost six months since the government imposed lockdown to curb coronavirus. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">On the occasion of the World Tourism Day on Sunday (September 27), the hoteliers of Sauraha announced 20 to 30 percent discount to tourists.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">During the programme organised to mark the World Tourism Day, chairman of the Regional Hotel Association of Sauraha Deepak Bhattarai informed that all the sectors associated with the tourism industry will be providing discounts to the visitors, reports the national news agency, RSS.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">“We will unveil new packages within a week by including 20 to 30 percent discount depending on the nature of the hotel business,” RSS quoted Bhattarai as saying. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">The tourism entrepreneurs of Sauraha are preparing to focus on sanitation and cleanliness in 2020 and publicity and promotion in 2021 to bring the tourism back to track by 2022.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">According to RSS, Bhattarai and his associates are preparing to launch a campaign named ‘Let’s visit Chitwan’ in major cities of Nepal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">The tourism entrepreneurs are planning to sustain their businesses with the help of domestic tourists for the next two years.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">Meanwhile, chairman of the Restaurant and Bar Association of Nepal (Reban) Dipendra Khatiwada said during the programme that the concept of two-day holiday per week would be a great respite to the tourism and hospitality industry that has been badly affected by coronavirus pandemic.</span></span></span></p> ', 'published' => true, 'created' => '2020-09-28', 'modified' => '2020-09-28', 'keywords' => '', 'description' => '', 'sortorder' => '12273', 'image' => '20200928013626_1601256918.Clipboard05.jpg', 'article_date' => '2020-09-28 13:35:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12525', 'article_category_id' => '1', 'title' => 'Money Laundering Investigation Against Agrawal Resumes', 'sub_title' => '', 'summary' => 'September 28: The Department of Money Laundering Investigation has started additional interrogation of the operator of Shankar Group, Sulav Agrawal in connection to money laundering issue. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">September 28: The Department of Money Laundering Investigation has started additional interrogation of the operator of Shankar Group, Sulav Agrawal in connection to money laundering issue. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">It may be noted that a case of blackmarketing against Agrawal is sub judice at the Kathmandu District Court.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Besides Agrawal, the department has also initiated interrogation against Shankar Lal Agrawal and Sahali Agrawal of Shankar Group.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The district court had ordered the release of Agrawal on April 30 by posting a bail amount of Rs 2.5 million until the final verdict on the black marketing case.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">He was immediately rearrested by the police, this time to investigate on money laundering charges. He was handed to the Department of Money Laundering Investigation by the police for further investigation. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">On the same day, the department had released Agrawal stating that it would interrogate him after the lockdown was over.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Director General of the department Rup Narayan Bhattarai informed that they have started interrogation against Agrawal and some other members of his organisation after the government eased the lockdown restrictions.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">“We are currently collecting necessary information. It is not possible to divulge the details because the investigation is underway,” said Bhattarai, adding, “What I can say is that we have started investigation into the fraudulent activities of the group.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Officials of the department said that they are collecting property details of Shankar Group and its associate companies. The department is preparing to call the chairman, director and operator of the group to record statements after they collect all the details.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The department informed that they are basically focused on the source of the group’s properties. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Agrawal was arrested red handed by undercover agents while selling thermal guns at exorbitant price when the coronavirus pandemic had just begun.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-28', 'modified' => '2020-09-28', 'keywords' => '', 'description' => '', 'sortorder' => '12272', 'image' => '20200928114207_1601259586.99.jpg', 'article_date' => '2020-09-28 11:41:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12522', 'article_category_id' => '1', 'title' => 'Current Account in Surplus after 4 Years', 'sub_title' => '', 'summary' => 'September 27: The current account, which had been in deficit for the last four years, is in surplus in the current Fiscal year (FY). ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">September 27: The current account, which had been in deficit for the last four years, is in surplus in the current Fiscal year (FY). According to the financial report published by Nepal Rastra Bank, the current account balance recorded a surplus of Rs 25.42 billion in the first month of the current FY 2077/78. </span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The current account has a surplus of USD 212.1 million in this FY. The pandemic has decreased foreign travel, reduced imports and increased the remittance, which has led to a surplus in the nation’s current account, according to the report.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Previously, the current account in the first month of FY 2072/73 was in a surplus of Rs 9.15 billion. This account had been in a deficit from the FY 2073/74 to 2076/77. The current account had a deficit of Rs 9.34 billion in the first month of FY 2076/77. Similarly, the deficit widened to Rs 25.38 billion with the sharp increase in imports in FY 2075/76. Increase in deficit of merchandise trade led to a deficit of Rs 5.98 billion in FY 2074/75 whereas the decrease in remittance and foreign grants led to a current account deficit of Rs 2.32 billion in FY 2073/74.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Similarly, the inflow of foreign currencies has increased more than the outflow from the country along with current account surplus, which has led to a surplus of Rs 51.46 billion in the Balance of Payments. The Balance of Payments was in a surplus of Rs 6.05 billion in FY 2076/77.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Dr Gunakar Bhatta, the spokesperson of Nepal Rastra Bank, says that the current account surplus after a long time indicates the good savings of the entire country along with a weak investment situation.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">He pointed that it is a good thing to have savings for the import of required materials in order to construct big infrastructures in the future in Nepal. “The surplus in the current account shows that Nepal has good savings but less investments. The credit flow of banks, import of organizational and construction materials and the capital expenditure of the government has decreased. With less investments, the economic activities will decrease,” he told New Business Age, adding, “Moreover, if we are in surplus now, there won’t be lack of resources to increase the economic activities in the future. Without savings, there is a compulsion to take loans. Even if the current account is in deficit, it shows that there are investments being made in the country.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Economist Keshav Acharya however, believes that the surplus in the current account is necessary and a positive indication as this is not a good environment to invest due to the coronavirus pandemic. He argues that the current account surplus even when the economic activity is close to zero indicates a strong economy. “Nepal has also signed loan agreements with institutions like International Monetary Fund, the World Bank and the ADB. Such loans and grants may have also helped in the surplus balance of the current account and the balance of payments,” he said. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to NRB spokesperson Dr. Gunakar Bhatta, the surplus in the current account was due to the decrease in imports and services like foreign travel and the increase in remittance. The total merchandise imports has declined by 19.6 percent amounting to Rs 85.81 billion in the first month of this fiscal year. Imports of rice, telecommunications equipment and its spare parts, crude soybean oil, coal, edible oil and other commodities have decreased this time whereas the import of petroleum products, means of transport and its spare parts, other machinery, MS billets and hotroll seats and other items have declined. Such imports had decreased by 11.5 percent in the same period in the previous fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">In the first month of the FY 2077/78, the total merchandise exports increased by 8.9 percent amounting to Rs 9.62 billion. In the first month of FY 2077/78, the total merchandise trade deficit decreased by 22.2 percent leading to a total of Rs 76.19 billion. Such deficit had decreased by 13.9 percent in the same period of the last fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Another reason for the surplus in the current account and the Balance of Payments is the decrease in the balance of service account for the expenses related to foreign travel and education. The travel expenditure has decreased by 77.4 percent to Rs 1.58 billion in the current fiscal year, out of which Rs 1.39 billion was for education. The travel expenditure in the previous fiscal year was Rs 7.02 billion, out of which the expenditure for education was Rs 2.41 billion. However, the income from services has also decreased which is dangerous for an economy. Due to the decrease in income from tourism, the total service account is in a deficit of Rs 2.45 billion. The income from tourism has reached Rs 605.6 million after decreasing by 86.1 percent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">Sharp Increase in the Rates of Vegetables in One Month</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Although the overall inflation in the country seems to be under control, there has been a sudden hike in prices of vegetables across the country. The price of vegetables have increased sharply in a span of one month. The data from the central bank shows that the price of vegetables increased by 28.32 percent in the month of Shrawan (mid-July to mid-August) as compared to Ashad (mid-June to mid-July). Similarly, the inflation in the price of pulses and legumes, fish and meat, and tobacco was higher in the first month of the current fiscal year as compared to the corresponding period of last FY. The inflation in the food and beverages group was 5.38 percent and in the non-food and services group was 2.4 percent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">The Foreign exchange Reserve is at 14 trillion</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The foreign exchange reserve stood at Rs 1436.730 billion in the end of Shrawan (mid-July to mid-August) of this fiscal year. According to Nepal Rastra Bank, based on the imports up to the first month of FY 2077/78, the foreign exchange reserve of the banking sector will be sufficient to support the import of goods and services for 15.6 months.</span></span></span></p> ', 'published' => true, 'created' => '2020-09-27', 'modified' => '2020-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '12269', 'image' => '20200927035331_1601159663.Clipboard12.jpg', 'article_date' => '2020-09-27 15:52:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12521', 'article_category_id' => '1', 'title' => 'Foreign Technicians Stranded abroad by Covid-19 Start Returning to Work', 'sub_title' => '', 'summary' => 'September 27: Foreign technicians and workers, recruited for large infrastructure projects and national pride projects, have started returning to work after being stranded abroad for months due to coronavirus pandemic.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 27: Foreign technicians and workers, recruited for large infrastructure projects and national pride projects, have started returning to work after being stranded abroad for months due to coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The foreign workers and technicians have started returning following the government's decision to formally allow foreign manpower involved in under construction projects to enter the country. The government on September 17 had decided to allow entry to foreign workers recruited for big infrastructure projects.</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">Foreign workers involved in national pride projects including Kathmandu Terai Expressway and Gautam Buddha International Airport have started to return back to Nepal. Likewise, foreign companies and consultants for other projects have also started bringing in their employees to work.</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">Two surveyors have returned from South Korea for the expressway being built under the management of the Nepalese Army. Spokesperson of the Nepalese Army Santosh Poudel informed that the study of tunnels, bridges and marking of roads would be intensified with the arrival of additional manpower.</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">According to him, the government's decision has made it easier for the consulting companies to bring in more employees as per the requirement. The Gautam Buddha International Airport Project has also started the process of bringing in 55 Chinese technicians.</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">Pokhara Regional International Airport is also in need of 16 technicians from China and the project has already started necessary paperworks to bring them to Nepal. Currently, 172 Chinese workers are involved in the project.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-27', 'modified' => '2020-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '12268', 'image' => '20200927031416_1601158928.2.jpg', 'article_date' => '2020-09-27 15:13:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12520', 'article_category_id' => '1', 'title' => 'Smartphones Outstrip Petroleum Products as Nepal’s Major Import', 'sub_title' => '', 'summary' => 'September 27: Coronavirus pandemic has badly affected all other businesses but the smartphone business is flourishing amid current crisis. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 27: Coronavirus pandemic has badly affected all other businesses but the smartphone business is flourishing amid current crisis. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The import of smartphones and mobile sets has increased in the first two months of the current fiscal year compared to the corresponding period of 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:"Arial Unicode MS"">The demand for smartphones has outpaced the demand for petrol and diesel, making it the top import of the country. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the data made public by the customs department, the country imported smartphones worth Rs 7.94 billion in the review period, which is Rs 2.84 billion more than that of the last fiscal year. During the review period, the import of diesel and petrol has been limited to Rs 5.5 billion. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chairman of the Mobile Phone Importers of Nepal, Deepak Malhotra, said that smuggled smartphones used to cover 40 percent of the market before the lockdown was imposed. However, the smuggling of goods has stopped after the lockdown due to which the import of smartphones through official channels seems to have increased, says Malhotra.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He claims that the smuggling of smartphones has dropped to zero while the number of internet users has gone up because of online classes and virtual meetings amid coronavirus pandemic. This had led to an increase in demand for smartphones and gadgets, according to Malhotra.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The smuggling of smartphones had increased after the government increased the tax on smartphones from 7 to 16 percent in fiscal year 2018/19. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal had imported smartphones worth Rs 18 billion during the last fiscal year. Malhotra believes that the import would cross Rs 30 billion this year if the government curbs smuggling of goods.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-27', 'modified' => '2020-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '12267', 'image' => '20200927011921_1601158831.Clipboard08.jpg', 'article_date' => '2020-09-27 13:16:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12519', 'article_category_id' => '1', 'title' => 'Government forms Task Force to Revitalize Tourism Industry on the Eve of World Tourism Day ', 'sub_title' => '', 'summary' => 'September 27: Nepal is observing the World Tourism Day today (September 27) with the slogan “Tourism and Rural Development”.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 27: Nepal is observing the World Tourism Day today (September 27) with the slogan “Tourism and Rural Development”. The World Tourism Day is being marked across the globe with limited programmes due to coronavirus pandemic and Nepal is not an exception.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the government data of 2019, the tourism sector contributed 6.7 percent to the Gross Domestic Product (GDP) of Nepal and created employment opportunities for 1.1 million people.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government on the eve of the World Tourism Day decided to form a task force by including the private sector to revitalize the tourism industry that has been hard hit by the pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The task force is expected to revitalize domestic tourism. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Nepal Tourism Board has set the goal of promoting new destinations for promoting domestic tourism this year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai claimed that the government expects the tourism industry to bounce back as the authorities have already lifted restrictions on air service, hotels and restaurants, trekking and expeditions among other 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:Arial">Although the government resumed international flights from September 1, tourists are facing problems of obtaining visa. Minister Bhattarai said it is currently discussing with the home ministry and the Department of Immigration on the issue of on-arrival visa.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The World Tourism Day is celebrated every year on September 27 to mark the establishment of the United Nation's World Tourism Organization. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-27', 'modified' => '2020-09-29', 'keywords' => '', 'description' => '', 'sortorder' => '12266', 'image' => '20200927114052_1601159520.Clipboard11.jpg', 'article_date' => '2020-09-27 11:40:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12516', 'article_category_id' => '1', 'title' => 'Tourism Ministry Proposes Two-Day Holiday to Promote Domestic Tourism', 'sub_title' => '', 'summary' => 'September 24: The Ministry of Culture, Tourism and Civil Aviation has proposed weekly holiday for two days in order to promote domestic tourism at a time when the tourism activities have come to a grinding halt due to coronavirus pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">September 24: The Ministry of Culture, Tourism and Civil Aviation has proposed weekly holiday for two days in order to promote domestic tourism at a time when the tourism activities have come to a grinding halt due to coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The ministry is preparing to submit the proposal to the cabinet meeting soon. A meeting of the ministry chaired by Tourism Minister Yogesh Bhattarai on Thursday (September 23) decided to form a task force to study the prospect of two days off during the weekend. Once the task force prepares its report, it will be presented to the cabinet for approval, said sources at the ministry. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The task force is headed by joint secretary Pradeep Kumar Koirala. Other members of the task force are chief of the Tourism Department Rudra Singh Tamang and CEO of Nepal Tourism Board Dhananjay Regmi. The task force will also have a representative each from the finance ministry, home ministry and the ministry of general administration.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Tourism Minister Bhattarai confirmed the formation of the task force with the motive of studying the prospect of two days holiday in order to promote domestic tourism.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“Giving holidays for two days a week would facilitate in thousands of people to travel within the country for recreation. This move will definitely revitalize internal tourism of the country,” said Bhattarai.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">According to Minister Bhattarai, a single day holiday would not allow people to travel to different places even if they want to do so. But holiday for two days a week would give ample time for people to visit far off places during the weekends.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Likewise, Thursday’s meeting also decided to prepare a safety protocol to reopen Pashupatinath Temple and Lumbini and present it to the Covid-19 Crisis Management Centre (CCMC) for approval.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The meeting also decided to finalize the air service agreements signed with Bangladesh, Indonesia, Russia, South Korea and Finland and present them to the cabinet.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Former CEO of Nepal Tourism Board Deepak Raj Joshi believes that domestic tourism will grow if the proposal of two-day holiday gets approved by the cabinet.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“This concept was visualized a long time ago but it was never implemented. But now the time has come to implement this concept. It will help in promoting domestic tourism,” said Joshi.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Joshi further said that foreign tourists are still willing to visit Nepal and the government must launch a campaign to send clear message that Nepal is open for visitors.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-25', 'modified' => '2020-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '12265', 'image' => '20200925125557_20180513122353_tourism.jpg', 'article_date' => '2020-09-25 12:55:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12518', 'article_category_id' => '1', 'title' => 'BFIs Report Excessive Liquidity ', 'sub_title' => 'Central Bank to Mop Rs 30 Billion out of excess amount of Rs 200 Billion from Banks', 'summary' => 'September 24: The lack of demand for loans in Banks and Financial Institutions (BFI) has led to a high accumulation of deposits in them. ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">September 24: The lack of demand for loans in Banks and Financial Institutions (BFI) has led to a high accumulation of deposits in them. Nepal Rastra Bank has been compelled to use the 28-day deposit collection equipment to manage the liquidity as there is an excess liquidity of Rs 200 billion in the banking system.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Stating that there has been an extraordinary liquidity situation in the banking system, the Open Market Steering Committee of the central bank took a decision on Thursday (September 23), of using a deposit collection equipment to absorb Rs 30 billion worth of liquidity from the banking system for a long period.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Earlier, short-term government bonds like treasury bills were issued to collect internal debts. In addition, reverse repo was issued in the month of Shrawan (mid-July to mid-August) under the monetary management to absorb the liquidity from the market. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Depending upon the situation, the central bank can issue the deposit collection equipment for a maximum of 90 days. Nepal Rastra Bank will withdraw the money from the bank accounts of the successful bidders and keep it as deposit. This helps in the mopping of excess liquidity in the banking system for a specified period of time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“Even if it is a small amount, absorption of liquidity from the banks prevents the interest rate on deposits from decreasing too much. The flow of credit helps in keeping the overall economy going,” says Dr Gunakar Bhatta, the spokesperson for Nepal Rastra Bank. Banks have been emphasizing on the use of the deposit collection instruments as new loans weren’t distributed as much as they had expected.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bhuwan Kumar Dahal, the chairman of Nepal Bankers’ Association, said that it was more appropriate for the central bank to keep the banks’ deposits instead of the banks keeping a high capital for a long time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Former banker Parshuram Kunwar says that the central bank withdrawing only Rs 30 billion when there is a liquidity of more than Rs 200 billion isn’t enough. “Absorbing only Rs 30 billion when there is an excess liquidity of hundreds of billions is too less,” he said, adding, “Our neighboring country India also has excess liquidity due to the lack of credit flow. Their government has taken up a lot of internal debt to manage this. The Reserve Bank of India has made arrangements accordingly as it may make things uncomfortable by raising a lot of money in this way.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Former banker Kunwar says that the high liquidity situation in India has reduced the interest rates of deposits rather than on inflation. He claims that Nepal is also in a similar situation. He points out that things should not be made difficult for the customers by making the rates on deposits lower than the rate of inflation for a long time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Some banks have increased the interest rates on deposits despite of having sufficient investable capital.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Banks have reduced the interest rates from a minimum of 3 percent to a maximum of 8.5 percent. Recently, banks like Civil Bank and Nabil Bank have been in the forefront in raising the interest rates on term deposits. Nabil Bank has announced to pay up to 9.5 percent interest on personal term deposits. They have announced that they will however flow loans at 7 percent. Similarly, Civil Bank has kept a maximum rate of 6 percent on deposits in the month of Bhadra (mid-August to mid-September). However, it has announced a rate of 8.75 percent on personal term deposits for the month of Ashoj (mid-September to mid-October). </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank does not think that it’s abnormal to increase the rates on personal term deposits even during a high liquidity situation. NRB Spokesperson Dr. Bhatta points out that it is appropriate to determine the interest rates now as the banks will have to raise long-term deposits for long-term investments. According to him, the banks should not only depend on general savings but raise long-term personal deposits too. However, they must announce the interest rates one month in advance.</span></span></span></p> ', 'published' => true, 'created' => '2020-09-25', 'modified' => '2020-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '12264', 'image' => '20200925035717_1600901397.Clipboard17.jpg', 'article_date' => '2020-09-25 15:55:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12517', 'article_category_id' => '1', 'title' => 'Government Initiates Study for Construction of Flyovers in Valley', 'sub_title' => '', 'summary' => 'September 25: Even though there has been talks regarding construction of flyovers in the Kathmandu Valley since the last five years, the construction is still uncertain. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">September 25: Even though there has been talks regarding construction of flyovers in the Kathmandu Valley since the last five years, the construction is still uncertain. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The Department of Roads suggests that there is no urgency to construct the flyovers immediately as Nepal has no prior experience in construction while the investment is extremely high.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The department says that even if the study of flyovers is carried out, the construction won’t be completed immediately. A department source informed New Business Age that even though the construction of a flyover is on the pipeline, rumors about initiating the contract in the current fiscal year is unlikely.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The department has initiated a study in areas with high traffic congestion for the possibility of constructing flyovers.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The bridge division under the department had started a preliminary study four to five years ago to see if a flyover could be built in Baneshwar area. The plan to build the flyover has been included in the budget of the current Fiscal Year 2077/78. However, it has not been decided yet at which crossroads of the valley the flyover will be constructed.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Since, the flyover will be constructed for the first time in Nepal, essential and convenient locations with relatively low risk have been selected for construction site, informed Shiva Prasad Nepal, Deputy Director General of the Department. An agreement worth Rs 5.2 million has been signed with stakeholders to study three potential locations. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">In the current fiscal year, the department has started a study to build flyovers at three intersections inside the valley, Gwarko, Satdobato and Ekantakuna utilizing Nepali consulting company and Nepali investment.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-25', 'modified' => '2020-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '12263', 'image' => '20200925021204_1600988628.Clipboard13.jpg', 'article_date' => '2020-09-25 14:11:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12515', 'article_category_id' => '1', 'title' => 'Market Monitoring Brings Down Soaring Price of Onion ', 'sub_title' => '', 'summary' => 'September 24: The price of onion has started declining after the government stepped up market monitoring. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">September 24: The price of onion has started declining after the government stepped up market monitoring. The price had skyrocketed after a recent ban on export of onion by India.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The supply of onion at Kalimati Fruits and Vegetables Market</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">has come to a halt after India banned export of onion on September 14. The price started increasing in the Nepali market from the very next day.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The Commerce, Supply and Consumer Protection Department and the Kathmandu Metropolitan City started market monitoring after the businessmen started fixing the price of onion arbitrarily. Following the market inspection, the price has been gradually decreasing.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The wholesale price of onion, which was Rs 60 per kilogram on September 14 as per the price list prepared by the Kalimati Fruits and Vegetables Market, increased by 99 percent to Rs 119 the next day after India imposed 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:"Bangla MN"">The retail stores were found selling onion for as high as Rs 160 per kg. The price of onion at Kalimati market has now dropped to Rs 102 per kg.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The concerned government departments stepped up monitoring after there was artificial shortage and black-marketing of onion. The government took action against traders who were found hoarding onion. After initiating action, the price started declining.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Director General of the Department of Commerce Netra Prasad Subedi says Nepal is dependent on India for onions and the price will remain high until India eases 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:"Bangla MN"">He added that the stock of onion kept by businessmen has not finished yet and therefore the market monitoring will check the price hike to some extent.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-25', 'modified' => '2020-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '12262', 'image' => '20200925113442_1600988958.Clipboard06.jpg', 'article_date' => '2020-09-25 11:34:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12514', 'article_category_id' => '1', 'title' => 'Revenue from E-commerce to Enter Nepal through Formal Channels', 'sub_title' => '', 'summary' => 'September 24: Billions of rupees have been entering Nepal through unofficial channels for E-commerce. ', 'content' => '<h1><span style="font-size:20px"><span style="font-family:"Times New Roman"">September 24: Billions of rupees have been entering Nepal through unofficial channels for E-commerce. There hasn’t been any definitive data on it. The number of people generating revenue through online portals like YouTube, Facebook, Google, etc. have also been increasing. Due to the hassles in sending money to Nepal from abroad, Nepali citizens living in foreign countries have been saving money with PayPal and then spending it abroad.</span></span></h1> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">But now, Nepal Rastra Bank has made arrangements to transfer foreign currency to Nepal through online financial services. Bankers believe that this provision will make it easier for foreign currencies to enter Nepal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Nepal Rastra Bank has stated that the revenue from the sales of information technology expertise, posting of contents on social media and from the retail-level international business and commercial transactions can be brought to Nepal through the banking system. The payment service provider or the bank and financial institution can make the arrangements to transfer the money in domestic currency to the customer’s wallet or any other payment gateways after the local bank receives the amount in their account. BFIs will be liable to charge the fees or other charges as fixed by the Foreign Exchange Management Department of Nepal Rastra Bank for earning the foreign currency. </span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Anyone can earn foreign currency in compliance with the Act on Prevention of Investment in Money Laundering and Terrorist Activities along with other related prevailing acts, laws and directives.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">The Payments System Department of the central bank claims that the money received from foreign countries can be legally transferred directly to Nepalese banks through the use of various online payment services. Bhuwan Kadel, the executive director of the Payments System Department said that bringing such transactions under the banking system will help in the conversion of foreign currencies into Nepalese rupees. “It also legalizes online ordering and payments,” he told New Business Age, adding, “In conclusion, the revenue can enter Nepal through the use of online payment services like Visa Card, PayPal, etc. Similarly, payment services like Esewa, Khalti, IME Pay can also be used to transfer the money earned through E-commerce in the account or wallet of the concerned person.” He said that the central bank has created an environment which will even allow the money withheld abroad to enter the financial system of Nepal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Nepal Rastra Bank maintained that it is illegal to send and receive payments abroad through informal channels. Payments for advertisements on social media is done in dollars. There isn’t any facility for dollar exchange or payment through Nepalese medium for such work. So, Nepalese businesses, firms and organizations have been using foreign mediums too make payments for advertisements on social media. Therefore, there are no data for the amount that exits Nepal through foreign payment mediums.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Balkrishna Joshi of Thamel Remit claims that thousands of softwares are being sold through freelancing from Nepal. “Most people work for at least 50 to 200 dollars but it is expensive to transfer it to Nepal. For the minimum amount sent by a foreign company, the service fee is more than 45 dollars. This way most of them keep their money in Payoneer Internet Wallet,” he said, “They make the necessary payments to different apps through it. The money therefore, is usually spent outside Nepal before entering. There are people who earn 3-4 thousand dollars monthly through their IT services given from Nepal. In this way, billions of rupees have entered Nepal illegally every year.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Joshi said that the foreign currencies earned through E-commerce can enter through Nepalese system if the government encourages a formal channel for the transfer of money. He believes that this will also help in increasing the revenue collection of the nation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Bhuwan Dahal, the chairman of Nepal Bankers’ Association, said that this arrangement made by the central bank is a welcome step. </span></span></p> ', 'published' => true, 'created' => '2020-09-24', 'modified' => '2020-09-24', 'keywords' => '', 'description' => '', 'sortorder' => '12261', 'image' => '20200924075728_1600901397.Clipboard17.jpg', 'article_date' => '2020-09-24 19:56:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12513', 'article_category_id' => '1', 'title' => 'EDI Expected to Speed up Customs Clearance of Nepal Bound Goods', 'sub_title' => '', 'summary' => 'September 24: India’s Kolkota Port has made it mandatory for Nepal-bound goods from third countries to use Electronic Data Interchange (EDI) system. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 24: India’s Kolkota Port has made it mandatory for Nepal-bound goods from third countries to use Electronic Data Interchange (EDI) system. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">This system will be implemented for goods that have to go through the Customs Transit Declaration (CTD) at the port.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The EDI system has been introduced to remove the hassles of paper works at the port. Although this system was launched about a year ago, it was not mandatory until now.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The port officials claimed that they made this system mandatory to make the process of CTD fast and efficient. India has already made this system mandatory for goods it imports itself.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The importers need to submit documents for processing through online means.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The importers need to submit all the details of the goods including the bill, packing list, origin of product certificate, among others. With the full implementation of this system, it is believed that the importers will no longer need to present hard copy of documents to the port anymore, says Amrit Bhakta Shrestha of Customs House Agent. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, one of the importers Kamal Mantri says this new system has made the process even more longer.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Earlier, it used to take one day for customs clearance but now it takes three days,” he says, adding, “This has caused stockpiling of 1000 containers at the port.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Other agents says although this new technology is supposed to save time, it is taking longer than expected because the staff members of the customs office are not proficient to handle this new system at the moment.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:15.0pt"><span style="font-family:Arial">Ishwar Raj Poudel, Nepal’s Consul General at its Kolkata-based consulate, informed that they are coordinating with the concerned officials of India for making the EDI system fast and effective.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:15.0pt"><span style="font-family:Arial">He further said that they are facing some glitches because this system is in its initial phase. Poudel added that they are hopeful of resolving the problems soon.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:15.0pt"><span style="font-family:Arial">“We are facilitating in making this system more effective. Agents can complete the documentation process from their own offices and therefore this system is beneficial for the importers,” Poudel told New Business Age. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-24', 'modified' => '2020-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '12260', 'image' => '20200924055957_1600901880.343.jpg', 'article_date' => '2020-09-24 17:59:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 29: The government has approved concessional loan of more than Rs 27 billion from various donor agencies. The government has decided to take the loan from the World Bank, Asian Development Bank and other donors for budgetary support programmes.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Government Spokesperson Pradeep Gyawali, who is also the minister for foreign affairs, informed last week that the government is preparing to take concessional loan of Rs 26.38 billion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Foreign Minister Gyawali, the government has already formed a task force to study the prospects of such loans. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The Council of Ministers has formed a five-member negotiation team led by a joint secretary of the finance ministry for availing concessional loan of Rs 9.3 billion (USD 80 million) from the World Bank. The aid will be utilized for rural enterprises and economic development projects, the government further informed. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The government has been running this programme since 2015 to minimize poverty and to create employment opportunities in rural areas. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, a seven-member talks team has been formed to receive a concessional loan of Rs 18 billion (USD 150 million) from the ADB. This loan will be utilized by the Ministry of Culture, Tourism and Civil Aviation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government has also decided to approve financial and technical assistance worth Rs 3.52 billion from the British government. This aid will be spent on health related programmes.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-29', 'modified' => '2020-09-29', 'keywords' => '', 'description' => '', 'sortorder' => '12278', 'image' => '20200929104202_1601334333.Clipboard09.jpg', 'article_date' => '2020-09-29 10:41:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12528', 'article_category_id' => '1', 'title' => 'Electronic Payments Becoming More Attractive', 'sub_title' => '', 'summary' => 'September 28: E-commerce businesses are becoming more appealing with the digitization of payment methods.', 'content' => '<h1><span style="font-size:18px"><span style="font-family:"Times New Roman"">September 28: E-commerce businesses are becoming more appealing with the digitization of payment methods. In the process of paying for the purchase and sales of goods and services through electronic means, 168,627 transactions were made in the month of Shrawan (mid-July to mid-August) alone. According to Nepal Rastra Bank, these transactions amounted to around Rs 1.20 billion.</span></span></h1> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">This is the first time that the central bank has published such data. Among all the electronic payment methods, most of the transactions have been made through digital wallets. In the review month alone, 10,100,077 transactions worth Rs 7,000,057,000 was done.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The Payments System Department of Nepal Rastra Bank says that the data also included all the payments made through debit cards, credit cards, and pin cards for E-commerce. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">According to the department, payments are mostly made through the card’s number when the price to be paid is already predetermined. Bhuwan Kandel, the executive director of the department, says that the data made public is based on the transactions made through banks and financial institutions that provide the electronic payments and e-commerce facilities as well as payment service providers like Esewa, Khalti, IME Pay, Phone Pay, and payment gateways like Nepal Clearing House. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">According to Kandel, the data was made public because e-commerce is being prioritized currently as new electronic payment technologies and devices are being added to the market. “We have issued many circulars in order to promote e-commerce during the current crisis caused by the coronavirus pandemic. In addition, we have also been keeping a watch at the new as well the most frequently used electronic payment methods. We can generate information about how much appeal each electronic payment method has in the eye of the public from this,” he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Ecommerce companies like Daraz, Sastodeal, UG Bazaar, etc have been providing online delivery services for daily necessities, clothes and electrical appliances. Metro vegetables has been doing the same for fruits and vegetables, and Foodmandu, Foodmario and Bhoj Deal have been providing online delivery services for food. Similarly, Tootle, Pathao and Sarathi have been providing services through online payments.</span></span></p> ', 'published' => true, 'created' => '2020-09-28', 'modified' => '2020-09-28', 'keywords' => '', 'description' => '', 'sortorder' => '12275', 'image' => '20200928042838_88-800x430.jpg', 'article_date' => '2020-09-28 16:27:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12527', 'article_category_id' => '1', 'title' => 'Department of Revenue Investigation becomes more Efficient after coming under PMO', 'sub_title' => '', 'summary' => 'September 28: Government officials claim that the effectiveness of the Department of Revenue Investigation has grown immensely in the past two years after the prime minister took charge of the department. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 28: Government officials claim that the effectiveness of the Department of Revenue Investigation has grown immensely in the past two years after the prime minister took charge of the department. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The officials informed that the government employees were mostly involved in leakage of revenue. The government’s move to bring corrupt employees under investigations has resulted in better performance of the department. </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">According to the Department of Revenue Investigation, 11 of its employees were involved in leakage of revenue in the last two years and cases have also been filed against them. After coming under the prime minister's purview, the department has filed 190 cases against revenue leakage in a period of two years. The department claims that Rs 25.11 billion should be recovered in the case filed in the court against 621 people including 11 civil servants.</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">"There has been no pressure from any group in the investigation since it came under the Prime Minister's Office. We have not spared even the civil servants in the case of leakage," Gharaj Mainali, director general of the department, told New Business Age.</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">Mainali added that the investigation is focused on risky areas of revenue fraud and financial crimes. This has led to positive improvement in revenue collection by promoting integrity in revenue administration, he informed.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The department had settled cases involving Rs 9.83 billion within the first year it came under the Prime Minister's Office. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-28', 'modified' => '2020-09-28', 'keywords' => '', 'description' => '', 'sortorder' => '12274', 'image' => '20200928032338_1601259718.000.jpg', 'article_date' => '2020-09-28 15:22:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12526', 'article_category_id' => '1', 'title' => 'Tourism Entrepreneurs of Sauraha Announce Attractive Packages for Tourists', 'sub_title' => '', 'summary' => 'September 28: Tourism entrepreneurs of Sauraha have announced various schemes to attract tourists as the hotel industry reopened in almost six months since the government imposed lockdown to curb coronavirus. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">September 28: Tourism entrepreneurs of Sauraha have announced various schemes to attract tourists as the hotel industry reopened in almost six months since the government imposed lockdown to curb coronavirus. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">On the occasion of the World Tourism Day on Sunday (September 27), the hoteliers of Sauraha announced 20 to 30 percent discount to tourists.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">During the programme organised to mark the World Tourism Day, chairman of the Regional Hotel Association of Sauraha Deepak Bhattarai informed that all the sectors associated with the tourism industry will be providing discounts to the visitors, reports the national news agency, RSS.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">“We will unveil new packages within a week by including 20 to 30 percent discount depending on the nature of the hotel business,” RSS quoted Bhattarai as saying. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">The tourism entrepreneurs of Sauraha are preparing to focus on sanitation and cleanliness in 2020 and publicity and promotion in 2021 to bring the tourism back to track by 2022.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">According to RSS, Bhattarai and his associates are preparing to launch a campaign named ‘Let’s visit Chitwan’ in major cities of Nepal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">The tourism entrepreneurs are planning to sustain their businesses with the help of domestic tourists for the next two years.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">Meanwhile, chairman of the Restaurant and Bar Association of Nepal (Reban) Dipendra Khatiwada said during the programme that the concept of two-day holiday per week would be a great respite to the tourism and hospitality industry that has been badly affected by coronavirus pandemic.</span></span></span></p> ', 'published' => true, 'created' => '2020-09-28', 'modified' => '2020-09-28', 'keywords' => '', 'description' => '', 'sortorder' => '12273', 'image' => '20200928013626_1601256918.Clipboard05.jpg', 'article_date' => '2020-09-28 13:35:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12525', 'article_category_id' => '1', 'title' => 'Money Laundering Investigation Against Agrawal Resumes', 'sub_title' => '', 'summary' => 'September 28: The Department of Money Laundering Investigation has started additional interrogation of the operator of Shankar Group, Sulav Agrawal in connection to money laundering issue. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">September 28: The Department of Money Laundering Investigation has started additional interrogation of the operator of Shankar Group, Sulav Agrawal in connection to money laundering issue. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">It may be noted that a case of blackmarketing against Agrawal is sub judice at the Kathmandu District Court.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Besides Agrawal, the department has also initiated interrogation against Shankar Lal Agrawal and Sahali Agrawal of Shankar Group.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The district court had ordered the release of Agrawal on April 30 by posting a bail amount of Rs 2.5 million until the final verdict on the black marketing case.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">He was immediately rearrested by the police, this time to investigate on money laundering charges. He was handed to the Department of Money Laundering Investigation by the police for further investigation. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">On the same day, the department had released Agrawal stating that it would interrogate him after the lockdown was over.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Director General of the department Rup Narayan Bhattarai informed that they have started interrogation against Agrawal and some other members of his organisation after the government eased the lockdown restrictions.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">“We are currently collecting necessary information. It is not possible to divulge the details because the investigation is underway,” said Bhattarai, adding, “What I can say is that we have started investigation into the fraudulent activities of the group.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Officials of the department said that they are collecting property details of Shankar Group and its associate companies. The department is preparing to call the chairman, director and operator of the group to record statements after they collect all the details.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The department informed that they are basically focused on the source of the group’s properties. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Agrawal was arrested red handed by undercover agents while selling thermal guns at exorbitant price when the coronavirus pandemic had just begun.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-28', 'modified' => '2020-09-28', 'keywords' => '', 'description' => '', 'sortorder' => '12272', 'image' => '20200928114207_1601259586.99.jpg', 'article_date' => '2020-09-28 11:41:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12522', 'article_category_id' => '1', 'title' => 'Current Account in Surplus after 4 Years', 'sub_title' => '', 'summary' => 'September 27: The current account, which had been in deficit for the last four years, is in surplus in the current Fiscal year (FY). ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">September 27: The current account, which had been in deficit for the last four years, is in surplus in the current Fiscal year (FY). According to the financial report published by Nepal Rastra Bank, the current account balance recorded a surplus of Rs 25.42 billion in the first month of the current FY 2077/78. </span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The current account has a surplus of USD 212.1 million in this FY. The pandemic has decreased foreign travel, reduced imports and increased the remittance, which has led to a surplus in the nation’s current account, according to the report.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Previously, the current account in the first month of FY 2072/73 was in a surplus of Rs 9.15 billion. This account had been in a deficit from the FY 2073/74 to 2076/77. The current account had a deficit of Rs 9.34 billion in the first month of FY 2076/77. Similarly, the deficit widened to Rs 25.38 billion with the sharp increase in imports in FY 2075/76. Increase in deficit of merchandise trade led to a deficit of Rs 5.98 billion in FY 2074/75 whereas the decrease in remittance and foreign grants led to a current account deficit of Rs 2.32 billion in FY 2073/74.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Similarly, the inflow of foreign currencies has increased more than the outflow from the country along with current account surplus, which has led to a surplus of Rs 51.46 billion in the Balance of Payments. The Balance of Payments was in a surplus of Rs 6.05 billion in FY 2076/77.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Dr Gunakar Bhatta, the spokesperson of Nepal Rastra Bank, says that the current account surplus after a long time indicates the good savings of the entire country along with a weak investment situation.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">He pointed that it is a good thing to have savings for the import of required materials in order to construct big infrastructures in the future in Nepal. “The surplus in the current account shows that Nepal has good savings but less investments. The credit flow of banks, import of organizational and construction materials and the capital expenditure of the government has decreased. With less investments, the economic activities will decrease,” he told New Business Age, adding, “Moreover, if we are in surplus now, there won’t be lack of resources to increase the economic activities in the future. Without savings, there is a compulsion to take loans. Even if the current account is in deficit, it shows that there are investments being made in the country.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Economist Keshav Acharya however, believes that the surplus in the current account is necessary and a positive indication as this is not a good environment to invest due to the coronavirus pandemic. He argues that the current account surplus even when the economic activity is close to zero indicates a strong economy. “Nepal has also signed loan agreements with institutions like International Monetary Fund, the World Bank and the ADB. Such loans and grants may have also helped in the surplus balance of the current account and the balance of payments,” he said. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to NRB spokesperson Dr. Gunakar Bhatta, the surplus in the current account was due to the decrease in imports and services like foreign travel and the increase in remittance. The total merchandise imports has declined by 19.6 percent amounting to Rs 85.81 billion in the first month of this fiscal year. Imports of rice, telecommunications equipment and its spare parts, crude soybean oil, coal, edible oil and other commodities have decreased this time whereas the import of petroleum products, means of transport and its spare parts, other machinery, MS billets and hotroll seats and other items have declined. Such imports had decreased by 11.5 percent in the same period in the previous fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">In the first month of the FY 2077/78, the total merchandise exports increased by 8.9 percent amounting to Rs 9.62 billion. In the first month of FY 2077/78, the total merchandise trade deficit decreased by 22.2 percent leading to a total of Rs 76.19 billion. Such deficit had decreased by 13.9 percent in the same period of the last fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Another reason for the surplus in the current account and the Balance of Payments is the decrease in the balance of service account for the expenses related to foreign travel and education. The travel expenditure has decreased by 77.4 percent to Rs 1.58 billion in the current fiscal year, out of which Rs 1.39 billion was for education. The travel expenditure in the previous fiscal year was Rs 7.02 billion, out of which the expenditure for education was Rs 2.41 billion. However, the income from services has also decreased which is dangerous for an economy. Due to the decrease in income from tourism, the total service account is in a deficit of Rs 2.45 billion. The income from tourism has reached Rs 605.6 million after decreasing by 86.1 percent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">Sharp Increase in the Rates of Vegetables in One Month</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Although the overall inflation in the country seems to be under control, there has been a sudden hike in prices of vegetables across the country. The price of vegetables have increased sharply in a span of one month. The data from the central bank shows that the price of vegetables increased by 28.32 percent in the month of Shrawan (mid-July to mid-August) as compared to Ashad (mid-June to mid-July). Similarly, the inflation in the price of pulses and legumes, fish and meat, and tobacco was higher in the first month of the current fiscal year as compared to the corresponding period of last FY. The inflation in the food and beverages group was 5.38 percent and in the non-food and services group was 2.4 percent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">The Foreign exchange Reserve is at 14 trillion</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The foreign exchange reserve stood at Rs 1436.730 billion in the end of Shrawan (mid-July to mid-August) of this fiscal year. According to Nepal Rastra Bank, based on the imports up to the first month of FY 2077/78, the foreign exchange reserve of the banking sector will be sufficient to support the import of goods and services for 15.6 months.</span></span></span></p> ', 'published' => true, 'created' => '2020-09-27', 'modified' => '2020-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '12269', 'image' => '20200927035331_1601159663.Clipboard12.jpg', 'article_date' => '2020-09-27 15:52:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12521', 'article_category_id' => '1', 'title' => 'Foreign Technicians Stranded abroad by Covid-19 Start Returning to Work', 'sub_title' => '', 'summary' => 'September 27: Foreign technicians and workers, recruited for large infrastructure projects and national pride projects, have started returning to work after being stranded abroad for months due to coronavirus pandemic.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 27: Foreign technicians and workers, recruited for large infrastructure projects and national pride projects, have started returning to work after being stranded abroad for months due to coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The foreign workers and technicians have started returning following the government's decision to formally allow foreign manpower involved in under construction projects to enter the country. The government on September 17 had decided to allow entry to foreign workers recruited for big infrastructure projects.</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">Foreign workers involved in national pride projects including Kathmandu Terai Expressway and Gautam Buddha International Airport have started to return back to Nepal. Likewise, foreign companies and consultants for other projects have also started bringing in their employees to work.</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">Two surveyors have returned from South Korea for the expressway being built under the management of the Nepalese Army. Spokesperson of the Nepalese Army Santosh Poudel informed that the study of tunnels, bridges and marking of roads would be intensified with the arrival of additional manpower.</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">According to him, the government's decision has made it easier for the consulting companies to bring in more employees as per the requirement. The Gautam Buddha International Airport Project has also started the process of bringing in 55 Chinese technicians.</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">Pokhara Regional International Airport is also in need of 16 technicians from China and the project has already started necessary paperworks to bring them to Nepal. Currently, 172 Chinese workers are involved in the project.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-27', 'modified' => '2020-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '12268', 'image' => '20200927031416_1601158928.2.jpg', 'article_date' => '2020-09-27 15:13:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12520', 'article_category_id' => '1', 'title' => 'Smartphones Outstrip Petroleum Products as Nepal’s Major Import', 'sub_title' => '', 'summary' => 'September 27: Coronavirus pandemic has badly affected all other businesses but the smartphone business is flourishing amid current crisis. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 27: Coronavirus pandemic has badly affected all other businesses but the smartphone business is flourishing amid current crisis. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The import of smartphones and mobile sets has increased in the first two months of the current fiscal year compared to the corresponding period of 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:"Arial Unicode MS"">The demand for smartphones has outpaced the demand for petrol and diesel, making it the top import of the country. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the data made public by the customs department, the country imported smartphones worth Rs 7.94 billion in the review period, which is Rs 2.84 billion more than that of the last fiscal year. During the review period, the import of diesel and petrol has been limited to Rs 5.5 billion. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chairman of the Mobile Phone Importers of Nepal, Deepak Malhotra, said that smuggled smartphones used to cover 40 percent of the market before the lockdown was imposed. However, the smuggling of goods has stopped after the lockdown due to which the import of smartphones through official channels seems to have increased, says Malhotra.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He claims that the smuggling of smartphones has dropped to zero while the number of internet users has gone up because of online classes and virtual meetings amid coronavirus pandemic. This had led to an increase in demand for smartphones and gadgets, according to Malhotra.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The smuggling of smartphones had increased after the government increased the tax on smartphones from 7 to 16 percent in fiscal year 2018/19. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal had imported smartphones worth Rs 18 billion during the last fiscal year. Malhotra believes that the import would cross Rs 30 billion this year if the government curbs smuggling of goods.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-27', 'modified' => '2020-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '12267', 'image' => '20200927011921_1601158831.Clipboard08.jpg', 'article_date' => '2020-09-27 13:16:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12519', 'article_category_id' => '1', 'title' => 'Government forms Task Force to Revitalize Tourism Industry on the Eve of World Tourism Day ', 'sub_title' => '', 'summary' => 'September 27: Nepal is observing the World Tourism Day today (September 27) with the slogan “Tourism and Rural Development”.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 27: Nepal is observing the World Tourism Day today (September 27) with the slogan “Tourism and Rural Development”. The World Tourism Day is being marked across the globe with limited programmes due to coronavirus pandemic and Nepal is not an exception.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the government data of 2019, the tourism sector contributed 6.7 percent to the Gross Domestic Product (GDP) of Nepal and created employment opportunities for 1.1 million people.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government on the eve of the World Tourism Day decided to form a task force by including the private sector to revitalize the tourism industry that has been hard hit by the pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The task force is expected to revitalize domestic tourism. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Nepal Tourism Board has set the goal of promoting new destinations for promoting domestic tourism this year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai claimed that the government expects the tourism industry to bounce back as the authorities have already lifted restrictions on air service, hotels and restaurants, trekking and expeditions among other 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:Arial">Although the government resumed international flights from September 1, tourists are facing problems of obtaining visa. Minister Bhattarai said it is currently discussing with the home ministry and the Department of Immigration on the issue of on-arrival visa.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The World Tourism Day is celebrated every year on September 27 to mark the establishment of the United Nation's World Tourism Organization. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-27', 'modified' => '2020-09-29', 'keywords' => '', 'description' => '', 'sortorder' => '12266', 'image' => '20200927114052_1601159520.Clipboard11.jpg', 'article_date' => '2020-09-27 11:40:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12516', 'article_category_id' => '1', 'title' => 'Tourism Ministry Proposes Two-Day Holiday to Promote Domestic Tourism', 'sub_title' => '', 'summary' => 'September 24: The Ministry of Culture, Tourism and Civil Aviation has proposed weekly holiday for two days in order to promote domestic tourism at a time when the tourism activities have come to a grinding halt due to coronavirus pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">September 24: The Ministry of Culture, Tourism and Civil Aviation has proposed weekly holiday for two days in order to promote domestic tourism at a time when the tourism activities have come to a grinding halt due to coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The ministry is preparing to submit the proposal to the cabinet meeting soon. A meeting of the ministry chaired by Tourism Minister Yogesh Bhattarai on Thursday (September 23) decided to form a task force to study the prospect of two days off during the weekend. Once the task force prepares its report, it will be presented to the cabinet for approval, said sources at the ministry. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The task force is headed by joint secretary Pradeep Kumar Koirala. Other members of the task force are chief of the Tourism Department Rudra Singh Tamang and CEO of Nepal Tourism Board Dhananjay Regmi. The task force will also have a representative each from the finance ministry, home ministry and the ministry of general administration.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Tourism Minister Bhattarai confirmed the formation of the task force with the motive of studying the prospect of two days holiday in order to promote domestic tourism.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“Giving holidays for two days a week would facilitate in thousands of people to travel within the country for recreation. This move will definitely revitalize internal tourism of the country,” said Bhattarai.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">According to Minister Bhattarai, a single day holiday would not allow people to travel to different places even if they want to do so. But holiday for two days a week would give ample time for people to visit far off places during the weekends.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Likewise, Thursday’s meeting also decided to prepare a safety protocol to reopen Pashupatinath Temple and Lumbini and present it to the Covid-19 Crisis Management Centre (CCMC) for approval.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The meeting also decided to finalize the air service agreements signed with Bangladesh, Indonesia, Russia, South Korea and Finland and present them to the cabinet.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Former CEO of Nepal Tourism Board Deepak Raj Joshi believes that domestic tourism will grow if the proposal of two-day holiday gets approved by the cabinet.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“This concept was visualized a long time ago but it was never implemented. But now the time has come to implement this concept. It will help in promoting domestic tourism,” said Joshi.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Joshi further said that foreign tourists are still willing to visit Nepal and the government must launch a campaign to send clear message that Nepal is open for visitors.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-25', 'modified' => '2020-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '12265', 'image' => '20200925125557_20180513122353_tourism.jpg', 'article_date' => '2020-09-25 12:55:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12518', 'article_category_id' => '1', 'title' => 'BFIs Report Excessive Liquidity ', 'sub_title' => 'Central Bank to Mop Rs 30 Billion out of excess amount of Rs 200 Billion from Banks', 'summary' => 'September 24: The lack of demand for loans in Banks and Financial Institutions (BFI) has led to a high accumulation of deposits in them. ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">September 24: The lack of demand for loans in Banks and Financial Institutions (BFI) has led to a high accumulation of deposits in them. Nepal Rastra Bank has been compelled to use the 28-day deposit collection equipment to manage the liquidity as there is an excess liquidity of Rs 200 billion in the banking system.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Stating that there has been an extraordinary liquidity situation in the banking system, the Open Market Steering Committee of the central bank took a decision on Thursday (September 23), of using a deposit collection equipment to absorb Rs 30 billion worth of liquidity from the banking system for a long period.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Earlier, short-term government bonds like treasury bills were issued to collect internal debts. In addition, reverse repo was issued in the month of Shrawan (mid-July to mid-August) under the monetary management to absorb the liquidity from the market. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Depending upon the situation, the central bank can issue the deposit collection equipment for a maximum of 90 days. Nepal Rastra Bank will withdraw the money from the bank accounts of the successful bidders and keep it as deposit. This helps in the mopping of excess liquidity in the banking system for a specified period of time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“Even if it is a small amount, absorption of liquidity from the banks prevents the interest rate on deposits from decreasing too much. The flow of credit helps in keeping the overall economy going,” says Dr Gunakar Bhatta, the spokesperson for Nepal Rastra Bank. Banks have been emphasizing on the use of the deposit collection instruments as new loans weren’t distributed as much as they had expected.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bhuwan Kumar Dahal, the chairman of Nepal Bankers’ Association, said that it was more appropriate for the central bank to keep the banks’ deposits instead of the banks keeping a high capital for a long time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Former banker Parshuram Kunwar says that the central bank withdrawing only Rs 30 billion when there is a liquidity of more than Rs 200 billion isn’t enough. “Absorbing only Rs 30 billion when there is an excess liquidity of hundreds of billions is too less,” he said, adding, “Our neighboring country India also has excess liquidity due to the lack of credit flow. Their government has taken up a lot of internal debt to manage this. The Reserve Bank of India has made arrangements accordingly as it may make things uncomfortable by raising a lot of money in this way.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Former banker Kunwar says that the high liquidity situation in India has reduced the interest rates of deposits rather than on inflation. He claims that Nepal is also in a similar situation. He points out that things should not be made difficult for the customers by making the rates on deposits lower than the rate of inflation for a long time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Some banks have increased the interest rates on deposits despite of having sufficient investable capital.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Banks have reduced the interest rates from a minimum of 3 percent to a maximum of 8.5 percent. Recently, banks like Civil Bank and Nabil Bank have been in the forefront in raising the interest rates on term deposits. Nabil Bank has announced to pay up to 9.5 percent interest on personal term deposits. They have announced that they will however flow loans at 7 percent. Similarly, Civil Bank has kept a maximum rate of 6 percent on deposits in the month of Bhadra (mid-August to mid-September). However, it has announced a rate of 8.75 percent on personal term deposits for the month of Ashoj (mid-September to mid-October). </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank does not think that it’s abnormal to increase the rates on personal term deposits even during a high liquidity situation. NRB Spokesperson Dr. Bhatta points out that it is appropriate to determine the interest rates now as the banks will have to raise long-term deposits for long-term investments. According to him, the banks should not only depend on general savings but raise long-term personal deposits too. However, they must announce the interest rates one month in advance.</span></span></span></p> ', 'published' => true, 'created' => '2020-09-25', 'modified' => '2020-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '12264', 'image' => '20200925035717_1600901397.Clipboard17.jpg', 'article_date' => '2020-09-25 15:55:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12517', 'article_category_id' => '1', 'title' => 'Government Initiates Study for Construction of Flyovers in Valley', 'sub_title' => '', 'summary' => 'September 25: Even though there has been talks regarding construction of flyovers in the Kathmandu Valley since the last five years, the construction is still uncertain. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">September 25: Even though there has been talks regarding construction of flyovers in the Kathmandu Valley since the last five years, the construction is still uncertain. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The Department of Roads suggests that there is no urgency to construct the flyovers immediately as Nepal has no prior experience in construction while the investment is extremely high.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The department says that even if the study of flyovers is carried out, the construction won’t be completed immediately. A department source informed New Business Age that even though the construction of a flyover is on the pipeline, rumors about initiating the contract in the current fiscal year is unlikely.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The department has initiated a study in areas with high traffic congestion for the possibility of constructing flyovers.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The bridge division under the department had started a preliminary study four to five years ago to see if a flyover could be built in Baneshwar area. The plan to build the flyover has been included in the budget of the current Fiscal Year 2077/78. However, it has not been decided yet at which crossroads of the valley the flyover will be constructed.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Since, the flyover will be constructed for the first time in Nepal, essential and convenient locations with relatively low risk have been selected for construction site, informed Shiva Prasad Nepal, Deputy Director General of the Department. An agreement worth Rs 5.2 million has been signed with stakeholders to study three potential locations. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">In the current fiscal year, the department has started a study to build flyovers at three intersections inside the valley, Gwarko, Satdobato and Ekantakuna utilizing Nepali consulting company and Nepali investment.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-25', 'modified' => '2020-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '12263', 'image' => '20200925021204_1600988628.Clipboard13.jpg', 'article_date' => '2020-09-25 14:11:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12515', 'article_category_id' => '1', 'title' => 'Market Monitoring Brings Down Soaring Price of Onion ', 'sub_title' => '', 'summary' => 'September 24: The price of onion has started declining after the government stepped up market monitoring. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">September 24: The price of onion has started declining after the government stepped up market monitoring. The price had skyrocketed after a recent ban on export of onion by India.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The supply of onion at Kalimati Fruits and Vegetables Market</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">has come to a halt after India banned export of onion on September 14. The price started increasing in the Nepali market from the very next day.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The Commerce, Supply and Consumer Protection Department and the Kathmandu Metropolitan City started market monitoring after the businessmen started fixing the price of onion arbitrarily. Following the market inspection, the price has been gradually decreasing.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The wholesale price of onion, which was Rs 60 per kilogram on September 14 as per the price list prepared by the Kalimati Fruits and Vegetables Market, increased by 99 percent to Rs 119 the next day after India imposed 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:"Bangla MN"">The retail stores were found selling onion for as high as Rs 160 per kg. The price of onion at Kalimati market has now dropped to Rs 102 per kg.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The concerned government departments stepped up monitoring after there was artificial shortage and black-marketing of onion. The government took action against traders who were found hoarding onion. After initiating action, the price started declining.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Director General of the Department of Commerce Netra Prasad Subedi says Nepal is dependent on India for onions and the price will remain high until India eases 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:"Bangla MN"">He added that the stock of onion kept by businessmen has not finished yet and therefore the market monitoring will check the price hike to some extent.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-25', 'modified' => '2020-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '12262', 'image' => '20200925113442_1600988958.Clipboard06.jpg', 'article_date' => '2020-09-25 11:34:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12514', 'article_category_id' => '1', 'title' => 'Revenue from E-commerce to Enter Nepal through Formal Channels', 'sub_title' => '', 'summary' => 'September 24: Billions of rupees have been entering Nepal through unofficial channels for E-commerce. ', 'content' => '<h1><span style="font-size:20px"><span style="font-family:"Times New Roman"">September 24: Billions of rupees have been entering Nepal through unofficial channels for E-commerce. There hasn’t been any definitive data on it. The number of people generating revenue through online portals like YouTube, Facebook, Google, etc. have also been increasing. Due to the hassles in sending money to Nepal from abroad, Nepali citizens living in foreign countries have been saving money with PayPal and then spending it abroad.</span></span></h1> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">But now, Nepal Rastra Bank has made arrangements to transfer foreign currency to Nepal through online financial services. Bankers believe that this provision will make it easier for foreign currencies to enter Nepal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Nepal Rastra Bank has stated that the revenue from the sales of information technology expertise, posting of contents on social media and from the retail-level international business and commercial transactions can be brought to Nepal through the banking system. The payment service provider or the bank and financial institution can make the arrangements to transfer the money in domestic currency to the customer’s wallet or any other payment gateways after the local bank receives the amount in their account. BFIs will be liable to charge the fees or other charges as fixed by the Foreign Exchange Management Department of Nepal Rastra Bank for earning the foreign currency. </span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Anyone can earn foreign currency in compliance with the Act on Prevention of Investment in Money Laundering and Terrorist Activities along with other related prevailing acts, laws and directives.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">The Payments System Department of the central bank claims that the money received from foreign countries can be legally transferred directly to Nepalese banks through the use of various online payment services. Bhuwan Kadel, the executive director of the Payments System Department said that bringing such transactions under the banking system will help in the conversion of foreign currencies into Nepalese rupees. “It also legalizes online ordering and payments,” he told New Business Age, adding, “In conclusion, the revenue can enter Nepal through the use of online payment services like Visa Card, PayPal, etc. Similarly, payment services like Esewa, Khalti, IME Pay can also be used to transfer the money earned through E-commerce in the account or wallet of the concerned person.” He said that the central bank has created an environment which will even allow the money withheld abroad to enter the financial system of Nepal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Nepal Rastra Bank maintained that it is illegal to send and receive payments abroad through informal channels. Payments for advertisements on social media is done in dollars. There isn’t any facility for dollar exchange or payment through Nepalese medium for such work. So, Nepalese businesses, firms and organizations have been using foreign mediums too make payments for advertisements on social media. Therefore, there are no data for the amount that exits Nepal through foreign payment mediums.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Balkrishna Joshi of Thamel Remit claims that thousands of softwares are being sold through freelancing from Nepal. “Most people work for at least 50 to 200 dollars but it is expensive to transfer it to Nepal. For the minimum amount sent by a foreign company, the service fee is more than 45 dollars. This way most of them keep their money in Payoneer Internet Wallet,” he said, “They make the necessary payments to different apps through it. The money therefore, is usually spent outside Nepal before entering. There are people who earn 3-4 thousand dollars monthly through their IT services given from Nepal. In this way, billions of rupees have entered Nepal illegally every year.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Joshi said that the foreign currencies earned through E-commerce can enter through Nepalese system if the government encourages a formal channel for the transfer of money. He believes that this will also help in increasing the revenue collection of the nation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Bhuwan Dahal, the chairman of Nepal Bankers’ Association, said that this arrangement made by the central bank is a welcome step. </span></span></p> ', 'published' => true, 'created' => '2020-09-24', 'modified' => '2020-09-24', 'keywords' => '', 'description' => '', 'sortorder' => '12261', 'image' => '20200924075728_1600901397.Clipboard17.jpg', 'article_date' => '2020-09-24 19:56:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12513', 'article_category_id' => '1', 'title' => 'EDI Expected to Speed up Customs Clearance of Nepal Bound Goods', 'sub_title' => '', 'summary' => 'September 24: India’s Kolkota Port has made it mandatory for Nepal-bound goods from third countries to use Electronic Data Interchange (EDI) system. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 24: India’s Kolkota Port has made it mandatory for Nepal-bound goods from third countries to use Electronic Data Interchange (EDI) system. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">This system will be implemented for goods that have to go through the Customs Transit Declaration (CTD) at the port.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The EDI system has been introduced to remove the hassles of paper works at the port. Although this system was launched about a year ago, it was not mandatory until now.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The port officials claimed that they made this system mandatory to make the process of CTD fast and efficient. India has already made this system mandatory for goods it imports itself.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The importers need to submit documents for processing through online means.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The importers need to submit all the details of the goods including the bill, packing list, origin of product certificate, among others. With the full implementation of this system, it is believed that the importers will no longer need to present hard copy of documents to the port anymore, says Amrit Bhakta Shrestha of Customs House Agent. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, one of the importers Kamal Mantri says this new system has made the process even more longer.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Earlier, it used to take one day for customs clearance but now it takes three days,” he says, adding, “This has caused stockpiling of 1000 containers at the port.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Other agents says although this new technology is supposed to save time, it is taking longer than expected because the staff members of the customs office are not proficient to handle this new system at the moment.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:15.0pt"><span style="font-family:Arial">Ishwar Raj Poudel, Nepal’s Consul General at its Kolkata-based consulate, informed that they are coordinating with the concerned officials of India for making the EDI system fast and effective.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:15.0pt"><span style="font-family:Arial">He further said that they are facing some glitches because this system is in its initial phase. Poudel added that they are hopeful of resolving the problems soon.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:15.0pt"><span style="font-family:Arial">“We are facilitating in making this system more effective. Agents can complete the documentation process from their own offices and therefore this system is beneficial for the importers,” Poudel told New Business Age. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-24', 'modified' => '2020-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '12260', 'image' => '20200924055957_1600901880.343.jpg', 'article_date' => '2020-09-24 17:59:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 29: The government has approved concessional loan of more than Rs 27 billion from various donor agencies. The government has decided to take the loan from the World Bank, Asian Development Bank and other donors for budgetary support programmes.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Government Spokesperson Pradeep Gyawali, who is also the minister for foreign affairs, informed last week that the government is preparing to take concessional loan of Rs 26.38 billion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Foreign Minister Gyawali, the government has already formed a task force to study the prospects of such loans. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The Council of Ministers has formed a five-member negotiation team led by a joint secretary of the finance ministry for availing concessional loan of Rs 9.3 billion (USD 80 million) from the World Bank. The aid will be utilized for rural enterprises and economic development projects, the government further informed. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The government has been running this programme since 2015 to minimize poverty and to create employment opportunities in rural areas. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, a seven-member talks team has been formed to receive a concessional loan of Rs 18 billion (USD 150 million) from the ADB. This loan will be utilized by the Ministry of Culture, Tourism and Civil Aviation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government has also decided to approve financial and technical assistance worth Rs 3.52 billion from the British government. This aid will be spent on health related programmes.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-29', 'modified' => '2020-09-29', 'keywords' => '', 'description' => '', 'sortorder' => '12278', 'image' => '20200929104202_1601334333.Clipboard09.jpg', 'article_date' => '2020-09-29 10:41:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12528', 'article_category_id' => '1', 'title' => 'Electronic Payments Becoming More Attractive', 'sub_title' => '', 'summary' => 'September 28: E-commerce businesses are becoming more appealing with the digitization of payment methods.', 'content' => '<h1><span style="font-size:18px"><span style="font-family:"Times New Roman"">September 28: E-commerce businesses are becoming more appealing with the digitization of payment methods. In the process of paying for the purchase and sales of goods and services through electronic means, 168,627 transactions were made in the month of Shrawan (mid-July to mid-August) alone. According to Nepal Rastra Bank, these transactions amounted to around Rs 1.20 billion.</span></span></h1> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">This is the first time that the central bank has published such data. Among all the electronic payment methods, most of the transactions have been made through digital wallets. In the review month alone, 10,100,077 transactions worth Rs 7,000,057,000 was done.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The Payments System Department of Nepal Rastra Bank says that the data also included all the payments made through debit cards, credit cards, and pin cards for E-commerce. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">According to the department, payments are mostly made through the card’s number when the price to be paid is already predetermined. Bhuwan Kandel, the executive director of the department, says that the data made public is based on the transactions made through banks and financial institutions that provide the electronic payments and e-commerce facilities as well as payment service providers like Esewa, Khalti, IME Pay, Phone Pay, and payment gateways like Nepal Clearing House. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">According to Kandel, the data was made public because e-commerce is being prioritized currently as new electronic payment technologies and devices are being added to the market. “We have issued many circulars in order to promote e-commerce during the current crisis caused by the coronavirus pandemic. In addition, we have also been keeping a watch at the new as well the most frequently used electronic payment methods. We can generate information about how much appeal each electronic payment method has in the eye of the public from this,” he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Ecommerce companies like Daraz, Sastodeal, UG Bazaar, etc have been providing online delivery services for daily necessities, clothes and electrical appliances. Metro vegetables has been doing the same for fruits and vegetables, and Foodmandu, Foodmario and Bhoj Deal have been providing online delivery services for food. Similarly, Tootle, Pathao and Sarathi have been providing services through online payments.</span></span></p> ', 'published' => true, 'created' => '2020-09-28', 'modified' => '2020-09-28', 'keywords' => '', 'description' => '', 'sortorder' => '12275', 'image' => '20200928042838_88-800x430.jpg', 'article_date' => '2020-09-28 16:27:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12527', 'article_category_id' => '1', 'title' => 'Department of Revenue Investigation becomes more Efficient after coming under PMO', 'sub_title' => '', 'summary' => 'September 28: Government officials claim that the effectiveness of the Department of Revenue Investigation has grown immensely in the past two years after the prime minister took charge of the department. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 28: Government officials claim that the effectiveness of the Department of Revenue Investigation has grown immensely in the past two years after the prime minister took charge of the department. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The officials informed that the government employees were mostly involved in leakage of revenue. The government’s move to bring corrupt employees under investigations has resulted in better performance of the department. </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">According to the Department of Revenue Investigation, 11 of its employees were involved in leakage of revenue in the last two years and cases have also been filed against them. After coming under the prime minister's purview, the department has filed 190 cases against revenue leakage in a period of two years. The department claims that Rs 25.11 billion should be recovered in the case filed in the court against 621 people including 11 civil servants.</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">"There has been no pressure from any group in the investigation since it came under the Prime Minister's Office. We have not spared even the civil servants in the case of leakage," Gharaj Mainali, director general of the department, told New Business Age.</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">Mainali added that the investigation is focused on risky areas of revenue fraud and financial crimes. This has led to positive improvement in revenue collection by promoting integrity in revenue administration, he informed.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The department had settled cases involving Rs 9.83 billion within the first year it came under the Prime Minister's Office. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-28', 'modified' => '2020-09-28', 'keywords' => '', 'description' => '', 'sortorder' => '12274', 'image' => '20200928032338_1601259718.000.jpg', 'article_date' => '2020-09-28 15:22:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12526', 'article_category_id' => '1', 'title' => 'Tourism Entrepreneurs of Sauraha Announce Attractive Packages for Tourists', 'sub_title' => '', 'summary' => 'September 28: Tourism entrepreneurs of Sauraha have announced various schemes to attract tourists as the hotel industry reopened in almost six months since the government imposed lockdown to curb coronavirus. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">September 28: Tourism entrepreneurs of Sauraha have announced various schemes to attract tourists as the hotel industry reopened in almost six months since the government imposed lockdown to curb coronavirus. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">On the occasion of the World Tourism Day on Sunday (September 27), the hoteliers of Sauraha announced 20 to 30 percent discount to tourists.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">During the programme organised to mark the World Tourism Day, chairman of the Regional Hotel Association of Sauraha Deepak Bhattarai informed that all the sectors associated with the tourism industry will be providing discounts to the visitors, reports the national news agency, RSS.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">“We will unveil new packages within a week by including 20 to 30 percent discount depending on the nature of the hotel business,” RSS quoted Bhattarai as saying. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">The tourism entrepreneurs of Sauraha are preparing to focus on sanitation and cleanliness in 2020 and publicity and promotion in 2021 to bring the tourism back to track by 2022.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">According to RSS, Bhattarai and his associates are preparing to launch a campaign named ‘Let’s visit Chitwan’ in major cities of Nepal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">The tourism entrepreneurs are planning to sustain their businesses with the help of domestic tourists for the next two years.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:Arial">Meanwhile, chairman of the Restaurant and Bar Association of Nepal (Reban) Dipendra Khatiwada said during the programme that the concept of two-day holiday per week would be a great respite to the tourism and hospitality industry that has been badly affected by coronavirus pandemic.</span></span></span></p> ', 'published' => true, 'created' => '2020-09-28', 'modified' => '2020-09-28', 'keywords' => '', 'description' => '', 'sortorder' => '12273', 'image' => '20200928013626_1601256918.Clipboard05.jpg', 'article_date' => '2020-09-28 13:35:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12525', 'article_category_id' => '1', 'title' => 'Money Laundering Investigation Against Agrawal Resumes', 'sub_title' => '', 'summary' => 'September 28: The Department of Money Laundering Investigation has started additional interrogation of the operator of Shankar Group, Sulav Agrawal in connection to money laundering issue. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">September 28: The Department of Money Laundering Investigation has started additional interrogation of the operator of Shankar Group, Sulav Agrawal in connection to money laundering issue. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">It may be noted that a case of blackmarketing against Agrawal is sub judice at the Kathmandu District Court.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Besides Agrawal, the department has also initiated interrogation against Shankar Lal Agrawal and Sahali Agrawal of Shankar Group.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The district court had ordered the release of Agrawal on April 30 by posting a bail amount of Rs 2.5 million until the final verdict on the black marketing case.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">He was immediately rearrested by the police, this time to investigate on money laundering charges. He was handed to the Department of Money Laundering Investigation by the police for further investigation. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">On the same day, the department had released Agrawal stating that it would interrogate him after the lockdown was over.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Director General of the department Rup Narayan Bhattarai informed that they have started interrogation against Agrawal and some other members of his organisation after the government eased the lockdown restrictions.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">“We are currently collecting necessary information. It is not possible to divulge the details because the investigation is underway,” said Bhattarai, adding, “What I can say is that we have started investigation into the fraudulent activities of the group.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Officials of the department said that they are collecting property details of Shankar Group and its associate companies. The department is preparing to call the chairman, director and operator of the group to record statements after they collect all the details.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The department informed that they are basically focused on the source of the group’s properties. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Agrawal was arrested red handed by undercover agents while selling thermal guns at exorbitant price when the coronavirus pandemic had just begun.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-28', 'modified' => '2020-09-28', 'keywords' => '', 'description' => '', 'sortorder' => '12272', 'image' => '20200928114207_1601259586.99.jpg', 'article_date' => '2020-09-28 11:41:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12522', 'article_category_id' => '1', 'title' => 'Current Account in Surplus after 4 Years', 'sub_title' => '', 'summary' => 'September 27: The current account, which had been in deficit for the last four years, is in surplus in the current Fiscal year (FY). ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">September 27: The current account, which had been in deficit for the last four years, is in surplus in the current Fiscal year (FY). According to the financial report published by Nepal Rastra Bank, the current account balance recorded a surplus of Rs 25.42 billion in the first month of the current FY 2077/78. </span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The current account has a surplus of USD 212.1 million in this FY. The pandemic has decreased foreign travel, reduced imports and increased the remittance, which has led to a surplus in the nation’s current account, according to the report.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Previously, the current account in the first month of FY 2072/73 was in a surplus of Rs 9.15 billion. This account had been in a deficit from the FY 2073/74 to 2076/77. The current account had a deficit of Rs 9.34 billion in the first month of FY 2076/77. Similarly, the deficit widened to Rs 25.38 billion with the sharp increase in imports in FY 2075/76. Increase in deficit of merchandise trade led to a deficit of Rs 5.98 billion in FY 2074/75 whereas the decrease in remittance and foreign grants led to a current account deficit of Rs 2.32 billion in FY 2073/74.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Similarly, the inflow of foreign currencies has increased more than the outflow from the country along with current account surplus, which has led to a surplus of Rs 51.46 billion in the Balance of Payments. The Balance of Payments was in a surplus of Rs 6.05 billion in FY 2076/77.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Dr Gunakar Bhatta, the spokesperson of Nepal Rastra Bank, says that the current account surplus after a long time indicates the good savings of the entire country along with a weak investment situation.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">He pointed that it is a good thing to have savings for the import of required materials in order to construct big infrastructures in the future in Nepal. “The surplus in the current account shows that Nepal has good savings but less investments. The credit flow of banks, import of organizational and construction materials and the capital expenditure of the government has decreased. With less investments, the economic activities will decrease,” he told New Business Age, adding, “Moreover, if we are in surplus now, there won’t be lack of resources to increase the economic activities in the future. Without savings, there is a compulsion to take loans. Even if the current account is in deficit, it shows that there are investments being made in the country.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Economist Keshav Acharya however, believes that the surplus in the current account is necessary and a positive indication as this is not a good environment to invest due to the coronavirus pandemic. He argues that the current account surplus even when the economic activity is close to zero indicates a strong economy. “Nepal has also signed loan agreements with institutions like International Monetary Fund, the World Bank and the ADB. Such loans and grants may have also helped in the surplus balance of the current account and the balance of payments,” he said. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to NRB spokesperson Dr. Gunakar Bhatta, the surplus in the current account was due to the decrease in imports and services like foreign travel and the increase in remittance. The total merchandise imports has declined by 19.6 percent amounting to Rs 85.81 billion in the first month of this fiscal year. Imports of rice, telecommunications equipment and its spare parts, crude soybean oil, coal, edible oil and other commodities have decreased this time whereas the import of petroleum products, means of transport and its spare parts, other machinery, MS billets and hotroll seats and other items have declined. Such imports had decreased by 11.5 percent in the same period in the previous fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">In the first month of the FY 2077/78, the total merchandise exports increased by 8.9 percent amounting to Rs 9.62 billion. In the first month of FY 2077/78, the total merchandise trade deficit decreased by 22.2 percent leading to a total of Rs 76.19 billion. Such deficit had decreased by 13.9 percent in the same period of the last fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Another reason for the surplus in the current account and the Balance of Payments is the decrease in the balance of service account for the expenses related to foreign travel and education. The travel expenditure has decreased by 77.4 percent to Rs 1.58 billion in the current fiscal year, out of which Rs 1.39 billion was for education. The travel expenditure in the previous fiscal year was Rs 7.02 billion, out of which the expenditure for education was Rs 2.41 billion. However, the income from services has also decreased which is dangerous for an economy. Due to the decrease in income from tourism, the total service account is in a deficit of Rs 2.45 billion. The income from tourism has reached Rs 605.6 million after decreasing by 86.1 percent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">Sharp Increase in the Rates of Vegetables in One Month</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Although the overall inflation in the country seems to be under control, there has been a sudden hike in prices of vegetables across the country. The price of vegetables have increased sharply in a span of one month. The data from the central bank shows that the price of vegetables increased by 28.32 percent in the month of Shrawan (mid-July to mid-August) as compared to Ashad (mid-June to mid-July). Similarly, the inflation in the price of pulses and legumes, fish and meat, and tobacco was higher in the first month of the current fiscal year as compared to the corresponding period of last FY. The inflation in the food and beverages group was 5.38 percent and in the non-food and services group was 2.4 percent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">The Foreign exchange Reserve is at 14 trillion</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The foreign exchange reserve stood at Rs 1436.730 billion in the end of Shrawan (mid-July to mid-August) of this fiscal year. According to Nepal Rastra Bank, based on the imports up to the first month of FY 2077/78, the foreign exchange reserve of the banking sector will be sufficient to support the import of goods and services for 15.6 months.</span></span></span></p> ', 'published' => true, 'created' => '2020-09-27', 'modified' => '2020-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '12269', 'image' => '20200927035331_1601159663.Clipboard12.jpg', 'article_date' => '2020-09-27 15:52:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12521', 'article_category_id' => '1', 'title' => 'Foreign Technicians Stranded abroad by Covid-19 Start Returning to Work', 'sub_title' => '', 'summary' => 'September 27: Foreign technicians and workers, recruited for large infrastructure projects and national pride projects, have started returning to work after being stranded abroad for months due to coronavirus pandemic.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 27: Foreign technicians and workers, recruited for large infrastructure projects and national pride projects, have started returning to work after being stranded abroad for months due to coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The foreign workers and technicians have started returning following the government's decision to formally allow foreign manpower involved in under construction projects to enter the country. The government on September 17 had decided to allow entry to foreign workers recruited for big infrastructure projects.</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">Foreign workers involved in national pride projects including Kathmandu Terai Expressway and Gautam Buddha International Airport have started to return back to Nepal. Likewise, foreign companies and consultants for other projects have also started bringing in their employees to work.</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">Two surveyors have returned from South Korea for the expressway being built under the management of the Nepalese Army. Spokesperson of the Nepalese Army Santosh Poudel informed that the study of tunnels, bridges and marking of roads would be intensified with the arrival of additional manpower.</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">According to him, the government's decision has made it easier for the consulting companies to bring in more employees as per the requirement. The Gautam Buddha International Airport Project has also started the process of bringing in 55 Chinese technicians.</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">Pokhara Regional International Airport is also in need of 16 technicians from China and the project has already started necessary paperworks to bring them to Nepal. Currently, 172 Chinese workers are involved in the project.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-27', 'modified' => '2020-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '12268', 'image' => '20200927031416_1601158928.2.jpg', 'article_date' => '2020-09-27 15:13:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12520', 'article_category_id' => '1', 'title' => 'Smartphones Outstrip Petroleum Products as Nepal’s Major Import', 'sub_title' => '', 'summary' => 'September 27: Coronavirus pandemic has badly affected all other businesses but the smartphone business is flourishing amid current crisis. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 27: Coronavirus pandemic has badly affected all other businesses but the smartphone business is flourishing amid current crisis. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The import of smartphones and mobile sets has increased in the first two months of the current fiscal year compared to the corresponding period of 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:"Arial Unicode MS"">The demand for smartphones has outpaced the demand for petrol and diesel, making it the top import of the country. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the data made public by the customs department, the country imported smartphones worth Rs 7.94 billion in the review period, which is Rs 2.84 billion more than that of the last fiscal year. During the review period, the import of diesel and petrol has been limited to Rs 5.5 billion. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chairman of the Mobile Phone Importers of Nepal, Deepak Malhotra, said that smuggled smartphones used to cover 40 percent of the market before the lockdown was imposed. However, the smuggling of goods has stopped after the lockdown due to which the import of smartphones through official channels seems to have increased, says Malhotra.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He claims that the smuggling of smartphones has dropped to zero while the number of internet users has gone up because of online classes and virtual meetings amid coronavirus pandemic. This had led to an increase in demand for smartphones and gadgets, according to Malhotra.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The smuggling of smartphones had increased after the government increased the tax on smartphones from 7 to 16 percent in fiscal year 2018/19. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal had imported smartphones worth Rs 18 billion during the last fiscal year. Malhotra believes that the import would cross Rs 30 billion this year if the government curbs smuggling of goods.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-27', 'modified' => '2020-09-27', 'keywords' => '', 'description' => '', 'sortorder' => '12267', 'image' => '20200927011921_1601158831.Clipboard08.jpg', 'article_date' => '2020-09-27 13:16:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12519', 'article_category_id' => '1', 'title' => 'Government forms Task Force to Revitalize Tourism Industry on the Eve of World Tourism Day ', 'sub_title' => '', 'summary' => 'September 27: Nepal is observing the World Tourism Day today (September 27) with the slogan “Tourism and Rural Development”.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 27: Nepal is observing the World Tourism Day today (September 27) with the slogan “Tourism and Rural Development”. The World Tourism Day is being marked across the globe with limited programmes due to coronavirus pandemic and Nepal is not an exception.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the government data of 2019, the tourism sector contributed 6.7 percent to the Gross Domestic Product (GDP) of Nepal and created employment opportunities for 1.1 million people.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government on the eve of the World Tourism Day decided to form a task force by including the private sector to revitalize the tourism industry that has been hard hit by the pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The task force is expected to revitalize domestic tourism. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Nepal Tourism Board has set the goal of promoting new destinations for promoting domestic tourism this year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai claimed that the government expects the tourism industry to bounce back as the authorities have already lifted restrictions on air service, hotels and restaurants, trekking and expeditions among other 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:Arial">Although the government resumed international flights from September 1, tourists are facing problems of obtaining visa. Minister Bhattarai said it is currently discussing with the home ministry and the Department of Immigration on the issue of on-arrival visa.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The World Tourism Day is celebrated every year on September 27 to mark the establishment of the United Nation's World Tourism Organization. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-27', 'modified' => '2020-09-29', 'keywords' => '', 'description' => '', 'sortorder' => '12266', 'image' => '20200927114052_1601159520.Clipboard11.jpg', 'article_date' => '2020-09-27 11:40:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12516', 'article_category_id' => '1', 'title' => 'Tourism Ministry Proposes Two-Day Holiday to Promote Domestic Tourism', 'sub_title' => '', 'summary' => 'September 24: The Ministry of Culture, Tourism and Civil Aviation has proposed weekly holiday for two days in order to promote domestic tourism at a time when the tourism activities have come to a grinding halt due to coronavirus pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">September 24: The Ministry of Culture, Tourism and Civil Aviation has proposed weekly holiday for two days in order to promote domestic tourism at a time when the tourism activities have come to a grinding halt due to coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The ministry is preparing to submit the proposal to the cabinet meeting soon. A meeting of the ministry chaired by Tourism Minister Yogesh Bhattarai on Thursday (September 23) decided to form a task force to study the prospect of two days off during the weekend. Once the task force prepares its report, it will be presented to the cabinet for approval, said sources at the ministry. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The task force is headed by joint secretary Pradeep Kumar Koirala. Other members of the task force are chief of the Tourism Department Rudra Singh Tamang and CEO of Nepal Tourism Board Dhananjay Regmi. The task force will also have a representative each from the finance ministry, home ministry and the ministry of general administration.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Tourism Minister Bhattarai confirmed the formation of the task force with the motive of studying the prospect of two days holiday in order to promote domestic tourism.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“Giving holidays for two days a week would facilitate in thousands of people to travel within the country for recreation. This move will definitely revitalize internal tourism of the country,” said Bhattarai.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">According to Minister Bhattarai, a single day holiday would not allow people to travel to different places even if they want to do so. But holiday for two days a week would give ample time for people to visit far off places during the weekends.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Likewise, Thursday’s meeting also decided to prepare a safety protocol to reopen Pashupatinath Temple and Lumbini and present it to the Covid-19 Crisis Management Centre (CCMC) for approval.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The meeting also decided to finalize the air service agreements signed with Bangladesh, Indonesia, Russia, South Korea and Finland and present them to the cabinet.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Former CEO of Nepal Tourism Board Deepak Raj Joshi believes that domestic tourism will grow if the proposal of two-day holiday gets approved by the cabinet.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“This concept was visualized a long time ago but it was never implemented. But now the time has come to implement this concept. It will help in promoting domestic tourism,” said Joshi.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Joshi further said that foreign tourists are still willing to visit Nepal and the government must launch a campaign to send clear message that Nepal is open for visitors.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-25', 'modified' => '2020-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '12265', 'image' => '20200925125557_20180513122353_tourism.jpg', 'article_date' => '2020-09-25 12:55:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12518', 'article_category_id' => '1', 'title' => 'BFIs Report Excessive Liquidity ', 'sub_title' => 'Central Bank to Mop Rs 30 Billion out of excess amount of Rs 200 Billion from Banks', 'summary' => 'September 24: The lack of demand for loans in Banks and Financial Institutions (BFI) has led to a high accumulation of deposits in them. ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">September 24: The lack of demand for loans in Banks and Financial Institutions (BFI) has led to a high accumulation of deposits in them. Nepal Rastra Bank has been compelled to use the 28-day deposit collection equipment to manage the liquidity as there is an excess liquidity of Rs 200 billion in the banking system.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Stating that there has been an extraordinary liquidity situation in the banking system, the Open Market Steering Committee of the central bank took a decision on Thursday (September 23), of using a deposit collection equipment to absorb Rs 30 billion worth of liquidity from the banking system for a long period.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Earlier, short-term government bonds like treasury bills were issued to collect internal debts. In addition, reverse repo was issued in the month of Shrawan (mid-July to mid-August) under the monetary management to absorb the liquidity from the market. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Depending upon the situation, the central bank can issue the deposit collection equipment for a maximum of 90 days. Nepal Rastra Bank will withdraw the money from the bank accounts of the successful bidders and keep it as deposit. This helps in the mopping of excess liquidity in the banking system for a specified period of time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“Even if it is a small amount, absorption of liquidity from the banks prevents the interest rate on deposits from decreasing too much. The flow of credit helps in keeping the overall economy going,” says Dr Gunakar Bhatta, the spokesperson for Nepal Rastra Bank. Banks have been emphasizing on the use of the deposit collection instruments as new loans weren’t distributed as much as they had expected.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bhuwan Kumar Dahal, the chairman of Nepal Bankers’ Association, said that it was more appropriate for the central bank to keep the banks’ deposits instead of the banks keeping a high capital for a long time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Former banker Parshuram Kunwar says that the central bank withdrawing only Rs 30 billion when there is a liquidity of more than Rs 200 billion isn’t enough. “Absorbing only Rs 30 billion when there is an excess liquidity of hundreds of billions is too less,” he said, adding, “Our neighboring country India also has excess liquidity due to the lack of credit flow. Their government has taken up a lot of internal debt to manage this. The Reserve Bank of India has made arrangements accordingly as it may make things uncomfortable by raising a lot of money in this way.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Former banker Kunwar says that the high liquidity situation in India has reduced the interest rates of deposits rather than on inflation. He claims that Nepal is also in a similar situation. He points out that things should not be made difficult for the customers by making the rates on deposits lower than the rate of inflation for a long time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Some banks have increased the interest rates on deposits despite of having sufficient investable capital.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Banks have reduced the interest rates from a minimum of 3 percent to a maximum of 8.5 percent. Recently, banks like Civil Bank and Nabil Bank have been in the forefront in raising the interest rates on term deposits. Nabil Bank has announced to pay up to 9.5 percent interest on personal term deposits. They have announced that they will however flow loans at 7 percent. Similarly, Civil Bank has kept a maximum rate of 6 percent on deposits in the month of Bhadra (mid-August to mid-September). However, it has announced a rate of 8.75 percent on personal term deposits for the month of Ashoj (mid-September to mid-October). </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank does not think that it’s abnormal to increase the rates on personal term deposits even during a high liquidity situation. NRB Spokesperson Dr. Bhatta points out that it is appropriate to determine the interest rates now as the banks will have to raise long-term deposits for long-term investments. According to him, the banks should not only depend on general savings but raise long-term personal deposits too. However, they must announce the interest rates one month in advance.</span></span></span></p> ', 'published' => true, 'created' => '2020-09-25', 'modified' => '2020-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '12264', 'image' => '20200925035717_1600901397.Clipboard17.jpg', 'article_date' => '2020-09-25 15:55:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12517', 'article_category_id' => '1', 'title' => 'Government Initiates Study for Construction of Flyovers in Valley', 'sub_title' => '', 'summary' => 'September 25: Even though there has been talks regarding construction of flyovers in the Kathmandu Valley since the last five years, the construction is still uncertain. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">September 25: Even though there has been talks regarding construction of flyovers in the Kathmandu Valley since the last five years, the construction is still uncertain. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The Department of Roads suggests that there is no urgency to construct the flyovers immediately as Nepal has no prior experience in construction while the investment is extremely high.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The department says that even if the study of flyovers is carried out, the construction won’t be completed immediately. A department source informed New Business Age that even though the construction of a flyover is on the pipeline, rumors about initiating the contract in the current fiscal year is unlikely.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The department has initiated a study in areas with high traffic congestion for the possibility of constructing flyovers.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The bridge division under the department had started a preliminary study four to five years ago to see if a flyover could be built in Baneshwar area. The plan to build the flyover has been included in the budget of the current Fiscal Year 2077/78. However, it has not been decided yet at which crossroads of the valley the flyover will be constructed.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Since, the flyover will be constructed for the first time in Nepal, essential and convenient locations with relatively low risk have been selected for construction site, informed Shiva Prasad Nepal, Deputy Director General of the Department. An agreement worth Rs 5.2 million has been signed with stakeholders to study three potential locations. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">In the current fiscal year, the department has started a study to build flyovers at three intersections inside the valley, Gwarko, Satdobato and Ekantakuna utilizing Nepali consulting company and Nepali investment.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-25', 'modified' => '2020-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '12263', 'image' => '20200925021204_1600988628.Clipboard13.jpg', 'article_date' => '2020-09-25 14:11:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12515', 'article_category_id' => '1', 'title' => 'Market Monitoring Brings Down Soaring Price of Onion ', 'sub_title' => '', 'summary' => 'September 24: The price of onion has started declining after the government stepped up market monitoring. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">September 24: The price of onion has started declining after the government stepped up market monitoring. The price had skyrocketed after a recent ban on export of onion by India.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The supply of onion at Kalimati Fruits and Vegetables Market</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">has come to a halt after India banned export of onion on September 14. The price started increasing in the Nepali market from the very next day.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The Commerce, Supply and Consumer Protection Department and the Kathmandu Metropolitan City started market monitoring after the businessmen started fixing the price of onion arbitrarily. Following the market inspection, the price has been gradually decreasing.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The wholesale price of onion, which was Rs 60 per kilogram on September 14 as per the price list prepared by the Kalimati Fruits and Vegetables Market, increased by 99 percent to Rs 119 the next day after India imposed 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:"Bangla MN"">The retail stores were found selling onion for as high as Rs 160 per kg. The price of onion at Kalimati market has now dropped to Rs 102 per kg.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The concerned government departments stepped up monitoring after there was artificial shortage and black-marketing of onion. The government took action against traders who were found hoarding onion. After initiating action, the price started declining.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Director General of the Department of Commerce Netra Prasad Subedi says Nepal is dependent on India for onions and the price will remain high until India eases 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:"Bangla MN"">He added that the stock of onion kept by businessmen has not finished yet and therefore the market monitoring will check the price hike to some extent.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-25', 'modified' => '2020-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '12262', 'image' => '20200925113442_1600988958.Clipboard06.jpg', 'article_date' => '2020-09-25 11:34:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12514', 'article_category_id' => '1', 'title' => 'Revenue from E-commerce to Enter Nepal through Formal Channels', 'sub_title' => '', 'summary' => 'September 24: Billions of rupees have been entering Nepal through unofficial channels for E-commerce. ', 'content' => '<h1><span style="font-size:20px"><span style="font-family:"Times New Roman"">September 24: Billions of rupees have been entering Nepal through unofficial channels for E-commerce. There hasn’t been any definitive data on it. The number of people generating revenue through online portals like YouTube, Facebook, Google, etc. have also been increasing. Due to the hassles in sending money to Nepal from abroad, Nepali citizens living in foreign countries have been saving money with PayPal and then spending it abroad.</span></span></h1> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">But now, Nepal Rastra Bank has made arrangements to transfer foreign currency to Nepal through online financial services. Bankers believe that this provision will make it easier for foreign currencies to enter Nepal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Nepal Rastra Bank has stated that the revenue from the sales of information technology expertise, posting of contents on social media and from the retail-level international business and commercial transactions can be brought to Nepal through the banking system. The payment service provider or the bank and financial institution can make the arrangements to transfer the money in domestic currency to the customer’s wallet or any other payment gateways after the local bank receives the amount in their account. BFIs will be liable to charge the fees or other charges as fixed by the Foreign Exchange Management Department of Nepal Rastra Bank for earning the foreign currency. </span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Anyone can earn foreign currency in compliance with the Act on Prevention of Investment in Money Laundering and Terrorist Activities along with other related prevailing acts, laws and directives.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">The Payments System Department of the central bank claims that the money received from foreign countries can be legally transferred directly to Nepalese banks through the use of various online payment services. Bhuwan Kadel, the executive director of the Payments System Department said that bringing such transactions under the banking system will help in the conversion of foreign currencies into Nepalese rupees. “It also legalizes online ordering and payments,” he told New Business Age, adding, “In conclusion, the revenue can enter Nepal through the use of online payment services like Visa Card, PayPal, etc. Similarly, payment services like Esewa, Khalti, IME Pay can also be used to transfer the money earned through E-commerce in the account or wallet of the concerned person.” He said that the central bank has created an environment which will even allow the money withheld abroad to enter the financial system of Nepal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Nepal Rastra Bank maintained that it is illegal to send and receive payments abroad through informal channels. Payments for advertisements on social media is done in dollars. There isn’t any facility for dollar exchange or payment through Nepalese medium for such work. So, Nepalese businesses, firms and organizations have been using foreign mediums too make payments for advertisements on social media. Therefore, there are no data for the amount that exits Nepal through foreign payment mediums.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Balkrishna Joshi of Thamel Remit claims that thousands of softwares are being sold through freelancing from Nepal. “Most people work for at least 50 to 200 dollars but it is expensive to transfer it to Nepal. For the minimum amount sent by a foreign company, the service fee is more than 45 dollars. This way most of them keep their money in Payoneer Internet Wallet,” he said, “They make the necessary payments to different apps through it. The money therefore, is usually spent outside Nepal before entering. There are people who earn 3-4 thousand dollars monthly through their IT services given from Nepal. In this way, billions of rupees have entered Nepal illegally every year.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Joshi said that the foreign currencies earned through E-commerce can enter through Nepalese system if the government encourages a formal channel for the transfer of money. He believes that this will also help in increasing the revenue collection of the nation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Bhuwan Dahal, the chairman of Nepal Bankers’ Association, said that this arrangement made by the central bank is a welcome step. </span></span></p> ', 'published' => true, 'created' => '2020-09-24', 'modified' => '2020-09-24', 'keywords' => '', 'description' => '', 'sortorder' => '12261', 'image' => '20200924075728_1600901397.Clipboard17.jpg', 'article_date' => '2020-09-24 19:56:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12513', 'article_category_id' => '1', 'title' => 'EDI Expected to Speed up Customs Clearance of Nepal Bound Goods', 'sub_title' => '', 'summary' => 'September 24: India’s Kolkota Port has made it mandatory for Nepal-bound goods from third countries to use Electronic Data Interchange (EDI) system. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 24: India’s Kolkota Port has made it mandatory for Nepal-bound goods from third countries to use Electronic Data Interchange (EDI) system. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">This system will be implemented for goods that have to go through the Customs Transit Declaration (CTD) at the port.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The EDI system has been introduced to remove the hassles of paper works at the port. Although this system was launched about a year ago, it was not mandatory until now.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The port officials claimed that they made this system mandatory to make the process of CTD fast and efficient. India has already made this system mandatory for goods it imports itself.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The importers need to submit documents for processing through online means.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The importers need to submit all the details of the goods including the bill, packing list, origin of product certificate, among others. With the full implementation of this system, it is believed that the importers will no longer need to present hard copy of documents to the port anymore, says Amrit Bhakta Shrestha of Customs House Agent. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, one of the importers Kamal Mantri says this new system has made the process even more longer.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Earlier, it used to take one day for customs clearance but now it takes three days,” he says, adding, “This has caused stockpiling of 1000 containers at the port.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Other agents says although this new technology is supposed to save time, it is taking longer than expected because the staff members of the customs office are not proficient to handle this new system at the moment.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:15.0pt"><span style="font-family:Arial">Ishwar Raj Poudel, Nepal’s Consul General at its Kolkata-based consulate, informed that they are coordinating with the concerned officials of India for making the EDI system fast and effective.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:15.0pt"><span style="font-family:Arial">He further said that they are facing some glitches because this system is in its initial phase. Poudel added that they are hopeful of resolving the problems soon.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:15.0pt"><span style="font-family:Arial">“We are facilitating in making this system more effective. Agents can complete the documentation process from their own offices and therefore this system is beneficial for the importers,” Poudel told New Business Age. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-24', 'modified' => '2020-09-25', 'keywords' => '', 'description' => '', 'sortorder' => '12260', 'image' => '20200924055957_1600901880.343.jpg', 'article_date' => '2020-09-24 17:59:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
