NEWS

Online Transaction Boosts Up Stock Market Trading

Aug 25, 2020 0 1 minutes 50 seconds to read

August 25: Stock market trading in Nepal has taken a positive direction in recent days due to online transaction for stock…

India’s Obstruction Causing Unnecessary Hassles for Nepali Exporters

Aug 25, 2020 0 2 minutes 50 seconds to read

August 25: The Nepal-India Trade Treaty mentions that both countries will promote each other’s products in their respective…

Insurance Board Directs Insurance Companies to Reduce Insurance Fees During Lockdown Period

Aug 25, 2020 0 1 minutes 22 seconds to read

August 25: Insurance Board, the regulatory body of insurance companies in Nepal, has directed non-life insurance companies to provide discount on insurance fees to the industries that were closed during the lockdown…

Acharya Appointed CEO of CDS and Clearing Limited

Aug 25, 2020 0 1 minutes 16 seconds to read

August 25: Purna Prasad Acharya has been appointed as the chief executive officer (CEO) of CDS and Clearing Limited, a depository and subsidiary of Nepal Stock Exchange…

Banks Indulge in ‘Unhealthy Competition’ by Lowering Interest Rates for Swapping Loans

Aug 24, 2020 0 4 minutes 23 seconds to read

August 24: Despite the attempts of banks to disburse loans by lowering the interest rates and setting new base rates, flow of new credit has still not happened.…

Energy Producers Dissatisfied with Merger Directive

Aug 24, 2020 0 2 minutes 19 seconds to read

August 24: Energy producers and entrepreneurs have expressed their dissatisfaction towards the merger directives of the Electricity Regulatory Commission.…

JEMC to Start Printing Excise Duty Stickers within a Month

Aug 24, 2020 0 2 minutes 29 seconds to read

August 24: Janak Educational Material Centre (JEMC) is preparing to start printing the excise duty stickers for liquor and cigarettes within one…

Traders in Dilemma Regarding Import of Readymade Garments for Festive Season

Aug 24, 2020 0 2 minutes 20 seconds to read

August 24: Traders are in dilemma on whether or not to import readymade garments for the upcoming Dashain and Tihar…

Indian Workers Earn More in Nepal than Nepali Workers in India

Aug 24, 2020 0 3 minutes 43 seconds to read

August 24: There is a general understanding that Nepali migrant workers in India send large amount of money back home every…

Government to Allow Air Service from September 1

Aug 23, 2020 0 2 minutes 40 seconds to read

August 23: The government has agreed to allow not more than 500 flights a day starting from September 1.…

Shortage and Price Hike of Sugar Likely during Upcoming Festive Season

Aug 23, 2020 0 1 minutes 53 seconds to read

August 23: With the festive season just around the cover, the market is likely to face shortage of sugar and a price…

Tender for Track Bed of East-West Electric Railway to Proceed Ahead

Aug 23, 2020 0 1 minutes 46 seconds to read

August 23: The Department of Railways has informed that the construction work of the track bed of the Kakadvitta-Inaruwa section of the East-West Electric Railway will not be halted.…

Lack of Coordination affects Daily Essential Services

Aug 23, 2020 0 1 minutes 56 seconds to read

August 23: Majority of daily essential businesses and services in the valley have been affected due to the lack of coordination among the government agencies during the prohibitory order imposed since Thursday.…

NRB tells Remittance Companies to Open Counters despite Prohibitory Order

Aug 23, 2020 0 1 minutes 56 seconds to read

August 23: Nepal Rastra Bank (NRB) has directed remittance companies to provide their service despite the prohibitory order of the government.…

Electricity Tariff should be Collected by Ascertaining Amount of Electricity Consumption: CIAA

Aug 21, 2020 0 2 minutes 18 seconds to read

August 21: The Commission for the Investigation of Abuse of Authority (CIAA) has said that the electricity tariff should be collected by ensuring the quantity of electricity consumed by the industries supplied through dedicated feeders and trunk lines before the end of load…

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

. . .
read more »

NEPSE

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			'title' => 'Online Transaction Boosts Up Stock Market Trading ',
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			'summary' => 'August 25: Stock market trading in Nepal has taken a positive direction in recent days due to online transaction for stock trading.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 25: Stock market trading in Nepal has taken a positive direction in recent days due to online transaction for stock trading. The value of stocks in the capital market is growing up despite other businesses being shut down amid coronavirus 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:Calibri">Nepal Stock Exchange (NEPSE) on Monday, August 24, recorded share transaction of more than Rs 2.13 billion. Amidst the growing fear of fall in trading activity due to Covid-19, the NEPSE index rose by 21.26 points on Monday.</span></span></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">Investors inform that industries and businesses are closed due to Covid-19 and there are no other investment options. This has led to the growth of stock trading. </span></span></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">Tilak Koirala, chairman of the Share Investors Pressure Group, inform that the market has gained momentum despite the lockdown, as the online system has made it convenient to invest in stock trading from home.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">According to NEPSE, more than 90 percent of the shares have been bought and sold through the online trading system in recent time. It also informed that the number of investors registering in online system has increased. The traders logging for usernames and passwords is increasing making them active in stock trading as there are no other options for investing from home.</span></span></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">Chandra Singh Saud, chief executive officer of NEPSE, informed that stock trading has become easy and effective because of access to online transactions. Saud said that 83 percent of Monday&#39;s transactions were done online.</span></span></span></span></p>

<p>&nbsp;</p>
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			'article_category_id' => '1',
			'title' => 'India’s Obstruction Causing Unnecessary Hassles for Nepali Exporters',
			'sub_title' => '',
			'summary' => 'August 25: The Nepal-India Trade Treaty mentions that both countries will promote each other’s products in their respective markets.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 25: The Nepal-India Trade Treaty mentions that both countries will promote each other&rsquo;s products in their respective markets. As per the provision of the treaty, Nepali goods that meets all the required standard set by the government deserves fair treatment in the Indian market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, there are lots of instances in which Nepali products get stranded in the border points due to obstruction created by India time and 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:&quot;Arial Unicode MS&quot;">There was a time when such obstruction created by India affected the export of vegetable ghee, copper and zinc from Nepal. Of late, Nepali exporters have been facing myriads of problems in exporting cardamom, tea, ginger, jute, lentil, and broom grass.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepali exporters are facing problems not only for exporting the goods that are sold in the Indian market but also in third countries.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Industrialists in Nepal say that a large quantity of refined palm oil has been lying in warehouses due to the ban imposed by India on the product since the last five months. Operator of OCB Foods. Suresh Rungata, says they are forced to store more than 100,000 metric tons of refined palm oil as well as raw materials due to the ban on the product by India. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The investments made by 14 oil industries in Nepal are under risk due to such restriction created by India. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;New industries were set up for exporting oil to India. Most of the industrialists upgraded their capacity. But the investors are worried about that their investment might go in vain,&rdquo; says Rungata.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The private sector has been complaining that the authorities of Nepal do not prepare well during bilateral talks with India resulting in India&rsquo;s domination. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Trade and Transit Treaty of 1996 between Nepal and India allowed export of Nepali goods in the Indian market without any customs duty and obstruction. However, the treaty was amended in 2001, authorizing India to ban goods from India. This provision badly affected the industries that were established for exporting goods to India.</span></span></span></span></p>
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			'article_category_id' => '1',
			'title' => 'Insurance Board Directs Insurance Companies to Reduce Insurance Fees During Lockdown Period',
			'sub_title' => '',
			'summary' => 'August 25: Insurance Board, the regulatory body of insurance companies in Nepal, has directed non-life insurance companies to provide discount on insurance fees to the industries that were closed during the lockdown period.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 25: Insurance Board, the regulatory body of insurance companies in Nepal, has directed non-life insurance companies to provide discount on insurance fees to the industries that were closed during the lockdown period.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The board issued the directive through a circular to all non-life insurance companies on Monday (August 24), according to the state-owned national news agency of Nepal (RSS). </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In the circular, the board has asked the insurance companies to provide discount on the insurance fees in line with the Property Insurance Guidelines 2075, informed Executive Director of Insurance Board Raju Raman Poudel. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The board has instructed the companies to reduce the insurance fee of the industries under risk zone by 50 percent as per the provision in the budget for the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Insurance Board has made it clear that the discount will be valid for up to 83 days.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'Acharya Appointed CEO of CDS and Clearing Limited',
			'sub_title' => '',
			'summary' => 'August 25: Purna Prasad Acharya has been appointed as the chief executive officer (CEO) of CDS and Clearing Limited, a depository and subsidiary of Nepal Stock Exchange (Nepse).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 25: Purna Prasad Acharya has been appointed as the chief executive officer (CEO) of CDS and Clearing Limited, a depository and subsidiary of Nepal Stock Exchange (Nepse).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The post had remained vacant since the last 11 months. A selection committee had recently recommended the names of Acharya along with Krishna Giri and Bhisma Chalise for the post of the company&rsquo;s CEO.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the committee on Monday (August 24) decided to appoint Acharya as the CEO of the company. Acharya is a retired employee of Agriculture Development 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:&quot;Arial Unicode MS&quot;">CDC and Clearing was without a CEO ever since the term of former CEO Dev Prakash Gupta September 26 last year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Kanchan Sapkota was appointed as the acting CEO until now.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Banks Indulge in ‘Unhealthy Competition’ by Lowering Interest Rates for Swapping Loans',
			'sub_title' => 'Credit Flow Becoming Negative Due to the Lack of New Demand',
			'summary' => 'August 24: Despite the attempts of banks to disburse loans by lowering the interest rates and setting new base rates, flow of new credit has still not happened. ',
			'content' => '<h1><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">August 24: Despite the attempts of banks to disburse loans by lowering the interest rates and setting new base rates, flow of new credit has still not happened. The increase in liquidity in the market is causing the old debtors to shift to the banks with lower interest rates. Banks are trying to sustain their old debtors by offering them lower interest rates.</span></span></span></h1>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Bankers have complained about the unhealthy competition that has surfaced because of the lowering of interest rates in order to attract the customers of other banks. Some bankers claim that some of the debtors have been swapping their loans with other banks by making a full payment of the loan before its maturity. Nepal Rastra Bank has, for the first time, announced the cost of prepayment of loans along with the service fee for banks and financial institutions, because of the coronavirus pandemic.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">According to the announcement made by Nepal Rastra Bank last month, in case of prepayment or swapping of loans, commercial banks are liable to receive 0.15% of the total amount , development banks are liable to receive 0.2% and finance companies are liable to receive 0.3% from their borrowers.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;Commercial, development banks and finance companies receive a maximum of 0.75%, 1% and 1.25% respectively as the loan management fee. However, there is a provision for them to receive up to 20% on their working capital loans of renewable nature as a renewable and commitment fee, advance payment fee and loan-swap fee.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Ganeshraj Pokharel, the chief executive officer of Citizens Bank, said that it has been easier for old borrowers to move to another bank because of the lowered cost for swapping of loans. He added that the interest rates on deposits are similar for small and big banks, but the bigger banks are pulling the customers of the smaller banks by decreasing their rates greatly with their schemes.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&nbsp;&ldquo;There is high liquidity everywhere. There is no new borrower. However, the tendency of a bank pulling another bank&rsquo;s customer has increased,&rdquo; he told New Business Age, adding, &ldquo;Nepal Rastra Bank has fixed a very low rate for prepayment and swapping of loans. The low charge is the reason for the borrowers to move to other banks that have comparatively lower interest rates.&rdquo;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Meanwhile, the Banks and Financial Institution Regulation Department of Nepal Rastra Bank informed that they decided on the cost of swap and prepayment of loans because there wasn&rsquo;t enough competition in the market.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&nbsp;&ldquo;The fee should be lowered as per the competition. It was important for us to set the limits now because banks are independent while determining such fees,&rdquo; said an official of the department.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Previously, banks like Mega, NIC Asia, Standard Chartered, Sunrise, Himalayan, Everest, Global IME, Nabil, etc had determined their new base rates or increased their base rates by a little to determine their interest rates on home loans, and small and medium loans. Rates determined in this way range between 7% to 9%. The rates for such loans had also gone as high as 14% when the market didn&rsquo;t have much investable capital.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The credit flow of commercial banks have become negative after having no new demand for loans and having recovered the interests and installments from old borrowers by mid-August. Nepal Bankers&rsquo; Association informed that even though commercial banks had a credit flow of Rs 86 billion by mid-July, the credit flow was negative by Rs 25 billion by mid-August. According to the association, all 27 commercial banks had to recover a combined amount of Rs 293 billion from their debtors till mid-July but the loans to be recovered has become only Rs 286.8 billion as of mid-August.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The credit flow of commercial banks was negative in mid-April to mid-June because they were not able to disburse new loans. The net credit flow was negative by Rs 16 billion toward mid-May. </span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12368',
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			'title' => 'Energy Producers Dissatisfied with Merger Directive',
			'sub_title' => '',
			'summary' => 'August 24: Energy producers and entrepreneurs have expressed their dissatisfaction towards the merger directives of the Electricity Regulatory Commission.   ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 24: Energy producers and entrepreneurs have expressed their dissatisfaction towards the merger directives of the Electricity Regulatory Commission. &nbsp;&nbsp;</span></span></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 Electricity Regulatory Commission has issued a directive to the energy companies for the&nbsp;merge of private projects to enhance power generation, transmission, distribution, and customer service. However, energy entrepreneurs have said that such directive is not justifiable. </span></span></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">Private energy promoters say that the commission has not provided any concessions to encourage merger of companies and therefore the merger policy is not justifiable.</span></span></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">They allege that the commission issued such directive just to complete the administrative and legal processes. Last week, the commission had issued a directive allowing the promoters of private hydropower projects to merge, acquire, purchase and sale the share and transfer of ownership of the projects.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The entrepreneurs had demanded arrangements for royalty, income tax exemption, and license extension for production of the companies willing to merge. However, the entrepreneurs have expressed their dissatisfaction with the directive as the commission has not addressed these demands.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Nepal Rastra Bank has been providing various incentives to the banks and financial institutions that opt for merger. The power producers demand similar incentives from the commission for merger. The companies inform that merging two or more companies will only reduce their administrative expenses and there are no other benefits besides that.</span></span></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">Krishna Acharya, chairman of the Independent Power Producers Association of Nepal (IPPAN), informs that the promoters will not merge unless an incentive package is introduced. </span></span></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">&ldquo;Companies from the same business house can merge. However, the directive does not encourage other companies to merge. It is practically difficult to merge hydropower projects. The merger is possible only if concessions are given,&rdquo; he says.&nbsp;</span></span></span></span></p>
',
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			'description' => '',
			'sortorder' => '12115',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12367',
			'article_category_id' => '1',
			'title' => 'JEMC to Start Printing Excise Duty Stickers within a Month',
			'sub_title' => '',
			'summary' => 'August 24: Janak Educational Material Centre (JEMC) is preparing to start printing the excise duty stickers for liquor and cigarettes within one month.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 24: Janak Educational Material Centre (JEMC) is preparing to start printing the excise duty stickers for liquor and cigarettes within one month. The government, which is running out of stock of excise duty stickers, has handed the responsibility of printing the stickers to the state-owned JEMC.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">JEMC is preparing to sign an agreement with Kagaj Kothi to procure papers for printing the stickers.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Kagaj Kothi was selected for supplying papers as it proposed the lowest bid for the tender in which five companies had taken part in, informed an official of JEMC.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chairman of Kagaj Kothi, Manohar Das Mool, informed New Business Age that they are preparing to sign the agreement as soon as possible.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We have received confirmation that our company has been selected. We will sign the agreement as soon as the prohibitory order is lifted,&rdquo; he told NBA.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to JEMC, Kagaj Kothi will have to supply 40 metric tons of paper within 20 days of signing the agreement. If the company does not supply paper on time, JEMC reserves the right to scrap the deal, says Director General of JEMC Mahesh Prasad Timilsina.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He further informed that they also issued tender bids for other necessary equipment along with the papers to begin printing within a month.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We will start printing the stickers within a month at any cost. There won&rsquo;t be any delay under any pretext,&rdquo; said Timilsina.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, chairman Mool says that the government must facilitate the transport of papers due to the prohibitory order issued in various districts.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12114',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12366',
			'article_category_id' => '1',
			'title' => 'Traders in Dilemma Regarding Import of Readymade Garments for Festive Season',
			'sub_title' => '',
			'summary' => 'August 24: Traders are in dilemma on whether or not to import readymade garments for the upcoming Dashain and Tihar festivals.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">August 24: Traders are in dilemma on whether or not to import readymade garments for the upcoming Dashain and Tihar festivals. They are unable to decide because of the negative impact of the four-month-long lockdown on the businesses and the recent prohibitory order to control coronavirus infection. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">In the previous years, traders used to import readymade garments worth Rs 300 billion from China and India targeting the festivals. They used to start preparations from mid-July for this. However, industries, businesses and public life have been halted this year due to coronavirus, creating confusion among the traders. Due to this, they estimate that there may be shortage of readymade garments in the market during this festive season. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">According to the &nbsp;treasurer of New Road-based National Trade Association, Ram Chandra Parajuli, who has been involved in Nepal-China trade for a long time, the confusion has been created as around 500 containers of garments imported for the summer season have been stopped at Kerung border for the last six months. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;Traders have invested millions of rupees for importing clothes for summer but the containers are stuck at the border. It is still uncertain when will the products arrive in the country,&rdquo; said Parajuli, adding, &ldquo;On top of that, there is high probability that the products will be worn out. In such a scenario how will we import clothes for the upcoming festival?&rdquo; </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The trade of shoes, slippers, and clothes increases by 40 percent during the festive season than other times. However, this year, the traders are confused due to the pandemic. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Dil Sundar Shrestha, chairman of the Trade Fair Committee of FNCCI, said that even if the garments are imported, only 20 percent business can be done. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">He further claimed that the business of garments will not increase during the upcoming festivals as people have lost their jobs and their source of income has been cut off due to the pandemic. </span></span></span></p>

<p>&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12113',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12365',
			'article_category_id' => '1',
			'title' => 'Indian Workers Earn More in Nepal than Nepali Workers in India',
			'sub_title' => '',
			'summary' => 'August 24: There is a general understanding that Nepali migrant workers in India send large amount of money back home every year.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 24: There is a general understanding that Nepali migrant workers in India send large amount of money back home every year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">India has been a prime destination for Nepalese workers since a long time due to its close proximity, open border and similar culture. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In the mean time, Nepal is also a major labour destination for Indian workers. In fact, the salary that Indian labourers earn in Nepal and take back home is three times more than what the Nepali labourers earn in India.&nbsp; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the World Bank&rsquo;s Bilateral Remittance Matrix, Nepali workers in India had sent remittance worth Rs 102 billion in 2017 while the Indian workers sent home Rs 302 billion from Nepal in the same year. Nepal is one of the top ten destinations for India to earn remittance.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The remittance Nepal receives from Indian also includes the salary of 35,000 serving Gurkha soldiers and pensions of 180,000 retired soldiers, which amount to Rs 72.57 billion annually. If this amount is deducted from the total remittance, the amount sent by other Nepalis stands at around Rs 29 billion.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, Nepal is a lucrative destination for Indian workers who are from the states that share border with Nepal. As the average income in Nepal is much better than that in India, the workers of India find the Nepali labour market quite attractive, according to the employers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The number of Indian workers is quite considerable in the industrial corridor near the border areas. According to the Nepali industrialists, more than 1 million Indian workers are employed in Nepal. Lots of labourers from India are found working in brick kilns, jute mills and cement factories.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Besides industries, Indian workers are also employed by gold dealers of Nepal. According to the Federation of Nepal Gold and Silver Dealers Association, more than 75 percent of goldsmiths in Nepal are from India. They take home around Rs 20 billion each year, says Tej Ratna Shakya, former chairman of the federation. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, the government of Nepal does not have any data about the exact number of Indian migrant workers working in Nepal. As the Indians do not require work permit to work in Nepal, the government does not have the required data.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;Although high ranking workers from India take work permit from the Government of Nepal to show the source of their income, there are only a handful of them. On the other hand, lots of Indians working at the lower level do not take any permission for work,&rdquo; says Sundar Shrestha, chief of the Birgunj office of Labour and Employment 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:&quot;Arial Unicode MS&quot;">Government officials say it is not mandatory for Indian nationals to obtain work permit in Nepal as guaranteed by the &nbsp;Nepal-India Peace and Friendship Treaty 1950.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'created' => '2020-08-24',
			'modified' => '2020-08-24',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12112',
			'image' => '20200824120912_Flag-Pins-India-Nepal 2.jpg',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12364',
			'article_category_id' => '1',
			'title' => 'Government to Allow Air Service from September 1',
			'sub_title' => '',
			'summary' => 'August 23: The government has agreed to allow not more than 500 flights a day starting from September 1. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 23: The government has agreed to allow not more than 500 flights a day starting from September 1. </span></span></span></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 Council of Ministers has assigned the Ministry of Culture, Tourism and Civil Aviation to regulate flights amid risk of 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">The cabinet has agreed to allow regular as well as chartered flights not exceeding 500 flights a day. However, international flights have been approved only for the countries where PCR tests are available. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Nepali citizens stranded in Malaysia, the UAE (Dubai), South Korea, Thailand, Japan, China, Hong Kong, Australia, the USA, Canada and European countries will be allowed to return home through regular commercial flights once the restriction on air service comes to an end. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">However, people from countries where PRC tests are not available will have to return home through chartered flights under strict regulation.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Government Spokesperson Dr Yuba Raj Khatiwada informed that the government will arrange chartered flights for the destinations where PCR tests are not available while the stranded Nepalis can return home upon the recommendation of the diplomatic missions of Nepal in the respective places.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Those travelling to Nepal through regular flights will have to produce certificate of negative test for Covid-19. They will also have to fill up an online form available at the website of the Covid-19 Crisis Management&nbsp; Centre (CCMC) and print the barcode. Another precondition for the people coming to Nepal is that they will have to stay in hotel quarantine for seven days, for which they will have to show the hotel booking to the airport authorities. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Afterwards, they will have to sign a written commitment to stay in home quarantine for 14 days. The local units will be responsible to monitor this.</span></span></span></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 travellers will have to pay the bill for booking hotel at the time of purchasing the air ticket. Only after fulfilling all the criteria, the passengers will be allowed to enter the country.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;&nbsp;</span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
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	(int) 10 => array(
		'Article' => array(
			'id' => '12363',
			'article_category_id' => '1',
			'title' => 'Shortage and Price Hike of Sugar Likely during Upcoming Festive Season',
			'sub_title' => '',
			'summary' => 'August 23: With the festive season just around the cover, the market is likely to face shortage of sugar and a price hike.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">August 23: With the festive season just around the cover, the market is likely to face shortage of sugar and a price hike.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The domestic sugar industries have run out of stock while the government agencies responsible for the supply of sugar have given permission for limited amount of import this year. Because of these factors, the customers are likely to face shortage of sugar in the upcoming festivals of Dashain and Tihar.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Usually, the demand for sugar during festive season is 70,000 metric tons. But the government this year has given permission to import only 30,000 metric tons of sugar. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Salt Trading Corporation had sought permission for importing 50,000 metric tons of sugar considering the rise in demand during festive season.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">But it has been given permission to import 20,000 metric tons of sugar while the Food Management Company Limited has got permission to purchase 10,000 metric tons of sugar.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Stakeholders say that failure to supply adequate amount of sugar as per the demand would result in price hike.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Spokesperson of Salt Trading Corporation Kumar Rajbhandari says that the artificial shortage of sugar witnessed right now and the possible price hike could have been checked had the government given them permission to import 50,000 metric tons of sugar.</span></span></span></span></p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12110',
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	(int) 11 => array(
		'Article' => array(
			'id' => '12362',
			'article_category_id' => '1',
			'title' => 'Tender for Track Bed of East-West Electric Railway to Proceed Ahead',
			'sub_title' => '',
			'summary' => 'August 23: The Department of Railways has informed that the construction work of the track bed of the Kakadvitta-Inaruwa section of the East-West Electric Railway will not be halted. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 23: The Department of Railways has informed that the construction work of the track bed of the Kakadvitta-Inaruwa section of the East-West Electric Railway will not be halted. The project has courted controversy since the start of the tender process.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Infrastructure experts have advised not to proceed with the project stating &nbsp;that basic preparations like land acquisition and site clearance have not been completed. However, the railway department informed that the project will move ahead regardless of any circumstances.</span></span></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">Balaram Mishra, director general of the department, informed that no work would be stopped as the government, parliamentary committee and the high court have already ordered them to move ahead with the tender and other process of construction of the 106 km long track bed.</span></span></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">&quot;The department has started the tender process following the government&rsquo;s approval,&quot; Mishra informed.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">He also claimed that there would be no problem in the construction of the section as the work was carried out after analyzing the legal issues and other basic aspects.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The department, which had issued a tender of Rs 28 billion twice -- &nbsp;on June 28 and July 1 -- has now moved ahead with the tender evaluation following an interim order issued by the Patan High Court on August 10. The department has issued tenders for the section in 54 packages.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12109',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12361',
			'article_category_id' => '1',
			'title' => 'Lack of Coordination affects Daily Essential Services ',
			'sub_title' => '',
			'summary' => 'August 23: Majority of daily essential businesses and services in the valley have been affected due to the lack of coordination among the government agencies during the prohibitory order imposed since Thursday. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">August 23: Majority of daily essential businesses and services in the valley have been affected due to the lack of coordination among the government agencies during the prohibitory order imposed since Thursday. </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:&quot;Times New Roman&quot;">Although the District Administration Office has allowed opening food and other necessary consumer goods shop, the business of consumer goods such as groceries, dairy, and meat have been affected as the traders could not go to their shop due to police barricade. </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:&quot;Times New Roman&quot;">Traders whose shops are distant from their home, complain that the police do not allow them to go to their shops. </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:&quot;Times New Roman&quot;">Former president of Nepal Retailers Association Pabitra Bajracharya, who stays in New Road, was stopped by the police on the way to his shop at Shwoyambhu. He was not allowed to go to the shop although his customers kept calling him to buy groceries such as rice, lentils, water, salt, sugar and oil. </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:&quot;Times New Roman&quot;">His shop is closed since Thursday. &quot;I am just an example. There are many traders like me who are deprived of opening their shops due to police obstruction,&quot; he told New Business Age. </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:&quot;Times New Roman&quot;">Although the DAO has issued a notice that grocery shops are allowed to operate, there has been problem as the timeframe has not been specified. Therefore, the police themselves are in dilemma. In most of the places of Kathmandu, the police have allowed to open shops from 5am to 7am. </span></span></span></span></p>
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		'Article' => array(
			'id' => '12360',
			'article_category_id' => '1',
			'title' => 'NRB tells Remittance Companies to Open Counters despite Prohibitory Order',
			'sub_title' => '',
			'summary' => 'August 23: Nepal Rastra Bank (NRB) has directed remittance companies to provide their service despite the prohibitory order of the government. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 23: Nepal Rastra Bank (NRB) has directed remittance companies to provide their service despite the prohibitory order of the government. The central bank issued such order considering that many households in Nepal are dependent on remittance for their livelihood.</span></span></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">NRB in a circular issued to the remittance companies has instructed them to provide their service by adopting necessary safety precaution. </span></span></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 instruction comes after the local governments in the Kathmandu Valley and some other infected districts imposed prohibitory orders to contain the spread of the disease.</span></span></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 clarified that such instruction was given so that the people dependent on remittance would not have to suffer during the current 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">&ldquo;We have ordered the remittance companies not to compromise on their service so that the families relying on remittance would not face any problem. The remittance companies will have to facilitate in availing the money sent by Nepali migrant workers from abroad,&rdquo; said an official at the Foreign Exchange Management Department of NRB.</span></span></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 remittance companies have been urged to coordinate with the local units to keep their counters open for a limited period with minimum number of staffers.</span></span></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 has also instructed the remittance companies to coordinate with BFIs for availing foreign exchange facility and to make payment of remittance through banks if possible.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12358',
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			'title' => 'Electricity Tariff should be Collected by Ascertaining Amount of Electricity Consumption: CIAA ',
			'sub_title' => '',
			'summary' => 'August 21: The Commission for the Investigation of Abuse of Authority (CIAA) has said that the electricity tariff should be collected by ensuring the quantity of electricity consumed by the industries supplied through dedicated feeders and trunk lines before the end of load shedding.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">August 21: The Commission for the Investigation of Abuse of Authority (CIAA) has said that the electricity tariff should be collected by ensuring the quantity of electricity consumed by the industries supplied through dedicated feeders and trunk lines before the end of load shedding. The CIAA has suggested that the data of Time of Day (TOD) meter should be primary basis for this. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Sending a three-point letter to the Ministry of Energy, the Electricity Regulatory Commission and the Nepal Electricity Authority regarding the dedicated and trunk line tariff dispute, the authority has suggested not to impose additional burden on the industrialists in the name of tariff. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The industrialists approached the CIAA after the cabinet endorsed a report on the dedicated and trunk line submitted by a high level committee coordinated by Secretary at the Ministry of Energy, Dinesh Ghimire. The authority had sent letter to these bodies last week on the basis of the request by the industrialists. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to the letter, the authority should determine the electricity tariff only after ascertaining whether the electricity has been used for dedicated feeders and trunk lines after the load shedding ended. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The authority has suggested taking the decision of the Supreme Court in the case of Shivam Cement as precedence for other industries as well. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The court has directed the government not to charge Shivam Cement any tariff for dedicated and trunk line from mid July 2015 to January 13, 2016. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Load shedding in the industrial sector had come to an end on May 14, 2018. However, the NEA has been sending dedicated and trunk line electricity tariff bills to the industries even after that. Since then, the dispute has become more complicated. </span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12371',
			'article_category_id' => '1',
			'title' => 'Online Transaction Boosts Up Stock Market Trading ',
			'sub_title' => '',
			'summary' => 'August 25: Stock market trading in Nepal has taken a positive direction in recent days due to online transaction for stock trading.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 25: Stock market trading in Nepal has taken a positive direction in recent days due to online transaction for stock trading. The value of stocks in the capital market is growing up despite other businesses being shut down amid coronavirus 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:Calibri">Nepal Stock Exchange (NEPSE) on Monday, August 24, recorded share transaction of more than Rs 2.13 billion. Amidst the growing fear of fall in trading activity due to Covid-19, the NEPSE index rose by 21.26 points on Monday.</span></span></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">Investors inform that industries and businesses are closed due to Covid-19 and there are no other investment options. This has led to the growth of stock trading. </span></span></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">Tilak Koirala, chairman of the Share Investors Pressure Group, inform that the market has gained momentum despite the lockdown, as the online system has made it convenient to invest in stock trading from home.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">According to NEPSE, more than 90 percent of the shares have been bought and sold through the online trading system in recent time. It also informed that the number of investors registering in online system has increased. The traders logging for usernames and passwords is increasing making them active in stock trading as there are no other options for investing from home.</span></span></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">Chandra Singh Saud, chief executive officer of NEPSE, informed that stock trading has become easy and effective because of access to online transactions. Saud said that 83 percent of Monday&#39;s transactions were done online.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12370',
			'article_category_id' => '1',
			'title' => 'India’s Obstruction Causing Unnecessary Hassles for Nepali Exporters',
			'sub_title' => '',
			'summary' => 'August 25: The Nepal-India Trade Treaty mentions that both countries will promote each other’s products in their respective markets.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 25: The Nepal-India Trade Treaty mentions that both countries will promote each other&rsquo;s products in their respective markets. As per the provision of the treaty, Nepali goods that meets all the required standard set by the government deserves fair treatment in the Indian market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, there are lots of instances in which Nepali products get stranded in the border points due to obstruction created by India time and 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:&quot;Arial Unicode MS&quot;">There was a time when such obstruction created by India affected the export of vegetable ghee, copper and zinc from Nepal. Of late, Nepali exporters have been facing myriads of problems in exporting cardamom, tea, ginger, jute, lentil, and broom grass.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepali exporters are facing problems not only for exporting the goods that are sold in the Indian market but also in third countries.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Industrialists in Nepal say that a large quantity of refined palm oil has been lying in warehouses due to the ban imposed by India on the product since the last five months. Operator of OCB Foods. Suresh Rungata, says they are forced to store more than 100,000 metric tons of refined palm oil as well as raw materials due to the ban on the product by India. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The investments made by 14 oil industries in Nepal are under risk due to such restriction created by India. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;New industries were set up for exporting oil to India. Most of the industrialists upgraded their capacity. But the investors are worried about that their investment might go in vain,&rdquo; says Rungata.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The private sector has been complaining that the authorities of Nepal do not prepare well during bilateral talks with India resulting in India&rsquo;s domination. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Trade and Transit Treaty of 1996 between Nepal and India allowed export of Nepali goods in the Indian market without any customs duty and obstruction. However, the treaty was amended in 2001, authorizing India to ban goods from India. This provision badly affected the industries that were established for exporting goods to India.</span></span></span></span></p>
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		'Article' => array(
			'id' => '12375',
			'article_category_id' => '1',
			'title' => 'Insurance Board Directs Insurance Companies to Reduce Insurance Fees During Lockdown Period',
			'sub_title' => '',
			'summary' => 'August 25: Insurance Board, the regulatory body of insurance companies in Nepal, has directed non-life insurance companies to provide discount on insurance fees to the industries that were closed during the lockdown period.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 25: Insurance Board, the regulatory body of insurance companies in Nepal, has directed non-life insurance companies to provide discount on insurance fees to the industries that were closed during the lockdown period.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The board issued the directive through a circular to all non-life insurance companies on Monday (August 24), according to the state-owned national news agency of Nepal (RSS). </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In the circular, the board has asked the insurance companies to provide discount on the insurance fees in line with the Property Insurance Guidelines 2075, informed Executive Director of Insurance Board Raju Raman Poudel. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The board has instructed the companies to reduce the insurance fee of the industries under risk zone by 50 percent as per the provision in the budget for the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Insurance Board has made it clear that the discount will be valid for up to 83 days.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12374',
			'article_category_id' => '1',
			'title' => 'Acharya Appointed CEO of CDS and Clearing Limited',
			'sub_title' => '',
			'summary' => 'August 25: Purna Prasad Acharya has been appointed as the chief executive officer (CEO) of CDS and Clearing Limited, a depository and subsidiary of Nepal Stock Exchange (Nepse).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 25: Purna Prasad Acharya has been appointed as the chief executive officer (CEO) of CDS and Clearing Limited, a depository and subsidiary of Nepal Stock Exchange (Nepse).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The post had remained vacant since the last 11 months. A selection committee had recently recommended the names of Acharya along with Krishna Giri and Bhisma Chalise for the post of the company&rsquo;s CEO.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the committee on Monday (August 24) decided to appoint Acharya as the CEO of the company. Acharya is a retired employee of Agriculture Development 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:&quot;Arial Unicode MS&quot;">CDC and Clearing was without a CEO ever since the term of former CEO Dev Prakash Gupta September 26 last year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Kanchan Sapkota was appointed as the acting CEO until now.</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12369',
			'article_category_id' => '1',
			'title' => 'Banks Indulge in ‘Unhealthy Competition’ by Lowering Interest Rates for Swapping Loans',
			'sub_title' => 'Credit Flow Becoming Negative Due to the Lack of New Demand',
			'summary' => 'August 24: Despite the attempts of banks to disburse loans by lowering the interest rates and setting new base rates, flow of new credit has still not happened. ',
			'content' => '<h1><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">August 24: Despite the attempts of banks to disburse loans by lowering the interest rates and setting new base rates, flow of new credit has still not happened. The increase in liquidity in the market is causing the old debtors to shift to the banks with lower interest rates. Banks are trying to sustain their old debtors by offering them lower interest rates.</span></span></span></h1>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Bankers have complained about the unhealthy competition that has surfaced because of the lowering of interest rates in order to attract the customers of other banks. Some bankers claim that some of the debtors have been swapping their loans with other banks by making a full payment of the loan before its maturity. Nepal Rastra Bank has, for the first time, announced the cost of prepayment of loans along with the service fee for banks and financial institutions, because of the coronavirus pandemic.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">According to the announcement made by Nepal Rastra Bank last month, in case of prepayment or swapping of loans, commercial banks are liable to receive 0.15% of the total amount , development banks are liable to receive 0.2% and finance companies are liable to receive 0.3% from their borrowers.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;Commercial, development banks and finance companies receive a maximum of 0.75%, 1% and 1.25% respectively as the loan management fee. However, there is a provision for them to receive up to 20% on their working capital loans of renewable nature as a renewable and commitment fee, advance payment fee and loan-swap fee.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Ganeshraj Pokharel, the chief executive officer of Citizens Bank, said that it has been easier for old borrowers to move to another bank because of the lowered cost for swapping of loans. He added that the interest rates on deposits are similar for small and big banks, but the bigger banks are pulling the customers of the smaller banks by decreasing their rates greatly with their schemes.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&nbsp;&ldquo;There is high liquidity everywhere. There is no new borrower. However, the tendency of a bank pulling another bank&rsquo;s customer has increased,&rdquo; he told New Business Age, adding, &ldquo;Nepal Rastra Bank has fixed a very low rate for prepayment and swapping of loans. The low charge is the reason for the borrowers to move to other banks that have comparatively lower interest rates.&rdquo;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Meanwhile, the Banks and Financial Institution Regulation Department of Nepal Rastra Bank informed that they decided on the cost of swap and prepayment of loans because there wasn&rsquo;t enough competition in the market.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&nbsp;&ldquo;The fee should be lowered as per the competition. It was important for us to set the limits now because banks are independent while determining such fees,&rdquo; said an official of the department.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Previously, banks like Mega, NIC Asia, Standard Chartered, Sunrise, Himalayan, Everest, Global IME, Nabil, etc had determined their new base rates or increased their base rates by a little to determine their interest rates on home loans, and small and medium loans. Rates determined in this way range between 7% to 9%. The rates for such loans had also gone as high as 14% when the market didn&rsquo;t have much investable capital.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The credit flow of commercial banks have become negative after having no new demand for loans and having recovered the interests and installments from old borrowers by mid-August. Nepal Bankers&rsquo; Association informed that even though commercial banks had a credit flow of Rs 86 billion by mid-July, the credit flow was negative by Rs 25 billion by mid-August. According to the association, all 27 commercial banks had to recover a combined amount of Rs 293 billion from their debtors till mid-July but the loans to be recovered has become only Rs 286.8 billion as of mid-August.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The credit flow of commercial banks was negative in mid-April to mid-June because they were not able to disburse new loans. The net credit flow was negative by Rs 16 billion toward mid-May. </span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '12116',
			'image' => '20200824042834_INTEREST-RATE.jpg',
			'article_date' => '2020-08-24 16:27:44',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12368',
			'article_category_id' => '1',
			'title' => 'Energy Producers Dissatisfied with Merger Directive',
			'sub_title' => '',
			'summary' => 'August 24: Energy producers and entrepreneurs have expressed their dissatisfaction towards the merger directives of the Electricity Regulatory Commission.   ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 24: Energy producers and entrepreneurs have expressed their dissatisfaction towards the merger directives of the Electricity Regulatory Commission. &nbsp;&nbsp;</span></span></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 Electricity Regulatory Commission has issued a directive to the energy companies for the&nbsp;merge of private projects to enhance power generation, transmission, distribution, and customer service. However, energy entrepreneurs have said that such directive is not justifiable. </span></span></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">Private energy promoters say that the commission has not provided any concessions to encourage merger of companies and therefore the merger policy is not justifiable.</span></span></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">They allege that the commission issued such directive just to complete the administrative and legal processes. Last week, the commission had issued a directive allowing the promoters of private hydropower projects to merge, acquire, purchase and sale the share and transfer of ownership of the projects.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The entrepreneurs had demanded arrangements for royalty, income tax exemption, and license extension for production of the companies willing to merge. However, the entrepreneurs have expressed their dissatisfaction with the directive as the commission has not addressed these demands.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Nepal Rastra Bank has been providing various incentives to the banks and financial institutions that opt for merger. The power producers demand similar incentives from the commission for merger. The companies inform that merging two or more companies will only reduce their administrative expenses and there are no other benefits besides that.</span></span></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">Krishna Acharya, chairman of the Independent Power Producers Association of Nepal (IPPAN), informs that the promoters will not merge unless an incentive package is introduced. </span></span></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">&ldquo;Companies from the same business house can merge. However, the directive does not encourage other companies to merge. It is practically difficult to merge hydropower projects. The merger is possible only if concessions are given,&rdquo; he says.&nbsp;</span></span></span></span></p>
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			'sortorder' => '12115',
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			'article_date' => '2020-08-24 15:54:15',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12367',
			'article_category_id' => '1',
			'title' => 'JEMC to Start Printing Excise Duty Stickers within a Month',
			'sub_title' => '',
			'summary' => 'August 24: Janak Educational Material Centre (JEMC) is preparing to start printing the excise duty stickers for liquor and cigarettes within one month.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 24: Janak Educational Material Centre (JEMC) is preparing to start printing the excise duty stickers for liquor and cigarettes within one month. The government, which is running out of stock of excise duty stickers, has handed the responsibility of printing the stickers to the state-owned JEMC.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">JEMC is preparing to sign an agreement with Kagaj Kothi to procure papers for printing the stickers.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Kagaj Kothi was selected for supplying papers as it proposed the lowest bid for the tender in which five companies had taken part in, informed an official of JEMC.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chairman of Kagaj Kothi, Manohar Das Mool, informed New Business Age that they are preparing to sign the agreement as soon as possible.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We have received confirmation that our company has been selected. We will sign the agreement as soon as the prohibitory order is lifted,&rdquo; he told NBA.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to JEMC, Kagaj Kothi will have to supply 40 metric tons of paper within 20 days of signing the agreement. If the company does not supply paper on time, JEMC reserves the right to scrap the deal, says Director General of JEMC Mahesh Prasad Timilsina.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He further informed that they also issued tender bids for other necessary equipment along with the papers to begin printing within a month.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We will start printing the stickers within a month at any cost. There won&rsquo;t be any delay under any pretext,&rdquo; said Timilsina.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, chairman Mool says that the government must facilitate the transport of papers due to the prohibitory order issued in various districts.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12366',
			'article_category_id' => '1',
			'title' => 'Traders in Dilemma Regarding Import of Readymade Garments for Festive Season',
			'sub_title' => '',
			'summary' => 'August 24: Traders are in dilemma on whether or not to import readymade garments for the upcoming Dashain and Tihar festivals.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">August 24: Traders are in dilemma on whether or not to import readymade garments for the upcoming Dashain and Tihar festivals. They are unable to decide because of the negative impact of the four-month-long lockdown on the businesses and the recent prohibitory order to control coronavirus infection. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">In the previous years, traders used to import readymade garments worth Rs 300 billion from China and India targeting the festivals. They used to start preparations from mid-July for this. However, industries, businesses and public life have been halted this year due to coronavirus, creating confusion among the traders. Due to this, they estimate that there may be shortage of readymade garments in the market during this festive season. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">According to the &nbsp;treasurer of New Road-based National Trade Association, Ram Chandra Parajuli, who has been involved in Nepal-China trade for a long time, the confusion has been created as around 500 containers of garments imported for the summer season have been stopped at Kerung border for the last six months. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;Traders have invested millions of rupees for importing clothes for summer but the containers are stuck at the border. It is still uncertain when will the products arrive in the country,&rdquo; said Parajuli, adding, &ldquo;On top of that, there is high probability that the products will be worn out. In such a scenario how will we import clothes for the upcoming festival?&rdquo; </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The trade of shoes, slippers, and clothes increases by 40 percent during the festive season than other times. However, this year, the traders are confused due to the pandemic. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Dil Sundar Shrestha, chairman of the Trade Fair Committee of FNCCI, said that even if the garments are imported, only 20 percent business can be done. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">He further claimed that the business of garments will not increase during the upcoming festivals as people have lost their jobs and their source of income has been cut off due to the pandemic. </span></span></span></p>

<p>&nbsp;</p>
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			'description' => '',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12365',
			'article_category_id' => '1',
			'title' => 'Indian Workers Earn More in Nepal than Nepali Workers in India',
			'sub_title' => '',
			'summary' => 'August 24: There is a general understanding that Nepali migrant workers in India send large amount of money back home every year.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 24: There is a general understanding that Nepali migrant workers in India send large amount of money back home every year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">India has been a prime destination for Nepalese workers since a long time due to its close proximity, open border and similar culture. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In the mean time, Nepal is also a major labour destination for Indian workers. In fact, the salary that Indian labourers earn in Nepal and take back home is three times more than what the Nepali labourers earn in India.&nbsp; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the World Bank&rsquo;s Bilateral Remittance Matrix, Nepali workers in India had sent remittance worth Rs 102 billion in 2017 while the Indian workers sent home Rs 302 billion from Nepal in the same year. Nepal is one of the top ten destinations for India to earn remittance.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The remittance Nepal receives from Indian also includes the salary of 35,000 serving Gurkha soldiers and pensions of 180,000 retired soldiers, which amount to Rs 72.57 billion annually. If this amount is deducted from the total remittance, the amount sent by other Nepalis stands at around Rs 29 billion.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, Nepal is a lucrative destination for Indian workers who are from the states that share border with Nepal. As the average income in Nepal is much better than that in India, the workers of India find the Nepali labour market quite attractive, according to the employers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The number of Indian workers is quite considerable in the industrial corridor near the border areas. According to the Nepali industrialists, more than 1 million Indian workers are employed in Nepal. Lots of labourers from India are found working in brick kilns, jute mills and cement factories.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Besides industries, Indian workers are also employed by gold dealers of Nepal. According to the Federation of Nepal Gold and Silver Dealers Association, more than 75 percent of goldsmiths in Nepal are from India. They take home around Rs 20 billion each year, says Tej Ratna Shakya, former chairman of the federation. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, the government of Nepal does not have any data about the exact number of Indian migrant workers working in Nepal. As the Indians do not require work permit to work in Nepal, the government does not have the required data.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;Although high ranking workers from India take work permit from the Government of Nepal to show the source of their income, there are only a handful of them. On the other hand, lots of Indians working at the lower level do not take any permission for work,&rdquo; says Sundar Shrestha, chief of the Birgunj office of Labour and Employment 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:&quot;Arial Unicode MS&quot;">Government officials say it is not mandatory for Indian nationals to obtain work permit in Nepal as guaranteed by the &nbsp;Nepal-India Peace and Friendship Treaty 1950.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12364',
			'article_category_id' => '1',
			'title' => 'Government to Allow Air Service from September 1',
			'sub_title' => '',
			'summary' => 'August 23: The government has agreed to allow not more than 500 flights a day starting from September 1. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 23: The government has agreed to allow not more than 500 flights a day starting from September 1. </span></span></span></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 Council of Ministers has assigned the Ministry of Culture, Tourism and Civil Aviation to regulate flights amid risk of 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">The cabinet has agreed to allow regular as well as chartered flights not exceeding 500 flights a day. However, international flights have been approved only for the countries where PCR tests are available. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Nepali citizens stranded in Malaysia, the UAE (Dubai), South Korea, Thailand, Japan, China, Hong Kong, Australia, the USA, Canada and European countries will be allowed to return home through regular commercial flights once the restriction on air service comes to an end. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">However, people from countries where PRC tests are not available will have to return home through chartered flights under strict regulation.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Government Spokesperson Dr Yuba Raj Khatiwada informed that the government will arrange chartered flights for the destinations where PCR tests are not available while the stranded Nepalis can return home upon the recommendation of the diplomatic missions of Nepal in the respective places.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Those travelling to Nepal through regular flights will have to produce certificate of negative test for Covid-19. They will also have to fill up an online form available at the website of the Covid-19 Crisis Management&nbsp; Centre (CCMC) and print the barcode. Another precondition for the people coming to Nepal is that they will have to stay in hotel quarantine for seven days, for which they will have to show the hotel booking to the airport authorities. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Afterwards, they will have to sign a written commitment to stay in home quarantine for 14 days. The local units will be responsible to monitor this.</span></span></span></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 travellers will have to pay the bill for booking hotel at the time of purchasing the air ticket. Only after fulfilling all the criteria, the passengers will be allowed to enter the country.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;&nbsp;</span></span></p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12363',
			'article_category_id' => '1',
			'title' => 'Shortage and Price Hike of Sugar Likely during Upcoming Festive Season',
			'sub_title' => '',
			'summary' => 'August 23: With the festive season just around the cover, the market is likely to face shortage of sugar and a price hike.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">August 23: With the festive season just around the cover, the market is likely to face shortage of sugar and a price hike.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The domestic sugar industries have run out of stock while the government agencies responsible for the supply of sugar have given permission for limited amount of import this year. Because of these factors, the customers are likely to face shortage of sugar in the upcoming festivals of Dashain and Tihar.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Usually, the demand for sugar during festive season is 70,000 metric tons. But the government this year has given permission to import only 30,000 metric tons of sugar. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Salt Trading Corporation had sought permission for importing 50,000 metric tons of sugar considering the rise in demand during festive season.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">But it has been given permission to import 20,000 metric tons of sugar while the Food Management Company Limited has got permission to purchase 10,000 metric tons of sugar.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Stakeholders say that failure to supply adequate amount of sugar as per the demand would result in price hike.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Spokesperson of Salt Trading Corporation Kumar Rajbhandari says that the artificial shortage of sugar witnessed right now and the possible price hike could have been checked had the government given them permission to import 50,000 metric tons of sugar.</span></span></span></span></p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12362',
			'article_category_id' => '1',
			'title' => 'Tender for Track Bed of East-West Electric Railway to Proceed Ahead',
			'sub_title' => '',
			'summary' => 'August 23: The Department of Railways has informed that the construction work of the track bed of the Kakadvitta-Inaruwa section of the East-West Electric Railway will not be halted. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 23: The Department of Railways has informed that the construction work of the track bed of the Kakadvitta-Inaruwa section of the East-West Electric Railway will not be halted. The project has courted controversy since the start of the tender process.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Infrastructure experts have advised not to proceed with the project stating &nbsp;that basic preparations like land acquisition and site clearance have not been completed. However, the railway department informed that the project will move ahead regardless of any circumstances.</span></span></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">Balaram Mishra, director general of the department, informed that no work would be stopped as the government, parliamentary committee and the high court have already ordered them to move ahead with the tender and other process of construction of the 106 km long track bed.</span></span></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">&quot;The department has started the tender process following the government&rsquo;s approval,&quot; Mishra informed.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">He also claimed that there would be no problem in the construction of the section as the work was carried out after analyzing the legal issues and other basic aspects.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The department, which had issued a tender of Rs 28 billion twice -- &nbsp;on June 28 and July 1 -- has now moved ahead with the tender evaluation following an interim order issued by the Patan High Court on August 10. The department has issued tenders for the section in 54 packages.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12361',
			'article_category_id' => '1',
			'title' => 'Lack of Coordination affects Daily Essential Services ',
			'sub_title' => '',
			'summary' => 'August 23: Majority of daily essential businesses and services in the valley have been affected due to the lack of coordination among the government agencies during the prohibitory order imposed since Thursday. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">August 23: Majority of daily essential businesses and services in the valley have been affected due to the lack of coordination among the government agencies during the prohibitory order imposed since Thursday. </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:&quot;Times New Roman&quot;">Although the District Administration Office has allowed opening food and other necessary consumer goods shop, the business of consumer goods such as groceries, dairy, and meat have been affected as the traders could not go to their shop due to police barricade. </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:&quot;Times New Roman&quot;">Traders whose shops are distant from their home, complain that the police do not allow them to go to their shops. </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:&quot;Times New Roman&quot;">Former president of Nepal Retailers Association Pabitra Bajracharya, who stays in New Road, was stopped by the police on the way to his shop at Shwoyambhu. He was not allowed to go to the shop although his customers kept calling him to buy groceries such as rice, lentils, water, salt, sugar and oil. </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:&quot;Times New Roman&quot;">His shop is closed since Thursday. &quot;I am just an example. There are many traders like me who are deprived of opening their shops due to police obstruction,&quot; he told New Business Age. </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:&quot;Times New Roman&quot;">Although the DAO has issued a notice that grocery shops are allowed to operate, there has been problem as the timeframe has not been specified. Therefore, the police themselves are in dilemma. In most of the places of Kathmandu, the police have allowed to open shops from 5am to 7am. </span></span></span></span></p>
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		'Article' => array(
			'id' => '12360',
			'article_category_id' => '1',
			'title' => 'NRB tells Remittance Companies to Open Counters despite Prohibitory Order',
			'sub_title' => '',
			'summary' => 'August 23: Nepal Rastra Bank (NRB) has directed remittance companies to provide their service despite the prohibitory order of the government. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 23: Nepal Rastra Bank (NRB) has directed remittance companies to provide their service despite the prohibitory order of the government. The central bank issued such order considering that many households in Nepal are dependent on remittance for their livelihood.</span></span></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">NRB in a circular issued to the remittance companies has instructed them to provide their service by adopting necessary safety precaution. </span></span></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 instruction comes after the local governments in the Kathmandu Valley and some other infected districts imposed prohibitory orders to contain the spread of the disease.</span></span></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 clarified that such instruction was given so that the people dependent on remittance would not have to suffer during the current 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">&ldquo;We have ordered the remittance companies not to compromise on their service so that the families relying on remittance would not face any problem. The remittance companies will have to facilitate in availing the money sent by Nepali migrant workers from abroad,&rdquo; said an official at the Foreign Exchange Management Department of NRB.</span></span></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 remittance companies have been urged to coordinate with the local units to keep their counters open for a limited period with minimum number of staffers.</span></span></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 has also instructed the remittance companies to coordinate with BFIs for availing foreign exchange facility and to make payment of remittance through banks if possible.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12358',
			'article_category_id' => '1',
			'title' => 'Electricity Tariff should be Collected by Ascertaining Amount of Electricity Consumption: CIAA ',
			'sub_title' => '',
			'summary' => 'August 21: The Commission for the Investigation of Abuse of Authority (CIAA) has said that the electricity tariff should be collected by ensuring the quantity of electricity consumed by the industries supplied through dedicated feeders and trunk lines before the end of load shedding.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">August 21: The Commission for the Investigation of Abuse of Authority (CIAA) has said that the electricity tariff should be collected by ensuring the quantity of electricity consumed by the industries supplied through dedicated feeders and trunk lines before the end of load shedding. The CIAA has suggested that the data of Time of Day (TOD) meter should be primary basis for this. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Sending a three-point letter to the Ministry of Energy, the Electricity Regulatory Commission and the Nepal Electricity Authority regarding the dedicated and trunk line tariff dispute, the authority has suggested not to impose additional burden on the industrialists in the name of tariff. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The industrialists approached the CIAA after the cabinet endorsed a report on the dedicated and trunk line submitted by a high level committee coordinated by Secretary at the Ministry of Energy, Dinesh Ghimire. The authority had sent letter to these bodies last week on the basis of the request by the industrialists. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to the letter, the authority should determine the electricity tariff only after ascertaining whether the electricity has been used for dedicated feeders and trunk lines after the load shedding ended. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The authority has suggested taking the decision of the Supreme Court in the case of Shivam Cement as precedence for other industries as well. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The court has directed the government not to charge Shivam Cement any tariff for dedicated and trunk line from mid July 2015 to January 13, 2016. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Load shedding in the industrial sector had come to an end on May 14, 2018. However, the NEA has been sending dedicated and trunk line electricity tariff bills to the industries even after that. Since then, the dispute has become more complicated. </span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12371',
			'article_category_id' => '1',
			'title' => 'Online Transaction Boosts Up Stock Market Trading ',
			'sub_title' => '',
			'summary' => 'August 25: Stock market trading in Nepal has taken a positive direction in recent days due to online transaction for stock trading.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 25: Stock market trading in Nepal has taken a positive direction in recent days due to online transaction for stock trading. The value of stocks in the capital market is growing up despite other businesses being shut down amid coronavirus 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:Calibri">Nepal Stock Exchange (NEPSE) on Monday, August 24, recorded share transaction of more than Rs 2.13 billion. Amidst the growing fear of fall in trading activity due to Covid-19, the NEPSE index rose by 21.26 points on Monday.</span></span></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">Investors inform that industries and businesses are closed due to Covid-19 and there are no other investment options. This has led to the growth of stock trading. </span></span></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">Tilak Koirala, chairman of the Share Investors Pressure Group, inform that the market has gained momentum despite the lockdown, as the online system has made it convenient to invest in stock trading from home.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">According to NEPSE, more than 90 percent of the shares have been bought and sold through the online trading system in recent time. It also informed that the number of investors registering in online system has increased. The traders logging for usernames and passwords is increasing making them active in stock trading as there are no other options for investing from home.</span></span></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">Chandra Singh Saud, chief executive officer of NEPSE, informed that stock trading has become easy and effective because of access to online transactions. Saud said that 83 percent of Monday&#39;s transactions were done online.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12370',
			'article_category_id' => '1',
			'title' => 'India’s Obstruction Causing Unnecessary Hassles for Nepali Exporters',
			'sub_title' => '',
			'summary' => 'August 25: The Nepal-India Trade Treaty mentions that both countries will promote each other’s products in their respective markets.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 25: The Nepal-India Trade Treaty mentions that both countries will promote each other&rsquo;s products in their respective markets. As per the provision of the treaty, Nepali goods that meets all the required standard set by the government deserves fair treatment in the Indian market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, there are lots of instances in which Nepali products get stranded in the border points due to obstruction created by India time and 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:&quot;Arial Unicode MS&quot;">There was a time when such obstruction created by India affected the export of vegetable ghee, copper and zinc from Nepal. Of late, Nepali exporters have been facing myriads of problems in exporting cardamom, tea, ginger, jute, lentil, and broom grass.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepali exporters are facing problems not only for exporting the goods that are sold in the Indian market but also in third countries.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Industrialists in Nepal say that a large quantity of refined palm oil has been lying in warehouses due to the ban imposed by India on the product since the last five months. Operator of OCB Foods. Suresh Rungata, says they are forced to store more than 100,000 metric tons of refined palm oil as well as raw materials due to the ban on the product by India. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The investments made by 14 oil industries in Nepal are under risk due to such restriction created by India. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;New industries were set up for exporting oil to India. Most of the industrialists upgraded their capacity. But the investors are worried about that their investment might go in vain,&rdquo; says Rungata.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The private sector has been complaining that the authorities of Nepal do not prepare well during bilateral talks with India resulting in India&rsquo;s domination. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Trade and Transit Treaty of 1996 between Nepal and India allowed export of Nepali goods in the Indian market without any customs duty and obstruction. However, the treaty was amended in 2001, authorizing India to ban goods from India. This provision badly affected the industries that were established for exporting goods to India.</span></span></span></span></p>
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			'created' => '2020-08-25',
			'modified' => '2020-08-25',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12119',
			'image' => '20200825110853_1598303471.Clipboard05.jpg',
			'article_date' => '2020-08-25 11:08:19',
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	(int) 2 => array(
		'Article' => array(
			'id' => '12375',
			'article_category_id' => '1',
			'title' => 'Insurance Board Directs Insurance Companies to Reduce Insurance Fees During Lockdown Period',
			'sub_title' => '',
			'summary' => 'August 25: Insurance Board, the regulatory body of insurance companies in Nepal, has directed non-life insurance companies to provide discount on insurance fees to the industries that were closed during the lockdown period.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 25: Insurance Board, the regulatory body of insurance companies in Nepal, has directed non-life insurance companies to provide discount on insurance fees to the industries that were closed during the lockdown period.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The board issued the directive through a circular to all non-life insurance companies on Monday (August 24), according to the state-owned national news agency of Nepal (RSS). </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In the circular, the board has asked the insurance companies to provide discount on the insurance fees in line with the Property Insurance Guidelines 2075, informed Executive Director of Insurance Board Raju Raman Poudel. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The board has instructed the companies to reduce the insurance fee of the industries under risk zone by 50 percent as per the provision in the budget for the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Insurance Board has made it clear that the discount will be valid for up to 83 days.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'created' => '2020-08-25',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12118',
			'image' => '20200825040928_bima_samiti.jpg',
			'article_date' => '2020-08-25 16:08:51',
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	(int) 3 => array(
		'Article' => array(
			'id' => '12374',
			'article_category_id' => '1',
			'title' => 'Acharya Appointed CEO of CDS and Clearing Limited',
			'sub_title' => '',
			'summary' => 'August 25: Purna Prasad Acharya has been appointed as the chief executive officer (CEO) of CDS and Clearing Limited, a depository and subsidiary of Nepal Stock Exchange (Nepse).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 25: Purna Prasad Acharya has been appointed as the chief executive officer (CEO) of CDS and Clearing Limited, a depository and subsidiary of Nepal Stock Exchange (Nepse).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The post had remained vacant since the last 11 months. A selection committee had recently recommended the names of Acharya along with Krishna Giri and Bhisma Chalise for the post of the company&rsquo;s CEO.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the committee on Monday (August 24) decided to appoint Acharya as the CEO of the company. Acharya is a retired employee of Agriculture Development 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:&quot;Arial Unicode MS&quot;">CDC and Clearing was without a CEO ever since the term of former CEO Dev Prakash Gupta September 26 last year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Kanchan Sapkota was appointed as the acting CEO until now.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-08-25',
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			'description' => '',
			'sortorder' => '12117',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12369',
			'article_category_id' => '1',
			'title' => 'Banks Indulge in ‘Unhealthy Competition’ by Lowering Interest Rates for Swapping Loans',
			'sub_title' => 'Credit Flow Becoming Negative Due to the Lack of New Demand',
			'summary' => 'August 24: Despite the attempts of banks to disburse loans by lowering the interest rates and setting new base rates, flow of new credit has still not happened. ',
			'content' => '<h1><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">August 24: Despite the attempts of banks to disburse loans by lowering the interest rates and setting new base rates, flow of new credit has still not happened. The increase in liquidity in the market is causing the old debtors to shift to the banks with lower interest rates. Banks are trying to sustain their old debtors by offering them lower interest rates.</span></span></span></h1>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Bankers have complained about the unhealthy competition that has surfaced because of the lowering of interest rates in order to attract the customers of other banks. Some bankers claim that some of the debtors have been swapping their loans with other banks by making a full payment of the loan before its maturity. Nepal Rastra Bank has, for the first time, announced the cost of prepayment of loans along with the service fee for banks and financial institutions, because of the coronavirus pandemic.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">According to the announcement made by Nepal Rastra Bank last month, in case of prepayment or swapping of loans, commercial banks are liable to receive 0.15% of the total amount , development banks are liable to receive 0.2% and finance companies are liable to receive 0.3% from their borrowers.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;Commercial, development banks and finance companies receive a maximum of 0.75%, 1% and 1.25% respectively as the loan management fee. However, there is a provision for them to receive up to 20% on their working capital loans of renewable nature as a renewable and commitment fee, advance payment fee and loan-swap fee.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Ganeshraj Pokharel, the chief executive officer of Citizens Bank, said that it has been easier for old borrowers to move to another bank because of the lowered cost for swapping of loans. He added that the interest rates on deposits are similar for small and big banks, but the bigger banks are pulling the customers of the smaller banks by decreasing their rates greatly with their schemes.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&nbsp;&ldquo;There is high liquidity everywhere. There is no new borrower. However, the tendency of a bank pulling another bank&rsquo;s customer has increased,&rdquo; he told New Business Age, adding, &ldquo;Nepal Rastra Bank has fixed a very low rate for prepayment and swapping of loans. The low charge is the reason for the borrowers to move to other banks that have comparatively lower interest rates.&rdquo;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Meanwhile, the Banks and Financial Institution Regulation Department of Nepal Rastra Bank informed that they decided on the cost of swap and prepayment of loans because there wasn&rsquo;t enough competition in the market.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&nbsp;&ldquo;The fee should be lowered as per the competition. It was important for us to set the limits now because banks are independent while determining such fees,&rdquo; said an official of the department.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Previously, banks like Mega, NIC Asia, Standard Chartered, Sunrise, Himalayan, Everest, Global IME, Nabil, etc had determined their new base rates or increased their base rates by a little to determine their interest rates on home loans, and small and medium loans. Rates determined in this way range between 7% to 9%. The rates for such loans had also gone as high as 14% when the market didn&rsquo;t have much investable capital.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The credit flow of commercial banks have become negative after having no new demand for loans and having recovered the interests and installments from old borrowers by mid-August. Nepal Bankers&rsquo; Association informed that even though commercial banks had a credit flow of Rs 86 billion by mid-July, the credit flow was negative by Rs 25 billion by mid-August. According to the association, all 27 commercial banks had to recover a combined amount of Rs 293 billion from their debtors till mid-July but the loans to be recovered has become only Rs 286.8 billion as of mid-August.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The credit flow of commercial banks was negative in mid-April to mid-June because they were not able to disburse new loans. The net credit flow was negative by Rs 16 billion toward mid-May. </span></span></span></p>

<p>&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12116',
			'image' => '20200824042834_INTEREST-RATE.jpg',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12368',
			'article_category_id' => '1',
			'title' => 'Energy Producers Dissatisfied with Merger Directive',
			'sub_title' => '',
			'summary' => 'August 24: Energy producers and entrepreneurs have expressed their dissatisfaction towards the merger directives of the Electricity Regulatory Commission.   ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 24: Energy producers and entrepreneurs have expressed their dissatisfaction towards the merger directives of the Electricity Regulatory Commission. &nbsp;&nbsp;</span></span></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 Electricity Regulatory Commission has issued a directive to the energy companies for the&nbsp;merge of private projects to enhance power generation, transmission, distribution, and customer service. However, energy entrepreneurs have said that such directive is not justifiable. </span></span></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">Private energy promoters say that the commission has not provided any concessions to encourage merger of companies and therefore the merger policy is not justifiable.</span></span></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">They allege that the commission issued such directive just to complete the administrative and legal processes. Last week, the commission had issued a directive allowing the promoters of private hydropower projects to merge, acquire, purchase and sale the share and transfer of ownership of the projects.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The entrepreneurs had demanded arrangements for royalty, income tax exemption, and license extension for production of the companies willing to merge. However, the entrepreneurs have expressed their dissatisfaction with the directive as the commission has not addressed these demands.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Nepal Rastra Bank has been providing various incentives to the banks and financial institutions that opt for merger. The power producers demand similar incentives from the commission for merger. The companies inform that merging two or more companies will only reduce their administrative expenses and there are no other benefits besides that.</span></span></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">Krishna Acharya, chairman of the Independent Power Producers Association of Nepal (IPPAN), informs that the promoters will not merge unless an incentive package is introduced. </span></span></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">&ldquo;Companies from the same business house can merge. However, the directive does not encourage other companies to merge. It is practically difficult to merge hydropower projects. The merger is possible only if concessions are given,&rdquo; he says.&nbsp;</span></span></span></span></p>
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12115',
			'image' => '20200824035450_unnamed.jpg',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12367',
			'article_category_id' => '1',
			'title' => 'JEMC to Start Printing Excise Duty Stickers within a Month',
			'sub_title' => '',
			'summary' => 'August 24: Janak Educational Material Centre (JEMC) is preparing to start printing the excise duty stickers for liquor and cigarettes within one month.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 24: Janak Educational Material Centre (JEMC) is preparing to start printing the excise duty stickers for liquor and cigarettes within one month. The government, which is running out of stock of excise duty stickers, has handed the responsibility of printing the stickers to the state-owned JEMC.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">JEMC is preparing to sign an agreement with Kagaj Kothi to procure papers for printing the stickers.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Kagaj Kothi was selected for supplying papers as it proposed the lowest bid for the tender in which five companies had taken part in, informed an official of JEMC.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chairman of Kagaj Kothi, Manohar Das Mool, informed New Business Age that they are preparing to sign the agreement as soon as possible.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We have received confirmation that our company has been selected. We will sign the agreement as soon as the prohibitory order is lifted,&rdquo; he told NBA.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to JEMC, Kagaj Kothi will have to supply 40 metric tons of paper within 20 days of signing the agreement. If the company does not supply paper on time, JEMC reserves the right to scrap the deal, says Director General of JEMC Mahesh Prasad Timilsina.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He further informed that they also issued tender bids for other necessary equipment along with the papers to begin printing within a month.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We will start printing the stickers within a month at any cost. There won&rsquo;t be any delay under any pretext,&rdquo; said Timilsina.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, chairman Mool says that the government must facilitate the transport of papers due to the prohibitory order issued in various districts.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12366',
			'article_category_id' => '1',
			'title' => 'Traders in Dilemma Regarding Import of Readymade Garments for Festive Season',
			'sub_title' => '',
			'summary' => 'August 24: Traders are in dilemma on whether or not to import readymade garments for the upcoming Dashain and Tihar festivals.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">August 24: Traders are in dilemma on whether or not to import readymade garments for the upcoming Dashain and Tihar festivals. They are unable to decide because of the negative impact of the four-month-long lockdown on the businesses and the recent prohibitory order to control coronavirus infection. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">In the previous years, traders used to import readymade garments worth Rs 300 billion from China and India targeting the festivals. They used to start preparations from mid-July for this. However, industries, businesses and public life have been halted this year due to coronavirus, creating confusion among the traders. Due to this, they estimate that there may be shortage of readymade garments in the market during this festive season. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">According to the &nbsp;treasurer of New Road-based National Trade Association, Ram Chandra Parajuli, who has been involved in Nepal-China trade for a long time, the confusion has been created as around 500 containers of garments imported for the summer season have been stopped at Kerung border for the last six months. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;Traders have invested millions of rupees for importing clothes for summer but the containers are stuck at the border. It is still uncertain when will the products arrive in the country,&rdquo; said Parajuli, adding, &ldquo;On top of that, there is high probability that the products will be worn out. In such a scenario how will we import clothes for the upcoming festival?&rdquo; </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The trade of shoes, slippers, and clothes increases by 40 percent during the festive season than other times. However, this year, the traders are confused due to the pandemic. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Dil Sundar Shrestha, chairman of the Trade Fair Committee of FNCCI, said that even if the garments are imported, only 20 percent business can be done. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">He further claimed that the business of garments will not increase during the upcoming festivals as people have lost their jobs and their source of income has been cut off due to the pandemic. </span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12365',
			'article_category_id' => '1',
			'title' => 'Indian Workers Earn More in Nepal than Nepali Workers in India',
			'sub_title' => '',
			'summary' => 'August 24: There is a general understanding that Nepali migrant workers in India send large amount of money back home every year.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 24: There is a general understanding that Nepali migrant workers in India send large amount of money back home every year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">India has been a prime destination for Nepalese workers since a long time due to its close proximity, open border and similar culture. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In the mean time, Nepal is also a major labour destination for Indian workers. In fact, the salary that Indian labourers earn in Nepal and take back home is three times more than what the Nepali labourers earn in India.&nbsp; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the World Bank&rsquo;s Bilateral Remittance Matrix, Nepali workers in India had sent remittance worth Rs 102 billion in 2017 while the Indian workers sent home Rs 302 billion from Nepal in the same year. Nepal is one of the top ten destinations for India to earn remittance.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The remittance Nepal receives from Indian also includes the salary of 35,000 serving Gurkha soldiers and pensions of 180,000 retired soldiers, which amount to Rs 72.57 billion annually. If this amount is deducted from the total remittance, the amount sent by other Nepalis stands at around Rs 29 billion.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, Nepal is a lucrative destination for Indian workers who are from the states that share border with Nepal. As the average income in Nepal is much better than that in India, the workers of India find the Nepali labour market quite attractive, according to the employers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The number of Indian workers is quite considerable in the industrial corridor near the border areas. According to the Nepali industrialists, more than 1 million Indian workers are employed in Nepal. Lots of labourers from India are found working in brick kilns, jute mills and cement factories.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Besides industries, Indian workers are also employed by gold dealers of Nepal. According to the Federation of Nepal Gold and Silver Dealers Association, more than 75 percent of goldsmiths in Nepal are from India. They take home around Rs 20 billion each year, says Tej Ratna Shakya, former chairman of the federation. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, the government of Nepal does not have any data about the exact number of Indian migrant workers working in Nepal. As the Indians do not require work permit to work in Nepal, the government does not have the required data.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;Although high ranking workers from India take work permit from the Government of Nepal to show the source of their income, there are only a handful of them. On the other hand, lots of Indians working at the lower level do not take any permission for work,&rdquo; says Sundar Shrestha, chief of the Birgunj office of Labour and Employment 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:&quot;Arial Unicode MS&quot;">Government officials say it is not mandatory for Indian nationals to obtain work permit in Nepal as guaranteed by the &nbsp;Nepal-India Peace and Friendship Treaty 1950.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12364',
			'article_category_id' => '1',
			'title' => 'Government to Allow Air Service from September 1',
			'sub_title' => '',
			'summary' => 'August 23: The government has agreed to allow not more than 500 flights a day starting from September 1. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 23: The government has agreed to allow not more than 500 flights a day starting from September 1. </span></span></span></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 Council of Ministers has assigned the Ministry of Culture, Tourism and Civil Aviation to regulate flights amid risk of 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">The cabinet has agreed to allow regular as well as chartered flights not exceeding 500 flights a day. However, international flights have been approved only for the countries where PCR tests are available. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Nepali citizens stranded in Malaysia, the UAE (Dubai), South Korea, Thailand, Japan, China, Hong Kong, Australia, the USA, Canada and European countries will be allowed to return home through regular commercial flights once the restriction on air service comes to an end. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">However, people from countries where PRC tests are not available will have to return home through chartered flights under strict regulation.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Government Spokesperson Dr Yuba Raj Khatiwada informed that the government will arrange chartered flights for the destinations where PCR tests are not available while the stranded Nepalis can return home upon the recommendation of the diplomatic missions of Nepal in the respective places.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Those travelling to Nepal through regular flights will have to produce certificate of negative test for Covid-19. They will also have to fill up an online form available at the website of the Covid-19 Crisis Management&nbsp; Centre (CCMC) and print the barcode. Another precondition for the people coming to Nepal is that they will have to stay in hotel quarantine for seven days, for which they will have to show the hotel booking to the airport authorities. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Afterwards, they will have to sign a written commitment to stay in home quarantine for 14 days. The local units will be responsible to monitor this.</span></span></span></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 travellers will have to pay the bill for booking hotel at the time of purchasing the air ticket. Only after fulfilling all the criteria, the passengers will be allowed to enter the country.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;&nbsp;</span></span></p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12363',
			'article_category_id' => '1',
			'title' => 'Shortage and Price Hike of Sugar Likely during Upcoming Festive Season',
			'sub_title' => '',
			'summary' => 'August 23: With the festive season just around the cover, the market is likely to face shortage of sugar and a price hike.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">August 23: With the festive season just around the cover, the market is likely to face shortage of sugar and a price hike.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The domestic sugar industries have run out of stock while the government agencies responsible for the supply of sugar have given permission for limited amount of import this year. Because of these factors, the customers are likely to face shortage of sugar in the upcoming festivals of Dashain and Tihar.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Usually, the demand for sugar during festive season is 70,000 metric tons. But the government this year has given permission to import only 30,000 metric tons of sugar. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Salt Trading Corporation had sought permission for importing 50,000 metric tons of sugar considering the rise in demand during festive season.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">But it has been given permission to import 20,000 metric tons of sugar while the Food Management Company Limited has got permission to purchase 10,000 metric tons of sugar.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Stakeholders say that failure to supply adequate amount of sugar as per the demand would result in price hike.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Spokesperson of Salt Trading Corporation Kumar Rajbhandari says that the artificial shortage of sugar witnessed right now and the possible price hike could have been checked had the government given them permission to import 50,000 metric tons of sugar.</span></span></span></span></p>
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		'Article' => array(
			'id' => '12362',
			'article_category_id' => '1',
			'title' => 'Tender for Track Bed of East-West Electric Railway to Proceed Ahead',
			'sub_title' => '',
			'summary' => 'August 23: The Department of Railways has informed that the construction work of the track bed of the Kakadvitta-Inaruwa section of the East-West Electric Railway will not be halted. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 23: The Department of Railways has informed that the construction work of the track bed of the Kakadvitta-Inaruwa section of the East-West Electric Railway will not be halted. The project has courted controversy since the start of the tender process.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Infrastructure experts have advised not to proceed with the project stating &nbsp;that basic preparations like land acquisition and site clearance have not been completed. However, the railway department informed that the project will move ahead regardless of any circumstances.</span></span></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">Balaram Mishra, director general of the department, informed that no work would be stopped as the government, parliamentary committee and the high court have already ordered them to move ahead with the tender and other process of construction of the 106 km long track bed.</span></span></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">&quot;The department has started the tender process following the government&rsquo;s approval,&quot; Mishra informed.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">He also claimed that there would be no problem in the construction of the section as the work was carried out after analyzing the legal issues and other basic aspects.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The department, which had issued a tender of Rs 28 billion twice -- &nbsp;on June 28 and July 1 -- has now moved ahead with the tender evaluation following an interim order issued by the Patan High Court on August 10. The department has issued tenders for the section in 54 packages.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '12109',
			'image' => '20200823052850_1598131355.Clipboard12.jpg',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12361',
			'article_category_id' => '1',
			'title' => 'Lack of Coordination affects Daily Essential Services ',
			'sub_title' => '',
			'summary' => 'August 23: Majority of daily essential businesses and services in the valley have been affected due to the lack of coordination among the government agencies during the prohibitory order imposed since Thursday. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">August 23: Majority of daily essential businesses and services in the valley have been affected due to the lack of coordination among the government agencies during the prohibitory order imposed since Thursday. </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:&quot;Times New Roman&quot;">Although the District Administration Office has allowed opening food and other necessary consumer goods shop, the business of consumer goods such as groceries, dairy, and meat have been affected as the traders could not go to their shop due to police barricade. </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:&quot;Times New Roman&quot;">Traders whose shops are distant from their home, complain that the police do not allow them to go to their shops. </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:&quot;Times New Roman&quot;">Former president of Nepal Retailers Association Pabitra Bajracharya, who stays in New Road, was stopped by the police on the way to his shop at Shwoyambhu. He was not allowed to go to the shop although his customers kept calling him to buy groceries such as rice, lentils, water, salt, sugar and oil. </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:&quot;Times New Roman&quot;">His shop is closed since Thursday. &quot;I am just an example. There are many traders like me who are deprived of opening their shops due to police obstruction,&quot; he told New Business Age. </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:&quot;Times New Roman&quot;">Although the DAO has issued a notice that grocery shops are allowed to operate, there has been problem as the timeframe has not been specified. Therefore, the police themselves are in dilemma. In most of the places of Kathmandu, the police have allowed to open shops from 5am to 7am. </span></span></span></span></p>
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			'created' => '2020-08-23',
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	(int) 13 => array(
		'Article' => array(
			'id' => '12360',
			'article_category_id' => '1',
			'title' => 'NRB tells Remittance Companies to Open Counters despite Prohibitory Order',
			'sub_title' => '',
			'summary' => 'August 23: Nepal Rastra Bank (NRB) has directed remittance companies to provide their service despite the prohibitory order of the government. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 23: Nepal Rastra Bank (NRB) has directed remittance companies to provide their service despite the prohibitory order of the government. The central bank issued such order considering that many households in Nepal are dependent on remittance for their livelihood.</span></span></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">NRB in a circular issued to the remittance companies has instructed them to provide their service by adopting necessary safety precaution. </span></span></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 instruction comes after the local governments in the Kathmandu Valley and some other infected districts imposed prohibitory orders to contain the spread of the disease.</span></span></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 clarified that such instruction was given so that the people dependent on remittance would not have to suffer during the current 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">&ldquo;We have ordered the remittance companies not to compromise on their service so that the families relying on remittance would not face any problem. The remittance companies will have to facilitate in availing the money sent by Nepali migrant workers from abroad,&rdquo; said an official at the Foreign Exchange Management Department of NRB.</span></span></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 remittance companies have been urged to coordinate with the local units to keep their counters open for a limited period with minimum number of staffers.</span></span></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 has also instructed the remittance companies to coordinate with BFIs for availing foreign exchange facility and to make payment of remittance through banks if possible.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 14 => array(
		'Article' => array(
			'id' => '12358',
			'article_category_id' => '1',
			'title' => 'Electricity Tariff should be Collected by Ascertaining Amount of Electricity Consumption: CIAA ',
			'sub_title' => '',
			'summary' => 'August 21: The Commission for the Investigation of Abuse of Authority (CIAA) has said that the electricity tariff should be collected by ensuring the quantity of electricity consumed by the industries supplied through dedicated feeders and trunk lines before the end of load shedding.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">August 21: The Commission for the Investigation of Abuse of Authority (CIAA) has said that the electricity tariff should be collected by ensuring the quantity of electricity consumed by the industries supplied through dedicated feeders and trunk lines before the end of load shedding. The CIAA has suggested that the data of Time of Day (TOD) meter should be primary basis for this. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Sending a three-point letter to the Ministry of Energy, the Electricity Regulatory Commission and the Nepal Electricity Authority regarding the dedicated and trunk line tariff dispute, the authority has suggested not to impose additional burden on the industrialists in the name of tariff. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The industrialists approached the CIAA after the cabinet endorsed a report on the dedicated and trunk line submitted by a high level committee coordinated by Secretary at the Ministry of Energy, Dinesh Ghimire. The authority had sent letter to these bodies last week on the basis of the request by the industrialists. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to the letter, the authority should determine the electricity tariff only after ascertaining whether the electricity has been used for dedicated feeders and trunk lines after the load shedding ended. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The authority has suggested taking the decision of the Supreme Court in the case of Shivam Cement as precedence for other industries as well. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The court has directed the government not to charge Shivam Cement any tariff for dedicated and trunk line from mid July 2015 to January 13, 2016. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Load shedding in the industrial sector had come to an end on May 14, 2018. However, the NEA has been sending dedicated and trunk line electricity tariff bills to the industries even after that. Since then, the dispute has become more complicated. </span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12371',
			'article_category_id' => '1',
			'title' => 'Online Transaction Boosts Up Stock Market Trading ',
			'sub_title' => '',
			'summary' => 'August 25: Stock market trading in Nepal has taken a positive direction in recent days due to online transaction for stock trading.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 25: Stock market trading in Nepal has taken a positive direction in recent days due to online transaction for stock trading. The value of stocks in the capital market is growing up despite other businesses being shut down amid coronavirus 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:Calibri">Nepal Stock Exchange (NEPSE) on Monday, August 24, recorded share transaction of more than Rs 2.13 billion. Amidst the growing fear of fall in trading activity due to Covid-19, the NEPSE index rose by 21.26 points on Monday.</span></span></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">Investors inform that industries and businesses are closed due to Covid-19 and there are no other investment options. This has led to the growth of stock trading. </span></span></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">Tilak Koirala, chairman of the Share Investors Pressure Group, inform that the market has gained momentum despite the lockdown, as the online system has made it convenient to invest in stock trading from home.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">According to NEPSE, more than 90 percent of the shares have been bought and sold through the online trading system in recent time. It also informed that the number of investors registering in online system has increased. The traders logging for usernames and passwords is increasing making them active in stock trading as there are no other options for investing from home.</span></span></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">Chandra Singh Saud, chief executive officer of NEPSE, informed that stock trading has become easy and effective because of access to online transactions. Saud said that 83 percent of Monday&#39;s transactions were done online.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-08-25',
			'modified' => '2020-08-25',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12120',
			'image' => '20200825123834_20150909021332_nep.jpg',
			'article_date' => '2020-08-25 12:38:01',
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	(int) 1 => array(
		'Article' => array(
			'id' => '12370',
			'article_category_id' => '1',
			'title' => 'India’s Obstruction Causing Unnecessary Hassles for Nepali Exporters',
			'sub_title' => '',
			'summary' => 'August 25: The Nepal-India Trade Treaty mentions that both countries will promote each other’s products in their respective markets.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 25: The Nepal-India Trade Treaty mentions that both countries will promote each other&rsquo;s products in their respective markets. As per the provision of the treaty, Nepali goods that meets all the required standard set by the government deserves fair treatment in the Indian market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, there are lots of instances in which Nepali products get stranded in the border points due to obstruction created by India time and 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:&quot;Arial Unicode MS&quot;">There was a time when such obstruction created by India affected the export of vegetable ghee, copper and zinc from Nepal. Of late, Nepali exporters have been facing myriads of problems in exporting cardamom, tea, ginger, jute, lentil, and broom grass.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepali exporters are facing problems not only for exporting the goods that are sold in the Indian market but also in third countries.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Industrialists in Nepal say that a large quantity of refined palm oil has been lying in warehouses due to the ban imposed by India on the product since the last five months. Operator of OCB Foods. Suresh Rungata, says they are forced to store more than 100,000 metric tons of refined palm oil as well as raw materials due to the ban on the product by India. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The investments made by 14 oil industries in Nepal are under risk due to such restriction created by India. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;New industries were set up for exporting oil to India. Most of the industrialists upgraded their capacity. But the investors are worried about that their investment might go in vain,&rdquo; says Rungata.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The private sector has been complaining that the authorities of Nepal do not prepare well during bilateral talks with India resulting in India&rsquo;s domination. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Trade and Transit Treaty of 1996 between Nepal and India allowed export of Nepali goods in the Indian market without any customs duty and obstruction. However, the treaty was amended in 2001, authorizing India to ban goods from India. This provision badly affected the industries that were established for exporting goods to India.</span></span></span></span></p>
',
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			'created' => '2020-08-25',
			'modified' => '2020-08-25',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12119',
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		'Article' => array(
			'id' => '12375',
			'article_category_id' => '1',
			'title' => 'Insurance Board Directs Insurance Companies to Reduce Insurance Fees During Lockdown Period',
			'sub_title' => '',
			'summary' => 'August 25: Insurance Board, the regulatory body of insurance companies in Nepal, has directed non-life insurance companies to provide discount on insurance fees to the industries that were closed during the lockdown period.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 25: Insurance Board, the regulatory body of insurance companies in Nepal, has directed non-life insurance companies to provide discount on insurance fees to the industries that were closed during the lockdown period.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The board issued the directive through a circular to all non-life insurance companies on Monday (August 24), according to the state-owned national news agency of Nepal (RSS). </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In the circular, the board has asked the insurance companies to provide discount on the insurance fees in line with the Property Insurance Guidelines 2075, informed Executive Director of Insurance Board Raju Raman Poudel. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The board has instructed the companies to reduce the insurance fee of the industries under risk zone by 50 percent as per the provision in the budget for the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Insurance Board has made it clear that the discount will be valid for up to 83 days.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-08-25',
			'modified' => '2020-08-25',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12118',
			'image' => '20200825040928_bima_samiti.jpg',
			'article_date' => '2020-08-25 16:08:51',
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	(int) 3 => array(
		'Article' => array(
			'id' => '12374',
			'article_category_id' => '1',
			'title' => 'Acharya Appointed CEO of CDS and Clearing Limited',
			'sub_title' => '',
			'summary' => 'August 25: Purna Prasad Acharya has been appointed as the chief executive officer (CEO) of CDS and Clearing Limited, a depository and subsidiary of Nepal Stock Exchange (Nepse).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 25: Purna Prasad Acharya has been appointed as the chief executive officer (CEO) of CDS and Clearing Limited, a depository and subsidiary of Nepal Stock Exchange (Nepse).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The post had remained vacant since the last 11 months. A selection committee had recently recommended the names of Acharya along with Krishna Giri and Bhisma Chalise for the post of the company&rsquo;s CEO.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the committee on Monday (August 24) decided to appoint Acharya as the CEO of the company. Acharya is a retired employee of Agriculture Development 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:&quot;Arial Unicode MS&quot;">CDC and Clearing was without a CEO ever since the term of former CEO Dev Prakash Gupta September 26 last year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Kanchan Sapkota was appointed as the acting CEO until now.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-08-25',
			'modified' => '2020-08-25',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12117',
			'image' => '20200825034928_1598280156.jpg',
			'article_date' => '2020-08-25 15:48:56',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12369',
			'article_category_id' => '1',
			'title' => 'Banks Indulge in ‘Unhealthy Competition’ by Lowering Interest Rates for Swapping Loans',
			'sub_title' => 'Credit Flow Becoming Negative Due to the Lack of New Demand',
			'summary' => 'August 24: Despite the attempts of banks to disburse loans by lowering the interest rates and setting new base rates, flow of new credit has still not happened. ',
			'content' => '<h1><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">August 24: Despite the attempts of banks to disburse loans by lowering the interest rates and setting new base rates, flow of new credit has still not happened. The increase in liquidity in the market is causing the old debtors to shift to the banks with lower interest rates. Banks are trying to sustain their old debtors by offering them lower interest rates.</span></span></span></h1>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Bankers have complained about the unhealthy competition that has surfaced because of the lowering of interest rates in order to attract the customers of other banks. Some bankers claim that some of the debtors have been swapping their loans with other banks by making a full payment of the loan before its maturity. Nepal Rastra Bank has, for the first time, announced the cost of prepayment of loans along with the service fee for banks and financial institutions, because of the coronavirus pandemic.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">According to the announcement made by Nepal Rastra Bank last month, in case of prepayment or swapping of loans, commercial banks are liable to receive 0.15% of the total amount , development banks are liable to receive 0.2% and finance companies are liable to receive 0.3% from their borrowers.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;Commercial, development banks and finance companies receive a maximum of 0.75%, 1% and 1.25% respectively as the loan management fee. However, there is a provision for them to receive up to 20% on their working capital loans of renewable nature as a renewable and commitment fee, advance payment fee and loan-swap fee.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Ganeshraj Pokharel, the chief executive officer of Citizens Bank, said that it has been easier for old borrowers to move to another bank because of the lowered cost for swapping of loans. He added that the interest rates on deposits are similar for small and big banks, but the bigger banks are pulling the customers of the smaller banks by decreasing their rates greatly with their schemes.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&nbsp;&ldquo;There is high liquidity everywhere. There is no new borrower. However, the tendency of a bank pulling another bank&rsquo;s customer has increased,&rdquo; he told New Business Age, adding, &ldquo;Nepal Rastra Bank has fixed a very low rate for prepayment and swapping of loans. The low charge is the reason for the borrowers to move to other banks that have comparatively lower interest rates.&rdquo;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Meanwhile, the Banks and Financial Institution Regulation Department of Nepal Rastra Bank informed that they decided on the cost of swap and prepayment of loans because there wasn&rsquo;t enough competition in the market.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&nbsp;&ldquo;The fee should be lowered as per the competition. It was important for us to set the limits now because banks are independent while determining such fees,&rdquo; said an official of the department.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Previously, banks like Mega, NIC Asia, Standard Chartered, Sunrise, Himalayan, Everest, Global IME, Nabil, etc had determined their new base rates or increased their base rates by a little to determine their interest rates on home loans, and small and medium loans. Rates determined in this way range between 7% to 9%. The rates for such loans had also gone as high as 14% when the market didn&rsquo;t have much investable capital.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The credit flow of commercial banks have become negative after having no new demand for loans and having recovered the interests and installments from old borrowers by mid-August. Nepal Bankers&rsquo; Association informed that even though commercial banks had a credit flow of Rs 86 billion by mid-July, the credit flow was negative by Rs 25 billion by mid-August. According to the association, all 27 commercial banks had to recover a combined amount of Rs 293 billion from their debtors till mid-July but the loans to be recovered has become only Rs 286.8 billion as of mid-August.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The credit flow of commercial banks was negative in mid-April to mid-June because they were not able to disburse new loans. The net credit flow was negative by Rs 16 billion toward mid-May. </span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-08-24',
			'modified' => '2020-08-24',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12116',
			'image' => '20200824042834_INTEREST-RATE.jpg',
			'article_date' => '2020-08-24 16:27:44',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12368',
			'article_category_id' => '1',
			'title' => 'Energy Producers Dissatisfied with Merger Directive',
			'sub_title' => '',
			'summary' => 'August 24: Energy producers and entrepreneurs have expressed their dissatisfaction towards the merger directives of the Electricity Regulatory Commission.   ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 24: Energy producers and entrepreneurs have expressed their dissatisfaction towards the merger directives of the Electricity Regulatory Commission. &nbsp;&nbsp;</span></span></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 Electricity Regulatory Commission has issued a directive to the energy companies for the&nbsp;merge of private projects to enhance power generation, transmission, distribution, and customer service. However, energy entrepreneurs have said that such directive is not justifiable. </span></span></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">Private energy promoters say that the commission has not provided any concessions to encourage merger of companies and therefore the merger policy is not justifiable.</span></span></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">They allege that the commission issued such directive just to complete the administrative and legal processes. Last week, the commission had issued a directive allowing the promoters of private hydropower projects to merge, acquire, purchase and sale the share and transfer of ownership of the projects.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The entrepreneurs had demanded arrangements for royalty, income tax exemption, and license extension for production of the companies willing to merge. However, the entrepreneurs have expressed their dissatisfaction with the directive as the commission has not addressed these demands.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Nepal Rastra Bank has been providing various incentives to the banks and financial institutions that opt for merger. The power producers demand similar incentives from the commission for merger. The companies inform that merging two or more companies will only reduce their administrative expenses and there are no other benefits besides that.</span></span></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">Krishna Acharya, chairman of the Independent Power Producers Association of Nepal (IPPAN), informs that the promoters will not merge unless an incentive package is introduced. </span></span></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">&ldquo;Companies from the same business house can merge. However, the directive does not encourage other companies to merge. It is practically difficult to merge hydropower projects. The merger is possible only if concessions are given,&rdquo; he says.&nbsp;</span></span></span></span></p>
',
			'published' => true,
			'created' => '2020-08-24',
			'modified' => '2020-08-24',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12115',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12367',
			'article_category_id' => '1',
			'title' => 'JEMC to Start Printing Excise Duty Stickers within a Month',
			'sub_title' => '',
			'summary' => 'August 24: Janak Educational Material Centre (JEMC) is preparing to start printing the excise duty stickers for liquor and cigarettes within one month.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 24: Janak Educational Material Centre (JEMC) is preparing to start printing the excise duty stickers for liquor and cigarettes within one month. The government, which is running out of stock of excise duty stickers, has handed the responsibility of printing the stickers to the state-owned JEMC.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">JEMC is preparing to sign an agreement with Kagaj Kothi to procure papers for printing the stickers.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Kagaj Kothi was selected for supplying papers as it proposed the lowest bid for the tender in which five companies had taken part in, informed an official of JEMC.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chairman of Kagaj Kothi, Manohar Das Mool, informed New Business Age that they are preparing to sign the agreement as soon as possible.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We have received confirmation that our company has been selected. We will sign the agreement as soon as the prohibitory order is lifted,&rdquo; he told NBA.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to JEMC, Kagaj Kothi will have to supply 40 metric tons of paper within 20 days of signing the agreement. If the company does not supply paper on time, JEMC reserves the right to scrap the deal, says Director General of JEMC Mahesh Prasad Timilsina.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He further informed that they also issued tender bids for other necessary equipment along with the papers to begin printing within a month.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We will start printing the stickers within a month at any cost. There won&rsquo;t be any delay under any pretext,&rdquo; said Timilsina.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, chairman Mool says that the government must facilitate the transport of papers due to the prohibitory order issued in various districts.</span></span></span></span></p>

<p>&nbsp;</p>
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			'description' => '',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12366',
			'article_category_id' => '1',
			'title' => 'Traders in Dilemma Regarding Import of Readymade Garments for Festive Season',
			'sub_title' => '',
			'summary' => 'August 24: Traders are in dilemma on whether or not to import readymade garments for the upcoming Dashain and Tihar festivals.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">August 24: Traders are in dilemma on whether or not to import readymade garments for the upcoming Dashain and Tihar festivals. They are unable to decide because of the negative impact of the four-month-long lockdown on the businesses and the recent prohibitory order to control coronavirus infection. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">In the previous years, traders used to import readymade garments worth Rs 300 billion from China and India targeting the festivals. They used to start preparations from mid-July for this. However, industries, businesses and public life have been halted this year due to coronavirus, creating confusion among the traders. Due to this, they estimate that there may be shortage of readymade garments in the market during this festive season. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">According to the &nbsp;treasurer of New Road-based National Trade Association, Ram Chandra Parajuli, who has been involved in Nepal-China trade for a long time, the confusion has been created as around 500 containers of garments imported for the summer season have been stopped at Kerung border for the last six months. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;Traders have invested millions of rupees for importing clothes for summer but the containers are stuck at the border. It is still uncertain when will the products arrive in the country,&rdquo; said Parajuli, adding, &ldquo;On top of that, there is high probability that the products will be worn out. In such a scenario how will we import clothes for the upcoming festival?&rdquo; </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The trade of shoes, slippers, and clothes increases by 40 percent during the festive season than other times. However, this year, the traders are confused due to the pandemic. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Dil Sundar Shrestha, chairman of the Trade Fair Committee of FNCCI, said that even if the garments are imported, only 20 percent business can be done. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">He further claimed that the business of garments will not increase during the upcoming festivals as people have lost their jobs and their source of income has been cut off due to the pandemic. </span></span></span></p>

<p>&nbsp;</p>
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12113',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12365',
			'article_category_id' => '1',
			'title' => 'Indian Workers Earn More in Nepal than Nepali Workers in India',
			'sub_title' => '',
			'summary' => 'August 24: There is a general understanding that Nepali migrant workers in India send large amount of money back home every year.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 24: There is a general understanding that Nepali migrant workers in India send large amount of money back home every year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">India has been a prime destination for Nepalese workers since a long time due to its close proximity, open border and similar culture. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In the mean time, Nepal is also a major labour destination for Indian workers. In fact, the salary that Indian labourers earn in Nepal and take back home is three times more than what the Nepali labourers earn in India.&nbsp; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the World Bank&rsquo;s Bilateral Remittance Matrix, Nepali workers in India had sent remittance worth Rs 102 billion in 2017 while the Indian workers sent home Rs 302 billion from Nepal in the same year. Nepal is one of the top ten destinations for India to earn remittance.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The remittance Nepal receives from Indian also includes the salary of 35,000 serving Gurkha soldiers and pensions of 180,000 retired soldiers, which amount to Rs 72.57 billion annually. If this amount is deducted from the total remittance, the amount sent by other Nepalis stands at around Rs 29 billion.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, Nepal is a lucrative destination for Indian workers who are from the states that share border with Nepal. As the average income in Nepal is much better than that in India, the workers of India find the Nepali labour market quite attractive, according to the employers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The number of Indian workers is quite considerable in the industrial corridor near the border areas. According to the Nepali industrialists, more than 1 million Indian workers are employed in Nepal. Lots of labourers from India are found working in brick kilns, jute mills and cement factories.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Besides industries, Indian workers are also employed by gold dealers of Nepal. According to the Federation of Nepal Gold and Silver Dealers Association, more than 75 percent of goldsmiths in Nepal are from India. They take home around Rs 20 billion each year, says Tej Ratna Shakya, former chairman of the federation. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, the government of Nepal does not have any data about the exact number of Indian migrant workers working in Nepal. As the Indians do not require work permit to work in Nepal, the government does not have the required data.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;Although high ranking workers from India take work permit from the Government of Nepal to show the source of their income, there are only a handful of them. On the other hand, lots of Indians working at the lower level do not take any permission for work,&rdquo; says Sundar Shrestha, chief of the Birgunj office of Labour and Employment 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:&quot;Arial Unicode MS&quot;">Government officials say it is not mandatory for Indian nationals to obtain work permit in Nepal as guaranteed by the &nbsp;Nepal-India Peace and Friendship Treaty 1950.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12364',
			'article_category_id' => '1',
			'title' => 'Government to Allow Air Service from September 1',
			'sub_title' => '',
			'summary' => 'August 23: The government has agreed to allow not more than 500 flights a day starting from September 1. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 23: The government has agreed to allow not more than 500 flights a day starting from September 1. </span></span></span></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 Council of Ministers has assigned the Ministry of Culture, Tourism and Civil Aviation to regulate flights amid risk of 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">The cabinet has agreed to allow regular as well as chartered flights not exceeding 500 flights a day. However, international flights have been approved only for the countries where PCR tests are available. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Nepali citizens stranded in Malaysia, the UAE (Dubai), South Korea, Thailand, Japan, China, Hong Kong, Australia, the USA, Canada and European countries will be allowed to return home through regular commercial flights once the restriction on air service comes to an end. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">However, people from countries where PRC tests are not available will have to return home through chartered flights under strict regulation.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Government Spokesperson Dr Yuba Raj Khatiwada informed that the government will arrange chartered flights for the destinations where PCR tests are not available while the stranded Nepalis can return home upon the recommendation of the diplomatic missions of Nepal in the respective places.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Those travelling to Nepal through regular flights will have to produce certificate of negative test for Covid-19. They will also have to fill up an online form available at the website of the Covid-19 Crisis Management&nbsp; Centre (CCMC) and print the barcode. Another precondition for the people coming to Nepal is that they will have to stay in hotel quarantine for seven days, for which they will have to show the hotel booking to the airport authorities. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Afterwards, they will have to sign a written commitment to stay in home quarantine for 14 days. The local units will be responsible to monitor this.</span></span></span></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 travellers will have to pay the bill for booking hotel at the time of purchasing the air ticket. Only after fulfilling all the criteria, the passengers will be allowed to enter the country.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;&nbsp;</span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-08-23',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12363',
			'article_category_id' => '1',
			'title' => 'Shortage and Price Hike of Sugar Likely during Upcoming Festive Season',
			'sub_title' => '',
			'summary' => 'August 23: With the festive season just around the cover, the market is likely to face shortage of sugar and a price hike.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">August 23: With the festive season just around the cover, the market is likely to face shortage of sugar and a price hike.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The domestic sugar industries have run out of stock while the government agencies responsible for the supply of sugar have given permission for limited amount of import this year. Because of these factors, the customers are likely to face shortage of sugar in the upcoming festivals of Dashain and Tihar.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Usually, the demand for sugar during festive season is 70,000 metric tons. But the government this year has given permission to import only 30,000 metric tons of sugar. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Salt Trading Corporation had sought permission for importing 50,000 metric tons of sugar considering the rise in demand during festive season.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">But it has been given permission to import 20,000 metric tons of sugar while the Food Management Company Limited has got permission to purchase 10,000 metric tons of sugar.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Stakeholders say that failure to supply adequate amount of sugar as per the demand would result in price hike.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Spokesperson of Salt Trading Corporation Kumar Rajbhandari says that the artificial shortage of sugar witnessed right now and the possible price hike could have been checked had the government given them permission to import 50,000 metric tons of sugar.</span></span></span></span></p>
',
			'published' => true,
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12110',
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	(int) 11 => array(
		'Article' => array(
			'id' => '12362',
			'article_category_id' => '1',
			'title' => 'Tender for Track Bed of East-West Electric Railway to Proceed Ahead',
			'sub_title' => '',
			'summary' => 'August 23: The Department of Railways has informed that the construction work of the track bed of the Kakadvitta-Inaruwa section of the East-West Electric Railway will not be halted. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 23: The Department of Railways has informed that the construction work of the track bed of the Kakadvitta-Inaruwa section of the East-West Electric Railway will not be halted. The project has courted controversy since the start of the tender process.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Infrastructure experts have advised not to proceed with the project stating &nbsp;that basic preparations like land acquisition and site clearance have not been completed. However, the railway department informed that the project will move ahead regardless of any circumstances.</span></span></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">Balaram Mishra, director general of the department, informed that no work would be stopped as the government, parliamentary committee and the high court have already ordered them to move ahead with the tender and other process of construction of the 106 km long track bed.</span></span></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">&quot;The department has started the tender process following the government&rsquo;s approval,&quot; Mishra informed.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">He also claimed that there would be no problem in the construction of the section as the work was carried out after analyzing the legal issues and other basic aspects.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">The department, which had issued a tender of Rs 28 billion twice -- &nbsp;on June 28 and July 1 -- has now moved ahead with the tender evaluation following an interim order issued by the Patan High Court on August 10. The department has issued tenders for the section in 54 packages.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12361',
			'article_category_id' => '1',
			'title' => 'Lack of Coordination affects Daily Essential Services ',
			'sub_title' => '',
			'summary' => 'August 23: Majority of daily essential businesses and services in the valley have been affected due to the lack of coordination among the government agencies during the prohibitory order imposed since Thursday. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">August 23: Majority of daily essential businesses and services in the valley have been affected due to the lack of coordination among the government agencies during the prohibitory order imposed since Thursday. </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:&quot;Times New Roman&quot;">Although the District Administration Office has allowed opening food and other necessary consumer goods shop, the business of consumer goods such as groceries, dairy, and meat have been affected as the traders could not go to their shop due to police barricade. </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:&quot;Times New Roman&quot;">Traders whose shops are distant from their home, complain that the police do not allow them to go to their shops. </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:&quot;Times New Roman&quot;">Former president of Nepal Retailers Association Pabitra Bajracharya, who stays in New Road, was stopped by the police on the way to his shop at Shwoyambhu. He was not allowed to go to the shop although his customers kept calling him to buy groceries such as rice, lentils, water, salt, sugar and oil. </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:&quot;Times New Roman&quot;">His shop is closed since Thursday. &quot;I am just an example. There are many traders like me who are deprived of opening their shops due to police obstruction,&quot; he told New Business Age. </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:&quot;Times New Roman&quot;">Although the DAO has issued a notice that grocery shops are allowed to operate, there has been problem as the timeframe has not been specified. Therefore, the police themselves are in dilemma. In most of the places of Kathmandu, the police have allowed to open shops from 5am to 7am. </span></span></span></span></p>
',
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			'created' => '2020-08-23',
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	(int) 13 => array(
		'Article' => array(
			'id' => '12360',
			'article_category_id' => '1',
			'title' => 'NRB tells Remittance Companies to Open Counters despite Prohibitory Order',
			'sub_title' => '',
			'summary' => 'August 23: Nepal Rastra Bank (NRB) has directed remittance companies to provide their service despite the prohibitory order of the government. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 23: Nepal Rastra Bank (NRB) has directed remittance companies to provide their service despite the prohibitory order of the government. The central bank issued such order considering that many households in Nepal are dependent on remittance for their livelihood.</span></span></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">NRB in a circular issued to the remittance companies has instructed them to provide their service by adopting necessary safety precaution. </span></span></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 instruction comes after the local governments in the Kathmandu Valley and some other infected districts imposed prohibitory orders to contain the spread of the disease.</span></span></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 clarified that such instruction was given so that the people dependent on remittance would not have to suffer during the current 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">&ldquo;We have ordered the remittance companies not to compromise on their service so that the families relying on remittance would not face any problem. The remittance companies will have to facilitate in availing the money sent by Nepali migrant workers from abroad,&rdquo; said an official at the Foreign Exchange Management Department of NRB.</span></span></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 remittance companies have been urged to coordinate with the local units to keep their counters open for a limited period with minimum number of staffers.</span></span></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 has also instructed the remittance companies to coordinate with BFIs for availing foreign exchange facility and to make payment of remittance through banks if possible.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'Electricity Tariff should be Collected by Ascertaining Amount of Electricity Consumption: CIAA ',
			'sub_title' => '',
			'summary' => 'August 21: The Commission for the Investigation of Abuse of Authority (CIAA) has said that the electricity tariff should be collected by ensuring the quantity of electricity consumed by the industries supplied through dedicated feeders and trunk lines before the end of load shedding.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">August 21: The Commission for the Investigation of Abuse of Authority (CIAA) has said that the electricity tariff should be collected by ensuring the quantity of electricity consumed by the industries supplied through dedicated feeders and trunk lines before the end of load shedding. The CIAA has suggested that the data of Time of Day (TOD) meter should be primary basis for this. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Sending a three-point letter to the Ministry of Energy, the Electricity Regulatory Commission and the Nepal Electricity Authority regarding the dedicated and trunk line tariff dispute, the authority has suggested not to impose additional burden on the industrialists in the name of tariff. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The industrialists approached the CIAA after the cabinet endorsed a report on the dedicated and trunk line submitted by a high level committee coordinated by Secretary at the Ministry of Energy, Dinesh Ghimire. The authority had sent letter to these bodies last week on the basis of the request by the industrialists. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to the letter, the authority should determine the electricity tariff only after ascertaining whether the electricity has been used for dedicated feeders and trunk lines after the load shedding ended. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The authority has suggested taking the decision of the Supreme Court in the case of Shivam Cement as precedence for other industries as well. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The court has directed the government not to charge Shivam Cement any tariff for dedicated and trunk line from mid July 2015 to January 13, 2016. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Load shedding in the industrial sector had come to an end on May 14, 2018. However, the NEA has been sending dedicated and trunk line electricity tariff bills to the industries even after that. Since then, the dispute has become more complicated. </span></span></span></span></p>

<p>&nbsp;</p>
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FOREX

Currency	Unit	Buy	Sell
U.S. Dollar	1	121.23	121.83
European Euro	1	131.65	132.31
UK Pound Sterling	1	142.47	143.18
Swiss Franc	1	124.29	124.90
Australian Dollar	1	71.69	72.05
Canadian Dollar	1	83.90	84.32
Japanese Yen	10	10.94	11.00
Chinese Yuan	1	17.17	17.26
Saudi Arabian Riyal	1	32.27	32.43
UAE Dirham	1	33.01	33.17
Malaysian Ringgit	1	27.36	27.50
South Korean Won	100	9.77	9.82

Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)

Bullion

Fine Gold	1 tola	77000.00
Tejabi Gold	1 tola	76700.00
Silver	1 tola	720.00

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

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