NEWS

Insurance Premium Exemption to Industries during Lockdown Period

Aug 09, 2020 0 2 minutes 23 seconds to read

August 9: Industrial enterprises will be receiving an exemption of one-third (33.33%) of their total insurance…

Production of Palm Oil takes a Nosedive

Aug 09, 2020 0 2 minutes 32 seconds to read

August 9: The production of palm oil, one of the major export products of Nepal, has declined by almost 80 percent after India re-imposed a ban on import of palm oil from…

Civil Aviation Authority of Nepal Downsizes its Budget

Aug 09, 2020 0 2 minutes 3 seconds to read

August 9: The Civil Aviation Authority of Nepal (CAAN) has downsized its budget for the current fiscal year 2020/21.…

Hotels in Birgunj Turned into Isolation Wards

Aug 09, 2020 0 1 minutes 27 seconds to read

August 9: Hotels in Birgunj have turned into isolation wards due to a rapid surge in coronavirus cases in the city.…

‘Government to Amend Hedging Regulation within a Month’

Aug 09, 2020 0 2 minutes 11 seconds to read

August 9: The government is all set to amend the Hedging Regulation 2075 within…

Shortage of Fertilizers Forces Farmers to Smuggle Urea from India

Aug 09, 2020 0 2 minutes 8 seconds to read

August 9: The Salt Trading Corporation and Krishi Samagri Company Limited have run out of stock of chemical fertilizers due to the delay in import of fertilizers by the government.…

Around 150,000 Manpower Involved in Mountaineering Sector Unemployed

Aug 07, 2020 0 1 minutes 42 seconds to read

August 7: The impact of coronavirus has left more than 150,000 people involved in the trekking and mountaineering sector…

Price of Gold Rising Consistently

Aug 07, 2020 0 1 minutes 40 seconds to read

August 7: The price of gold has set another benchmark on Friday with an increase of Rs 1000 per tola (11 grams approximately).…

Cabinet Assigns Energy Ministry to Resolve Issue of Dedicated Feeder

Aug 07, 2020 0 2 minutes 5 seconds to read

August 6: The government has assigned the Ministry of Energy to resolve the dispute regarding the electricity tariff imposed on dedicated feeder and trunk line after the end of load-shedding in the…

Lockdown Triggers a Surge in Online Accounts

Aug 07, 2020 0 2 minutes 29 seconds to read

August 7: There has been an increase in the number of customers opening online account during the lockdown period.…

BIFs Contradict Central Bank Report on Providing Discount on Interest Rate

Aug 07, 2020 0 2 minutes 16 seconds to read

August 7: Nepal Rastra Bank recently unveiled a report which stated that banks and financial institutions (BFIs) did not facilitate their customers in payment of loan installment and provide discount on interest rate during lockdown period as per its…

Remittance Inflow to Nepal Expected to Shrink by almost 29 Percent

Aug 07, 2020 0 3 minutes 21 seconds to read

August 7: The Asian Development Bank (ADB) has projected Nepal’s remittance inflow to shrink by almost 29…

Government Fails to Implement VAT Rebate on Electronic Transaction

Aug 06, 2020 0 1 minutes 57 seconds to read

August 6: The government has not been able to effectively implement its policy to refund value added tax (VAT) for payments made through electronic…

Price of Gold Climbs to Rs 102,500 per 11 Grams

Aug 06, 2020 0 1 minutes 21 seconds to read

August 6: The price of gold has increased by Rs 1100 per tola (11 grams approximately) to reach an all time high of Rs 102,500 on Thursday (August…

Tourism Entrepreneurs Express Disappointment toward Tourism Bill

Aug 06, 2020 0 2 minutes 20 seconds to read

August 6: Tourism stakeholders have expressed discontent over the recently announced tourism bill by the…

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

. . .
read more »

NEPSE

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		'Article' => array(
			'id' => '12297',
			'article_category_id' => '1',
			'title' => 'Insurance Premium Exemption to Industries during Lockdown Period ',
			'sub_title' => '',
			'summary' => 'August 9: Industrial enterprises will be receiving an exemption of one-third (33.33%) of their total insurance premium.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">August 9: Industrial enterprises will be receiving an exemption of one-third (33.33%) of their total insurance premium. This exemption will be valid for the premium paid during the lockdown period from March 24 to June 13. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">This decision was taken after a meeting between the Insurance Board, insurance companies and the representatives of private sector on Friday. The provision will be implemented after the Insurance Board issues an official circular to the concerned bodies.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The budget announced for the current fiscal year has a provision regarding the payment of insurance premiums by the industrialists. The decision about granting a discount on the insurance premiums to the industrial establishments was taken in relation to the implementation of this provision. In addition to this, a preliminary agreement has also been reached about the adjustments of the insurance premium for terrorism and riots.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI), and Nepal Insurers&rsquo; Association had also attended the meeting on Friday. Shekhar Golcha, Senior Vice-President of FNCCI, said, &ldquo;A preliminary understanding of providing one-third discount on the insurance premium for the period of lockdown has been reached, which is very beneficial to the industrialists.&rdquo;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The government has enforced the nation-wide lockdown since March 24 to control the spreading of coronavirus. All of the industries except those providing essential services had been shut down during this period. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">An official from the Insurance Board informed about the reduction in the industries&rsquo; exposures to risks, which was the reason for the subsequent discount on the insurance premium. The official also said that the circular will probably be issued within this week. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The premium per day for the related industrial establishments will have to be calculated by dividing the annual premium by 365. The industrialists will get a discount on their premium for the period of the lockdown on the basis of the same per-day premium. The industrialists have already paid the insurance premium for the period of the lockdown.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">It has been informed by the Insurance Board that this exemption will be carried out once the insurance policy is renewed. </span></span></p>
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			'id' => '12296',
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			'title' => 'Production of Palm Oil takes a Nosedive',
			'sub_title' => '',
			'summary' => 'August 9: The production of palm oil, one of the major export products of Nepal, has declined by almost 80 percent after India re-imposed a ban on import of palm oil from 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 9: The production of palm oil, one of the major export products of Nepal, has declined by almost 80 percent after India re-imposed a ban on import of palm oil from 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:&quot;Arial Unicode MS&quot;">India&rsquo;s Directorate General of Foreign Trade (DGFT) had imposed a ban of import of palm oil on second week of January. One month later, India allowed its businessmen to import palm oil by issuing license. The government of Nepal then imposed lockdown on March 24 to contain the spread of coronavirus. During the lockdown period, DGFT decided to scrap the license provided to the importers to bring refined palm oil from Nepal. Such decision was taken on the second week of May.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Despite having adequate raw materials, Nepali businessmen reduced the production of palm oil taking into consideration the lack of market for their refined product.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">There are altogether 18 industries in Birgunj and Biratnagar for refining palm oil. Those industries currently have a stock of more than 100,000 metric tons of raw materials for producing palm oil. Nepal&rsquo;s internal demand for palm oil is only 15 to 20 percent of production. All the rest is sold in India.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, industrialist Pradeep Muraraka says they have lowered the production due to lack of market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We have ample of stock of refined palm oil but there is no market. Although the industry has reopened, we don&rsquo;t have much work,&rdquo; says Muraraka.</span></span></span></span></p>

<p><span 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, palm oil industry has given employment to more than 3000 workers. But the industrialists have not been able to pay the workers because the production has stopped.</span></span></span></span></p>

<p><span 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 are now in a situation to lay off the staff because we cannot afford to pay them because the industry is closed and we are unable to generate income,&rdquo; he added.</span></span></span></span></p>
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			'article_category_id' => '1',
			'title' => 'Civil Aviation Authority of Nepal Downsizes its Budget',
			'sub_title' => 'Rs 22.77 billion allocated for four major airport projects ',
			'summary' => 'August 9: The Civil Aviation Authority of Nepal (CAAN) has downsized its budget for the current fiscal year 2020/21. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">August 9: The Civil Aviation Authority of Nepal (CAAN) has downsized its budget for the current fiscal year 2020/21. The aviation regulatory body has reduced its budget compared to the previous fiscal year, allocating Rs 22.77 billion for four major under-construction airport projects this year.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Due to the ongoing Covid-19 crisis, CAAN has cut off its new budget by Rs 5.85 billion compared to last year. CAAN has allocated Rs 41.11 billion for the FY 2020/21.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The regulatory body has given priority to the under-construction international airports in its new program and policies announced on Friday, August 7.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Director General of CAAN Rajan Pokharel informed that CAAN aims to operate Gautam Buddha International Airport and finish the construction of Pokhara Regional International Airport within the current fiscal year.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;CAAN will spend the allocated amount of Rs 22.77 billion for the four major airports on land acquisition, construction of physical infrastructure and purchase of airport equipment,&rdquo; Pokharel informed.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The aviation body has allocated Rs 6.45 billion for the Gautam Buddha International Airport which is under-construction in Bhairahawa.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Out of the total budget, Rs 2.16 billion has been allocated for land acquisition, Rs 3.28 billion for new terminal building and other infrastructure, Rs 600 million for equipment, Rs 410 million for fire control vehicles and Rs 10 million for other equipment.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Similarly, Rs 11.3 billion has been allocated for the Regional International Airport which is under-construction in Pokhara and Rs 5.1 billion has been allocated for upgrading and renovating Tribhuvan International Airport.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">CAAN has allocated Rs 280 million to Nijgadh International Airport for providing compensation for land and cutting down trees.</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12294',
			'article_category_id' => '1',
			'title' => 'Hotels in Birgunj Turned into Isolation Wards ',
			'sub_title' => '',
			'summary' => 'August 9: Hotels in Birgunj have turned into isolation wards due to a rapid surge in coronavirus cases in the city. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria">August 9: Hotels in Birgunj have turned into isolation wards due to a rapid surge in coronavirus cases in the city. The government has been using four hotels in the city as isolation wards.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">The District Disaster Management Centre (DDMC) has decided to transform hotels and religious places into isolation&nbsp; ward for treatment of coronavirus patients, informed Assistant Chief District Officer (CDO) of Parsa Lalit Kumar Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Currently, Hotel Rani Pokhari, Gopal Mandali &nbsp;and Rani Sati Dharmashala have been turned into isolation wards, according to Assistant CDO Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Basnet informed that health authorities are having problems in treating patients after the number of Covid-19 cases reached almost 1000 in Parsa.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">&ldquo;The isolation wards of temporarily set up Gandak and Birgunj Health Care aren&rsquo;t sufficient. We decided to set up isolation wards with capacity of 280 beds at various hotels, religious places and schools after concluding that it would be unsafe to isolate the infected persons at their homes,&rdquo; said Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">The two temporary hospitals set up in Birgunj to treat Covid-19 patients have altogether 150 beds.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Hotel entrepreneur Hari Panta says that Birgunj-based hotels including Bijay Jyoti, Kum Kum Palace and Pujan Hotel were transformed into isolation wards much earlier. </span></span></p>
',
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			'id' => '12293',
			'article_category_id' => '1',
			'title' => '‘Government to Amend Hedging Regulation within a Month’',
			'sub_title' => '',
			'summary' => 'August 9: The government is all set to amend the Hedging Regulation 2075 within mid-September.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">August 9: The government is all set to amend the Hedging Regulation 2075 within mid-September. The regulation was introduced one and a half years ago to minimize the risk of fluctuation in foreign exchange rate for those who invest in foreign currency. However, local businessmen and investors have complained that the regulation is not clear and satisfactory. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">Therefore, Nepal Rastra Bank had submitted a proposal to the Ministry of Finance to amend the regulation.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The finance ministry says preparing the amendment draft is taking some time. According to spokesperson at the ministry Uttar Kumar Khatri, the amendment will be complete within mid-September.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The finance ministry has already prepared the amendment draft after discussing with stakeholders. Now the Council of Ministers needs to take a decision,&rdquo; said Khatri, adding, &ldquo;The amendment will be completed by mid-September.&rdquo;</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The regulation has a provision for the finance ministry to set the hedging rate, which NRB has outright rejected. The central bank has drawn the attention of the finance ministry that the foreign exchange rate is subject to change every day or any moment and therefore the hedging rate should be fixed on real time. The regulation also has a provision for the investors to sign an agreement with the ministry while fixing the rate. But the stakeholders say that the exchange rate might change while they are engaged in the lengthy process of agreement with the ministry.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">Therefore, NRB officials say that the central bank must be authorised to fix the hedging rate so that it is adjusted in a systematic way with the fluctuation in foreign exchange rate. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">However, a source at the central bank informed New Business Age that the finance ministry has not decided who will fix the hedging rate.</span></span></span></p>
',
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		'Article' => array(
			'id' => '12292',
			'article_category_id' => '1',
			'title' => 'Shortage of Fertilizers Forces Farmers to Smuggle Urea from India',
			'sub_title' => '',
			'summary' => 'August 9: The Salt Trading Corporation and Krishi Samagri Company Limited have run out of stock of chemical fertilizers due to the delay in import of fertilizers by the government. ',
			'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 9: The Salt Trading Corporation and Krishi Samagri Company Limited have run out of stock of chemical fertilizers due to the delay in import of fertilizers by the government. The warehouses of the two organisations, which have been authorised to supply fertilizers across the country, have become empty due to the government&rsquo;s failure to import the fertilziers.</span></span></span></span></p>

<p><span 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 has forced the locals of border areas to risk their lives in bringing chemical fertilizers from India amid 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;">Farmers require 40,000 metric tons of urea after planting paddy. But the government organisations have already run out of stock of urea while they are left with only 13,000 metric tons of DAP and Potassium.</span></span></span></span></p>

<p><span 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 entire country is reeling under shortage of chemical fertilizers as the bodies authorised to supply the fertilizers do not have any more fertilizers left. In the meantime, most of the districts that share border with India have witnessed a surge in farmers crossing the border to smuggle fertilizers despite the high risk of infection.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chief of the Food Security Division of Province 1 Rajendra Upreti confirmed that the farmers of Jhapa, Morang and Sunsari have been importing fertilizers from India themselves.</span></span></span></span></p>

<p><span 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 farmers are risking their lives because they are left with no other option,&rdquo; said Upreti.</span></span></span></span></p>

<p><span 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 farmers of Western Terai including Banke, Bardiya and Kailali are also facing similar problem. Extreme shortage of urea has forced the farmers of this region to illegally import fertilizers from India. </span></span></span></span></p>
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			'title' => 'Around 150,000 Manpower Involved in Mountaineering Sector Unemployed',
			'sub_title' => '',
			'summary' => 'August 7: The impact of coronavirus has left more than 150,000 people involved in the trekking and mountaineering  sector unemployed.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 7: The impact of coronavirus has left more than 150,000 people involved in the trekking and mountaineering &nbsp;sector unemployed.</span></span></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">Both mountaineering and trekking activities were completely halted for four and a half months during the peak season of the year due to Covid-19.&nbsp; It is estimated that the mountaineering industry of Nepal might have lost around Rs 10 billion worth of income. Both the trekking and mountaineering agencies say that more than Rs 10 billion has been lost due to Covid-19.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Nepal Mountaineering Association (NMA) estimates that more than 125,000 people are involved in the mountaineering sector, directly and indirectly.</span></span></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">Similarly, Trekking Agencies Association of Nepal (TAAN) informs that trekking activities provide employment to more than 25,000 people in the trekking sector.</span></span></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, Nepal Tourism Board estimates that around 90,000 workers are involved in Nepal&#39;s mountaineering and trekking sector.</span></span></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">At the same time, Secretary at the Ministry of Tourism Kedar Bahadur Adhikari said that plans have been made to create 4,000 jobs for 30 days by identifying areas that can create employment immediately.</span></span></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, it is not likely to be implemented as the situation has not improved completely.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '12038',
			'image' => '20200807075017_1596774556.Trekking pic.jpg',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12290',
			'article_category_id' => '1',
			'title' => 'Price of Gold Rising Consistently',
			'sub_title' => '',
			'summary' => 'August 7: The price of gold has set another benchmark on Friday with an increase of Rs 1000 per tola (11 grams approximately). ',
			'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 7: The price of gold has set another benchmark on Friday with an increase of Rs 1000 per tola (11 grams approximately). </span></span></span></span></p>

<p><span 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 Federation of Nepal Gold and Silver Dealers Association, the precious yellow metal is being traded for Rs 103,500 per 11 grams on Friday (August 7), with an overnight increase of Rs 1000.</span></span></span></span></p>

<p><span 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 price of silver has also increased by Rs 60 per 11 grams. Silver is being traded for Rs 1405 per tola on Friday. The price of silver is also an all-time high in the Nepali market. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The price of gold has been consistently rising since the last few weeks. The price of gold is also increasing in the international market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:15.0pt"><span style="font-family:Arial">It is believed that the price of gold is rising due to the relief packages announced by various governments worldwide to cope with the coronavirus pandemic and the central banks of those countries lending at exceptionally low rate of interest.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:15.0pt"><span style="font-family:Arial">International investors are said to be heavily investing on gold to secure their investment amid uncertainty created by the pandemic. This has also contributed to the rise in price of gold.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12289',
			'article_category_id' => '1',
			'title' => 'Cabinet Assigns Energy Ministry to Resolve Issue of Dedicated Feeder',
			'sub_title' => '',
			'summary' => 'August 6: The government has assigned the Ministry of Energy to resolve the dispute regarding the electricity tariff imposed on dedicated feeder and trunk line after the end of load-shedding in the country.',
			'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 6: The government has assigned the Ministry of Energy to resolve the dispute regarding the electricity tariff imposed on dedicated feeder and trunk line after the end of load-shedding in the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the council of ministers on Monday handed the responsibility to the energy ministry to resolve the dispute by implementing recommendations suggested in a report prepared by a probe committee.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Government spokesperson and Minister for Communication and Information Technology Yuba Raj Khatiwada informed about the decision during a press conference on Thursday (August 6).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government had earlier formed a committee headed by energy secretary Dinesh Ghimire to resolve the dispute regarding dedicated feeder and trunk line. The committee had submitted a report with necessary recommendations to the council of ministers three weeks ago. The cabinet has instructed the energy ministry to resolve the issue as per the recommendation of the report.</span></span></span></span></p>

<p><span 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 report has recommended the government to allow the Electricity Regulatory Commission to decide on the electricity tariff after the end of load-shedding. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Electricity Authority had supplied electricity to industries through dedicated feeder and trunk line at 65 percent additional charge between 2071 BS to 2075 BS amid load-shedding 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;Arial Unicode MS&quot;">Although the problem of load-shedding came to an end since early 2075, NEA has been charging the same rate to the industrialists till date. However, the industrialists have said they will not pay any additional charges after the load-shedding was ended.</span></span></span></span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12288',
			'article_category_id' => '1',
			'title' => 'Lockdown Triggers a Surge in Online Accounts',
			'sub_title' => '',
			'summary' => 'August 7: There has been an increase in the number of customers opening online account during the lockdown period. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">August 7: There has been an increase in the number of customers opening online account during the lockdown period. Although the customers can deposit the money online, they have to go to the bank to withdraw it. This poses a challenge to promote digital transaction.&nbsp; </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Due to Covid-19 infection and subsequent lockdown, majority of banks have insisted on opening online accounts. Banks have also been promoting online account. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Nabil Bank first started opening accounts online eight years ago. Bhuvan Kumar Dahal, president of Nepal Bankers&rsquo; Association says although the online account was initiated a long time ago, it has become more effective during the lockdown. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Bankers say that 945,350 new depositors have been added to the list of commercial banks&rsquo; customers after February and most of them have opened online accounts. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Banks including Nabil, NIC Asia, Citizens, and NMB have provided the facility to open an account via Facebook and Viber to make it effective. CEO of NMB bank Sunil KC informed that around 10,000 accounts have been opened during lockdown from such facilities. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;We have received very good response to this new approach. At present, the emphasis should be given to online accounts and digital transactions,&rdquo; he told New Business Age, adding, &ldquo;Such transaction would maintain physical distance, is safe, reliable, saves time and is less expensive.&rdquo; </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">NIC Asia Bank said that the initiative of opening free online account from home has become more effective. The bank says that they will continue the facility as opening online account has been increasing. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Bankers say that Nepalis residing abroad had benefitted more from such facilities in the past. They say that those who are not accustomed to online go to the bank. Therefore, there&rsquo;s still a challenge to get used to digital transaction, says Anil Sharma, executive director of Nepal Bankers Association. &ldquo;Now the already opened accounts need to be continuously activated in digital transactions,&rdquo; he said. </span></span></span></p>

<p>&nbsp;</p>
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			'description' => '',
			'sortorder' => '12035',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12287',
			'article_category_id' => '1',
			'title' => 'BIFs Contradict Central Bank Report on Providing Discount on Interest Rate',
			'sub_title' => '',
			'summary' => 'August 7: Nepal Rastra Bank recently unveiled a report which stated that banks and financial institutions (BFIs) did not facilitate their customers in payment of loan installment and provide discount on interest rate during lockdown period as per its instruction.',
			'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 7: Nepal Rastra Bank recently unveiled a report which stated that banks and financial institutions (BFIs) did not facilitate their customers in payment of loan installment and provide discount on interest rate during lockdown period as per its instruction. However, BFIs claimed that they have followed the central bank&rsquo;s instruction and provide such facilities to the customers.</span></span></span></span></p>

<p><span 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 survey report unveiled by NRB on Wednesday (August 5) mentions that 71.6 percent of industries and business enterprises could not avail the discount from BFIs despite the central bank&rsquo;s directive. Only 17.3 percent of businesses took advantage of such privilege.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Bankers&rsquo; Association argues that the survey conducted from June 8 to 24 has not included the overall data.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;Nepal Rastra Bank directed us not to charge any interest to the customers on towards the end of April. However, BFIs could adjust the discounts only at the end of the fourth quarter (mid-July) of the last fiscal year in accordance to the banking system. Therefore, the survey excluded the discount we provided because the adjustment was made after the central bank&rsquo;s study,&rdquo; said Bhuvan Dahal, chairman of Nepal Bankers&rsquo; Association.</span></span></span></span></p>

<p><span 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;All the details are available in the automated system. The discount might have been adjusted after the survey,&rdquo; added Dahal.</span></span></span></span></p>

<p><span 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 central bank had instructed BFIs to provide 10 percent discount on interest rate to customers who repay their loan between mid-March to mid-July. Likewise, the central bank had also ordered BFIs to provide 2 percent discount on interest rate to other customers till mid-July. However, the bankers had urged the central bank to review the decision and implement it only for the sectors affected by Covid-19. This is also another reason for the delay in implementation of the directive, says Dahal.</span></span></span></span></p>
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			'description' => '',
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	(int) 11 => array(
		'Article' => array(
			'id' => '12286',
			'article_category_id' => '1',
			'title' => 'Remittance Inflow to Nepal Expected to Shrink by almost 29 Percent',
			'sub_title' => '',
			'summary' => 'August 7: The Asian Development Bank (ADB) has projected Nepal’s remittance inflow to shrink by almost 29 percent.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 7: The Asian Development Bank (ADB) has projected Nepal&rsquo;s remittance inflow to shrink by almost 29 percent.</span></span></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">According to the latest report of ADB, Nepal leads the group of five Asian economies where remittance inflow could fall sharply in 2020 due to the impact of coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Migrant workers may be among the hardest hit groups, says the report entitled &lsquo;COVID-19 Impact on International Migration, Remittances, and Recipient Households in Developing Asia&rsquo; which was published recently.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">&ldquo;Among developing Asian economies: the five worst-affected are Nepal, where remittances could fall by 28.7%; Tajikistan (27.9%), Bangladesh (27.8%), Pakistan (26.8%), and the Kyrgyz Republic (25.2%),&rdquo; states the report posted on ADB&rsquo;s website. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The coronavirus pandemic risks devastating impact on economies around the world, including widespread unemployment and lower incomes. </span></span></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">According to the report, the economic recession from the COVID-19 pandemic threatens the job security and well-being of over 91 million international migrants from Asia and the Pacific.</span></span></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">Total remittances to Asia are expected to drop between $31.4 billion (baseline scenario) and $54.3 billion (worst-case scenario) in 2020, equivalent to 11.5% and 19.8% of baseline remittances, respectively. </span></span></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">With many households depending on international remittances in developing Asia a sudden stop in remittance flow to these regions could push people into poverty, the report warns.</span></span></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">Meanwhile, the report states that newly recruited migrants and those who were on vacation at home face the bleak prospect of losing their jobs. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">&ldquo;A new batch of Nepali migrant workers bound for the Republic of Korea and Qatar, for example, have been asked to put off their </span></span></span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">departures until further notice&rdquo;.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The report added that workplace closures applied to 77percent of country observations worldwide toward the end of June 2020.</span></span></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">Alongside the effects of the pandemic on international and domestic travel, trade, investment flows, and other productive activities, the Asian Development Bank (ADB) estimates employment in Asia and the Pacific to be lower by as much as 167 million person months should containment measures last 6 months from when the outbreak first intensified.</span></span></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">According to the report uploaded on ADB website, job cuts in the region are reducing wage income, with estimates of the decline projected to range from $359 billion to $550 billion. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12285',
			'article_category_id' => '1',
			'title' => 'Government Fails to Implement VAT Rebate on Electronic Transaction ',
			'sub_title' => '',
			'summary' => 'August 6: The government has not been able to effectively implement its policy to refund value added tax (VAT) for payments made through electronic medium.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">August 6: The government has not been able to effectively implement its policy to refund value added tax (VAT) for payments made through electronic medium.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ministry of Finance had issued the work procedure for refunding VAT on electronic transaction about seven months ago. The refunding process was launched on February 10. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">As per the government policy, any customer making a minimum payment of Rs 1000 to a maximum of Rs 100,000 through electronic transaction would be entitled to get a 10 percent refund on VAT.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">However, the government has failed to implement this policy as the Inland Revenue Department has not been able to adjust the payment system with the payment service providers.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The government needs to create a National Payment Gateway for effective implementation of payment and VAT rebate. However, the proposed payment gateway is not yet ready and therefore the policy has not been implemented, according to officials of the Inland Revenue Department.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Deputy Director General of IRD Mukti Acharya informed New Business Age that the department has already corresponded with the Nepal Rastra Bank to prepare the required system. However, the central bank is yet to prepare a one-door payment and discount system, said Acharya. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">He further said that unless the inter-banking transactions are brought under one-door system, the problem of VAT rebate will persist.</span></span></span></p>
',
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			'created' => '2020-08-06',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12032',
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	(int) 13 => array(
		'Article' => array(
			'id' => '12284',
			'article_category_id' => '1',
			'title' => 'Price of Gold Climbs to Rs 102,500 per 11 Grams',
			'sub_title' => '',
			'summary' => 'August 6: The price of gold has increased by Rs 1100 per tola (11 grams approximately) to reach an all time high of Rs 102,500 on Thursday (August 6).',
			'content' => '<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">August 6: The price of gold has increased by Rs 1100 per tola (11 grams approximately) to reach an all time high of Rs 102,500 on Thursday (August 6).</span></span></p>

<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">The precious yellow metal was being traded for Rs 101,400 on Wednesday. But according to the Federation of Nepal Gold and Silver Dealers Association, the price increased by Rs 1100 per 11 grams overnight.</span></span></p>

<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">Similarly, the price of silver has also increased by Rs 50 per 11 grams. The new price has been&nbsp; fixed at Rs 1345 per 11 grams.</span></span></p>

<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">The price of gold has been rising steadily since the last few weeks. The price of gold is also increasing in the international market.</span></span></p>

<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">It is believed that the price of gold is rising due to the relief packages announced by various governments worldwide to cope with the coronavirus pandemic and the central banks of those countries lending at exceptionally low rate of interest.</span></span></p>

<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">Due to the uncertainty created by the pandemic, there has been an increase in investors who are willing to invest in gold. Therefore, the price of gold has been steading rising, according to gold dealers of Nepal.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12283',
			'article_category_id' => '1',
			'title' => 'Tourism Entrepreneurs Express Disappointment toward Tourism Bill',
			'sub_title' => '',
			'summary' => 'August 6: Tourism stakeholders have expressed discontent over the recently announced tourism bill by the government.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">August 6: Tourism stakeholders have expressed discontent over the recently announced tourism bill by the government.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The stakeholders have expressed displeasure to the recently amended bill that replaces the previous Tourism Act 2035. Tourism entrepreneurs complained that the government announced the bill without prior consultation with the concerned stakeholders.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Tourism entrepreneurs have accused the Ministry of Culture, Tourism and Civil Aviation of trying to implement the act in a hurry without any prior discussion. &ldquo;However, the Act should have been brought only after adequate discussions with concerned stakeholders and with their&nbsp; cooperation,&rdquo; say tourism entrepreneurs.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The Ministry of Tourism has sent the draft of the Tourism Bill 2077 to the Ministry of Law for revision. However, the Ministry of Law is yet to return the bill even though it had received it two and a half months ago.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Tourism Ministry after receiving the draft back from the Ministry of Law will present it to the cabinet and register it in the parliament for endorsement. The Ministry of Culture, Tourism and Civil Aviation said that it has drafted the new bill according to the provision of the federal system. The ministry claims that it has prepared the bill to replace and update &nbsp;the four-decade-old bill. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">However, tourism entrepreneur say that the updated bill has excluded the issue they have been raising.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Meanwhile, Minister for Tourism Yogesh Bhattarai has assured the stakeholders that the ministry will include their issues and suggestions in the bill. Minister Bhattarai said that the ministry wants to make the bill business-friendly by including necessary advice and suggestions from entrepreneurs. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">&quot;Ministry of Tourism cannot run solely, and the concerns of the private sector are vital for the development of tourism. We will focus more on addressing their concerns,&rdquo; he informed.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri"><img alt="" src="/app/webroot/userfiles/images/20180513122353_tourism.jpg" style="height:311px; width:800px" /></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12297',
			'article_category_id' => '1',
			'title' => 'Insurance Premium Exemption to Industries during Lockdown Period ',
			'sub_title' => '',
			'summary' => 'August 9: Industrial enterprises will be receiving an exemption of one-third (33.33%) of their total insurance premium.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">August 9: Industrial enterprises will be receiving an exemption of one-third (33.33%) of their total insurance premium. This exemption will be valid for the premium paid during the lockdown period from March 24 to June 13. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">This decision was taken after a meeting between the Insurance Board, insurance companies and the representatives of private sector on Friday. The provision will be implemented after the Insurance Board issues an official circular to the concerned bodies.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The budget announced for the current fiscal year has a provision regarding the payment of insurance premiums by the industrialists. The decision about granting a discount on the insurance premiums to the industrial establishments was taken in relation to the implementation of this provision. In addition to this, a preliminary agreement has also been reached about the adjustments of the insurance premium for terrorism and riots.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI), and Nepal Insurers&rsquo; Association had also attended the meeting on Friday. Shekhar Golcha, Senior Vice-President of FNCCI, said, &ldquo;A preliminary understanding of providing one-third discount on the insurance premium for the period of lockdown has been reached, which is very beneficial to the industrialists.&rdquo;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The government has enforced the nation-wide lockdown since March 24 to control the spreading of coronavirus. All of the industries except those providing essential services had been shut down during this period. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">An official from the Insurance Board informed about the reduction in the industries&rsquo; exposures to risks, which was the reason for the subsequent discount on the insurance premium. The official also said that the circular will probably be issued within this week. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The premium per day for the related industrial establishments will have to be calculated by dividing the annual premium by 365. The industrialists will get a discount on their premium for the period of the lockdown on the basis of the same per-day premium. The industrialists have already paid the insurance premium for the period of the lockdown.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">It has been informed by the Insurance Board that this exemption will be carried out once the insurance policy is renewed. </span></span></p>
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			'id' => '12296',
			'article_category_id' => '1',
			'title' => 'Production of Palm Oil takes a Nosedive',
			'sub_title' => '',
			'summary' => 'August 9: The production of palm oil, one of the major export products of Nepal, has declined by almost 80 percent after India re-imposed a ban on import of palm oil from 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 9: The production of palm oil, one of the major export products of Nepal, has declined by almost 80 percent after India re-imposed a ban on import of palm oil from 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:&quot;Arial Unicode MS&quot;">India&rsquo;s Directorate General of Foreign Trade (DGFT) had imposed a ban of import of palm oil on second week of January. One month later, India allowed its businessmen to import palm oil by issuing license. The government of Nepal then imposed lockdown on March 24 to contain the spread of coronavirus. During the lockdown period, DGFT decided to scrap the license provided to the importers to bring refined palm oil from Nepal. Such decision was taken on the second week of May.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Despite having adequate raw materials, Nepali businessmen reduced the production of palm oil taking into consideration the lack of market for their refined product.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">There are altogether 18 industries in Birgunj and Biratnagar for refining palm oil. Those industries currently have a stock of more than 100,000 metric tons of raw materials for producing palm oil. Nepal&rsquo;s internal demand for palm oil is only 15 to 20 percent of production. All the rest is sold in India.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, industrialist Pradeep Muraraka says they have lowered the production due to lack of market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We have ample of stock of refined palm oil but there is no market. Although the industry has reopened, we don&rsquo;t have much work,&rdquo; says Muraraka.</span></span></span></span></p>

<p><span 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, palm oil industry has given employment to more than 3000 workers. But the industrialists have not been able to pay the workers because the production has stopped.</span></span></span></span></p>

<p><span 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 are now in a situation to lay off the staff because we cannot afford to pay them because the industry is closed and we are unable to generate income,&rdquo; he added.</span></span></span></span></p>
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			'created' => '2020-08-09',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12043',
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		'Article' => array(
			'id' => '12295',
			'article_category_id' => '1',
			'title' => 'Civil Aviation Authority of Nepal Downsizes its Budget',
			'sub_title' => 'Rs 22.77 billion allocated for four major airport projects ',
			'summary' => 'August 9: The Civil Aviation Authority of Nepal (CAAN) has downsized its budget for the current fiscal year 2020/21. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">August 9: The Civil Aviation Authority of Nepal (CAAN) has downsized its budget for the current fiscal year 2020/21. The aviation regulatory body has reduced its budget compared to the previous fiscal year, allocating Rs 22.77 billion for four major under-construction airport projects this year.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Due to the ongoing Covid-19 crisis, CAAN has cut off its new budget by Rs 5.85 billion compared to last year. CAAN has allocated Rs 41.11 billion for the FY 2020/21.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The regulatory body has given priority to the under-construction international airports in its new program and policies announced on Friday, August 7.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Director General of CAAN Rajan Pokharel informed that CAAN aims to operate Gautam Buddha International Airport and finish the construction of Pokhara Regional International Airport within the current fiscal year.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;CAAN will spend the allocated amount of Rs 22.77 billion for the four major airports on land acquisition, construction of physical infrastructure and purchase of airport equipment,&rdquo; Pokharel informed.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The aviation body has allocated Rs 6.45 billion for the Gautam Buddha International Airport which is under-construction in Bhairahawa.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Out of the total budget, Rs 2.16 billion has been allocated for land acquisition, Rs 3.28 billion for new terminal building and other infrastructure, Rs 600 million for equipment, Rs 410 million for fire control vehicles and Rs 10 million for other equipment.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Similarly, Rs 11.3 billion has been allocated for the Regional International Airport which is under-construction in Pokhara and Rs 5.1 billion has been allocated for upgrading and renovating Tribhuvan International Airport.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">CAAN has allocated Rs 280 million to Nijgadh International Airport for providing compensation for land and cutting down trees.</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12294',
			'article_category_id' => '1',
			'title' => 'Hotels in Birgunj Turned into Isolation Wards ',
			'sub_title' => '',
			'summary' => 'August 9: Hotels in Birgunj have turned into isolation wards due to a rapid surge in coronavirus cases in the city. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria">August 9: Hotels in Birgunj have turned into isolation wards due to a rapid surge in coronavirus cases in the city. The government has been using four hotels in the city as isolation wards.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">The District Disaster Management Centre (DDMC) has decided to transform hotels and religious places into isolation&nbsp; ward for treatment of coronavirus patients, informed Assistant Chief District Officer (CDO) of Parsa Lalit Kumar Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Currently, Hotel Rani Pokhari, Gopal Mandali &nbsp;and Rani Sati Dharmashala have been turned into isolation wards, according to Assistant CDO Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Basnet informed that health authorities are having problems in treating patients after the number of Covid-19 cases reached almost 1000 in Parsa.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">&ldquo;The isolation wards of temporarily set up Gandak and Birgunj Health Care aren&rsquo;t sufficient. We decided to set up isolation wards with capacity of 280 beds at various hotels, religious places and schools after concluding that it would be unsafe to isolate the infected persons at their homes,&rdquo; said Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">The two temporary hospitals set up in Birgunj to treat Covid-19 patients have altogether 150 beds.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Hotel entrepreneur Hari Panta says that Birgunj-based hotels including Bijay Jyoti, Kum Kum Palace and Pujan Hotel were transformed into isolation wards much earlier. </span></span></p>
',
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			'sortorder' => '12041',
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		'Article' => array(
			'id' => '12293',
			'article_category_id' => '1',
			'title' => '‘Government to Amend Hedging Regulation within a Month’',
			'sub_title' => '',
			'summary' => 'August 9: The government is all set to amend the Hedging Regulation 2075 within mid-September.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">August 9: The government is all set to amend the Hedging Regulation 2075 within mid-September. The regulation was introduced one and a half years ago to minimize the risk of fluctuation in foreign exchange rate for those who invest in foreign currency. However, local businessmen and investors have complained that the regulation is not clear and satisfactory. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">Therefore, Nepal Rastra Bank had submitted a proposal to the Ministry of Finance to amend the regulation.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The finance ministry says preparing the amendment draft is taking some time. According to spokesperson at the ministry Uttar Kumar Khatri, the amendment will be complete within mid-September.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The finance ministry has already prepared the amendment draft after discussing with stakeholders. Now the Council of Ministers needs to take a decision,&rdquo; said Khatri, adding, &ldquo;The amendment will be completed by mid-September.&rdquo;</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The regulation has a provision for the finance ministry to set the hedging rate, which NRB has outright rejected. The central bank has drawn the attention of the finance ministry that the foreign exchange rate is subject to change every day or any moment and therefore the hedging rate should be fixed on real time. The regulation also has a provision for the investors to sign an agreement with the ministry while fixing the rate. But the stakeholders say that the exchange rate might change while they are engaged in the lengthy process of agreement with the ministry.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">Therefore, NRB officials say that the central bank must be authorised to fix the hedging rate so that it is adjusted in a systematic way with the fluctuation in foreign exchange rate. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">However, a source at the central bank informed New Business Age that the finance ministry has not decided who will fix the hedging rate.</span></span></span></p>
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			'article_category_id' => '1',
			'title' => 'Shortage of Fertilizers Forces Farmers to Smuggle Urea from India',
			'sub_title' => '',
			'summary' => 'August 9: The Salt Trading Corporation and Krishi Samagri Company Limited have run out of stock of chemical fertilizers due to the delay in import of fertilizers by the government. ',
			'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 9: The Salt Trading Corporation and Krishi Samagri Company Limited have run out of stock of chemical fertilizers due to the delay in import of fertilizers by the government. The warehouses of the two organisations, which have been authorised to supply fertilizers across the country, have become empty due to the government&rsquo;s failure to import the fertilziers.</span></span></span></span></p>

<p><span 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 has forced the locals of border areas to risk their lives in bringing chemical fertilizers from India amid 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;">Farmers require 40,000 metric tons of urea after planting paddy. But the government organisations have already run out of stock of urea while they are left with only 13,000 metric tons of DAP and Potassium.</span></span></span></span></p>

<p><span 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 entire country is reeling under shortage of chemical fertilizers as the bodies authorised to supply the fertilizers do not have any more fertilizers left. In the meantime, most of the districts that share border with India have witnessed a surge in farmers crossing the border to smuggle fertilizers despite the high risk of infection.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chief of the Food Security Division of Province 1 Rajendra Upreti confirmed that the farmers of Jhapa, Morang and Sunsari have been importing fertilizers from India themselves.</span></span></span></span></p>

<p><span 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 farmers are risking their lives because they are left with no other option,&rdquo; said Upreti.</span></span></span></span></p>

<p><span 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 farmers of Western Terai including Banke, Bardiya and Kailali are also facing similar problem. Extreme shortage of urea has forced the farmers of this region to illegally import fertilizers from India. </span></span></span></span></p>
',
			'published' => true,
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			'modified' => '2020-08-09',
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			'description' => '',
			'sortorder' => '12039',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12291',
			'article_category_id' => '1',
			'title' => 'Around 150,000 Manpower Involved in Mountaineering Sector Unemployed',
			'sub_title' => '',
			'summary' => 'August 7: The impact of coronavirus has left more than 150,000 people involved in the trekking and mountaineering  sector unemployed.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 7: The impact of coronavirus has left more than 150,000 people involved in the trekking and mountaineering &nbsp;sector unemployed.</span></span></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">Both mountaineering and trekking activities were completely halted for four and a half months during the peak season of the year due to Covid-19.&nbsp; It is estimated that the mountaineering industry of Nepal might have lost around Rs 10 billion worth of income. Both the trekking and mountaineering agencies say that more than Rs 10 billion has been lost due to Covid-19.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Nepal Mountaineering Association (NMA) estimates that more than 125,000 people are involved in the mountaineering sector, directly and indirectly.</span></span></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">Similarly, Trekking Agencies Association of Nepal (TAAN) informs that trekking activities provide employment to more than 25,000 people in the trekking sector.</span></span></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, Nepal Tourism Board estimates that around 90,000 workers are involved in Nepal&#39;s mountaineering and trekking sector.</span></span></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">At the same time, Secretary at the Ministry of Tourism Kedar Bahadur Adhikari said that plans have been made to create 4,000 jobs for 30 days by identifying areas that can create employment immediately.</span></span></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, it is not likely to be implemented as the situation has not improved completely.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12038',
			'image' => '20200807075017_1596774556.Trekking pic.jpg',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12290',
			'article_category_id' => '1',
			'title' => 'Price of Gold Rising Consistently',
			'sub_title' => '',
			'summary' => 'August 7: The price of gold has set another benchmark on Friday with an increase of Rs 1000 per tola (11 grams approximately). ',
			'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 7: The price of gold has set another benchmark on Friday with an increase of Rs 1000 per tola (11 grams approximately). </span></span></span></span></p>

<p><span 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 Federation of Nepal Gold and Silver Dealers Association, the precious yellow metal is being traded for Rs 103,500 per 11 grams on Friday (August 7), with an overnight increase of Rs 1000.</span></span></span></span></p>

<p><span 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 price of silver has also increased by Rs 60 per 11 grams. Silver is being traded for Rs 1405 per tola on Friday. The price of silver is also an all-time high in the Nepali market. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The price of gold has been consistently rising since the last few weeks. The price of gold is also increasing in the international market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:15.0pt"><span style="font-family:Arial">It is believed that the price of gold is rising due to the relief packages announced by various governments worldwide to cope with the coronavirus pandemic and the central banks of those countries lending at exceptionally low rate of interest.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:15.0pt"><span style="font-family:Arial">International investors are said to be heavily investing on gold to secure their investment amid uncertainty created by the pandemic. This has also contributed to the rise in price of gold.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12289',
			'article_category_id' => '1',
			'title' => 'Cabinet Assigns Energy Ministry to Resolve Issue of Dedicated Feeder',
			'sub_title' => '',
			'summary' => 'August 6: The government has assigned the Ministry of Energy to resolve the dispute regarding the electricity tariff imposed on dedicated feeder and trunk line after the end of load-shedding in the country.',
			'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 6: The government has assigned the Ministry of Energy to resolve the dispute regarding the electricity tariff imposed on dedicated feeder and trunk line after the end of load-shedding in the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the council of ministers on Monday handed the responsibility to the energy ministry to resolve the dispute by implementing recommendations suggested in a report prepared by a probe committee.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Government spokesperson and Minister for Communication and Information Technology Yuba Raj Khatiwada informed about the decision during a press conference on Thursday (August 6).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government had earlier formed a committee headed by energy secretary Dinesh Ghimire to resolve the dispute regarding dedicated feeder and trunk line. The committee had submitted a report with necessary recommendations to the council of ministers three weeks ago. The cabinet has instructed the energy ministry to resolve the issue as per the recommendation of the report.</span></span></span></span></p>

<p><span 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 report has recommended the government to allow the Electricity Regulatory Commission to decide on the electricity tariff after the end of load-shedding. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Electricity Authority had supplied electricity to industries through dedicated feeder and trunk line at 65 percent additional charge between 2071 BS to 2075 BS amid load-shedding 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;Arial Unicode MS&quot;">Although the problem of load-shedding came to an end since early 2075, NEA has been charging the same rate to the industrialists till date. However, the industrialists have said they will not pay any additional charges after the load-shedding was ended.</span></span></span></span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12288',
			'article_category_id' => '1',
			'title' => 'Lockdown Triggers a Surge in Online Accounts',
			'sub_title' => '',
			'summary' => 'August 7: There has been an increase in the number of customers opening online account during the lockdown period. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">August 7: There has been an increase in the number of customers opening online account during the lockdown period. Although the customers can deposit the money online, they have to go to the bank to withdraw it. This poses a challenge to promote digital transaction.&nbsp; </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Due to Covid-19 infection and subsequent lockdown, majority of banks have insisted on opening online accounts. Banks have also been promoting online account. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Nabil Bank first started opening accounts online eight years ago. Bhuvan Kumar Dahal, president of Nepal Bankers&rsquo; Association says although the online account was initiated a long time ago, it has become more effective during the lockdown. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Bankers say that 945,350 new depositors have been added to the list of commercial banks&rsquo; customers after February and most of them have opened online accounts. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Banks including Nabil, NIC Asia, Citizens, and NMB have provided the facility to open an account via Facebook and Viber to make it effective. CEO of NMB bank Sunil KC informed that around 10,000 accounts have been opened during lockdown from such facilities. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;We have received very good response to this new approach. At present, the emphasis should be given to online accounts and digital transactions,&rdquo; he told New Business Age, adding, &ldquo;Such transaction would maintain physical distance, is safe, reliable, saves time and is less expensive.&rdquo; </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">NIC Asia Bank said that the initiative of opening free online account from home has become more effective. The bank says that they will continue the facility as opening online account has been increasing. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Bankers say that Nepalis residing abroad had benefitted more from such facilities in the past. They say that those who are not accustomed to online go to the bank. Therefore, there&rsquo;s still a challenge to get used to digital transaction, says Anil Sharma, executive director of Nepal Bankers Association. &ldquo;Now the already opened accounts need to be continuously activated in digital transactions,&rdquo; he said. </span></span></span></p>

<p>&nbsp;</p>
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			'description' => '',
			'sortorder' => '12035',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12287',
			'article_category_id' => '1',
			'title' => 'BIFs Contradict Central Bank Report on Providing Discount on Interest Rate',
			'sub_title' => '',
			'summary' => 'August 7: Nepal Rastra Bank recently unveiled a report which stated that banks and financial institutions (BFIs) did not facilitate their customers in payment of loan installment and provide discount on interest rate during lockdown period as per its instruction.',
			'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 7: Nepal Rastra Bank recently unveiled a report which stated that banks and financial institutions (BFIs) did not facilitate their customers in payment of loan installment and provide discount on interest rate during lockdown period as per its instruction. However, BFIs claimed that they have followed the central bank&rsquo;s instruction and provide such facilities to the customers.</span></span></span></span></p>

<p><span 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 survey report unveiled by NRB on Wednesday (August 5) mentions that 71.6 percent of industries and business enterprises could not avail the discount from BFIs despite the central bank&rsquo;s directive. Only 17.3 percent of businesses took advantage of such privilege.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Bankers&rsquo; Association argues that the survey conducted from June 8 to 24 has not included the overall data.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;Nepal Rastra Bank directed us not to charge any interest to the customers on towards the end of April. However, BFIs could adjust the discounts only at the end of the fourth quarter (mid-July) of the last fiscal year in accordance to the banking system. Therefore, the survey excluded the discount we provided because the adjustment was made after the central bank&rsquo;s study,&rdquo; said Bhuvan Dahal, chairman of Nepal Bankers&rsquo; Association.</span></span></span></span></p>

<p><span 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;All the details are available in the automated system. The discount might have been adjusted after the survey,&rdquo; added Dahal.</span></span></span></span></p>

<p><span 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 central bank had instructed BFIs to provide 10 percent discount on interest rate to customers who repay their loan between mid-March to mid-July. Likewise, the central bank had also ordered BFIs to provide 2 percent discount on interest rate to other customers till mid-July. However, the bankers had urged the central bank to review the decision and implement it only for the sectors affected by Covid-19. This is also another reason for the delay in implementation of the directive, says Dahal.</span></span></span></span></p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12286',
			'article_category_id' => '1',
			'title' => 'Remittance Inflow to Nepal Expected to Shrink by almost 29 Percent',
			'sub_title' => '',
			'summary' => 'August 7: The Asian Development Bank (ADB) has projected Nepal’s remittance inflow to shrink by almost 29 percent.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 7: The Asian Development Bank (ADB) has projected Nepal&rsquo;s remittance inflow to shrink by almost 29 percent.</span></span></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">According to the latest report of ADB, Nepal leads the group of five Asian economies where remittance inflow could fall sharply in 2020 due to the impact of coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Migrant workers may be among the hardest hit groups, says the report entitled &lsquo;COVID-19 Impact on International Migration, Remittances, and Recipient Households in Developing Asia&rsquo; which was published recently.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">&ldquo;Among developing Asian economies: the five worst-affected are Nepal, where remittances could fall by 28.7%; Tajikistan (27.9%), Bangladesh (27.8%), Pakistan (26.8%), and the Kyrgyz Republic (25.2%),&rdquo; states the report posted on ADB&rsquo;s website. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The coronavirus pandemic risks devastating impact on economies around the world, including widespread unemployment and lower incomes. </span></span></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">According to the report, the economic recession from the COVID-19 pandemic threatens the job security and well-being of over 91 million international migrants from Asia and the Pacific.</span></span></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">Total remittances to Asia are expected to drop between $31.4 billion (baseline scenario) and $54.3 billion (worst-case scenario) in 2020, equivalent to 11.5% and 19.8% of baseline remittances, respectively. </span></span></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">With many households depending on international remittances in developing Asia a sudden stop in remittance flow to these regions could push people into poverty, the report warns.</span></span></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">Meanwhile, the report states that newly recruited migrants and those who were on vacation at home face the bleak prospect of losing their jobs. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">&ldquo;A new batch of Nepali migrant workers bound for the Republic of Korea and Qatar, for example, have been asked to put off their </span></span></span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">departures until further notice&rdquo;.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The report added that workplace closures applied to 77percent of country observations worldwide toward the end of June 2020.</span></span></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">Alongside the effects of the pandemic on international and domestic travel, trade, investment flows, and other productive activities, the Asian Development Bank (ADB) estimates employment in Asia and the Pacific to be lower by as much as 167 million person months should containment measures last 6 months from when the outbreak first intensified.</span></span></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">According to the report uploaded on ADB website, job cuts in the region are reducing wage income, with estimates of the decline projected to range from $359 billion to $550 billion. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12285',
			'article_category_id' => '1',
			'title' => 'Government Fails to Implement VAT Rebate on Electronic Transaction ',
			'sub_title' => '',
			'summary' => 'August 6: The government has not been able to effectively implement its policy to refund value added tax (VAT) for payments made through electronic medium.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">August 6: The government has not been able to effectively implement its policy to refund value added tax (VAT) for payments made through electronic medium.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ministry of Finance had issued the work procedure for refunding VAT on electronic transaction about seven months ago. The refunding process was launched on February 10. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">As per the government policy, any customer making a minimum payment of Rs 1000 to a maximum of Rs 100,000 through electronic transaction would be entitled to get a 10 percent refund on VAT.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">However, the government has failed to implement this policy as the Inland Revenue Department has not been able to adjust the payment system with the payment service providers.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The government needs to create a National Payment Gateway for effective implementation of payment and VAT rebate. However, the proposed payment gateway is not yet ready and therefore the policy has not been implemented, according to officials of the Inland Revenue Department.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Deputy Director General of IRD Mukti Acharya informed New Business Age that the department has already corresponded with the Nepal Rastra Bank to prepare the required system. However, the central bank is yet to prepare a one-door payment and discount system, said Acharya. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">He further said that unless the inter-banking transactions are brought under one-door system, the problem of VAT rebate will persist.</span></span></span></p>
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			'created' => '2020-08-06',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12032',
			'image' => '20200806035121_finance_ministry.jpg',
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		'Article' => array(
			'id' => '12284',
			'article_category_id' => '1',
			'title' => 'Price of Gold Climbs to Rs 102,500 per 11 Grams',
			'sub_title' => '',
			'summary' => 'August 6: The price of gold has increased by Rs 1100 per tola (11 grams approximately) to reach an all time high of Rs 102,500 on Thursday (August 6).',
			'content' => '<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">August 6: The price of gold has increased by Rs 1100 per tola (11 grams approximately) to reach an all time high of Rs 102,500 on Thursday (August 6).</span></span></p>

<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">The precious yellow metal was being traded for Rs 101,400 on Wednesday. But according to the Federation of Nepal Gold and Silver Dealers Association, the price increased by Rs 1100 per 11 grams overnight.</span></span></p>

<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">Similarly, the price of silver has also increased by Rs 50 per 11 grams. The new price has been&nbsp; fixed at Rs 1345 per 11 grams.</span></span></p>

<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">The price of gold has been rising steadily since the last few weeks. The price of gold is also increasing in the international market.</span></span></p>

<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">It is believed that the price of gold is rising due to the relief packages announced by various governments worldwide to cope with the coronavirus pandemic and the central banks of those countries lending at exceptionally low rate of interest.</span></span></p>

<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">Due to the uncertainty created by the pandemic, there has been an increase in investors who are willing to invest in gold. Therefore, the price of gold has been steading rising, according to gold dealers of Nepal.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'description' => '',
			'sortorder' => '12031',
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		'Article' => array(
			'id' => '12283',
			'article_category_id' => '1',
			'title' => 'Tourism Entrepreneurs Express Disappointment toward Tourism Bill',
			'sub_title' => '',
			'summary' => 'August 6: Tourism stakeholders have expressed discontent over the recently announced tourism bill by the government.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">August 6: Tourism stakeholders have expressed discontent over the recently announced tourism bill by the government.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The stakeholders have expressed displeasure to the recently amended bill that replaces the previous Tourism Act 2035. Tourism entrepreneurs complained that the government announced the bill without prior consultation with the concerned stakeholders.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Tourism entrepreneurs have accused the Ministry of Culture, Tourism and Civil Aviation of trying to implement the act in a hurry without any prior discussion. &ldquo;However, the Act should have been brought only after adequate discussions with concerned stakeholders and with their&nbsp; cooperation,&rdquo; say tourism entrepreneurs.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The Ministry of Tourism has sent the draft of the Tourism Bill 2077 to the Ministry of Law for revision. However, the Ministry of Law is yet to return the bill even though it had received it two and a half months ago.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Tourism Ministry after receiving the draft back from the Ministry of Law will present it to the cabinet and register it in the parliament for endorsement. The Ministry of Culture, Tourism and Civil Aviation said that it has drafted the new bill according to the provision of the federal system. The ministry claims that it has prepared the bill to replace and update &nbsp;the four-decade-old bill. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">However, tourism entrepreneur say that the updated bill has excluded the issue they have been raising.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Meanwhile, Minister for Tourism Yogesh Bhattarai has assured the stakeholders that the ministry will include their issues and suggestions in the bill. Minister Bhattarai said that the ministry wants to make the bill business-friendly by including necessary advice and suggestions from entrepreneurs. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">&quot;Ministry of Tourism cannot run solely, and the concerns of the private sector are vital for the development of tourism. We will focus more on addressing their concerns,&rdquo; he informed.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri"><img alt="" src="/app/webroot/userfiles/images/20180513122353_tourism.jpg" style="height:311px; width:800px" /></span></span></span></p>

<p>&nbsp;</p>
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	(int) 0 => array(
		'Article' => array(
			'id' => '12297',
			'article_category_id' => '1',
			'title' => 'Insurance Premium Exemption to Industries during Lockdown Period ',
			'sub_title' => '',
			'summary' => 'August 9: Industrial enterprises will be receiving an exemption of one-third (33.33%) of their total insurance premium.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">August 9: Industrial enterprises will be receiving an exemption of one-third (33.33%) of their total insurance premium. This exemption will be valid for the premium paid during the lockdown period from March 24 to June 13. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">This decision was taken after a meeting between the Insurance Board, insurance companies and the representatives of private sector on Friday. The provision will be implemented after the Insurance Board issues an official circular to the concerned bodies.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The budget announced for the current fiscal year has a provision regarding the payment of insurance premiums by the industrialists. The decision about granting a discount on the insurance premiums to the industrial establishments was taken in relation to the implementation of this provision. In addition to this, a preliminary agreement has also been reached about the adjustments of the insurance premium for terrorism and riots.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI), and Nepal Insurers&rsquo; Association had also attended the meeting on Friday. Shekhar Golcha, Senior Vice-President of FNCCI, said, &ldquo;A preliminary understanding of providing one-third discount on the insurance premium for the period of lockdown has been reached, which is very beneficial to the industrialists.&rdquo;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The government has enforced the nation-wide lockdown since March 24 to control the spreading of coronavirus. All of the industries except those providing essential services had been shut down during this period. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">An official from the Insurance Board informed about the reduction in the industries&rsquo; exposures to risks, which was the reason for the subsequent discount on the insurance premium. The official also said that the circular will probably be issued within this week. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The premium per day for the related industrial establishments will have to be calculated by dividing the annual premium by 365. The industrialists will get a discount on their premium for the period of the lockdown on the basis of the same per-day premium. The industrialists have already paid the insurance premium for the period of the lockdown.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">It has been informed by the Insurance Board that this exemption will be carried out once the insurance policy is renewed. </span></span></p>
',
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			'modified' => '2020-08-09',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12044',
			'image' => '20200809064010_1596923598.Clipboard05.jpg',
			'article_date' => '2020-08-09 18:39:30',
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	(int) 1 => array(
		'Article' => array(
			'id' => '12296',
			'article_category_id' => '1',
			'title' => 'Production of Palm Oil takes a Nosedive',
			'sub_title' => '',
			'summary' => 'August 9: The production of palm oil, one of the major export products of Nepal, has declined by almost 80 percent after India re-imposed a ban on import of palm oil from 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 9: The production of palm oil, one of the major export products of Nepal, has declined by almost 80 percent after India re-imposed a ban on import of palm oil from 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:&quot;Arial Unicode MS&quot;">India&rsquo;s Directorate General of Foreign Trade (DGFT) had imposed a ban of import of palm oil on second week of January. One month later, India allowed its businessmen to import palm oil by issuing license. The government of Nepal then imposed lockdown on March 24 to contain the spread of coronavirus. During the lockdown period, DGFT decided to scrap the license provided to the importers to bring refined palm oil from Nepal. Such decision was taken on the second week of May.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Despite having adequate raw materials, Nepali businessmen reduced the production of palm oil taking into consideration the lack of market for their refined product.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">There are altogether 18 industries in Birgunj and Biratnagar for refining palm oil. Those industries currently have a stock of more than 100,000 metric tons of raw materials for producing palm oil. Nepal&rsquo;s internal demand for palm oil is only 15 to 20 percent of production. All the rest is sold in India.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, industrialist Pradeep Muraraka says they have lowered the production due to lack of market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We have ample of stock of refined palm oil but there is no market. Although the industry has reopened, we don&rsquo;t have much work,&rdquo; says Muraraka.</span></span></span></span></p>

<p><span 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, palm oil industry has given employment to more than 3000 workers. But the industrialists have not been able to pay the workers because the production has stopped.</span></span></span></span></p>

<p><span 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 are now in a situation to lay off the staff because we cannot afford to pay them because the industry is closed and we are unable to generate income,&rdquo; he added.</span></span></span></span></p>
',
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			'created' => '2020-08-09',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12043',
			'image' => '20200809043843_1596923455.3.jpg',
			'article_date' => '2020-08-09 16:38:10',
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		'Article' => array(
			'id' => '12295',
			'article_category_id' => '1',
			'title' => 'Civil Aviation Authority of Nepal Downsizes its Budget',
			'sub_title' => 'Rs 22.77 billion allocated for four major airport projects ',
			'summary' => 'August 9: The Civil Aviation Authority of Nepal (CAAN) has downsized its budget for the current fiscal year 2020/21. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">August 9: The Civil Aviation Authority of Nepal (CAAN) has downsized its budget for the current fiscal year 2020/21. The aviation regulatory body has reduced its budget compared to the previous fiscal year, allocating Rs 22.77 billion for four major under-construction airport projects this year.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Due to the ongoing Covid-19 crisis, CAAN has cut off its new budget by Rs 5.85 billion compared to last year. CAAN has allocated Rs 41.11 billion for the FY 2020/21.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The regulatory body has given priority to the under-construction international airports in its new program and policies announced on Friday, August 7.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Director General of CAAN Rajan Pokharel informed that CAAN aims to operate Gautam Buddha International Airport and finish the construction of Pokhara Regional International Airport within the current fiscal year.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;CAAN will spend the allocated amount of Rs 22.77 billion for the four major airports on land acquisition, construction of physical infrastructure and purchase of airport equipment,&rdquo; Pokharel informed.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The aviation body has allocated Rs 6.45 billion for the Gautam Buddha International Airport which is under-construction in Bhairahawa.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Out of the total budget, Rs 2.16 billion has been allocated for land acquisition, Rs 3.28 billion for new terminal building and other infrastructure, Rs 600 million for equipment, Rs 410 million for fire control vehicles and Rs 10 million for other equipment.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Similarly, Rs 11.3 billion has been allocated for the Regional International Airport which is under-construction in Pokhara and Rs 5.1 billion has been allocated for upgrading and renovating Tribhuvan International Airport.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">CAAN has allocated Rs 280 million to Nijgadh International Airport for providing compensation for land and cutting down trees.</span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 3 => array(
		'Article' => array(
			'id' => '12294',
			'article_category_id' => '1',
			'title' => 'Hotels in Birgunj Turned into Isolation Wards ',
			'sub_title' => '',
			'summary' => 'August 9: Hotels in Birgunj have turned into isolation wards due to a rapid surge in coronavirus cases in the city. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria">August 9: Hotels in Birgunj have turned into isolation wards due to a rapid surge in coronavirus cases in the city. The government has been using four hotels in the city as isolation wards.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">The District Disaster Management Centre (DDMC) has decided to transform hotels and religious places into isolation&nbsp; ward for treatment of coronavirus patients, informed Assistant Chief District Officer (CDO) of Parsa Lalit Kumar Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Currently, Hotel Rani Pokhari, Gopal Mandali &nbsp;and Rani Sati Dharmashala have been turned into isolation wards, according to Assistant CDO Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Basnet informed that health authorities are having problems in treating patients after the number of Covid-19 cases reached almost 1000 in Parsa.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">&ldquo;The isolation wards of temporarily set up Gandak and Birgunj Health Care aren&rsquo;t sufficient. We decided to set up isolation wards with capacity of 280 beds at various hotels, religious places and schools after concluding that it would be unsafe to isolate the infected persons at their homes,&rdquo; said Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">The two temporary hospitals set up in Birgunj to treat Covid-19 patients have altogether 150 beds.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Hotel entrepreneur Hari Panta says that Birgunj-based hotels including Bijay Jyoti, Kum Kum Palace and Pujan Hotel were transformed into isolation wards much earlier. </span></span></p>
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			'article_category_id' => '1',
			'title' => '‘Government to Amend Hedging Regulation within a Month’',
			'sub_title' => '',
			'summary' => 'August 9: The government is all set to amend the Hedging Regulation 2075 within mid-September.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">August 9: The government is all set to amend the Hedging Regulation 2075 within mid-September. The regulation was introduced one and a half years ago to minimize the risk of fluctuation in foreign exchange rate for those who invest in foreign currency. However, local businessmen and investors have complained that the regulation is not clear and satisfactory. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">Therefore, Nepal Rastra Bank had submitted a proposal to the Ministry of Finance to amend the regulation.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The finance ministry says preparing the amendment draft is taking some time. According to spokesperson at the ministry Uttar Kumar Khatri, the amendment will be complete within mid-September.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The finance ministry has already prepared the amendment draft after discussing with stakeholders. Now the Council of Ministers needs to take a decision,&rdquo; said Khatri, adding, &ldquo;The amendment will be completed by mid-September.&rdquo;</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The regulation has a provision for the finance ministry to set the hedging rate, which NRB has outright rejected. The central bank has drawn the attention of the finance ministry that the foreign exchange rate is subject to change every day or any moment and therefore the hedging rate should be fixed on real time. The regulation also has a provision for the investors to sign an agreement with the ministry while fixing the rate. But the stakeholders say that the exchange rate might change while they are engaged in the lengthy process of agreement with the ministry.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">Therefore, NRB officials say that the central bank must be authorised to fix the hedging rate so that it is adjusted in a systematic way with the fluctuation in foreign exchange rate. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">However, a source at the central bank informed New Business Age that the finance ministry has not decided who will fix the hedging rate.</span></span></span></p>
',
			'published' => true,
			'created' => '2020-08-09',
			'modified' => '2020-08-09',
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			'description' => '',
			'sortorder' => '12040',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12292',
			'article_category_id' => '1',
			'title' => 'Shortage of Fertilizers Forces Farmers to Smuggle Urea from India',
			'sub_title' => '',
			'summary' => 'August 9: The Salt Trading Corporation and Krishi Samagri Company Limited have run out of stock of chemical fertilizers due to the delay in import of fertilizers by the government. ',
			'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 9: The Salt Trading Corporation and Krishi Samagri Company Limited have run out of stock of chemical fertilizers due to the delay in import of fertilizers by the government. The warehouses of the two organisations, which have been authorised to supply fertilizers across the country, have become empty due to the government&rsquo;s failure to import the fertilziers.</span></span></span></span></p>

<p><span 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 has forced the locals of border areas to risk their lives in bringing chemical fertilizers from India amid 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;">Farmers require 40,000 metric tons of urea after planting paddy. But the government organisations have already run out of stock of urea while they are left with only 13,000 metric tons of DAP and Potassium.</span></span></span></span></p>

<p><span 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 entire country is reeling under shortage of chemical fertilizers as the bodies authorised to supply the fertilizers do not have any more fertilizers left. In the meantime, most of the districts that share border with India have witnessed a surge in farmers crossing the border to smuggle fertilizers despite the high risk of infection.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chief of the Food Security Division of Province 1 Rajendra Upreti confirmed that the farmers of Jhapa, Morang and Sunsari have been importing fertilizers from India themselves.</span></span></span></span></p>

<p><span 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 farmers are risking their lives because they are left with no other option,&rdquo; said Upreti.</span></span></span></span></p>

<p><span 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 farmers of Western Terai including Banke, Bardiya and Kailali are also facing similar problem. Extreme shortage of urea has forced the farmers of this region to illegally import fertilizers from India. </span></span></span></span></p>
',
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			'created' => '2020-08-09',
			'modified' => '2020-08-09',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12039',
			'image' => '20200809115003_1596923819.Clipboard08.jpg',
			'article_date' => '2020-08-09 11:49:01',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12291',
			'article_category_id' => '1',
			'title' => 'Around 150,000 Manpower Involved in Mountaineering Sector Unemployed',
			'sub_title' => '',
			'summary' => 'August 7: The impact of coronavirus has left more than 150,000 people involved in the trekking and mountaineering  sector unemployed.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 7: The impact of coronavirus has left more than 150,000 people involved in the trekking and mountaineering &nbsp;sector unemployed.</span></span></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">Both mountaineering and trekking activities were completely halted for four and a half months during the peak season of the year due to Covid-19.&nbsp; It is estimated that the mountaineering industry of Nepal might have lost around Rs 10 billion worth of income. Both the trekking and mountaineering agencies say that more than Rs 10 billion has been lost due to Covid-19.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Nepal Mountaineering Association (NMA) estimates that more than 125,000 people are involved in the mountaineering sector, directly and indirectly.</span></span></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">Similarly, Trekking Agencies Association of Nepal (TAAN) informs that trekking activities provide employment to more than 25,000 people in the trekking sector.</span></span></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, Nepal Tourism Board estimates that around 90,000 workers are involved in Nepal&#39;s mountaineering and trekking sector.</span></span></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">At the same time, Secretary at the Ministry of Tourism Kedar Bahadur Adhikari said that plans have been made to create 4,000 jobs for 30 days by identifying areas that can create employment immediately.</span></span></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, it is not likely to be implemented as the situation has not improved completely.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-08-07',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12038',
			'image' => '20200807075017_1596774556.Trekking pic.jpg',
			'article_date' => '2020-08-07 19:49:41',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12290',
			'article_category_id' => '1',
			'title' => 'Price of Gold Rising Consistently',
			'sub_title' => '',
			'summary' => 'August 7: The price of gold has set another benchmark on Friday with an increase of Rs 1000 per tola (11 grams approximately). ',
			'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 7: The price of gold has set another benchmark on Friday with an increase of Rs 1000 per tola (11 grams approximately). </span></span></span></span></p>

<p><span 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 Federation of Nepal Gold and Silver Dealers Association, the precious yellow metal is being traded for Rs 103,500 per 11 grams on Friday (August 7), with an overnight increase of Rs 1000.</span></span></span></span></p>

<p><span 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 price of silver has also increased by Rs 60 per 11 grams. Silver is being traded for Rs 1405 per tola on Friday. The price of silver is also an all-time high in the Nepali market. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The price of gold has been consistently rising since the last few weeks. The price of gold is also increasing in the international market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:15.0pt"><span style="font-family:Arial">It is believed that the price of gold is rising due to the relief packages announced by various governments worldwide to cope with the coronavirus pandemic and the central banks of those countries lending at exceptionally low rate of interest.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:15.0pt"><span style="font-family:Arial">International investors are said to be heavily investing on gold to secure their investment amid uncertainty created by the pandemic. This has also contributed to the rise in price of gold.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-08-07',
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			'description' => '',
			'sortorder' => '12037',
			'image' => '20200807031218_gold.jpg',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12289',
			'article_category_id' => '1',
			'title' => 'Cabinet Assigns Energy Ministry to Resolve Issue of Dedicated Feeder',
			'sub_title' => '',
			'summary' => 'August 6: The government has assigned the Ministry of Energy to resolve the dispute regarding the electricity tariff imposed on dedicated feeder and trunk line after the end of load-shedding in the country.',
			'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 6: The government has assigned the Ministry of Energy to resolve the dispute regarding the electricity tariff imposed on dedicated feeder and trunk line after the end of load-shedding in the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the council of ministers on Monday handed the responsibility to the energy ministry to resolve the dispute by implementing recommendations suggested in a report prepared by a probe committee.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Government spokesperson and Minister for Communication and Information Technology Yuba Raj Khatiwada informed about the decision during a press conference on Thursday (August 6).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government had earlier formed a committee headed by energy secretary Dinesh Ghimire to resolve the dispute regarding dedicated feeder and trunk line. The committee had submitted a report with necessary recommendations to the council of ministers three weeks ago. The cabinet has instructed the energy ministry to resolve the issue as per the recommendation of the report.</span></span></span></span></p>

<p><span 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 report has recommended the government to allow the Electricity Regulatory Commission to decide on the electricity tariff after the end of load-shedding. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Electricity Authority had supplied electricity to industries through dedicated feeder and trunk line at 65 percent additional charge between 2071 BS to 2075 BS amid load-shedding 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;Arial Unicode MS&quot;">Although the problem of load-shedding came to an end since early 2075, NEA has been charging the same rate to the industrialists till date. However, the industrialists have said they will not pay any additional charges after the load-shedding was ended.</span></span></span></span></p>
',
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			'description' => '',
			'sortorder' => '12036',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12288',
			'article_category_id' => '1',
			'title' => 'Lockdown Triggers a Surge in Online Accounts',
			'sub_title' => '',
			'summary' => 'August 7: There has been an increase in the number of customers opening online account during the lockdown period. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">August 7: There has been an increase in the number of customers opening online account during the lockdown period. Although the customers can deposit the money online, they have to go to the bank to withdraw it. This poses a challenge to promote digital transaction.&nbsp; </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Due to Covid-19 infection and subsequent lockdown, majority of banks have insisted on opening online accounts. Banks have also been promoting online account. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Nabil Bank first started opening accounts online eight years ago. Bhuvan Kumar Dahal, president of Nepal Bankers&rsquo; Association says although the online account was initiated a long time ago, it has become more effective during the lockdown. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Bankers say that 945,350 new depositors have been added to the list of commercial banks&rsquo; customers after February and most of them have opened online accounts. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Banks including Nabil, NIC Asia, Citizens, and NMB have provided the facility to open an account via Facebook and Viber to make it effective. CEO of NMB bank Sunil KC informed that around 10,000 accounts have been opened during lockdown from such facilities. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;We have received very good response to this new approach. At present, the emphasis should be given to online accounts and digital transactions,&rdquo; he told New Business Age, adding, &ldquo;Such transaction would maintain physical distance, is safe, reliable, saves time and is less expensive.&rdquo; </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">NIC Asia Bank said that the initiative of opening free online account from home has become more effective. The bank says that they will continue the facility as opening online account has been increasing. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Bankers say that Nepalis residing abroad had benefitted more from such facilities in the past. They say that those who are not accustomed to online go to the bank. Therefore, there&rsquo;s still a challenge to get used to digital transaction, says Anil Sharma, executive director of Nepal Bankers Association. &ldquo;Now the already opened accounts need to be continuously activated in digital transactions,&rdquo; he said. </span></span></span></p>

<p>&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12035',
			'image' => '20200807014145_1596751231.Clipboard08.jpg',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12287',
			'article_category_id' => '1',
			'title' => 'BIFs Contradict Central Bank Report on Providing Discount on Interest Rate',
			'sub_title' => '',
			'summary' => 'August 7: Nepal Rastra Bank recently unveiled a report which stated that banks and financial institutions (BFIs) did not facilitate their customers in payment of loan installment and provide discount on interest rate during lockdown period as per its instruction.',
			'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 7: Nepal Rastra Bank recently unveiled a report which stated that banks and financial institutions (BFIs) did not facilitate their customers in payment of loan installment and provide discount on interest rate during lockdown period as per its instruction. However, BFIs claimed that they have followed the central bank&rsquo;s instruction and provide such facilities to the customers.</span></span></span></span></p>

<p><span 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 survey report unveiled by NRB on Wednesday (August 5) mentions that 71.6 percent of industries and business enterprises could not avail the discount from BFIs despite the central bank&rsquo;s directive. Only 17.3 percent of businesses took advantage of such privilege.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Bankers&rsquo; Association argues that the survey conducted from June 8 to 24 has not included the overall data.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;Nepal Rastra Bank directed us not to charge any interest to the customers on towards the end of April. However, BFIs could adjust the discounts only at the end of the fourth quarter (mid-July) of the last fiscal year in accordance to the banking system. Therefore, the survey excluded the discount we provided because the adjustment was made after the central bank&rsquo;s study,&rdquo; said Bhuvan Dahal, chairman of Nepal Bankers&rsquo; Association.</span></span></span></span></p>

<p><span 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;All the details are available in the automated system. The discount might have been adjusted after the survey,&rdquo; added Dahal.</span></span></span></span></p>

<p><span 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 central bank had instructed BFIs to provide 10 percent discount on interest rate to customers who repay their loan between mid-March to mid-July. Likewise, the central bank had also ordered BFIs to provide 2 percent discount on interest rate to other customers till mid-July. However, the bankers had urged the central bank to review the decision and implement it only for the sectors affected by Covid-19. This is also another reason for the delay in implementation of the directive, says Dahal.</span></span></span></span></p>
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			'created' => '2020-08-07',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12034',
			'image' => '20200807011001_1596750599.Clipboard05.jpg',
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	(int) 11 => array(
		'Article' => array(
			'id' => '12286',
			'article_category_id' => '1',
			'title' => 'Remittance Inflow to Nepal Expected to Shrink by almost 29 Percent',
			'sub_title' => '',
			'summary' => 'August 7: The Asian Development Bank (ADB) has projected Nepal’s remittance inflow to shrink by almost 29 percent.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 7: The Asian Development Bank (ADB) has projected Nepal&rsquo;s remittance inflow to shrink by almost 29 percent.</span></span></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">According to the latest report of ADB, Nepal leads the group of five Asian economies where remittance inflow could fall sharply in 2020 due to the impact of coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Migrant workers may be among the hardest hit groups, says the report entitled &lsquo;COVID-19 Impact on International Migration, Remittances, and Recipient Households in Developing Asia&rsquo; which was published recently.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">&ldquo;Among developing Asian economies: the five worst-affected are Nepal, where remittances could fall by 28.7%; Tajikistan (27.9%), Bangladesh (27.8%), Pakistan (26.8%), and the Kyrgyz Republic (25.2%),&rdquo; states the report posted on ADB&rsquo;s website. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The coronavirus pandemic risks devastating impact on economies around the world, including widespread unemployment and lower incomes. </span></span></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">According to the report, the economic recession from the COVID-19 pandemic threatens the job security and well-being of over 91 million international migrants from Asia and the Pacific.</span></span></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">Total remittances to Asia are expected to drop between $31.4 billion (baseline scenario) and $54.3 billion (worst-case scenario) in 2020, equivalent to 11.5% and 19.8% of baseline remittances, respectively. </span></span></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">With many households depending on international remittances in developing Asia a sudden stop in remittance flow to these regions could push people into poverty, the report warns.</span></span></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">Meanwhile, the report states that newly recruited migrants and those who were on vacation at home face the bleak prospect of losing their jobs. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">&ldquo;A new batch of Nepali migrant workers bound for the Republic of Korea and Qatar, for example, have been asked to put off their </span></span></span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">departures until further notice&rdquo;.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The report added that workplace closures applied to 77percent of country observations worldwide toward the end of June 2020.</span></span></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">Alongside the effects of the pandemic on international and domestic travel, trade, investment flows, and other productive activities, the Asian Development Bank (ADB) estimates employment in Asia and the Pacific to be lower by as much as 167 million person months should containment measures last 6 months from when the outbreak first intensified.</span></span></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">According to the report uploaded on ADB website, job cuts in the region are reducing wage income, with estimates of the decline projected to range from $359 billion to $550 billion. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'description' => '',
			'sortorder' => '12033',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12285',
			'article_category_id' => '1',
			'title' => 'Government Fails to Implement VAT Rebate on Electronic Transaction ',
			'sub_title' => '',
			'summary' => 'August 6: The government has not been able to effectively implement its policy to refund value added tax (VAT) for payments made through electronic medium.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">August 6: The government has not been able to effectively implement its policy to refund value added tax (VAT) for payments made through electronic medium.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ministry of Finance had issued the work procedure for refunding VAT on electronic transaction about seven months ago. The refunding process was launched on February 10. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">As per the government policy, any customer making a minimum payment of Rs 1000 to a maximum of Rs 100,000 through electronic transaction would be entitled to get a 10 percent refund on VAT.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">However, the government has failed to implement this policy as the Inland Revenue Department has not been able to adjust the payment system with the payment service providers.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The government needs to create a National Payment Gateway for effective implementation of payment and VAT rebate. However, the proposed payment gateway is not yet ready and therefore the policy has not been implemented, according to officials of the Inland Revenue Department.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Deputy Director General of IRD Mukti Acharya informed New Business Age that the department has already corresponded with the Nepal Rastra Bank to prepare the required system. However, the central bank is yet to prepare a one-door payment and discount system, said Acharya. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">He further said that unless the inter-banking transactions are brought under one-door system, the problem of VAT rebate will persist.</span></span></span></p>
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			'created' => '2020-08-06',
			'modified' => '2020-08-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12032',
			'image' => '20200806035121_finance_ministry.jpg',
			'article_date' => '2020-08-06 15:50:43',
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	(int) 13 => array(
		'Article' => array(
			'id' => '12284',
			'article_category_id' => '1',
			'title' => 'Price of Gold Climbs to Rs 102,500 per 11 Grams',
			'sub_title' => '',
			'summary' => 'August 6: The price of gold has increased by Rs 1100 per tola (11 grams approximately) to reach an all time high of Rs 102,500 on Thursday (August 6).',
			'content' => '<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">August 6: The price of gold has increased by Rs 1100 per tola (11 grams approximately) to reach an all time high of Rs 102,500 on Thursday (August 6).</span></span></p>

<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">The precious yellow metal was being traded for Rs 101,400 on Wednesday. But according to the Federation of Nepal Gold and Silver Dealers Association, the price increased by Rs 1100 per 11 grams overnight.</span></span></p>

<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">Similarly, the price of silver has also increased by Rs 50 per 11 grams. The new price has been&nbsp; fixed at Rs 1345 per 11 grams.</span></span></p>

<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">The price of gold has been rising steadily since the last few weeks. The price of gold is also increasing in the international market.</span></span></p>

<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">It is believed that the price of gold is rising due to the relief packages announced by various governments worldwide to cope with the coronavirus pandemic and the central banks of those countries lending at exceptionally low rate of interest.</span></span></p>

<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">Due to the uncertainty created by the pandemic, there has been an increase in investors who are willing to invest in gold. Therefore, the price of gold has been steading rising, according to gold dealers of Nepal.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12283',
			'article_category_id' => '1',
			'title' => 'Tourism Entrepreneurs Express Disappointment toward Tourism Bill',
			'sub_title' => '',
			'summary' => 'August 6: Tourism stakeholders have expressed discontent over the recently announced tourism bill by the government.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">August 6: Tourism stakeholders have expressed discontent over the recently announced tourism bill by the government.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The stakeholders have expressed displeasure to the recently amended bill that replaces the previous Tourism Act 2035. Tourism entrepreneurs complained that the government announced the bill without prior consultation with the concerned stakeholders.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Tourism entrepreneurs have accused the Ministry of Culture, Tourism and Civil Aviation of trying to implement the act in a hurry without any prior discussion. &ldquo;However, the Act should have been brought only after adequate discussions with concerned stakeholders and with their&nbsp; cooperation,&rdquo; say tourism entrepreneurs.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The Ministry of Tourism has sent the draft of the Tourism Bill 2077 to the Ministry of Law for revision. However, the Ministry of Law is yet to return the bill even though it had received it two and a half months ago.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Tourism Ministry after receiving the draft back from the Ministry of Law will present it to the cabinet and register it in the parliament for endorsement. The Ministry of Culture, Tourism and Civil Aviation said that it has drafted the new bill according to the provision of the federal system. The ministry claims that it has prepared the bill to replace and update &nbsp;the four-decade-old bill. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">However, tourism entrepreneur say that the updated bill has excluded the issue they have been raising.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Meanwhile, Minister for Tourism Yogesh Bhattarai has assured the stakeholders that the ministry will include their issues and suggestions in the bill. Minister Bhattarai said that the ministry wants to make the bill business-friendly by including necessary advice and suggestions from entrepreneurs. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">&quot;Ministry of Tourism cannot run solely, and the concerns of the private sector are vital for the development of tourism. We will focus more on addressing their concerns,&rdquo; he informed.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri"><img alt="" src="/app/webroot/userfiles/images/20180513122353_tourism.jpg" style="height:311px; width:800px" /></span></span></span></p>

<p>&nbsp;</p>
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	(int) 0 => array(
		'Article' => array(
			'id' => '12297',
			'article_category_id' => '1',
			'title' => 'Insurance Premium Exemption to Industries during Lockdown Period ',
			'sub_title' => '',
			'summary' => 'August 9: Industrial enterprises will be receiving an exemption of one-third (33.33%) of their total insurance premium.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">August 9: Industrial enterprises will be receiving an exemption of one-third (33.33%) of their total insurance premium. This exemption will be valid for the premium paid during the lockdown period from March 24 to June 13. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">This decision was taken after a meeting between the Insurance Board, insurance companies and the representatives of private sector on Friday. The provision will be implemented after the Insurance Board issues an official circular to the concerned bodies.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The budget announced for the current fiscal year has a provision regarding the payment of insurance premiums by the industrialists. The decision about granting a discount on the insurance premiums to the industrial establishments was taken in relation to the implementation of this provision. In addition to this, a preliminary agreement has also been reached about the adjustments of the insurance premium for terrorism and riots.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI), and Nepal Insurers&rsquo; Association had also attended the meeting on Friday. Shekhar Golcha, Senior Vice-President of FNCCI, said, &ldquo;A preliminary understanding of providing one-third discount on the insurance premium for the period of lockdown has been reached, which is very beneficial to the industrialists.&rdquo;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The government has enforced the nation-wide lockdown since March 24 to control the spreading of coronavirus. All of the industries except those providing essential services had been shut down during this period. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">An official from the Insurance Board informed about the reduction in the industries&rsquo; exposures to risks, which was the reason for the subsequent discount on the insurance premium. The official also said that the circular will probably be issued within this week. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The premium per day for the related industrial establishments will have to be calculated by dividing the annual premium by 365. The industrialists will get a discount on their premium for the period of the lockdown on the basis of the same per-day premium. The industrialists have already paid the insurance premium for the period of the lockdown.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">It has been informed by the Insurance Board that this exemption will be carried out once the insurance policy is renewed. </span></span></p>
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			'modified' => '2020-08-09',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12044',
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			'article_date' => '2020-08-09 18:39:30',
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	(int) 1 => array(
		'Article' => array(
			'id' => '12296',
			'article_category_id' => '1',
			'title' => 'Production of Palm Oil takes a Nosedive',
			'sub_title' => '',
			'summary' => 'August 9: The production of palm oil, one of the major export products of Nepal, has declined by almost 80 percent after India re-imposed a ban on import of palm oil from 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 9: The production of palm oil, one of the major export products of Nepal, has declined by almost 80 percent after India re-imposed a ban on import of palm oil from 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:&quot;Arial Unicode MS&quot;">India&rsquo;s Directorate General of Foreign Trade (DGFT) had imposed a ban of import of palm oil on second week of January. One month later, India allowed its businessmen to import palm oil by issuing license. The government of Nepal then imposed lockdown on March 24 to contain the spread of coronavirus. During the lockdown period, DGFT decided to scrap the license provided to the importers to bring refined palm oil from Nepal. Such decision was taken on the second week of May.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Despite having adequate raw materials, Nepali businessmen reduced the production of palm oil taking into consideration the lack of market for their refined product.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">There are altogether 18 industries in Birgunj and Biratnagar for refining palm oil. Those industries currently have a stock of more than 100,000 metric tons of raw materials for producing palm oil. Nepal&rsquo;s internal demand for palm oil is only 15 to 20 percent of production. All the rest is sold in India.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, industrialist Pradeep Muraraka says they have lowered the production due to lack of market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We have ample of stock of refined palm oil but there is no market. Although the industry has reopened, we don&rsquo;t have much work,&rdquo; says Muraraka.</span></span></span></span></p>

<p><span 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, palm oil industry has given employment to more than 3000 workers. But the industrialists have not been able to pay the workers because the production has stopped.</span></span></span></span></p>

<p><span 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 are now in a situation to lay off the staff because we cannot afford to pay them because the industry is closed and we are unable to generate income,&rdquo; he added.</span></span></span></span></p>
',
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			'created' => '2020-08-09',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12043',
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	(int) 2 => array(
		'Article' => array(
			'id' => '12295',
			'article_category_id' => '1',
			'title' => 'Civil Aviation Authority of Nepal Downsizes its Budget',
			'sub_title' => 'Rs 22.77 billion allocated for four major airport projects ',
			'summary' => 'August 9: The Civil Aviation Authority of Nepal (CAAN) has downsized its budget for the current fiscal year 2020/21. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">August 9: The Civil Aviation Authority of Nepal (CAAN) has downsized its budget for the current fiscal year 2020/21. The aviation regulatory body has reduced its budget compared to the previous fiscal year, allocating Rs 22.77 billion for four major under-construction airport projects this year.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Due to the ongoing Covid-19 crisis, CAAN has cut off its new budget by Rs 5.85 billion compared to last year. CAAN has allocated Rs 41.11 billion for the FY 2020/21.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The regulatory body has given priority to the under-construction international airports in its new program and policies announced on Friday, August 7.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Director General of CAAN Rajan Pokharel informed that CAAN aims to operate Gautam Buddha International Airport and finish the construction of Pokhara Regional International Airport within the current fiscal year.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;CAAN will spend the allocated amount of Rs 22.77 billion for the four major airports on land acquisition, construction of physical infrastructure and purchase of airport equipment,&rdquo; Pokharel informed.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The aviation body has allocated Rs 6.45 billion for the Gautam Buddha International Airport which is under-construction in Bhairahawa.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Out of the total budget, Rs 2.16 billion has been allocated for land acquisition, Rs 3.28 billion for new terminal building and other infrastructure, Rs 600 million for equipment, Rs 410 million for fire control vehicles and Rs 10 million for other equipment.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Similarly, Rs 11.3 billion has been allocated for the Regional International Airport which is under-construction in Pokhara and Rs 5.1 billion has been allocated for upgrading and renovating Tribhuvan International Airport.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">CAAN has allocated Rs 280 million to Nijgadh International Airport for providing compensation for land and cutting down trees.</span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '12042',
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	(int) 3 => array(
		'Article' => array(
			'id' => '12294',
			'article_category_id' => '1',
			'title' => 'Hotels in Birgunj Turned into Isolation Wards ',
			'sub_title' => '',
			'summary' => 'August 9: Hotels in Birgunj have turned into isolation wards due to a rapid surge in coronavirus cases in the city. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria">August 9: Hotels in Birgunj have turned into isolation wards due to a rapid surge in coronavirus cases in the city. The government has been using four hotels in the city as isolation wards.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">The District Disaster Management Centre (DDMC) has decided to transform hotels and religious places into isolation&nbsp; ward for treatment of coronavirus patients, informed Assistant Chief District Officer (CDO) of Parsa Lalit Kumar Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Currently, Hotel Rani Pokhari, Gopal Mandali &nbsp;and Rani Sati Dharmashala have been turned into isolation wards, according to Assistant CDO Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Basnet informed that health authorities are having problems in treating patients after the number of Covid-19 cases reached almost 1000 in Parsa.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">&ldquo;The isolation wards of temporarily set up Gandak and Birgunj Health Care aren&rsquo;t sufficient. We decided to set up isolation wards with capacity of 280 beds at various hotels, religious places and schools after concluding that it would be unsafe to isolate the infected persons at their homes,&rdquo; said Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">The two temporary hospitals set up in Birgunj to treat Covid-19 patients have altogether 150 beds.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Hotel entrepreneur Hari Panta says that Birgunj-based hotels including Bijay Jyoti, Kum Kum Palace and Pujan Hotel were transformed into isolation wards much earlier. </span></span></p>
',
			'published' => true,
			'created' => '2020-08-09',
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			'description' => '',
			'sortorder' => '12041',
			'image' => '20200809023223_20200504104410_20190511105700_Clipboard37 2.jpg',
			'article_date' => '2020-08-09 14:31:24',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12293',
			'article_category_id' => '1',
			'title' => '‘Government to Amend Hedging Regulation within a Month’',
			'sub_title' => '',
			'summary' => 'August 9: The government is all set to amend the Hedging Regulation 2075 within mid-September.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">August 9: The government is all set to amend the Hedging Regulation 2075 within mid-September. The regulation was introduced one and a half years ago to minimize the risk of fluctuation in foreign exchange rate for those who invest in foreign currency. However, local businessmen and investors have complained that the regulation is not clear and satisfactory. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">Therefore, Nepal Rastra Bank had submitted a proposal to the Ministry of Finance to amend the regulation.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The finance ministry says preparing the amendment draft is taking some time. According to spokesperson at the ministry Uttar Kumar Khatri, the amendment will be complete within mid-September.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The finance ministry has already prepared the amendment draft after discussing with stakeholders. Now the Council of Ministers needs to take a decision,&rdquo; said Khatri, adding, &ldquo;The amendment will be completed by mid-September.&rdquo;</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The regulation has a provision for the finance ministry to set the hedging rate, which NRB has outright rejected. The central bank has drawn the attention of the finance ministry that the foreign exchange rate is subject to change every day or any moment and therefore the hedging rate should be fixed on real time. The regulation also has a provision for the investors to sign an agreement with the ministry while fixing the rate. But the stakeholders say that the exchange rate might change while they are engaged in the lengthy process of agreement with the ministry.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">Therefore, NRB officials say that the central bank must be authorised to fix the hedging rate so that it is adjusted in a systematic way with the fluctuation in foreign exchange rate. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">However, a source at the central bank informed New Business Age that the finance ministry has not decided who will fix the hedging rate.</span></span></span></p>
',
			'published' => true,
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			'keywords' => '',
			'description' => '',
			'sortorder' => '12040',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12292',
			'article_category_id' => '1',
			'title' => 'Shortage of Fertilizers Forces Farmers to Smuggle Urea from India',
			'sub_title' => '',
			'summary' => 'August 9: The Salt Trading Corporation and Krishi Samagri Company Limited have run out of stock of chemical fertilizers due to the delay in import of fertilizers by the government. ',
			'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 9: The Salt Trading Corporation and Krishi Samagri Company Limited have run out of stock of chemical fertilizers due to the delay in import of fertilizers by the government. The warehouses of the two organisations, which have been authorised to supply fertilizers across the country, have become empty due to the government&rsquo;s failure to import the fertilziers.</span></span></span></span></p>

<p><span 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 has forced the locals of border areas to risk their lives in bringing chemical fertilizers from India amid 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;">Farmers require 40,000 metric tons of urea after planting paddy. But the government organisations have already run out of stock of urea while they are left with only 13,000 metric tons of DAP and Potassium.</span></span></span></span></p>

<p><span 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 entire country is reeling under shortage of chemical fertilizers as the bodies authorised to supply the fertilizers do not have any more fertilizers left. In the meantime, most of the districts that share border with India have witnessed a surge in farmers crossing the border to smuggle fertilizers despite the high risk of infection.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chief of the Food Security Division of Province 1 Rajendra Upreti confirmed that the farmers of Jhapa, Morang and Sunsari have been importing fertilizers from India themselves.</span></span></span></span></p>

<p><span 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 farmers are risking their lives because they are left with no other option,&rdquo; said Upreti.</span></span></span></span></p>

<p><span 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 farmers of Western Terai including Banke, Bardiya and Kailali are also facing similar problem. Extreme shortage of urea has forced the farmers of this region to illegally import fertilizers from India. </span></span></span></span></p>
',
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			'created' => '2020-08-09',
			'modified' => '2020-08-09',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12039',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12291',
			'article_category_id' => '1',
			'title' => 'Around 150,000 Manpower Involved in Mountaineering Sector Unemployed',
			'sub_title' => '',
			'summary' => 'August 7: The impact of coronavirus has left more than 150,000 people involved in the trekking and mountaineering  sector unemployed.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 7: The impact of coronavirus has left more than 150,000 people involved in the trekking and mountaineering &nbsp;sector unemployed.</span></span></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">Both mountaineering and trekking activities were completely halted for four and a half months during the peak season of the year due to Covid-19.&nbsp; It is estimated that the mountaineering industry of Nepal might have lost around Rs 10 billion worth of income. Both the trekking and mountaineering agencies say that more than Rs 10 billion has been lost due to Covid-19.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Nepal Mountaineering Association (NMA) estimates that more than 125,000 people are involved in the mountaineering sector, directly and indirectly.</span></span></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">Similarly, Trekking Agencies Association of Nepal (TAAN) informs that trekking activities provide employment to more than 25,000 people in the trekking sector.</span></span></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, Nepal Tourism Board estimates that around 90,000 workers are involved in Nepal&#39;s mountaineering and trekking sector.</span></span></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">At the same time, Secretary at the Ministry of Tourism Kedar Bahadur Adhikari said that plans have been made to create 4,000 jobs for 30 days by identifying areas that can create employment immediately.</span></span></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, it is not likely to be implemented as the situation has not improved completely.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-08-07',
			'modified' => '2020-08-07',
			'keywords' => '',
			'description' => '',
			'sortorder' => '12038',
			'image' => '20200807075017_1596774556.Trekking pic.jpg',
			'article_date' => '2020-08-07 19:49:41',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12290',
			'article_category_id' => '1',
			'title' => 'Price of Gold Rising Consistently',
			'sub_title' => '',
			'summary' => 'August 7: The price of gold has set another benchmark on Friday with an increase of Rs 1000 per tola (11 grams approximately). ',
			'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 7: The price of gold has set another benchmark on Friday with an increase of Rs 1000 per tola (11 grams approximately). </span></span></span></span></p>

<p><span 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 Federation of Nepal Gold and Silver Dealers Association, the precious yellow metal is being traded for Rs 103,500 per 11 grams on Friday (August 7), with an overnight increase of Rs 1000.</span></span></span></span></p>

<p><span 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 price of silver has also increased by Rs 60 per 11 grams. Silver is being traded for Rs 1405 per tola on Friday. The price of silver is also an all-time high in the Nepali market. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The price of gold has been consistently rising since the last few weeks. The price of gold is also increasing in the international market.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:15.0pt"><span style="font-family:Arial">It is believed that the price of gold is rising due to the relief packages announced by various governments worldwide to cope with the coronavirus pandemic and the central banks of those countries lending at exceptionally low rate of interest.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:15.0pt"><span style="font-family:Arial">International investors are said to be heavily investing on gold to secure their investment amid uncertainty created by the pandemic. This has also contributed to the rise in price of gold.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2020-08-07',
			'modified' => '2020-08-07',
			'keywords' => '',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12289',
			'article_category_id' => '1',
			'title' => 'Cabinet Assigns Energy Ministry to Resolve Issue of Dedicated Feeder',
			'sub_title' => '',
			'summary' => 'August 6: The government has assigned the Ministry of Energy to resolve the dispute regarding the electricity tariff imposed on dedicated feeder and trunk line after the end of load-shedding in the country.',
			'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 6: The government has assigned the Ministry of Energy to resolve the dispute regarding the electricity tariff imposed on dedicated feeder and trunk line after the end of load-shedding in the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the council of ministers on Monday handed the responsibility to the energy ministry to resolve the dispute by implementing recommendations suggested in a report prepared by a probe committee.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Government spokesperson and Minister for Communication and Information Technology Yuba Raj Khatiwada informed about the decision during a press conference on Thursday (August 6).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government had earlier formed a committee headed by energy secretary Dinesh Ghimire to resolve the dispute regarding dedicated feeder and trunk line. The committee had submitted a report with necessary recommendations to the council of ministers three weeks ago. The cabinet has instructed the energy ministry to resolve the issue as per the recommendation of the report.</span></span></span></span></p>

<p><span 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 report has recommended the government to allow the Electricity Regulatory Commission to decide on the electricity tariff after the end of load-shedding. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Electricity Authority had supplied electricity to industries through dedicated feeder and trunk line at 65 percent additional charge between 2071 BS to 2075 BS amid load-shedding 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;Arial Unicode MS&quot;">Although the problem of load-shedding came to an end since early 2075, NEA has been charging the same rate to the industrialists till date. However, the industrialists have said they will not pay any additional charges after the load-shedding was ended.</span></span></span></span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12288',
			'article_category_id' => '1',
			'title' => 'Lockdown Triggers a Surge in Online Accounts',
			'sub_title' => '',
			'summary' => 'August 7: There has been an increase in the number of customers opening online account during the lockdown period. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">August 7: There has been an increase in the number of customers opening online account during the lockdown period. Although the customers can deposit the money online, they have to go to the bank to withdraw it. This poses a challenge to promote digital transaction.&nbsp; </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Due to Covid-19 infection and subsequent lockdown, majority of banks have insisted on opening online accounts. Banks have also been promoting online account. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Nabil Bank first started opening accounts online eight years ago. Bhuvan Kumar Dahal, president of Nepal Bankers&rsquo; Association says although the online account was initiated a long time ago, it has become more effective during the lockdown. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Bankers say that 945,350 new depositors have been added to the list of commercial banks&rsquo; customers after February and most of them have opened online accounts. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Banks including Nabil, NIC Asia, Citizens, and NMB have provided the facility to open an account via Facebook and Viber to make it effective. CEO of NMB bank Sunil KC informed that around 10,000 accounts have been opened during lockdown from such facilities. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;We have received very good response to this new approach. At present, the emphasis should be given to online accounts and digital transactions,&rdquo; he told New Business Age, adding, &ldquo;Such transaction would maintain physical distance, is safe, reliable, saves time and is less expensive.&rdquo; </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">NIC Asia Bank said that the initiative of opening free online account from home has become more effective. The bank says that they will continue the facility as opening online account has been increasing. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Bankers say that Nepalis residing abroad had benefitted more from such facilities in the past. They say that those who are not accustomed to online go to the bank. Therefore, there&rsquo;s still a challenge to get used to digital transaction, says Anil Sharma, executive director of Nepal Bankers Association. &ldquo;Now the already opened accounts need to be continuously activated in digital transactions,&rdquo; he said. </span></span></span></p>

<p>&nbsp;</p>
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			'description' => '',
			'sortorder' => '12035',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12287',
			'article_category_id' => '1',
			'title' => 'BIFs Contradict Central Bank Report on Providing Discount on Interest Rate',
			'sub_title' => '',
			'summary' => 'August 7: Nepal Rastra Bank recently unveiled a report which stated that banks and financial institutions (BFIs) did not facilitate their customers in payment of loan installment and provide discount on interest rate during lockdown period as per its instruction.',
			'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 7: Nepal Rastra Bank recently unveiled a report which stated that banks and financial institutions (BFIs) did not facilitate their customers in payment of loan installment and provide discount on interest rate during lockdown period as per its instruction. However, BFIs claimed that they have followed the central bank&rsquo;s instruction and provide such facilities to the customers.</span></span></span></span></p>

<p><span 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 survey report unveiled by NRB on Wednesday (August 5) mentions that 71.6 percent of industries and business enterprises could not avail the discount from BFIs despite the central bank&rsquo;s directive. Only 17.3 percent of businesses took advantage of such privilege.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Bankers&rsquo; Association argues that the survey conducted from June 8 to 24 has not included the overall data.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;Nepal Rastra Bank directed us not to charge any interest to the customers on towards the end of April. However, BFIs could adjust the discounts only at the end of the fourth quarter (mid-July) of the last fiscal year in accordance to the banking system. Therefore, the survey excluded the discount we provided because the adjustment was made after the central bank&rsquo;s study,&rdquo; said Bhuvan Dahal, chairman of Nepal Bankers&rsquo; Association.</span></span></span></span></p>

<p><span 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;All the details are available in the automated system. The discount might have been adjusted after the survey,&rdquo; added Dahal.</span></span></span></span></p>

<p><span 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 central bank had instructed BFIs to provide 10 percent discount on interest rate to customers who repay their loan between mid-March to mid-July. Likewise, the central bank had also ordered BFIs to provide 2 percent discount on interest rate to other customers till mid-July. However, the bankers had urged the central bank to review the decision and implement it only for the sectors affected by Covid-19. This is also another reason for the delay in implementation of the directive, says Dahal.</span></span></span></span></p>
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			'description' => '',
			'sortorder' => '12034',
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	(int) 11 => array(
		'Article' => array(
			'id' => '12286',
			'article_category_id' => '1',
			'title' => 'Remittance Inflow to Nepal Expected to Shrink by almost 29 Percent',
			'sub_title' => '',
			'summary' => 'August 7: The Asian Development Bank (ADB) has projected Nepal’s remittance inflow to shrink by almost 29 percent.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 7: The Asian Development Bank (ADB) has projected Nepal&rsquo;s remittance inflow to shrink by almost 29 percent.</span></span></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">According to the latest report of ADB, Nepal leads the group of five Asian economies where remittance inflow could fall sharply in 2020 due to the impact of coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Migrant workers may be among the hardest hit groups, says the report entitled &lsquo;COVID-19 Impact on International Migration, Remittances, and Recipient Households in Developing Asia&rsquo; which was published recently.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">&ldquo;Among developing Asian economies: the five worst-affected are Nepal, where remittances could fall by 28.7%; Tajikistan (27.9%), Bangladesh (27.8%), Pakistan (26.8%), and the Kyrgyz Republic (25.2%),&rdquo; states the report posted on ADB&rsquo;s website. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The coronavirus pandemic risks devastating impact on economies around the world, including widespread unemployment and lower incomes. </span></span></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">According to the report, the economic recession from the COVID-19 pandemic threatens the job security and well-being of over 91 million international migrants from Asia and the Pacific.</span></span></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">Total remittances to Asia are expected to drop between $31.4 billion (baseline scenario) and $54.3 billion (worst-case scenario) in 2020, equivalent to 11.5% and 19.8% of baseline remittances, respectively. </span></span></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">With many households depending on international remittances in developing Asia a sudden stop in remittance flow to these regions could push people into poverty, the report warns.</span></span></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">Meanwhile, the report states that newly recruited migrants and those who were on vacation at home face the bleak prospect of losing their jobs. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">&ldquo;A new batch of Nepali migrant workers bound for the Republic of Korea and Qatar, for example, have been asked to put off their </span></span></span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">departures until further notice&rdquo;.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The report added that workplace closures applied to 77percent of country observations worldwide toward the end of June 2020.</span></span></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">Alongside the effects of the pandemic on international and domestic travel, trade, investment flows, and other productive activities, the Asian Development Bank (ADB) estimates employment in Asia and the Pacific to be lower by as much as 167 million person months should containment measures last 6 months from when the outbreak first intensified.</span></span></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">According to the report uploaded on ADB website, job cuts in the region are reducing wage income, with estimates of the decline projected to range from $359 billion to $550 billion. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12285',
			'article_category_id' => '1',
			'title' => 'Government Fails to Implement VAT Rebate on Electronic Transaction ',
			'sub_title' => '',
			'summary' => 'August 6: The government has not been able to effectively implement its policy to refund value added tax (VAT) for payments made through electronic medium.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">August 6: The government has not been able to effectively implement its policy to refund value added tax (VAT) for payments made through electronic medium.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ministry of Finance had issued the work procedure for refunding VAT on electronic transaction about seven months ago. The refunding process was launched on February 10. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">As per the government policy, any customer making a minimum payment of Rs 1000 to a maximum of Rs 100,000 through electronic transaction would be entitled to get a 10 percent refund on VAT.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">However, the government has failed to implement this policy as the Inland Revenue Department has not been able to adjust the payment system with the payment service providers.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The government needs to create a National Payment Gateway for effective implementation of payment and VAT rebate. However, the proposed payment gateway is not yet ready and therefore the policy has not been implemented, according to officials of the Inland Revenue Department.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Deputy Director General of IRD Mukti Acharya informed New Business Age that the department has already corresponded with the Nepal Rastra Bank to prepare the required system. However, the central bank is yet to prepare a one-door payment and discount system, said Acharya. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">He further said that unless the inter-banking transactions are brought under one-door system, the problem of VAT rebate will persist.</span></span></span></p>
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			'created' => '2020-08-06',
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			'description' => '',
			'sortorder' => '12032',
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	(int) 13 => array(
		'Article' => array(
			'id' => '12284',
			'article_category_id' => '1',
			'title' => 'Price of Gold Climbs to Rs 102,500 per 11 Grams',
			'sub_title' => '',
			'summary' => 'August 6: The price of gold has increased by Rs 1100 per tola (11 grams approximately) to reach an all time high of Rs 102,500 on Thursday (August 6).',
			'content' => '<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">August 6: The price of gold has increased by Rs 1100 per tola (11 grams approximately) to reach an all time high of Rs 102,500 on Thursday (August 6).</span></span></p>

<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">The precious yellow metal was being traded for Rs 101,400 on Wednesday. But according to the Federation of Nepal Gold and Silver Dealers Association, the price increased by Rs 1100 per 11 grams overnight.</span></span></p>

<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">Similarly, the price of silver has also increased by Rs 50 per 11 grams. The new price has been&nbsp; fixed at Rs 1345 per 11 grams.</span></span></p>

<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">The price of gold has been rising steadily since the last few weeks. The price of gold is also increasing in the international market.</span></span></p>

<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">It is believed that the price of gold is rising due to the relief packages announced by various governments worldwide to cope with the coronavirus pandemic and the central banks of those countries lending at exceptionally low rate of interest.</span></span></p>

<p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20px">Due to the uncertainty created by the pandemic, there has been an increase in investors who are willing to invest in gold. Therefore, the price of gold has been steading rising, according to gold dealers of Nepal.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 14 => array(
		'Article' => array(
			'id' => '12283',
			'article_category_id' => '1',
			'title' => 'Tourism Entrepreneurs Express Disappointment toward Tourism Bill',
			'sub_title' => '',
			'summary' => 'August 6: Tourism stakeholders have expressed discontent over the recently announced tourism bill by the government.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">August 6: Tourism stakeholders have expressed discontent over the recently announced tourism bill by the government.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The stakeholders have expressed displeasure to the recently amended bill that replaces the previous Tourism Act 2035. Tourism entrepreneurs complained that the government announced the bill without prior consultation with the concerned stakeholders.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Tourism entrepreneurs have accused the Ministry of Culture, Tourism and Civil Aviation of trying to implement the act in a hurry without any prior discussion. &ldquo;However, the Act should have been brought only after adequate discussions with concerned stakeholders and with their&nbsp; cooperation,&rdquo; say tourism entrepreneurs.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The Ministry of Tourism has sent the draft of the Tourism Bill 2077 to the Ministry of Law for revision. However, the Ministry of Law is yet to return the bill even though it had received it two and a half months ago.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Tourism Ministry after receiving the draft back from the Ministry of Law will present it to the cabinet and register it in the parliament for endorsement. The Ministry of Culture, Tourism and Civil Aviation said that it has drafted the new bill according to the provision of the federal system. The ministry claims that it has prepared the bill to replace and update &nbsp;the four-decade-old bill. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">However, tourism entrepreneur say that the updated bill has excluded the issue they have been raising.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Meanwhile, Minister for Tourism Yogesh Bhattarai has assured the stakeholders that the ministry will include their issues and suggestions in the bill. Minister Bhattarai said that the ministry wants to make the bill business-friendly by including necessary advice and suggestions from entrepreneurs. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">&quot;Ministry of Tourism cannot run solely, and the concerns of the private sector are vital for the development of tourism. We will focus more on addressing their concerns,&rdquo; he informed.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri"><img alt="" src="/app/webroot/userfiles/images/20180513122353_tourism.jpg" style="height:311px; width:800px" /></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