September 9: Debtors with personal loans, such as home and auto loans, do not have to worry about the repetitive increase in interest rates on their…
September 9: Debtors with personal loans, such as home and auto loans, do not have to worry about the repetitive increase in interest rates on their…
September 9: The Prime Minister Employment Programme (PMEP) is yet to commence during the current fiscal year although countless people have lost their jobs due to coronavirus…
September 9: Banks have opened all their counters upon the instruction of the government so that the private sectors can pay taxes even amid…
September 9: The contract of the Kakadvitta-Inaruwa section of the East-West Electric Railway, which was signed by the Railway Department without completing the basic aspects like land acquisition, distribution of compensation, and site clearance, has finally been…
September 9: Banks have started reducing the number of branchless banking facilities in the recent days taking a U-turn to their policy of promoting such service in the…
September 9: The Ministry of Culture, Tourism and Civil Aviation has decided to finalize the investment deal with Zurich Airport International within September…
September 8: Promoters of energy companies have been granted permission for financial closure five years after obtaining the license.…
September 8: More than a half of the 32,000 metric ton of urea procured by the Salt Trading Corporation has already entered Nepal.…
September 8: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) to recommended modalities for the election of the umbrella organisations of entrepreneurs and industrialists of Nepal has submitted its report to the executive committee of FNCCI.…
September 8: Nepal Rastra Bank (NRB) has implemented the work procedure related to the interest rate corridor 2076 (Second Amendment) in order to minimize the effects of the coronavirus pandemic on the nation’s economy.…
September 8: Nepal Automobile Dealers Association (NADA) has warned of defying the government if it extends the prohibitory order again.…
September 8: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) involved in revenue collection to open all the counters for three days starting from Tuesday (September…
September 7: The private sector businesses are under pressure to pay tax at a time when they are not able to operate properly due to the prohibitory order issued by the local administration in various…
September 7: The private sector has urged the government to ease the restrictions imposed by the local authorities in order to revitalize the country’s ailing economy.…
September 7: The government spent Rs 13 billion in the last Fiscal Year 2076/77 for the construction of motorable bridges across the country.…
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Previously, the rates would fluctuate when the banks adjusted their base rates every three months. Banks and financial institutions will now not be allowed to increase their interest rates on such loans.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank issued the Unified Directive 2077 on Tuesday, which states that banks and financial institutions will have to maintain a fixed interest rate for personal term loans with more than one year of maturity. Now, banks and financial institutions will not be able to change the interest rates on such loans midway through or before the maturity period. However, arrangements have been made that allow loans to be taken at a variable interest rate, which changes with the change in the base rate. Debtors have been given the facility to choose whether they want a variable or fixed interest rate while taking loans.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“This arrangement will be implemented for personal loans like home and auto loans along with any loans that requires monthly or periodic installments for payment, which have more than one year to maturity” mentions the revised directive. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank has said that the banks will have to update the terms and conditions of the personal loans with periodic installment payments issued before the implementation of the directive, in order to provide the debtors with a fixed interest rate. The central bank has said that this change in the terms, payment schedule or installment amounts will not be considered as restructuring or rescheduling of the loans. Banks will have to decide and publish their fixed interest rate on a half-yearly basis.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">Decrease in the Interest Rates of Call Deposits</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Arrangements have been made to ensure that the interest rates on call deposits cannot be more than 50 percent of the minimum interest rate. Previously, the interest rate of a call deposit could be kept as low as the minimum interest rate on a savings account. If the minimum interest is 4 percent, the rate of interest on the call deposit cannot exceed 2 percent. Institutional investors used to increase the interest rate on call deposits through bargaining. It has been a relief for the banks after Nepal Rastra Bank banned such activities.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Banks will not be allowed to issue cheques for such accounts either. A provision has been made to increase the published interest rate on all deposits except call deposits and institutional term deposit by up to 0.5 percentage points.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Banks will no longer be allowed to deduct any amount from the account in case it is below the minimum balance. The directive has a provision that ensures interest payment even in the amount kept as the minimum balance in the account.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">Interest to be paid in the Collateral Amount for Lockers</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Banks and financial institutions will now have to pay a minimum interest rate on the amount taken from their customers as a collateral for receiving locker facility. Nepal Rastra Bank has made a provision that makes such interest rate equal to the interest rate on a general savings account. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">Conditions on Dividends</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The directive issued on Tuesday has also added some conditions to dividend announcements. Banks and financial institutions will not be permitted to announce cash or stock dividends if they do not maintain the mandatory minimum capital ratio. Promoter shareholders holding 2 or more than 2 percent of the bank or financial institution’s share will not be allowed to sell or pledge their stocks in another bank without getting a permission from the central bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">New Provision on Appointment of DCEO</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The Chief Executive Officer or the board of directors of banks and financial institutions will no longer be able to directly appoint the Deputy Chief Executive Officer. A committee will have to be formed under the coordination of the CEO for this.</span></span></span></p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12195', 'image' => '20200909044918_1599619786.Clipboard02a.jpg', 'article_date' => '2020-09-09 16:48:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12447', 'article_category_id' => '1', 'title' => 'Prime Minister Employment Programme yet to Kick Off this Year', 'sub_title' => '', 'summary' => 'September 9: The Prime Minister Employment Programme (PMEP) is yet to commence during the current fiscal year although countless people have lost their jobs due to coronavirus pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 9: The Prime Minister Employment Programme (PMEP) is yet to commence during the current fiscal year although countless people have lost their jobs due to coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">More than 383,000 unemployed people have registered their names so far this year to benefit from the scheme that provides at least 100 days of employment or equivalent amount in a year. The programme is being implemented with financial assistance from the World Bank.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, the government has not released the budget for implementation of the programme in the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Officials at the Ministry of Labour say that they are currently preparing the list of beneficiaries while the homework for releasing the budget is underway.</span></span></span></span></p> <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 Ministry of Labour Bharat Mani Pandey informed that they are preparing to release the first installment for the programme. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Pandey said that they are trying to address the problem of unemployment created by coronavirus and therefore the programme must go through certain procedure for implementation.</span></span></span></span></p> <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 Pandey, the government is preparing to provide employment to those who have returned from foreign countries after losing their jobs and it needs to coordinate with the local units for this purpose. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are seeking the details for implementing the project. Once we get the details, we will release the budget,” said Pandey.</span></span></span></span></p> <p> </p> <p> </p> <p><span style="font-size:10pt"><span style="font-family:Times"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12194', 'image' => '20200909034726_1599602881.3.jpg', 'article_date' => '2020-09-09 15:46:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12446', 'article_category_id' => '1', 'title' => 'Bank Counters Opened for Tax Collection', 'sub_title' => '', 'summary' => 'September 9: Banks have opened all their counters upon the instruction of the government so that the private sectors can pay taxes even amid restriction.', '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 9: Banks have opened all their counters upon the instruction of the government so that the private sectors can pay taxes even amid restriction. Nepal Rastra Bank had directed banks and financial institutions involved in revenue collection to open all the branches and counters for three days starting from Tuesday (September 8). </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"">With the directive from the central bank, the branches and counters of the banks across the country have been opened on Tuesday. </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"">According to the central bank, till now the banks had been providing their service by opening limited branches, but to make it easier for revenue collection, they have been instructed to open the bank even if it is a public holiday on the last day. </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"">Executive Director of NRB, Dev Kumar Dhakal, said that to avoid overcrowding, the branches are being opened till Thursday. </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"">Although the counter was opened on Tuesday, there was less movement on the first day. Officials of Inland Revenue Department said that the revenue collection was also low compared to other days. According to them, not more than Rs 50 million was collected on Tuesday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Stating that the taxpayers will increase in the last hour, Director General of the department, Binod Bahadur Kunwar, said that it has been made easier to pay taxes by opening the branches that were closed. According to him, although the private sector has requested to extend the deadline, it will not be extended immediately as no decision has been taken the by Ministry of Finance. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12193', 'image' => '20200909024952_20200907074520_1599400665.tax.jpg', 'article_date' => '2020-09-09 14:49:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12445', 'article_category_id' => '1', 'title' => 'Controversial Contract of East-West Electric Railway Terminated ', 'sub_title' => '', 'summary' => 'September 9: The contract of the Kakadvitta-Inaruwa section of the East-West Electric Railway, which was signed by the Railway Department without completing the basic aspects like land acquisition, distribution of compensation, and site clearance, has finally been canceled.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 9: The contract of the Kakadvitta-Inaruwa section of the East-West Electric Railway, which was signed by the Railway Department without completing the basic aspects like land acquisition, distribution of compensation, and site clearance, has finally been canceled.</span></span></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 Railway Department on Tuesday, September 8, canceled the contract for construction of 106 km track-bed. The department canceled the contract after facing mounting criticism for allegedly awarding the contract to benefit a handful of companies.</span></span></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">A contract worth Rs 28 billion was awarded for the construction of the track-bed of the Kakadvitta-Inaruwa section on June 28 and July 1. </span></span></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 department did not give an official reason for the cancellation of the contract, it was canceled on the basis of suggestions given by the evaluation committee and its sub-committee formed under the department to study the contract, informed a source at the department.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The source added that the decision to cancel the contract was taken after the government faced severe criticism for not following the public procurement regulations.</span></span></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">However, Balram Mishra, director general of the Railway Department, informed that the contract was canceled using the special authority of the department and not for any other reason.</span></span></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 director-general of the department has the exclusive right to terminate the contract if it is not appropriate," Mishra informed.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12192', 'image' => '20200909020153_1599602733.Clipboard03.jpg', 'article_date' => '2020-09-09 14:01:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12444', 'article_category_id' => '1', 'title' => 'Banks Start Axing Branchless Banking Units ', 'sub_title' => '', 'summary' => 'September 9: Banks have started reducing the number of branchless banking facilities in the recent days taking a U-turn to their policy of promoting such service in the past.', 'content' => '<p><em>A Point-of-Sales machine used to provide branchless banking service. Photo Courtesy: RBB</em></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">September 9: Banks have started reducing the number of branchless banking facilities in the recent days taking a U-turn from their policy to promote such service in the past.</span></span></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"">Banks have stated difficulty in providing branchless service due to Covid-19 pandemic as the reason for reduction in number of branchless banking units.</span></span></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"">Earlier, banks and financial institutions (BFIs) had been increasing the number branchless banking facilities to increase the access of people to the banking services. </span></span></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"">However, commercial banks have closed 12 branchless banking units in the last four months amid coronavirus crisis, informed Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The move to reduce the number of branchless banking units has been construed as a measure taken by banks to reduce their operating cost after the pandemic started taking toll on the banks’ profit.</span></span></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"">BFIs need to take permission from the central bank to open or close branches while there isn’t any requirement for such formalities in case of branchless banking service. Therefore, banks had been focusing on branchless banking service to provide their services at comparatively less cost. </span></span></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 Nepal Rastra Bank, there were 586 branchless banking units as of mid-June, which has now shrunk to 574.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12191', 'image' => '20200909124055_BLB.jpg', 'article_date' => '2020-09-09 12:39:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12443', 'article_category_id' => '1', 'title' => 'Tourism Ministry to Finalize Deal with Zurich Airport International within 3 Weeks', 'sub_title' => '', 'summary' => 'September 9: The Ministry of Culture, Tourism and Civil Aviation has decided to finalize the investment deal with Zurich Airport International within September 30.', '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 9: </span></span><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The Ministry of Culture, Tourism and Civil Aviation has decided to finalize the investment deal with Zurich Airport International within September 30.</span></span></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"">A meeting of the Nijgadh Airport High-level Facilitation Committee chaired by tourism minister Yogesh Bhattarai on Tuesday decided to hand over the responsibilities of finalizing the deal with the Swiss company to the Investment Board.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The meeting also decided to submit a report on relocating the Tangia settlement within 15 days after a field visit. For this, the committee has formed another committee headed by a joint secretary of the Ministry of Land Management, Cooperatives and Poverty Alleviation, informed tourism ministry’s spokesperson Kamal Prasad Bhattarai. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Tuesday’s meeting also instructed the Civil Aviation Authority of Nepal (CAAN) to complete the remaining procurement process in line with the master plan of the airport within a week.</span></span></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 Nijgadh International Airport is one of the national pride projects of Nepal. The airport covers 1900 hectares of land. So far, the authorities have completed counting 57,350 trees in the construction site. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The meeting also decided to provide additional human resource to the Division Forest Office, Bara to complete the “numbering” of trees and poles in the area so that the work gets completed within the next three months. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12190', 'image' => '20200909113511_1599603016.Clipboard02.jpg', 'article_date' => '2020-09-09 11:34:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12442', 'article_category_id' => '1', 'title' => 'Time Period for Financial Closure of Energy Companies Extended to 5 Years ', 'sub_title' => '', 'summary' => 'September 8: Promoters of energy companies have been granted permission for financial closure five years after obtaining the license. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">September 8: Promoters of energy companies have been granted permission for financial closure five years after obtaining the license. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Prior to this, the energy companies had to complete their financial closure within three years of obtaining their license. However, the government decided to amend the law in order to promote private sector in power production.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">According to the Electricity Development Department, the government recently amended the Directives related to Hydropower Project License 2075 to give more time to the promoters for financial closure.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Director General of the department Navin Raj Singh says that the law has been amended to promote private sector’s investment in energy production.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">“Financial closure, return of deposits and other rules have been amended in favour of the promoters,” said Singh.</span></span></span></p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12189', 'image' => '20200908080317_1599514729.Clipboard02.jpg', 'article_date' => '2020-09-08 20:02:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12441', 'article_category_id' => '1', 'title' => 'Farmers Unlikely to get Fertilisers for Paddy Cultivation this Season', 'sub_title' => '', 'summary' => 'September 8: More than a half of the 32,000 metric ton of urea procured by the Salt Trading Corporation has already entered Nepal. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">September 8: More than a half of the 32,000 metric ton of urea procured by the Salt Trading Corporation has already entered Nepal. However, there is no possibility of farmers getting the supply of fertilizers for paddy cultivation this year </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Although the government had borrowed urea from Bangladesh to resolve the fertiliser crisis, the farmers will not get the fertiliser this season. </span></span><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The route used to bring the chemical fertilizers from Bangladesh and the lengthy process will cause delay in arrival of the fertilizers for paddy cultivation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The government has given the responsibility to the Nepali Consulate in Kolkata to suggest a convenient route for importing fertilizer from Bangladesh. Consul General Ishwar Raj Poudel informed that work is underway to find out a suitable route for importing fertilizer from Bangladesh.</span></span> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Ministry of Agriculture has indicated that the fertilizer cannot be bought in this season.</span></span> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Farmers have not been able to get fetilizer for the main crop as the authorities entrusted by the government have not been able to bring fertilizer on time. Of the 21,500 metric tons of urea imported by the Salt Trading Corporation in the last fiscal year 2076/77 and 10,500 metric tons in the current fiscal year 2077/78, 19,600 metric tonnes have entered Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Laxman Khadka, chief of the Nepal Transit and Warehousing Company, informed that 6 racks of fertilisers weighing 2,600 metric tons have already left for Birgunj from Kolkata Port. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"4,000 metric tons of fertilizer have been sent to the eastern border, Biratnagar by road," said Khadka.</span></span> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12188', 'image' => '20200908045936_1599514468.Clipboard04.jpg', 'article_date' => '2020-09-08 16:59:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12440', 'article_category_id' => '1', 'title' => 'FNCCI Committee Submits Report on Modalities for Election ', 'sub_title' => '', 'summary' => 'September 8: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) to recommended modalities for the election of the umbrella organisations of entrepreneurs and industrialists of Nepal has submitted its report to the executive committee of FNCCI. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 8: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) to recommended modalities for the election of the umbrella organisations of entrepreneurs and industrialists of Nepal has submitted its report to the executive committee of FNCCI. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The committee has recommended three modalities for the election, which has been deferred time and again due to Covid-19 crisis. The committee handed over the report to FNCCI President Bhavani Rana on Monday (September 8).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">One of the options given by the committee is to hold all three levels of election in the capital after the risk of coronavirus subsides. Other options include main election and election of associates in Kathmandu and the district/town election in the respective districts by maintaining physical distance while the third option is to hold election through electronic means. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The committee has given high priority to direct election over the election through electronic means, which falls on the least priority. The report suggests e-voting only if the other two options are not possible. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report has stressed on opting for the main election and election of associates in Kathmandu and the district/town election in the respective districts by maintaining physical distance. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The second choice to hold election of all three levels of FNCCI in Kathmandu is currently not viable due to 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 Unicode MS"">The committee prepared the three modalities after consulting with the Ministry of Health and Population and the Covid-19 Crisis Management Centre (CCMC), informed Sunil Gopal Shrestha, member of the committee.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the FNCCI had fixed the date of its General Assembly to elect a new executive committee for April 10-11, the election could not be held due to the lockdown imposed by the government as well as the risk of coronavirus infection. The date of the General Assembly has been deferred time and again.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The FNCCI leadership is under pressure to hold the election as soon as possible. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The FNCCI members are divided over whether to hold the election after the risk of Covid-19 subsides or to go ahead for the polls by maintaining physical distancing.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12187', 'image' => '20200908031614_1599515000.3.jpg', 'article_date' => '2020-09-08 15:15:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12439', 'article_category_id' => '1', 'title' => 'NRB Implements Revised Work Procedure on Interest Rate Corridor ', 'sub_title' => 'Rate of Repo now 3 percent, Rate of Deposit Collection 1 percent', 'summary' => 'September 8: Nepal Rastra Bank (NRB) has implemented the work procedure related to the interest rate corridor 2076 (Second Amendment) in order to minimize the effects of the coronavirus pandemic on the nation’s economy. ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">September 8: Nepal Rastra Bank (NRB) has implemented the work procedure related to the interest rate corridor 2076 (Second Amendment) in order to minimize the effects of the coronavirus pandemic on the nation’s economy. The revised work procedure has decreased the overnight repo rate to 3 percent. The rate was previously 3.5 percent. Similarly, the weekly deposit collection has been decreased to 1 percent, which is the lower limit of the corridor. This rate was previously 2 percent.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The rate of Standing Liquidity Facility (SLF) is still the upper limit of the corridor at 5 percent. The central bank issued and implemented the Work Procedure on Interest Rate Corridor, 2076 (Second Amendment, 2077) on Monday. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Dr. Gunakar Bhatta, the spokesperson of Nepal Rastra Bank, said that the revised work procedure is being implemented under the provision of the monetary policy of the fiscal year 2077 with an aim of bringing stability in the interest rates and modernizing the monetary management by reducing the fluctuations in the short-term interest rates.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Under the interest rate corridor, ‘A’, ‘B’ and ‘C’ class banks and financial institutions will be able to use the overnight repo facility at an interest rate of 3 percent per annum. The overnight repo can be taken once a week and up to 0.25 percent of the deposits made in Nepalese currency on the previous day in the bank or financial institution. In case of a leave on or before the day of application, the interbank interest rate on the previous day has to exceed 3 percent. Banks are required to submit an application asking for an overnight repo, a statement and the original copy of their securities to be kept as the collateral to the Public Debt Department at least an hour before the end of the office hours. The securities to be kept as the collateral must be worth 110 percent of the demanded amount. Institutions outside the valley will need to submit the original copy of the securities that will be kept as the collateral to their nearest branch office of the central bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Similarly, under the interest rate corridor, the liquidity can be absorbed through the use of a one-week deposit collection tool, which will collect the required amount of deposit through bidding at 1 percent interest rate. Since the amount collected through this will be recorded in the investment portfolio of the counterparty, this amount cannot be counted in their mandatory cash reserve. However, the amount can be included while calculating the Statutory Liquidity Ratio (SLR) and the liquidity ratio of the banks.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12186', 'image' => '20200908021035_nepal-rastra-bank-nrb54.jpg', 'article_date' => '2020-09-08 14:09:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12438', 'article_category_id' => '1', 'title' => 'Automobile Dealers Warn of Defying the Government if it Extends Prohibitory Order Again', 'sub_title' => '', 'summary' => 'September 8: Nepal Automobile Dealers Association (NADA) has warned of defying the government if it extends the prohibitory order again. ', 'content' => '<p><em>Vehicles on display during the NADA Auto Show in this file photo. </em></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 8: Nepal Automobile Dealers Association (NADA) has warned of defying the government if it extends the prohibitory order again. </span></span></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 prohibitory order imposed in the three districts of Kathmandu valley expires on midnight of September 9. </span></span></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">NADA has urged all businesspersons to commence regular business starting from September 10.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong> </strong><span style="font-size:14.0pt"><span style="font-family:Arial">Issuing a press statement on Monday, NADA has urged the government to make arrangement for resuming business by adopting safety measures once the current prohibitory order comes to an end after Wednesday. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NADA’s chairperson Krishna Prasad Dulal informed that the automobile dealers would defy the government if it extends the prohibitory order again.</span></span></span></span></p> <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 resume our service by defying the government order from September 10 onward,” he said.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Dulal further said that huger can be more dangerous than coronavirus. Other countries have lifted lockdown and have started regular business with optimum safety. There is no alternative for Nepal than to follow suit, he 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">He also demanded immediate relief packages for the businesses affected by the COVID-19 crisis. </span></span></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 industrialists and entrepreneurs abided by the government’s decision for 180 days but the businesspersons have now been requested to operate their business regularly defying prohibitory orders,” NADA’s chairperson Krishna Prasad Dulal said, adding, “The government should take note that the country’s economy is falling and create environment to operate businesses easily.” </span></span></span></span></p> <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 automobile business in Nepal was reeling under crisis ahead of the coronavirus pandemic after the government imposed strict regulations on financing.</span></span></span></span></p> <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 instructed banks and financial institutions to provide 50 percent loan for the purchase of automobiles. Later, the sales of vehicles came to a complete halt for nearly four months after the government imposed lockdown on March 24. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, it is the peak season for sales of vehicles. But that too has been affected by the prohibitory order issued by the government. </span></span></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">NADA Chairman Dulal also expressed dissatisfaction over the extended lockdown followed by the prohibitory order stating that civil servants have been receiving salary and allowances despite not going to work. Only industrialists and businesses person have taken a stand against the lockdown because they have been affected the most- Chairman Dulal informed. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12185', 'image' => '20200908015741_20150914010543_travel-map.jpg', 'article_date' => '2020-09-08 12:03:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12437', 'article_category_id' => '1', 'title' => 'NRB Instructs Banks to Open More Branches for Tax Collection', 'sub_title' => '', 'summary' => 'September 8: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) involved in revenue collection to open all the counters for three days starting from Tuesday (September 8).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 8: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) involved in revenue collection to open all the counters for three days starting from Tuesday (September 8).</span></span></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 central bank issued such directive on Monday to boost revenue collection as the deadline approaches. The government has ordered taxpayers to pay the tax by September 10.</span></span></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">Issuing a circular on Monday (September 7), the BFI Regulation Department of central bank ordered BFIs and other related organisations to remain open from September 8 to 10 for revenue collection. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">All the banks as well as clearing houses have been instructed to open their branches amid concerns of risk posed by Covid-19. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Currently, banks and financial institutions are providing their services through limited number of branches owing to the coronavirus crisis. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">They have not been able to provide full-fledged services due to the high risk of coronavirus infection. </span></span></span></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 BFIs have been instructed to open more branches to avoid overcrowding.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial"><img alt="" src="/app/webroot/userfiles/images/nrb%20notice%283%29.jpg" style="height:638px; width:800px" /></span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12184', 'image' => '20200908102457_nrb.jpg', 'article_date' => '2020-09-08 10:24:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12436', 'article_category_id' => '1', 'title' => 'Private Sector Under Pressure to Pay Taxes Despite Prohibitory Order', 'sub_title' => 'Inland Revenue Department urges Taxpayers to make Payment through Online Banking System', 'summary' => 'September 7: The private sector businesses are under pressure to pay tax at a time when they are not able to operate properly due to the prohibitory order issued by the local administration in various districts.', '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 7: The private sector businesses are under pressure to pay tax at a time when they are not able to operate properly due to the prohibitory order issued by the local administration in various districts.</span></span></span></span></p> <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 revenue offices under the Ministry of Finance have been urging the private sector to pay the tax on time as the ministry has not extended the timeframe for payment despite the lockdown and prohibitory order.</span></span></span></span></p> <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 Inland Revenue Department had issued a notice to pay taxes on August 23. The same notice says that the time period for the payment of taxes is up to the end of the Nepali month of Bhadra (September 16). The department will slap fines if the private sector does not pay the taxes on time, warns Binod Bahadur Kunwar, director general of the department.</span></span></span></span></p> <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 him, the ministry of finance has not taken any decision about extension of the time period for paying taxes. Therefore, they cannot spare anyone who evades taxes on the pretext of prohibitory order, he informed.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“There is no need to be physically present at the revenue office for paying taxes. It is possible to pay taxes through mobile banking,” he added.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-07', 'modified' => '2020-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '12183', 'image' => '20200907074520_1599400665.tax.jpg', 'article_date' => '2020-09-07 19:44:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12435', 'article_category_id' => '1', 'title' => 'Private Sector Demands Easing Restrictions to Revitalize Economy', 'sub_title' => '', 'summary' => 'September 7: The private sector has urged the government to ease the restrictions imposed by the local authorities in order to revitalize the country’s ailing economy. ', '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 7: The private sector has urged the government to ease the restrictions imposed by the local authorities in order to revitalize the country’s ailing economy. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Representative of the private sector made such request to the government during a meeting with Prime Minister KP Sharma Oli, who also holds the portfolio of finance minister, at his official residence in Baluwatar on Sunday (September 6).</span></span></span></span></p> <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 prime minister had called the representatives of the private sector to discuss about ways to minimize the impacts of coronavirus on the economy and to revitalize the economy that has been paralyzed since the last five months due to lockdown and prohibitory orders.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the meeting, office bearers of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) stressed on the need to ease the restrictions imposed by the local governments to contain the spread of coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stating that the restrictions imposed by the government to curb the spread of the disease have badly affected the industrial sector, they urged the government to recommence their industries by following standard health protocols. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">PM Oli was positive about reopening businesses and industries by adopting proper precautionary measures.</span></span></span></span></p> <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 private sector also urged the government to facilitate in obtaining refinancing facility as mentioned in the monetary policy for the current fiscal year. They also demanded 20 percent discount on electricity bill until the current crisis 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:"Arial Unicode MS"">The private sector also urged the government during the three-hour long meeting to remove the customs duty and excise duty imposed on electric vehicles.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-09-07', 'modified' => '2020-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '12182', 'image' => '20200907041123_1599430049.3.jpg', 'article_date' => '2020-09-07 16:10:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12434', 'article_category_id' => '1', 'title' => 'Rs 13 Billion Spent for Motorable Bridge Construction ', 'sub_title' => '', 'summary' => 'September 7: The government spent Rs 13 billion in the last Fiscal Year 2076/77 for the construction of motorable bridges across the country. ', '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 7: The government spent Rs 13 billion in the last Fiscal Year 2076/77 for the construction of motorable bridges across the country. The Department of Roads spent three times more budget than the allocated budget in the last fiscal year to design 1500 new bridges which are currently under construction. </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 government had initially allocated Rs 4 billion for bridges in the annual budget but it was later increased to Rs 13 billion.</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"">Although the department had set a target of completing 300 bridges last year, the target could not be achieved. According to the department, the target was not completed due to the lockdown during the peak season for construction. However, the department claims that 70 percent progress has been made in the bridge construction as compared to other development projects. </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"">Dipak Kumar Bhattarai, chief of the bridge division under the Department of Roads, says that despite the risk of coronavirus and other complications, great achievement has been made in the construction of bridges. </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 construction entrepreneurs had been expressing their intention to build the bridges before the onset of rainy season. Due to this, 80 bridges under construction have been completed during the lockdown from March to June. Bhattarai also informed that the construction of 210 bridges was completed last year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“If we had stopped working during the lockdown, there would be huge loss if the under construction bridges hadn’t been completed,” he said, adding, “The bridges that were supposed to be built before the rainy season and were in a state of great risk were selected and built." </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-07', 'modified' => '2020-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '12181', 'image' => '20200907024901_20181204035031_Ghatte Bridge.jpg', 'article_date' => '2020-09-07 14:48:31', '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' => '12448', 'article_category_id' => '1', 'title' => 'NRB Bars Banks to Raise Interest Rate of Term Loans', 'sub_title' => '', 'summary' => 'September 9: Debtors with personal loans, such as home and auto loans, do not have to worry about the repetitive increase in interest rates on their loans.', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">September 9: Debtors with personal loans, such as home and auto loans, do not have to worry about the repetitive increase in interest rates on their loans. Previously, the rates would fluctuate when the banks adjusted their base rates every three months. Banks and financial institutions will now not be allowed to increase their interest rates on such loans.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank issued the Unified Directive 2077 on Tuesday, which states that banks and financial institutions will have to maintain a fixed interest rate for personal term loans with more than one year of maturity. Now, banks and financial institutions will not be able to change the interest rates on such loans midway through or before the maturity period. However, arrangements have been made that allow loans to be taken at a variable interest rate, which changes with the change in the base rate. Debtors have been given the facility to choose whether they want a variable or fixed interest rate while taking loans.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“This arrangement will be implemented for personal loans like home and auto loans along with any loans that requires monthly or periodic installments for payment, which have more than one year to maturity” mentions the revised directive. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank has said that the banks will have to update the terms and conditions of the personal loans with periodic installment payments issued before the implementation of the directive, in order to provide the debtors with a fixed interest rate. The central bank has said that this change in the terms, payment schedule or installment amounts will not be considered as restructuring or rescheduling of the loans. Banks will have to decide and publish their fixed interest rate on a half-yearly basis.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">Decrease in the Interest Rates of Call Deposits</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Arrangements have been made to ensure that the interest rates on call deposits cannot be more than 50 percent of the minimum interest rate. Previously, the interest rate of a call deposit could be kept as low as the minimum interest rate on a savings account. If the minimum interest is 4 percent, the rate of interest on the call deposit cannot exceed 2 percent. Institutional investors used to increase the interest rate on call deposits through bargaining. It has been a relief for the banks after Nepal Rastra Bank banned such activities.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Banks will not be allowed to issue cheques for such accounts either. A provision has been made to increase the published interest rate on all deposits except call deposits and institutional term deposit by up to 0.5 percentage points.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Banks will no longer be allowed to deduct any amount from the account in case it is below the minimum balance. The directive has a provision that ensures interest payment even in the amount kept as the minimum balance in the account.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">Interest to be paid in the Collateral Amount for Lockers</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Banks and financial institutions will now have to pay a minimum interest rate on the amount taken from their customers as a collateral for receiving locker facility. Nepal Rastra Bank has made a provision that makes such interest rate equal to the interest rate on a general savings account. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">Conditions on Dividends</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The directive issued on Tuesday has also added some conditions to dividend announcements. Banks and financial institutions will not be permitted to announce cash or stock dividends if they do not maintain the mandatory minimum capital ratio. Promoter shareholders holding 2 or more than 2 percent of the bank or financial institution’s share will not be allowed to sell or pledge their stocks in another bank without getting a permission from the central bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">New Provision on Appointment of DCEO</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The Chief Executive Officer or the board of directors of banks and financial institutions will no longer be able to directly appoint the Deputy Chief Executive Officer. A committee will have to be formed under the coordination of the CEO for this.</span></span></span></p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12195', 'image' => '20200909044918_1599619786.Clipboard02a.jpg', 'article_date' => '2020-09-09 16:48:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12447', 'article_category_id' => '1', 'title' => 'Prime Minister Employment Programme yet to Kick Off this Year', 'sub_title' => '', 'summary' => 'September 9: The Prime Minister Employment Programme (PMEP) is yet to commence during the current fiscal year although countless people have lost their jobs due to coronavirus pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 9: The Prime Minister Employment Programme (PMEP) is yet to commence during the current fiscal year although countless people have lost their jobs due to coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">More than 383,000 unemployed people have registered their names so far this year to benefit from the scheme that provides at least 100 days of employment or equivalent amount in a year. The programme is being implemented with financial assistance from the World Bank.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, the government has not released the budget for implementation of the programme in the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Officials at the Ministry of Labour say that they are currently preparing the list of beneficiaries while the homework for releasing the budget is underway.</span></span></span></span></p> <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 Ministry of Labour Bharat Mani Pandey informed that they are preparing to release the first installment for the programme. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Pandey said that they are trying to address the problem of unemployment created by coronavirus and therefore the programme must go through certain procedure for implementation.</span></span></span></span></p> <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 Pandey, the government is preparing to provide employment to those who have returned from foreign countries after losing their jobs and it needs to coordinate with the local units for this purpose. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are seeking the details for implementing the project. Once we get the details, we will release the budget,” said Pandey.</span></span></span></span></p> <p> </p> <p> </p> <p><span style="font-size:10pt"><span style="font-family:Times"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12194', 'image' => '20200909034726_1599602881.3.jpg', 'article_date' => '2020-09-09 15:46:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12446', 'article_category_id' => '1', 'title' => 'Bank Counters Opened for Tax Collection', 'sub_title' => '', 'summary' => 'September 9: Banks have opened all their counters upon the instruction of the government so that the private sectors can pay taxes even amid restriction.', '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 9: Banks have opened all their counters upon the instruction of the government so that the private sectors can pay taxes even amid restriction. Nepal Rastra Bank had directed banks and financial institutions involved in revenue collection to open all the branches and counters for three days starting from Tuesday (September 8). </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"">With the directive from the central bank, the branches and counters of the banks across the country have been opened on Tuesday. </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"">According to the central bank, till now the banks had been providing their service by opening limited branches, but to make it easier for revenue collection, they have been instructed to open the bank even if it is a public holiday on the last day. </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"">Executive Director of NRB, Dev Kumar Dhakal, said that to avoid overcrowding, the branches are being opened till Thursday. </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"">Although the counter was opened on Tuesday, there was less movement on the first day. Officials of Inland Revenue Department said that the revenue collection was also low compared to other days. According to them, not more than Rs 50 million was collected on Tuesday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Stating that the taxpayers will increase in the last hour, Director General of the department, Binod Bahadur Kunwar, said that it has been made easier to pay taxes by opening the branches that were closed. According to him, although the private sector has requested to extend the deadline, it will not be extended immediately as no decision has been taken the by Ministry of Finance. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12193', 'image' => '20200909024952_20200907074520_1599400665.tax.jpg', 'article_date' => '2020-09-09 14:49:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12445', 'article_category_id' => '1', 'title' => 'Controversial Contract of East-West Electric Railway Terminated ', 'sub_title' => '', 'summary' => 'September 9: The contract of the Kakadvitta-Inaruwa section of the East-West Electric Railway, which was signed by the Railway Department without completing the basic aspects like land acquisition, distribution of compensation, and site clearance, has finally been canceled.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 9: The contract of the Kakadvitta-Inaruwa section of the East-West Electric Railway, which was signed by the Railway Department without completing the basic aspects like land acquisition, distribution of compensation, and site clearance, has finally been canceled.</span></span></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 Railway Department on Tuesday, September 8, canceled the contract for construction of 106 km track-bed. The department canceled the contract after facing mounting criticism for allegedly awarding the contract to benefit a handful of companies.</span></span></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">A contract worth Rs 28 billion was awarded for the construction of the track-bed of the Kakadvitta-Inaruwa section on June 28 and July 1. </span></span></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 department did not give an official reason for the cancellation of the contract, it was canceled on the basis of suggestions given by the evaluation committee and its sub-committee formed under the department to study the contract, informed a source at the department.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The source added that the decision to cancel the contract was taken after the government faced severe criticism for not following the public procurement regulations.</span></span></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">However, Balram Mishra, director general of the Railway Department, informed that the contract was canceled using the special authority of the department and not for any other reason.</span></span></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 director-general of the department has the exclusive right to terminate the contract if it is not appropriate," Mishra informed.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12192', 'image' => '20200909020153_1599602733.Clipboard03.jpg', 'article_date' => '2020-09-09 14:01:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12444', 'article_category_id' => '1', 'title' => 'Banks Start Axing Branchless Banking Units ', 'sub_title' => '', 'summary' => 'September 9: Banks have started reducing the number of branchless banking facilities in the recent days taking a U-turn to their policy of promoting such service in the past.', 'content' => '<p><em>A Point-of-Sales machine used to provide branchless banking service. Photo Courtesy: RBB</em></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">September 9: Banks have started reducing the number of branchless banking facilities in the recent days taking a U-turn from their policy to promote such service in the past.</span></span></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"">Banks have stated difficulty in providing branchless service due to Covid-19 pandemic as the reason for reduction in number of branchless banking units.</span></span></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"">Earlier, banks and financial institutions (BFIs) had been increasing the number branchless banking facilities to increase the access of people to the banking services. </span></span></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"">However, commercial banks have closed 12 branchless banking units in the last four months amid coronavirus crisis, informed Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The move to reduce the number of branchless banking units has been construed as a measure taken by banks to reduce their operating cost after the pandemic started taking toll on the banks’ profit.</span></span></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"">BFIs need to take permission from the central bank to open or close branches while there isn’t any requirement for such formalities in case of branchless banking service. Therefore, banks had been focusing on branchless banking service to provide their services at comparatively less cost. </span></span></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 Nepal Rastra Bank, there were 586 branchless banking units as of mid-June, which has now shrunk to 574.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12191', 'image' => '20200909124055_BLB.jpg', 'article_date' => '2020-09-09 12:39:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12443', 'article_category_id' => '1', 'title' => 'Tourism Ministry to Finalize Deal with Zurich Airport International within 3 Weeks', 'sub_title' => '', 'summary' => 'September 9: The Ministry of Culture, Tourism and Civil Aviation has decided to finalize the investment deal with Zurich Airport International within September 30.', '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 9: </span></span><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The Ministry of Culture, Tourism and Civil Aviation has decided to finalize the investment deal with Zurich Airport International within September 30.</span></span></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"">A meeting of the Nijgadh Airport High-level Facilitation Committee chaired by tourism minister Yogesh Bhattarai on Tuesday decided to hand over the responsibilities of finalizing the deal with the Swiss company to the Investment Board.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The meeting also decided to submit a report on relocating the Tangia settlement within 15 days after a field visit. For this, the committee has formed another committee headed by a joint secretary of the Ministry of Land Management, Cooperatives and Poverty Alleviation, informed tourism ministry’s spokesperson Kamal Prasad Bhattarai. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Tuesday’s meeting also instructed the Civil Aviation Authority of Nepal (CAAN) to complete the remaining procurement process in line with the master plan of the airport within a week.</span></span></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 Nijgadh International Airport is one of the national pride projects of Nepal. The airport covers 1900 hectares of land. So far, the authorities have completed counting 57,350 trees in the construction site. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The meeting also decided to provide additional human resource to the Division Forest Office, Bara to complete the “numbering” of trees and poles in the area so that the work gets completed within the next three months. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12190', 'image' => '20200909113511_1599603016.Clipboard02.jpg', 'article_date' => '2020-09-09 11:34:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12442', 'article_category_id' => '1', 'title' => 'Time Period for Financial Closure of Energy Companies Extended to 5 Years ', 'sub_title' => '', 'summary' => 'September 8: Promoters of energy companies have been granted permission for financial closure five years after obtaining the license. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">September 8: Promoters of energy companies have been granted permission for financial closure five years after obtaining the license. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Prior to this, the energy companies had to complete their financial closure within three years of obtaining their license. However, the government decided to amend the law in order to promote private sector in power production.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">According to the Electricity Development Department, the government recently amended the Directives related to Hydropower Project License 2075 to give more time to the promoters for financial closure.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Director General of the department Navin Raj Singh says that the law has been amended to promote private sector’s investment in energy production.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">“Financial closure, return of deposits and other rules have been amended in favour of the promoters,” said Singh.</span></span></span></p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12189', 'image' => '20200908080317_1599514729.Clipboard02.jpg', 'article_date' => '2020-09-08 20:02:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12441', 'article_category_id' => '1', 'title' => 'Farmers Unlikely to get Fertilisers for Paddy Cultivation this Season', 'sub_title' => '', 'summary' => 'September 8: More than a half of the 32,000 metric ton of urea procured by the Salt Trading Corporation has already entered Nepal. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">September 8: More than a half of the 32,000 metric ton of urea procured by the Salt Trading Corporation has already entered Nepal. However, there is no possibility of farmers getting the supply of fertilizers for paddy cultivation this year </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Although the government had borrowed urea from Bangladesh to resolve the fertiliser crisis, the farmers will not get the fertiliser this season. </span></span><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The route used to bring the chemical fertilizers from Bangladesh and the lengthy process will cause delay in arrival of the fertilizers for paddy cultivation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The government has given the responsibility to the Nepali Consulate in Kolkata to suggest a convenient route for importing fertilizer from Bangladesh. Consul General Ishwar Raj Poudel informed that work is underway to find out a suitable route for importing fertilizer from Bangladesh.</span></span> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Ministry of Agriculture has indicated that the fertilizer cannot be bought in this season.</span></span> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Farmers have not been able to get fetilizer for the main crop as the authorities entrusted by the government have not been able to bring fertilizer on time. Of the 21,500 metric tons of urea imported by the Salt Trading Corporation in the last fiscal year 2076/77 and 10,500 metric tons in the current fiscal year 2077/78, 19,600 metric tonnes have entered Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Laxman Khadka, chief of the Nepal Transit and Warehousing Company, informed that 6 racks of fertilisers weighing 2,600 metric tons have already left for Birgunj from Kolkata Port. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"4,000 metric tons of fertilizer have been sent to the eastern border, Biratnagar by road," said Khadka.</span></span> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12188', 'image' => '20200908045936_1599514468.Clipboard04.jpg', 'article_date' => '2020-09-08 16:59:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12440', 'article_category_id' => '1', 'title' => 'FNCCI Committee Submits Report on Modalities for Election ', 'sub_title' => '', 'summary' => 'September 8: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) to recommended modalities for the election of the umbrella organisations of entrepreneurs and industrialists of Nepal has submitted its report to the executive committee of FNCCI. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 8: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) to recommended modalities for the election of the umbrella organisations of entrepreneurs and industrialists of Nepal has submitted its report to the executive committee of FNCCI. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The committee has recommended three modalities for the election, which has been deferred time and again due to Covid-19 crisis. The committee handed over the report to FNCCI President Bhavani Rana on Monday (September 8).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">One of the options given by the committee is to hold all three levels of election in the capital after the risk of coronavirus subsides. Other options include main election and election of associates in Kathmandu and the district/town election in the respective districts by maintaining physical distance while the third option is to hold election through electronic means. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The committee has given high priority to direct election over the election through electronic means, which falls on the least priority. The report suggests e-voting only if the other two options are not possible. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report has stressed on opting for the main election and election of associates in Kathmandu and the district/town election in the respective districts by maintaining physical distance. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The second choice to hold election of all three levels of FNCCI in Kathmandu is currently not viable due to 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 Unicode MS"">The committee prepared the three modalities after consulting with the Ministry of Health and Population and the Covid-19 Crisis Management Centre (CCMC), informed Sunil Gopal Shrestha, member of the committee.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the FNCCI had fixed the date of its General Assembly to elect a new executive committee for April 10-11, the election could not be held due to the lockdown imposed by the government as well as the risk of coronavirus infection. The date of the General Assembly has been deferred time and again.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The FNCCI leadership is under pressure to hold the election as soon as possible. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The FNCCI members are divided over whether to hold the election after the risk of Covid-19 subsides or to go ahead for the polls by maintaining physical distancing.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12187', 'image' => '20200908031614_1599515000.3.jpg', 'article_date' => '2020-09-08 15:15:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12439', 'article_category_id' => '1', 'title' => 'NRB Implements Revised Work Procedure on Interest Rate Corridor ', 'sub_title' => 'Rate of Repo now 3 percent, Rate of Deposit Collection 1 percent', 'summary' => 'September 8: Nepal Rastra Bank (NRB) has implemented the work procedure related to the interest rate corridor 2076 (Second Amendment) in order to minimize the effects of the coronavirus pandemic on the nation’s economy. ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">September 8: Nepal Rastra Bank (NRB) has implemented the work procedure related to the interest rate corridor 2076 (Second Amendment) in order to minimize the effects of the coronavirus pandemic on the nation’s economy. The revised work procedure has decreased the overnight repo rate to 3 percent. The rate was previously 3.5 percent. Similarly, the weekly deposit collection has been decreased to 1 percent, which is the lower limit of the corridor. This rate was previously 2 percent.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The rate of Standing Liquidity Facility (SLF) is still the upper limit of the corridor at 5 percent. The central bank issued and implemented the Work Procedure on Interest Rate Corridor, 2076 (Second Amendment, 2077) on Monday. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Dr. Gunakar Bhatta, the spokesperson of Nepal Rastra Bank, said that the revised work procedure is being implemented under the provision of the monetary policy of the fiscal year 2077 with an aim of bringing stability in the interest rates and modernizing the monetary management by reducing the fluctuations in the short-term interest rates.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Under the interest rate corridor, ‘A’, ‘B’ and ‘C’ class banks and financial institutions will be able to use the overnight repo facility at an interest rate of 3 percent per annum. The overnight repo can be taken once a week and up to 0.25 percent of the deposits made in Nepalese currency on the previous day in the bank or financial institution. In case of a leave on or before the day of application, the interbank interest rate on the previous day has to exceed 3 percent. Banks are required to submit an application asking for an overnight repo, a statement and the original copy of their securities to be kept as the collateral to the Public Debt Department at least an hour before the end of the office hours. The securities to be kept as the collateral must be worth 110 percent of the demanded amount. Institutions outside the valley will need to submit the original copy of the securities that will be kept as the collateral to their nearest branch office of the central bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Similarly, under the interest rate corridor, the liquidity can be absorbed through the use of a one-week deposit collection tool, which will collect the required amount of deposit through bidding at 1 percent interest rate. Since the amount collected through this will be recorded in the investment portfolio of the counterparty, this amount cannot be counted in their mandatory cash reserve. However, the amount can be included while calculating the Statutory Liquidity Ratio (SLR) and the liquidity ratio of the banks.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12186', 'image' => '20200908021035_nepal-rastra-bank-nrb54.jpg', 'article_date' => '2020-09-08 14:09:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12438', 'article_category_id' => '1', 'title' => 'Automobile Dealers Warn of Defying the Government if it Extends Prohibitory Order Again', 'sub_title' => '', 'summary' => 'September 8: Nepal Automobile Dealers Association (NADA) has warned of defying the government if it extends the prohibitory order again. ', 'content' => '<p><em>Vehicles on display during the NADA Auto Show in this file photo. </em></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 8: Nepal Automobile Dealers Association (NADA) has warned of defying the government if it extends the prohibitory order again. </span></span></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 prohibitory order imposed in the three districts of Kathmandu valley expires on midnight of September 9. </span></span></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">NADA has urged all businesspersons to commence regular business starting from September 10.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong> </strong><span style="font-size:14.0pt"><span style="font-family:Arial">Issuing a press statement on Monday, NADA has urged the government to make arrangement for resuming business by adopting safety measures once the current prohibitory order comes to an end after Wednesday. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NADA’s chairperson Krishna Prasad Dulal informed that the automobile dealers would defy the government if it extends the prohibitory order again.</span></span></span></span></p> <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 resume our service by defying the government order from September 10 onward,” he said.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Dulal further said that huger can be more dangerous than coronavirus. Other countries have lifted lockdown and have started regular business with optimum safety. There is no alternative for Nepal than to follow suit, he 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">He also demanded immediate relief packages for the businesses affected by the COVID-19 crisis. </span></span></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 industrialists and entrepreneurs abided by the government’s decision for 180 days but the businesspersons have now been requested to operate their business regularly defying prohibitory orders,” NADA’s chairperson Krishna Prasad Dulal said, adding, “The government should take note that the country’s economy is falling and create environment to operate businesses easily.” </span></span></span></span></p> <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 automobile business in Nepal was reeling under crisis ahead of the coronavirus pandemic after the government imposed strict regulations on financing.</span></span></span></span></p> <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 instructed banks and financial institutions to provide 50 percent loan for the purchase of automobiles. Later, the sales of vehicles came to a complete halt for nearly four months after the government imposed lockdown on March 24. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, it is the peak season for sales of vehicles. But that too has been affected by the prohibitory order issued by the government. </span></span></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">NADA Chairman Dulal also expressed dissatisfaction over the extended lockdown followed by the prohibitory order stating that civil servants have been receiving salary and allowances despite not going to work. Only industrialists and businesses person have taken a stand against the lockdown because they have been affected the most- Chairman Dulal informed. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12185', 'image' => '20200908015741_20150914010543_travel-map.jpg', 'article_date' => '2020-09-08 12:03:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12437', 'article_category_id' => '1', 'title' => 'NRB Instructs Banks to Open More Branches for Tax Collection', 'sub_title' => '', 'summary' => 'September 8: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) involved in revenue collection to open all the counters for three days starting from Tuesday (September 8).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 8: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) involved in revenue collection to open all the counters for three days starting from Tuesday (September 8).</span></span></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 central bank issued such directive on Monday to boost revenue collection as the deadline approaches. The government has ordered taxpayers to pay the tax by September 10.</span></span></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">Issuing a circular on Monday (September 7), the BFI Regulation Department of central bank ordered BFIs and other related organisations to remain open from September 8 to 10 for revenue collection. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">All the banks as well as clearing houses have been instructed to open their branches amid concerns of risk posed by Covid-19. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Currently, banks and financial institutions are providing their services through limited number of branches owing to the coronavirus crisis. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">They have not been able to provide full-fledged services due to the high risk of coronavirus infection. </span></span></span></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 BFIs have been instructed to open more branches to avoid overcrowding.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial"><img alt="" src="/app/webroot/userfiles/images/nrb%20notice%283%29.jpg" style="height:638px; width:800px" /></span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12184', 'image' => '20200908102457_nrb.jpg', 'article_date' => '2020-09-08 10:24:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12436', 'article_category_id' => '1', 'title' => 'Private Sector Under Pressure to Pay Taxes Despite Prohibitory Order', 'sub_title' => 'Inland Revenue Department urges Taxpayers to make Payment through Online Banking System', 'summary' => 'September 7: The private sector businesses are under pressure to pay tax at a time when they are not able to operate properly due to the prohibitory order issued by the local administration in various districts.', '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 7: The private sector businesses are under pressure to pay tax at a time when they are not able to operate properly due to the prohibitory order issued by the local administration in various districts.</span></span></span></span></p> <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 revenue offices under the Ministry of Finance have been urging the private sector to pay the tax on time as the ministry has not extended the timeframe for payment despite the lockdown and prohibitory order.</span></span></span></span></p> <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 Inland Revenue Department had issued a notice to pay taxes on August 23. The same notice says that the time period for the payment of taxes is up to the end of the Nepali month of Bhadra (September 16). The department will slap fines if the private sector does not pay the taxes on time, warns Binod Bahadur Kunwar, director general of the department.</span></span></span></span></p> <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 him, the ministry of finance has not taken any decision about extension of the time period for paying taxes. Therefore, they cannot spare anyone who evades taxes on the pretext of prohibitory order, he informed.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“There is no need to be physically present at the revenue office for paying taxes. It is possible to pay taxes through mobile banking,” he added.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-07', 'modified' => '2020-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '12183', 'image' => '20200907074520_1599400665.tax.jpg', 'article_date' => '2020-09-07 19:44:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12435', 'article_category_id' => '1', 'title' => 'Private Sector Demands Easing Restrictions to Revitalize Economy', 'sub_title' => '', 'summary' => 'September 7: The private sector has urged the government to ease the restrictions imposed by the local authorities in order to revitalize the country’s ailing economy. ', '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 7: The private sector has urged the government to ease the restrictions imposed by the local authorities in order to revitalize the country’s ailing economy. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Representative of the private sector made such request to the government during a meeting with Prime Minister KP Sharma Oli, who also holds the portfolio of finance minister, at his official residence in Baluwatar on Sunday (September 6).</span></span></span></span></p> <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 prime minister had called the representatives of the private sector to discuss about ways to minimize the impacts of coronavirus on the economy and to revitalize the economy that has been paralyzed since the last five months due to lockdown and prohibitory orders.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the meeting, office bearers of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) stressed on the need to ease the restrictions imposed by the local governments to contain the spread of coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stating that the restrictions imposed by the government to curb the spread of the disease have badly affected the industrial sector, they urged the government to recommence their industries by following standard health protocols. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">PM Oli was positive about reopening businesses and industries by adopting proper precautionary measures.</span></span></span></span></p> <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 private sector also urged the government to facilitate in obtaining refinancing facility as mentioned in the monetary policy for the current fiscal year. They also demanded 20 percent discount on electricity bill until the current crisis 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:"Arial Unicode MS"">The private sector also urged the government during the three-hour long meeting to remove the customs duty and excise duty imposed on electric vehicles.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-09-07', 'modified' => '2020-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '12182', 'image' => '20200907041123_1599430049.3.jpg', 'article_date' => '2020-09-07 16:10:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12434', 'article_category_id' => '1', 'title' => 'Rs 13 Billion Spent for Motorable Bridge Construction ', 'sub_title' => '', 'summary' => 'September 7: The government spent Rs 13 billion in the last Fiscal Year 2076/77 for the construction of motorable bridges across the country. ', '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 7: The government spent Rs 13 billion in the last Fiscal Year 2076/77 for the construction of motorable bridges across the country. The Department of Roads spent three times more budget than the allocated budget in the last fiscal year to design 1500 new bridges which are currently under construction. </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 government had initially allocated Rs 4 billion for bridges in the annual budget but it was later increased to Rs 13 billion.</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"">Although the department had set a target of completing 300 bridges last year, the target could not be achieved. According to the department, the target was not completed due to the lockdown during the peak season for construction. However, the department claims that 70 percent progress has been made in the bridge construction as compared to other development projects. </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"">Dipak Kumar Bhattarai, chief of the bridge division under the Department of Roads, says that despite the risk of coronavirus and other complications, great achievement has been made in the construction of bridges. </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 construction entrepreneurs had been expressing their intention to build the bridges before the onset of rainy season. Due to this, 80 bridges under construction have been completed during the lockdown from March to June. Bhattarai also informed that the construction of 210 bridges was completed last year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“If we had stopped working during the lockdown, there would be huge loss if the under construction bridges hadn’t been completed,” he said, adding, “The bridges that were supposed to be built before the rainy season and were in a state of great risk were selected and built." </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-07', 'modified' => '2020-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '12181', 'image' => '20200907024901_20181204035031_Ghatte Bridge.jpg', 'article_date' => '2020-09-07 14:48:31', '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' => '12448', 'article_category_id' => '1', 'title' => 'NRB Bars Banks to Raise Interest Rate of Term Loans', 'sub_title' => '', 'summary' => 'September 9: Debtors with personal loans, such as home and auto loans, do not have to worry about the repetitive increase in interest rates on their loans.', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">September 9: Debtors with personal loans, such as home and auto loans, do not have to worry about the repetitive increase in interest rates on their loans. Previously, the rates would fluctuate when the banks adjusted their base rates every three months. Banks and financial institutions will now not be allowed to increase their interest rates on such loans.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank issued the Unified Directive 2077 on Tuesday, which states that banks and financial institutions will have to maintain a fixed interest rate for personal term loans with more than one year of maturity. Now, banks and financial institutions will not be able to change the interest rates on such loans midway through or before the maturity period. However, arrangements have been made that allow loans to be taken at a variable interest rate, which changes with the change in the base rate. Debtors have been given the facility to choose whether they want a variable or fixed interest rate while taking loans.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“This arrangement will be implemented for personal loans like home and auto loans along with any loans that requires monthly or periodic installments for payment, which have more than one year to maturity” mentions the revised directive. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank has said that the banks will have to update the terms and conditions of the personal loans with periodic installment payments issued before the implementation of the directive, in order to provide the debtors with a fixed interest rate. The central bank has said that this change in the terms, payment schedule or installment amounts will not be considered as restructuring or rescheduling of the loans. Banks will have to decide and publish their fixed interest rate on a half-yearly basis.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">Decrease in the Interest Rates of Call Deposits</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Arrangements have been made to ensure that the interest rates on call deposits cannot be more than 50 percent of the minimum interest rate. Previously, the interest rate of a call deposit could be kept as low as the minimum interest rate on a savings account. If the minimum interest is 4 percent, the rate of interest on the call deposit cannot exceed 2 percent. Institutional investors used to increase the interest rate on call deposits through bargaining. It has been a relief for the banks after Nepal Rastra Bank banned such activities.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Banks will not be allowed to issue cheques for such accounts either. A provision has been made to increase the published interest rate on all deposits except call deposits and institutional term deposit by up to 0.5 percentage points.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Banks will no longer be allowed to deduct any amount from the account in case it is below the minimum balance. The directive has a provision that ensures interest payment even in the amount kept as the minimum balance in the account.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">Interest to be paid in the Collateral Amount for Lockers</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Banks and financial institutions will now have to pay a minimum interest rate on the amount taken from their customers as a collateral for receiving locker facility. Nepal Rastra Bank has made a provision that makes such interest rate equal to the interest rate on a general savings account. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">Conditions on Dividends</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The directive issued on Tuesday has also added some conditions to dividend announcements. Banks and financial institutions will not be permitted to announce cash or stock dividends if they do not maintain the mandatory minimum capital ratio. Promoter shareholders holding 2 or more than 2 percent of the bank or financial institution’s share will not be allowed to sell or pledge their stocks in another bank without getting a permission from the central bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">New Provision on Appointment of DCEO</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The Chief Executive Officer or the board of directors of banks and financial institutions will no longer be able to directly appoint the Deputy Chief Executive Officer. A committee will have to be formed under the coordination of the CEO for this.</span></span></span></p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12195', 'image' => '20200909044918_1599619786.Clipboard02a.jpg', 'article_date' => '2020-09-09 16:48:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12447', 'article_category_id' => '1', 'title' => 'Prime Minister Employment Programme yet to Kick Off this Year', 'sub_title' => '', 'summary' => 'September 9: The Prime Minister Employment Programme (PMEP) is yet to commence during the current fiscal year although countless people have lost their jobs due to coronavirus pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 9: The Prime Minister Employment Programme (PMEP) is yet to commence during the current fiscal year although countless people have lost their jobs due to coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">More than 383,000 unemployed people have registered their names so far this year to benefit from the scheme that provides at least 100 days of employment or equivalent amount in a year. The programme is being implemented with financial assistance from the World Bank.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, the government has not released the budget for implementation of the programme in the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Officials at the Ministry of Labour say that they are currently preparing the list of beneficiaries while the homework for releasing the budget is underway.</span></span></span></span></p> <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 Ministry of Labour Bharat Mani Pandey informed that they are preparing to release the first installment for the programme. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Pandey said that they are trying to address the problem of unemployment created by coronavirus and therefore the programme must go through certain procedure for implementation.</span></span></span></span></p> <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 Pandey, the government is preparing to provide employment to those who have returned from foreign countries after losing their jobs and it needs to coordinate with the local units for this purpose. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are seeking the details for implementing the project. Once we get the details, we will release the budget,” said Pandey.</span></span></span></span></p> <p> </p> <p> </p> <p><span style="font-size:10pt"><span style="font-family:Times"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12194', 'image' => '20200909034726_1599602881.3.jpg', 'article_date' => '2020-09-09 15:46:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12446', 'article_category_id' => '1', 'title' => 'Bank Counters Opened for Tax Collection', 'sub_title' => '', 'summary' => 'September 9: Banks have opened all their counters upon the instruction of the government so that the private sectors can pay taxes even amid restriction.', '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 9: Banks have opened all their counters upon the instruction of the government so that the private sectors can pay taxes even amid restriction. Nepal Rastra Bank had directed banks and financial institutions involved in revenue collection to open all the branches and counters for three days starting from Tuesday (September 8). </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"">With the directive from the central bank, the branches and counters of the banks across the country have been opened on Tuesday. </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"">According to the central bank, till now the banks had been providing their service by opening limited branches, but to make it easier for revenue collection, they have been instructed to open the bank even if it is a public holiday on the last day. </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"">Executive Director of NRB, Dev Kumar Dhakal, said that to avoid overcrowding, the branches are being opened till Thursday. </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"">Although the counter was opened on Tuesday, there was less movement on the first day. Officials of Inland Revenue Department said that the revenue collection was also low compared to other days. According to them, not more than Rs 50 million was collected on Tuesday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Stating that the taxpayers will increase in the last hour, Director General of the department, Binod Bahadur Kunwar, said that it has been made easier to pay taxes by opening the branches that were closed. According to him, although the private sector has requested to extend the deadline, it will not be extended immediately as no decision has been taken the by Ministry of Finance. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12193', 'image' => '20200909024952_20200907074520_1599400665.tax.jpg', 'article_date' => '2020-09-09 14:49:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12445', 'article_category_id' => '1', 'title' => 'Controversial Contract of East-West Electric Railway Terminated ', 'sub_title' => '', 'summary' => 'September 9: The contract of the Kakadvitta-Inaruwa section of the East-West Electric Railway, which was signed by the Railway Department without completing the basic aspects like land acquisition, distribution of compensation, and site clearance, has finally been canceled.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 9: The contract of the Kakadvitta-Inaruwa section of the East-West Electric Railway, which was signed by the Railway Department without completing the basic aspects like land acquisition, distribution of compensation, and site clearance, has finally been canceled.</span></span></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 Railway Department on Tuesday, September 8, canceled the contract for construction of 106 km track-bed. The department canceled the contract after facing mounting criticism for allegedly awarding the contract to benefit a handful of companies.</span></span></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">A contract worth Rs 28 billion was awarded for the construction of the track-bed of the Kakadvitta-Inaruwa section on June 28 and July 1. </span></span></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 department did not give an official reason for the cancellation of the contract, it was canceled on the basis of suggestions given by the evaluation committee and its sub-committee formed under the department to study the contract, informed a source at the department.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The source added that the decision to cancel the contract was taken after the government faced severe criticism for not following the public procurement regulations.</span></span></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">However, Balram Mishra, director general of the Railway Department, informed that the contract was canceled using the special authority of the department and not for any other reason.</span></span></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 director-general of the department has the exclusive right to terminate the contract if it is not appropriate," Mishra informed.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12192', 'image' => '20200909020153_1599602733.Clipboard03.jpg', 'article_date' => '2020-09-09 14:01:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12444', 'article_category_id' => '1', 'title' => 'Banks Start Axing Branchless Banking Units ', 'sub_title' => '', 'summary' => 'September 9: Banks have started reducing the number of branchless banking facilities in the recent days taking a U-turn to their policy of promoting such service in the past.', 'content' => '<p><em>A Point-of-Sales machine used to provide branchless banking service. Photo Courtesy: RBB</em></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">September 9: Banks have started reducing the number of branchless banking facilities in the recent days taking a U-turn from their policy to promote such service in the past.</span></span></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"">Banks have stated difficulty in providing branchless service due to Covid-19 pandemic as the reason for reduction in number of branchless banking units.</span></span></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"">Earlier, banks and financial institutions (BFIs) had been increasing the number branchless banking facilities to increase the access of people to the banking services. </span></span></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"">However, commercial banks have closed 12 branchless banking units in the last four months amid coronavirus crisis, informed Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The move to reduce the number of branchless banking units has been construed as a measure taken by banks to reduce their operating cost after the pandemic started taking toll on the banks’ profit.</span></span></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"">BFIs need to take permission from the central bank to open or close branches while there isn’t any requirement for such formalities in case of branchless banking service. Therefore, banks had been focusing on branchless banking service to provide their services at comparatively less cost. </span></span></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 Nepal Rastra Bank, there were 586 branchless banking units as of mid-June, which has now shrunk to 574.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12191', 'image' => '20200909124055_BLB.jpg', 'article_date' => '2020-09-09 12:39:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12443', 'article_category_id' => '1', 'title' => 'Tourism Ministry to Finalize Deal with Zurich Airport International within 3 Weeks', 'sub_title' => '', 'summary' => 'September 9: The Ministry of Culture, Tourism and Civil Aviation has decided to finalize the investment deal with Zurich Airport International within September 30.', '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 9: </span></span><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The Ministry of Culture, Tourism and Civil Aviation has decided to finalize the investment deal with Zurich Airport International within September 30.</span></span></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"">A meeting of the Nijgadh Airport High-level Facilitation Committee chaired by tourism minister Yogesh Bhattarai on Tuesday decided to hand over the responsibilities of finalizing the deal with the Swiss company to the Investment Board.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The meeting also decided to submit a report on relocating the Tangia settlement within 15 days after a field visit. For this, the committee has formed another committee headed by a joint secretary of the Ministry of Land Management, Cooperatives and Poverty Alleviation, informed tourism ministry’s spokesperson Kamal Prasad Bhattarai. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Tuesday’s meeting also instructed the Civil Aviation Authority of Nepal (CAAN) to complete the remaining procurement process in line with the master plan of the airport within a week.</span></span></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 Nijgadh International Airport is one of the national pride projects of Nepal. The airport covers 1900 hectares of land. So far, the authorities have completed counting 57,350 trees in the construction site. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The meeting also decided to provide additional human resource to the Division Forest Office, Bara to complete the “numbering” of trees and poles in the area so that the work gets completed within the next three months. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12190', 'image' => '20200909113511_1599603016.Clipboard02.jpg', 'article_date' => '2020-09-09 11:34:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12442', 'article_category_id' => '1', 'title' => 'Time Period for Financial Closure of Energy Companies Extended to 5 Years ', 'sub_title' => '', 'summary' => 'September 8: Promoters of energy companies have been granted permission for financial closure five years after obtaining the license. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">September 8: Promoters of energy companies have been granted permission for financial closure five years after obtaining the license. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Prior to this, the energy companies had to complete their financial closure within three years of obtaining their license. However, the government decided to amend the law in order to promote private sector in power production.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">According to the Electricity Development Department, the government recently amended the Directives related to Hydropower Project License 2075 to give more time to the promoters for financial closure.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Director General of the department Navin Raj Singh says that the law has been amended to promote private sector’s investment in energy production.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">“Financial closure, return of deposits and other rules have been amended in favour of the promoters,” said Singh.</span></span></span></p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12189', 'image' => '20200908080317_1599514729.Clipboard02.jpg', 'article_date' => '2020-09-08 20:02:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12441', 'article_category_id' => '1', 'title' => 'Farmers Unlikely to get Fertilisers for Paddy Cultivation this Season', 'sub_title' => '', 'summary' => 'September 8: More than a half of the 32,000 metric ton of urea procured by the Salt Trading Corporation has already entered Nepal. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">September 8: More than a half of the 32,000 metric ton of urea procured by the Salt Trading Corporation has already entered Nepal. However, there is no possibility of farmers getting the supply of fertilizers for paddy cultivation this year </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Although the government had borrowed urea from Bangladesh to resolve the fertiliser crisis, the farmers will not get the fertiliser this season. </span></span><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The route used to bring the chemical fertilizers from Bangladesh and the lengthy process will cause delay in arrival of the fertilizers for paddy cultivation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The government has given the responsibility to the Nepali Consulate in Kolkata to suggest a convenient route for importing fertilizer from Bangladesh. Consul General Ishwar Raj Poudel informed that work is underway to find out a suitable route for importing fertilizer from Bangladesh.</span></span> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Ministry of Agriculture has indicated that the fertilizer cannot be bought in this season.</span></span> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Farmers have not been able to get fetilizer for the main crop as the authorities entrusted by the government have not been able to bring fertilizer on time. Of the 21,500 metric tons of urea imported by the Salt Trading Corporation in the last fiscal year 2076/77 and 10,500 metric tons in the current fiscal year 2077/78, 19,600 metric tonnes have entered Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Laxman Khadka, chief of the Nepal Transit and Warehousing Company, informed that 6 racks of fertilisers weighing 2,600 metric tons have already left for Birgunj from Kolkata Port. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"4,000 metric tons of fertilizer have been sent to the eastern border, Biratnagar by road," said Khadka.</span></span> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12188', 'image' => '20200908045936_1599514468.Clipboard04.jpg', 'article_date' => '2020-09-08 16:59:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12440', 'article_category_id' => '1', 'title' => 'FNCCI Committee Submits Report on Modalities for Election ', 'sub_title' => '', 'summary' => 'September 8: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) to recommended modalities for the election of the umbrella organisations of entrepreneurs and industrialists of Nepal has submitted its report to the executive committee of FNCCI. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 8: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) to recommended modalities for the election of the umbrella organisations of entrepreneurs and industrialists of Nepal has submitted its report to the executive committee of FNCCI. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The committee has recommended three modalities for the election, which has been deferred time and again due to Covid-19 crisis. The committee handed over the report to FNCCI President Bhavani Rana on Monday (September 8).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">One of the options given by the committee is to hold all three levels of election in the capital after the risk of coronavirus subsides. Other options include main election and election of associates in Kathmandu and the district/town election in the respective districts by maintaining physical distance while the third option is to hold election through electronic means. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The committee has given high priority to direct election over the election through electronic means, which falls on the least priority. The report suggests e-voting only if the other two options are not possible. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report has stressed on opting for the main election and election of associates in Kathmandu and the district/town election in the respective districts by maintaining physical distance. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The second choice to hold election of all three levels of FNCCI in Kathmandu is currently not viable due to 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 Unicode MS"">The committee prepared the three modalities after consulting with the Ministry of Health and Population and the Covid-19 Crisis Management Centre (CCMC), informed Sunil Gopal Shrestha, member of the committee.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the FNCCI had fixed the date of its General Assembly to elect a new executive committee for April 10-11, the election could not be held due to the lockdown imposed by the government as well as the risk of coronavirus infection. The date of the General Assembly has been deferred time and again.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The FNCCI leadership is under pressure to hold the election as soon as possible. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The FNCCI members are divided over whether to hold the election after the risk of Covid-19 subsides or to go ahead for the polls by maintaining physical distancing.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12187', 'image' => '20200908031614_1599515000.3.jpg', 'article_date' => '2020-09-08 15:15:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12439', 'article_category_id' => '1', 'title' => 'NRB Implements Revised Work Procedure on Interest Rate Corridor ', 'sub_title' => 'Rate of Repo now 3 percent, Rate of Deposit Collection 1 percent', 'summary' => 'September 8: Nepal Rastra Bank (NRB) has implemented the work procedure related to the interest rate corridor 2076 (Second Amendment) in order to minimize the effects of the coronavirus pandemic on the nation’s economy. ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">September 8: Nepal Rastra Bank (NRB) has implemented the work procedure related to the interest rate corridor 2076 (Second Amendment) in order to minimize the effects of the coronavirus pandemic on the nation’s economy. The revised work procedure has decreased the overnight repo rate to 3 percent. The rate was previously 3.5 percent. Similarly, the weekly deposit collection has been decreased to 1 percent, which is the lower limit of the corridor. This rate was previously 2 percent.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The rate of Standing Liquidity Facility (SLF) is still the upper limit of the corridor at 5 percent. The central bank issued and implemented the Work Procedure on Interest Rate Corridor, 2076 (Second Amendment, 2077) on Monday. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Dr. Gunakar Bhatta, the spokesperson of Nepal Rastra Bank, said that the revised work procedure is being implemented under the provision of the monetary policy of the fiscal year 2077 with an aim of bringing stability in the interest rates and modernizing the monetary management by reducing the fluctuations in the short-term interest rates.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Under the interest rate corridor, ‘A’, ‘B’ and ‘C’ class banks and financial institutions will be able to use the overnight repo facility at an interest rate of 3 percent per annum. The overnight repo can be taken once a week and up to 0.25 percent of the deposits made in Nepalese currency on the previous day in the bank or financial institution. In case of a leave on or before the day of application, the interbank interest rate on the previous day has to exceed 3 percent. Banks are required to submit an application asking for an overnight repo, a statement and the original copy of their securities to be kept as the collateral to the Public Debt Department at least an hour before the end of the office hours. The securities to be kept as the collateral must be worth 110 percent of the demanded amount. Institutions outside the valley will need to submit the original copy of the securities that will be kept as the collateral to their nearest branch office of the central bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Similarly, under the interest rate corridor, the liquidity can be absorbed through the use of a one-week deposit collection tool, which will collect the required amount of deposit through bidding at 1 percent interest rate. Since the amount collected through this will be recorded in the investment portfolio of the counterparty, this amount cannot be counted in their mandatory cash reserve. However, the amount can be included while calculating the Statutory Liquidity Ratio (SLR) and the liquidity ratio of the banks.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12186', 'image' => '20200908021035_nepal-rastra-bank-nrb54.jpg', 'article_date' => '2020-09-08 14:09:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12438', 'article_category_id' => '1', 'title' => 'Automobile Dealers Warn of Defying the Government if it Extends Prohibitory Order Again', 'sub_title' => '', 'summary' => 'September 8: Nepal Automobile Dealers Association (NADA) has warned of defying the government if it extends the prohibitory order again. ', 'content' => '<p><em>Vehicles on display during the NADA Auto Show in this file photo. </em></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 8: Nepal Automobile Dealers Association (NADA) has warned of defying the government if it extends the prohibitory order again. </span></span></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 prohibitory order imposed in the three districts of Kathmandu valley expires on midnight of September 9. </span></span></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">NADA has urged all businesspersons to commence regular business starting from September 10.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong> </strong><span style="font-size:14.0pt"><span style="font-family:Arial">Issuing a press statement on Monday, NADA has urged the government to make arrangement for resuming business by adopting safety measures once the current prohibitory order comes to an end after Wednesday. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NADA’s chairperson Krishna Prasad Dulal informed that the automobile dealers would defy the government if it extends the prohibitory order again.</span></span></span></span></p> <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 resume our service by defying the government order from September 10 onward,” he said.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Dulal further said that huger can be more dangerous than coronavirus. Other countries have lifted lockdown and have started regular business with optimum safety. There is no alternative for Nepal than to follow suit, he 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">He also demanded immediate relief packages for the businesses affected by the COVID-19 crisis. </span></span></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 industrialists and entrepreneurs abided by the government’s decision for 180 days but the businesspersons have now been requested to operate their business regularly defying prohibitory orders,” NADA’s chairperson Krishna Prasad Dulal said, adding, “The government should take note that the country’s economy is falling and create environment to operate businesses easily.” </span></span></span></span></p> <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 automobile business in Nepal was reeling under crisis ahead of the coronavirus pandemic after the government imposed strict regulations on financing.</span></span></span></span></p> <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 instructed banks and financial institutions to provide 50 percent loan for the purchase of automobiles. Later, the sales of vehicles came to a complete halt for nearly four months after the government imposed lockdown on March 24. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, it is the peak season for sales of vehicles. But that too has been affected by the prohibitory order issued by the government. </span></span></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">NADA Chairman Dulal also expressed dissatisfaction over the extended lockdown followed by the prohibitory order stating that civil servants have been receiving salary and allowances despite not going to work. Only industrialists and businesses person have taken a stand against the lockdown because they have been affected the most- Chairman Dulal informed. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12185', 'image' => '20200908015741_20150914010543_travel-map.jpg', 'article_date' => '2020-09-08 12:03:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12437', 'article_category_id' => '1', 'title' => 'NRB Instructs Banks to Open More Branches for Tax Collection', 'sub_title' => '', 'summary' => 'September 8: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) involved in revenue collection to open all the counters for three days starting from Tuesday (September 8).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 8: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) involved in revenue collection to open all the counters for three days starting from Tuesday (September 8).</span></span></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 central bank issued such directive on Monday to boost revenue collection as the deadline approaches. The government has ordered taxpayers to pay the tax by September 10.</span></span></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">Issuing a circular on Monday (September 7), the BFI Regulation Department of central bank ordered BFIs and other related organisations to remain open from September 8 to 10 for revenue collection. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">All the banks as well as clearing houses have been instructed to open their branches amid concerns of risk posed by Covid-19. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Currently, banks and financial institutions are providing their services through limited number of branches owing to the coronavirus crisis. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">They have not been able to provide full-fledged services due to the high risk of coronavirus infection. </span></span></span></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 BFIs have been instructed to open more branches to avoid overcrowding.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial"><img alt="" src="/app/webroot/userfiles/images/nrb%20notice%283%29.jpg" style="height:638px; width:800px" /></span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12184', 'image' => '20200908102457_nrb.jpg', 'article_date' => '2020-09-08 10:24:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12436', 'article_category_id' => '1', 'title' => 'Private Sector Under Pressure to Pay Taxes Despite Prohibitory Order', 'sub_title' => 'Inland Revenue Department urges Taxpayers to make Payment through Online Banking System', 'summary' => 'September 7: The private sector businesses are under pressure to pay tax at a time when they are not able to operate properly due to the prohibitory order issued by the local administration in various districts.', '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 7: The private sector businesses are under pressure to pay tax at a time when they are not able to operate properly due to the prohibitory order issued by the local administration in various districts.</span></span></span></span></p> <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 revenue offices under the Ministry of Finance have been urging the private sector to pay the tax on time as the ministry has not extended the timeframe for payment despite the lockdown and prohibitory order.</span></span></span></span></p> <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 Inland Revenue Department had issued a notice to pay taxes on August 23. The same notice says that the time period for the payment of taxes is up to the end of the Nepali month of Bhadra (September 16). The department will slap fines if the private sector does not pay the taxes on time, warns Binod Bahadur Kunwar, director general of the department.</span></span></span></span></p> <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 him, the ministry of finance has not taken any decision about extension of the time period for paying taxes. Therefore, they cannot spare anyone who evades taxes on the pretext of prohibitory order, he informed.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“There is no need to be physically present at the revenue office for paying taxes. It is possible to pay taxes through mobile banking,” he added.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-07', 'modified' => '2020-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '12183', 'image' => '20200907074520_1599400665.tax.jpg', 'article_date' => '2020-09-07 19:44:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12435', 'article_category_id' => '1', 'title' => 'Private Sector Demands Easing Restrictions to Revitalize Economy', 'sub_title' => '', 'summary' => 'September 7: The private sector has urged the government to ease the restrictions imposed by the local authorities in order to revitalize the country’s ailing economy. ', '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 7: The private sector has urged the government to ease the restrictions imposed by the local authorities in order to revitalize the country’s ailing economy. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Representative of the private sector made such request to the government during a meeting with Prime Minister KP Sharma Oli, who also holds the portfolio of finance minister, at his official residence in Baluwatar on Sunday (September 6).</span></span></span></span></p> <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 prime minister had called the representatives of the private sector to discuss about ways to minimize the impacts of coronavirus on the economy and to revitalize the economy that has been paralyzed since the last five months due to lockdown and prohibitory orders.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the meeting, office bearers of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) stressed on the need to ease the restrictions imposed by the local governments to contain the spread of coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stating that the restrictions imposed by the government to curb the spread of the disease have badly affected the industrial sector, they urged the government to recommence their industries by following standard health protocols. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">PM Oli was positive about reopening businesses and industries by adopting proper precautionary measures.</span></span></span></span></p> <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 private sector also urged the government to facilitate in obtaining refinancing facility as mentioned in the monetary policy for the current fiscal year. They also demanded 20 percent discount on electricity bill until the current crisis 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:"Arial Unicode MS"">The private sector also urged the government during the three-hour long meeting to remove the customs duty and excise duty imposed on electric vehicles.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-09-07', 'modified' => '2020-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '12182', 'image' => '20200907041123_1599430049.3.jpg', 'article_date' => '2020-09-07 16:10:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12434', 'article_category_id' => '1', 'title' => 'Rs 13 Billion Spent for Motorable Bridge Construction ', 'sub_title' => '', 'summary' => 'September 7: The government spent Rs 13 billion in the last Fiscal Year 2076/77 for the construction of motorable bridges across the country. ', '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 7: The government spent Rs 13 billion in the last Fiscal Year 2076/77 for the construction of motorable bridges across the country. The Department of Roads spent three times more budget than the allocated budget in the last fiscal year to design 1500 new bridges which are currently under construction. </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 government had initially allocated Rs 4 billion for bridges in the annual budget but it was later increased to Rs 13 billion.</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"">Although the department had set a target of completing 300 bridges last year, the target could not be achieved. According to the department, the target was not completed due to the lockdown during the peak season for construction. However, the department claims that 70 percent progress has been made in the bridge construction as compared to other development projects. </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"">Dipak Kumar Bhattarai, chief of the bridge division under the Department of Roads, says that despite the risk of coronavirus and other complications, great achievement has been made in the construction of bridges. </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 construction entrepreneurs had been expressing their intention to build the bridges before the onset of rainy season. Due to this, 80 bridges under construction have been completed during the lockdown from March to June. Bhattarai also informed that the construction of 210 bridges was completed last year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“If we had stopped working during the lockdown, there would be huge loss if the under construction bridges hadn’t been completed,” he said, adding, “The bridges that were supposed to be built before the rainy season and were in a state of great risk were selected and built." </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-07', 'modified' => '2020-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '12181', 'image' => '20200907024901_20181204035031_Ghatte Bridge.jpg', 'article_date' => '2020-09-07 14:48:31', '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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Previously, the rates would fluctuate when the banks adjusted their base rates every three months. Banks and financial institutions will now not be allowed to increase their interest rates on such loans.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank issued the Unified Directive 2077 on Tuesday, which states that banks and financial institutions will have to maintain a fixed interest rate for personal term loans with more than one year of maturity. Now, banks and financial institutions will not be able to change the interest rates on such loans midway through or before the maturity period. However, arrangements have been made that allow loans to be taken at a variable interest rate, which changes with the change in the base rate. Debtors have been given the facility to choose whether they want a variable or fixed interest rate while taking loans.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“This arrangement will be implemented for personal loans like home and auto loans along with any loans that requires monthly or periodic installments for payment, which have more than one year to maturity” mentions the revised directive. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank has said that the banks will have to update the terms and conditions of the personal loans with periodic installment payments issued before the implementation of the directive, in order to provide the debtors with a fixed interest rate. The central bank has said that this change in the terms, payment schedule or installment amounts will not be considered as restructuring or rescheduling of the loans. Banks will have to decide and publish their fixed interest rate on a half-yearly basis.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">Decrease in the Interest Rates of Call Deposits</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Arrangements have been made to ensure that the interest rates on call deposits cannot be more than 50 percent of the minimum interest rate. Previously, the interest rate of a call deposit could be kept as low as the minimum interest rate on a savings account. If the minimum interest is 4 percent, the rate of interest on the call deposit cannot exceed 2 percent. Institutional investors used to increase the interest rate on call deposits through bargaining. It has been a relief for the banks after Nepal Rastra Bank banned such activities.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Banks will not be allowed to issue cheques for such accounts either. A provision has been made to increase the published interest rate on all deposits except call deposits and institutional term deposit by up to 0.5 percentage points.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Banks will no longer be allowed to deduct any amount from the account in case it is below the minimum balance. The directive has a provision that ensures interest payment even in the amount kept as the minimum balance in the account.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">Interest to be paid in the Collateral Amount for Lockers</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Banks and financial institutions will now have to pay a minimum interest rate on the amount taken from their customers as a collateral for receiving locker facility. Nepal Rastra Bank has made a provision that makes such interest rate equal to the interest rate on a general savings account. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">Conditions on Dividends</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The directive issued on Tuesday has also added some conditions to dividend announcements. Banks and financial institutions will not be permitted to announce cash or stock dividends if they do not maintain the mandatory minimum capital ratio. Promoter shareholders holding 2 or more than 2 percent of the bank or financial institution’s share will not be allowed to sell or pledge their stocks in another bank without getting a permission from the central bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><strong><span style="font-size:14.0pt">New Provision on Appointment of DCEO</span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The Chief Executive Officer or the board of directors of banks and financial institutions will no longer be able to directly appoint the Deputy Chief Executive Officer. A committee will have to be formed under the coordination of the CEO for this.</span></span></span></p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12195', 'image' => '20200909044918_1599619786.Clipboard02a.jpg', 'article_date' => '2020-09-09 16:48:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12447', 'article_category_id' => '1', 'title' => 'Prime Minister Employment Programme yet to Kick Off this Year', 'sub_title' => '', 'summary' => 'September 9: The Prime Minister Employment Programme (PMEP) is yet to commence during the current fiscal year although countless people have lost their jobs due to coronavirus pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 9: The Prime Minister Employment Programme (PMEP) is yet to commence during the current fiscal year although countless people have lost their jobs due to coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">More than 383,000 unemployed people have registered their names so far this year to benefit from the scheme that provides at least 100 days of employment or equivalent amount in a year. The programme is being implemented with financial assistance from the World Bank.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, the government has not released the budget for implementation of the programme in the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Officials at the Ministry of Labour say that they are currently preparing the list of beneficiaries while the homework for releasing the budget is underway.</span></span></span></span></p> <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 Ministry of Labour Bharat Mani Pandey informed that they are preparing to release the first installment for the programme. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Pandey said that they are trying to address the problem of unemployment created by coronavirus and therefore the programme must go through certain procedure for implementation.</span></span></span></span></p> <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 Pandey, the government is preparing to provide employment to those who have returned from foreign countries after losing their jobs and it needs to coordinate with the local units for this purpose. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are seeking the details for implementing the project. Once we get the details, we will release the budget,” said Pandey.</span></span></span></span></p> <p> </p> <p> </p> <p><span style="font-size:10pt"><span style="font-family:Times"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12194', 'image' => '20200909034726_1599602881.3.jpg', 'article_date' => '2020-09-09 15:46:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12446', 'article_category_id' => '1', 'title' => 'Bank Counters Opened for Tax Collection', 'sub_title' => '', 'summary' => 'September 9: Banks have opened all their counters upon the instruction of the government so that the private sectors can pay taxes even amid restriction.', '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 9: Banks have opened all their counters upon the instruction of the government so that the private sectors can pay taxes even amid restriction. Nepal Rastra Bank had directed banks and financial institutions involved in revenue collection to open all the branches and counters for three days starting from Tuesday (September 8). </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"">With the directive from the central bank, the branches and counters of the banks across the country have been opened on Tuesday. </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"">According to the central bank, till now the banks had been providing their service by opening limited branches, but to make it easier for revenue collection, they have been instructed to open the bank even if it is a public holiday on the last day. </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"">Executive Director of NRB, Dev Kumar Dhakal, said that to avoid overcrowding, the branches are being opened till Thursday. </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"">Although the counter was opened on Tuesday, there was less movement on the first day. Officials of Inland Revenue Department said that the revenue collection was also low compared to other days. According to them, not more than Rs 50 million was collected on Tuesday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Stating that the taxpayers will increase in the last hour, Director General of the department, Binod Bahadur Kunwar, said that it has been made easier to pay taxes by opening the branches that were closed. According to him, although the private sector has requested to extend the deadline, it will not be extended immediately as no decision has been taken the by Ministry of Finance. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12193', 'image' => '20200909024952_20200907074520_1599400665.tax.jpg', 'article_date' => '2020-09-09 14:49:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12445', 'article_category_id' => '1', 'title' => 'Controversial Contract of East-West Electric Railway Terminated ', 'sub_title' => '', 'summary' => 'September 9: The contract of the Kakadvitta-Inaruwa section of the East-West Electric Railway, which was signed by the Railway Department without completing the basic aspects like land acquisition, distribution of compensation, and site clearance, has finally been canceled.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">September 9: The contract of the Kakadvitta-Inaruwa section of the East-West Electric Railway, which was signed by the Railway Department without completing the basic aspects like land acquisition, distribution of compensation, and site clearance, has finally been canceled.</span></span></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 Railway Department on Tuesday, September 8, canceled the contract for construction of 106 km track-bed. The department canceled the contract after facing mounting criticism for allegedly awarding the contract to benefit a handful of companies.</span></span></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">A contract worth Rs 28 billion was awarded for the construction of the track-bed of the Kakadvitta-Inaruwa section on June 28 and July 1. </span></span></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 department did not give an official reason for the cancellation of the contract, it was canceled on the basis of suggestions given by the evaluation committee and its sub-committee formed under the department to study the contract, informed a source at the department.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The source added that the decision to cancel the contract was taken after the government faced severe criticism for not following the public procurement regulations.</span></span></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">However, Balram Mishra, director general of the Railway Department, informed that the contract was canceled using the special authority of the department and not for any other reason.</span></span></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 director-general of the department has the exclusive right to terminate the contract if it is not appropriate," Mishra informed.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12192', 'image' => '20200909020153_1599602733.Clipboard03.jpg', 'article_date' => '2020-09-09 14:01:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12444', 'article_category_id' => '1', 'title' => 'Banks Start Axing Branchless Banking Units ', 'sub_title' => '', 'summary' => 'September 9: Banks have started reducing the number of branchless banking facilities in the recent days taking a U-turn to their policy of promoting such service in the past.', 'content' => '<p><em>A Point-of-Sales machine used to provide branchless banking service. Photo Courtesy: RBB</em></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">September 9: Banks have started reducing the number of branchless banking facilities in the recent days taking a U-turn from their policy to promote such service in the past.</span></span></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"">Banks have stated difficulty in providing branchless service due to Covid-19 pandemic as the reason for reduction in number of branchless banking units.</span></span></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"">Earlier, banks and financial institutions (BFIs) had been increasing the number branchless banking facilities to increase the access of people to the banking services. </span></span></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"">However, commercial banks have closed 12 branchless banking units in the last four months amid coronavirus crisis, informed Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The move to reduce the number of branchless banking units has been construed as a measure taken by banks to reduce their operating cost after the pandemic started taking toll on the banks’ profit.</span></span></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"">BFIs need to take permission from the central bank to open or close branches while there isn’t any requirement for such formalities in case of branchless banking service. Therefore, banks had been focusing on branchless banking service to provide their services at comparatively less cost. </span></span></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 Nepal Rastra Bank, there were 586 branchless banking units as of mid-June, which has now shrunk to 574.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12191', 'image' => '20200909124055_BLB.jpg', 'article_date' => '2020-09-09 12:39:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12443', 'article_category_id' => '1', 'title' => 'Tourism Ministry to Finalize Deal with Zurich Airport International within 3 Weeks', 'sub_title' => '', 'summary' => 'September 9: The Ministry of Culture, Tourism and Civil Aviation has decided to finalize the investment deal with Zurich Airport International within September 30.', '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 9: </span></span><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The Ministry of Culture, Tourism and Civil Aviation has decided to finalize the investment deal with Zurich Airport International within September 30.</span></span></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"">A meeting of the Nijgadh Airport High-level Facilitation Committee chaired by tourism minister Yogesh Bhattarai on Tuesday decided to hand over the responsibilities of finalizing the deal with the Swiss company to the Investment Board.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The meeting also decided to submit a report on relocating the Tangia settlement within 15 days after a field visit. For this, the committee has formed another committee headed by a joint secretary of the Ministry of Land Management, Cooperatives and Poverty Alleviation, informed tourism ministry’s spokesperson Kamal Prasad Bhattarai. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Tuesday’s meeting also instructed the Civil Aviation Authority of Nepal (CAAN) to complete the remaining procurement process in line with the master plan of the airport within a week.</span></span></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 Nijgadh International Airport is one of the national pride projects of Nepal. The airport covers 1900 hectares of land. So far, the authorities have completed counting 57,350 trees in the construction site. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The meeting also decided to provide additional human resource to the Division Forest Office, Bara to complete the “numbering” of trees and poles in the area so that the work gets completed within the next three months. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-09-09', 'modified' => '2020-09-09', 'keywords' => '', 'description' => '', 'sortorder' => '12190', 'image' => '20200909113511_1599603016.Clipboard02.jpg', 'article_date' => '2020-09-09 11:34:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12442', 'article_category_id' => '1', 'title' => 'Time Period for Financial Closure of Energy Companies Extended to 5 Years ', 'sub_title' => '', 'summary' => 'September 8: Promoters of energy companies have been granted permission for financial closure five years after obtaining the license. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">September 8: Promoters of energy companies have been granted permission for financial closure five years after obtaining the license. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Prior to this, the energy companies had to complete their financial closure within three years of obtaining their license. However, the government decided to amend the law in order to promote private sector in power production.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">According to the Electricity Development Department, the government recently amended the Directives related to Hydropower Project License 2075 to give more time to the promoters for financial closure.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Director General of the department Navin Raj Singh says that the law has been amended to promote private sector’s investment in energy production.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">“Financial closure, return of deposits and other rules have been amended in favour of the promoters,” said Singh.</span></span></span></p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12189', 'image' => '20200908080317_1599514729.Clipboard02.jpg', 'article_date' => '2020-09-08 20:02:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12441', 'article_category_id' => '1', 'title' => 'Farmers Unlikely to get Fertilisers for Paddy Cultivation this Season', 'sub_title' => '', 'summary' => 'September 8: More than a half of the 32,000 metric ton of urea procured by the Salt Trading Corporation has already entered Nepal. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">September 8: More than a half of the 32,000 metric ton of urea procured by the Salt Trading Corporation has already entered Nepal. However, there is no possibility of farmers getting the supply of fertilizers for paddy cultivation this year </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Although the government had borrowed urea from Bangladesh to resolve the fertiliser crisis, the farmers will not get the fertiliser this season. </span></span><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The route used to bring the chemical fertilizers from Bangladesh and the lengthy process will cause delay in arrival of the fertilizers for paddy cultivation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The government has given the responsibility to the Nepali Consulate in Kolkata to suggest a convenient route for importing fertilizer from Bangladesh. Consul General Ishwar Raj Poudel informed that work is underway to find out a suitable route for importing fertilizer from Bangladesh.</span></span> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Ministry of Agriculture has indicated that the fertilizer cannot be bought in this season.</span></span> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Farmers have not been able to get fetilizer for the main crop as the authorities entrusted by the government have not been able to bring fertilizer on time. Of the 21,500 metric tons of urea imported by the Salt Trading Corporation in the last fiscal year 2076/77 and 10,500 metric tons in the current fiscal year 2077/78, 19,600 metric tonnes have entered Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Laxman Khadka, chief of the Nepal Transit and Warehousing Company, informed that 6 racks of fertilisers weighing 2,600 metric tons have already left for Birgunj from Kolkata Port. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"4,000 metric tons of fertilizer have been sent to the eastern border, Biratnagar by road," said Khadka.</span></span> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12188', 'image' => '20200908045936_1599514468.Clipboard04.jpg', 'article_date' => '2020-09-08 16:59:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12440', 'article_category_id' => '1', 'title' => 'FNCCI Committee Submits Report on Modalities for Election ', 'sub_title' => '', 'summary' => 'September 8: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) to recommended modalities for the election of the umbrella organisations of entrepreneurs and industrialists of Nepal has submitted its report to the executive committee of FNCCI. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">September 8: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) to recommended modalities for the election of the umbrella organisations of entrepreneurs and industrialists of Nepal has submitted its report to the executive committee of FNCCI. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The committee has recommended three modalities for the election, which has been deferred time and again due to Covid-19 crisis. The committee handed over the report to FNCCI President Bhavani Rana on Monday (September 8).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">One of the options given by the committee is to hold all three levels of election in the capital after the risk of coronavirus subsides. Other options include main election and election of associates in Kathmandu and the district/town election in the respective districts by maintaining physical distance while the third option is to hold election through electronic means. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The committee has given high priority to direct election over the election through electronic means, which falls on the least priority. The report suggests e-voting only if the other two options are not possible. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report has stressed on opting for the main election and election of associates in Kathmandu and the district/town election in the respective districts by maintaining physical distance. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The second choice to hold election of all three levels of FNCCI in Kathmandu is currently not viable due to 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 Unicode MS"">The committee prepared the three modalities after consulting with the Ministry of Health and Population and the Covid-19 Crisis Management Centre (CCMC), informed Sunil Gopal Shrestha, member of the committee.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the FNCCI had fixed the date of its General Assembly to elect a new executive committee for April 10-11, the election could not be held due to the lockdown imposed by the government as well as the risk of coronavirus infection. The date of the General Assembly has been deferred time and again.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The FNCCI leadership is under pressure to hold the election as soon as possible. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The FNCCI members are divided over whether to hold the election after the risk of Covid-19 subsides or to go ahead for the polls by maintaining physical distancing.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12187', 'image' => '20200908031614_1599515000.3.jpg', 'article_date' => '2020-09-08 15:15:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12439', 'article_category_id' => '1', 'title' => 'NRB Implements Revised Work Procedure on Interest Rate Corridor ', 'sub_title' => 'Rate of Repo now 3 percent, Rate of Deposit Collection 1 percent', 'summary' => 'September 8: Nepal Rastra Bank (NRB) has implemented the work procedure related to the interest rate corridor 2076 (Second Amendment) in order to minimize the effects of the coronavirus pandemic on the nation’s economy. ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">September 8: Nepal Rastra Bank (NRB) has implemented the work procedure related to the interest rate corridor 2076 (Second Amendment) in order to minimize the effects of the coronavirus pandemic on the nation’s economy. The revised work procedure has decreased the overnight repo rate to 3 percent. The rate was previously 3.5 percent. Similarly, the weekly deposit collection has been decreased to 1 percent, which is the lower limit of the corridor. This rate was previously 2 percent.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The rate of Standing Liquidity Facility (SLF) is still the upper limit of the corridor at 5 percent. The central bank issued and implemented the Work Procedure on Interest Rate Corridor, 2076 (Second Amendment, 2077) on Monday. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Dr. Gunakar Bhatta, the spokesperson of Nepal Rastra Bank, said that the revised work procedure is being implemented under the provision of the monetary policy of the fiscal year 2077 with an aim of bringing stability in the interest rates and modernizing the monetary management by reducing the fluctuations in the short-term interest rates.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Under the interest rate corridor, ‘A’, ‘B’ and ‘C’ class banks and financial institutions will be able to use the overnight repo facility at an interest rate of 3 percent per annum. The overnight repo can be taken once a week and up to 0.25 percent of the deposits made in Nepalese currency on the previous day in the bank or financial institution. In case of a leave on or before the day of application, the interbank interest rate on the previous day has to exceed 3 percent. Banks are required to submit an application asking for an overnight repo, a statement and the original copy of their securities to be kept as the collateral to the Public Debt Department at least an hour before the end of the office hours. The securities to be kept as the collateral must be worth 110 percent of the demanded amount. Institutions outside the valley will need to submit the original copy of the securities that will be kept as the collateral to their nearest branch office of the central bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Similarly, under the interest rate corridor, the liquidity can be absorbed through the use of a one-week deposit collection tool, which will collect the required amount of deposit through bidding at 1 percent interest rate. Since the amount collected through this will be recorded in the investment portfolio of the counterparty, this amount cannot be counted in their mandatory cash reserve. However, the amount can be included while calculating the Statutory Liquidity Ratio (SLR) and the liquidity ratio of the banks.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12186', 'image' => '20200908021035_nepal-rastra-bank-nrb54.jpg', 'article_date' => '2020-09-08 14:09:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12438', 'article_category_id' => '1', 'title' => 'Automobile Dealers Warn of Defying the Government if it Extends Prohibitory Order Again', 'sub_title' => '', 'summary' => 'September 8: Nepal Automobile Dealers Association (NADA) has warned of defying the government if it extends the prohibitory order again. ', 'content' => '<p><em>Vehicles on display during the NADA Auto Show in this file photo. </em></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 8: Nepal Automobile Dealers Association (NADA) has warned of defying the government if it extends the prohibitory order again. </span></span></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 prohibitory order imposed in the three districts of Kathmandu valley expires on midnight of September 9. </span></span></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">NADA has urged all businesspersons to commence regular business starting from September 10.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong> </strong><span style="font-size:14.0pt"><span style="font-family:Arial">Issuing a press statement on Monday, NADA has urged the government to make arrangement for resuming business by adopting safety measures once the current prohibitory order comes to an end after Wednesday. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NADA’s chairperson Krishna Prasad Dulal informed that the automobile dealers would defy the government if it extends the prohibitory order again.</span></span></span></span></p> <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 resume our service by defying the government order from September 10 onward,” he said.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Dulal further said that huger can be more dangerous than coronavirus. Other countries have lifted lockdown and have started regular business with optimum safety. There is no alternative for Nepal than to follow suit, he 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">He also demanded immediate relief packages for the businesses affected by the COVID-19 crisis. </span></span></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 industrialists and entrepreneurs abided by the government’s decision for 180 days but the businesspersons have now been requested to operate their business regularly defying prohibitory orders,” NADA’s chairperson Krishna Prasad Dulal said, adding, “The government should take note that the country’s economy is falling and create environment to operate businesses easily.” </span></span></span></span></p> <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 automobile business in Nepal was reeling under crisis ahead of the coronavirus pandemic after the government imposed strict regulations on financing.</span></span></span></span></p> <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 instructed banks and financial institutions to provide 50 percent loan for the purchase of automobiles. Later, the sales of vehicles came to a complete halt for nearly four months after the government imposed lockdown on March 24. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, it is the peak season for sales of vehicles. But that too has been affected by the prohibitory order issued by the government. </span></span></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">NADA Chairman Dulal also expressed dissatisfaction over the extended lockdown followed by the prohibitory order stating that civil servants have been receiving salary and allowances despite not going to work. Only industrialists and businesses person have taken a stand against the lockdown because they have been affected the most- Chairman Dulal informed. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12185', 'image' => '20200908015741_20150914010543_travel-map.jpg', 'article_date' => '2020-09-08 12:03:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12437', 'article_category_id' => '1', 'title' => 'NRB Instructs Banks to Open More Branches for Tax Collection', 'sub_title' => '', 'summary' => 'September 8: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) involved in revenue collection to open all the counters for three days starting from Tuesday (September 8).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">September 8: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) involved in revenue collection to open all the counters for three days starting from Tuesday (September 8).</span></span></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 central bank issued such directive on Monday to boost revenue collection as the deadline approaches. The government has ordered taxpayers to pay the tax by September 10.</span></span></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">Issuing a circular on Monday (September 7), the BFI Regulation Department of central bank ordered BFIs and other related organisations to remain open from September 8 to 10 for revenue collection. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">All the banks as well as clearing houses have been instructed to open their branches amid concerns of risk posed by Covid-19. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Currently, banks and financial institutions are providing their services through limited number of branches owing to the coronavirus crisis. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">They have not been able to provide full-fledged services due to the high risk of coronavirus infection. </span></span></span></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 BFIs have been instructed to open more branches to avoid overcrowding.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial"><img alt="" src="/app/webroot/userfiles/images/nrb%20notice%283%29.jpg" style="height:638px; width:800px" /></span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-08', 'modified' => '2020-09-08', 'keywords' => '', 'description' => '', 'sortorder' => '12184', 'image' => '20200908102457_nrb.jpg', 'article_date' => '2020-09-08 10:24:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12436', 'article_category_id' => '1', 'title' => 'Private Sector Under Pressure to Pay Taxes Despite Prohibitory Order', 'sub_title' => 'Inland Revenue Department urges Taxpayers to make Payment through Online Banking System', 'summary' => 'September 7: The private sector businesses are under pressure to pay tax at a time when they are not able to operate properly due to the prohibitory order issued by the local administration in various districts.', '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 7: The private sector businesses are under pressure to pay tax at a time when they are not able to operate properly due to the prohibitory order issued by the local administration in various districts.</span></span></span></span></p> <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 revenue offices under the Ministry of Finance have been urging the private sector to pay the tax on time as the ministry has not extended the timeframe for payment despite the lockdown and prohibitory order.</span></span></span></span></p> <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 Inland Revenue Department had issued a notice to pay taxes on August 23. The same notice says that the time period for the payment of taxes is up to the end of the Nepali month of Bhadra (September 16). The department will slap fines if the private sector does not pay the taxes on time, warns Binod Bahadur Kunwar, director general of the department.</span></span></span></span></p> <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 him, the ministry of finance has not taken any decision about extension of the time period for paying taxes. Therefore, they cannot spare anyone who evades taxes on the pretext of prohibitory order, he informed.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“There is no need to be physically present at the revenue office for paying taxes. It is possible to pay taxes through mobile banking,” he added.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-09-07', 'modified' => '2020-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '12183', 'image' => '20200907074520_1599400665.tax.jpg', 'article_date' => '2020-09-07 19:44:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12435', 'article_category_id' => '1', 'title' => 'Private Sector Demands Easing Restrictions to Revitalize Economy', 'sub_title' => '', 'summary' => 'September 7: The private sector has urged the government to ease the restrictions imposed by the local authorities in order to revitalize the country’s ailing economy. ', '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 7: The private sector has urged the government to ease the restrictions imposed by the local authorities in order to revitalize the country’s ailing economy. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Representative of the private sector made such request to the government during a meeting with Prime Minister KP Sharma Oli, who also holds the portfolio of finance minister, at his official residence in Baluwatar on Sunday (September 6).</span></span></span></span></p> <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 prime minister had called the representatives of the private sector to discuss about ways to minimize the impacts of coronavirus on the economy and to revitalize the economy that has been paralyzed since the last five months due to lockdown and prohibitory orders.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the meeting, office bearers of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) stressed on the need to ease the restrictions imposed by the local governments to contain the spread of coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stating that the restrictions imposed by the government to curb the spread of the disease have badly affected the industrial sector, they urged the government to recommence their industries by following standard health protocols. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">PM Oli was positive about reopening businesses and industries by adopting proper precautionary measures.</span></span></span></span></p> <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 private sector also urged the government to facilitate in obtaining refinancing facility as mentioned in the monetary policy for the current fiscal year. They also demanded 20 percent discount on electricity bill until the current crisis 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:"Arial Unicode MS"">The private sector also urged the government during the three-hour long meeting to remove the customs duty and excise duty imposed on electric vehicles.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-09-07', 'modified' => '2020-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '12182', 'image' => '20200907041123_1599430049.3.jpg', 'article_date' => '2020-09-07 16:10:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12434', 'article_category_id' => '1', 'title' => 'Rs 13 Billion Spent for Motorable Bridge Construction ', 'sub_title' => '', 'summary' => 'September 7: The government spent Rs 13 billion in the last Fiscal Year 2076/77 for the construction of motorable bridges across the country. ', '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 7: The government spent Rs 13 billion in the last Fiscal Year 2076/77 for the construction of motorable bridges across the country. The Department of Roads spent three times more budget than the allocated budget in the last fiscal year to design 1500 new bridges which are currently under construction. </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 government had initially allocated Rs 4 billion for bridges in the annual budget but it was later increased to Rs 13 billion.</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"">Although the department had set a target of completing 300 bridges last year, the target could not be achieved. According to the department, the target was not completed due to the lockdown during the peak season for construction. However, the department claims that 70 percent progress has been made in the bridge construction as compared to other development projects. </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"">Dipak Kumar Bhattarai, chief of the bridge division under the Department of Roads, says that despite the risk of coronavirus and other complications, great achievement has been made in the construction of bridges. </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 construction entrepreneurs had been expressing their intention to build the bridges before the onset of rainy season. Due to this, 80 bridges under construction have been completed during the lockdown from March to June. Bhattarai also informed that the construction of 210 bridges was completed last year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“If we had stopped working during the lockdown, there would be huge loss if the under construction bridges hadn’t been completed,” he said, adding, “The bridges that were supposed to be built before the rainy season and were in a state of great risk were selected and built." </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-09-07', 'modified' => '2020-09-07', 'keywords' => '', 'description' => '', 'sortorder' => '12181', 'image' => '20200907024901_20181204035031_Ghatte Bridge.jpg', 'article_date' => '2020-09-07 14:48:31', '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
