September 20: The election for a new executive committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been scheduled for late…
September 20: The election for a new executive committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been scheduled for late…
September 20: Nepal Rastra Bank (NRB) has directed all banks and financial institutions (BFIs) to fix their interest rates on all personal loans like home loans and auto loans before the end of Ashoj (October…
September 20: Train service takes at least a month and a half to come in regular operation.…
September 20: Industrialists of the Bara-Parsa Industrial Corridor have become hopeful of better production after the government eased the prohibitory order, allowing public transportation and opening…
September 20: The World Bank has approved a $200 million “Finance for Growth” development policy credit to strengthen financial sector stability, diversify financial solutions, and increase access to financial services in support of Nepal’s COVID-19 resilience and recovery…
September 18: Online payment gateways are planning to provide interest on customers’ mobile wallet after Nepal Rastra Bank gave them the permission to do…
September 18: The government has prepared the work procedure to avail loan at 5 percent interest to the industries affected by…
September 18: A brand new train that arrived in Jayanagar on Thursday evening will undergo test drive today along the 34-kilometer section of the Janakpur-Jayanagar Railway.…
September 18: The government in its annual budget for the current fiscal year had announced to provide VAT exemption for raw materials and packing materials required for the pharmaceutical companies of…
September 17: India has sought permission from the Government of Nepal to prepare the detailed project report (DPR) of the Kathmandu-Raxaul…
September 17: Nepali importers are unable to get customs clearance of goods stuck at Kerung of China due to the obstruction in reopening Rasuwagadhi Customs Point since the last seven months.…
September 17: Although the government has lifted a ban on domestic flights effective from September 17, private airline companies have said they cannot provide the service with just 50 percent…
September 17: The COVID-19 pandemic threatens hard-won gains in health and education over the past decade, especially in the poorest countries, a new World Bank Group analysis finds.…
September 16: The price of onion has skyrocketed in the market after the Indian government banned the export of onion.…
September 16: A preliminary study conducted by the Department of Roads shows that more than Rs 3 billion is required to repair the roads and bridges damaged by floods and landslides across the…
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The election has been delayed time and again due to coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A meeting of the office bearers of FNCCI on Friday decided to hold the 45<sup>th</sup> General Assembly and election of FNCCI on November 26-27. </span></span></span></span></p> <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 date fixed for the election is yet to be approved by the executive committee of FNCCI. The umbrella body of entrepreneurs and industrialists of Nepal has called its executive committee meeting in late September to discuss about the General Assembly and the election. </span></span></span></span></p> <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 meeting will endorse the date of election, informed FNCCI Vice President Chandra Dhakal. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We will initiate the process to seek permission from the government to hold the General Assembly before the executive committee meeting. The executive committee will decide on the modality of election,” Dhakal told New Business Age.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The executive committee meeting is scheduled for September 27-28,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, two factions of FNCCI were divided over the date of election. But all sides have agreed to the new date of election, informed Kishor Pradhan, district vice president of FNCCI.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It has been learnt that the FNCCI is preparing to hold its General Assembly through Zoom meeting while the election will be held in Kathmandu by following the health protocols set by the government.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-20', 'modified' => '2020-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '12240', 'image' => '20200920053207_1600556458.Clipboard06.jpg', 'article_date' => '2020-09-20 17:31:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12492', 'article_category_id' => '1', 'title' => 'BFIs Instructed to Fix Stable Interest Rates on Personal Loans ', 'sub_title' => '', 'summary' => 'September 20: Nepal Rastra Bank (NRB) has directed all banks and financial institutions (BFIs) to fix their interest rates on all personal loans like home loans and auto loans before the end of Ashoj (October 16).', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">September 20: Nepal Rastra Bank (NRB) has directed all banks and financial institutions (BFIs) to fix their interest rates on all personal loans like home loans and auto loans before the end of Ashoj (October 16). The central bank had issued the Unified Directive 2077 more than two weeks ago , instructing all BFIs to fix a stable interest rates on personal loans, with more than one year to maturity.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">The central bank has given the deadline of October 16, after the bankers expressed the need for more time to conduct necessary studies and analyses before fixing and implementing the stable rate of interest.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">Dev Kumar Dhakal, executive director of the Banking and Financial Institutions Regulation Department of NRB, said that the banks have been given some time to make necessary arrangements to fix their long-term interest rates and to manage the risks associated with it. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">“The loans taken at a rate of 8 percent have been increased to 15 percent. Many customers complained about the fact that the interest rates keep rising,” he told New Business Age, adding, “This is why the banks will have to determine a fixed interest rate along with the necessary plans for managing their risks.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">Debtors had to constantly worry about the new rates as the banks usually increased their interest rates every 3 months. All the debtors complain about facing difficulties every time the interest rates increased. The policy for a fixed interest rate was introduced to put an end to this. Since this rate will have to be implemented for a long term, commercial banks, development banks and finance companies are busy studying and analyzing before determining their rates.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">The interest rates on deposits and loans have been decreasing as banks have a liquidity of around Rs 200 billion. Bankers said that they are trying to determine the appropriate long-term fixed interest rates for personal loans by studying and employing proper strategies. Banks have also been analyzing the changes in the interest rates on deposits and loans in the last 30 years.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">Bhuwan Kumar Dahal, chairman of Nepal Bankers’ Association, said that they were studying about how international banks have fixed their interest rates on personal loans. “All of the banks are studying each and every aspect of fixed interest rates in their own ways,” he said, “If necessary, the association will also conduct a study.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">Saroj Kaji Tuladar, president of Nepal Financial Institutions Association, also said that finance companies have also been analyzing the rates of the last 30 years on loans and deposits to determine their fixed rates. He believes that this will allow them to understand how and when the rates changed in the long term, which will help them to determine their fixed interest rates. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">“It may be risky to fix the interest rates for a long term in a country with a volatile economy. That is why we had requested the central bank to determine the fixed interest rates for 1-2 years.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">Banks and financial institutions will give the customers the choice to opt for the fixed interest rates on personal loans with more than one year to maturity. NRB has made a provision that will allow the customer to choose either a fixed interest rate or a floating rate that change with the changes in the base rate of the BFIs. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">According to NRB, the terms and conditions of the personal loans including home loans and auto loans will have to be updated as per the customer’s request, to maintain the fixed interest rate on the monthly/ quarterly/ periodic installments before the implementation of this directive.</span></span></span><br /> </p> ', 'published' => true, 'created' => '2020-09-20', 'modified' => '2020-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '12239', 'image' => '20200920041120_1600382287.bbbb.jpg', 'article_date' => '2020-09-20 16:10:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12491', 'article_category_id' => '1', 'title' => 'Much-Hyped Train Sent Back to India from Janakpur ', 'sub_title' => '', 'summary' => 'September 20: Train service takes at least a month and a half to come in regular operation. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 20: Train service takes at least a month and a half to come in regular operation. </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">September 20: The train that arrived in Janakpur on September 18 for trial has been returned back to India due to lack of necessary preparations for regular operation here in Nepal.</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">Despite the government's announcement to operate the train as early as possible, the train has been sent back to India due to lack of preparation by the authorities of the Railways Department. The authorities are unable to complete the necessary preparation even after a year and a half since the project was initiated.</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">Meanwhile, Nepal Railway Company has informed that it will take them at least a month and a half to initiate regular operation of the train.</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">Although the train was tested along the 34-kilometer-long section of Janakpur-Jaynagar on Friday (September 20), the inability of the concerned authorities to have necessary manpower compelled the train to return back to India for security reasons.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Nepal Railway Company has not recruited the necessary technical and administrative staff for the operation of the railway. Likewise, the process of bringing railway engineers from India has not been completed by the railway authority of Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Nepal Railway Company Limited issued notice on September 13 to appoint 139 employees. The company has called for applications for contract services within 15 days. Government authorities estimate that they will need at least one and a half to two months to complete the recruitment process.</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">Guru Bhattarai, general manager of the company, informed that the decision about bringing the railway engineers from India will be taken in the coming week. </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">He further informed that if the train is not operated for a long time, the parts may deteriorate.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-20', 'modified' => '2020-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '12238', 'image' => '20200920025413_1600555970.4.jpg', 'article_date' => '2020-09-20 14:53:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12490', 'article_category_id' => '1', 'title' => 'Industrialists Hopeful of Revival of Economic Activities during Festive Season', 'sub_title' => '', 'summary' => 'September 20: Industrialists of the Bara-Parsa Industrial Corridor have become hopeful of better production after the government eased the prohibitory order, allowing public transportation and opening markets.', '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 20: Industrialists of the Bara-Parsa Industrial Corridor have become hopeful of better production after the government eased the prohibitory order, allowing public transportation and opening markets.</span></span></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"">With the removal of restrictions, import through Birgunj customs point has also increased.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Chief of the BIrgunj-based Integrated Check Post (ICP) Gopal Khatri confirmed that the import through Birgunj has increased.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“The import has increased after the government lifted ban on transportation. Around 600 vehicles get customs clearance on a daily basis now,” said Khatri.</span></span></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"">During normal days, around 700 cargo vehicles enter Nepal through this customs point, informed Khatri. However, during the lockdown period, around 15- to 450 vehicles used to enter Nepal per 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"">“Import of goods for the festive season and new automobiles has increased,” added Khatri.</span></span></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"">With the festive season just around the corner and the government lifting restrictions, chairman of Birgunj Chamber of Commerce Gopal Kedia expects a major boost in economic activities.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“The situation is better than before. But still the market can remain open for a limited period only. Customers haven’t shown up as expected. But we are hopeful that our business will pick up pace as the festive season is approaching,” says Kedia.</span></span></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 district administration has allowed the market place in Birgunj to open from 11 am to 4 pm.</span></span></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"">“Industrial activities have obviously started increasing after the restrictions on transportation were lifted and the market started opening,” says Babulal Chachan, chairman of Chachan Group. “However, it will take some time for the business activities to return to normalcy as the market has been badly affected by six months of restrictions,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Production of more than 1000 industries in the corridor has been badly affected by the four-month lockdown and the subsequent prohibitory order.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-09-20', 'modified' => '2020-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '12237', 'image' => '20200920113142_Clipboard41(13).jpg', 'article_date' => '2020-09-20 11:31:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12489', 'article_category_id' => '1', 'title' => 'World Bank Approves $200 Million to Strengthen Nepal’s Financial Sector ', 'sub_title' => '', 'summary' => 'September 20: The World Bank has approved a $200 million “Finance for Growth” development policy credit to strengthen financial sector stability, diversify financial solutions, and increase access to financial services in support of Nepal’s COVID-19 resilience and recovery efforts.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">September 20: </span></span><span style="font-size:14.0pt"><span style="font-family:Times">The World Bank has approved a $200 million “Finance for Growth” development policy credit to strengthen financial sector stability, diversify financial solutions, and increase access to financial services in support of Nepal’s COVID-19 resilience and recovery efforts.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The World Bank said in a statement that the “Finance for Growth” operation will support enhanced supervision of risks confronting the banking and financial institutions, especially in the context of the pandemic’s impacts. The operation will also help build capital, insurance, venture capital and private equity and disaster risk financing markets through regulatory reforms. This will help open new investment opportunities for market actors and crowd-in private financing. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“In this era of COVID-19, protecting people’s lives is the priority, but giving a boost to economic recovery is equally urgent,” the statement quoted Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal and Sri Lanka, as saying. “This project and World Bank support will pave the way for the financial sector and capital and insurance markets to strengthen resilience and more effectively contribute to Nepal’s COVID-19 recovery.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The other critical area of focus is to expand access to finance for households, women and firms through regulatory and other reforms that will attract additional inflow of international finance and mobilize digital services, credit infrastructure and literacy programs. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“The project supports the government’s significant reform agenda to enable the financial sector to better respond to the new socio-economic challenges arising from the COVID-19 pandemic,” stated Peter Mousley, Project Task Team Leader of the World Bank, adding, “Initiatives to extend access to digital financial services and attract private financing to complement the government’s fiscal resources to address disasters are two innovations that will significantly benefit households and women in Nepal.” </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-20', 'modified' => '2020-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '12236', 'image' => '20200920100437_WORLD-BANK-696x447.jpg', 'article_date' => '2020-09-20 10:03:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12488', 'article_category_id' => '1', 'title' => 'Customers of Digital Wallets to get Interest ', 'sub_title' => '', 'summary' => 'September 18: Online payment gateways are planning to provide interest on customers’ mobile wallet after Nepal Rastra Bank gave them the permission to do so.', 'content' => '<h1><span style="font-size:20px"><span style="font-family:"Times New Roman"">September 18: Online payment gateways are planning to provide interest on customers’ mobile wallet after Nepal Rastra Bank gave them the permission to do so.</span></span></h1> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">The Payment and Settlement Regulations 2077 issued three months ago has a provision that allows the organizations willing to provide interest to their customers to do so by seeking permission from the central bank.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Mobile wallets aren’t generally used for the purpose of keeping deposits. The Payment System Department of the central bank informed that all of the payment service providers have shown their curiosity about the new provision.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">However, IME Pay has been providing interest to its customers that have the minimum balance in their accounts prior to the issuance of this regulation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">IME Pay had obtained permission for the operation of its business from the central bank three years ago under the name ‘IME Digital Solution Limited’. It had submitted an application to provide interest to its customers on the minimum balance in their wallet a year later. </span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Sudeep Sigdel, the compliance manager of IME Pay, said that after receiving the permission from the central bank and making the necessary technical arrangements, this facility is being provided to their customers since the last six months. </span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">According to him, the interest rate on the minimum balance (Rs 1000) in the super-wallet was determined as the same rate provided in the general savings account of Global IME Bank. “In coordination with the bank, the interest will be provided on a quarterly basis to the customers. We have been providing interest from the beginning of the lockdown (March). This has been very profitable for our customers,” he told New Business Age.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">He claims that this facility has encouraged the customers. According to him, IME Pay has a total of one million customers.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Other online payment providers are also planning to implement this system after IME Pay. E-sewa has already started its internal work for it. Roshan Lamichhane, the CEO of E-sewa said that they will apply for the permission from the central bank only after completing internal preparation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman""> “Since the money in the wallet and the responsibility of the interest will be given to a bank, there are still some discussions to be done. It is necessary to reach to an agreement with Nabil Bank, which is the bank that we are coordinating with,” he said.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">The maximum limit of money transfer and payment will be Rs 25,000 per transaction, Rs 100,000 per day and Rs 500,000 per month through an agent/ sub-agent to the wallet, bank account to the wallet, the wallet to another bank account or one wallet to another wallet. </span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">There is no limit for transferring money from the wallet to the wallet carrier’s bank account.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">There are 14 payment service providers in operation till now. They are Phone Pay, Cellcom, CG Pay, Sparrow Pay (Khalti), Pay Nep, Q Pay, Nepal Paytime, Smart Card Nepal, Mohar Digital, Prabhu Technologies, E-Net Payment, Focusone Payment Solution Pvt. Ltd. And Kurakani Pvt. Ltd.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Four more such companies are in the process of coming into operation. The central bank has already given the Letter of Intent to Nepal Digital Payment Company, Buddha Light International Pvt. Ltd., ICash Pvt. Ltd. And Chhito Paisa Pvt. Ltd. for conducting electronic transactions.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">There will now be 18 payment service providers in the market soon.</span></span></p> ', 'published' => true, 'created' => '2020-09-18', 'modified' => '2020-09-18', 'keywords' => '', 'description' => '', 'sortorder' => '12235', 'image' => '20200918073634_digita.jpg', 'article_date' => '2020-09-18 19:35:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12487', 'article_category_id' => '1', 'title' => 'Work Procedure to Avail Concessional Loan Ready', 'sub_title' => '', 'summary' => 'September 18: The government has prepared the work procedure to avail loan at 5 percent interest to the industries affected by coronavirus.', '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 18: The government has prepared the work procedure to avail loan at 5 percent interest to the industries affected by coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Finance ministry will submit the work procedure to the next cabinet meeting for the mobilization of a relief fund of Rs 50 billion from which the concessional loan will be provided. </span></span></span></span></p> <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 Rastra Bank had prepared the work procedure and submitted it to the finance ministry. The ministry will be presenting it to the Council of Ministers, informed officials.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Joint secretary at the finance ministry Jhak Prasad Acharya informed that they have completed all preparations to present the work procedure during the next cabinet meeting.</span></span></span></span></p> <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 NRB Spokesperson Dr Gunakar Bhatta, the work procedure has been prepared in line with the announcement made in the annual budget and the monetary policy for the current fiscal year.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-18', 'modified' => '2020-09-18', 'keywords' => '', 'description' => '', 'sortorder' => '12234', 'image' => '20200918011828_rises 2.jpg', 'article_date' => '2020-09-18 13:17:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12486', 'article_category_id' => '1', 'title' => 'Test Drive of India-Made Train along Janakpur-Jayanagar Section Today', 'sub_title' => '', 'summary' => 'September 18: A brand new train that arrived in Jayanagar on Thursday evening will undergo test drive today along the 34-kilometer section of the Janakpur-Jayanagar Railway. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 18: A brand new train that arrived in Jayanagar on Thursday evening will undergo test drive today along the 34-kilometer section of the Janakpur-Jayanagar Railway. The train manufactured by Konkan Railway Corporation, a company owned by the Government of India, arrived in Jayanagar on Thursday (September 17) evening. </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 train with a capacity of about 1300 passengers is being brought to Janakpur from Jayanagar on Friday, September 18 (today). Guru Bhattarai, general manager of Nepal Railway Company Limited, informed that the train will undergo test drive today along the Jayanagar-Janakpur section.</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">Konkan Railway Corporation is planning to hand over the train to Nepal after completing the test drive. </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">Bhattarai informed that the technicians of Konkan Railway Corporation will operate the train to Janakpur in Nepal for the test. </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">He added that the modalities for the regular operation of the train will be made within a year after discussions with India.</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 Indian-made train had arrived at Hajipur in Bihar a few weeks ago.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The Jayanagar-Janakpur-Bardiwas railway which is currently under construction with the assistance of the Government of India is 69 kilometers long. Out of that, the test will be conducted along 34 kilometers of Jayanagar-Janakpur section.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-18', 'modified' => '2020-09-18', 'keywords' => '', 'description' => '', 'sortorder' => '12233', 'image' => '20200918124138_1600382030.Clipboard03.jpg', 'article_date' => '2020-09-18 12:41:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12485', 'article_category_id' => '1', 'title' => 'Tax Exemption on Raw Materials for Medicines not yet Implemented', 'sub_title' => '', 'summary' => 'September 18: The government in its annual budget for the current fiscal year had announced to provide VAT exemption for raw materials and packing materials required for the pharmaceutical companies of Nepal.', '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 18: The government in its annual budget for the current fiscal year had announced to provide VAT exemption for raw materials and packing materials required for the pharmaceutical companies of Nepal. However, the decision is yet to be implemented. Pharmaceutical companies complain that they have been paying VAT (value added tax) while importing over three dozen such products.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">General Secretary of the Association of Pharmaceutical Producers of Nepal (APPN) Biplav Adhikari says they have been paying VAT for raw materials required for producing medicines including active pharmaceutical ingredients (APIs) for which the government has announced tax exemption.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The government had announced tax exemption while unveiling the budget for the current fiscal year but the customs offices have been collecting tax from us,” said Adhikari.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders say the provision to grant tax exemption for APIs and packing materials is already included in the Financial Act and therefore the customs offices continue charging tax as per the provision in the law. Pharmaceutical companies have urged the concerned authorities including the finance ministry, health ministry to amend the law to ensure that they get the facilities announced in the budget but to no avail. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It has been almost three and a half months since the budget announcement was made but the tax exemption has not been implemented. Pharmaceutical companies have reduced the import of raw materials and packing materials after they were denied tax exemption. They have been importing only limited quantity of those products that are currently required.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-09-18', 'modified' => '2020-09-18', 'keywords' => '', 'description' => '', 'sortorder' => '12232', 'image' => '20200918115048_1600382098.Clipboard02.jpg', 'article_date' => '2020-09-18 11:50:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12484', 'article_category_id' => '1', 'title' => 'India Seeks Permission to Prepare DPR of Kathmandu-Raxaul Railway', 'sub_title' => '', 'summary' => 'September 17: India has sought permission from the Government of Nepal to prepare the detailed project report (DPR) of the Kathmandu-Raxaul Railway.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Devanagari Sangam MN"">September 17: </span></span><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">India has sought permission from the Government of Nepal to prepare the detailed project report (DPR) of the Kathmandu-Raxaul Railway. India and China are among the two countries that have shown interest to invest in trans-border railway in Nepal. Meanwhile, China has said it will start the study only after the risk of coronavirus subsides.</span></span></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 the Ministry of Physical Infrastructure and Transport, they are currently preparing to give permission to India for the DPR. The ministry clarified that there hasn’t been any discussion with China recently for the feasibility study.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">China hasn’t been able to study the railway route that falls in Nepal due to the risk of coronavirus. However, China has started survey of the trans-border railway route between Shigatshe and Kerung that falls within its border. </span></span></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"">In a virtual meeting between Finance Ministry and China International Development Corporation Agency (CIDCA) in late August, the two sides had agreed to start the survey of Nepal Tokha-Chahare and Syafrybesi-Betrawati tunnel sections of the railway after the coronavirus pandemic subsides.</span></span></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"">Meanwhile, Joint Secretary at the Ministry of Physical Infrastructure and Transport Gopal Sigdel informed New Business Age that India sought permission to prepare the DPR of Kathmandu-Raxaul Railway a few weeks ago. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-17', 'modified' => '2020-09-17', 'keywords' => '', 'description' => '', 'sortorder' => '12231', 'image' => '20200917054514_1600292401.2 2.jpg', 'article_date' => '2020-09-17 17:44:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12483', 'article_category_id' => '1', 'title' => 'Nepal-Bound Goods Stuck across Rasuwagadhi Border', 'sub_title' => '', 'summary' => 'September 17: Nepali importers are unable to get customs clearance of goods stuck at Kerung of China due to the obstruction in reopening Rasuwagadhi Customs Point since the last seven months. ', '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 17: Nepali importers are unable to get customs clearance of goods stuck at Kerung of China due to the obstruction in reopening Rasuwagadhi Customs Point since the last seven months. The importers have sought help from the concerned government bodies but they only get assurance.</span></span></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 border has remained closed since January after a surge in coronavirus cases in China. More than 1000 containers carrying readymade garments, shoes and electronic appliances are struck across the border due to the obstruction. </span></span></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"">Although the customs point along with Tatopani customs was opened for some time in between, it has been obstructed again. Importers are worried if they can bring clothes for the upcoming Dashain festival or not.</span></span></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 importers have submitted memorandum to various government bodies to resolve the problem diplomatically. All of them have assured to help in releasing the goods but to no avail, says Naresh Katuwal, chairman of Nepal National Entrepreneurs Federation.</span></span></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"">Of late, the border has been closed after coronavirus was detected among the workers involved in loading goods.</span></span></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"">Besides coronavirus, the border has also been obstructed by landslides time and again.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-17', 'modified' => '2020-09-17', 'keywords' => '', 'description' => '', 'sortorder' => '12230', 'image' => '20200917034324_1600292304.Clipboard04.jpg', 'article_date' => '2020-09-17 15:42:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12482', 'article_category_id' => '1', 'title' => 'Rift Over 50 Percent Seating Capacity Casts Doubts on Resuming Domestic Flights', 'sub_title' => '', 'summary' => 'September 17: Although the government has lifted a ban on domestic flights effective from September 17, private airline companies have said they cannot provide the service with just 50 percent passengers.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">September 17: Although the government has lifted a ban on domestic flights effective from September 17, private airline companies have said they cannot provide the service with just 50 percent passengers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">A meeting of the Council of Ministers on Monday (September 14) decided to allow airline companies to resume domestic flights with just 50 percent passengers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">However, airline companies have said that it is impractical to operate flights with 50 percent passengers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">“First of all there is confusion regarding the date of resuming service. Secondly, if we are to provide service by adopting all necessary safety precautions then it is impractical to fly only 50 percent passengers,” says Manoj Karki, general secretary of Airline Operators Association of Nepal (AOAN).</span></span></span></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 will only raise the air fare by double amount,” added Karki, who is also the managing director of Summit Air. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Karki says resuming air service is a praiseworthy decision but provision of 50 percent seating capacity should be revised. He said that they have submitted a memorandum to the concerned ministry to revise the provision. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">AOAN spokesperson Yograj Kandel says it is not possible to provide air service under the terms and conditions set by the government. Therefore, the airline operators have decided not to resume service at the moment. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The government lifted a ban on regular international flights on September 1 after almost 5 months of lockdown. Resuming domestic flights was delayed due to increase in coronavirus cases across 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">The government was under pressure to resume domestic flights. Although the government lifted a ban on domestic flights, it is still not certain when the flights will resume due to the differences in seating capacity for the flights.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-17', 'modified' => '2020-09-17', 'keywords' => '', 'description' => '', 'sortorder' => '12229', 'image' => '20200917030350_20200805015856_nepali_flights.jpg', 'article_date' => '2020-09-17 15:02:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12481', 'article_category_id' => '1', 'title' => 'Pandemic Threatens Gains of the Past Decade: World Bank', 'sub_title' => 'Nepal Makes Pre-Pandemic Progress in Human Capital Development', 'summary' => 'September 17: The COVID-19 pandemic threatens hard-won gains in health and education over the past decade, especially in the poorest countries, a new World Bank Group analysis finds. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 17:</span></span><span style="font-size:14.0pt"><span style="font-family:Arial"> The COVID-19 pandemic threatens hard-won gains in health and education over the past decade, especially in the poorest countries, a new World Bank Group analysis finds. </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">Investments in human capital—the knowledge, skills, and health that people accumulate over their lives—are key to unlocking a child’s potential and to improving economic growth in every country, World Bank said in a statement. </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 World Bank Group’s 2020 Human Capital Index shows that most countries had made steady progress in building human capital of children, with the biggest strides made in low-income countries before the 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:Arial">“Investment in human capital is just as important as investment in infrastructure, if not more, and brings returns in the form of a healthier and more productive workforce in the long run,” stated Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal and Sri Lanka. “There is a need for an accelerated push to focus on investing in human capital in the recovery and rebuilding phases after the pandemic. This requires close collaborations among all three levels of the government in order to bring about large and sustainable changes.”</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"> Due to the pandemic's impact, most children – more than 1 billion – have been out of school and could lose, on average, half a year of schooling, translating into considerable monetary losses in the future, according to the World Bank. Data also shows significant disruptions to essential health services for women and children, with many children missing out on crucial vaccinations. The economic impact of the pandemic has been particularly deep for women and for the most disadvantaged families, leaving many vulnerable to food insecurity and poverty. </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 2020 Human Capital Index includes </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">health and education data up to March 2020 for 174 countries covering 98 percent of the world’s population, providing a pre-pandemic baseline on the health and education status of children. </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">Today, hard-won human capital gains in many countries are at risk. But countries can do more than just work to recover the lost ground. To protect and extend earlier human capital gains, countries need to expand health service coverage and quality among marginalized communities, boost learning outcomes together with school enrollments, and support vulnerable families with social protection measures adapted to the scale of the COVID-19 crisis, the statement further said. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"> In Nepal, it is essential to invest more in the early years, with a focus on those children who have been left behind. This includes safeguarding access to nutritious, safe and affordable diets and providing opportunities for learning and stimulation especially for the poorest and most-affected households. Given the current high cost of medical care, resources can be refocused towards ensuring universal access to quality essential primary, emergency and referral health services.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </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 World Bank Group said it is working closely with governments to develop long-term solutions to protect and invest in people during and after the pandemic. In Nepal, the Bank is supporting the development of school safety and hygiene protocols while working with WASH teams to provide basic sanitization and hygiene supplies. The Bank is helping strengthen government systems and expand coverage of social security allowances and civil registration to support vulnerable communities. The Bank is also supporting the government to strengthen health systems and security and improve the health financing landscape of the country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-17', 'modified' => '2020-09-17', 'keywords' => '', 'description' => '', 'sortorder' => '12228', 'image' => '20200917011424_20191020092409_aaaadfaghhgh.jpg', 'article_date' => '2020-09-17 13:13:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12480', 'article_category_id' => '1', 'title' => 'India’s Ban on Export of Onion leads to Arbitrary Pricing in the Market ', 'sub_title' => '', 'summary' => 'September 16: The price of onion has skyrocketed in the market after the Indian government banned the export of onion. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">September 16: The price of onion has skyrocketed in the market after the Indian government banned the export of onion. The retail price of onion has reached up to Rs 100 as the traders have started fixing the price arbitrarily. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The import of onion has stopped in the Kalimati Fruits and Vegetables market since September 14 after India banned the export. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The price of onion was rising in Nepal some days before India banned the export. According to the daily price list of Kalimati Fruits and Vegetables Market, the price of onion has increased by 89 percent in the last 15 days. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The wholesale price of onion, which was Rs 42 per kg on September 1, has increased to Rs 75 per kg since then. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The shortage of onion in Nepal is expected to become acute after India stopped the export. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Vinay Shrestha, information officer of Kalimati Fruits and Vegetables Market Development Board, says that traders have already increased the price in Nepal due to the increase in price in India. He claims that arbitrary prices should not be fixed while selling old products that were in stock. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“The domestic production of Nepal cannot meet the market demand while onions cannot be imported from India now. Consumers will face the problem after the ban by India,” said Shrestha. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Some traders have suddenly increased the price of onions. Onions were being sold at Rs 75 per kg on Tuesday, while it was sold at Rs 100 per kg in the same afternoon. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-16', 'modified' => '2020-09-16', 'keywords' => '', 'description' => '', 'sortorder' => '12227', 'image' => '20200916052134_1600205898.Clipboard06.jpg', 'article_date' => '2020-09-16 17:21:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12479', 'article_category_id' => '1', 'title' => 'Rs 3 billion needed for repairing roads and bridges damaged by natural disasters ', 'sub_title' => '', 'summary' => 'September 16: A preliminary study conducted by the Department of Roads shows that more than Rs 3 billion is required to repair the roads and bridges damaged by floods and landslides across the country.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 16: A preliminary study conducted by the Department of Roads shows that more than Rs 3 billion is required to repair the roads and bridges damaged by floods and landslides across the country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The estimated amount is required for repairing the roads and bridges in 226 various locations across the country where damages were caused by the monsoon that started last July.</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 informed that out of the total required amount, Rs 1.5 billion is required for the reconstruction and maintenance of damaged structures along the Araniko Highway.</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">Floods and landslides cause loss of life and property every year, and the country has to invest billions of rupees in rebuilding roads and bridges. The calamities caused by monsoon has created an additional liability of more than Rs 3 billion this year for the state, informed 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">Out of 226 places across the country, the Araniko Highway, Sanphe-Martadi road, and North-South Corridor of the Beni-Jomsom road section have been severely damaged, informed Shivahari Sapkota, spokesperson 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">Although no section of the Araniko Highway is currently blocked, landslides and flooded river have damaged bridges and roads which are being operated partially. This has affected the traffic in 15 various places.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-16', 'modified' => '2020-09-16', 'keywords' => '', 'description' => '', 'sortorder' => '12226', 'image' => '20200916040351_1600206057.Clipboard07.jpg', 'article_date' => '2020-09-16 16:03:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12493', 'article_category_id' => '1', 'title' => 'FNCCI Election to be Held in Late November ', 'sub_title' => '', 'summary' => 'September 20: The election for a new executive committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been scheduled for late November.', '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 20: The election for a new executive committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been scheduled for late November. The election has been delayed time and again due to coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A meeting of the office bearers of FNCCI on Friday decided to hold the 45<sup>th</sup> General Assembly and election of FNCCI on November 26-27. </span></span></span></span></p> <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 date fixed for the election is yet to be approved by the executive committee of FNCCI. The umbrella body of entrepreneurs and industrialists of Nepal has called its executive committee meeting in late September to discuss about the General Assembly and the election. </span></span></span></span></p> <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 meeting will endorse the date of election, informed FNCCI Vice President Chandra Dhakal. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We will initiate the process to seek permission from the government to hold the General Assembly before the executive committee meeting. The executive committee will decide on the modality of election,” Dhakal told New Business Age.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The executive committee meeting is scheduled for September 27-28,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, two factions of FNCCI were divided over the date of election. But all sides have agreed to the new date of election, informed Kishor Pradhan, district vice president of FNCCI.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It has been learnt that the FNCCI is preparing to hold its General Assembly through Zoom meeting while the election will be held in Kathmandu by following the health protocols set by the government.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-20', 'modified' => '2020-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '12240', 'image' => '20200920053207_1600556458.Clipboard06.jpg', 'article_date' => '2020-09-20 17:31:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12492', 'article_category_id' => '1', 'title' => 'BFIs Instructed to Fix Stable Interest Rates on Personal Loans ', 'sub_title' => '', 'summary' => 'September 20: Nepal Rastra Bank (NRB) has directed all banks and financial institutions (BFIs) to fix their interest rates on all personal loans like home loans and auto loans before the end of Ashoj (October 16).', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">September 20: Nepal Rastra Bank (NRB) has directed all banks and financial institutions (BFIs) to fix their interest rates on all personal loans like home loans and auto loans before the end of Ashoj (October 16). The central bank had issued the Unified Directive 2077 more than two weeks ago , instructing all BFIs to fix a stable interest rates on personal loans, with more than one year to maturity.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">The central bank has given the deadline of October 16, after the bankers expressed the need for more time to conduct necessary studies and analyses before fixing and implementing the stable rate of interest.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">Dev Kumar Dhakal, executive director of the Banking and Financial Institutions Regulation Department of NRB, said that the banks have been given some time to make necessary arrangements to fix their long-term interest rates and to manage the risks associated with it. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">“The loans taken at a rate of 8 percent have been increased to 15 percent. Many customers complained about the fact that the interest rates keep rising,” he told New Business Age, adding, “This is why the banks will have to determine a fixed interest rate along with the necessary plans for managing their risks.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">Debtors had to constantly worry about the new rates as the banks usually increased their interest rates every 3 months. All the debtors complain about facing difficulties every time the interest rates increased. The policy for a fixed interest rate was introduced to put an end to this. Since this rate will have to be implemented for a long term, commercial banks, development banks and finance companies are busy studying and analyzing before determining their rates.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">The interest rates on deposits and loans have been decreasing as banks have a liquidity of around Rs 200 billion. Bankers said that they are trying to determine the appropriate long-term fixed interest rates for personal loans by studying and employing proper strategies. Banks have also been analyzing the changes in the interest rates on deposits and loans in the last 30 years.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">Bhuwan Kumar Dahal, chairman of Nepal Bankers’ Association, said that they were studying about how international banks have fixed their interest rates on personal loans. “All of the banks are studying each and every aspect of fixed interest rates in their own ways,” he said, “If necessary, the association will also conduct a study.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">Saroj Kaji Tuladar, president of Nepal Financial Institutions Association, also said that finance companies have also been analyzing the rates of the last 30 years on loans and deposits to determine their fixed rates. He believes that this will allow them to understand how and when the rates changed in the long term, which will help them to determine their fixed interest rates. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">“It may be risky to fix the interest rates for a long term in a country with a volatile economy. That is why we had requested the central bank to determine the fixed interest rates for 1-2 years.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">Banks and financial institutions will give the customers the choice to opt for the fixed interest rates on personal loans with more than one year to maturity. NRB has made a provision that will allow the customer to choose either a fixed interest rate or a floating rate that change with the changes in the base rate of the BFIs. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">According to NRB, the terms and conditions of the personal loans including home loans and auto loans will have to be updated as per the customer’s request, to maintain the fixed interest rate on the monthly/ quarterly/ periodic installments before the implementation of this directive.</span></span></span><br /> </p> ', 'published' => true, 'created' => '2020-09-20', 'modified' => '2020-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '12239', 'image' => '20200920041120_1600382287.bbbb.jpg', 'article_date' => '2020-09-20 16:10:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12491', 'article_category_id' => '1', 'title' => 'Much-Hyped Train Sent Back to India from Janakpur ', 'sub_title' => '', 'summary' => 'September 20: Train service takes at least a month and a half to come in regular operation. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 20: Train service takes at least a month and a half to come in regular operation. </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">September 20: The train that arrived in Janakpur on September 18 for trial has been returned back to India due to lack of necessary preparations for regular operation here in Nepal.</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">Despite the government's announcement to operate the train as early as possible, the train has been sent back to India due to lack of preparation by the authorities of the Railways Department. The authorities are unable to complete the necessary preparation even after a year and a half since the project was initiated.</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">Meanwhile, Nepal Railway Company has informed that it will take them at least a month and a half to initiate regular operation of the train.</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">Although the train was tested along the 34-kilometer-long section of Janakpur-Jaynagar on Friday (September 20), the inability of the concerned authorities to have necessary manpower compelled the train to return back to India for security reasons.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Nepal Railway Company has not recruited the necessary technical and administrative staff for the operation of the railway. Likewise, the process of bringing railway engineers from India has not been completed by the railway authority of Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Nepal Railway Company Limited issued notice on September 13 to appoint 139 employees. The company has called for applications for contract services within 15 days. Government authorities estimate that they will need at least one and a half to two months to complete the recruitment process.</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">Guru Bhattarai, general manager of the company, informed that the decision about bringing the railway engineers from India will be taken in the coming week. </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">He further informed that if the train is not operated for a long time, the parts may deteriorate.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-20', 'modified' => '2020-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '12238', 'image' => '20200920025413_1600555970.4.jpg', 'article_date' => '2020-09-20 14:53:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12490', 'article_category_id' => '1', 'title' => 'Industrialists Hopeful of Revival of Economic Activities during Festive Season', 'sub_title' => '', 'summary' => 'September 20: Industrialists of the Bara-Parsa Industrial Corridor have become hopeful of better production after the government eased the prohibitory order, allowing public transportation and opening markets.', '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 20: Industrialists of the Bara-Parsa Industrial Corridor have become hopeful of better production after the government eased the prohibitory order, allowing public transportation and opening markets.</span></span></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"">With the removal of restrictions, import through Birgunj customs point has also increased.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Chief of the BIrgunj-based Integrated Check Post (ICP) Gopal Khatri confirmed that the import through Birgunj has increased.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“The import has increased after the government lifted ban on transportation. Around 600 vehicles get customs clearance on a daily basis now,” said Khatri.</span></span></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"">During normal days, around 700 cargo vehicles enter Nepal through this customs point, informed Khatri. However, during the lockdown period, around 15- to 450 vehicles used to enter Nepal per 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"">“Import of goods for the festive season and new automobiles has increased,” added Khatri.</span></span></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"">With the festive season just around the corner and the government lifting restrictions, chairman of Birgunj Chamber of Commerce Gopal Kedia expects a major boost in economic activities.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“The situation is better than before. But still the market can remain open for a limited period only. Customers haven’t shown up as expected. But we are hopeful that our business will pick up pace as the festive season is approaching,” says Kedia.</span></span></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 district administration has allowed the market place in Birgunj to open from 11 am to 4 pm.</span></span></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"">“Industrial activities have obviously started increasing after the restrictions on transportation were lifted and the market started opening,” says Babulal Chachan, chairman of Chachan Group. “However, it will take some time for the business activities to return to normalcy as the market has been badly affected by six months of restrictions,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Production of more than 1000 industries in the corridor has been badly affected by the four-month lockdown and the subsequent prohibitory order.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-09-20', 'modified' => '2020-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '12237', 'image' => '20200920113142_Clipboard41(13).jpg', 'article_date' => '2020-09-20 11:31:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12489', 'article_category_id' => '1', 'title' => 'World Bank Approves $200 Million to Strengthen Nepal’s Financial Sector ', 'sub_title' => '', 'summary' => 'September 20: The World Bank has approved a $200 million “Finance for Growth” development policy credit to strengthen financial sector stability, diversify financial solutions, and increase access to financial services in support of Nepal’s COVID-19 resilience and recovery efforts.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">September 20: </span></span><span style="font-size:14.0pt"><span style="font-family:Times">The World Bank has approved a $200 million “Finance for Growth” development policy credit to strengthen financial sector stability, diversify financial solutions, and increase access to financial services in support of Nepal’s COVID-19 resilience and recovery efforts.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The World Bank said in a statement that the “Finance for Growth” operation will support enhanced supervision of risks confronting the banking and financial institutions, especially in the context of the pandemic’s impacts. The operation will also help build capital, insurance, venture capital and private equity and disaster risk financing markets through regulatory reforms. This will help open new investment opportunities for market actors and crowd-in private financing. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“In this era of COVID-19, protecting people’s lives is the priority, but giving a boost to economic recovery is equally urgent,” the statement quoted Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal and Sri Lanka, as saying. “This project and World Bank support will pave the way for the financial sector and capital and insurance markets to strengthen resilience and more effectively contribute to Nepal’s COVID-19 recovery.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The other critical area of focus is to expand access to finance for households, women and firms through regulatory and other reforms that will attract additional inflow of international finance and mobilize digital services, credit infrastructure and literacy programs. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“The project supports the government’s significant reform agenda to enable the financial sector to better respond to the new socio-economic challenges arising from the COVID-19 pandemic,” stated Peter Mousley, Project Task Team Leader of the World Bank, adding, “Initiatives to extend access to digital financial services and attract private financing to complement the government’s fiscal resources to address disasters are two innovations that will significantly benefit households and women in Nepal.” </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-20', 'modified' => '2020-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '12236', 'image' => '20200920100437_WORLD-BANK-696x447.jpg', 'article_date' => '2020-09-20 10:03:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12488', 'article_category_id' => '1', 'title' => 'Customers of Digital Wallets to get Interest ', 'sub_title' => '', 'summary' => 'September 18: Online payment gateways are planning to provide interest on customers’ mobile wallet after Nepal Rastra Bank gave them the permission to do so.', 'content' => '<h1><span style="font-size:20px"><span style="font-family:"Times New Roman"">September 18: Online payment gateways are planning to provide interest on customers’ mobile wallet after Nepal Rastra Bank gave them the permission to do so.</span></span></h1> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">The Payment and Settlement Regulations 2077 issued three months ago has a provision that allows the organizations willing to provide interest to their customers to do so by seeking permission from the central bank.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Mobile wallets aren’t generally used for the purpose of keeping deposits. The Payment System Department of the central bank informed that all of the payment service providers have shown their curiosity about the new provision.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">However, IME Pay has been providing interest to its customers that have the minimum balance in their accounts prior to the issuance of this regulation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">IME Pay had obtained permission for the operation of its business from the central bank three years ago under the name ‘IME Digital Solution Limited’. It had submitted an application to provide interest to its customers on the minimum balance in their wallet a year later. </span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Sudeep Sigdel, the compliance manager of IME Pay, said that after receiving the permission from the central bank and making the necessary technical arrangements, this facility is being provided to their customers since the last six months. </span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">According to him, the interest rate on the minimum balance (Rs 1000) in the super-wallet was determined as the same rate provided in the general savings account of Global IME Bank. “In coordination with the bank, the interest will be provided on a quarterly basis to the customers. We have been providing interest from the beginning of the lockdown (March). This has been very profitable for our customers,” he told New Business Age.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">He claims that this facility has encouraged the customers. According to him, IME Pay has a total of one million customers.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Other online payment providers are also planning to implement this system after IME Pay. E-sewa has already started its internal work for it. Roshan Lamichhane, the CEO of E-sewa said that they will apply for the permission from the central bank only after completing internal preparation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman""> “Since the money in the wallet and the responsibility of the interest will be given to a bank, there are still some discussions to be done. It is necessary to reach to an agreement with Nabil Bank, which is the bank that we are coordinating with,” he said.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">The maximum limit of money transfer and payment will be Rs 25,000 per transaction, Rs 100,000 per day and Rs 500,000 per month through an agent/ sub-agent to the wallet, bank account to the wallet, the wallet to another bank account or one wallet to another wallet. </span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">There is no limit for transferring money from the wallet to the wallet carrier’s bank account.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">There are 14 payment service providers in operation till now. They are Phone Pay, Cellcom, CG Pay, Sparrow Pay (Khalti), Pay Nep, Q Pay, Nepal Paytime, Smart Card Nepal, Mohar Digital, Prabhu Technologies, E-Net Payment, Focusone Payment Solution Pvt. Ltd. And Kurakani Pvt. Ltd.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Four more such companies are in the process of coming into operation. The central bank has already given the Letter of Intent to Nepal Digital Payment Company, Buddha Light International Pvt. Ltd., ICash Pvt. Ltd. And Chhito Paisa Pvt. Ltd. for conducting electronic transactions.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">There will now be 18 payment service providers in the market soon.</span></span></p> ', 'published' => true, 'created' => '2020-09-18', 'modified' => '2020-09-18', 'keywords' => '', 'description' => '', 'sortorder' => '12235', 'image' => '20200918073634_digita.jpg', 'article_date' => '2020-09-18 19:35:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12487', 'article_category_id' => '1', 'title' => 'Work Procedure to Avail Concessional Loan Ready', 'sub_title' => '', 'summary' => 'September 18: The government has prepared the work procedure to avail loan at 5 percent interest to the industries affected by coronavirus.', '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 18: The government has prepared the work procedure to avail loan at 5 percent interest to the industries affected by coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Finance ministry will submit the work procedure to the next cabinet meeting for the mobilization of a relief fund of Rs 50 billion from which the concessional loan will be provided. </span></span></span></span></p> <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 Rastra Bank had prepared the work procedure and submitted it to the finance ministry. The ministry will be presenting it to the Council of Ministers, informed officials.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Joint secretary at the finance ministry Jhak Prasad Acharya informed that they have completed all preparations to present the work procedure during the next cabinet meeting.</span></span></span></span></p> <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 NRB Spokesperson Dr Gunakar Bhatta, the work procedure has been prepared in line with the announcement made in the annual budget and the monetary policy for the current fiscal year.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-18', 'modified' => '2020-09-18', 'keywords' => '', 'description' => '', 'sortorder' => '12234', 'image' => '20200918011828_rises 2.jpg', 'article_date' => '2020-09-18 13:17:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12486', 'article_category_id' => '1', 'title' => 'Test Drive of India-Made Train along Janakpur-Jayanagar Section Today', 'sub_title' => '', 'summary' => 'September 18: A brand new train that arrived in Jayanagar on Thursday evening will undergo test drive today along the 34-kilometer section of the Janakpur-Jayanagar Railway. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 18: A brand new train that arrived in Jayanagar on Thursday evening will undergo test drive today along the 34-kilometer section of the Janakpur-Jayanagar Railway. The train manufactured by Konkan Railway Corporation, a company owned by the Government of India, arrived in Jayanagar on Thursday (September 17) evening. </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 train with a capacity of about 1300 passengers is being brought to Janakpur from Jayanagar on Friday, September 18 (today). Guru Bhattarai, general manager of Nepal Railway Company Limited, informed that the train will undergo test drive today along the Jayanagar-Janakpur section.</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">Konkan Railway Corporation is planning to hand over the train to Nepal after completing the test drive. </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">Bhattarai informed that the technicians of Konkan Railway Corporation will operate the train to Janakpur in Nepal for the test. </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">He added that the modalities for the regular operation of the train will be made within a year after discussions with India.</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 Indian-made train had arrived at Hajipur in Bihar a few weeks ago.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The Jayanagar-Janakpur-Bardiwas railway which is currently under construction with the assistance of the Government of India is 69 kilometers long. Out of that, the test will be conducted along 34 kilometers of Jayanagar-Janakpur section.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-18', 'modified' => '2020-09-18', 'keywords' => '', 'description' => '', 'sortorder' => '12233', 'image' => '20200918124138_1600382030.Clipboard03.jpg', 'article_date' => '2020-09-18 12:41:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12485', 'article_category_id' => '1', 'title' => 'Tax Exemption on Raw Materials for Medicines not yet Implemented', 'sub_title' => '', 'summary' => 'September 18: The government in its annual budget for the current fiscal year had announced to provide VAT exemption for raw materials and packing materials required for the pharmaceutical companies of Nepal.', '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 18: The government in its annual budget for the current fiscal year had announced to provide VAT exemption for raw materials and packing materials required for the pharmaceutical companies of Nepal. However, the decision is yet to be implemented. Pharmaceutical companies complain that they have been paying VAT (value added tax) while importing over three dozen such products.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">General Secretary of the Association of Pharmaceutical Producers of Nepal (APPN) Biplav Adhikari says they have been paying VAT for raw materials required for producing medicines including active pharmaceutical ingredients (APIs) for which the government has announced tax exemption.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The government had announced tax exemption while unveiling the budget for the current fiscal year but the customs offices have been collecting tax from us,” said Adhikari.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders say the provision to grant tax exemption for APIs and packing materials is already included in the Financial Act and therefore the customs offices continue charging tax as per the provision in the law. Pharmaceutical companies have urged the concerned authorities including the finance ministry, health ministry to amend the law to ensure that they get the facilities announced in the budget but to no avail. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It has been almost three and a half months since the budget announcement was made but the tax exemption has not been implemented. Pharmaceutical companies have reduced the import of raw materials and packing materials after they were denied tax exemption. They have been importing only limited quantity of those products that are currently required.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-09-18', 'modified' => '2020-09-18', 'keywords' => '', 'description' => '', 'sortorder' => '12232', 'image' => '20200918115048_1600382098.Clipboard02.jpg', 'article_date' => '2020-09-18 11:50:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12484', 'article_category_id' => '1', 'title' => 'India Seeks Permission to Prepare DPR of Kathmandu-Raxaul Railway', 'sub_title' => '', 'summary' => 'September 17: India has sought permission from the Government of Nepal to prepare the detailed project report (DPR) of the Kathmandu-Raxaul Railway.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Devanagari Sangam MN"">September 17: </span></span><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">India has sought permission from the Government of Nepal to prepare the detailed project report (DPR) of the Kathmandu-Raxaul Railway. India and China are among the two countries that have shown interest to invest in trans-border railway in Nepal. Meanwhile, China has said it will start the study only after the risk of coronavirus subsides.</span></span></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 the Ministry of Physical Infrastructure and Transport, they are currently preparing to give permission to India for the DPR. The ministry clarified that there hasn’t been any discussion with China recently for the feasibility study.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">China hasn’t been able to study the railway route that falls in Nepal due to the risk of coronavirus. However, China has started survey of the trans-border railway route between Shigatshe and Kerung that falls within its border. </span></span></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"">In a virtual meeting between Finance Ministry and China International Development Corporation Agency (CIDCA) in late August, the two sides had agreed to start the survey of Nepal Tokha-Chahare and Syafrybesi-Betrawati tunnel sections of the railway after the coronavirus pandemic subsides.</span></span></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"">Meanwhile, Joint Secretary at the Ministry of Physical Infrastructure and Transport Gopal Sigdel informed New Business Age that India sought permission to prepare the DPR of Kathmandu-Raxaul Railway a few weeks ago. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-17', 'modified' => '2020-09-17', 'keywords' => '', 'description' => '', 'sortorder' => '12231', 'image' => '20200917054514_1600292401.2 2.jpg', 'article_date' => '2020-09-17 17:44:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12483', 'article_category_id' => '1', 'title' => 'Nepal-Bound Goods Stuck across Rasuwagadhi Border', 'sub_title' => '', 'summary' => 'September 17: Nepali importers are unable to get customs clearance of goods stuck at Kerung of China due to the obstruction in reopening Rasuwagadhi Customs Point since the last seven months. ', '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 17: Nepali importers are unable to get customs clearance of goods stuck at Kerung of China due to the obstruction in reopening Rasuwagadhi Customs Point since the last seven months. The importers have sought help from the concerned government bodies but they only get assurance.</span></span></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 border has remained closed since January after a surge in coronavirus cases in China. More than 1000 containers carrying readymade garments, shoes and electronic appliances are struck across the border due to the obstruction. </span></span></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"">Although the customs point along with Tatopani customs was opened for some time in between, it has been obstructed again. Importers are worried if they can bring clothes for the upcoming Dashain festival or not.</span></span></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 importers have submitted memorandum to various government bodies to resolve the problem diplomatically. All of them have assured to help in releasing the goods but to no avail, says Naresh Katuwal, chairman of Nepal National Entrepreneurs Federation.</span></span></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"">Of late, the border has been closed after coronavirus was detected among the workers involved in loading goods.</span></span></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"">Besides coronavirus, the border has also been obstructed by landslides time and again.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-17', 'modified' => '2020-09-17', 'keywords' => '', 'description' => '', 'sortorder' => '12230', 'image' => '20200917034324_1600292304.Clipboard04.jpg', 'article_date' => '2020-09-17 15:42:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12482', 'article_category_id' => '1', 'title' => 'Rift Over 50 Percent Seating Capacity Casts Doubts on Resuming Domestic Flights', 'sub_title' => '', 'summary' => 'September 17: Although the government has lifted a ban on domestic flights effective from September 17, private airline companies have said they cannot provide the service with just 50 percent passengers.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">September 17: Although the government has lifted a ban on domestic flights effective from September 17, private airline companies have said they cannot provide the service with just 50 percent passengers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">A meeting of the Council of Ministers on Monday (September 14) decided to allow airline companies to resume domestic flights with just 50 percent passengers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">However, airline companies have said that it is impractical to operate flights with 50 percent passengers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">“First of all there is confusion regarding the date of resuming service. Secondly, if we are to provide service by adopting all necessary safety precautions then it is impractical to fly only 50 percent passengers,” says Manoj Karki, general secretary of Airline Operators Association of Nepal (AOAN).</span></span></span></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 will only raise the air fare by double amount,” added Karki, who is also the managing director of Summit Air. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Karki says resuming air service is a praiseworthy decision but provision of 50 percent seating capacity should be revised. He said that they have submitted a memorandum to the concerned ministry to revise the provision. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">AOAN spokesperson Yograj Kandel says it is not possible to provide air service under the terms and conditions set by the government. Therefore, the airline operators have decided not to resume service at the moment. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The government lifted a ban on regular international flights on September 1 after almost 5 months of lockdown. Resuming domestic flights was delayed due to increase in coronavirus cases across 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">The government was under pressure to resume domestic flights. Although the government lifted a ban on domestic flights, it is still not certain when the flights will resume due to the differences in seating capacity for the flights.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-17', 'modified' => '2020-09-17', 'keywords' => '', 'description' => '', 'sortorder' => '12229', 'image' => '20200917030350_20200805015856_nepali_flights.jpg', 'article_date' => '2020-09-17 15:02:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12481', 'article_category_id' => '1', 'title' => 'Pandemic Threatens Gains of the Past Decade: World Bank', 'sub_title' => 'Nepal Makes Pre-Pandemic Progress in Human Capital Development', 'summary' => 'September 17: The COVID-19 pandemic threatens hard-won gains in health and education over the past decade, especially in the poorest countries, a new World Bank Group analysis finds. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 17:</span></span><span style="font-size:14.0pt"><span style="font-family:Arial"> The COVID-19 pandemic threatens hard-won gains in health and education over the past decade, especially in the poorest countries, a new World Bank Group analysis finds. </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">Investments in human capital—the knowledge, skills, and health that people accumulate over their lives—are key to unlocking a child’s potential and to improving economic growth in every country, World Bank said in a statement. </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 World Bank Group’s 2020 Human Capital Index shows that most countries had made steady progress in building human capital of children, with the biggest strides made in low-income countries before the 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:Arial">“Investment in human capital is just as important as investment in infrastructure, if not more, and brings returns in the form of a healthier and more productive workforce in the long run,” stated Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal and Sri Lanka. “There is a need for an accelerated push to focus on investing in human capital in the recovery and rebuilding phases after the pandemic. This requires close collaborations among all three levels of the government in order to bring about large and sustainable changes.”</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"> Due to the pandemic's impact, most children – more than 1 billion – have been out of school and could lose, on average, half a year of schooling, translating into considerable monetary losses in the future, according to the World Bank. Data also shows significant disruptions to essential health services for women and children, with many children missing out on crucial vaccinations. The economic impact of the pandemic has been particularly deep for women and for the most disadvantaged families, leaving many vulnerable to food insecurity and poverty. </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 2020 Human Capital Index includes </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">health and education data up to March 2020 for 174 countries covering 98 percent of the world’s population, providing a pre-pandemic baseline on the health and education status of children. </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">Today, hard-won human capital gains in many countries are at risk. But countries can do more than just work to recover the lost ground. To protect and extend earlier human capital gains, countries need to expand health service coverage and quality among marginalized communities, boost learning outcomes together with school enrollments, and support vulnerable families with social protection measures adapted to the scale of the COVID-19 crisis, the statement further said. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"> In Nepal, it is essential to invest more in the early years, with a focus on those children who have been left behind. This includes safeguarding access to nutritious, safe and affordable diets and providing opportunities for learning and stimulation especially for the poorest and most-affected households. Given the current high cost of medical care, resources can be refocused towards ensuring universal access to quality essential primary, emergency and referral health services.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </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 World Bank Group said it is working closely with governments to develop long-term solutions to protect and invest in people during and after the pandemic. In Nepal, the Bank is supporting the development of school safety and hygiene protocols while working with WASH teams to provide basic sanitization and hygiene supplies. The Bank is helping strengthen government systems and expand coverage of social security allowances and civil registration to support vulnerable communities. The Bank is also supporting the government to strengthen health systems and security and improve the health financing landscape of the country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-17', 'modified' => '2020-09-17', 'keywords' => '', 'description' => '', 'sortorder' => '12228', 'image' => '20200917011424_20191020092409_aaaadfaghhgh.jpg', 'article_date' => '2020-09-17 13:13:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12480', 'article_category_id' => '1', 'title' => 'India’s Ban on Export of Onion leads to Arbitrary Pricing in the Market ', 'sub_title' => '', 'summary' => 'September 16: The price of onion has skyrocketed in the market after the Indian government banned the export of onion. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">September 16: The price of onion has skyrocketed in the market after the Indian government banned the export of onion. The retail price of onion has reached up to Rs 100 as the traders have started fixing the price arbitrarily. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The import of onion has stopped in the Kalimati Fruits and Vegetables market since September 14 after India banned the export. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The price of onion was rising in Nepal some days before India banned the export. According to the daily price list of Kalimati Fruits and Vegetables Market, the price of onion has increased by 89 percent in the last 15 days. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The wholesale price of onion, which was Rs 42 per kg on September 1, has increased to Rs 75 per kg since then. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The shortage of onion in Nepal is expected to become acute after India stopped the export. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Vinay Shrestha, information officer of Kalimati Fruits and Vegetables Market Development Board, says that traders have already increased the price in Nepal due to the increase in price in India. He claims that arbitrary prices should not be fixed while selling old products that were in stock. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“The domestic production of Nepal cannot meet the market demand while onions cannot be imported from India now. Consumers will face the problem after the ban by India,” said Shrestha. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Some traders have suddenly increased the price of onions. Onions were being sold at Rs 75 per kg on Tuesday, while it was sold at Rs 100 per kg in the same afternoon. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-16', 'modified' => '2020-09-16', 'keywords' => '', 'description' => '', 'sortorder' => '12227', 'image' => '20200916052134_1600205898.Clipboard06.jpg', 'article_date' => '2020-09-16 17:21:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12479', 'article_category_id' => '1', 'title' => 'Rs 3 billion needed for repairing roads and bridges damaged by natural disasters ', 'sub_title' => '', 'summary' => 'September 16: A preliminary study conducted by the Department of Roads shows that more than Rs 3 billion is required to repair the roads and bridges damaged by floods and landslides across the country.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 16: A preliminary study conducted by the Department of Roads shows that more than Rs 3 billion is required to repair the roads and bridges damaged by floods and landslides across the country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The estimated amount is required for repairing the roads and bridges in 226 various locations across the country where damages were caused by the monsoon that started last July.</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 informed that out of the total required amount, Rs 1.5 billion is required for the reconstruction and maintenance of damaged structures along the Araniko Highway.</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">Floods and landslides cause loss of life and property every year, and the country has to invest billions of rupees in rebuilding roads and bridges. The calamities caused by monsoon has created an additional liability of more than Rs 3 billion this year for the state, informed 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">Out of 226 places across the country, the Araniko Highway, Sanphe-Martadi road, and North-South Corridor of the Beni-Jomsom road section have been severely damaged, informed Shivahari Sapkota, spokesperson 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">Although no section of the Araniko Highway is currently blocked, landslides and flooded river have damaged bridges and roads which are being operated partially. This has affected the traffic in 15 various places.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-16', 'modified' => '2020-09-16', 'keywords' => '', 'description' => '', 'sortorder' => '12226', 'image' => '20200916040351_1600206057.Clipboard07.jpg', 'article_date' => '2020-09-16 16:03:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$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' => '12493', 'article_category_id' => '1', 'title' => 'FNCCI Election to be Held in Late November ', 'sub_title' => '', 'summary' => 'September 20: The election for a new executive committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been scheduled for late November.', '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 20: The election for a new executive committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been scheduled for late November. The election has been delayed time and again due to coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A meeting of the office bearers of FNCCI on Friday decided to hold the 45<sup>th</sup> General Assembly and election of FNCCI on November 26-27. </span></span></span></span></p> <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 date fixed for the election is yet to be approved by the executive committee of FNCCI. The umbrella body of entrepreneurs and industrialists of Nepal has called its executive committee meeting in late September to discuss about the General Assembly and the election. </span></span></span></span></p> <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 meeting will endorse the date of election, informed FNCCI Vice President Chandra Dhakal. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We will initiate the process to seek permission from the government to hold the General Assembly before the executive committee meeting. The executive committee will decide on the modality of election,” Dhakal told New Business Age.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The executive committee meeting is scheduled for September 27-28,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, two factions of FNCCI were divided over the date of election. But all sides have agreed to the new date of election, informed Kishor Pradhan, district vice president of FNCCI.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It has been learnt that the FNCCI is preparing to hold its General Assembly through Zoom meeting while the election will be held in Kathmandu by following the health protocols set by the government.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-20', 'modified' => '2020-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '12240', 'image' => '20200920053207_1600556458.Clipboard06.jpg', 'article_date' => '2020-09-20 17:31:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12492', 'article_category_id' => '1', 'title' => 'BFIs Instructed to Fix Stable Interest Rates on Personal Loans ', 'sub_title' => '', 'summary' => 'September 20: Nepal Rastra Bank (NRB) has directed all banks and financial institutions (BFIs) to fix their interest rates on all personal loans like home loans and auto loans before the end of Ashoj (October 16).', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">September 20: Nepal Rastra Bank (NRB) has directed all banks and financial institutions (BFIs) to fix their interest rates on all personal loans like home loans and auto loans before the end of Ashoj (October 16). The central bank had issued the Unified Directive 2077 more than two weeks ago , instructing all BFIs to fix a stable interest rates on personal loans, with more than one year to maturity.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">The central bank has given the deadline of October 16, after the bankers expressed the need for more time to conduct necessary studies and analyses before fixing and implementing the stable rate of interest.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">Dev Kumar Dhakal, executive director of the Banking and Financial Institutions Regulation Department of NRB, said that the banks have been given some time to make necessary arrangements to fix their long-term interest rates and to manage the risks associated with it. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">“The loans taken at a rate of 8 percent have been increased to 15 percent. Many customers complained about the fact that the interest rates keep rising,” he told New Business Age, adding, “This is why the banks will have to determine a fixed interest rate along with the necessary plans for managing their risks.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">Debtors had to constantly worry about the new rates as the banks usually increased their interest rates every 3 months. All the debtors complain about facing difficulties every time the interest rates increased. The policy for a fixed interest rate was introduced to put an end to this. Since this rate will have to be implemented for a long term, commercial banks, development banks and finance companies are busy studying and analyzing before determining their rates.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">The interest rates on deposits and loans have been decreasing as banks have a liquidity of around Rs 200 billion. Bankers said that they are trying to determine the appropriate long-term fixed interest rates for personal loans by studying and employing proper strategies. Banks have also been analyzing the changes in the interest rates on deposits and loans in the last 30 years.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">Bhuwan Kumar Dahal, chairman of Nepal Bankers’ Association, said that they were studying about how international banks have fixed their interest rates on personal loans. “All of the banks are studying each and every aspect of fixed interest rates in their own ways,” he said, “If necessary, the association will also conduct a study.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">Saroj Kaji Tuladar, president of Nepal Financial Institutions Association, also said that finance companies have also been analyzing the rates of the last 30 years on loans and deposits to determine their fixed rates. He believes that this will allow them to understand how and when the rates changed in the long term, which will help them to determine their fixed interest rates. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">“It may be risky to fix the interest rates for a long term in a country with a volatile economy. That is why we had requested the central bank to determine the fixed interest rates for 1-2 years.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">Banks and financial institutions will give the customers the choice to opt for the fixed interest rates on personal loans with more than one year to maturity. NRB has made a provision that will allow the customer to choose either a fixed interest rate or a floating rate that change with the changes in the base rate of the BFIs. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">According to NRB, the terms and conditions of the personal loans including home loans and auto loans will have to be updated as per the customer’s request, to maintain the fixed interest rate on the monthly/ quarterly/ periodic installments before the implementation of this directive.</span></span></span><br /> </p> ', 'published' => true, 'created' => '2020-09-20', 'modified' => '2020-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '12239', 'image' => '20200920041120_1600382287.bbbb.jpg', 'article_date' => '2020-09-20 16:10:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12491', 'article_category_id' => '1', 'title' => 'Much-Hyped Train Sent Back to India from Janakpur ', 'sub_title' => '', 'summary' => 'September 20: Train service takes at least a month and a half to come in regular operation. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 20: Train service takes at least a month and a half to come in regular operation. </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">September 20: The train that arrived in Janakpur on September 18 for trial has been returned back to India due to lack of necessary preparations for regular operation here in Nepal.</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">Despite the government's announcement to operate the train as early as possible, the train has been sent back to India due to lack of preparation by the authorities of the Railways Department. The authorities are unable to complete the necessary preparation even after a year and a half since the project was initiated.</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">Meanwhile, Nepal Railway Company has informed that it will take them at least a month and a half to initiate regular operation of the train.</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">Although the train was tested along the 34-kilometer-long section of Janakpur-Jaynagar on Friday (September 20), the inability of the concerned authorities to have necessary manpower compelled the train to return back to India for security reasons.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Nepal Railway Company has not recruited the necessary technical and administrative staff for the operation of the railway. Likewise, the process of bringing railway engineers from India has not been completed by the railway authority of Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Nepal Railway Company Limited issued notice on September 13 to appoint 139 employees. The company has called for applications for contract services within 15 days. Government authorities estimate that they will need at least one and a half to two months to complete the recruitment process.</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">Guru Bhattarai, general manager of the company, informed that the decision about bringing the railway engineers from India will be taken in the coming week. </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">He further informed that if the train is not operated for a long time, the parts may deteriorate.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-20', 'modified' => '2020-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '12238', 'image' => '20200920025413_1600555970.4.jpg', 'article_date' => '2020-09-20 14:53:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12490', 'article_category_id' => '1', 'title' => 'Industrialists Hopeful of Revival of Economic Activities during Festive Season', 'sub_title' => '', 'summary' => 'September 20: Industrialists of the Bara-Parsa Industrial Corridor have become hopeful of better production after the government eased the prohibitory order, allowing public transportation and opening markets.', '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 20: Industrialists of the Bara-Parsa Industrial Corridor have become hopeful of better production after the government eased the prohibitory order, allowing public transportation and opening markets.</span></span></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"">With the removal of restrictions, import through Birgunj customs point has also increased.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Chief of the BIrgunj-based Integrated Check Post (ICP) Gopal Khatri confirmed that the import through Birgunj has increased.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“The import has increased after the government lifted ban on transportation. Around 600 vehicles get customs clearance on a daily basis now,” said Khatri.</span></span></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"">During normal days, around 700 cargo vehicles enter Nepal through this customs point, informed Khatri. However, during the lockdown period, around 15- to 450 vehicles used to enter Nepal per 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"">“Import of goods for the festive season and new automobiles has increased,” added Khatri.</span></span></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"">With the festive season just around the corner and the government lifting restrictions, chairman of Birgunj Chamber of Commerce Gopal Kedia expects a major boost in economic activities.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“The situation is better than before. But still the market can remain open for a limited period only. Customers haven’t shown up as expected. But we are hopeful that our business will pick up pace as the festive season is approaching,” says Kedia.</span></span></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 district administration has allowed the market place in Birgunj to open from 11 am to 4 pm.</span></span></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"">“Industrial activities have obviously started increasing after the restrictions on transportation were lifted and the market started opening,” says Babulal Chachan, chairman of Chachan Group. “However, it will take some time for the business activities to return to normalcy as the market has been badly affected by six months of restrictions,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Production of more than 1000 industries in the corridor has been badly affected by the four-month lockdown and the subsequent prohibitory order.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-09-20', 'modified' => '2020-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '12237', 'image' => '20200920113142_Clipboard41(13).jpg', 'article_date' => '2020-09-20 11:31:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12489', 'article_category_id' => '1', 'title' => 'World Bank Approves $200 Million to Strengthen Nepal’s Financial Sector ', 'sub_title' => '', 'summary' => 'September 20: The World Bank has approved a $200 million “Finance for Growth” development policy credit to strengthen financial sector stability, diversify financial solutions, and increase access to financial services in support of Nepal’s COVID-19 resilience and recovery efforts.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">September 20: </span></span><span style="font-size:14.0pt"><span style="font-family:Times">The World Bank has approved a $200 million “Finance for Growth” development policy credit to strengthen financial sector stability, diversify financial solutions, and increase access to financial services in support of Nepal’s COVID-19 resilience and recovery efforts.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The World Bank said in a statement that the “Finance for Growth” operation will support enhanced supervision of risks confronting the banking and financial institutions, especially in the context of the pandemic’s impacts. The operation will also help build capital, insurance, venture capital and private equity and disaster risk financing markets through regulatory reforms. This will help open new investment opportunities for market actors and crowd-in private financing. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“In this era of COVID-19, protecting people’s lives is the priority, but giving a boost to economic recovery is equally urgent,” the statement quoted Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal and Sri Lanka, as saying. “This project and World Bank support will pave the way for the financial sector and capital and insurance markets to strengthen resilience and more effectively contribute to Nepal’s COVID-19 recovery.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The other critical area of focus is to expand access to finance for households, women and firms through regulatory and other reforms that will attract additional inflow of international finance and mobilize digital services, credit infrastructure and literacy programs. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“The project supports the government’s significant reform agenda to enable the financial sector to better respond to the new socio-economic challenges arising from the COVID-19 pandemic,” stated Peter Mousley, Project Task Team Leader of the World Bank, adding, “Initiatives to extend access to digital financial services and attract private financing to complement the government’s fiscal resources to address disasters are two innovations that will significantly benefit households and women in Nepal.” </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-20', 'modified' => '2020-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '12236', 'image' => '20200920100437_WORLD-BANK-696x447.jpg', 'article_date' => '2020-09-20 10:03:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12488', 'article_category_id' => '1', 'title' => 'Customers of Digital Wallets to get Interest ', 'sub_title' => '', 'summary' => 'September 18: Online payment gateways are planning to provide interest on customers’ mobile wallet after Nepal Rastra Bank gave them the permission to do so.', 'content' => '<h1><span style="font-size:20px"><span style="font-family:"Times New Roman"">September 18: Online payment gateways are planning to provide interest on customers’ mobile wallet after Nepal Rastra Bank gave them the permission to do so.</span></span></h1> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">The Payment and Settlement Regulations 2077 issued three months ago has a provision that allows the organizations willing to provide interest to their customers to do so by seeking permission from the central bank.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Mobile wallets aren’t generally used for the purpose of keeping deposits. The Payment System Department of the central bank informed that all of the payment service providers have shown their curiosity about the new provision.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">However, IME Pay has been providing interest to its customers that have the minimum balance in their accounts prior to the issuance of this regulation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">IME Pay had obtained permission for the operation of its business from the central bank three years ago under the name ‘IME Digital Solution Limited’. It had submitted an application to provide interest to its customers on the minimum balance in their wallet a year later. </span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Sudeep Sigdel, the compliance manager of IME Pay, said that after receiving the permission from the central bank and making the necessary technical arrangements, this facility is being provided to their customers since the last six months. </span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">According to him, the interest rate on the minimum balance (Rs 1000) in the super-wallet was determined as the same rate provided in the general savings account of Global IME Bank. “In coordination with the bank, the interest will be provided on a quarterly basis to the customers. We have been providing interest from the beginning of the lockdown (March). This has been very profitable for our customers,” he told New Business Age.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">He claims that this facility has encouraged the customers. According to him, IME Pay has a total of one million customers.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Other online payment providers are also planning to implement this system after IME Pay. E-sewa has already started its internal work for it. Roshan Lamichhane, the CEO of E-sewa said that they will apply for the permission from the central bank only after completing internal preparation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman""> “Since the money in the wallet and the responsibility of the interest will be given to a bank, there are still some discussions to be done. It is necessary to reach to an agreement with Nabil Bank, which is the bank that we are coordinating with,” he said.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">The maximum limit of money transfer and payment will be Rs 25,000 per transaction, Rs 100,000 per day and Rs 500,000 per month through an agent/ sub-agent to the wallet, bank account to the wallet, the wallet to another bank account or one wallet to another wallet. </span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">There is no limit for transferring money from the wallet to the wallet carrier’s bank account.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">There are 14 payment service providers in operation till now. They are Phone Pay, Cellcom, CG Pay, Sparrow Pay (Khalti), Pay Nep, Q Pay, Nepal Paytime, Smart Card Nepal, Mohar Digital, Prabhu Technologies, E-Net Payment, Focusone Payment Solution Pvt. Ltd. And Kurakani Pvt. Ltd.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Four more such companies are in the process of coming into operation. The central bank has already given the Letter of Intent to Nepal Digital Payment Company, Buddha Light International Pvt. Ltd., ICash Pvt. Ltd. And Chhito Paisa Pvt. Ltd. for conducting electronic transactions.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">There will now be 18 payment service providers in the market soon.</span></span></p> ', 'published' => true, 'created' => '2020-09-18', 'modified' => '2020-09-18', 'keywords' => '', 'description' => '', 'sortorder' => '12235', 'image' => '20200918073634_digita.jpg', 'article_date' => '2020-09-18 19:35:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12487', 'article_category_id' => '1', 'title' => 'Work Procedure to Avail Concessional Loan Ready', 'sub_title' => '', 'summary' => 'September 18: The government has prepared the work procedure to avail loan at 5 percent interest to the industries affected by coronavirus.', '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 18: The government has prepared the work procedure to avail loan at 5 percent interest to the industries affected by coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Finance ministry will submit the work procedure to the next cabinet meeting for the mobilization of a relief fund of Rs 50 billion from which the concessional loan will be provided. </span></span></span></span></p> <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 Rastra Bank had prepared the work procedure and submitted it to the finance ministry. The ministry will be presenting it to the Council of Ministers, informed officials.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Joint secretary at the finance ministry Jhak Prasad Acharya informed that they have completed all preparations to present the work procedure during the next cabinet meeting.</span></span></span></span></p> <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 NRB Spokesperson Dr Gunakar Bhatta, the work procedure has been prepared in line with the announcement made in the annual budget and the monetary policy for the current fiscal year.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-18', 'modified' => '2020-09-18', 'keywords' => '', 'description' => '', 'sortorder' => '12234', 'image' => '20200918011828_rises 2.jpg', 'article_date' => '2020-09-18 13:17:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12486', 'article_category_id' => '1', 'title' => 'Test Drive of India-Made Train along Janakpur-Jayanagar Section Today', 'sub_title' => '', 'summary' => 'September 18: A brand new train that arrived in Jayanagar on Thursday evening will undergo test drive today along the 34-kilometer section of the Janakpur-Jayanagar Railway. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 18: A brand new train that arrived in Jayanagar on Thursday evening will undergo test drive today along the 34-kilometer section of the Janakpur-Jayanagar Railway. The train manufactured by Konkan Railway Corporation, a company owned by the Government of India, arrived in Jayanagar on Thursday (September 17) evening. </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 train with a capacity of about 1300 passengers is being brought to Janakpur from Jayanagar on Friday, September 18 (today). Guru Bhattarai, general manager of Nepal Railway Company Limited, informed that the train will undergo test drive today along the Jayanagar-Janakpur section.</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">Konkan Railway Corporation is planning to hand over the train to Nepal after completing the test drive. </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">Bhattarai informed that the technicians of Konkan Railway Corporation will operate the train to Janakpur in Nepal for the test. </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">He added that the modalities for the regular operation of the train will be made within a year after discussions with India.</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 Indian-made train had arrived at Hajipur in Bihar a few weeks ago.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The Jayanagar-Janakpur-Bardiwas railway which is currently under construction with the assistance of the Government of India is 69 kilometers long. Out of that, the test will be conducted along 34 kilometers of Jayanagar-Janakpur section.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-18', 'modified' => '2020-09-18', 'keywords' => '', 'description' => '', 'sortorder' => '12233', 'image' => '20200918124138_1600382030.Clipboard03.jpg', 'article_date' => '2020-09-18 12:41:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12485', 'article_category_id' => '1', 'title' => 'Tax Exemption on Raw Materials for Medicines not yet Implemented', 'sub_title' => '', 'summary' => 'September 18: The government in its annual budget for the current fiscal year had announced to provide VAT exemption for raw materials and packing materials required for the pharmaceutical companies of Nepal.', '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 18: The government in its annual budget for the current fiscal year had announced to provide VAT exemption for raw materials and packing materials required for the pharmaceutical companies of Nepal. However, the decision is yet to be implemented. Pharmaceutical companies complain that they have been paying VAT (value added tax) while importing over three dozen such products.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">General Secretary of the Association of Pharmaceutical Producers of Nepal (APPN) Biplav Adhikari says they have been paying VAT for raw materials required for producing medicines including active pharmaceutical ingredients (APIs) for which the government has announced tax exemption.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The government had announced tax exemption while unveiling the budget for the current fiscal year but the customs offices have been collecting tax from us,” said Adhikari.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders say the provision to grant tax exemption for APIs and packing materials is already included in the Financial Act and therefore the customs offices continue charging tax as per the provision in the law. Pharmaceutical companies have urged the concerned authorities including the finance ministry, health ministry to amend the law to ensure that they get the facilities announced in the budget but to no avail. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It has been almost three and a half months since the budget announcement was made but the tax exemption has not been implemented. Pharmaceutical companies have reduced the import of raw materials and packing materials after they were denied tax exemption. They have been importing only limited quantity of those products that are currently required.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-09-18', 'modified' => '2020-09-18', 'keywords' => '', 'description' => '', 'sortorder' => '12232', 'image' => '20200918115048_1600382098.Clipboard02.jpg', 'article_date' => '2020-09-18 11:50:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12484', 'article_category_id' => '1', 'title' => 'India Seeks Permission to Prepare DPR of Kathmandu-Raxaul Railway', 'sub_title' => '', 'summary' => 'September 17: India has sought permission from the Government of Nepal to prepare the detailed project report (DPR) of the Kathmandu-Raxaul Railway.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Devanagari Sangam MN"">September 17: </span></span><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">India has sought permission from the Government of Nepal to prepare the detailed project report (DPR) of the Kathmandu-Raxaul Railway. India and China are among the two countries that have shown interest to invest in trans-border railway in Nepal. Meanwhile, China has said it will start the study only after the risk of coronavirus subsides.</span></span></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 the Ministry of Physical Infrastructure and Transport, they are currently preparing to give permission to India for the DPR. The ministry clarified that there hasn’t been any discussion with China recently for the feasibility study.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">China hasn’t been able to study the railway route that falls in Nepal due to the risk of coronavirus. However, China has started survey of the trans-border railway route between Shigatshe and Kerung that falls within its border. </span></span></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"">In a virtual meeting between Finance Ministry and China International Development Corporation Agency (CIDCA) in late August, the two sides had agreed to start the survey of Nepal Tokha-Chahare and Syafrybesi-Betrawati tunnel sections of the railway after the coronavirus pandemic subsides.</span></span></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"">Meanwhile, Joint Secretary at the Ministry of Physical Infrastructure and Transport Gopal Sigdel informed New Business Age that India sought permission to prepare the DPR of Kathmandu-Raxaul Railway a few weeks ago. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-17', 'modified' => '2020-09-17', 'keywords' => '', 'description' => '', 'sortorder' => '12231', 'image' => '20200917054514_1600292401.2 2.jpg', 'article_date' => '2020-09-17 17:44:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12483', 'article_category_id' => '1', 'title' => 'Nepal-Bound Goods Stuck across Rasuwagadhi Border', 'sub_title' => '', 'summary' => 'September 17: Nepali importers are unable to get customs clearance of goods stuck at Kerung of China due to the obstruction in reopening Rasuwagadhi Customs Point since the last seven months. ', '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 17: Nepali importers are unable to get customs clearance of goods stuck at Kerung of China due to the obstruction in reopening Rasuwagadhi Customs Point since the last seven months. The importers have sought help from the concerned government bodies but they only get assurance.</span></span></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 border has remained closed since January after a surge in coronavirus cases in China. More than 1000 containers carrying readymade garments, shoes and electronic appliances are struck across the border due to the obstruction. </span></span></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"">Although the customs point along with Tatopani customs was opened for some time in between, it has been obstructed again. Importers are worried if they can bring clothes for the upcoming Dashain festival or not.</span></span></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 importers have submitted memorandum to various government bodies to resolve the problem diplomatically. All of them have assured to help in releasing the goods but to no avail, says Naresh Katuwal, chairman of Nepal National Entrepreneurs Federation.</span></span></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"">Of late, the border has been closed after coronavirus was detected among the workers involved in loading goods.</span></span></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"">Besides coronavirus, the border has also been obstructed by landslides time and again.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-17', 'modified' => '2020-09-17', 'keywords' => '', 'description' => '', 'sortorder' => '12230', 'image' => '20200917034324_1600292304.Clipboard04.jpg', 'article_date' => '2020-09-17 15:42:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12482', 'article_category_id' => '1', 'title' => 'Rift Over 50 Percent Seating Capacity Casts Doubts on Resuming Domestic Flights', 'sub_title' => '', 'summary' => 'September 17: Although the government has lifted a ban on domestic flights effective from September 17, private airline companies have said they cannot provide the service with just 50 percent passengers.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">September 17: Although the government has lifted a ban on domestic flights effective from September 17, private airline companies have said they cannot provide the service with just 50 percent passengers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">A meeting of the Council of Ministers on Monday (September 14) decided to allow airline companies to resume domestic flights with just 50 percent passengers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">However, airline companies have said that it is impractical to operate flights with 50 percent passengers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">“First of all there is confusion regarding the date of resuming service. Secondly, if we are to provide service by adopting all necessary safety precautions then it is impractical to fly only 50 percent passengers,” says Manoj Karki, general secretary of Airline Operators Association of Nepal (AOAN).</span></span></span></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 will only raise the air fare by double amount,” added Karki, who is also the managing director of Summit Air. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Karki says resuming air service is a praiseworthy decision but provision of 50 percent seating capacity should be revised. He said that they have submitted a memorandum to the concerned ministry to revise the provision. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">AOAN spokesperson Yograj Kandel says it is not possible to provide air service under the terms and conditions set by the government. Therefore, the airline operators have decided not to resume service at the moment. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The government lifted a ban on regular international flights on September 1 after almost 5 months of lockdown. Resuming domestic flights was delayed due to increase in coronavirus cases across 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">The government was under pressure to resume domestic flights. Although the government lifted a ban on domestic flights, it is still not certain when the flights will resume due to the differences in seating capacity for the flights.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-17', 'modified' => '2020-09-17', 'keywords' => '', 'description' => '', 'sortorder' => '12229', 'image' => '20200917030350_20200805015856_nepali_flights.jpg', 'article_date' => '2020-09-17 15:02:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12481', 'article_category_id' => '1', 'title' => 'Pandemic Threatens Gains of the Past Decade: World Bank', 'sub_title' => 'Nepal Makes Pre-Pandemic Progress in Human Capital Development', 'summary' => 'September 17: The COVID-19 pandemic threatens hard-won gains in health and education over the past decade, especially in the poorest countries, a new World Bank Group analysis finds. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 17:</span></span><span style="font-size:14.0pt"><span style="font-family:Arial"> The COVID-19 pandemic threatens hard-won gains in health and education over the past decade, especially in the poorest countries, a new World Bank Group analysis finds. </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">Investments in human capital—the knowledge, skills, and health that people accumulate over their lives—are key to unlocking a child’s potential and to improving economic growth in every country, World Bank said in a statement. </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 World Bank Group’s 2020 Human Capital Index shows that most countries had made steady progress in building human capital of children, with the biggest strides made in low-income countries before the 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:Arial">“Investment in human capital is just as important as investment in infrastructure, if not more, and brings returns in the form of a healthier and more productive workforce in the long run,” stated Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal and Sri Lanka. “There is a need for an accelerated push to focus on investing in human capital in the recovery and rebuilding phases after the pandemic. This requires close collaborations among all three levels of the government in order to bring about large and sustainable changes.”</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"> Due to the pandemic's impact, most children – more than 1 billion – have been out of school and could lose, on average, half a year of schooling, translating into considerable monetary losses in the future, according to the World Bank. Data also shows significant disruptions to essential health services for women and children, with many children missing out on crucial vaccinations. The economic impact of the pandemic has been particularly deep for women and for the most disadvantaged families, leaving many vulnerable to food insecurity and poverty. </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 2020 Human Capital Index includes </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">health and education data up to March 2020 for 174 countries covering 98 percent of the world’s population, providing a pre-pandemic baseline on the health and education status of children. </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">Today, hard-won human capital gains in many countries are at risk. But countries can do more than just work to recover the lost ground. To protect and extend earlier human capital gains, countries need to expand health service coverage and quality among marginalized communities, boost learning outcomes together with school enrollments, and support vulnerable families with social protection measures adapted to the scale of the COVID-19 crisis, the statement further said. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"> In Nepal, it is essential to invest more in the early years, with a focus on those children who have been left behind. This includes safeguarding access to nutritious, safe and affordable diets and providing opportunities for learning and stimulation especially for the poorest and most-affected households. Given the current high cost of medical care, resources can be refocused towards ensuring universal access to quality essential primary, emergency and referral health services.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </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 World Bank Group said it is working closely with governments to develop long-term solutions to protect and invest in people during and after the pandemic. In Nepal, the Bank is supporting the development of school safety and hygiene protocols while working with WASH teams to provide basic sanitization and hygiene supplies. The Bank is helping strengthen government systems and expand coverage of social security allowances and civil registration to support vulnerable communities. The Bank is also supporting the government to strengthen health systems and security and improve the health financing landscape of the country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-17', 'modified' => '2020-09-17', 'keywords' => '', 'description' => '', 'sortorder' => '12228', 'image' => '20200917011424_20191020092409_aaaadfaghhgh.jpg', 'article_date' => '2020-09-17 13:13:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12480', 'article_category_id' => '1', 'title' => 'India’s Ban on Export of Onion leads to Arbitrary Pricing in the Market ', 'sub_title' => '', 'summary' => 'September 16: The price of onion has skyrocketed in the market after the Indian government banned the export of onion. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">September 16: The price of onion has skyrocketed in the market after the Indian government banned the export of onion. The retail price of onion has reached up to Rs 100 as the traders have started fixing the price arbitrarily. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The import of onion has stopped in the Kalimati Fruits and Vegetables market since September 14 after India banned the export. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The price of onion was rising in Nepal some days before India banned the export. According to the daily price list of Kalimati Fruits and Vegetables Market, the price of onion has increased by 89 percent in the last 15 days. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The wholesale price of onion, which was Rs 42 per kg on September 1, has increased to Rs 75 per kg since then. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The shortage of onion in Nepal is expected to become acute after India stopped the export. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Vinay Shrestha, information officer of Kalimati Fruits and Vegetables Market Development Board, says that traders have already increased the price in Nepal due to the increase in price in India. He claims that arbitrary prices should not be fixed while selling old products that were in stock. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“The domestic production of Nepal cannot meet the market demand while onions cannot be imported from India now. Consumers will face the problem after the ban by India,” said Shrestha. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Some traders have suddenly increased the price of onions. Onions were being sold at Rs 75 per kg on Tuesday, while it was sold at Rs 100 per kg in the same afternoon. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-16', 'modified' => '2020-09-16', 'keywords' => '', 'description' => '', 'sortorder' => '12227', 'image' => '20200916052134_1600205898.Clipboard06.jpg', 'article_date' => '2020-09-16 17:21:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12479', 'article_category_id' => '1', 'title' => 'Rs 3 billion needed for repairing roads and bridges damaged by natural disasters ', 'sub_title' => '', 'summary' => 'September 16: A preliminary study conducted by the Department of Roads shows that more than Rs 3 billion is required to repair the roads and bridges damaged by floods and landslides across the country.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 16: A preliminary study conducted by the Department of Roads shows that more than Rs 3 billion is required to repair the roads and bridges damaged by floods and landslides across the country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The estimated amount is required for repairing the roads and bridges in 226 various locations across the country where damages were caused by the monsoon that started last July.</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 informed that out of the total required amount, Rs 1.5 billion is required for the reconstruction and maintenance of damaged structures along the Araniko Highway.</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">Floods and landslides cause loss of life and property every year, and the country has to invest billions of rupees in rebuilding roads and bridges. The calamities caused by monsoon has created an additional liability of more than Rs 3 billion this year for the state, informed 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">Out of 226 places across the country, the Araniko Highway, Sanphe-Martadi road, and North-South Corridor of the Beni-Jomsom road section have been severely damaged, informed Shivahari Sapkota, spokesperson 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">Although no section of the Araniko Highway is currently blocked, landslides and flooded river have damaged bridges and roads which are being operated partially. This has affected the traffic in 15 various places.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-16', 'modified' => '2020-09-16', 'keywords' => '', 'description' => '', 'sortorder' => '12226', 'image' => '20200916040351_1600206057.Clipboard07.jpg', 'article_date' => '2020-09-16 16:03:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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The election has been delayed time and again due to coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A meeting of the office bearers of FNCCI on Friday decided to hold the 45<sup>th</sup> General Assembly and election of FNCCI on November 26-27. </span></span></span></span></p> <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 date fixed for the election is yet to be approved by the executive committee of FNCCI. The umbrella body of entrepreneurs and industrialists of Nepal has called its executive committee meeting in late September to discuss about the General Assembly and the election. </span></span></span></span></p> <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 meeting will endorse the date of election, informed FNCCI Vice President Chandra Dhakal. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We will initiate the process to seek permission from the government to hold the General Assembly before the executive committee meeting. The executive committee will decide on the modality of election,” Dhakal told New Business Age.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The executive committee meeting is scheduled for September 27-28,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, two factions of FNCCI were divided over the date of election. But all sides have agreed to the new date of election, informed Kishor Pradhan, district vice president of FNCCI.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It has been learnt that the FNCCI is preparing to hold its General Assembly through Zoom meeting while the election will be held in Kathmandu by following the health protocols set by the government.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-20', 'modified' => '2020-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '12240', 'image' => '20200920053207_1600556458.Clipboard06.jpg', 'article_date' => '2020-09-20 17:31:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12492', 'article_category_id' => '1', 'title' => 'BFIs Instructed to Fix Stable Interest Rates on Personal Loans ', 'sub_title' => '', 'summary' => 'September 20: Nepal Rastra Bank (NRB) has directed all banks and financial institutions (BFIs) to fix their interest rates on all personal loans like home loans and auto loans before the end of Ashoj (October 16).', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">September 20: Nepal Rastra Bank (NRB) has directed all banks and financial institutions (BFIs) to fix their interest rates on all personal loans like home loans and auto loans before the end of Ashoj (October 16). The central bank had issued the Unified Directive 2077 more than two weeks ago , instructing all BFIs to fix a stable interest rates on personal loans, with more than one year to maturity.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">The central bank has given the deadline of October 16, after the bankers expressed the need for more time to conduct necessary studies and analyses before fixing and implementing the stable rate of interest.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">Dev Kumar Dhakal, executive director of the Banking and Financial Institutions Regulation Department of NRB, said that the banks have been given some time to make necessary arrangements to fix their long-term interest rates and to manage the risks associated with it. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">“The loans taken at a rate of 8 percent have been increased to 15 percent. Many customers complained about the fact that the interest rates keep rising,” he told New Business Age, adding, “This is why the banks will have to determine a fixed interest rate along with the necessary plans for managing their risks.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">Debtors had to constantly worry about the new rates as the banks usually increased their interest rates every 3 months. All the debtors complain about facing difficulties every time the interest rates increased. The policy for a fixed interest rate was introduced to put an end to this. Since this rate will have to be implemented for a long term, commercial banks, development banks and finance companies are busy studying and analyzing before determining their rates.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">The interest rates on deposits and loans have been decreasing as banks have a liquidity of around Rs 200 billion. Bankers said that they are trying to determine the appropriate long-term fixed interest rates for personal loans by studying and employing proper strategies. Banks have also been analyzing the changes in the interest rates on deposits and loans in the last 30 years.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">Bhuwan Kumar Dahal, chairman of Nepal Bankers’ Association, said that they were studying about how international banks have fixed their interest rates on personal loans. “All of the banks are studying each and every aspect of fixed interest rates in their own ways,” he said, “If necessary, the association will also conduct a study.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">Saroj Kaji Tuladar, president of Nepal Financial Institutions Association, also said that finance companies have also been analyzing the rates of the last 30 years on loans and deposits to determine their fixed rates. He believes that this will allow them to understand how and when the rates changed in the long term, which will help them to determine their fixed interest rates. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">“It may be risky to fix the interest rates for a long term in a country with a volatile economy. That is why we had requested the central bank to determine the fixed interest rates for 1-2 years.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">Banks and financial institutions will give the customers the choice to opt for the fixed interest rates on personal loans with more than one year to maturity. NRB has made a provision that will allow the customer to choose either a fixed interest rate or a floating rate that change with the changes in the base rate of the BFIs. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:15.0pt">According to NRB, the terms and conditions of the personal loans including home loans and auto loans will have to be updated as per the customer’s request, to maintain the fixed interest rate on the monthly/ quarterly/ periodic installments before the implementation of this directive.</span></span></span><br /> </p> ', 'published' => true, 'created' => '2020-09-20', 'modified' => '2020-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '12239', 'image' => '20200920041120_1600382287.bbbb.jpg', 'article_date' => '2020-09-20 16:10:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12491', 'article_category_id' => '1', 'title' => 'Much-Hyped Train Sent Back to India from Janakpur ', 'sub_title' => '', 'summary' => 'September 20: Train service takes at least a month and a half to come in regular operation. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 20: Train service takes at least a month and a half to come in regular operation. </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">September 20: The train that arrived in Janakpur on September 18 for trial has been returned back to India due to lack of necessary preparations for regular operation here in Nepal.</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">Despite the government's announcement to operate the train as early as possible, the train has been sent back to India due to lack of preparation by the authorities of the Railways Department. The authorities are unable to complete the necessary preparation even after a year and a half since the project was initiated.</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">Meanwhile, Nepal Railway Company has informed that it will take them at least a month and a half to initiate regular operation of the train.</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">Although the train was tested along the 34-kilometer-long section of Janakpur-Jaynagar on Friday (September 20), the inability of the concerned authorities to have necessary manpower compelled the train to return back to India for security reasons.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Nepal Railway Company has not recruited the necessary technical and administrative staff for the operation of the railway. Likewise, the process of bringing railway engineers from India has not been completed by the railway authority of Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Nepal Railway Company Limited issued notice on September 13 to appoint 139 employees. The company has called for applications for contract services within 15 days. Government authorities estimate that they will need at least one and a half to two months to complete the recruitment process.</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">Guru Bhattarai, general manager of the company, informed that the decision about bringing the railway engineers from India will be taken in the coming week. </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">He further informed that if the train is not operated for a long time, the parts may deteriorate.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-20', 'modified' => '2020-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '12238', 'image' => '20200920025413_1600555970.4.jpg', 'article_date' => '2020-09-20 14:53:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12490', 'article_category_id' => '1', 'title' => 'Industrialists Hopeful of Revival of Economic Activities during Festive Season', 'sub_title' => '', 'summary' => 'September 20: Industrialists of the Bara-Parsa Industrial Corridor have become hopeful of better production after the government eased the prohibitory order, allowing public transportation and opening markets.', '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 20: Industrialists of the Bara-Parsa Industrial Corridor have become hopeful of better production after the government eased the prohibitory order, allowing public transportation and opening markets.</span></span></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"">With the removal of restrictions, import through Birgunj customs point has also increased.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Chief of the BIrgunj-based Integrated Check Post (ICP) Gopal Khatri confirmed that the import through Birgunj has increased.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“The import has increased after the government lifted ban on transportation. Around 600 vehicles get customs clearance on a daily basis now,” said Khatri.</span></span></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"">During normal days, around 700 cargo vehicles enter Nepal through this customs point, informed Khatri. However, during the lockdown period, around 15- to 450 vehicles used to enter Nepal per 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"">“Import of goods for the festive season and new automobiles has increased,” added Khatri.</span></span></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"">With the festive season just around the corner and the government lifting restrictions, chairman of Birgunj Chamber of Commerce Gopal Kedia expects a major boost in economic activities.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“The situation is better than before. But still the market can remain open for a limited period only. Customers haven’t shown up as expected. But we are hopeful that our business will pick up pace as the festive season is approaching,” says Kedia.</span></span></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 district administration has allowed the market place in Birgunj to open from 11 am to 4 pm.</span></span></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"">“Industrial activities have obviously started increasing after the restrictions on transportation were lifted and the market started opening,” says Babulal Chachan, chairman of Chachan Group. “However, it will take some time for the business activities to return to normalcy as the market has been badly affected by six months of restrictions,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Production of more than 1000 industries in the corridor has been badly affected by the four-month lockdown and the subsequent prohibitory order.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-09-20', 'modified' => '2020-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '12237', 'image' => '20200920113142_Clipboard41(13).jpg', 'article_date' => '2020-09-20 11:31:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12489', 'article_category_id' => '1', 'title' => 'World Bank Approves $200 Million to Strengthen Nepal’s Financial Sector ', 'sub_title' => '', 'summary' => 'September 20: The World Bank has approved a $200 million “Finance for Growth” development policy credit to strengthen financial sector stability, diversify financial solutions, and increase access to financial services in support of Nepal’s COVID-19 resilience and recovery efforts.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">September 20: </span></span><span style="font-size:14.0pt"><span style="font-family:Times">The World Bank has approved a $200 million “Finance for Growth” development policy credit to strengthen financial sector stability, diversify financial solutions, and increase access to financial services in support of Nepal’s COVID-19 resilience and recovery efforts.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The World Bank said in a statement that the “Finance for Growth” operation will support enhanced supervision of risks confronting the banking and financial institutions, especially in the context of the pandemic’s impacts. The operation will also help build capital, insurance, venture capital and private equity and disaster risk financing markets through regulatory reforms. This will help open new investment opportunities for market actors and crowd-in private financing. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“In this era of COVID-19, protecting people’s lives is the priority, but giving a boost to economic recovery is equally urgent,” the statement quoted Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal and Sri Lanka, as saying. “This project and World Bank support will pave the way for the financial sector and capital and insurance markets to strengthen resilience and more effectively contribute to Nepal’s COVID-19 recovery.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The other critical area of focus is to expand access to finance for households, women and firms through regulatory and other reforms that will attract additional inflow of international finance and mobilize digital services, credit infrastructure and literacy programs. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“The project supports the government’s significant reform agenda to enable the financial sector to better respond to the new socio-economic challenges arising from the COVID-19 pandemic,” stated Peter Mousley, Project Task Team Leader of the World Bank, adding, “Initiatives to extend access to digital financial services and attract private financing to complement the government’s fiscal resources to address disasters are two innovations that will significantly benefit households and women in Nepal.” </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-20', 'modified' => '2020-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '12236', 'image' => '20200920100437_WORLD-BANK-696x447.jpg', 'article_date' => '2020-09-20 10:03:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12488', 'article_category_id' => '1', 'title' => 'Customers of Digital Wallets to get Interest ', 'sub_title' => '', 'summary' => 'September 18: Online payment gateways are planning to provide interest on customers’ mobile wallet after Nepal Rastra Bank gave them the permission to do so.', 'content' => '<h1><span style="font-size:20px"><span style="font-family:"Times New Roman"">September 18: Online payment gateways are planning to provide interest on customers’ mobile wallet after Nepal Rastra Bank gave them the permission to do so.</span></span></h1> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">The Payment and Settlement Regulations 2077 issued three months ago has a provision that allows the organizations willing to provide interest to their customers to do so by seeking permission from the central bank.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Mobile wallets aren’t generally used for the purpose of keeping deposits. The Payment System Department of the central bank informed that all of the payment service providers have shown their curiosity about the new provision.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">However, IME Pay has been providing interest to its customers that have the minimum balance in their accounts prior to the issuance of this regulation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">IME Pay had obtained permission for the operation of its business from the central bank three years ago under the name ‘IME Digital Solution Limited’. It had submitted an application to provide interest to its customers on the minimum balance in their wallet a year later. </span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Sudeep Sigdel, the compliance manager of IME Pay, said that after receiving the permission from the central bank and making the necessary technical arrangements, this facility is being provided to their customers since the last six months. </span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">According to him, the interest rate on the minimum balance (Rs 1000) in the super-wallet was determined as the same rate provided in the general savings account of Global IME Bank. “In coordination with the bank, the interest will be provided on a quarterly basis to the customers. We have been providing interest from the beginning of the lockdown (March). This has been very profitable for our customers,” he told New Business Age.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">He claims that this facility has encouraged the customers. According to him, IME Pay has a total of one million customers.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Other online payment providers are also planning to implement this system after IME Pay. E-sewa has already started its internal work for it. Roshan Lamichhane, the CEO of E-sewa said that they will apply for the permission from the central bank only after completing internal preparation.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman""> “Since the money in the wallet and the responsibility of the interest will be given to a bank, there are still some discussions to be done. It is necessary to reach to an agreement with Nabil Bank, which is the bank that we are coordinating with,” he said.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">The maximum limit of money transfer and payment will be Rs 25,000 per transaction, Rs 100,000 per day and Rs 500,000 per month through an agent/ sub-agent to the wallet, bank account to the wallet, the wallet to another bank account or one wallet to another wallet. </span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">There is no limit for transferring money from the wallet to the wallet carrier’s bank account.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">There are 14 payment service providers in operation till now. They are Phone Pay, Cellcom, CG Pay, Sparrow Pay (Khalti), Pay Nep, Q Pay, Nepal Paytime, Smart Card Nepal, Mohar Digital, Prabhu Technologies, E-Net Payment, Focusone Payment Solution Pvt. Ltd. And Kurakani Pvt. Ltd.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Four more such companies are in the process of coming into operation. The central bank has already given the Letter of Intent to Nepal Digital Payment Company, Buddha Light International Pvt. Ltd., ICash Pvt. Ltd. And Chhito Paisa Pvt. Ltd. for conducting electronic transactions.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">There will now be 18 payment service providers in the market soon.</span></span></p> ', 'published' => true, 'created' => '2020-09-18', 'modified' => '2020-09-18', 'keywords' => '', 'description' => '', 'sortorder' => '12235', 'image' => '20200918073634_digita.jpg', 'article_date' => '2020-09-18 19:35:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12487', 'article_category_id' => '1', 'title' => 'Work Procedure to Avail Concessional Loan Ready', 'sub_title' => '', 'summary' => 'September 18: The government has prepared the work procedure to avail loan at 5 percent interest to the industries affected by coronavirus.', '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 18: The government has prepared the work procedure to avail loan at 5 percent interest to the industries affected by coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Finance ministry will submit the work procedure to the next cabinet meeting for the mobilization of a relief fund of Rs 50 billion from which the concessional loan will be provided. </span></span></span></span></p> <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 Rastra Bank had prepared the work procedure and submitted it to the finance ministry. The ministry will be presenting it to the Council of Ministers, informed officials.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Joint secretary at the finance ministry Jhak Prasad Acharya informed that they have completed all preparations to present the work procedure during the next cabinet meeting.</span></span></span></span></p> <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 NRB Spokesperson Dr Gunakar Bhatta, the work procedure has been prepared in line with the announcement made in the annual budget and the monetary policy for the current fiscal year.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-18', 'modified' => '2020-09-18', 'keywords' => '', 'description' => '', 'sortorder' => '12234', 'image' => '20200918011828_rises 2.jpg', 'article_date' => '2020-09-18 13:17:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12486', 'article_category_id' => '1', 'title' => 'Test Drive of India-Made Train along Janakpur-Jayanagar Section Today', 'sub_title' => '', 'summary' => 'September 18: A brand new train that arrived in Jayanagar on Thursday evening will undergo test drive today along the 34-kilometer section of the Janakpur-Jayanagar Railway. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 18: A brand new train that arrived in Jayanagar on Thursday evening will undergo test drive today along the 34-kilometer section of the Janakpur-Jayanagar Railway. The train manufactured by Konkan Railway Corporation, a company owned by the Government of India, arrived in Jayanagar on Thursday (September 17) evening. </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 train with a capacity of about 1300 passengers is being brought to Janakpur from Jayanagar on Friday, September 18 (today). Guru Bhattarai, general manager of Nepal Railway Company Limited, informed that the train will undergo test drive today along the Jayanagar-Janakpur section.</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">Konkan Railway Corporation is planning to hand over the train to Nepal after completing the test drive. </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">Bhattarai informed that the technicians of Konkan Railway Corporation will operate the train to Janakpur in Nepal for the test. </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">He added that the modalities for the regular operation of the train will be made within a year after discussions with India.</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 Indian-made train had arrived at Hajipur in Bihar a few weeks ago.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The Jayanagar-Janakpur-Bardiwas railway which is currently under construction with the assistance of the Government of India is 69 kilometers long. Out of that, the test will be conducted along 34 kilometers of Jayanagar-Janakpur section.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-18', 'modified' => '2020-09-18', 'keywords' => '', 'description' => '', 'sortorder' => '12233', 'image' => '20200918124138_1600382030.Clipboard03.jpg', 'article_date' => '2020-09-18 12:41:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12485', 'article_category_id' => '1', 'title' => 'Tax Exemption on Raw Materials for Medicines not yet Implemented', 'sub_title' => '', 'summary' => 'September 18: The government in its annual budget for the current fiscal year had announced to provide VAT exemption for raw materials and packing materials required for the pharmaceutical companies of Nepal.', '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 18: The government in its annual budget for the current fiscal year had announced to provide VAT exemption for raw materials and packing materials required for the pharmaceutical companies of Nepal. However, the decision is yet to be implemented. Pharmaceutical companies complain that they have been paying VAT (value added tax) while importing over three dozen such products.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">General Secretary of the Association of Pharmaceutical Producers of Nepal (APPN) Biplav Adhikari says they have been paying VAT for raw materials required for producing medicines including active pharmaceutical ingredients (APIs) for which the government has announced tax exemption.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The government had announced tax exemption while unveiling the budget for the current fiscal year but the customs offices have been collecting tax from us,” said Adhikari.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders say the provision to grant tax exemption for APIs and packing materials is already included in the Financial Act and therefore the customs offices continue charging tax as per the provision in the law. Pharmaceutical companies have urged the concerned authorities including the finance ministry, health ministry to amend the law to ensure that they get the facilities announced in the budget but to no avail. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It has been almost three and a half months since the budget announcement was made but the tax exemption has not been implemented. Pharmaceutical companies have reduced the import of raw materials and packing materials after they were denied tax exemption. They have been importing only limited quantity of those products that are currently required.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-09-18', 'modified' => '2020-09-18', 'keywords' => '', 'description' => '', 'sortorder' => '12232', 'image' => '20200918115048_1600382098.Clipboard02.jpg', 'article_date' => '2020-09-18 11:50:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12484', 'article_category_id' => '1', 'title' => 'India Seeks Permission to Prepare DPR of Kathmandu-Raxaul Railway', 'sub_title' => '', 'summary' => 'September 17: India has sought permission from the Government of Nepal to prepare the detailed project report (DPR) of the Kathmandu-Raxaul Railway.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Devanagari Sangam MN"">September 17: </span></span><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">India has sought permission from the Government of Nepal to prepare the detailed project report (DPR) of the Kathmandu-Raxaul Railway. India and China are among the two countries that have shown interest to invest in trans-border railway in Nepal. Meanwhile, China has said it will start the study only after the risk of coronavirus subsides.</span></span></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 the Ministry of Physical Infrastructure and Transport, they are currently preparing to give permission to India for the DPR. The ministry clarified that there hasn’t been any discussion with China recently for the feasibility study.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">China hasn’t been able to study the railway route that falls in Nepal due to the risk of coronavirus. However, China has started survey of the trans-border railway route between Shigatshe and Kerung that falls within its border. </span></span></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"">In a virtual meeting between Finance Ministry and China International Development Corporation Agency (CIDCA) in late August, the two sides had agreed to start the survey of Nepal Tokha-Chahare and Syafrybesi-Betrawati tunnel sections of the railway after the coronavirus pandemic subsides.</span></span></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"">Meanwhile, Joint Secretary at the Ministry of Physical Infrastructure and Transport Gopal Sigdel informed New Business Age that India sought permission to prepare the DPR of Kathmandu-Raxaul Railway a few weeks ago. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-17', 'modified' => '2020-09-17', 'keywords' => '', 'description' => '', 'sortorder' => '12231', 'image' => '20200917054514_1600292401.2 2.jpg', 'article_date' => '2020-09-17 17:44:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12483', 'article_category_id' => '1', 'title' => 'Nepal-Bound Goods Stuck across Rasuwagadhi Border', 'sub_title' => '', 'summary' => 'September 17: Nepali importers are unable to get customs clearance of goods stuck at Kerung of China due to the obstruction in reopening Rasuwagadhi Customs Point since the last seven months. ', '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 17: Nepali importers are unable to get customs clearance of goods stuck at Kerung of China due to the obstruction in reopening Rasuwagadhi Customs Point since the last seven months. The importers have sought help from the concerned government bodies but they only get assurance.</span></span></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 border has remained closed since January after a surge in coronavirus cases in China. More than 1000 containers carrying readymade garments, shoes and electronic appliances are struck across the border due to the obstruction. </span></span></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"">Although the customs point along with Tatopani customs was opened for some time in between, it has been obstructed again. Importers are worried if they can bring clothes for the upcoming Dashain festival or not.</span></span></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 importers have submitted memorandum to various government bodies to resolve the problem diplomatically. All of them have assured to help in releasing the goods but to no avail, says Naresh Katuwal, chairman of Nepal National Entrepreneurs Federation.</span></span></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"">Of late, the border has been closed after coronavirus was detected among the workers involved in loading goods.</span></span></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"">Besides coronavirus, the border has also been obstructed by landslides time and again.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-17', 'modified' => '2020-09-17', 'keywords' => '', 'description' => '', 'sortorder' => '12230', 'image' => '20200917034324_1600292304.Clipboard04.jpg', 'article_date' => '2020-09-17 15:42:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12482', 'article_category_id' => '1', 'title' => 'Rift Over 50 Percent Seating Capacity Casts Doubts on Resuming Domestic Flights', 'sub_title' => '', 'summary' => 'September 17: Although the government has lifted a ban on domestic flights effective from September 17, private airline companies have said they cannot provide the service with just 50 percent passengers.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">September 17: Although the government has lifted a ban on domestic flights effective from September 17, private airline companies have said they cannot provide the service with just 50 percent passengers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">A meeting of the Council of Ministers on Monday (September 14) decided to allow airline companies to resume domestic flights with just 50 percent passengers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">However, airline companies have said that it is impractical to operate flights with 50 percent passengers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">“First of all there is confusion regarding the date of resuming service. Secondly, if we are to provide service by adopting all necessary safety precautions then it is impractical to fly only 50 percent passengers,” says Manoj Karki, general secretary of Airline Operators Association of Nepal (AOAN).</span></span></span></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 will only raise the air fare by double amount,” added Karki, who is also the managing director of Summit Air. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Karki says resuming air service is a praiseworthy decision but provision of 50 percent seating capacity should be revised. He said that they have submitted a memorandum to the concerned ministry to revise the provision. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">AOAN spokesperson Yograj Kandel says it is not possible to provide air service under the terms and conditions set by the government. Therefore, the airline operators have decided not to resume service at the moment. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The government lifted a ban on regular international flights on September 1 after almost 5 months of lockdown. Resuming domestic flights was delayed due to increase in coronavirus cases across 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">The government was under pressure to resume domestic flights. Although the government lifted a ban on domestic flights, it is still not certain when the flights will resume due to the differences in seating capacity for the flights.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-17', 'modified' => '2020-09-17', 'keywords' => '', 'description' => '', 'sortorder' => '12229', 'image' => '20200917030350_20200805015856_nepali_flights.jpg', 'article_date' => '2020-09-17 15:02:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12481', 'article_category_id' => '1', 'title' => 'Pandemic Threatens Gains of the Past Decade: World Bank', 'sub_title' => 'Nepal Makes Pre-Pandemic Progress in Human Capital Development', 'summary' => 'September 17: The COVID-19 pandemic threatens hard-won gains in health and education over the past decade, especially in the poorest countries, a new World Bank Group analysis finds. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 17:</span></span><span style="font-size:14.0pt"><span style="font-family:Arial"> The COVID-19 pandemic threatens hard-won gains in health and education over the past decade, especially in the poorest countries, a new World Bank Group analysis finds. </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">Investments in human capital—the knowledge, skills, and health that people accumulate over their lives—are key to unlocking a child’s potential and to improving economic growth in every country, World Bank said in a statement. </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 World Bank Group’s 2020 Human Capital Index shows that most countries had made steady progress in building human capital of children, with the biggest strides made in low-income countries before the 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:Arial">“Investment in human capital is just as important as investment in infrastructure, if not more, and brings returns in the form of a healthier and more productive workforce in the long run,” stated Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal and Sri Lanka. “There is a need for an accelerated push to focus on investing in human capital in the recovery and rebuilding phases after the pandemic. This requires close collaborations among all three levels of the government in order to bring about large and sustainable changes.”</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"> Due to the pandemic's impact, most children – more than 1 billion – have been out of school and could lose, on average, half a year of schooling, translating into considerable monetary losses in the future, according to the World Bank. Data also shows significant disruptions to essential health services for women and children, with many children missing out on crucial vaccinations. The economic impact of the pandemic has been particularly deep for women and for the most disadvantaged families, leaving many vulnerable to food insecurity and poverty. </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 2020 Human Capital Index includes </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">health and education data up to March 2020 for 174 countries covering 98 percent of the world’s population, providing a pre-pandemic baseline on the health and education status of children. </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">Today, hard-won human capital gains in many countries are at risk. But countries can do more than just work to recover the lost ground. To protect and extend earlier human capital gains, countries need to expand health service coverage and quality among marginalized communities, boost learning outcomes together with school enrollments, and support vulnerable families with social protection measures adapted to the scale of the COVID-19 crisis, the statement further said. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"> In Nepal, it is essential to invest more in the early years, with a focus on those children who have been left behind. This includes safeguarding access to nutritious, safe and affordable diets and providing opportunities for learning and stimulation especially for the poorest and most-affected households. Given the current high cost of medical care, resources can be refocused towards ensuring universal access to quality essential primary, emergency and referral health services.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </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 World Bank Group said it is working closely with governments to develop long-term solutions to protect and invest in people during and after the pandemic. In Nepal, the Bank is supporting the development of school safety and hygiene protocols while working with WASH teams to provide basic sanitization and hygiene supplies. The Bank is helping strengthen government systems and expand coverage of social security allowances and civil registration to support vulnerable communities. The Bank is also supporting the government to strengthen health systems and security and improve the health financing landscape of the country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-17', 'modified' => '2020-09-17', 'keywords' => '', 'description' => '', 'sortorder' => '12228', 'image' => '20200917011424_20191020092409_aaaadfaghhgh.jpg', 'article_date' => '2020-09-17 13:13:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12480', 'article_category_id' => '1', 'title' => 'India’s Ban on Export of Onion leads to Arbitrary Pricing in the Market ', 'sub_title' => '', 'summary' => 'September 16: The price of onion has skyrocketed in the market after the Indian government banned the export of onion. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">September 16: The price of onion has skyrocketed in the market after the Indian government banned the export of onion. The retail price of onion has reached up to Rs 100 as the traders have started fixing the price arbitrarily. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The import of onion has stopped in the Kalimati Fruits and Vegetables market since September 14 after India banned the export. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The price of onion was rising in Nepal some days before India banned the export. According to the daily price list of Kalimati Fruits and Vegetables Market, the price of onion has increased by 89 percent in the last 15 days. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The wholesale price of onion, which was Rs 42 per kg on September 1, has increased to Rs 75 per kg since then. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The shortage of onion in Nepal is expected to become acute after India stopped the export. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Vinay Shrestha, information officer of Kalimati Fruits and Vegetables Market Development Board, says that traders have already increased the price in Nepal due to the increase in price in India. He claims that arbitrary prices should not be fixed while selling old products that were in stock. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“The domestic production of Nepal cannot meet the market demand while onions cannot be imported from India now. Consumers will face the problem after the ban by India,” said Shrestha. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Some traders have suddenly increased the price of onions. Onions were being sold at Rs 75 per kg on Tuesday, while it was sold at Rs 100 per kg in the same afternoon. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-16', 'modified' => '2020-09-16', 'keywords' => '', 'description' => '', 'sortorder' => '12227', 'image' => '20200916052134_1600205898.Clipboard06.jpg', 'article_date' => '2020-09-16 17:21:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12479', 'article_category_id' => '1', 'title' => 'Rs 3 billion needed for repairing roads and bridges damaged by natural disasters ', 'sub_title' => '', 'summary' => 'September 16: A preliminary study conducted by the Department of Roads shows that more than Rs 3 billion is required to repair the roads and bridges damaged by floods and landslides across the country.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 16: A preliminary study conducted by the Department of Roads shows that more than Rs 3 billion is required to repair the roads and bridges damaged by floods and landslides across the country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The estimated amount is required for repairing the roads and bridges in 226 various locations across the country where damages were caused by the monsoon that started last July.</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 informed that out of the total required amount, Rs 1.5 billion is required for the reconstruction and maintenance of damaged structures along the Araniko Highway.</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">Floods and landslides cause loss of life and property every year, and the country has to invest billions of rupees in rebuilding roads and bridges. The calamities caused by monsoon has created an additional liability of more than Rs 3 billion this year for the state, informed 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">Out of 226 places across the country, the Araniko Highway, Sanphe-Martadi road, and North-South Corridor of the Beni-Jomsom road section have been severely damaged, informed Shivahari Sapkota, spokesperson 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">Although no section of the Araniko Highway is currently blocked, landslides and flooded river have damaged bridges and roads which are being operated partially. This has affected the traffic in 15 various places.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-16', 'modified' => '2020-09-16', 'keywords' => '', 'description' => '', 'sortorder' => '12226', 'image' => '20200916040351_1600206057.Clipboard07.jpg', 'article_date' => '2020-09-16 16:03:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
