NEWS

Bank Account Mandatory for Receiving Social Security Allowance

Aug 21, 2020 0 2 minutes 3 seconds to read

August 21: The government has made it mandatory for people receiving social security allowance to open bank accounts.…

Dhaubadhi Mine Suitable for Commercial Production of Iron

Aug 21, 2020 0 3 minutes 5 seconds to read

August 21: Dhaubadhi Iron Company Limited has claimed that the iron extracted from Nawalpur-based Dhaubadhi mine is viable for commercial…

Government to Resume Chartered Flights

Aug 21, 2020 0 2 minutes 13 seconds to read

August 21: The government has decided to resume chartered flights to airlift its citizens stranded abroad due to Covid-19…

NRB Preparing for Refinancing within 2 Months

Aug 21, 2020 0 5 minutes 53 seconds to read

August 21: Nepal Rastra Bank has notified businesses and industries that they will need to apply within 45 days to become a recipient of the refinancing facility, initiated to provide relief to the debtors affected by the coronavirus…

Nepali Importers Troubled by Additional Transportation Cost at ICP

Aug 20, 2020 0 1 minutes 41 seconds to read

August 20: Nepali importers have been burdened with additional transportation expenses at the Nepal-India Integrated Check Post (ICP) due to lack of their own warehouse at the newly built…

FNCCI Given 3 Options for Election

Aug 20, 2020 0 2 minutes 35 seconds to read

August 20: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has recommended three modalities for the election of the umbrella organisations of business entrepreneurs and industrialists of Nepal.…

Government Data show Improvement in Revenue Collection

Aug 20, 2020 0 2 minutes 32 seconds to read

August 20: The government has made some progress in revenue collection, which was badly affected by the coronavirus pandemic since the last four…

Government Denies Permission for Procurement of Chemical Fertilizers

Aug 20, 2020 0 3 minutes 5 seconds to read

August 20: Ministry of Agriculture and Livestock Development has denied permission to the concerned state-owned corporations to issue tender notice for the purchase of chemical fertilisers, thereby delaying the procurement…

Covid-19 Pandemic Delays Sale of Habib’s Shares in HBL to CDC

Aug 19, 2020 0 4 minutes 29 seconds to read

August 19: Commonwealth Development Corporation Group (CDC) of the UK had reached an understanding with Pakistan’s Habib Bank to purchase 20 per cent of the latter’s stake in Himalayan Bank Limited (HBL).…

COVID-19 Infection Boosts the Market of Sanitizer

Aug 19, 2020 0 2 minutes 12 seconds to read

August 19: While the overall industries of the country have been weakened by the impact of coronavirus, the market of sanitizer has skyrocketed in Nepal.…

Provincial Governments, Local Units Seek Rs 450 Million to Fight Covid-19 Pandemic

Aug 19, 2020 0 2 minutes 1 seconds to read

August 19: With the increase in number of Covid-19 cases across the country, the provincial governments and the local units have sought financial support from the federal government for the prevention of the disease and treatment of…

Government Lags Behind in Establishing New Industrial Estates

Aug 19, 2020 0 2 minutes 7 seconds to read

August 19: The government has failed to construct even the basic facilities for new industrial estates even five years after starting the…

Government Appoints Dahal as Chairman of Revenue Board

Aug 19, 2020 0 3 minutes 30 seconds to read

August 19: The government has appointed former secretary Mahesh Dahal as the chairman of the newly formed Revenue Board.…

Government Authorities Issue Week-Long Prohibitory Order in the Capital

Aug 19, 2020 0 1 minutes 50 seconds to read

August 19: Government authorities have decided to impose a week-long prohibitory order in the capital from Wednesday midnight (August 19).…

NEA’s Net Profit Soars Despite Lockdown

Aug 18, 2020 0 1 minutes 49 seconds to read

August 18: The net profit of Nepal Electricity Authority (NEA) increased in the last fiscal year 2019/20 amid coronavirus crisis.…

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

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NEPSE

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			'id' => '12357',
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			'title' => 'Bank Account Mandatory for Receiving Social Security Allowance ',
			'sub_title' => '',
			'summary' => 'August 21: The government has made it mandatory for people receiving social security allowance to open bank accounts. ',
			'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 21: The government has made it mandatory for people receiving social security allowance to open bank accounts. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The Department of National ID and Civil Registration (DoNIDCR) has implemented this provision in line with the announcement made during the current fiscal year&rsquo;s budget, which mentions that all beneficiaries will have to open bank accounts from this year onward to receive the allowance.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">With this new provision, on the local units which do not have access to banking service will receive social security allowance in cash. All other local units will have to open bank accounts for the beneficiaries and deposit their allowance in bank.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Senior citizens, single women, people from backward Dalit community, people from endangered groups, differently abled persons, widow among others have been receiving social security allowance ranging from Rs 400 to Rs 3000 per month. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The government had proposed this concept five years ago but it not implemented all over the country. But the Director of DoNIDCR Shiva Raj Joshi says it has become mandatory in all local units except some exceptions from now onward.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">According to Joshi, the local units will not be allowed to hand over the allowance in cash anymore.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">So far, 137 local units have already started distributing social security allowance through the banking system.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The department informed that altogether 3.2 million people receive social security allowance in Nepal.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'Dhaubadhi Mine Suitable for Commercial Production of Iron',
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			'summary' => 'August 21: Dhaubadhi Iron Company Limited has claimed that the iron extracted from Nawalpur-based Dhaubadhi mine is viable for commercial use.',
			'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 21: Dhaubadhi Iron Company Limited has claimed that the iron extracted from Nawalpur-based Dhaubadhi mine is viable for commercial use.</span></span></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;">Sources said that a study of samples from the mine has indicated the possibility of commercial production of iron from the mine in large scale. Concerned authorities had sent five tons of ore extracted from the mine for study in China last year. It has been learnt that the stakeholders in Nepal will receive the report from China within 20 days.</span></span></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;">CEO of the company Krishna Dev Jha told New Business Age that they will now be able to extract iron from the mine for commercial production. He added that they will soon start necessary preparation for setting up the extraction technology, storage and certification works among others.</span></span></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;After going through the report, we can ascertain the quantity of per day extraction from the mine as well as investment requirement and cost estimates,&rdquo; said Jha.</span></span></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 company has already initiated the process to select the consultant company for drilling the mine. </span></span></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;">Jha said that they will select the consultant company within six weeks and the company will have to complete the drilling work in the next six months. The terms of reference (ToR) has been prepared accordingly, said Jha.</span></span></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 company will then go ahead with the feasibility study, detailed engineering design, plant establishment among other works.</span></span></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 company is preparing to drill 265 to 300 meters deep into the mine at five different areas of Dhaubadhi and Pokhari. The company clarified that it will begin the feasibility study only after completing the drilling process.</span></span></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 company will look for investment partners once it starts the feasibility study.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government had released Rs 250 million for the company during the last fiscal year whereas the budget allocated for the current fiscal year has been increased to Rs 1.5 billion.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The public company with a capital of Rs 10 billion is being looked after by the central government.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12355',
			'article_category_id' => '1',
			'title' => 'Government to Resume Chartered Flights ',
			'sub_title' => '',
			'summary' => 'August 21: The government has decided to resume chartered flights to airlift its citizens stranded abroad due to Covid-19 pandemic.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 21: The government has decided to resume chartered flights to airlift its citizens stranded abroad due to Covid-19 pandemic. A meeting of the Council of Ministers took a decision to this effect on Thursday (August 20).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">All rescued citizens will have to isolate themselves in hotels for at least a week after returning back to Nepal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The cabinet decided to resume its operation to rescue Nepali citizens stranded abroad upon the recommendation of the Covid-19 Crisis Management Centre (CCMC). </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The government will operate three chartered flights per day to rescue the stranded citizens.</span></span></span></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 latest decision is a U-turn from its decision taken just three days ago to ban all chartered flights after the capital recorded a massive surge in Covid-19 cases.</span></span></span></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 meeting also decided to facilitate the movement of diplomats stationed in Nepal. Another decision includes increasing quarantine facilities at the local levels. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Similarly, the government has also decided to bear the expenses for the treatment of COVID-19 patients in private hospitals. The government&#39;s decision comes amid concerns that the government hospitals alone cannot provide treatment to all patients amid growing infection in the capital.</span></span></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">Nepali nationals returning from India via all 10 entry points will also have to isolate themselves for a week in the border areas. </span></span></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">Although most of the districts have enforced prohibitory order to crub the spread of infection, the cabinet meeting has decided not to restrict the transportation of raw materials required for industries and factories. </span></span></span></span></p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '12359',
			'article_category_id' => '1',
			'title' => 'NRB Preparing for Refinancing within 2 Months',
			'sub_title' => '',
			'summary' => 'August 21: Nepal Rastra Bank has notified businesses and industries that they will need to apply within 45 days to become a recipient of the refinancing facility, initiated to provide relief to the debtors affected by the coronavirus pandemic.',
			'content' => '<h1><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">August 21: Nepal Rastra Bank has notified businesses and industries that they will need to apply within 45 days to become a recipient of the refinancing facility, initiated to provide relief to the debtors affected by the coronavirus pandemic. This process, however, will likely be affected due to the prohibitory order imposed in the various parts of the country. </span></span></h1>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Nepal Rastra Bank had recently demanded an application from banks and financial institutions (BFIs) along with a list of customers that require refinancing facility within 45 days. Nepal Rastra Bank has prepared to settle the issue of refinancing soon based on the list of customers that the commercial banks, development banks and finance companies submit. Preparations had been made to ensure the businesses got refinancing within two months.&nbsp; However, a prohibitory order has been imposed in various areas of the nation due to coronavirus pandemic. The time period for this order is different for different areas with chances of extension. Banks may need more time to prepare the list of debtors for refinancing if the period of the prohibitory order is extended. Only the necessary banking activities are in operation during this prohibitory period and it will also not be possible for the industrialists and businessmen to visit the banks in this situation.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Chairman of the Nepal Bankers&#39; Association Bhuvan Kumar Dahal says that they could not start preparing for the application at this moment because of the prohibitory order issued by the government.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;We will provide refinancing facility to the clients affected by COVID as soon as Nepal Rastra Bank makes the Refinancing Fund available to us after our application,&rdquo; he said. Bankers stated that refinancing will be available within two months if the prohibitory order does not get prolonged.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Nepal Rastra Bank has notified banks and financial institutions to apply for refinancing between August 17 to September 30. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The banks will only be able to demand a maximum of 25 percent of their capital as the refinancing amount. The debtor must have at least a year left in their repayment period to be eligible for this. Debtors that have a loan from more than one bank will only be considered for one bank to avoid any repetitions. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to the NRB, the banks will have to demand at least 70 percent of the total amount applied for refinancing under the refinancing of small, cottage and micro enterprises. Banks will also have to select at least five customers/ debtors from each branch while picking the loans to be applied for refinancing. Nepal Rastra Bank has stated that the applications that do not follow the required process or aren&rsquo;t submitted within the deadline will not be accepted.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to Gunakar Bhatta, the spokesperson for Nepal Rastra Bank, the banks have to apply along with list of customers within the stipulated time in the Refinancing Work Procedure-2077. According to him, the application for refinancing was announced to the banks for the reduction of interest costs for those affected by COVID and for a speedy implementation of refinancing in the economy.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><strong>Adding More Liquidity</strong></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The liquidity in the market will increase greatly once Nepal Rastra Bank provides banks with a lumpsum of refinancing amount. The market currently already has a excess liquidity of Rs 200 billion. Liquidity in banks will further increase when they will be provided with refinancing amount. The banks will have to provide the COVID-19 affected debtors the loan at 5 percent interest rate once they receive the refinancing amount from the central bank. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">NRB Spokesperson Bhatta said that the amount received for refinancing will provide an additional liquidity to the banks. &ldquo;There is no demand in the market even if the banks are able to use the refinancing fund. But their interest income will decrease. Debts are not flowing. Therefore, liquidity will increase in the market,&rdquo; he said. Banks do not seem excited about the refinancing because their liquidity will increase but their interest income will decrease when the refinancing fund is distributed. The interest income will decrease as they will only receive 5 percent interest rate when they used to receive 12 percent from the debtors.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Ganesh Pokharel, the chief executive officer of Citizens Bank pointed out that the refinancing facility is a national agenda and that it should be made available soon to help the debtors affected by COVID-19 even though the liquidity in market will increase because of it.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Saroj Tuladhar, the president of Nepal Financial Institutions&rsquo; Association said the finance companies have also started to collect data of the debtors. According to him, the list of the debtors will be prepared within 5-6 days. &ldquo;We will implement this as soon as the we get the approval after submitting it to Rastra Bank,&rdquo; he said. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The period of the lumpsum refinancing will be a year at most and will not be renewed. However, the period of refinancing will be a year at most for debtors who are extremely affected by coronavirus, and six months for those who are mildly affected by coronavrius. Nepal Rastra Bank informed that this refinancing is renewable. The upper limit for such financing is Rs 50 million.&nbsp; Small, cottage, and micro enterprises refinancing and general refinancing debtors will receive the refinancing at 5 percent interest rate. Special refinancing will be provided to the debtors at 3 percent interest rate.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The refinancing work procedure under the monetary policy of the current fiscal year will provide 70 percent of the refinancing fund through commercial banks, development banks and finance companies, and 10 percent through the microfinance companies. Nepal Rastra Bank will distribute 20 percent of the refinancing through their evaluation.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 4 => array(
		'Article' => array(
			'id' => '12354',
			'article_category_id' => '1',
			'title' => 'Nepali Importers Troubled by Additional Transportation Cost at ICP',
			'sub_title' => '',
			'summary' => 'August 20: Nepali importers have been burdened with additional transportation expenses at the Nepal-India Integrated Check Post (ICP) due to lack of their own warehouse at the newly built facility.',
			'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 20: Nepali importers have been burdened with additional transportation expenses at the Nepal-India Integrated Check Post (ICP) due to lack of their own warehouse at the newly built facility.</span></span></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 importers complain that they are forced to pay additional amount to transport the goods downloaded at Raxaul to the ICP. Earlier, they used to drop the goods at Birgunj- Raxaul border point but they now have to take the goods to the ICP for customs clearance. However, the transport companies do not have their own warehouse at the ICP neither do the importers. </span></span></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 importers are facing problem due to the lack of warehouse. </span></span></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;">Most of the import-export through Birgunj have to pass through the ICP. Only the petroleum products, clinker and coal enter the country through Inarwa transit point, says customs official Ramesh Sukmani. </span></span></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;">Importer Suresh Rungata says that they are forced to load the goods that arrive at Raxaul and take them to the ICP. Most of the transport companies have ware house at Raxaul.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Birgunj is just one kilometer away from Raxaul but the ICP is 20 kilometers away. </span></span></span></span></p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '12353',
			'article_category_id' => '1',
			'title' => 'FNCCI Given 3 Options for Election',
			'sub_title' => '',
			'summary' => 'August 20: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has recommended three modalities for the election of the umbrella organisations of business entrepreneurs and industrialists of Nepal.  ',
			'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 20: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has recommended three modalities for the election of the umbrella organisations of business entrepreneurs and industrialists of Nepal. &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;">The committee on Wednesday (August 19) provided its suggestions to the FNCCI, which has been struggling to hold its general convention amid crisis created by 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:&quot;Arial Unicode MS&quot;">One of the options given by the committee is to hold all three levels of election in the capital after the risk of coronavirus subsides. Other options include main election and election of associates in Kathmandu and the district/town election in the respective districts by maintaining physical distance while the third option is to hold election through electronic means. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The committee prepared the three modalities after consulting with the Ministry of Health and Population and the Covid-19 Crisis Management Centre (CCMC).</span></span></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;Now it is up to the executive committee of FNCCI to select the modality and date of election,&rdquo; said Ranjit Acharya, a member of FNCCI.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The decision will be taken by the next meeting of executive committee,&rdquo; he added.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the FNCCI had fixed the date of its General Assembly to elect a new executive committee for April 10-11, the election could not be held due to the lockdown imposed by the government as well as the risk of coronavirus infection. The date of the General Assembly has been deferred time and again.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The FNCCI leadership is under pressure to hold the election as soon as possible. </span></span></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 FNCCI members are divided over whether to hold the election after the risk of Covid-19 subsides or to go ahead for the polls by maintaining physical distancing.</span></span></span></span></p>
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			'description' => '',
			'sortorder' => '12100',
			'image' => '20200820020227_20200623020501_FNCCI building teku.jpg',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12352',
			'article_category_id' => '1',
			'title' => 'Government Data show Improvement in Revenue Collection ',
			'sub_title' => '',
			'summary' => 'August 20: The government has made some progress in revenue collection, which was badly affected by the coronavirus pandemic since the last four months.',
			'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 20: The government has made some progress in revenue collection, which was badly affected by the coronavirus pandemic since the last four months.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Officials say that the government is close to meeting its target of revenue collection after lifting the lockdown in third week of July. </span></span></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 Financial Comptroller General&rsquo;s Office, the government collected revenue of Rs 58.81 billion in between mid-July and mid-August.</span></span></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 data maintained by the office shows that the revenue collection was Rs 30 billion in the last week alone. </span></span></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;">Officials at the Inland Revenue Department (IRD) said that the sudden increase in revenue collection toward the second week of August was due to the collection of VAT and excise duty, which were pending from the last fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to Deputy Director General of IRD Mukti Pandey, the department had set a target to collect Rs 35 billion in the review period. He said they managed to collect Rs 34.74 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;">IRD collected Rs 29.33 billion from VAT and income tax while the excise duty amount was Rs 5.41 billion. The department informed that excise duty declined last month because the liquor market as well as production was badly affected by coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, revenue collection from customs duty increased during the review period. According to the director of the Customs Department Sishir Ghimire, revenue collection from customs point in mid-July to mid-August was Rs 22.84 billion, which is well above the target of Rs 19.81 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;">According to him, the improvement in collection of customs duty was possible due to the increase in import of food products, clothes, petroleum products, machinery parts among others after the lockdown was lifted. </span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12351',
			'article_category_id' => '1',
			'title' => 'Government Denies Permission for Procurement of Chemical Fertilizers',
			'sub_title' => '',
			'summary' => 'August 20: Ministry of Agriculture and Livestock Development has denied permission to the concerned state-owned corporations to issue tender notice for the purchase of chemical fertilisers, thereby delaying the procurement process.',
			'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 20: Ministry of Agriculture and Livestock Development has denied permission to the concerned state-owned corporations to issue tender notice for the purchase of chemical fertilisers, thereby delaying the procurement process.</span></span></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 ministry denied permission to the Salt Trading Corporation and Krishi Samagri Company from issuing tender bids for the purchase of fertilizers in current fiscal year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The ministry should have given permission to these two corporations by mid-August to procure fertilizers for the second quarter of the current fiscal year. But the corporations have not received approval from the ministry so far.</span></span></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;">This is expected to cause shortage of chemical fertilizers during the wheat planting season later in the 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;">Spokesperson of Salt Trading Corporation Kumar Raj Bhandari informed New Business Age that the process of procuring chemical fertilizers has been affected due to the delay in government granting permission for the purchase.</span></span></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;We have sought permission from the ministry to issue tender notice time and again but the ministry has ignored our plea,&rdquo; said Bhandari.</span></span></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;">Salt Trading Corporation has been authorized to purchase 30 percent of fertilizers and Krishi Samagri Company 70 percent on behalf of the government. They then sell the fertilziers to the farmers at subsidized rate.</span></span></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;">Salt Trading has received permission to purchase 30,000 metric tons of Urea, 40,000 metric tons of DAP and&nbsp; 5,000 metric tons of Potassium for the first quarter of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, chief of Krishi Samagri Company Netra Bhandari also confirmed that the ministry has denied permission for issuing tender for the purchase of fertilizers for the second quarter.</span></span></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;">On the other hand, secretary at the Ministry of Agriculture and Livestock Development Rajendra Prasad Bhari told New Business Age that he was not aware about the delay in granting permission to the corporations for purchasing fertilizers.</span></span></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, spokesperson at the ministry Dr Hari Bahadur KC said that the guidelines for subsidized fertilizers is in the process of being approved, causing delay in granting permission for the procurement.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12349',
			'article_category_id' => '1',
			'title' => 'Covid-19 Pandemic Delays Sale of Habib’s Shares in HBL to CDC',
			'sub_title' => 'Plans of Merger Will Not Affect the Agreement: HBL',
			'summary' => 'August 19: Commonwealth Development Corporation Group (CDC) of the UK had reached an understanding with Pakistan’s Habib Bank to purchase 20 per cent of the latter’s stake in Himalayan Bank Limited (HBL). ',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">August 19: Commonwealth Development Corporation Group (CDC) of the UK had reached an understanding with Pakistan&rsquo;s Habib Bank to purchase 20 per cent of the latter&rsquo;s stake in Himalayan Bank Limited (HBL). But it had to postpone the decision due to the Covid-19 pandemic. </span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Earlier, CDC had announced in mid-January after its annual general meeting that it will sign the share purchase agreement. However, the bank informed that the agreement has been kept on &ldquo;hold&rdquo; for now due to the pandemic.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Tulsi Prasad Gautam, chairman of HBL, said that the bank has been notified by the CDC that the share purchase agreement will be put on hold for 2020 as it is not possible for their representatives to travel to Nepal due to the pandemic. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;They need to come to Nepal to fulfill the required arrangements and procedures before purchasing the shares. However, they could not come to Nepal due to the spread of the coronavirus. That&rsquo;s why the agreement will be put on hold for now,&rdquo; he said, adding, &ldquo;The agreement has been deferred for rest of 2020. They have said that the agreement will be taken forward by analyzing the condition of the pandemic.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Ashoke SJB Rana, CEO of HBL, said that 80 percent of the Due Diligence Audit (DDA) of the shares owned by Habib had already been completed before the annual general meeting of last year and that the remaining work would be completed after the AGM. &ldquo;However, that could not happen immediately. The transfer of share ownership will take time because of the current situation.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The issued capital of Himalayan Bank has become Rs 9.37 billion following the distribution of 10 percent bonus shares after the annual general meeting of FY 2075/76. According to the bank, CDC had agreed to pay Rs 280 per share for the promoter shares owned by Habib. Habib owns 20 percent of the total shares of the bank, which amounts to 10.70 million units of shares.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Habib had first proposed the other promoters of HBL to purchase the shares that they were planning to sell. Habib had made this offer about one and half years ago because legally, the remaining promoters have the first right to buy the shares sold by another promoter. However, Habib made a deal with CDC when the promoter shareholders refused to buy the shares within 45 days of the offer. CDC has 9 percent stake on Habib. The two institutions had already been discussing about trading the shares of Himalayan Bank.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Himalayan Bank has started preparing for a merger even though the share purchase procedure between CDC and Habib has not been completed. Chairman Gautam informed that the board of directors of the bank have already decided to form a merger committee last Sunday but a minute is yet to be prepared for it. According to him, the merger will not affect the sales of the promoter shares. He added that the new board of directors formed seven months ago created a new merger committee after dissolving the one that was formed a year ago because it had not started any work for mergers and acquisitions.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">He expressed that the bank is planning to merge with a commercial bank that they can fit in with. According to him, the merger committee is trying to coordinate with various banks before submitting the names of three most suitable banks to the board.&nbsp; The bank will go for a merger after the board discusses their options and chooses the most appropriate commercial bank. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;It is not appropriate for others to suggest whom we should merge with,&rdquo; he told New Business Age, adding, &ldquo;The merger may happen with any bank except government-owned bank and Standard Chartered Bank Nepal.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Nepal Rastra Bank has used the monetary policy to compel commercial banks, especially the ones with cross holdings to acquire or be acquired by another bank. This is why commercial banks are under pressure to enter into mergers.</span></span></span></p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12350',
			'article_category_id' => '1',
			'title' => 'COVID-19 Infection Boosts the Market of Sanitizer ',
			'sub_title' => '',
			'summary' => 'August 19: While the overall industries of the country have been weakened by the impact of coronavirus, the market of sanitizer has skyrocketed in Nepal. ',
			'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 19: While the overall industries of the country have been weakened by the impact of coronavirus, the market of sanitizer has skyrocketed in Nepal. Many domestic pharmaceutical companies have started production of sanitizers after its demand increased. </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;">According to Deepak Dahal, former president of the Association of Pharmaceutical Producers of Nepal (APPON), 30 industries are currently producing sanitizers commercially. </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;">&ldquo;Its use has increased as the coronavirus infection has been spread massively. Most of the pharmaceutical companies have started its production as the demand in the market has gone up,&rdquo; he said. </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 Drug Act defines sanitizers as medicines, its production was neglected. The government had paved the way for the production of sanitizer by issuing a guideline in May 2017. </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;">The guideline has given the responsibility of regulating the production standard and quality of sanitizers to the Department of Drug Administration. DDA decided to allow the pharmaceutical industries to make sanitizers after a nationwide lockdown imposed from March 24 to control the infection. </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;">According Santosh KC, spokesperson of DDA, 40 industries in the country have already taken permission to produce sanitizers. </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;">Industrialists estimate that the market of sanitizer in Nepal has reached Rs 500 million since the beginning of the coronavirus infection. They expect the demand for sanitizers to increase further. </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;">According to the customs department, 530,000 liters of sanitizer worth Rs 245.4 million was imported from India and China in the last Fiscal Year 2076/77. </span></span></span></span></p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12348',
			'article_category_id' => '1',
			'title' => 'Provincial Governments, Local Units Seek Rs 450 Million to Fight Covid-19 Pandemic',
			'sub_title' => '',
			'summary' => 'August 19: With the increase in number of Covid-19 cases across the country, the provincial governments and the local units have sought financial support from the federal government for the prevention of the disease and treatment of patients.',
			'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 19: With the increase in number of Covid-19 cases across the country, the provincial governments and the local units have sought financial support from the federal government for the prevention of the disease and treatment of patients.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Altogether 92 local units of all seven provinces have asked for Rs 450 million from the government to set up ventilators, procure PCR machines and build isolation wards.</span></span></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 government has formed a management committee headed by the Vice President of the National Planning Commission for mobilizing the Covid-19 Emergency Fund. </span></span></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;">Financial Comptroller General Gopi Nath Mainali, who is also a member of the committee, told New Business Age that they have to analyze the requirements before releasing such a large amount.</span></span></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;We will release the fund to the local units as well as provincial governments after ascertaining the number of ventilators and PCR machines required,&rdquo; said Mainali.</span></span></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 Financial Comptroller General&rsquo;s Office, the fund has so far collected Rs 2.73 billion and has already spent Rs 1.9 billion. The committee is preparing to bankroll the amount to the local units and provincial governments from the remaining Rs 1.64 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;">&nbsp;The Financial Comptroller General&rsquo;s Office said that the federal government has already provided financial assistance to the hospitals of provinces and local levels to fight the pandemic before.</span></span></span></span></p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '12347',
			'article_category_id' => '1',
			'title' => 'Government Lags Behind in Establishing New Industrial Estates',
			'sub_title' => '',
			'summary' => 'August 19: The government has failed to construct even the basic facilities for new industrial estates even five years after starting the project.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 19: </span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government has failed to construct even the basic facilities for new industrial estates even five years after starting the project.</span></span></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 government had announced plans to build the industrial estates in 2015. It has already initiated the work but the construction has been delayed inordinately.</span></span></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 government since starting the expansion of industrial estates five years ago has been able to finish only preparing the Detailed Project Report (DPR), land purchase and compensation distribution, as well as the Environmental Impact Assessment (EIA) of the sites in Damak of Jhapa, Mayurdhap of Makwanpur, Shaktikhor of Chitwan, Motipur of Rupandehi, Naubasta of Banke and Daichi of Kanchanpur.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Despite the lackluster progress, government officials inform that necessary infrastructures are being built in the industrial areas.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">&nbsp;Nanda Kishore Basnet, chairman of the Industrial District Management Limited, informed that the foundation stones at all the proposed industrial areas have been laid in 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:Calibri">However, he added that it would take the government additional two years to complete the construction of basic infrastructures such as roads, electricity, water and fencing.</span></span></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">Balaju Industrial Estate was established for the first time in Nepal about 58 years ago. Since then, the government has established 10 industrial estates across the country. The last of them was set up more than 34 years ago.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">It has taken decades for the government to set up new industrial estates. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12346',
			'article_category_id' => '1',
			'title' => 'Government Appoints Dahal as Chairman of Revenue Board',
			'sub_title' => '',
			'summary' => 'August 19: The government has appointed former secretary Mahesh Dahal as the chairman of the newly formed Revenue Board. ',
			'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 19: The government has appointed former secretary Mahesh Dahal as the chairman of the newly formed Revenue Board. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ministry of Finance has established this board to resolve the disputes related to revenue and to provide policy-level suggestions to the ministry. The Council of Ministers on Monday (August 17) appointed Dahal as the chairman of the board upon the recommendation of the ministry.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Revenue Board was formed after a long preparation. Before the formation of the board, there wasn&rsquo;t any permanent mechanism to deal with revenue-related disputes.</span></span></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 lack of such mechanism, a Revenue Advisory Committee headed by the revenue secretary used to collect suggestions related to revenue every year before the announcement of annual budget.</span></span></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;">With the formation of the board, all such issues will be handled by the board itself. The board will regularly provide suggestions to the government and also conduct study and research on issues related to revenue. It will also deal with revenue collection and its management as well as controlling the leakage.</span></span></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;">After his appointment, Dahal said he would fulfill his duties to the best of his ability. He added that the will take the private sector in confidence while increasing revenue and in dealing with controversial issues.</span></span></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 cabinet has also appointed Nirmal Hari Adhikari as a member of the board. Adhikari had retired from government service as a joint secretary at the finance ministry. The post of another member of the board is currently vacant.</span></span></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 board consists of a chairman and two members only. </span></span></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;">Dahal and&nbsp; Adhikari were the only contenders for their respective posts.</span></span></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 concept of Revenue Board was envisaged by the then UML government 24 years ago. In 1996, the then finance minister Bharat Mohan Adhikari had announced the formation of the board.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Later, the proposal to form the board was backed by finance ministers Baburam Bhattarai, Ram Sharan Mahat, Krishna Bahadur Mahara as well as Bishnu Poudel but they failed to implement it.</span></span></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 incumbent Finance Minister Yuba Raj Khatiwada had expedited the process of formation of the board. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The present government had announced to replace the Revenue Advisory Committee by the&nbsp; Revenue Board.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Government Authorities Issue Week-Long Prohibitory Order in the Capital',
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			'summary' => 'August 19: Government authorities have decided to impose a week-long prohibitory order in the capital from Wednesday midnight (August 19). ',
			'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 19: Government authorities have decided to impose a week-long prohibitory order in the capital from Wednesday midnight (August 19). </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the chief district officers and security chiefs of Kathmandu, Lalitpur and Bhaktapur on Tuesday (August 18) decided to issue the prohibitory order to contain the rapid surge of Covid-19 infection in the valley. The prohibitory order will remain in effect till August 26. </span></span></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;">All services except essential and emergency will remain suspended for a week.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the District Administration Office, Kathmandu, only vehicles transporting food items, medicines, security personnel and ambulances will be allowed to operate during this period. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">This decision was taken after the Council of Ministers authorised the chief district officers to issue prohibitory order if required to contain the spread of coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Coronavirus has been spreading fast in the capital after the government eased the lockdown a few weeks ago.</span></span></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;">&nbsp;The valley reported 205 new cases of coronavirus on Tuesday alone. As of Tuesday evening, the total number of Covid-19 cases in the capital has reached 2339, according to the Ministry of Health and Population. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12344',
			'article_category_id' => '1',
			'title' => 'NEA’s Net Profit Soars Despite Lockdown',
			'sub_title' => '',
			'summary' => 'August 18: The net profit of Nepal Electricity Authority (NEA) increased in the last fiscal year 2019/20 amid coronavirus crisis. ',
			'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 18: The net profit of Nepal Electricity Authority (NEA) increased in the last fiscal year 2019/20 amid coronavirus crisis. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">According to the state-owned utility, its net profit increased by 12.64 percent during the review period. The net profit of NEA in FY 2018/19 was Rs 9.84 billion , which rose to Rs 11.5 billion in FY 2019/20. </span></span></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;">NEA claimed that its profit was the highest among the government-run corporations. </span></span></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;">Its accrued loss which was Rs 12.37 billion also came down to Rs 4.86 billion in the last fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The electricity consumption had reduced during the four-month long lockdown period. NEA was also unable to collect electricity fare during the period. In such context, NEA was expecting its profit to shrink. But statistics show its profit increased instead of declining.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Speaking at a virtual conference organised on the occasion of the 35<sup>th</sup> anniversary of NEA, Energy Minister Barsha Man Pun said it was praiseworthy for an institution which was on the verge of privatization to make maximum profit.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Minister Pun added that the government has facilitated NEA to have access to the international market by granting permission for cross-border energy trade. </span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12357',
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			'title' => 'Bank Account Mandatory for Receiving Social Security Allowance ',
			'sub_title' => '',
			'summary' => 'August 21: The government has made it mandatory for people receiving social security allowance to open bank accounts. ',
			'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 21: The government has made it mandatory for people receiving social security allowance to open bank accounts. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The Department of National ID and Civil Registration (DoNIDCR) has implemented this provision in line with the announcement made during the current fiscal year&rsquo;s budget, which mentions that all beneficiaries will have to open bank accounts from this year onward to receive the allowance.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">With this new provision, on the local units which do not have access to banking service will receive social security allowance in cash. All other local units will have to open bank accounts for the beneficiaries and deposit their allowance in bank.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Senior citizens, single women, people from backward Dalit community, people from endangered groups, differently abled persons, widow among others have been receiving social security allowance ranging from Rs 400 to Rs 3000 per month. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The government had proposed this concept five years ago but it not implemented all over the country. But the Director of DoNIDCR Shiva Raj Joshi says it has become mandatory in all local units except some exceptions from now onward.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">According to Joshi, the local units will not be allowed to hand over the allowance in cash anymore.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">So far, 137 local units have already started distributing social security allowance through the banking system.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The department informed that altogether 3.2 million people receive social security allowance in Nepal.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'Dhaubadhi Mine Suitable for Commercial Production of Iron',
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			'summary' => 'August 21: Dhaubadhi Iron Company Limited has claimed that the iron extracted from Nawalpur-based Dhaubadhi mine is viable for commercial use.',
			'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 21: Dhaubadhi Iron Company Limited has claimed that the iron extracted from Nawalpur-based Dhaubadhi mine is viable for commercial use.</span></span></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;">Sources said that a study of samples from the mine has indicated the possibility of commercial production of iron from the mine in large scale. Concerned authorities had sent five tons of ore extracted from the mine for study in China last year. It has been learnt that the stakeholders in Nepal will receive the report from China within 20 days.</span></span></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;">CEO of the company Krishna Dev Jha told New Business Age that they will now be able to extract iron from the mine for commercial production. He added that they will soon start necessary preparation for setting up the extraction technology, storage and certification works among others.</span></span></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;After going through the report, we can ascertain the quantity of per day extraction from the mine as well as investment requirement and cost estimates,&rdquo; said Jha.</span></span></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 company has already initiated the process to select the consultant company for drilling the mine. </span></span></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;">Jha said that they will select the consultant company within six weeks and the company will have to complete the drilling work in the next six months. The terms of reference (ToR) has been prepared accordingly, said Jha.</span></span></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 company will then go ahead with the feasibility study, detailed engineering design, plant establishment among other works.</span></span></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 company is preparing to drill 265 to 300 meters deep into the mine at five different areas of Dhaubadhi and Pokhari. The company clarified that it will begin the feasibility study only after completing the drilling process.</span></span></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 company will look for investment partners once it starts the feasibility study.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government had released Rs 250 million for the company during the last fiscal year whereas the budget allocated for the current fiscal year has been increased to Rs 1.5 billion.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The public company with a capital of Rs 10 billion is being looked after by the central government.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 2 => array(
		'Article' => array(
			'id' => '12355',
			'article_category_id' => '1',
			'title' => 'Government to Resume Chartered Flights ',
			'sub_title' => '',
			'summary' => 'August 21: The government has decided to resume chartered flights to airlift its citizens stranded abroad due to Covid-19 pandemic.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 21: The government has decided to resume chartered flights to airlift its citizens stranded abroad due to Covid-19 pandemic. A meeting of the Council of Ministers took a decision to this effect on Thursday (August 20).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">All rescued citizens will have to isolate themselves in hotels for at least a week after returning back to Nepal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The cabinet decided to resume its operation to rescue Nepali citizens stranded abroad upon the recommendation of the Covid-19 Crisis Management Centre (CCMC). </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The government will operate three chartered flights per day to rescue the stranded citizens.</span></span></span></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 latest decision is a U-turn from its decision taken just three days ago to ban all chartered flights after the capital recorded a massive surge in Covid-19 cases.</span></span></span></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 meeting also decided to facilitate the movement of diplomats stationed in Nepal. Another decision includes increasing quarantine facilities at the local levels. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Similarly, the government has also decided to bear the expenses for the treatment of COVID-19 patients in private hospitals. The government&#39;s decision comes amid concerns that the government hospitals alone cannot provide treatment to all patients amid growing infection in the capital.</span></span></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">Nepali nationals returning from India via all 10 entry points will also have to isolate themselves for a week in the border areas. </span></span></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">Although most of the districts have enforced prohibitory order to crub the spread of infection, the cabinet meeting has decided not to restrict the transportation of raw materials required for industries and factories. </span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 3 => array(
		'Article' => array(
			'id' => '12359',
			'article_category_id' => '1',
			'title' => 'NRB Preparing for Refinancing within 2 Months',
			'sub_title' => '',
			'summary' => 'August 21: Nepal Rastra Bank has notified businesses and industries that they will need to apply within 45 days to become a recipient of the refinancing facility, initiated to provide relief to the debtors affected by the coronavirus pandemic.',
			'content' => '<h1><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">August 21: Nepal Rastra Bank has notified businesses and industries that they will need to apply within 45 days to become a recipient of the refinancing facility, initiated to provide relief to the debtors affected by the coronavirus pandemic. This process, however, will likely be affected due to the prohibitory order imposed in the various parts of the country. </span></span></h1>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Nepal Rastra Bank had recently demanded an application from banks and financial institutions (BFIs) along with a list of customers that require refinancing facility within 45 days. Nepal Rastra Bank has prepared to settle the issue of refinancing soon based on the list of customers that the commercial banks, development banks and finance companies submit. Preparations had been made to ensure the businesses got refinancing within two months.&nbsp; However, a prohibitory order has been imposed in various areas of the nation due to coronavirus pandemic. The time period for this order is different for different areas with chances of extension. Banks may need more time to prepare the list of debtors for refinancing if the period of the prohibitory order is extended. Only the necessary banking activities are in operation during this prohibitory period and it will also not be possible for the industrialists and businessmen to visit the banks in this situation.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Chairman of the Nepal Bankers&#39; Association Bhuvan Kumar Dahal says that they could not start preparing for the application at this moment because of the prohibitory order issued by the government.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;We will provide refinancing facility to the clients affected by COVID as soon as Nepal Rastra Bank makes the Refinancing Fund available to us after our application,&rdquo; he said. Bankers stated that refinancing will be available within two months if the prohibitory order does not get prolonged.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Nepal Rastra Bank has notified banks and financial institutions to apply for refinancing between August 17 to September 30. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The banks will only be able to demand a maximum of 25 percent of their capital as the refinancing amount. The debtor must have at least a year left in their repayment period to be eligible for this. Debtors that have a loan from more than one bank will only be considered for one bank to avoid any repetitions. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to the NRB, the banks will have to demand at least 70 percent of the total amount applied for refinancing under the refinancing of small, cottage and micro enterprises. Banks will also have to select at least five customers/ debtors from each branch while picking the loans to be applied for refinancing. Nepal Rastra Bank has stated that the applications that do not follow the required process or aren&rsquo;t submitted within the deadline will not be accepted.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to Gunakar Bhatta, the spokesperson for Nepal Rastra Bank, the banks have to apply along with list of customers within the stipulated time in the Refinancing Work Procedure-2077. According to him, the application for refinancing was announced to the banks for the reduction of interest costs for those affected by COVID and for a speedy implementation of refinancing in the economy.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><strong>Adding More Liquidity</strong></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The liquidity in the market will increase greatly once Nepal Rastra Bank provides banks with a lumpsum of refinancing amount. The market currently already has a excess liquidity of Rs 200 billion. Liquidity in banks will further increase when they will be provided with refinancing amount. The banks will have to provide the COVID-19 affected debtors the loan at 5 percent interest rate once they receive the refinancing amount from the central bank. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">NRB Spokesperson Bhatta said that the amount received for refinancing will provide an additional liquidity to the banks. &ldquo;There is no demand in the market even if the banks are able to use the refinancing fund. But their interest income will decrease. Debts are not flowing. Therefore, liquidity will increase in the market,&rdquo; he said. Banks do not seem excited about the refinancing because their liquidity will increase but their interest income will decrease when the refinancing fund is distributed. The interest income will decrease as they will only receive 5 percent interest rate when they used to receive 12 percent from the debtors.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Ganesh Pokharel, the chief executive officer of Citizens Bank pointed out that the refinancing facility is a national agenda and that it should be made available soon to help the debtors affected by COVID-19 even though the liquidity in market will increase because of it.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Saroj Tuladhar, the president of Nepal Financial Institutions&rsquo; Association said the finance companies have also started to collect data of the debtors. According to him, the list of the debtors will be prepared within 5-6 days. &ldquo;We will implement this as soon as the we get the approval after submitting it to Rastra Bank,&rdquo; he said. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The period of the lumpsum refinancing will be a year at most and will not be renewed. However, the period of refinancing will be a year at most for debtors who are extremely affected by coronavirus, and six months for those who are mildly affected by coronavrius. Nepal Rastra Bank informed that this refinancing is renewable. The upper limit for such financing is Rs 50 million.&nbsp; Small, cottage, and micro enterprises refinancing and general refinancing debtors will receive the refinancing at 5 percent interest rate. Special refinancing will be provided to the debtors at 3 percent interest rate.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The refinancing work procedure under the monetary policy of the current fiscal year will provide 70 percent of the refinancing fund through commercial banks, development banks and finance companies, and 10 percent through the microfinance companies. Nepal Rastra Bank will distribute 20 percent of the refinancing through their evaluation.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 4 => array(
		'Article' => array(
			'id' => '12354',
			'article_category_id' => '1',
			'title' => 'Nepali Importers Troubled by Additional Transportation Cost at ICP',
			'sub_title' => '',
			'summary' => 'August 20: Nepali importers have been burdened with additional transportation expenses at the Nepal-India Integrated Check Post (ICP) due to lack of their own warehouse at the newly built facility.',
			'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 20: Nepali importers have been burdened with additional transportation expenses at the Nepal-India Integrated Check Post (ICP) due to lack of their own warehouse at the newly built facility.</span></span></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 importers complain that they are forced to pay additional amount to transport the goods downloaded at Raxaul to the ICP. Earlier, they used to drop the goods at Birgunj- Raxaul border point but they now have to take the goods to the ICP for customs clearance. However, the transport companies do not have their own warehouse at the ICP neither do the importers. </span></span></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 importers are facing problem due to the lack of warehouse. </span></span></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;">Most of the import-export through Birgunj have to pass through the ICP. Only the petroleum products, clinker and coal enter the country through Inarwa transit point, says customs official Ramesh Sukmani. </span></span></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;">Importer Suresh Rungata says that they are forced to load the goods that arrive at Raxaul and take them to the ICP. Most of the transport companies have ware house at Raxaul.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Birgunj is just one kilometer away from Raxaul but the ICP is 20 kilometers away. </span></span></span></span></p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '12353',
			'article_category_id' => '1',
			'title' => 'FNCCI Given 3 Options for Election',
			'sub_title' => '',
			'summary' => 'August 20: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has recommended three modalities for the election of the umbrella organisations of business entrepreneurs and industrialists of Nepal.  ',
			'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 20: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has recommended three modalities for the election of the umbrella organisations of business entrepreneurs and industrialists of Nepal. &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;">The committee on Wednesday (August 19) provided its suggestions to the FNCCI, which has been struggling to hold its general convention amid crisis created by 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:&quot;Arial Unicode MS&quot;">One of the options given by the committee is to hold all three levels of election in the capital after the risk of coronavirus subsides. Other options include main election and election of associates in Kathmandu and the district/town election in the respective districts by maintaining physical distance while the third option is to hold election through electronic means. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The committee prepared the three modalities after consulting with the Ministry of Health and Population and the Covid-19 Crisis Management Centre (CCMC).</span></span></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;Now it is up to the executive committee of FNCCI to select the modality and date of election,&rdquo; said Ranjit Acharya, a member of FNCCI.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The decision will be taken by the next meeting of executive committee,&rdquo; he added.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the FNCCI had fixed the date of its General Assembly to elect a new executive committee for April 10-11, the election could not be held due to the lockdown imposed by the government as well as the risk of coronavirus infection. The date of the General Assembly has been deferred time and again.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The FNCCI leadership is under pressure to hold the election as soon as possible. </span></span></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 FNCCI members are divided over whether to hold the election after the risk of Covid-19 subsides or to go ahead for the polls by maintaining physical distancing.</span></span></span></span></p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '12352',
			'article_category_id' => '1',
			'title' => 'Government Data show Improvement in Revenue Collection ',
			'sub_title' => '',
			'summary' => 'August 20: The government has made some progress in revenue collection, which was badly affected by the coronavirus pandemic since the last four months.',
			'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 20: The government has made some progress in revenue collection, which was badly affected by the coronavirus pandemic since the last four months.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Officials say that the government is close to meeting its target of revenue collection after lifting the lockdown in third week of July. </span></span></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 Financial Comptroller General&rsquo;s Office, the government collected revenue of Rs 58.81 billion in between mid-July and mid-August.</span></span></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 data maintained by the office shows that the revenue collection was Rs 30 billion in the last week alone. </span></span></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;">Officials at the Inland Revenue Department (IRD) said that the sudden increase in revenue collection toward the second week of August was due to the collection of VAT and excise duty, which were pending from the last fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to Deputy Director General of IRD Mukti Pandey, the department had set a target to collect Rs 35 billion in the review period. He said they managed to collect Rs 34.74 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;">IRD collected Rs 29.33 billion from VAT and income tax while the excise duty amount was Rs 5.41 billion. The department informed that excise duty declined last month because the liquor market as well as production was badly affected by coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, revenue collection from customs duty increased during the review period. According to the director of the Customs Department Sishir Ghimire, revenue collection from customs point in mid-July to mid-August was Rs 22.84 billion, which is well above the target of Rs 19.81 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;">According to him, the improvement in collection of customs duty was possible due to the increase in import of food products, clothes, petroleum products, machinery parts among others after the lockdown was lifted. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12351',
			'article_category_id' => '1',
			'title' => 'Government Denies Permission for Procurement of Chemical Fertilizers',
			'sub_title' => '',
			'summary' => 'August 20: Ministry of Agriculture and Livestock Development has denied permission to the concerned state-owned corporations to issue tender notice for the purchase of chemical fertilisers, thereby delaying the procurement process.',
			'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 20: Ministry of Agriculture and Livestock Development has denied permission to the concerned state-owned corporations to issue tender notice for the purchase of chemical fertilisers, thereby delaying the procurement process.</span></span></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 ministry denied permission to the Salt Trading Corporation and Krishi Samagri Company from issuing tender bids for the purchase of fertilizers in current fiscal year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The ministry should have given permission to these two corporations by mid-August to procure fertilizers for the second quarter of the current fiscal year. But the corporations have not received approval from the ministry so far.</span></span></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;">This is expected to cause shortage of chemical fertilizers during the wheat planting season later in the 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;">Spokesperson of Salt Trading Corporation Kumar Raj Bhandari informed New Business Age that the process of procuring chemical fertilizers has been affected due to the delay in government granting permission for the purchase.</span></span></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;We have sought permission from the ministry to issue tender notice time and again but the ministry has ignored our plea,&rdquo; said Bhandari.</span></span></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;">Salt Trading Corporation has been authorized to purchase 30 percent of fertilizers and Krishi Samagri Company 70 percent on behalf of the government. They then sell the fertilziers to the farmers at subsidized rate.</span></span></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;">Salt Trading has received permission to purchase 30,000 metric tons of Urea, 40,000 metric tons of DAP and&nbsp; 5,000 metric tons of Potassium for the first quarter of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, chief of Krishi Samagri Company Netra Bhandari also confirmed that the ministry has denied permission for issuing tender for the purchase of fertilizers for the second quarter.</span></span></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;">On the other hand, secretary at the Ministry of Agriculture and Livestock Development Rajendra Prasad Bhari told New Business Age that he was not aware about the delay in granting permission to the corporations for purchasing fertilizers.</span></span></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, spokesperson at the ministry Dr Hari Bahadur KC said that the guidelines for subsidized fertilizers is in the process of being approved, causing delay in granting permission for the procurement.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12349',
			'article_category_id' => '1',
			'title' => 'Covid-19 Pandemic Delays Sale of Habib’s Shares in HBL to CDC',
			'sub_title' => 'Plans of Merger Will Not Affect the Agreement: HBL',
			'summary' => 'August 19: Commonwealth Development Corporation Group (CDC) of the UK had reached an understanding with Pakistan’s Habib Bank to purchase 20 per cent of the latter’s stake in Himalayan Bank Limited (HBL). ',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">August 19: Commonwealth Development Corporation Group (CDC) of the UK had reached an understanding with Pakistan&rsquo;s Habib Bank to purchase 20 per cent of the latter&rsquo;s stake in Himalayan Bank Limited (HBL). But it had to postpone the decision due to the Covid-19 pandemic. </span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Earlier, CDC had announced in mid-January after its annual general meeting that it will sign the share purchase agreement. However, the bank informed that the agreement has been kept on &ldquo;hold&rdquo; for now due to the pandemic.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Tulsi Prasad Gautam, chairman of HBL, said that the bank has been notified by the CDC that the share purchase agreement will be put on hold for 2020 as it is not possible for their representatives to travel to Nepal due to the pandemic. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;They need to come to Nepal to fulfill the required arrangements and procedures before purchasing the shares. However, they could not come to Nepal due to the spread of the coronavirus. That&rsquo;s why the agreement will be put on hold for now,&rdquo; he said, adding, &ldquo;The agreement has been deferred for rest of 2020. They have said that the agreement will be taken forward by analyzing the condition of the pandemic.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Ashoke SJB Rana, CEO of HBL, said that 80 percent of the Due Diligence Audit (DDA) of the shares owned by Habib had already been completed before the annual general meeting of last year and that the remaining work would be completed after the AGM. &ldquo;However, that could not happen immediately. The transfer of share ownership will take time because of the current situation.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The issued capital of Himalayan Bank has become Rs 9.37 billion following the distribution of 10 percent bonus shares after the annual general meeting of FY 2075/76. According to the bank, CDC had agreed to pay Rs 280 per share for the promoter shares owned by Habib. Habib owns 20 percent of the total shares of the bank, which amounts to 10.70 million units of shares.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Habib had first proposed the other promoters of HBL to purchase the shares that they were planning to sell. Habib had made this offer about one and half years ago because legally, the remaining promoters have the first right to buy the shares sold by another promoter. However, Habib made a deal with CDC when the promoter shareholders refused to buy the shares within 45 days of the offer. CDC has 9 percent stake on Habib. The two institutions had already been discussing about trading the shares of Himalayan Bank.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Himalayan Bank has started preparing for a merger even though the share purchase procedure between CDC and Habib has not been completed. Chairman Gautam informed that the board of directors of the bank have already decided to form a merger committee last Sunday but a minute is yet to be prepared for it. According to him, the merger will not affect the sales of the promoter shares. He added that the new board of directors formed seven months ago created a new merger committee after dissolving the one that was formed a year ago because it had not started any work for mergers and acquisitions.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">He expressed that the bank is planning to merge with a commercial bank that they can fit in with. According to him, the merger committee is trying to coordinate with various banks before submitting the names of three most suitable banks to the board.&nbsp; The bank will go for a merger after the board discusses their options and chooses the most appropriate commercial bank. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;It is not appropriate for others to suggest whom we should merge with,&rdquo; he told New Business Age, adding, &ldquo;The merger may happen with any bank except government-owned bank and Standard Chartered Bank Nepal.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Nepal Rastra Bank has used the monetary policy to compel commercial banks, especially the ones with cross holdings to acquire or be acquired by another bank. This is why commercial banks are under pressure to enter into mergers.</span></span></span></p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12350',
			'article_category_id' => '1',
			'title' => 'COVID-19 Infection Boosts the Market of Sanitizer ',
			'sub_title' => '',
			'summary' => 'August 19: While the overall industries of the country have been weakened by the impact of coronavirus, the market of sanitizer has skyrocketed in Nepal. ',
			'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 19: While the overall industries of the country have been weakened by the impact of coronavirus, the market of sanitizer has skyrocketed in Nepal. Many domestic pharmaceutical companies have started production of sanitizers after its demand increased. </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;">According to Deepak Dahal, former president of the Association of Pharmaceutical Producers of Nepal (APPON), 30 industries are currently producing sanitizers commercially. </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;">&ldquo;Its use has increased as the coronavirus infection has been spread massively. Most of the pharmaceutical companies have started its production as the demand in the market has gone up,&rdquo; he said. </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 Drug Act defines sanitizers as medicines, its production was neglected. The government had paved the way for the production of sanitizer by issuing a guideline in May 2017. </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;">The guideline has given the responsibility of regulating the production standard and quality of sanitizers to the Department of Drug Administration. DDA decided to allow the pharmaceutical industries to make sanitizers after a nationwide lockdown imposed from March 24 to control the infection. </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;">According Santosh KC, spokesperson of DDA, 40 industries in the country have already taken permission to produce sanitizers. </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;">Industrialists estimate that the market of sanitizer in Nepal has reached Rs 500 million since the beginning of the coronavirus infection. They expect the demand for sanitizers to increase further. </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;">According to the customs department, 530,000 liters of sanitizer worth Rs 245.4 million was imported from India and China in the last Fiscal Year 2076/77. </span></span></span></span></p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12348',
			'article_category_id' => '1',
			'title' => 'Provincial Governments, Local Units Seek Rs 450 Million to Fight Covid-19 Pandemic',
			'sub_title' => '',
			'summary' => 'August 19: With the increase in number of Covid-19 cases across the country, the provincial governments and the local units have sought financial support from the federal government for the prevention of the disease and treatment of patients.',
			'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 19: With the increase in number of Covid-19 cases across the country, the provincial governments and the local units have sought financial support from the federal government for the prevention of the disease and treatment of patients.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Altogether 92 local units of all seven provinces have asked for Rs 450 million from the government to set up ventilators, procure PCR machines and build isolation wards.</span></span></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 government has formed a management committee headed by the Vice President of the National Planning Commission for mobilizing the Covid-19 Emergency Fund. </span></span></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;">Financial Comptroller General Gopi Nath Mainali, who is also a member of the committee, told New Business Age that they have to analyze the requirements before releasing such a large amount.</span></span></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;We will release the fund to the local units as well as provincial governments after ascertaining the number of ventilators and PCR machines required,&rdquo; said Mainali.</span></span></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 Financial Comptroller General&rsquo;s Office, the fund has so far collected Rs 2.73 billion and has already spent Rs 1.9 billion. The committee is preparing to bankroll the amount to the local units and provincial governments from the remaining Rs 1.64 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;">&nbsp;The Financial Comptroller General&rsquo;s Office said that the federal government has already provided financial assistance to the hospitals of provinces and local levels to fight the pandemic before.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12347',
			'article_category_id' => '1',
			'title' => 'Government Lags Behind in Establishing New Industrial Estates',
			'sub_title' => '',
			'summary' => 'August 19: The government has failed to construct even the basic facilities for new industrial estates even five years after starting the project.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 19: </span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government has failed to construct even the basic facilities for new industrial estates even five years after starting the project.</span></span></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 government had announced plans to build the industrial estates in 2015. It has already initiated the work but the construction has been delayed inordinately.</span></span></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 government since starting the expansion of industrial estates five years ago has been able to finish only preparing the Detailed Project Report (DPR), land purchase and compensation distribution, as well as the Environmental Impact Assessment (EIA) of the sites in Damak of Jhapa, Mayurdhap of Makwanpur, Shaktikhor of Chitwan, Motipur of Rupandehi, Naubasta of Banke and Daichi of Kanchanpur.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Despite the lackluster progress, government officials inform that necessary infrastructures are being built in the industrial areas.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">&nbsp;Nanda Kishore Basnet, chairman of the Industrial District Management Limited, informed that the foundation stones at all the proposed industrial areas have been laid in 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:Calibri">However, he added that it would take the government additional two years to complete the construction of basic infrastructures such as roads, electricity, water and fencing.</span></span></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">Balaju Industrial Estate was established for the first time in Nepal about 58 years ago. Since then, the government has established 10 industrial estates across the country. The last of them was set up more than 34 years ago.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">It has taken decades for the government to set up new industrial estates. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12346',
			'article_category_id' => '1',
			'title' => 'Government Appoints Dahal as Chairman of Revenue Board',
			'sub_title' => '',
			'summary' => 'August 19: The government has appointed former secretary Mahesh Dahal as the chairman of the newly formed Revenue Board. ',
			'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 19: The government has appointed former secretary Mahesh Dahal as the chairman of the newly formed Revenue Board. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ministry of Finance has established this board to resolve the disputes related to revenue and to provide policy-level suggestions to the ministry. The Council of Ministers on Monday (August 17) appointed Dahal as the chairman of the board upon the recommendation of the ministry.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Revenue Board was formed after a long preparation. Before the formation of the board, there wasn&rsquo;t any permanent mechanism to deal with revenue-related disputes.</span></span></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 lack of such mechanism, a Revenue Advisory Committee headed by the revenue secretary used to collect suggestions related to revenue every year before the announcement of annual budget.</span></span></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;">With the formation of the board, all such issues will be handled by the board itself. The board will regularly provide suggestions to the government and also conduct study and research on issues related to revenue. It will also deal with revenue collection and its management as well as controlling the leakage.</span></span></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;">After his appointment, Dahal said he would fulfill his duties to the best of his ability. He added that the will take the private sector in confidence while increasing revenue and in dealing with controversial issues.</span></span></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 cabinet has also appointed Nirmal Hari Adhikari as a member of the board. Adhikari had retired from government service as a joint secretary at the finance ministry. The post of another member of the board is currently vacant.</span></span></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 board consists of a chairman and two members only. </span></span></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;">Dahal and&nbsp; Adhikari were the only contenders for their respective posts.</span></span></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 concept of Revenue Board was envisaged by the then UML government 24 years ago. In 1996, the then finance minister Bharat Mohan Adhikari had announced the formation of the board.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Later, the proposal to form the board was backed by finance ministers Baburam Bhattarai, Ram Sharan Mahat, Krishna Bahadur Mahara as well as Bishnu Poudel but they failed to implement it.</span></span></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 incumbent Finance Minister Yuba Raj Khatiwada had expedited the process of formation of the board. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The present government had announced to replace the Revenue Advisory Committee by the&nbsp; Revenue Board.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12345',
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			'title' => 'Government Authorities Issue Week-Long Prohibitory Order in the Capital',
			'sub_title' => '',
			'summary' => 'August 19: Government authorities have decided to impose a week-long prohibitory order in the capital from Wednesday midnight (August 19). ',
			'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 19: Government authorities have decided to impose a week-long prohibitory order in the capital from Wednesday midnight (August 19). </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the chief district officers and security chiefs of Kathmandu, Lalitpur and Bhaktapur on Tuesday (August 18) decided to issue the prohibitory order to contain the rapid surge of Covid-19 infection in the valley. The prohibitory order will remain in effect till August 26. </span></span></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;">All services except essential and emergency will remain suspended for a week.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the District Administration Office, Kathmandu, only vehicles transporting food items, medicines, security personnel and ambulances will be allowed to operate during this period. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">This decision was taken after the Council of Ministers authorised the chief district officers to issue prohibitory order if required to contain the spread of coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Coronavirus has been spreading fast in the capital after the government eased the lockdown a few weeks ago.</span></span></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;">&nbsp;The valley reported 205 new cases of coronavirus on Tuesday alone. As of Tuesday evening, the total number of Covid-19 cases in the capital has reached 2339, according to the Ministry of Health and Population. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'NEA’s Net Profit Soars Despite Lockdown',
			'sub_title' => '',
			'summary' => 'August 18: The net profit of Nepal Electricity Authority (NEA) increased in the last fiscal year 2019/20 amid coronavirus crisis. ',
			'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 18: The net profit of Nepal Electricity Authority (NEA) increased in the last fiscal year 2019/20 amid coronavirus crisis. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">According to the state-owned utility, its net profit increased by 12.64 percent during the review period. The net profit of NEA in FY 2018/19 was Rs 9.84 billion , which rose to Rs 11.5 billion in FY 2019/20. </span></span></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;">NEA claimed that its profit was the highest among the government-run corporations. </span></span></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;">Its accrued loss which was Rs 12.37 billion also came down to Rs 4.86 billion in the last fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The electricity consumption had reduced during the four-month long lockdown period. NEA was also unable to collect electricity fare during the period. In such context, NEA was expecting its profit to shrink. But statistics show its profit increased instead of declining.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Speaking at a virtual conference organised on the occasion of the 35<sup>th</sup> anniversary of NEA, Energy Minister Barsha Man Pun said it was praiseworthy for an institution which was on the verge of privatization to make maximum profit.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Minister Pun added that the government has facilitated NEA to have access to the international market by granting permission for cross-border energy trade. </span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12357',
			'article_category_id' => '1',
			'title' => 'Bank Account Mandatory for Receiving Social Security Allowance ',
			'sub_title' => '',
			'summary' => 'August 21: The government has made it mandatory for people receiving social security allowance to open bank accounts. ',
			'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 21: The government has made it mandatory for people receiving social security allowance to open bank accounts. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The Department of National ID and Civil Registration (DoNIDCR) has implemented this provision in line with the announcement made during the current fiscal year&rsquo;s budget, which mentions that all beneficiaries will have to open bank accounts from this year onward to receive the allowance.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">With this new provision, on the local units which do not have access to banking service will receive social security allowance in cash. All other local units will have to open bank accounts for the beneficiaries and deposit their allowance in bank.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Senior citizens, single women, people from backward Dalit community, people from endangered groups, differently abled persons, widow among others have been receiving social security allowance ranging from Rs 400 to Rs 3000 per month. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The government had proposed this concept five years ago but it not implemented all over the country. But the Director of DoNIDCR Shiva Raj Joshi says it has become mandatory in all local units except some exceptions from now onward.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">According to Joshi, the local units will not be allowed to hand over the allowance in cash anymore.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">So far, 137 local units have already started distributing social security allowance through the banking system.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The department informed that altogether 3.2 million people receive social security allowance in Nepal.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12356',
			'article_category_id' => '1',
			'title' => 'Dhaubadhi Mine Suitable for Commercial Production of Iron',
			'sub_title' => '',
			'summary' => 'August 21: Dhaubadhi Iron Company Limited has claimed that the iron extracted from Nawalpur-based Dhaubadhi mine is viable for commercial use.',
			'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 21: Dhaubadhi Iron Company Limited has claimed that the iron extracted from Nawalpur-based Dhaubadhi mine is viable for commercial use.</span></span></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;">Sources said that a study of samples from the mine has indicated the possibility of commercial production of iron from the mine in large scale. Concerned authorities had sent five tons of ore extracted from the mine for study in China last year. It has been learnt that the stakeholders in Nepal will receive the report from China within 20 days.</span></span></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;">CEO of the company Krishna Dev Jha told New Business Age that they will now be able to extract iron from the mine for commercial production. He added that they will soon start necessary preparation for setting up the extraction technology, storage and certification works among others.</span></span></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;After going through the report, we can ascertain the quantity of per day extraction from the mine as well as investment requirement and cost estimates,&rdquo; said Jha.</span></span></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 company has already initiated the process to select the consultant company for drilling the mine. </span></span></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;">Jha said that they will select the consultant company within six weeks and the company will have to complete the drilling work in the next six months. The terms of reference (ToR) has been prepared accordingly, said Jha.</span></span></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 company will then go ahead with the feasibility study, detailed engineering design, plant establishment among other works.</span></span></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 company is preparing to drill 265 to 300 meters deep into the mine at five different areas of Dhaubadhi and Pokhari. The company clarified that it will begin the feasibility study only after completing the drilling process.</span></span></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 company will look for investment partners once it starts the feasibility study.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government had released Rs 250 million for the company during the last fiscal year whereas the budget allocated for the current fiscal year has been increased to Rs 1.5 billion.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The public company with a capital of Rs 10 billion is being looked after by the central government.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12355',
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			'title' => 'Government to Resume Chartered Flights ',
			'sub_title' => '',
			'summary' => 'August 21: The government has decided to resume chartered flights to airlift its citizens stranded abroad due to Covid-19 pandemic.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 21: The government has decided to resume chartered flights to airlift its citizens stranded abroad due to Covid-19 pandemic. A meeting of the Council of Ministers took a decision to this effect on Thursday (August 20).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">All rescued citizens will have to isolate themselves in hotels for at least a week after returning back to Nepal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The cabinet decided to resume its operation to rescue Nepali citizens stranded abroad upon the recommendation of the Covid-19 Crisis Management Centre (CCMC). </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The government will operate three chartered flights per day to rescue the stranded citizens.</span></span></span></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 latest decision is a U-turn from its decision taken just three days ago to ban all chartered flights after the capital recorded a massive surge in Covid-19 cases.</span></span></span></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 meeting also decided to facilitate the movement of diplomats stationed in Nepal. Another decision includes increasing quarantine facilities at the local levels. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Similarly, the government has also decided to bear the expenses for the treatment of COVID-19 patients in private hospitals. The government&#39;s decision comes amid concerns that the government hospitals alone cannot provide treatment to all patients amid growing infection in the capital.</span></span></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">Nepali nationals returning from India via all 10 entry points will also have to isolate themselves for a week in the border areas. </span></span></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">Although most of the districts have enforced prohibitory order to crub the spread of infection, the cabinet meeting has decided not to restrict the transportation of raw materials required for industries and factories. </span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12359',
			'article_category_id' => '1',
			'title' => 'NRB Preparing for Refinancing within 2 Months',
			'sub_title' => '',
			'summary' => 'August 21: Nepal Rastra Bank has notified businesses and industries that they will need to apply within 45 days to become a recipient of the refinancing facility, initiated to provide relief to the debtors affected by the coronavirus pandemic.',
			'content' => '<h1><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">August 21: Nepal Rastra Bank has notified businesses and industries that they will need to apply within 45 days to become a recipient of the refinancing facility, initiated to provide relief to the debtors affected by the coronavirus pandemic. This process, however, will likely be affected due to the prohibitory order imposed in the various parts of the country. </span></span></h1>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Nepal Rastra Bank had recently demanded an application from banks and financial institutions (BFIs) along with a list of customers that require refinancing facility within 45 days. Nepal Rastra Bank has prepared to settle the issue of refinancing soon based on the list of customers that the commercial banks, development banks and finance companies submit. Preparations had been made to ensure the businesses got refinancing within two months.&nbsp; However, a prohibitory order has been imposed in various areas of the nation due to coronavirus pandemic. The time period for this order is different for different areas with chances of extension. Banks may need more time to prepare the list of debtors for refinancing if the period of the prohibitory order is extended. Only the necessary banking activities are in operation during this prohibitory period and it will also not be possible for the industrialists and businessmen to visit the banks in this situation.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Chairman of the Nepal Bankers&#39; Association Bhuvan Kumar Dahal says that they could not start preparing for the application at this moment because of the prohibitory order issued by the government.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;We will provide refinancing facility to the clients affected by COVID as soon as Nepal Rastra Bank makes the Refinancing Fund available to us after our application,&rdquo; he said. Bankers stated that refinancing will be available within two months if the prohibitory order does not get prolonged.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Nepal Rastra Bank has notified banks and financial institutions to apply for refinancing between August 17 to September 30. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The banks will only be able to demand a maximum of 25 percent of their capital as the refinancing amount. The debtor must have at least a year left in their repayment period to be eligible for this. Debtors that have a loan from more than one bank will only be considered for one bank to avoid any repetitions. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to the NRB, the banks will have to demand at least 70 percent of the total amount applied for refinancing under the refinancing of small, cottage and micro enterprises. Banks will also have to select at least five customers/ debtors from each branch while picking the loans to be applied for refinancing. Nepal Rastra Bank has stated that the applications that do not follow the required process or aren&rsquo;t submitted within the deadline will not be accepted.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to Gunakar Bhatta, the spokesperson for Nepal Rastra Bank, the banks have to apply along with list of customers within the stipulated time in the Refinancing Work Procedure-2077. According to him, the application for refinancing was announced to the banks for the reduction of interest costs for those affected by COVID and for a speedy implementation of refinancing in the economy.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><strong>Adding More Liquidity</strong></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The liquidity in the market will increase greatly once Nepal Rastra Bank provides banks with a lumpsum of refinancing amount. The market currently already has a excess liquidity of Rs 200 billion. Liquidity in banks will further increase when they will be provided with refinancing amount. The banks will have to provide the COVID-19 affected debtors the loan at 5 percent interest rate once they receive the refinancing amount from the central bank. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">NRB Spokesperson Bhatta said that the amount received for refinancing will provide an additional liquidity to the banks. &ldquo;There is no demand in the market even if the banks are able to use the refinancing fund. But their interest income will decrease. Debts are not flowing. Therefore, liquidity will increase in the market,&rdquo; he said. Banks do not seem excited about the refinancing because their liquidity will increase but their interest income will decrease when the refinancing fund is distributed. The interest income will decrease as they will only receive 5 percent interest rate when they used to receive 12 percent from the debtors.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Ganesh Pokharel, the chief executive officer of Citizens Bank pointed out that the refinancing facility is a national agenda and that it should be made available soon to help the debtors affected by COVID-19 even though the liquidity in market will increase because of it.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Saroj Tuladhar, the president of Nepal Financial Institutions&rsquo; Association said the finance companies have also started to collect data of the debtors. According to him, the list of the debtors will be prepared within 5-6 days. &ldquo;We will implement this as soon as the we get the approval after submitting it to Rastra Bank,&rdquo; he said. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The period of the lumpsum refinancing will be a year at most and will not be renewed. However, the period of refinancing will be a year at most for debtors who are extremely affected by coronavirus, and six months for those who are mildly affected by coronavrius. Nepal Rastra Bank informed that this refinancing is renewable. The upper limit for such financing is Rs 50 million.&nbsp; Small, cottage, and micro enterprises refinancing and general refinancing debtors will receive the refinancing at 5 percent interest rate. Special refinancing will be provided to the debtors at 3 percent interest rate.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The refinancing work procedure under the monetary policy of the current fiscal year will provide 70 percent of the refinancing fund through commercial banks, development banks and finance companies, and 10 percent through the microfinance companies. Nepal Rastra Bank will distribute 20 percent of the refinancing through their evaluation.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'article_date' => '2020-08-21 16:15:10',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12354',
			'article_category_id' => '1',
			'title' => 'Nepali Importers Troubled by Additional Transportation Cost at ICP',
			'sub_title' => '',
			'summary' => 'August 20: Nepali importers have been burdened with additional transportation expenses at the Nepal-India Integrated Check Post (ICP) due to lack of their own warehouse at the newly built facility.',
			'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 20: Nepali importers have been burdened with additional transportation expenses at the Nepal-India Integrated Check Post (ICP) due to lack of their own warehouse at the newly built facility.</span></span></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 importers complain that they are forced to pay additional amount to transport the goods downloaded at Raxaul to the ICP. Earlier, they used to drop the goods at Birgunj- Raxaul border point but they now have to take the goods to the ICP for customs clearance. However, the transport companies do not have their own warehouse at the ICP neither do the importers. </span></span></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 importers are facing problem due to the lack of warehouse. </span></span></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;">Most of the import-export through Birgunj have to pass through the ICP. Only the petroleum products, clinker and coal enter the country through Inarwa transit point, says customs official Ramesh Sukmani. </span></span></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;">Importer Suresh Rungata says that they are forced to load the goods that arrive at Raxaul and take them to the ICP. Most of the transport companies have ware house at Raxaul.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Birgunj is just one kilometer away from Raxaul but the ICP is 20 kilometers away. </span></span></span></span></p>
',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12353',
			'article_category_id' => '1',
			'title' => 'FNCCI Given 3 Options for Election',
			'sub_title' => '',
			'summary' => 'August 20: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has recommended three modalities for the election of the umbrella organisations of business entrepreneurs and industrialists of Nepal.  ',
			'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 20: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has recommended three modalities for the election of the umbrella organisations of business entrepreneurs and industrialists of Nepal. &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;">The committee on Wednesday (August 19) provided its suggestions to the FNCCI, which has been struggling to hold its general convention amid crisis created by 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:&quot;Arial Unicode MS&quot;">One of the options given by the committee is to hold all three levels of election in the capital after the risk of coronavirus subsides. Other options include main election and election of associates in Kathmandu and the district/town election in the respective districts by maintaining physical distance while the third option is to hold election through electronic means. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The committee prepared the three modalities after consulting with the Ministry of Health and Population and the Covid-19 Crisis Management Centre (CCMC).</span></span></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;Now it is up to the executive committee of FNCCI to select the modality and date of election,&rdquo; said Ranjit Acharya, a member of FNCCI.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The decision will be taken by the next meeting of executive committee,&rdquo; he added.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the FNCCI had fixed the date of its General Assembly to elect a new executive committee for April 10-11, the election could not be held due to the lockdown imposed by the government as well as the risk of coronavirus infection. The date of the General Assembly has been deferred time and again.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The FNCCI leadership is under pressure to hold the election as soon as possible. </span></span></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 FNCCI members are divided over whether to hold the election after the risk of Covid-19 subsides or to go ahead for the polls by maintaining physical distancing.</span></span></span></span></p>
',
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			'created' => '2020-08-20',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12100',
			'image' => '20200820020227_20200623020501_FNCCI building teku.jpg',
			'article_date' => '2020-08-20 14:01:55',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12352',
			'article_category_id' => '1',
			'title' => 'Government Data show Improvement in Revenue Collection ',
			'sub_title' => '',
			'summary' => 'August 20: The government has made some progress in revenue collection, which was badly affected by the coronavirus pandemic since the last four months.',
			'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 20: The government has made some progress in revenue collection, which was badly affected by the coronavirus pandemic since the last four months.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Officials say that the government is close to meeting its target of revenue collection after lifting the lockdown in third week of July. </span></span></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 Financial Comptroller General&rsquo;s Office, the government collected revenue of Rs 58.81 billion in between mid-July and mid-August.</span></span></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 data maintained by the office shows that the revenue collection was Rs 30 billion in the last week alone. </span></span></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;">Officials at the Inland Revenue Department (IRD) said that the sudden increase in revenue collection toward the second week of August was due to the collection of VAT and excise duty, which were pending from the last fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to Deputy Director General of IRD Mukti Pandey, the department had set a target to collect Rs 35 billion in the review period. He said they managed to collect Rs 34.74 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;">IRD collected Rs 29.33 billion from VAT and income tax while the excise duty amount was Rs 5.41 billion. The department informed that excise duty declined last month because the liquor market as well as production was badly affected by coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, revenue collection from customs duty increased during the review period. According to the director of the Customs Department Sishir Ghimire, revenue collection from customs point in mid-July to mid-August was Rs 22.84 billion, which is well above the target of Rs 19.81 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;">According to him, the improvement in collection of customs duty was possible due to the increase in import of food products, clothes, petroleum products, machinery parts among others after the lockdown was lifted. </span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12351',
			'article_category_id' => '1',
			'title' => 'Government Denies Permission for Procurement of Chemical Fertilizers',
			'sub_title' => '',
			'summary' => 'August 20: Ministry of Agriculture and Livestock Development has denied permission to the concerned state-owned corporations to issue tender notice for the purchase of chemical fertilisers, thereby delaying the procurement process.',
			'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 20: Ministry of Agriculture and Livestock Development has denied permission to the concerned state-owned corporations to issue tender notice for the purchase of chemical fertilisers, thereby delaying the procurement process.</span></span></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 ministry denied permission to the Salt Trading Corporation and Krishi Samagri Company from issuing tender bids for the purchase of fertilizers in current fiscal year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The ministry should have given permission to these two corporations by mid-August to procure fertilizers for the second quarter of the current fiscal year. But the corporations have not received approval from the ministry so far.</span></span></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;">This is expected to cause shortage of chemical fertilizers during the wheat planting season later in the 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;">Spokesperson of Salt Trading Corporation Kumar Raj Bhandari informed New Business Age that the process of procuring chemical fertilizers has been affected due to the delay in government granting permission for the purchase.</span></span></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;We have sought permission from the ministry to issue tender notice time and again but the ministry has ignored our plea,&rdquo; said Bhandari.</span></span></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;">Salt Trading Corporation has been authorized to purchase 30 percent of fertilizers and Krishi Samagri Company 70 percent on behalf of the government. They then sell the fertilziers to the farmers at subsidized rate.</span></span></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;">Salt Trading has received permission to purchase 30,000 metric tons of Urea, 40,000 metric tons of DAP and&nbsp; 5,000 metric tons of Potassium for the first quarter of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, chief of Krishi Samagri Company Netra Bhandari also confirmed that the ministry has denied permission for issuing tender for the purchase of fertilizers for the second quarter.</span></span></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;">On the other hand, secretary at the Ministry of Agriculture and Livestock Development Rajendra Prasad Bhari told New Business Age that he was not aware about the delay in granting permission to the corporations for purchasing fertilizers.</span></span></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, spokesperson at the ministry Dr Hari Bahadur KC said that the guidelines for subsidized fertilizers is in the process of being approved, causing delay in granting permission for the procurement.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12349',
			'article_category_id' => '1',
			'title' => 'Covid-19 Pandemic Delays Sale of Habib’s Shares in HBL to CDC',
			'sub_title' => 'Plans of Merger Will Not Affect the Agreement: HBL',
			'summary' => 'August 19: Commonwealth Development Corporation Group (CDC) of the UK had reached an understanding with Pakistan’s Habib Bank to purchase 20 per cent of the latter’s stake in Himalayan Bank Limited (HBL). ',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">August 19: Commonwealth Development Corporation Group (CDC) of the UK had reached an understanding with Pakistan&rsquo;s Habib Bank to purchase 20 per cent of the latter&rsquo;s stake in Himalayan Bank Limited (HBL). But it had to postpone the decision due to the Covid-19 pandemic. </span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Earlier, CDC had announced in mid-January after its annual general meeting that it will sign the share purchase agreement. However, the bank informed that the agreement has been kept on &ldquo;hold&rdquo; for now due to the pandemic.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Tulsi Prasad Gautam, chairman of HBL, said that the bank has been notified by the CDC that the share purchase agreement will be put on hold for 2020 as it is not possible for their representatives to travel to Nepal due to the pandemic. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;They need to come to Nepal to fulfill the required arrangements and procedures before purchasing the shares. However, they could not come to Nepal due to the spread of the coronavirus. That&rsquo;s why the agreement will be put on hold for now,&rdquo; he said, adding, &ldquo;The agreement has been deferred for rest of 2020. They have said that the agreement will be taken forward by analyzing the condition of the pandemic.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Ashoke SJB Rana, CEO of HBL, said that 80 percent of the Due Diligence Audit (DDA) of the shares owned by Habib had already been completed before the annual general meeting of last year and that the remaining work would be completed after the AGM. &ldquo;However, that could not happen immediately. The transfer of share ownership will take time because of the current situation.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The issued capital of Himalayan Bank has become Rs 9.37 billion following the distribution of 10 percent bonus shares after the annual general meeting of FY 2075/76. According to the bank, CDC had agreed to pay Rs 280 per share for the promoter shares owned by Habib. Habib owns 20 percent of the total shares of the bank, which amounts to 10.70 million units of shares.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Habib had first proposed the other promoters of HBL to purchase the shares that they were planning to sell. Habib had made this offer about one and half years ago because legally, the remaining promoters have the first right to buy the shares sold by another promoter. However, Habib made a deal with CDC when the promoter shareholders refused to buy the shares within 45 days of the offer. CDC has 9 percent stake on Habib. The two institutions had already been discussing about trading the shares of Himalayan Bank.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Himalayan Bank has started preparing for a merger even though the share purchase procedure between CDC and Habib has not been completed. Chairman Gautam informed that the board of directors of the bank have already decided to form a merger committee last Sunday but a minute is yet to be prepared for it. According to him, the merger will not affect the sales of the promoter shares. He added that the new board of directors formed seven months ago created a new merger committee after dissolving the one that was formed a year ago because it had not started any work for mergers and acquisitions.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">He expressed that the bank is planning to merge with a commercial bank that they can fit in with. According to him, the merger committee is trying to coordinate with various banks before submitting the names of three most suitable banks to the board.&nbsp; The bank will go for a merger after the board discusses their options and chooses the most appropriate commercial bank. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;It is not appropriate for others to suggest whom we should merge with,&rdquo; he told New Business Age, adding, &ldquo;The merger may happen with any bank except government-owned bank and Standard Chartered Bank Nepal.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Nepal Rastra Bank has used the monetary policy to compel commercial banks, especially the ones with cross holdings to acquire or be acquired by another bank. This is why commercial banks are under pressure to enter into mergers.</span></span></span></p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12350',
			'article_category_id' => '1',
			'title' => 'COVID-19 Infection Boosts the Market of Sanitizer ',
			'sub_title' => '',
			'summary' => 'August 19: While the overall industries of the country have been weakened by the impact of coronavirus, the market of sanitizer has skyrocketed in Nepal. ',
			'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 19: While the overall industries of the country have been weakened by the impact of coronavirus, the market of sanitizer has skyrocketed in Nepal. Many domestic pharmaceutical companies have started production of sanitizers after its demand increased. </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;">According to Deepak Dahal, former president of the Association of Pharmaceutical Producers of Nepal (APPON), 30 industries are currently producing sanitizers commercially. </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;">&ldquo;Its use has increased as the coronavirus infection has been spread massively. Most of the pharmaceutical companies have started its production as the demand in the market has gone up,&rdquo; he said. </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 Drug Act defines sanitizers as medicines, its production was neglected. The government had paved the way for the production of sanitizer by issuing a guideline in May 2017. </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;">The guideline has given the responsibility of regulating the production standard and quality of sanitizers to the Department of Drug Administration. DDA decided to allow the pharmaceutical industries to make sanitizers after a nationwide lockdown imposed from March 24 to control the infection. </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;">According Santosh KC, spokesperson of DDA, 40 industries in the country have already taken permission to produce sanitizers. </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;">Industrialists estimate that the market of sanitizer in Nepal has reached Rs 500 million since the beginning of the coronavirus infection. They expect the demand for sanitizers to increase further. </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;">According to the customs department, 530,000 liters of sanitizer worth Rs 245.4 million was imported from India and China in the last Fiscal Year 2076/77. </span></span></span></span></p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12348',
			'article_category_id' => '1',
			'title' => 'Provincial Governments, Local Units Seek Rs 450 Million to Fight Covid-19 Pandemic',
			'sub_title' => '',
			'summary' => 'August 19: With the increase in number of Covid-19 cases across the country, the provincial governments and the local units have sought financial support from the federal government for the prevention of the disease and treatment of patients.',
			'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 19: With the increase in number of Covid-19 cases across the country, the provincial governments and the local units have sought financial support from the federal government for the prevention of the disease and treatment of patients.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Altogether 92 local units of all seven provinces have asked for Rs 450 million from the government to set up ventilators, procure PCR machines and build isolation wards.</span></span></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 government has formed a management committee headed by the Vice President of the National Planning Commission for mobilizing the Covid-19 Emergency Fund. </span></span></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;">Financial Comptroller General Gopi Nath Mainali, who is also a member of the committee, told New Business Age that they have to analyze the requirements before releasing such a large amount.</span></span></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;We will release the fund to the local units as well as provincial governments after ascertaining the number of ventilators and PCR machines required,&rdquo; said Mainali.</span></span></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 Financial Comptroller General&rsquo;s Office, the fund has so far collected Rs 2.73 billion and has already spent Rs 1.9 billion. The committee is preparing to bankroll the amount to the local units and provincial governments from the remaining Rs 1.64 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;">&nbsp;The Financial Comptroller General&rsquo;s Office said that the federal government has already provided financial assistance to the hospitals of provinces and local levels to fight the pandemic before.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12347',
			'article_category_id' => '1',
			'title' => 'Government Lags Behind in Establishing New Industrial Estates',
			'sub_title' => '',
			'summary' => 'August 19: The government has failed to construct even the basic facilities for new industrial estates even five years after starting the project.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 19: </span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government has failed to construct even the basic facilities for new industrial estates even five years after starting the project.</span></span></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 government had announced plans to build the industrial estates in 2015. It has already initiated the work but the construction has been delayed inordinately.</span></span></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 government since starting the expansion of industrial estates five years ago has been able to finish only preparing the Detailed Project Report (DPR), land purchase and compensation distribution, as well as the Environmental Impact Assessment (EIA) of the sites in Damak of Jhapa, Mayurdhap of Makwanpur, Shaktikhor of Chitwan, Motipur of Rupandehi, Naubasta of Banke and Daichi of Kanchanpur.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Despite the lackluster progress, government officials inform that necessary infrastructures are being built in the industrial areas.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">&nbsp;Nanda Kishore Basnet, chairman of the Industrial District Management Limited, informed that the foundation stones at all the proposed industrial areas have been laid in 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:Calibri">However, he added that it would take the government additional two years to complete the construction of basic infrastructures such as roads, electricity, water and fencing.</span></span></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">Balaju Industrial Estate was established for the first time in Nepal about 58 years ago. Since then, the government has established 10 industrial estates across the country. The last of them was set up more than 34 years ago.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">It has taken decades for the government to set up new industrial estates. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12346',
			'article_category_id' => '1',
			'title' => 'Government Appoints Dahal as Chairman of Revenue Board',
			'sub_title' => '',
			'summary' => 'August 19: The government has appointed former secretary Mahesh Dahal as the chairman of the newly formed Revenue Board. ',
			'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 19: The government has appointed former secretary Mahesh Dahal as the chairman of the newly formed Revenue Board. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ministry of Finance has established this board to resolve the disputes related to revenue and to provide policy-level suggestions to the ministry. The Council of Ministers on Monday (August 17) appointed Dahal as the chairman of the board upon the recommendation of the ministry.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Revenue Board was formed after a long preparation. Before the formation of the board, there wasn&rsquo;t any permanent mechanism to deal with revenue-related disputes.</span></span></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 lack of such mechanism, a Revenue Advisory Committee headed by the revenue secretary used to collect suggestions related to revenue every year before the announcement of annual budget.</span></span></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;">With the formation of the board, all such issues will be handled by the board itself. The board will regularly provide suggestions to the government and also conduct study and research on issues related to revenue. It will also deal with revenue collection and its management as well as controlling the leakage.</span></span></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;">After his appointment, Dahal said he would fulfill his duties to the best of his ability. He added that the will take the private sector in confidence while increasing revenue and in dealing with controversial issues.</span></span></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 cabinet has also appointed Nirmal Hari Adhikari as a member of the board. Adhikari had retired from government service as a joint secretary at the finance ministry. The post of another member of the board is currently vacant.</span></span></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 board consists of a chairman and two members only. </span></span></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;">Dahal and&nbsp; Adhikari were the only contenders for their respective posts.</span></span></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 concept of Revenue Board was envisaged by the then UML government 24 years ago. In 1996, the then finance minister Bharat Mohan Adhikari had announced the formation of the board.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Later, the proposal to form the board was backed by finance ministers Baburam Bhattarai, Ram Sharan Mahat, Krishna Bahadur Mahara as well as Bishnu Poudel but they failed to implement it.</span></span></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 incumbent Finance Minister Yuba Raj Khatiwada had expedited the process of formation of the board. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The present government had announced to replace the Revenue Advisory Committee by the&nbsp; Revenue Board.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Government Authorities Issue Week-Long Prohibitory Order in the Capital',
			'sub_title' => '',
			'summary' => 'August 19: Government authorities have decided to impose a week-long prohibitory order in the capital from Wednesday midnight (August 19). ',
			'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 19: Government authorities have decided to impose a week-long prohibitory order in the capital from Wednesday midnight (August 19). </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the chief district officers and security chiefs of Kathmandu, Lalitpur and Bhaktapur on Tuesday (August 18) decided to issue the prohibitory order to contain the rapid surge of Covid-19 infection in the valley. The prohibitory order will remain in effect till August 26. </span></span></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;">All services except essential and emergency will remain suspended for a week.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the District Administration Office, Kathmandu, only vehicles transporting food items, medicines, security personnel and ambulances will be allowed to operate during this period. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">This decision was taken after the Council of Ministers authorised the chief district officers to issue prohibitory order if required to contain the spread of coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Coronavirus has been spreading fast in the capital after the government eased the lockdown a few weeks ago.</span></span></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;">&nbsp;The valley reported 205 new cases of coronavirus on Tuesday alone. As of Tuesday evening, the total number of Covid-19 cases in the capital has reached 2339, according to the Ministry of Health and Population. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12344',
			'article_category_id' => '1',
			'title' => 'NEA’s Net Profit Soars Despite Lockdown',
			'sub_title' => '',
			'summary' => 'August 18: The net profit of Nepal Electricity Authority (NEA) increased in the last fiscal year 2019/20 amid coronavirus crisis. ',
			'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 18: The net profit of Nepal Electricity Authority (NEA) increased in the last fiscal year 2019/20 amid coronavirus crisis. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">According to the state-owned utility, its net profit increased by 12.64 percent during the review period. The net profit of NEA in FY 2018/19 was Rs 9.84 billion , which rose to Rs 11.5 billion in FY 2019/20. </span></span></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;">NEA claimed that its profit was the highest among the government-run corporations. </span></span></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;">Its accrued loss which was Rs 12.37 billion also came down to Rs 4.86 billion in the last fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The electricity consumption had reduced during the four-month long lockdown period. NEA was also unable to collect electricity fare during the period. In such context, NEA was expecting its profit to shrink. But statistics show its profit increased instead of declining.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Speaking at a virtual conference organised on the occasion of the 35<sup>th</sup> anniversary of NEA, Energy Minister Barsha Man Pun said it was praiseworthy for an institution which was on the verge of privatization to make maximum profit.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Minister Pun added that the government has facilitated NEA to have access to the international market by granting permission for cross-border energy trade. </span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12357',
			'article_category_id' => '1',
			'title' => 'Bank Account Mandatory for Receiving Social Security Allowance ',
			'sub_title' => '',
			'summary' => 'August 21: The government has made it mandatory for people receiving social security allowance to open bank accounts. ',
			'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 21: The government has made it mandatory for people receiving social security allowance to open bank accounts. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The Department of National ID and Civil Registration (DoNIDCR) has implemented this provision in line with the announcement made during the current fiscal year&rsquo;s budget, which mentions that all beneficiaries will have to open bank accounts from this year onward to receive the allowance.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">With this new provision, on the local units which do not have access to banking service will receive social security allowance in cash. All other local units will have to open bank accounts for the beneficiaries and deposit their allowance in bank.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Senior citizens, single women, people from backward Dalit community, people from endangered groups, differently abled persons, widow among others have been receiving social security allowance ranging from Rs 400 to Rs 3000 per month. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The government had proposed this concept five years ago but it not implemented all over the country. But the Director of DoNIDCR Shiva Raj Joshi says it has become mandatory in all local units except some exceptions from now onward.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">According to Joshi, the local units will not be allowed to hand over the allowance in cash anymore.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">So far, 137 local units have already started distributing social security allowance through the banking system.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The department informed that altogether 3.2 million people receive social security allowance in Nepal.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'Dhaubadhi Mine Suitable for Commercial Production of Iron',
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			'summary' => 'August 21: Dhaubadhi Iron Company Limited has claimed that the iron extracted from Nawalpur-based Dhaubadhi mine is viable for commercial use.',
			'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 21: Dhaubadhi Iron Company Limited has claimed that the iron extracted from Nawalpur-based Dhaubadhi mine is viable for commercial use.</span></span></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;">Sources said that a study of samples from the mine has indicated the possibility of commercial production of iron from the mine in large scale. Concerned authorities had sent five tons of ore extracted from the mine for study in China last year. It has been learnt that the stakeholders in Nepal will receive the report from China within 20 days.</span></span></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;">CEO of the company Krishna Dev Jha told New Business Age that they will now be able to extract iron from the mine for commercial production. He added that they will soon start necessary preparation for setting up the extraction technology, storage and certification works among others.</span></span></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;After going through the report, we can ascertain the quantity of per day extraction from the mine as well as investment requirement and cost estimates,&rdquo; said Jha.</span></span></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 company has already initiated the process to select the consultant company for drilling the mine. </span></span></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;">Jha said that they will select the consultant company within six weeks and the company will have to complete the drilling work in the next six months. The terms of reference (ToR) has been prepared accordingly, said Jha.</span></span></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 company will then go ahead with the feasibility study, detailed engineering design, plant establishment among other works.</span></span></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 company is preparing to drill 265 to 300 meters deep into the mine at five different areas of Dhaubadhi and Pokhari. The company clarified that it will begin the feasibility study only after completing the drilling process.</span></span></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 company will look for investment partners once it starts the feasibility study.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government had released Rs 250 million for the company during the last fiscal year whereas the budget allocated for the current fiscal year has been increased to Rs 1.5 billion.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The public company with a capital of Rs 10 billion is being looked after by the central government.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'description' => '',
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	(int) 2 => array(
		'Article' => array(
			'id' => '12355',
			'article_category_id' => '1',
			'title' => 'Government to Resume Chartered Flights ',
			'sub_title' => '',
			'summary' => 'August 21: The government has decided to resume chartered flights to airlift its citizens stranded abroad due to Covid-19 pandemic.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 21: The government has decided to resume chartered flights to airlift its citizens stranded abroad due to Covid-19 pandemic. A meeting of the Council of Ministers took a decision to this effect on Thursday (August 20).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">All rescued citizens will have to isolate themselves in hotels for at least a week after returning back to Nepal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The cabinet decided to resume its operation to rescue Nepali citizens stranded abroad upon the recommendation of the Covid-19 Crisis Management Centre (CCMC). </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The government will operate three chartered flights per day to rescue the stranded citizens.</span></span></span></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 latest decision is a U-turn from its decision taken just three days ago to ban all chartered flights after the capital recorded a massive surge in Covid-19 cases.</span></span></span></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 meeting also decided to facilitate the movement of diplomats stationed in Nepal. Another decision includes increasing quarantine facilities at the local levels. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Similarly, the government has also decided to bear the expenses for the treatment of COVID-19 patients in private hospitals. The government&#39;s decision comes amid concerns that the government hospitals alone cannot provide treatment to all patients amid growing infection in the capital.</span></span></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">Nepali nationals returning from India via all 10 entry points will also have to isolate themselves for a week in the border areas. </span></span></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">Although most of the districts have enforced prohibitory order to crub the spread of infection, the cabinet meeting has decided not to restrict the transportation of raw materials required for industries and factories. </span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 3 => array(
		'Article' => array(
			'id' => '12359',
			'article_category_id' => '1',
			'title' => 'NRB Preparing for Refinancing within 2 Months',
			'sub_title' => '',
			'summary' => 'August 21: Nepal Rastra Bank has notified businesses and industries that they will need to apply within 45 days to become a recipient of the refinancing facility, initiated to provide relief to the debtors affected by the coronavirus pandemic.',
			'content' => '<h1><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">August 21: Nepal Rastra Bank has notified businesses and industries that they will need to apply within 45 days to become a recipient of the refinancing facility, initiated to provide relief to the debtors affected by the coronavirus pandemic. This process, however, will likely be affected due to the prohibitory order imposed in the various parts of the country. </span></span></h1>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Nepal Rastra Bank had recently demanded an application from banks and financial institutions (BFIs) along with a list of customers that require refinancing facility within 45 days. Nepal Rastra Bank has prepared to settle the issue of refinancing soon based on the list of customers that the commercial banks, development banks and finance companies submit. Preparations had been made to ensure the businesses got refinancing within two months.&nbsp; However, a prohibitory order has been imposed in various areas of the nation due to coronavirus pandemic. The time period for this order is different for different areas with chances of extension. Banks may need more time to prepare the list of debtors for refinancing if the period of the prohibitory order is extended. Only the necessary banking activities are in operation during this prohibitory period and it will also not be possible for the industrialists and businessmen to visit the banks in this situation.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Chairman of the Nepal Bankers&#39; Association Bhuvan Kumar Dahal says that they could not start preparing for the application at this moment because of the prohibitory order issued by the government.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;We will provide refinancing facility to the clients affected by COVID as soon as Nepal Rastra Bank makes the Refinancing Fund available to us after our application,&rdquo; he said. Bankers stated that refinancing will be available within two months if the prohibitory order does not get prolonged.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Nepal Rastra Bank has notified banks and financial institutions to apply for refinancing between August 17 to September 30. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The banks will only be able to demand a maximum of 25 percent of their capital as the refinancing amount. The debtor must have at least a year left in their repayment period to be eligible for this. Debtors that have a loan from more than one bank will only be considered for one bank to avoid any repetitions. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to the NRB, the banks will have to demand at least 70 percent of the total amount applied for refinancing under the refinancing of small, cottage and micro enterprises. Banks will also have to select at least five customers/ debtors from each branch while picking the loans to be applied for refinancing. Nepal Rastra Bank has stated that the applications that do not follow the required process or aren&rsquo;t submitted within the deadline will not be accepted.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to Gunakar Bhatta, the spokesperson for Nepal Rastra Bank, the banks have to apply along with list of customers within the stipulated time in the Refinancing Work Procedure-2077. According to him, the application for refinancing was announced to the banks for the reduction of interest costs for those affected by COVID and for a speedy implementation of refinancing in the economy.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><strong>Adding More Liquidity</strong></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The liquidity in the market will increase greatly once Nepal Rastra Bank provides banks with a lumpsum of refinancing amount. The market currently already has a excess liquidity of Rs 200 billion. Liquidity in banks will further increase when they will be provided with refinancing amount. The banks will have to provide the COVID-19 affected debtors the loan at 5 percent interest rate once they receive the refinancing amount from the central bank. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">NRB Spokesperson Bhatta said that the amount received for refinancing will provide an additional liquidity to the banks. &ldquo;There is no demand in the market even if the banks are able to use the refinancing fund. But their interest income will decrease. Debts are not flowing. Therefore, liquidity will increase in the market,&rdquo; he said. Banks do not seem excited about the refinancing because their liquidity will increase but their interest income will decrease when the refinancing fund is distributed. The interest income will decrease as they will only receive 5 percent interest rate when they used to receive 12 percent from the debtors.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Ganesh Pokharel, the chief executive officer of Citizens Bank pointed out that the refinancing facility is a national agenda and that it should be made available soon to help the debtors affected by COVID-19 even though the liquidity in market will increase because of it.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Saroj Tuladhar, the president of Nepal Financial Institutions&rsquo; Association said the finance companies have also started to collect data of the debtors. According to him, the list of the debtors will be prepared within 5-6 days. &ldquo;We will implement this as soon as the we get the approval after submitting it to Rastra Bank,&rdquo; he said. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The period of the lumpsum refinancing will be a year at most and will not be renewed. However, the period of refinancing will be a year at most for debtors who are extremely affected by coronavirus, and six months for those who are mildly affected by coronavrius. Nepal Rastra Bank informed that this refinancing is renewable. The upper limit for such financing is Rs 50 million.&nbsp; Small, cottage, and micro enterprises refinancing and general refinancing debtors will receive the refinancing at 5 percent interest rate. Special refinancing will be provided to the debtors at 3 percent interest rate.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The refinancing work procedure under the monetary policy of the current fiscal year will provide 70 percent of the refinancing fund through commercial banks, development banks and finance companies, and 10 percent through the microfinance companies. Nepal Rastra Bank will distribute 20 percent of the refinancing through their evaluation.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 4 => array(
		'Article' => array(
			'id' => '12354',
			'article_category_id' => '1',
			'title' => 'Nepali Importers Troubled by Additional Transportation Cost at ICP',
			'sub_title' => '',
			'summary' => 'August 20: Nepali importers have been burdened with additional transportation expenses at the Nepal-India Integrated Check Post (ICP) due to lack of their own warehouse at the newly built facility.',
			'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 20: Nepali importers have been burdened with additional transportation expenses at the Nepal-India Integrated Check Post (ICP) due to lack of their own warehouse at the newly built facility.</span></span></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 importers complain that they are forced to pay additional amount to transport the goods downloaded at Raxaul to the ICP. Earlier, they used to drop the goods at Birgunj- Raxaul border point but they now have to take the goods to the ICP for customs clearance. However, the transport companies do not have their own warehouse at the ICP neither do the importers. </span></span></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 importers are facing problem due to the lack of warehouse. </span></span></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;">Most of the import-export through Birgunj have to pass through the ICP. Only the petroleum products, clinker and coal enter the country through Inarwa transit point, says customs official Ramesh Sukmani. </span></span></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;">Importer Suresh Rungata says that they are forced to load the goods that arrive at Raxaul and take them to the ICP. Most of the transport companies have ware house at Raxaul.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Birgunj is just one kilometer away from Raxaul but the ICP is 20 kilometers away. </span></span></span></span></p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '12353',
			'article_category_id' => '1',
			'title' => 'FNCCI Given 3 Options for Election',
			'sub_title' => '',
			'summary' => 'August 20: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has recommended three modalities for the election of the umbrella organisations of business entrepreneurs and industrialists of Nepal.  ',
			'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 20: A committee formed by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has recommended three modalities for the election of the umbrella organisations of business entrepreneurs and industrialists of Nepal. &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;">The committee on Wednesday (August 19) provided its suggestions to the FNCCI, which has been struggling to hold its general convention amid crisis created by 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:&quot;Arial Unicode MS&quot;">One of the options given by the committee is to hold all three levels of election in the capital after the risk of coronavirus subsides. Other options include main election and election of associates in Kathmandu and the district/town election in the respective districts by maintaining physical distance while the third option is to hold election through electronic means. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The committee prepared the three modalities after consulting with the Ministry of Health and Population and the Covid-19 Crisis Management Centre (CCMC).</span></span></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;Now it is up to the executive committee of FNCCI to select the modality and date of election,&rdquo; said Ranjit Acharya, a member of FNCCI.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The decision will be taken by the next meeting of executive committee,&rdquo; he added.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the FNCCI had fixed the date of its General Assembly to elect a new executive committee for April 10-11, the election could not be held due to the lockdown imposed by the government as well as the risk of coronavirus infection. The date of the General Assembly has been deferred time and again.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The FNCCI leadership is under pressure to hold the election as soon as possible. </span></span></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 FNCCI members are divided over whether to hold the election after the risk of Covid-19 subsides or to go ahead for the polls by maintaining physical distancing.</span></span></span></span></p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '12352',
			'article_category_id' => '1',
			'title' => 'Government Data show Improvement in Revenue Collection ',
			'sub_title' => '',
			'summary' => 'August 20: The government has made some progress in revenue collection, which was badly affected by the coronavirus pandemic since the last four months.',
			'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 20: The government has made some progress in revenue collection, which was badly affected by the coronavirus pandemic since the last four months.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Officials say that the government is close to meeting its target of revenue collection after lifting the lockdown in third week of July. </span></span></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 Financial Comptroller General&rsquo;s Office, the government collected revenue of Rs 58.81 billion in between mid-July and mid-August.</span></span></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 data maintained by the office shows that the revenue collection was Rs 30 billion in the last week alone. </span></span></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;">Officials at the Inland Revenue Department (IRD) said that the sudden increase in revenue collection toward the second week of August was due to the collection of VAT and excise duty, which were pending from the last fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to Deputy Director General of IRD Mukti Pandey, the department had set a target to collect Rs 35 billion in the review period. He said they managed to collect Rs 34.74 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;">IRD collected Rs 29.33 billion from VAT and income tax while the excise duty amount was Rs 5.41 billion. The department informed that excise duty declined last month because the liquor market as well as production was badly affected by coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, revenue collection from customs duty increased during the review period. According to the director of the Customs Department Sishir Ghimire, revenue collection from customs point in mid-July to mid-August was Rs 22.84 billion, which is well above the target of Rs 19.81 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;">According to him, the improvement in collection of customs duty was possible due to the increase in import of food products, clothes, petroleum products, machinery parts among others after the lockdown was lifted. </span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12351',
			'article_category_id' => '1',
			'title' => 'Government Denies Permission for Procurement of Chemical Fertilizers',
			'sub_title' => '',
			'summary' => 'August 20: Ministry of Agriculture and Livestock Development has denied permission to the concerned state-owned corporations to issue tender notice for the purchase of chemical fertilisers, thereby delaying the procurement process.',
			'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 20: Ministry of Agriculture and Livestock Development has denied permission to the concerned state-owned corporations to issue tender notice for the purchase of chemical fertilisers, thereby delaying the procurement process.</span></span></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 ministry denied permission to the Salt Trading Corporation and Krishi Samagri Company from issuing tender bids for the purchase of fertilizers in current fiscal year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The ministry should have given permission to these two corporations by mid-August to procure fertilizers for the second quarter of the current fiscal year. But the corporations have not received approval from the ministry so far.</span></span></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;">This is expected to cause shortage of chemical fertilizers during the wheat planting season later in the 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;">Spokesperson of Salt Trading Corporation Kumar Raj Bhandari informed New Business Age that the process of procuring chemical fertilizers has been affected due to the delay in government granting permission for the purchase.</span></span></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;We have sought permission from the ministry to issue tender notice time and again but the ministry has ignored our plea,&rdquo; said Bhandari.</span></span></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;">Salt Trading Corporation has been authorized to purchase 30 percent of fertilizers and Krishi Samagri Company 70 percent on behalf of the government. They then sell the fertilziers to the farmers at subsidized rate.</span></span></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;">Salt Trading has received permission to purchase 30,000 metric tons of Urea, 40,000 metric tons of DAP and&nbsp; 5,000 metric tons of Potassium for the first quarter of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, chief of Krishi Samagri Company Netra Bhandari also confirmed that the ministry has denied permission for issuing tender for the purchase of fertilizers for the second quarter.</span></span></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;">On the other hand, secretary at the Ministry of Agriculture and Livestock Development Rajendra Prasad Bhari told New Business Age that he was not aware about the delay in granting permission to the corporations for purchasing fertilizers.</span></span></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, spokesperson at the ministry Dr Hari Bahadur KC said that the guidelines for subsidized fertilizers is in the process of being approved, causing delay in granting permission for the procurement.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12349',
			'article_category_id' => '1',
			'title' => 'Covid-19 Pandemic Delays Sale of Habib’s Shares in HBL to CDC',
			'sub_title' => 'Plans of Merger Will Not Affect the Agreement: HBL',
			'summary' => 'August 19: Commonwealth Development Corporation Group (CDC) of the UK had reached an understanding with Pakistan’s Habib Bank to purchase 20 per cent of the latter’s stake in Himalayan Bank Limited (HBL). ',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">August 19: Commonwealth Development Corporation Group (CDC) of the UK had reached an understanding with Pakistan&rsquo;s Habib Bank to purchase 20 per cent of the latter&rsquo;s stake in Himalayan Bank Limited (HBL). But it had to postpone the decision due to the Covid-19 pandemic. </span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Earlier, CDC had announced in mid-January after its annual general meeting that it will sign the share purchase agreement. However, the bank informed that the agreement has been kept on &ldquo;hold&rdquo; for now due to the pandemic.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Tulsi Prasad Gautam, chairman of HBL, said that the bank has been notified by the CDC that the share purchase agreement will be put on hold for 2020 as it is not possible for their representatives to travel to Nepal due to the pandemic. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;They need to come to Nepal to fulfill the required arrangements and procedures before purchasing the shares. However, they could not come to Nepal due to the spread of the coronavirus. That&rsquo;s why the agreement will be put on hold for now,&rdquo; he said, adding, &ldquo;The agreement has been deferred for rest of 2020. They have said that the agreement will be taken forward by analyzing the condition of the pandemic.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Ashoke SJB Rana, CEO of HBL, said that 80 percent of the Due Diligence Audit (DDA) of the shares owned by Habib had already been completed before the annual general meeting of last year and that the remaining work would be completed after the AGM. &ldquo;However, that could not happen immediately. The transfer of share ownership will take time because of the current situation.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">The issued capital of Himalayan Bank has become Rs 9.37 billion following the distribution of 10 percent bonus shares after the annual general meeting of FY 2075/76. According to the bank, CDC had agreed to pay Rs 280 per share for the promoter shares owned by Habib. Habib owns 20 percent of the total shares of the bank, which amounts to 10.70 million units of shares.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Habib had first proposed the other promoters of HBL to purchase the shares that they were planning to sell. Habib had made this offer about one and half years ago because legally, the remaining promoters have the first right to buy the shares sold by another promoter. However, Habib made a deal with CDC when the promoter shareholders refused to buy the shares within 45 days of the offer. CDC has 9 percent stake on Habib. The two institutions had already been discussing about trading the shares of Himalayan Bank.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Himalayan Bank has started preparing for a merger even though the share purchase procedure between CDC and Habib has not been completed. Chairman Gautam informed that the board of directors of the bank have already decided to form a merger committee last Sunday but a minute is yet to be prepared for it. According to him, the merger will not affect the sales of the promoter shares. He added that the new board of directors formed seven months ago created a new merger committee after dissolving the one that was formed a year ago because it had not started any work for mergers and acquisitions.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">He expressed that the bank is planning to merge with a commercial bank that they can fit in with. According to him, the merger committee is trying to coordinate with various banks before submitting the names of three most suitable banks to the board.&nbsp; The bank will go for a merger after the board discusses their options and chooses the most appropriate commercial bank. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">&ldquo;It is not appropriate for others to suggest whom we should merge with,&rdquo; he told New Business Age, adding, &ldquo;The merger may happen with any bank except government-owned bank and Standard Chartered Bank Nepal.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Nepal Rastra Bank has used the monetary policy to compel commercial banks, especially the ones with cross holdings to acquire or be acquired by another bank. This is why commercial banks are under pressure to enter into mergers.</span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12350',
			'article_category_id' => '1',
			'title' => 'COVID-19 Infection Boosts the Market of Sanitizer ',
			'sub_title' => '',
			'summary' => 'August 19: While the overall industries of the country have been weakened by the impact of coronavirus, the market of sanitizer has skyrocketed in Nepal. ',
			'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 19: While the overall industries of the country have been weakened by the impact of coronavirus, the market of sanitizer has skyrocketed in Nepal. Many domestic pharmaceutical companies have started production of sanitizers after its demand increased. </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;">According to Deepak Dahal, former president of the Association of Pharmaceutical Producers of Nepal (APPON), 30 industries are currently producing sanitizers commercially. </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;">&ldquo;Its use has increased as the coronavirus infection has been spread massively. Most of the pharmaceutical companies have started its production as the demand in the market has gone up,&rdquo; he said. </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 Drug Act defines sanitizers as medicines, its production was neglected. The government had paved the way for the production of sanitizer by issuing a guideline in May 2017. </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;">The guideline has given the responsibility of regulating the production standard and quality of sanitizers to the Department of Drug Administration. DDA decided to allow the pharmaceutical industries to make sanitizers after a nationwide lockdown imposed from March 24 to control the infection. </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;">According Santosh KC, spokesperson of DDA, 40 industries in the country have already taken permission to produce sanitizers. </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;">Industrialists estimate that the market of sanitizer in Nepal has reached Rs 500 million since the beginning of the coronavirus infection. They expect the demand for sanitizers to increase further. </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;">According to the customs department, 530,000 liters of sanitizer worth Rs 245.4 million was imported from India and China in the last Fiscal Year 2076/77. </span></span></span></span></p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12348',
			'article_category_id' => '1',
			'title' => 'Provincial Governments, Local Units Seek Rs 450 Million to Fight Covid-19 Pandemic',
			'sub_title' => '',
			'summary' => 'August 19: With the increase in number of Covid-19 cases across the country, the provincial governments and the local units have sought financial support from the federal government for the prevention of the disease and treatment of patients.',
			'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 19: With the increase in number of Covid-19 cases across the country, the provincial governments and the local units have sought financial support from the federal government for the prevention of the disease and treatment of patients.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Altogether 92 local units of all seven provinces have asked for Rs 450 million from the government to set up ventilators, procure PCR machines and build isolation wards.</span></span></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 government has formed a management committee headed by the Vice President of the National Planning Commission for mobilizing the Covid-19 Emergency Fund. </span></span></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;">Financial Comptroller General Gopi Nath Mainali, who is also a member of the committee, told New Business Age that they have to analyze the requirements before releasing such a large amount.</span></span></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;We will release the fund to the local units as well as provincial governments after ascertaining the number of ventilators and PCR machines required,&rdquo; said Mainali.</span></span></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 Financial Comptroller General&rsquo;s Office, the fund has so far collected Rs 2.73 billion and has already spent Rs 1.9 billion. The committee is preparing to bankroll the amount to the local units and provincial governments from the remaining Rs 1.64 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;">&nbsp;The Financial Comptroller General&rsquo;s Office said that the federal government has already provided financial assistance to the hospitals of provinces and local levels to fight the pandemic before.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12347',
			'article_category_id' => '1',
			'title' => 'Government Lags Behind in Establishing New Industrial Estates',
			'sub_title' => '',
			'summary' => 'August 19: The government has failed to construct even the basic facilities for new industrial estates even five years after starting the project.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 19: </span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government has failed to construct even the basic facilities for new industrial estates even five years after starting the project.</span></span></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 government had announced plans to build the industrial estates in 2015. It has already initiated the work but the construction has been delayed inordinately.</span></span></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 government since starting the expansion of industrial estates five years ago has been able to finish only preparing the Detailed Project Report (DPR), land purchase and compensation distribution, as well as the Environmental Impact Assessment (EIA) of the sites in Damak of Jhapa, Mayurdhap of Makwanpur, Shaktikhor of Chitwan, Motipur of Rupandehi, Naubasta of Banke and Daichi of Kanchanpur.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Despite the lackluster progress, government officials inform that necessary infrastructures are being built in the industrial areas.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">&nbsp;Nanda Kishore Basnet, chairman of the Industrial District Management Limited, informed that the foundation stones at all the proposed industrial areas have been laid in 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:Calibri">However, he added that it would take the government additional two years to complete the construction of basic infrastructures such as roads, electricity, water and fencing.</span></span></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">Balaju Industrial Estate was established for the first time in Nepal about 58 years ago. Since then, the government has established 10 industrial estates across the country. The last of them was set up more than 34 years ago.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">It has taken decades for the government to set up new industrial estates. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12346',
			'article_category_id' => '1',
			'title' => 'Government Appoints Dahal as Chairman of Revenue Board',
			'sub_title' => '',
			'summary' => 'August 19: The government has appointed former secretary Mahesh Dahal as the chairman of the newly formed Revenue Board. ',
			'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 19: The government has appointed former secretary Mahesh Dahal as the chairman of the newly formed Revenue Board. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ministry of Finance has established this board to resolve the disputes related to revenue and to provide policy-level suggestions to the ministry. The Council of Ministers on Monday (August 17) appointed Dahal as the chairman of the board upon the recommendation of the ministry.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Revenue Board was formed after a long preparation. Before the formation of the board, there wasn&rsquo;t any permanent mechanism to deal with revenue-related disputes.</span></span></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 lack of such mechanism, a Revenue Advisory Committee headed by the revenue secretary used to collect suggestions related to revenue every year before the announcement of annual budget.</span></span></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;">With the formation of the board, all such issues will be handled by the board itself. The board will regularly provide suggestions to the government and also conduct study and research on issues related to revenue. It will also deal with revenue collection and its management as well as controlling the leakage.</span></span></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;">After his appointment, Dahal said he would fulfill his duties to the best of his ability. He added that the will take the private sector in confidence while increasing revenue and in dealing with controversial issues.</span></span></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 cabinet has also appointed Nirmal Hari Adhikari as a member of the board. Adhikari had retired from government service as a joint secretary at the finance ministry. The post of another member of the board is currently vacant.</span></span></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 board consists of a chairman and two members only. </span></span></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;">Dahal and&nbsp; Adhikari were the only contenders for their respective posts.</span></span></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 concept of Revenue Board was envisaged by the then UML government 24 years ago. In 1996, the then finance minister Bharat Mohan Adhikari had announced the formation of the board.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Later, the proposal to form the board was backed by finance ministers Baburam Bhattarai, Ram Sharan Mahat, Krishna Bahadur Mahara as well as Bishnu Poudel but they failed to implement it.</span></span></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 incumbent Finance Minister Yuba Raj Khatiwada had expedited the process of formation of the board. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The present government had announced to replace the Revenue Advisory Committee by the&nbsp; Revenue Board.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Government Authorities Issue Week-Long Prohibitory Order in the Capital',
			'sub_title' => '',
			'summary' => 'August 19: Government authorities have decided to impose a week-long prohibitory order in the capital from Wednesday midnight (August 19). ',
			'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 19: Government authorities have decided to impose a week-long prohibitory order in the capital from Wednesday midnight (August 19). </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the chief district officers and security chiefs of Kathmandu, Lalitpur and Bhaktapur on Tuesday (August 18) decided to issue the prohibitory order to contain the rapid surge of Covid-19 infection in the valley. The prohibitory order will remain in effect till August 26. </span></span></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;">All services except essential and emergency will remain suspended for a week.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the District Administration Office, Kathmandu, only vehicles transporting food items, medicines, security personnel and ambulances will be allowed to operate during this period. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">This decision was taken after the Council of Ministers authorised the chief district officers to issue prohibitory order if required to contain the spread of coronavirus.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Coronavirus has been spreading fast in the capital after the government eased the lockdown a few weeks ago.</span></span></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;">&nbsp;The valley reported 205 new cases of coronavirus on Tuesday alone. As of Tuesday evening, the total number of Covid-19 cases in the capital has reached 2339, according to the Ministry of Health and Population. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12344',
			'article_category_id' => '1',
			'title' => 'NEA’s Net Profit Soars Despite Lockdown',
			'sub_title' => '',
			'summary' => 'August 18: The net profit of Nepal Electricity Authority (NEA) increased in the last fiscal year 2019/20 amid coronavirus crisis. ',
			'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 18: The net profit of Nepal Electricity Authority (NEA) increased in the last fiscal year 2019/20 amid coronavirus crisis. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">According to the state-owned utility, its net profit increased by 12.64 percent during the review period. The net profit of NEA in FY 2018/19 was Rs 9.84 billion , which rose to Rs 11.5 billion in FY 2019/20. </span></span></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;">NEA claimed that its profit was the highest among the government-run corporations. </span></span></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;">Its accrued loss which was Rs 12.37 billion also came down to Rs 4.86 billion in the last fiscal year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The electricity consumption had reduced during the four-month long lockdown period. NEA was also unable to collect electricity fare during the period. In such context, NEA was expecting its profit to shrink. But statistics show its profit increased instead of declining.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Speaking at a virtual conference organised on the occasion of the 35<sup>th</sup> anniversary of NEA, Energy Minister Barsha Man Pun said it was praiseworthy for an institution which was on the verge of privatization to make maximum profit.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">Minister Pun added that the government has facilitated NEA to have access to the international market by granting permission for cross-border energy trade. </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