The World Bank today approved a USD 100 million Development Policy Credit (DPC) to continue its support to Nepal in improving the financial viability and governance of the electricity sector and boost COVID-19 crisis recovery efforts.…
The World Bank today approved a USD 100 million Development Policy Credit (DPC) to continue its support to Nepal in improving the financial viability and governance of the electricity sector and boost COVID-19 crisis recovery efforts.…
The private sector has ramped up the pressure on the government to change the modality of the lockdown.…
The government’s refusal to extend the tax clearance deadline has met with sharp criticism from the private sector.…
At a time when the government’s announcement to provide discount to industries on payment of electricity bills in the budget for upcoming fiscal year has garnered praise from business community and ordinary citizens, a possibility has been seen that the Nepal Electricity Authority (NEA) will land into financial difficulty due to the decision.…
In its mission to support the communities hard hit by Covid-19 pandemic, Standard Chartered Bank Nepal (SCBN) has donated Rs 5.8 million to Pasang Lhamu Mountaineering Foundation, a NGO working in the field of…
It has been a month since the government allowed 44 types of industries to resume their operations after ensuring necessary health safety measures to avoid contagion of coronavirus.…
The Confederation of Nepalese Industries (CNI) has said that the relief measures announced in the Federal Budget for FY2020/21 are inadequate to kickstart the economic recovery.…
Nepal has signed a USD 250 million (Rs 30 billion aprox.) loan agreement with the Asian Development Bank (ADB) to fight coronavirus.…
As a part of its corporate social responsibility (CSR), Global IME Bank Limited has provided press jackets to photojournalists working in different districts.…
Since the announcement of tax hike on import of electric vehicles in the Federal Budget for FY2020/21 on may 28, the government has been facing scrutiny from various quarters of the society for the environment un-friendly move with critics saying the hike in taxes has pronounced a death knell for the electric four-wheelers that have grown in popularity over the past two years.…
With the dwindling of credit demand due the lockdown imposed by the government, private sector lending of commercial banks has sharply contracted in the last month.…
The country’s private sector has raised its voices against the 8th extension of the lockdown till June 14.…
Chinese smartphone brand Xiaomi has launched its two flagship handsets Mi 10 and Mi Note 10 Lite in the Nepali market.…
Nepali importers have received waivers of about Rs 1 billion in detention and ground rent at the Kolkata Port for the lockdown…
While the stock market has remained closed for the last 69 days due to the lockdown, the number of people opening DEMAT account for share transactions has increased significantly.…
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The World Bank today approved a USD 100 million Development Policy Credit (DPC) to continue its support to Nepal in improving the financial viability and governance of the electricity sector and boost COVID-19 crisis recovery efforts. The Washington D.C-based lender in a press statement said that the approved credit is the second in a series of three DPC operations to support key policy, regulatory and institutional reforms to unlock the economic potential of Nepal's electricity sector. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“These include measures to improve the financial viability of the Nepal Electricity Authority (NEA) as the sole off-taker; establish a regulatory framework that is autonomous, transparent, and accountable; achieve greater integration with the regional electricity market to ensure the optimal use of Nepal’s hydropower resource; and restructure NEA to empower provincial and local governments under the federal structure,” reads the statement. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“Continued reforms to strengthen the electricity sector in Nepal is of utmost importance during the crisis and for post-crisis recovery,”</span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif"> the statement quoted Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying. “This operation will help refocus investment priorities and support the government’s commitment to develop a reliable, affordable, and sustainable electricity sector that supports poverty reduction and shared prosperity in the country.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">World Bank has noted that Nepal’s energy sector made great strides with increased electricity generation, reduced system losses, and enhanced cross-border transmission capacity while putting an end to the nationwide power cut in the recent years and electricity is now available to 88 percent of the population. “An independent electricity regulator, central to the sector’s reform agenda, has become operational. A new Electricity Act pending Parliamentary approval will, among others, enable competition in electricity generation and establishing power trade as a licensed activity. With strong government commitment and effective management, NEA has reduced system losses, remained profitable for three consecutive years and has improved its financial performance,” said the bank. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Due to the COVID-19 crisis, however, the sector </span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">has been hit hard by demand shocks, a cash flow crunch, and a halt of construction activities, according to the statement. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“This operation builds on the important progress made under the first energy sector DPC operation and we will continue to support the government in addressing the immediate, medium- and long-term impacts of the crisis on Nepal’s energy sector through the third operation of the DPC series,” the statement quoted </span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Xiaoping Wang, senior energy specialist at World Bank as saying</span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-03', 'modified' => '2020-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '11859', 'image' => '20200603014300_WB.jpg', 'article_date' => '2020-06-03 13:40:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12110', 'article_category_id' => '1', 'title' => 'Private Sector Ramps Up Pressure to Ease Lockdown', 'sub_title' => '', 'summary' => 'The private sector has ramped up the pressure on the government to change the modality of the lockdown. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The private sector has ramped up the pressure on the government to change the modality of the lockdown. After the government ignored repeated calls of business community to ease crippling restrictions on movement of people, transportation and business activities which is in place for the last 72 days, the private sector has started its push for ending the lockdown in the current form. All three umbrella organizations of the country’s private sector – Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) – have presented their recommendations on alternatives of the lockdown to the government. They have suggested demarking areas most affected by red colour, less affected by yellow colour and unaffected by green colour to allow businesses should to operate. According to them, it has become necessary to open industries and business enterprises by implementing health safety standards as the protracted lockdown has exacerbated their financial losses and that entrepreneurs have started to panic due to the worsening situation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The pressure of the private sector to open businesses is also seen as a counter to the government’s order to clear tax dues and submit tax details by June 7. The government, however, is yet to respond to the calls of the private sector. Business community members, who have been asking for change in the modality of lockdown since mid-April, have held a meeting with government officials on Tuesday which ended without any conclusion. In the meeting participated by the Coordinator of the high-level coronavirus response committee and Deputy Prime Minister Ishwar Pokharel, Minister for Industry, Commerce and Supplies Lekh Raj Bhatta, Minister for Physical Infrastructure and Transport Basanta Kumar Nemwang, private sector representatives said that the risk from hunger is higher than it is from the Covid-19 disease and that business activities need to be resumed immediately. FNCCI President Bhawani Rana said that extending lockdown is not the solution to the problem and the government needs to facilitate the private sector to restart the country’s economic engine. NCC President Rajesh Kaji Shrestha urged that the government to seriously consider private sector’s suggestions. He hoped that the current situation will end soon as the government has showed seriousness this time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The proposal presented by the private sector bodies include closure of all types of transportation from 8 PM to 5 AM, inter-state road transport, air travel, educational institutions, religious places, cinema halls, shopping malls, gym and sports centres and inter-district bus transport in all three (red, yellow and green) zones. Similarly, allow opening of restaurants for take-away of food items in green and yellow zone has been proposed. Likewise, allowing operation of essential items business, medical stores, OPD, diagnostic and pathology services, departmental stores, banks, insurance companies, cooperative institutions, courier and postal services, goods transport, industrial enterprises, agri businesses and construction sites has also been suggested. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-03', 'modified' => '2020-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '11858', 'image' => '20200603011212_lockdown.jpg', 'article_date' => '2020-06-03 13:09:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12109', 'article_category_id' => '1', 'title' => 'Tax Clearance Deadline Draws Flak from Business Community', 'sub_title' => '', 'summary' => 'The government’s refusal to extend the tax clearance deadline has met with sharp criticism from the private sector. ', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The government’s refusal to extend the tax clearance deadline has met with sharp criticism from the private sector. Issuing a notice on June 2, the Inland Revenue Department (IRD) directed taxpayers to clear the dues by June 7 and failure to pay the taxes within the deadline will result in fines for taxpayers. The notice infuriated business community members who have not been able to run their businesses since the beginning of lockdown on March 24. They have labeled IRD’s directive to pay tax dues and submit tax details as government’s dishonesty at a time when economic activities across the country have stopped for the last 70 days. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has asked the government to extend the tax clearance deadline saying that the extension would provide justice to the country’s business community members who have faced enormous business loss due to the lockdown. FNCCI Senior Vice President Shekhar Golchha urged the government not to add to the woes of businesspersons who have not received support they have sought from the state. “Business community members in other countries have received various types of support. In our country, the budget has failed to address our problems,” said Golchha, adding, “We urge the government not to hurt the business community if it cannot provide support to us. Taxes will be collected if the lockdown is lifted and business transactions are resumed.” </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In a meeting with the high-level coronavirus response committee of the government on Tuesday, representatives of private sector said that they are unable to pay taxes in the current situation. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">But officials at the Ministry of Finance (MoF) have dismissed the calls of the private sector to extend the tax clearance deadline. “The deadline was extended for June 7 from its original date of April 7. So, there won’t be further rescheduling,” said Revenue Secretary Ram Sharan Pudasaini. “The government has not levied new taxes. We have just asked business owners to clear their dues,” he added. According to Pudasaini, taxpayers have been provided the facility to pay taxes and submit their tax details online. IRD officials say that all taxpayers are required to pay their dues and file tax details by June 7 to avoid penalties. “Businesses need not to pay taxes if they haven’t earned anything and there should not be hue and cry when the government is asking them to submit their tax details online,” said Binod Bahadur Kunwar, director general at IRD. According to him, the expansion of internet throughout the country has made it easier for online transactions and the department is even ready to coordinate with local administrations across the country to help taxpayers to reach tax offices. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In a letter sent to revenue secretary Pudasaini on Tuesday, FNCCI has asked the ministry to extend clearance of income tax, VAT and excise duty and tax filing to mid-July to boost the confidence of all entrepreneurs and businesspersons at the time of economic crisis.</span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Another private sector body Nepal Chamber of Commerce (NCC) has also urged for tax payment deadline extension. NCC in a press statement said that the lockdown which has crossed 70 days has brought businesses to a very situation and that issuing deadline to pay dues and file tax details would be very discouraging for the private sector mired in crisis. Meanwhile, the Nepal Foreign Trade Association (NFTA) has also expressed its dissatisfaction over the notice issued by IRD. “It is not appropriate to ask businesses to pay taxes at a time when all other transactions except essential ones have been halted for so long,” reads a statement signed by NFTA President Madan Mittal. </span></span></span></span></h1> <h1><strong><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">No Shortage of Money for Recurrent Expenditure</span></span></span></span></strong></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">While it has been said that the unwillingness of the government to extend the tax clearance deadline is because of the shortage of cash to pay salary to its employees, the Financial Comptroller General Office (FGCO) has said that the government currently does not have any problem regarding the recurrent expenditure. “There are no issues in mandatory liability payments such as employee pension, social security allowances, retirement clearance, principle and interest payment of foreign loans, and salary and allowance payments of security personnel and teachers,” said Financial Comptroller General Gopi Nath Mainali. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-03', 'modified' => '2020-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '11857', 'image' => '20200603112803_IRD.jpg', 'article_date' => '2020-06-03 11:24:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12108', 'article_category_id' => '1', 'title' => 'Government’s Announcement of Electricity Bill Discounts Spells Financial Loss for NEA', 'sub_title' => '', 'summary' => 'At a time when the government’s announcement to provide discount to industries on payment of electricity bills in the budget for upcoming fiscal year has garnered praise from business community and ordinary citizens, a possibility has been seen that the Nepal Electricity Authority (NEA) will land into financial difficulty due to the decision. ', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">At a time when the government’s announcement to provide discount to industries on payment of electricity bills in the budget for upcoming fiscal year has garnered praise from business community and ordinary citizens, a possibility has been seen that the Nepal Electricity Authority (NEA) will land into financial difficulty due to the decision. NEA’s income is already under strain because of its inability to collect payments from customers and decline in electricity consumption due to the ongoing lockdown. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The government has announced to provide 100 percent discount to NEA customers consuming electricity up to 10 units per month. Among the 4.2 million customers of NEA, about 800,000 consume power up to 10 units monthly. The bill payment waiver for such customers will result in NEA losing Rs 80 million a month. Similarly, providing customers 10 percent, 15 percent and 25 percent discount on the basis of power consumption will lead to financial losses of nearly Rs 5 billion to the authority, NEA officials argue. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The budget has also provisioned to provide discount on minimum demand charge of electricity on drinking water supply, agriculture and all types of manufacturing industries. 50 percent waiver of charges has also been announced on off and peak hours of power consumption for industries. These discounts will reduce income of the authority by Rs 6 billion, say NEA officials. According to NEA Managing Director Kulman Ghising, the concessions announced by the government will lead to a total of Rs 12 billion in income loss for the authority. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">NEA, which had faced significant financial losses in the past, has gone through a turnaround under Ghising. The authority is in profit for the last three years; its net profit totaled Rs 10 billion in the last fiscal year which is highest among state-owned enterprises. NEA also targeted for a Rs 10 billion profit for the current fiscal year which now looks challenging due to the protracted lockdown and concessions on electricity bill payment announced by the government. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“We won’t be able to take the financial burden if the loss of our income is not compensated. We will ask the government to compensate us,” said Ghising. According to him, it will be difficult for NEA even to pay to private power plants on purchase of their electricity. NEA has been buying power from independent power producers to sell to its customers. As per the Nepal Electricity Act, the government can provide concession on electricity charges. The Act has provisioned that the government has to compensate NEA should the authority faces loss due to the concession. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The government is yet to decide on compensating NEA and the budget for upcoming fiscal year also hasn’t mentioned anything about it. Dinesh Ghimire, secretary at Ministry of Energy, Water Resources and Irrigation expects that proposal for compensation will come from NEA. “A meeting of NEA under the chairmanship of Energy Minister Barshaman Pun will be held soon to decide on the topic matter,” he informed.</span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> Nevertheless, private power producers are against the compensation. “Private power companies too should be recompensed in case they face losses,” said hydropower entrepreneur Gyanendra Lal Pradhan, adding that NEA can earn Rs 40 billion in profit after 18 months if the authority works in well-planned ways. From next year, 50 percent ownership of the Khimti Hydropower Project will be transferred to NEA and Upper Tamakoshi Hydropower Project will also be operational. “NEA will register high from project like these in the coming years,” said Pradhan. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-02', 'modified' => '2020-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '11856', 'image' => '20200602061225_NEA.jpg', 'article_date' => '2020-06-02 18:08:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12107', 'article_category_id' => '1', 'title' => 'StanChart’s Financial Support to Pasang Lhamu Mountaineering Foundation ', 'sub_title' => '', 'summary' => 'In its mission to support the communities hard hit by Covid-19 pandemic, Standard Chartered Bank Nepal (SCBN) has donated Rs 5.8 million to Pasang Lhamu Mountaineering Foundation, a NGO working in the field of mountaineering.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">As a part of its corporate social responsibility (CSR) initiative, Standard Chartered Bank Nepal (SCBN) has donated Rs 5.8 million to Pasang Lhamu Mountaineering Foundation, a NGO working in the field of mountaineering. Issuing a press statement SCBN informed that the foundation will use the money in its project titled “Support to the vulnerable communities of the Mountain region during the COVID—19 Pandemic”. Anirvan Ghosh Dastidar, CEO of SCBN handed over the cheque worth the amount to Namgyal Sherpa, vice president of Pasang Lhamu Mountaineering Foundation amid a handover programme organised at the bank’s head office in Kathmandu recently. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“At such difficult and uncertain times, we stand by our Brand Promise to be Here for good through supporting the vulnerable communities who are affected by the pandemic. Many have lost income opportunity and their livelihood has been worse affected. We hope to contribute in bringing much needed relief to them,” the statement quoted Dastidar as saying. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Thanking SCBN for the financial support, Sherpa said, “We are grateful to Standard Chartered Bank for their generosity and initiative in this time of unprecedented crisis to help in local communities in Nepal. Our foundation is committed to using this contribution in the most efficient way possible, for the most effective impact in Nepal’s Himalayan communities in short- and long-term initiatives.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Earlier this month, the Bank had supported Nepal Government’s Corona Virus Control and Treatment Relief Fund with Rs 11.6 million for COVID-19 relief activities. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-02', 'modified' => '2020-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '11855', 'image' => '20200602040432_Photo-0 (1).jpg', 'article_date' => '2020-06-02 16:00:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12106', 'article_category_id' => '1', 'title' => 'Most Industries Remain Shut Across the Country', 'sub_title' => '', 'summary' => 'It has been a month since the government allowed 44 types of industries to resume their operations after ensuring necessary health safety measures to avoid contagion of coronavirus. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">It has been a month since the government allowed 44 types of industries to resume their operations after ensuring necessary health safety measures to avoid contagion of coronavirus. However, it has been found that 70 percent industries across the country have remained shut down. According to study conducted by the General Federation of Nepalese Trade Unions (GEFONT) over two-thirds of industrial and service sector enterprises have not come into operation despite the government announcement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">GEFONT surveyed 323 industrial enterprises from Biratnagar to Kailali for the study. According to GEFONT, only 17 percent industries in areas of pharmaceuticals, food processing and soft drinks, construction materials industries and healthcare institutions are fully operational at present. Similarly, 13.63 percent are partly operational. As per the report, the continuation of lockdown has made it very hard for businesses to restart their activities. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">GEFONT prepared the ‘Fast Track Survey Report on Problems Faced by Workers due Covid-19’ comprising five topics related to operational status of industrial enterprises, salary payment, affiliation to Social Security Fund and wages situation of informal sector migrant workers. According to the report, industrial enterprises have not complied to the government directive to pay salaries of March-April (Chaitra) and April-May (Baisakh). Only 42.10 percent industries have distributed salaries for the March-April and 31.57 percent industries haven’t disbursed full amount of salaries of workers since then. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Meanwhile, industrialists say that their inability to restart industries are due to lack of workers, problems in transportation and market access, and non-payment of due amount from the market. The lack of coordination among agencies in local levels is another major hindrance, they say. “Just by asking to resume industrial activities in not enough. There should be backward and forward integration in this regard and an environment to allow employees to return their workplaces,” said Chandra Dhakal, vice president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI). “Industrialists and employees of industrial enterprises are facing problems to receive the travel passes issued by the government. The inter-ministerial coordination is even weaker to ease problems in travel and transportation,” he added. Dhakal commented that it has already gotten late to resume business activities by adopting health safety standards as the lockdown has done significant damage to the country’s economy. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-02', 'modified' => '2020-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '11854', 'image' => '20200602014231_padlocked factory.jpg', 'article_date' => '2020-06-02 13:40:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12105', 'article_category_id' => '1', 'title' => 'Budget Arrangements Inadequate for Economic Recovery: CNI', 'sub_title' => '', 'summary' => 'The Confederation of Nepalese Industries (CNI) has said that the relief measures announced in the Federal Budget for FY2020/21 are inadequate to kickstart the economic recovery. ', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The Confederation of Nepalese Industries (CNI) has said that the relief measures announced in the Federal Budget for FY2020/21 are inadequate to kickstart the economic recovery. Unveiling the post-webinar report of the ‘CNI- Economic Survival Series’ virtually on June 1 jointly with senior financial journalists, CNI President Satish Kumar Moore urged the government to come up with a comprehensive stimulus to take the Covid-19 pandemic-stricken economy out of the slump. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">CNI had organised the webinar Economic Survival Series from May 18-21 hosting panel discussions on various important topics of economic recovery. The report comprises of conclusions of the discussions and views of experts who participated in the programme. According to Moore, the conclusion of the post-webinar report is to initiate active cooperation of all stakeholders to face the economic headwinds created by the global health emergency. Speaking on the occasion, Nirvana Chaudhary, vice president of CNI said, “On the basis of suggestions made by the experts during the webinar, the report has incorporated recommendations to face the economic crisis and save the country’s economy by introducing short-term and long-term policy arrangements.” </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Vishnu Agrawal, senior vice president of CNI said that the report will help the government and the stakeholders to move towards economic recovery facing the Covid-19 crisis. CNI has informed that it will present the report to the concerned government authorities. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-02', 'modified' => '2020-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '11853', 'image' => '20200602103723_CNI.jpg', 'article_date' => '2020-06-02 10:36:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12104', 'article_category_id' => '1', 'title' => 'Nepal Signs USD 250 million Loan Agreement with ADB ', 'sub_title' => '', 'summary' => 'Nepal has signed a USD 250 million (Rs 30 billion aprox.) loan agreement with the Asian Development Bank (ADB) to fight coronavirus. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Nepal has signed a USD 250 million (Rs 30 billion aprox.) loan agreement with the Asian Development Bank (ADB) to fight coronavirus. Finance Secretary Sishir Kumar Dhungana, and Mukhtor Khamudkhanov, ADB Country Director for Nepal signed agreement papers amid a function organised at the Ministry of Finance (ADB) on June 1. Finance Minister Dr Yuba Raj Khatiwada and other high officials of the government and ADB were present during the function. As per the agreement, the Manila-based lender will lend the money to Nepal under its COVID-19 Active Response and Expenditure Support (CARES) Programme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">ADB will provide the concessional loan as a budgetary support to help the government to strengthen the country’s public health infrastructure. The loan will be utilised in scaling up testing, tracing and tracking of Covid-19 cases, establishing isolation facilities across the country and strengthening existing hospitals and health centres in terms of equipment, medicine and workforce. Similarly, ADB will also support Nepal to mitigate the adverse economic and social impacts of the Covid-19 pandemic through its CARES Programme.</span></span><br /> <span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Speaking on the occasion Finance Secretary Dhungana said, “This loan will be mobilized through the National Relief Programme of the government which targets to enhance public health system, provide social security and generate employment to face the challenges presented by the Covid-19 pandemic.” ADB country director for Nepal Khamudkhanov reiterated the bank’s commitment to support Nepal during difficult times. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-02', 'modified' => '2020-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '11852', 'image' => '20200602102341_Nepal-ADB.jpg', 'article_date' => '2020-06-02 10:21:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12103', 'article_category_id' => '1', 'title' => 'Global IME Bank Supports Photojournalists ', 'sub_title' => '', 'summary' => 'As a part of its corporate social responsibility (CSR), Global IME Bank Limited has provided press jackets to photojournalists working in different districts. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">As a part of its corporate social responsibility (CSR), Global IME Bank Limited has provided press jackets to photojournalists working in different districts. The bank’s Deputy General Manager Surendra Raj Regmi handed over the jackets to Dhruv Ale, president of Federation of Nepalese Photojournalist (FNPJ) amid a programme organised at Global IME’s head office in Kamaladi on May 31. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“We expect that the press jackets will make the works of photojournalists easier in the current difficult situation,” a statement issued by the bank quoted Regmi as saying. NFPJ President Ale thanked Global IME Bank for its support and said that the jackets would make safer for photojournalists to discharge their professional duties. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-01', 'modified' => '2020-06-01', 'keywords' => '', 'description' => '', 'sortorder' => '11851', 'image' => '20200601053453_Global IME.jpg', 'article_date' => '2020-06-01 17:33:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12102', 'article_category_id' => '1', 'title' => 'New Tax Plans for Electric Vehicles Sparks Criticism', 'sub_title' => '', 'summary' => 'Since the announcement of tax hike on import of electric vehicles in the Federal Budget for FY2020/21 on may 28, the government has been facing scrutiny from various quarters of the society for the environment un-friendly move with critics saying the hike in taxes has pronounced a death knell for the electric four-wheelers that have grown in popularity over the past two years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Since the announcement of tax hike on import of electric vehicles in the Federal Budget for FY2020/21 on May 28, the government has been facing scrutiny from various quarters of the society for the environment un-friendly move with critics saying the hike in taxes has pronounced a death knell for the electric four-wheelers that have grown in popularity over the past two years. In his budget speech, Finance Minister Dr Yuba Raj Khatiwada announced that electric vehicles will be levied 30-80 percent customs duty and 5-80 percent excise duty, depending upon the capacity of the four-wheelers. As per earlier arrangements, importers were required to pay 10 percent in customs duty and 13 percent in value added tax (VAT). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Nepal Automobile Dealers Association (NADA) is the latest organisation to raise its voice against the massive increment of the tax rates. Issuing a press statement, the association said that the tax hike will make electric vehicles as costlier as internal combustion engine vehicles and hence will be less attractive to car buyers. “The </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">proposed tax will make the electric vehicles more expensive for the general people. It will ultimately hinder the government’s policy to promote eco-friendly transport,” reads the statement. Similarly, NADA also urged the government to ease the lockdown so that people can return to their business and work. “Economic activities have been severely affected to the protracted closure. Now business activities need to be resumed by following health safety standards,” NADA said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In the meantime, three organisations have also asked the government to scrap the taxes imposed on import of electric vehicles. In a joint statement, Electric Vehicle Association of Nepal (EVAN), Nepal Forum of Environmental Journalists (NFEEJ) and Clean Energy Nepal (CEN) said that the new budgetary arrangements will discourage electric vehicles and promote fossil fuel run vehicles. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-01', 'modified' => '2020-06-01', 'keywords' => '', 'description' => '', 'sortorder' => '11850', 'image' => '20200601050236_electric car.jpg', 'article_date' => '2020-06-01 16:52:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12101', 'article_category_id' => '1', 'title' => 'Sharp Contraction in Commercial Banks' Lending, New Loan Extension Falls to Zero', 'sub_title' => '', 'summary' => 'With the dwindling of credit demand due the lockdown imposed by the government, private sector lending of commercial banks has sharply contracted in the last month. ', 'content' => '<h2><span style="font-size:18pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">With the dwindling of credit demand due the lockdown imposed by the government, private sector lending of commercial banks has sharply contracted in the last month. According to data provided by the Nepal Bankers’ Association (NBA), commercial banks registered Rs 16 billion of negative credit of their total loan extension in April-May (Baisakh) compared to March-April (Chaitra). The banks in March-April extended a total of Rs 42 billion in loans. The total loan extension of 27 commercial banks reached Rs 2,845 billion by March-April which declined by Rs 16 billion to Rs 2,829 billion in April-May. The total credit of banks become negative because of collection of old loans but zero extension of new loans. </span></span></span></span></h2> <h2><span style="font-size:18pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">However, collection of deposits has remained satisfactory despite a dip in April-May. In March-April, commercial banks collected a total of Rs 49 billion in deposits which declined to Rs 30 billion in April-May. The total deposit collection of banks reached to Rs 3,219 billion in April-May from Rs 3,189 billion in March-April. </span></span></span></span></h2> <h2><span style="font-size:18pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Bhuvan Kumar Dahal, president of NBA said that halt in commercial and other transactions has negatively impacted the banking sector. “With no end in sight of the lockdown, industries and businesses have remained shut down. As a result, bank transactions have decreased sharply,” he mentioned. </span></span></span></span></h2> <h2><span style="font-size:18pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Bankers are having a hard time as the current situation does not allows for extension of new loans due to which interest rate income of banks is also following a declining trend. According to Dahal, the credit-to-core capital-deposit (CCD) ratio of commercial banks has decreased to 76 percent because of halt in extension of new loans. However, renewal of deposits is ongoing in banks. “The banking system therefore has adequate investment-grade liquidity at present which is being invested in government bonds such as treasury bills,” informed Dahal. </span></span></span></span></h2> ', 'published' => true, 'created' => '2020-06-01', 'modified' => '2020-06-01', 'keywords' => '', 'description' => '', 'sortorder' => '11849', 'image' => '20200601032952_bank lending.jpg', 'article_date' => '2020-06-01 15:27:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12100', 'article_category_id' => '1', 'title' => 'Disquiet of Business Community Grows with Extension of Lockdown ', 'sub_title' => '', 'summary' => 'The country’s private sector has raised its voices against the 8th extension of the lockdown till June 14. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The country’s private sector has raised its voices against the 8<sup>th</sup> extension of the lockdown till June 14. A meeting of council of ministers held on May 30 decided to further extend the lockdown amid the rising number of Covid-19 infection cases and deaths. Critics say that instead of curbing the spread of coronavirus, the lockdown, which is in place since March 24, has crippled economic activities sending the country’s economy into a deep recession unlike anything Nepal has experienced in the past. Major private sector bodies, that have avoided criticizing the government in terms of its handling of the situation, have now started criticizing the government for its indifference to their demands and ignoring warnings of economic fallout of the protracted lockdown. Expressing their displeasure, they have said that extension of the lockdown, without any change in the modality, will be disastrous for the already severely weakened economy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Issuing a press statement on May 31, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) urged the government to rethink the duration and modality of the lockdown while considering the sensitiveness of public health. “We urge the government to devise the modality of the lockdown so that the economic activities can be restarted,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Earlier, the government permitted to operate 42 types of industries during the lockdown period. However, the strict restrictions in transportation and movement of people and market access have hindered industrialists to operate their industries in full capacity. According to them, the lack of coordination between authorities and all three levels of the government has added to their problems to restart industrial activities. Industrialist complain that government is not showing any seriousness despite the worsening situation which will ultimately lead to the collapse of the industrial sector. They say that the government now needs to contemplate international practices in easing lockdown by further strengthening the health sector expanding the scope of Covid-19 testing, tracing tracking and by introducing effective social distancing measures to reduce the risk of spread of coronavirus. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">FNCCI has said that it is concerning that the 8<sup>th</sup> extension of the lockdown was announced without taking suggestions from stakeholders at a time when the economic loss from the lockdown has amounted to 4 percent of the country’s GDP, business activities have collapsed, and millions of people have lost their jobs. “The government needs to engage in dialogue with stakeholders directly associated with the country’s economy to extend restrictive measures,” FNCCI has demanded.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Shekhar Golchha, senior vice president of FNCCI said that the lockdown should be eased for the industrial sector under any circumstances. “We don’t know why the government is ignoring the economic fallout. But one thing has become clear that only lockdown cannot save people from coronavirus,” he opined, adding, “It is true that our open border with India has increased risks of the contagion of the virus. However, there are no alternatives than to gradually ease the lockdown by maintaining effective health security.” Golchha warned that number of Covid-19 cases and deaths could increase in the coming days and that all should be prepared to face the challenges. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">According to him, the private sector has shouldered the burden of the country’s economic recovery. “We have provided employment to millions of Nepalis. The share of the private sector in government revenue stands at 70 percent. Therefore, an immense pressure has been created for the private sector in terms of revival of the pandemic-ravaged economy,” noted Golchha, adding, “Nevertheless, if the lockdown is extended without proper exit plans, the country’s economy will reach of point where recovery will not be possible.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Satish Kumar Moore, president of Confederation of Nepalese Industries (CNI) also said that lockdown needs to be eased by implementing effective health security measures. According to him, the economic slump will further deepen if the government does not show seriousness to restart business activities. “It will be appropriate to continue lockdown in areas highly affected by coronavirus while easing economic activities in less affected areas,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Pashupati Murarka, former president of FNCCI said that the government now needs to shift its focus from stopping the spread of coronavirus to saving the country’s economy from collapse. “Supply chains have been badly affected by the lockdown. Some industries that have restarted their operations are unable to supply their products to the market. The ongoing lockdown has hindered cement industries to transport raw materials from mines to their factories,” he said. According to him, the government needs to announce policies to ease the problems for the industrial sector. “There are no alternatives for us than to learn to live and carry on our activities facing the challenges posed by the coronavirus,” he expressed. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Rajesh Kaji Shrestha, president of Nepal Chamber of Commerce (NCC) said that the government has ignored the concerns and problems of the business community. “It seems the government thinks that its one and only responsibility is to give continuation to lockdown and it does not have to pay attention the plight of the business community. Now the government urgently needs to prioritise changing the modality of the lockdown so that business activities are restarted,” he said. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-01', 'modified' => '2020-06-01', 'keywords' => '', 'description' => '', 'sortorder' => '11848', 'image' => '20200601121121_lockdown.jpg', 'article_date' => '2020-06-01 12:07:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12099', 'article_category_id' => '1', 'title' => 'Xiaomi Launches Mi 10 and Mi Note 10 Lite in Nepal', 'sub_title' => '', 'summary' => 'Chinese smartphone brand Xiaomi has launched its two flagship handsets Mi 10 and Mi Note 10 Lite in the Nepali market. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Chinese smartphone brand Xiaomi has launched its two flagship handsets Mi 10 and Mi Note 10 Lite in the Nepali market. Issuing a press statement, the company said that Mi 10 is the first smartphone to hit the Nepali market with a 108MP quad-camera setup and Qualcomm<sup> </sup>Snapdragon 865 processor for 5G connectivity. The phone comes with a 3D Curved AMOLED display, 4,780mAh battery, and 30W wireless charging. “With 8GB RAM (LPDDR5) and 128GB or 256GB ROM (UFS 3.0), Mi 10 offers swift response and an ultra-smooth operating experience. Paired with the most sophisticated cooling system, Mi 10 uses LiquidCool 2.0 – an advanced cooling system consisting of a large vapor chamber, as well as multi-layer graphite and graphene stacks that dissipate heat to ensure sustained peak performance,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Xiaomi claimed that Mi 10 redefines smartphone photography and videography with its OIS-enabled 108MP quad rear camera setup and users can shoot ultra-clear shots along with details unseen to the naked eye with the 108MP primary sensor and experience the full view of their subjects with the 13MP ultra-wide angle lens, with 123° FOV. The company informed that Mi 10 also supports UHD 8K video recording at 30fps.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Similarly, Mi Note 10 Lite offers a 6.47’’ curved AMOLED display, a 4MP quad-camera setup, Qualcomm<sup> </sup>Snapdragon 730G SoC and a large-capacity 5,260mAh battery, according to the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“Sporting a first class 6.47’’ 3D curved AMOLED display and a 3D curved glass back, Mi Note 10 Lite provides a premium in-hand feel,” said the company. According to Xiaomi, with smoothly curved and tapered edges on four sides, Mi Note 10 Lite brings about an outstanding 91.4 percent screen-to-body ratio that will surely amaze with its immersive viewing experience.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif"> “With Mi 10, we aim to redefine the premium smartphone experience for consumers in Nepal. This device is a pinnacle of smartphone design and engineering, pushing the boundaries of what's possible on a handheld device. With its flagship OIS enabled 108MP Quad Camera setup, UHD 8K video recording, world’s fastest 30W wireless charging, we hope our users can create content in a way never thought possible before, with Mi 10,” the statement quoted Sourabh Kothari, Xiaomi’s country general manager for Nepal, as saying. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">As per the company, </span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Mi 10 will be available in two colour variants - twilight grey and coral green at a price of Rs 89,999<strong>.</strong> Similarly, Mi Note 10 Lite will be available in 6GB + 128GB variant and three colour options - midnight black, glacier white and nebula purple at Rs 44,999. “Both phones will be available for purchase across offline stores, retail partners and online partners Daraz and Sastodeal very soon,” informed the company. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-05-31', 'modified' => '2020-05-31', 'keywords' => '', 'description' => '', 'sortorder' => '11847', 'image' => '20200531054346_MI NOTE 10.jpg', 'article_date' => '2020-05-31 17:41:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12096', 'article_category_id' => '1', 'title' => ' Rs 1 billion in Fines Waived for Nepali Importers at Kolkata Port', 'sub_title' => '', 'summary' => 'Nepali importers have received waivers of about Rs 1 billion in detention and ground rent at the Kolkata Port for the lockdown period.', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Nepali importers have received waivers of about Rs 1 billion in detention and ground rent at the Kolkata Port for the lockdown period. Vineet Kumar, chairman of Kolkata Port Trust informed that fines for Nepali importers were waived because of their inability to transport the containers shipped from third countries due to the ongoing lockdown in India which is in place since March 22. According to him, Nepali importers have received Rs 930 million (INR 580 million) in waivers in detention and ground rent at the port. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Of the total amount, Rs 880 million has been waived in detention charges to shipping companies and Rs 50 million in ground rent to the port authority. Earlier, the government of India had directed port authorities of the country not to fine importers and levy them additional charges for the period of March 22 to May 3. However, importers won’t be receiving such waivers after March 22 even the lockdown has been extended till May 31. The Indian government has relaxed the ongoing lockdown from May 3 by easing transport and movement of people. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Nepali importers enjoy free time of 15 days for Nepal bound road containers and 20 days for rail containers at the Kolkata Port. They are required to pay ground rent if they do not clear their shipments from the port after the end of the free time. The port authority has said that the free time will be calculated before March 22 and after May 3. Similarly, shipping companies provide free time of 14-21 days. Nepali importers who get five days to return the containers after the shipments are made to the Birgunj Dry Port; they are required to pay detention charges if they do not return the containers within the stipulated time. According to the Kolkata Port authority officials, some shipping companies have waived detention charges on the basis of mutual understanding with Nepali importers even after May 3. Over 4,000 Nepal bound containers were stuck at the port after the sudden halt in transportation and movement of people due to the lockdown imposed by the government to curb the spread of coronavirus. The containers were transported to nearby freight station (CFS) after the space at the port got constrained due to increased numbers of shipments. Kolkata Port Authority Chairman Kumar informed that the CFS operator has been directed to provide Nepali importers an additional 15 days of free time to transport the containers. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-05-31', 'modified' => '2020-05-31', 'keywords' => '', 'description' => '', 'sortorder' => '11846', 'image' => '20200531053058_kolkata port.jpg', 'article_date' => '2020-05-31 17:25:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12095', 'article_category_id' => '1', 'title' => 'Over 1,000 DEMAT Accounts Opened during Lockdown ', 'sub_title' => '', 'summary' => 'While the stock market has remained closed for the last 69 days due to the lockdown, the number of people opening DEMAT account for share transactions has increased significantly. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">While the stock market has remained closed for the last 69 days due to the lockdown, the number of people opening DEMAT account for share transactions has increased significantly. According to the CDS and Clearing (CDSC) Limited, 1,062 DEMAT accounts have been opened over the last two months. Suresh Neupane, spokesperson at CDSC said that shareholders have opened accounts to secure their shares at a time when uncertainty has prevailed in financial market. According to him, the increase in the number of DEMAT accounts is also attributed to the continuation of services of merchant banks and depository participant (DP) offices. The number of DEMAT accounts has reached 1.66 million after the account was made mandatory four years ago when ASBA system was introduced for share transaction. Stock investors are required to mention their DEMAT accounts while applying for initial public offerings (IPOs) and doing share transactions in the secondary market. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">As the capital market agencies are putting their efforts for the full digitization of share transactions from the next fiscal year, the increase number of DEMAT accounts show the attraction of stock investors in digital transaction. Damaru Ballav Ghimire, a stock investor, said that troubles related to archiving of paper share certificate has ended with the commencement of DEMAT account transaction. According to him, he has updated his all 350 share certificates in the account. “Now investors don’t have to get into queue anymore to archive their certificates and they don’t have to worry about losing the paper certificates,” he said. Ghimire said that many stock investors are yet to deposit their shares into their DEMAT accounts due to which they are not able to receive dividends on time. According to CDSC, 5.24 billion units of shares have been deposited into DEMAT accounts. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-31', 'modified' => '2020-05-31', 'keywords' => '', 'description' => '', 'sortorder' => '11845', 'image' => '20200531051929_demat.jpg', 'article_date' => '2020-05-31 17:17:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12111', 'article_category_id' => '1', 'title' => ' World Bank’s USD 100m Loan to Nepal for Reform Electricity Sector Reform ', 'sub_title' => '', 'summary' => 'The World Bank today approved a USD 100 million Development Policy Credit (DPC) to continue its support to Nepal in improving the financial viability and governance of the electricity sector and boost COVID-19 crisis recovery efforts. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The World Bank today approved a USD 100 million Development Policy Credit (DPC) to continue its support to Nepal in improving the financial viability and governance of the electricity sector and boost COVID-19 crisis recovery efforts. The Washington D.C-based lender in a press statement said that the approved credit is the second in a series of three DPC operations to support key policy, regulatory and institutional reforms to unlock the economic potential of Nepal's electricity sector. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“These include measures to improve the financial viability of the Nepal Electricity Authority (NEA) as the sole off-taker; establish a regulatory framework that is autonomous, transparent, and accountable; achieve greater integration with the regional electricity market to ensure the optimal use of Nepal’s hydropower resource; and restructure NEA to empower provincial and local governments under the federal structure,” reads the statement. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“Continued reforms to strengthen the electricity sector in Nepal is of utmost importance during the crisis and for post-crisis recovery,”</span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif"> the statement quoted Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying. “This operation will help refocus investment priorities and support the government’s commitment to develop a reliable, affordable, and sustainable electricity sector that supports poverty reduction and shared prosperity in the country.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">World Bank has noted that Nepal’s energy sector made great strides with increased electricity generation, reduced system losses, and enhanced cross-border transmission capacity while putting an end to the nationwide power cut in the recent years and electricity is now available to 88 percent of the population. “An independent electricity regulator, central to the sector’s reform agenda, has become operational. A new Electricity Act pending Parliamentary approval will, among others, enable competition in electricity generation and establishing power trade as a licensed activity. With strong government commitment and effective management, NEA has reduced system losses, remained profitable for three consecutive years and has improved its financial performance,” said the bank. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Due to the COVID-19 crisis, however, the sector </span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">has been hit hard by demand shocks, a cash flow crunch, and a halt of construction activities, according to the statement. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“This operation builds on the important progress made under the first energy sector DPC operation and we will continue to support the government in addressing the immediate, medium- and long-term impacts of the crisis on Nepal’s energy sector through the third operation of the DPC series,” the statement quoted </span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Xiaoping Wang, senior energy specialist at World Bank as saying</span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-03', 'modified' => '2020-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '11859', 'image' => '20200603014300_WB.jpg', 'article_date' => '2020-06-03 13:40:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12110', 'article_category_id' => '1', 'title' => 'Private Sector Ramps Up Pressure to Ease Lockdown', 'sub_title' => '', 'summary' => 'The private sector has ramped up the pressure on the government to change the modality of the lockdown. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The private sector has ramped up the pressure on the government to change the modality of the lockdown. After the government ignored repeated calls of business community to ease crippling restrictions on movement of people, transportation and business activities which is in place for the last 72 days, the private sector has started its push for ending the lockdown in the current form. All three umbrella organizations of the country’s private sector – Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) – have presented their recommendations on alternatives of the lockdown to the government. They have suggested demarking areas most affected by red colour, less affected by yellow colour and unaffected by green colour to allow businesses should to operate. According to them, it has become necessary to open industries and business enterprises by implementing health safety standards as the protracted lockdown has exacerbated their financial losses and that entrepreneurs have started to panic due to the worsening situation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The pressure of the private sector to open businesses is also seen as a counter to the government’s order to clear tax dues and submit tax details by June 7. The government, however, is yet to respond to the calls of the private sector. Business community members, who have been asking for change in the modality of lockdown since mid-April, have held a meeting with government officials on Tuesday which ended without any conclusion. In the meeting participated by the Coordinator of the high-level coronavirus response committee and Deputy Prime Minister Ishwar Pokharel, Minister for Industry, Commerce and Supplies Lekh Raj Bhatta, Minister for Physical Infrastructure and Transport Basanta Kumar Nemwang, private sector representatives said that the risk from hunger is higher than it is from the Covid-19 disease and that business activities need to be resumed immediately. FNCCI President Bhawani Rana said that extending lockdown is not the solution to the problem and the government needs to facilitate the private sector to restart the country’s economic engine. NCC President Rajesh Kaji Shrestha urged that the government to seriously consider private sector’s suggestions. He hoped that the current situation will end soon as the government has showed seriousness this time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The proposal presented by the private sector bodies include closure of all types of transportation from 8 PM to 5 AM, inter-state road transport, air travel, educational institutions, religious places, cinema halls, shopping malls, gym and sports centres and inter-district bus transport in all three (red, yellow and green) zones. Similarly, allow opening of restaurants for take-away of food items in green and yellow zone has been proposed. Likewise, allowing operation of essential items business, medical stores, OPD, diagnostic and pathology services, departmental stores, banks, insurance companies, cooperative institutions, courier and postal services, goods transport, industrial enterprises, agri businesses and construction sites has also been suggested. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-03', 'modified' => '2020-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '11858', 'image' => '20200603011212_lockdown.jpg', 'article_date' => '2020-06-03 13:09:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12109', 'article_category_id' => '1', 'title' => 'Tax Clearance Deadline Draws Flak from Business Community', 'sub_title' => '', 'summary' => 'The government’s refusal to extend the tax clearance deadline has met with sharp criticism from the private sector. ', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The government’s refusal to extend the tax clearance deadline has met with sharp criticism from the private sector. Issuing a notice on June 2, the Inland Revenue Department (IRD) directed taxpayers to clear the dues by June 7 and failure to pay the taxes within the deadline will result in fines for taxpayers. The notice infuriated business community members who have not been able to run their businesses since the beginning of lockdown on March 24. They have labeled IRD’s directive to pay tax dues and submit tax details as government’s dishonesty at a time when economic activities across the country have stopped for the last 70 days. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has asked the government to extend the tax clearance deadline saying that the extension would provide justice to the country’s business community members who have faced enormous business loss due to the lockdown. FNCCI Senior Vice President Shekhar Golchha urged the government not to add to the woes of businesspersons who have not received support they have sought from the state. “Business community members in other countries have received various types of support. In our country, the budget has failed to address our problems,” said Golchha, adding, “We urge the government not to hurt the business community if it cannot provide support to us. Taxes will be collected if the lockdown is lifted and business transactions are resumed.” </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In a meeting with the high-level coronavirus response committee of the government on Tuesday, representatives of private sector said that they are unable to pay taxes in the current situation. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">But officials at the Ministry of Finance (MoF) have dismissed the calls of the private sector to extend the tax clearance deadline. “The deadline was extended for June 7 from its original date of April 7. So, there won’t be further rescheduling,” said Revenue Secretary Ram Sharan Pudasaini. “The government has not levied new taxes. We have just asked business owners to clear their dues,” he added. According to Pudasaini, taxpayers have been provided the facility to pay taxes and submit their tax details online. IRD officials say that all taxpayers are required to pay their dues and file tax details by June 7 to avoid penalties. “Businesses need not to pay taxes if they haven’t earned anything and there should not be hue and cry when the government is asking them to submit their tax details online,” said Binod Bahadur Kunwar, director general at IRD. According to him, the expansion of internet throughout the country has made it easier for online transactions and the department is even ready to coordinate with local administrations across the country to help taxpayers to reach tax offices. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In a letter sent to revenue secretary Pudasaini on Tuesday, FNCCI has asked the ministry to extend clearance of income tax, VAT and excise duty and tax filing to mid-July to boost the confidence of all entrepreneurs and businesspersons at the time of economic crisis.</span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Another private sector body Nepal Chamber of Commerce (NCC) has also urged for tax payment deadline extension. NCC in a press statement said that the lockdown which has crossed 70 days has brought businesses to a very situation and that issuing deadline to pay dues and file tax details would be very discouraging for the private sector mired in crisis. Meanwhile, the Nepal Foreign Trade Association (NFTA) has also expressed its dissatisfaction over the notice issued by IRD. “It is not appropriate to ask businesses to pay taxes at a time when all other transactions except essential ones have been halted for so long,” reads a statement signed by NFTA President Madan Mittal. </span></span></span></span></h1> <h1><strong><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">No Shortage of Money for Recurrent Expenditure</span></span></span></span></strong></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">While it has been said that the unwillingness of the government to extend the tax clearance deadline is because of the shortage of cash to pay salary to its employees, the Financial Comptroller General Office (FGCO) has said that the government currently does not have any problem regarding the recurrent expenditure. “There are no issues in mandatory liability payments such as employee pension, social security allowances, retirement clearance, principle and interest payment of foreign loans, and salary and allowance payments of security personnel and teachers,” said Financial Comptroller General Gopi Nath Mainali. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-03', 'modified' => '2020-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '11857', 'image' => '20200603112803_IRD.jpg', 'article_date' => '2020-06-03 11:24:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12108', 'article_category_id' => '1', 'title' => 'Government’s Announcement of Electricity Bill Discounts Spells Financial Loss for NEA', 'sub_title' => '', 'summary' => 'At a time when the government’s announcement to provide discount to industries on payment of electricity bills in the budget for upcoming fiscal year has garnered praise from business community and ordinary citizens, a possibility has been seen that the Nepal Electricity Authority (NEA) will land into financial difficulty due to the decision. ', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">At a time when the government’s announcement to provide discount to industries on payment of electricity bills in the budget for upcoming fiscal year has garnered praise from business community and ordinary citizens, a possibility has been seen that the Nepal Electricity Authority (NEA) will land into financial difficulty due to the decision. NEA’s income is already under strain because of its inability to collect payments from customers and decline in electricity consumption due to the ongoing lockdown. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The government has announced to provide 100 percent discount to NEA customers consuming electricity up to 10 units per month. Among the 4.2 million customers of NEA, about 800,000 consume power up to 10 units monthly. The bill payment waiver for such customers will result in NEA losing Rs 80 million a month. Similarly, providing customers 10 percent, 15 percent and 25 percent discount on the basis of power consumption will lead to financial losses of nearly Rs 5 billion to the authority, NEA officials argue. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The budget has also provisioned to provide discount on minimum demand charge of electricity on drinking water supply, agriculture and all types of manufacturing industries. 50 percent waiver of charges has also been announced on off and peak hours of power consumption for industries. These discounts will reduce income of the authority by Rs 6 billion, say NEA officials. According to NEA Managing Director Kulman Ghising, the concessions announced by the government will lead to a total of Rs 12 billion in income loss for the authority. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">NEA, which had faced significant financial losses in the past, has gone through a turnaround under Ghising. The authority is in profit for the last three years; its net profit totaled Rs 10 billion in the last fiscal year which is highest among state-owned enterprises. NEA also targeted for a Rs 10 billion profit for the current fiscal year which now looks challenging due to the protracted lockdown and concessions on electricity bill payment announced by the government. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“We won’t be able to take the financial burden if the loss of our income is not compensated. We will ask the government to compensate us,” said Ghising. According to him, it will be difficult for NEA even to pay to private power plants on purchase of their electricity. NEA has been buying power from independent power producers to sell to its customers. As per the Nepal Electricity Act, the government can provide concession on electricity charges. The Act has provisioned that the government has to compensate NEA should the authority faces loss due to the concession. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The government is yet to decide on compensating NEA and the budget for upcoming fiscal year also hasn’t mentioned anything about it. Dinesh Ghimire, secretary at Ministry of Energy, Water Resources and Irrigation expects that proposal for compensation will come from NEA. “A meeting of NEA under the chairmanship of Energy Minister Barshaman Pun will be held soon to decide on the topic matter,” he informed.</span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> Nevertheless, private power producers are against the compensation. “Private power companies too should be recompensed in case they face losses,” said hydropower entrepreneur Gyanendra Lal Pradhan, adding that NEA can earn Rs 40 billion in profit after 18 months if the authority works in well-planned ways. From next year, 50 percent ownership of the Khimti Hydropower Project will be transferred to NEA and Upper Tamakoshi Hydropower Project will also be operational. “NEA will register high from project like these in the coming years,” said Pradhan. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-02', 'modified' => '2020-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '11856', 'image' => '20200602061225_NEA.jpg', 'article_date' => '2020-06-02 18:08:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12107', 'article_category_id' => '1', 'title' => 'StanChart’s Financial Support to Pasang Lhamu Mountaineering Foundation ', 'sub_title' => '', 'summary' => 'In its mission to support the communities hard hit by Covid-19 pandemic, Standard Chartered Bank Nepal (SCBN) has donated Rs 5.8 million to Pasang Lhamu Mountaineering Foundation, a NGO working in the field of mountaineering.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">As a part of its corporate social responsibility (CSR) initiative, Standard Chartered Bank Nepal (SCBN) has donated Rs 5.8 million to Pasang Lhamu Mountaineering Foundation, a NGO working in the field of mountaineering. Issuing a press statement SCBN informed that the foundation will use the money in its project titled “Support to the vulnerable communities of the Mountain region during the COVID—19 Pandemic”. Anirvan Ghosh Dastidar, CEO of SCBN handed over the cheque worth the amount to Namgyal Sherpa, vice president of Pasang Lhamu Mountaineering Foundation amid a handover programme organised at the bank’s head office in Kathmandu recently. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“At such difficult and uncertain times, we stand by our Brand Promise to be Here for good through supporting the vulnerable communities who are affected by the pandemic. Many have lost income opportunity and their livelihood has been worse affected. We hope to contribute in bringing much needed relief to them,” the statement quoted Dastidar as saying. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Thanking SCBN for the financial support, Sherpa said, “We are grateful to Standard Chartered Bank for their generosity and initiative in this time of unprecedented crisis to help in local communities in Nepal. Our foundation is committed to using this contribution in the most efficient way possible, for the most effective impact in Nepal’s Himalayan communities in short- and long-term initiatives.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Earlier this month, the Bank had supported Nepal Government’s Corona Virus Control and Treatment Relief Fund with Rs 11.6 million for COVID-19 relief activities. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-02', 'modified' => '2020-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '11855', 'image' => '20200602040432_Photo-0 (1).jpg', 'article_date' => '2020-06-02 16:00:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12106', 'article_category_id' => '1', 'title' => 'Most Industries Remain Shut Across the Country', 'sub_title' => '', 'summary' => 'It has been a month since the government allowed 44 types of industries to resume their operations after ensuring necessary health safety measures to avoid contagion of coronavirus. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">It has been a month since the government allowed 44 types of industries to resume their operations after ensuring necessary health safety measures to avoid contagion of coronavirus. However, it has been found that 70 percent industries across the country have remained shut down. According to study conducted by the General Federation of Nepalese Trade Unions (GEFONT) over two-thirds of industrial and service sector enterprises have not come into operation despite the government announcement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">GEFONT surveyed 323 industrial enterprises from Biratnagar to Kailali for the study. According to GEFONT, only 17 percent industries in areas of pharmaceuticals, food processing and soft drinks, construction materials industries and healthcare institutions are fully operational at present. Similarly, 13.63 percent are partly operational. As per the report, the continuation of lockdown has made it very hard for businesses to restart their activities. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">GEFONT prepared the ‘Fast Track Survey Report on Problems Faced by Workers due Covid-19’ comprising five topics related to operational status of industrial enterprises, salary payment, affiliation to Social Security Fund and wages situation of informal sector migrant workers. According to the report, industrial enterprises have not complied to the government directive to pay salaries of March-April (Chaitra) and April-May (Baisakh). Only 42.10 percent industries have distributed salaries for the March-April and 31.57 percent industries haven’t disbursed full amount of salaries of workers since then. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Meanwhile, industrialists say that their inability to restart industries are due to lack of workers, problems in transportation and market access, and non-payment of due amount from the market. The lack of coordination among agencies in local levels is another major hindrance, they say. “Just by asking to resume industrial activities in not enough. There should be backward and forward integration in this regard and an environment to allow employees to return their workplaces,” said Chandra Dhakal, vice president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI). “Industrialists and employees of industrial enterprises are facing problems to receive the travel passes issued by the government. The inter-ministerial coordination is even weaker to ease problems in travel and transportation,” he added. Dhakal commented that it has already gotten late to resume business activities by adopting health safety standards as the lockdown has done significant damage to the country’s economy. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-02', 'modified' => '2020-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '11854', 'image' => '20200602014231_padlocked factory.jpg', 'article_date' => '2020-06-02 13:40:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12105', 'article_category_id' => '1', 'title' => 'Budget Arrangements Inadequate for Economic Recovery: CNI', 'sub_title' => '', 'summary' => 'The Confederation of Nepalese Industries (CNI) has said that the relief measures announced in the Federal Budget for FY2020/21 are inadequate to kickstart the economic recovery. ', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The Confederation of Nepalese Industries (CNI) has said that the relief measures announced in the Federal Budget for FY2020/21 are inadequate to kickstart the economic recovery. Unveiling the post-webinar report of the ‘CNI- Economic Survival Series’ virtually on June 1 jointly with senior financial journalists, CNI President Satish Kumar Moore urged the government to come up with a comprehensive stimulus to take the Covid-19 pandemic-stricken economy out of the slump. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">CNI had organised the webinar Economic Survival Series from May 18-21 hosting panel discussions on various important topics of economic recovery. The report comprises of conclusions of the discussions and views of experts who participated in the programme. According to Moore, the conclusion of the post-webinar report is to initiate active cooperation of all stakeholders to face the economic headwinds created by the global health emergency. Speaking on the occasion, Nirvana Chaudhary, vice president of CNI said, “On the basis of suggestions made by the experts during the webinar, the report has incorporated recommendations to face the economic crisis and save the country’s economy by introducing short-term and long-term policy arrangements.” </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Vishnu Agrawal, senior vice president of CNI said that the report will help the government and the stakeholders to move towards economic recovery facing the Covid-19 crisis. CNI has informed that it will present the report to the concerned government authorities. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-02', 'modified' => '2020-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '11853', 'image' => '20200602103723_CNI.jpg', 'article_date' => '2020-06-02 10:36:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12104', 'article_category_id' => '1', 'title' => 'Nepal Signs USD 250 million Loan Agreement with ADB ', 'sub_title' => '', 'summary' => 'Nepal has signed a USD 250 million (Rs 30 billion aprox.) loan agreement with the Asian Development Bank (ADB) to fight coronavirus. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Nepal has signed a USD 250 million (Rs 30 billion aprox.) loan agreement with the Asian Development Bank (ADB) to fight coronavirus. Finance Secretary Sishir Kumar Dhungana, and Mukhtor Khamudkhanov, ADB Country Director for Nepal signed agreement papers amid a function organised at the Ministry of Finance (ADB) on June 1. Finance Minister Dr Yuba Raj Khatiwada and other high officials of the government and ADB were present during the function. As per the agreement, the Manila-based lender will lend the money to Nepal under its COVID-19 Active Response and Expenditure Support (CARES) Programme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">ADB will provide the concessional loan as a budgetary support to help the government to strengthen the country’s public health infrastructure. The loan will be utilised in scaling up testing, tracing and tracking of Covid-19 cases, establishing isolation facilities across the country and strengthening existing hospitals and health centres in terms of equipment, medicine and workforce. Similarly, ADB will also support Nepal to mitigate the adverse economic and social impacts of the Covid-19 pandemic through its CARES Programme.</span></span><br /> <span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Speaking on the occasion Finance Secretary Dhungana said, “This loan will be mobilized through the National Relief Programme of the government which targets to enhance public health system, provide social security and generate employment to face the challenges presented by the Covid-19 pandemic.” ADB country director for Nepal Khamudkhanov reiterated the bank’s commitment to support Nepal during difficult times. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-02', 'modified' => '2020-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '11852', 'image' => '20200602102341_Nepal-ADB.jpg', 'article_date' => '2020-06-02 10:21:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12103', 'article_category_id' => '1', 'title' => 'Global IME Bank Supports Photojournalists ', 'sub_title' => '', 'summary' => 'As a part of its corporate social responsibility (CSR), Global IME Bank Limited has provided press jackets to photojournalists working in different districts. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">As a part of its corporate social responsibility (CSR), Global IME Bank Limited has provided press jackets to photojournalists working in different districts. The bank’s Deputy General Manager Surendra Raj Regmi handed over the jackets to Dhruv Ale, president of Federation of Nepalese Photojournalist (FNPJ) amid a programme organised at Global IME’s head office in Kamaladi on May 31. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“We expect that the press jackets will make the works of photojournalists easier in the current difficult situation,” a statement issued by the bank quoted Regmi as saying. NFPJ President Ale thanked Global IME Bank for its support and said that the jackets would make safer for photojournalists to discharge their professional duties. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-01', 'modified' => '2020-06-01', 'keywords' => '', 'description' => '', 'sortorder' => '11851', 'image' => '20200601053453_Global IME.jpg', 'article_date' => '2020-06-01 17:33:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12102', 'article_category_id' => '1', 'title' => 'New Tax Plans for Electric Vehicles Sparks Criticism', 'sub_title' => '', 'summary' => 'Since the announcement of tax hike on import of electric vehicles in the Federal Budget for FY2020/21 on may 28, the government has been facing scrutiny from various quarters of the society for the environment un-friendly move with critics saying the hike in taxes has pronounced a death knell for the electric four-wheelers that have grown in popularity over the past two years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Since the announcement of tax hike on import of electric vehicles in the Federal Budget for FY2020/21 on May 28, the government has been facing scrutiny from various quarters of the society for the environment un-friendly move with critics saying the hike in taxes has pronounced a death knell for the electric four-wheelers that have grown in popularity over the past two years. In his budget speech, Finance Minister Dr Yuba Raj Khatiwada announced that electric vehicles will be levied 30-80 percent customs duty and 5-80 percent excise duty, depending upon the capacity of the four-wheelers. As per earlier arrangements, importers were required to pay 10 percent in customs duty and 13 percent in value added tax (VAT). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Nepal Automobile Dealers Association (NADA) is the latest organisation to raise its voice against the massive increment of the tax rates. Issuing a press statement, the association said that the tax hike will make electric vehicles as costlier as internal combustion engine vehicles and hence will be less attractive to car buyers. “The </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">proposed tax will make the electric vehicles more expensive for the general people. It will ultimately hinder the government’s policy to promote eco-friendly transport,” reads the statement. Similarly, NADA also urged the government to ease the lockdown so that people can return to their business and work. “Economic activities have been severely affected to the protracted closure. Now business activities need to be resumed by following health safety standards,” NADA said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In the meantime, three organisations have also asked the government to scrap the taxes imposed on import of electric vehicles. In a joint statement, Electric Vehicle Association of Nepal (EVAN), Nepal Forum of Environmental Journalists (NFEEJ) and Clean Energy Nepal (CEN) said that the new budgetary arrangements will discourage electric vehicles and promote fossil fuel run vehicles. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-01', 'modified' => '2020-06-01', 'keywords' => '', 'description' => '', 'sortorder' => '11850', 'image' => '20200601050236_electric car.jpg', 'article_date' => '2020-06-01 16:52:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12101', 'article_category_id' => '1', 'title' => 'Sharp Contraction in Commercial Banks' Lending, New Loan Extension Falls to Zero', 'sub_title' => '', 'summary' => 'With the dwindling of credit demand due the lockdown imposed by the government, private sector lending of commercial banks has sharply contracted in the last month. ', 'content' => '<h2><span style="font-size:18pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">With the dwindling of credit demand due the lockdown imposed by the government, private sector lending of commercial banks has sharply contracted in the last month. According to data provided by the Nepal Bankers’ Association (NBA), commercial banks registered Rs 16 billion of negative credit of their total loan extension in April-May (Baisakh) compared to March-April (Chaitra). The banks in March-April extended a total of Rs 42 billion in loans. The total loan extension of 27 commercial banks reached Rs 2,845 billion by March-April which declined by Rs 16 billion to Rs 2,829 billion in April-May. The total credit of banks become negative because of collection of old loans but zero extension of new loans. </span></span></span></span></h2> <h2><span style="font-size:18pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">However, collection of deposits has remained satisfactory despite a dip in April-May. In March-April, commercial banks collected a total of Rs 49 billion in deposits which declined to Rs 30 billion in April-May. The total deposit collection of banks reached to Rs 3,219 billion in April-May from Rs 3,189 billion in March-April. </span></span></span></span></h2> <h2><span style="font-size:18pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Bhuvan Kumar Dahal, president of NBA said that halt in commercial and other transactions has negatively impacted the banking sector. “With no end in sight of the lockdown, industries and businesses have remained shut down. As a result, bank transactions have decreased sharply,” he mentioned. </span></span></span></span></h2> <h2><span style="font-size:18pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Bankers are having a hard time as the current situation does not allows for extension of new loans due to which interest rate income of banks is also following a declining trend. According to Dahal, the credit-to-core capital-deposit (CCD) ratio of commercial banks has decreased to 76 percent because of halt in extension of new loans. However, renewal of deposits is ongoing in banks. “The banking system therefore has adequate investment-grade liquidity at present which is being invested in government bonds such as treasury bills,” informed Dahal. </span></span></span></span></h2> ', 'published' => true, 'created' => '2020-06-01', 'modified' => '2020-06-01', 'keywords' => '', 'description' => '', 'sortorder' => '11849', 'image' => '20200601032952_bank lending.jpg', 'article_date' => '2020-06-01 15:27:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12100', 'article_category_id' => '1', 'title' => 'Disquiet of Business Community Grows with Extension of Lockdown ', 'sub_title' => '', 'summary' => 'The country’s private sector has raised its voices against the 8th extension of the lockdown till June 14. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The country’s private sector has raised its voices against the 8<sup>th</sup> extension of the lockdown till June 14. A meeting of council of ministers held on May 30 decided to further extend the lockdown amid the rising number of Covid-19 infection cases and deaths. Critics say that instead of curbing the spread of coronavirus, the lockdown, which is in place since March 24, has crippled economic activities sending the country’s economy into a deep recession unlike anything Nepal has experienced in the past. Major private sector bodies, that have avoided criticizing the government in terms of its handling of the situation, have now started criticizing the government for its indifference to their demands and ignoring warnings of economic fallout of the protracted lockdown. Expressing their displeasure, they have said that extension of the lockdown, without any change in the modality, will be disastrous for the already severely weakened economy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Issuing a press statement on May 31, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) urged the government to rethink the duration and modality of the lockdown while considering the sensitiveness of public health. “We urge the government to devise the modality of the lockdown so that the economic activities can be restarted,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Earlier, the government permitted to operate 42 types of industries during the lockdown period. However, the strict restrictions in transportation and movement of people and market access have hindered industrialists to operate their industries in full capacity. According to them, the lack of coordination between authorities and all three levels of the government has added to their problems to restart industrial activities. Industrialist complain that government is not showing any seriousness despite the worsening situation which will ultimately lead to the collapse of the industrial sector. They say that the government now needs to contemplate international practices in easing lockdown by further strengthening the health sector expanding the scope of Covid-19 testing, tracing tracking and by introducing effective social distancing measures to reduce the risk of spread of coronavirus. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">FNCCI has said that it is concerning that the 8<sup>th</sup> extension of the lockdown was announced without taking suggestions from stakeholders at a time when the economic loss from the lockdown has amounted to 4 percent of the country’s GDP, business activities have collapsed, and millions of people have lost their jobs. “The government needs to engage in dialogue with stakeholders directly associated with the country’s economy to extend restrictive measures,” FNCCI has demanded.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Shekhar Golchha, senior vice president of FNCCI said that the lockdown should be eased for the industrial sector under any circumstances. “We don’t know why the government is ignoring the economic fallout. But one thing has become clear that only lockdown cannot save people from coronavirus,” he opined, adding, “It is true that our open border with India has increased risks of the contagion of the virus. However, there are no alternatives than to gradually ease the lockdown by maintaining effective health security.” Golchha warned that number of Covid-19 cases and deaths could increase in the coming days and that all should be prepared to face the challenges. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">According to him, the private sector has shouldered the burden of the country’s economic recovery. “We have provided employment to millions of Nepalis. The share of the private sector in government revenue stands at 70 percent. Therefore, an immense pressure has been created for the private sector in terms of revival of the pandemic-ravaged economy,” noted Golchha, adding, “Nevertheless, if the lockdown is extended without proper exit plans, the country’s economy will reach of point where recovery will not be possible.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Satish Kumar Moore, president of Confederation of Nepalese Industries (CNI) also said that lockdown needs to be eased by implementing effective health security measures. According to him, the economic slump will further deepen if the government does not show seriousness to restart business activities. “It will be appropriate to continue lockdown in areas highly affected by coronavirus while easing economic activities in less affected areas,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Pashupati Murarka, former president of FNCCI said that the government now needs to shift its focus from stopping the spread of coronavirus to saving the country’s economy from collapse. “Supply chains have been badly affected by the lockdown. Some industries that have restarted their operations are unable to supply their products to the market. The ongoing lockdown has hindered cement industries to transport raw materials from mines to their factories,” he said. According to him, the government needs to announce policies to ease the problems for the industrial sector. “There are no alternatives for us than to learn to live and carry on our activities facing the challenges posed by the coronavirus,” he expressed. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Rajesh Kaji Shrestha, president of Nepal Chamber of Commerce (NCC) said that the government has ignored the concerns and problems of the business community. “It seems the government thinks that its one and only responsibility is to give continuation to lockdown and it does not have to pay attention the plight of the business community. Now the government urgently needs to prioritise changing the modality of the lockdown so that business activities are restarted,” he said. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-01', 'modified' => '2020-06-01', 'keywords' => '', 'description' => '', 'sortorder' => '11848', 'image' => '20200601121121_lockdown.jpg', 'article_date' => '2020-06-01 12:07:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12099', 'article_category_id' => '1', 'title' => 'Xiaomi Launches Mi 10 and Mi Note 10 Lite in Nepal', 'sub_title' => '', 'summary' => 'Chinese smartphone brand Xiaomi has launched its two flagship handsets Mi 10 and Mi Note 10 Lite in the Nepali market. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Chinese smartphone brand Xiaomi has launched its two flagship handsets Mi 10 and Mi Note 10 Lite in the Nepali market. Issuing a press statement, the company said that Mi 10 is the first smartphone to hit the Nepali market with a 108MP quad-camera setup and Qualcomm<sup> </sup>Snapdragon 865 processor for 5G connectivity. The phone comes with a 3D Curved AMOLED display, 4,780mAh battery, and 30W wireless charging. “With 8GB RAM (LPDDR5) and 128GB or 256GB ROM (UFS 3.0), Mi 10 offers swift response and an ultra-smooth operating experience. Paired with the most sophisticated cooling system, Mi 10 uses LiquidCool 2.0 – an advanced cooling system consisting of a large vapor chamber, as well as multi-layer graphite and graphene stacks that dissipate heat to ensure sustained peak performance,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Xiaomi claimed that Mi 10 redefines smartphone photography and videography with its OIS-enabled 108MP quad rear camera setup and users can shoot ultra-clear shots along with details unseen to the naked eye with the 108MP primary sensor and experience the full view of their subjects with the 13MP ultra-wide angle lens, with 123° FOV. The company informed that Mi 10 also supports UHD 8K video recording at 30fps.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Similarly, Mi Note 10 Lite offers a 6.47’’ curved AMOLED display, a 4MP quad-camera setup, Qualcomm<sup> </sup>Snapdragon 730G SoC and a large-capacity 5,260mAh battery, according to the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“Sporting a first class 6.47’’ 3D curved AMOLED display and a 3D curved glass back, Mi Note 10 Lite provides a premium in-hand feel,” said the company. According to Xiaomi, with smoothly curved and tapered edges on four sides, Mi Note 10 Lite brings about an outstanding 91.4 percent screen-to-body ratio that will surely amaze with its immersive viewing experience.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif"> “With Mi 10, we aim to redefine the premium smartphone experience for consumers in Nepal. This device is a pinnacle of smartphone design and engineering, pushing the boundaries of what's possible on a handheld device. With its flagship OIS enabled 108MP Quad Camera setup, UHD 8K video recording, world’s fastest 30W wireless charging, we hope our users can create content in a way never thought possible before, with Mi 10,” the statement quoted Sourabh Kothari, Xiaomi’s country general manager for Nepal, as saying. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">As per the company, </span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Mi 10 will be available in two colour variants - twilight grey and coral green at a price of Rs 89,999<strong>.</strong> Similarly, Mi Note 10 Lite will be available in 6GB + 128GB variant and three colour options - midnight black, glacier white and nebula purple at Rs 44,999. “Both phones will be available for purchase across offline stores, retail partners and online partners Daraz and Sastodeal very soon,” informed the company. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-05-31', 'modified' => '2020-05-31', 'keywords' => '', 'description' => '', 'sortorder' => '11847', 'image' => '20200531054346_MI NOTE 10.jpg', 'article_date' => '2020-05-31 17:41:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12096', 'article_category_id' => '1', 'title' => ' Rs 1 billion in Fines Waived for Nepali Importers at Kolkata Port', 'sub_title' => '', 'summary' => 'Nepali importers have received waivers of about Rs 1 billion in detention and ground rent at the Kolkata Port for the lockdown period.', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Nepali importers have received waivers of about Rs 1 billion in detention and ground rent at the Kolkata Port for the lockdown period. Vineet Kumar, chairman of Kolkata Port Trust informed that fines for Nepali importers were waived because of their inability to transport the containers shipped from third countries due to the ongoing lockdown in India which is in place since March 22. According to him, Nepali importers have received Rs 930 million (INR 580 million) in waivers in detention and ground rent at the port. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Of the total amount, Rs 880 million has been waived in detention charges to shipping companies and Rs 50 million in ground rent to the port authority. Earlier, the government of India had directed port authorities of the country not to fine importers and levy them additional charges for the period of March 22 to May 3. However, importers won’t be receiving such waivers after March 22 even the lockdown has been extended till May 31. The Indian government has relaxed the ongoing lockdown from May 3 by easing transport and movement of people. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Nepali importers enjoy free time of 15 days for Nepal bound road containers and 20 days for rail containers at the Kolkata Port. They are required to pay ground rent if they do not clear their shipments from the port after the end of the free time. The port authority has said that the free time will be calculated before March 22 and after May 3. Similarly, shipping companies provide free time of 14-21 days. Nepali importers who get five days to return the containers after the shipments are made to the Birgunj Dry Port; they are required to pay detention charges if they do not return the containers within the stipulated time. According to the Kolkata Port authority officials, some shipping companies have waived detention charges on the basis of mutual understanding with Nepali importers even after May 3. Over 4,000 Nepal bound containers were stuck at the port after the sudden halt in transportation and movement of people due to the lockdown imposed by the government to curb the spread of coronavirus. The containers were transported to nearby freight station (CFS) after the space at the port got constrained due to increased numbers of shipments. Kolkata Port Authority Chairman Kumar informed that the CFS operator has been directed to provide Nepali importers an additional 15 days of free time to transport the containers. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-05-31', 'modified' => '2020-05-31', 'keywords' => '', 'description' => '', 'sortorder' => '11846', 'image' => '20200531053058_kolkata port.jpg', 'article_date' => '2020-05-31 17:25:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12095', 'article_category_id' => '1', 'title' => 'Over 1,000 DEMAT Accounts Opened during Lockdown ', 'sub_title' => '', 'summary' => 'While the stock market has remained closed for the last 69 days due to the lockdown, the number of people opening DEMAT account for share transactions has increased significantly. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">While the stock market has remained closed for the last 69 days due to the lockdown, the number of people opening DEMAT account for share transactions has increased significantly. According to the CDS and Clearing (CDSC) Limited, 1,062 DEMAT accounts have been opened over the last two months. Suresh Neupane, spokesperson at CDSC said that shareholders have opened accounts to secure their shares at a time when uncertainty has prevailed in financial market. According to him, the increase in the number of DEMAT accounts is also attributed to the continuation of services of merchant banks and depository participant (DP) offices. The number of DEMAT accounts has reached 1.66 million after the account was made mandatory four years ago when ASBA system was introduced for share transaction. Stock investors are required to mention their DEMAT accounts while applying for initial public offerings (IPOs) and doing share transactions in the secondary market. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">As the capital market agencies are putting their efforts for the full digitization of share transactions from the next fiscal year, the increase number of DEMAT accounts show the attraction of stock investors in digital transaction. Damaru Ballav Ghimire, a stock investor, said that troubles related to archiving of paper share certificate has ended with the commencement of DEMAT account transaction. According to him, he has updated his all 350 share certificates in the account. “Now investors don’t have to get into queue anymore to archive their certificates and they don’t have to worry about losing the paper certificates,” he said. Ghimire said that many stock investors are yet to deposit their shares into their DEMAT accounts due to which they are not able to receive dividends on time. According to CDSC, 5.24 billion units of shares have been deposited into DEMAT accounts. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-31', 'modified' => '2020-05-31', 'keywords' => '', 'description' => '', 'sortorder' => '11845', 'image' => '20200531051929_demat.jpg', 'article_date' => '2020-05-31 17:17:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12111', 'article_category_id' => '1', 'title' => ' World Bank’s USD 100m Loan to Nepal for Reform Electricity Sector Reform ', 'sub_title' => '', 'summary' => 'The World Bank today approved a USD 100 million Development Policy Credit (DPC) to continue its support to Nepal in improving the financial viability and governance of the electricity sector and boost COVID-19 crisis recovery efforts. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The World Bank today approved a USD 100 million Development Policy Credit (DPC) to continue its support to Nepal in improving the financial viability and governance of the electricity sector and boost COVID-19 crisis recovery efforts. The Washington D.C-based lender in a press statement said that the approved credit is the second in a series of three DPC operations to support key policy, regulatory and institutional reforms to unlock the economic potential of Nepal's electricity sector. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“These include measures to improve the financial viability of the Nepal Electricity Authority (NEA) as the sole off-taker; establish a regulatory framework that is autonomous, transparent, and accountable; achieve greater integration with the regional electricity market to ensure the optimal use of Nepal’s hydropower resource; and restructure NEA to empower provincial and local governments under the federal structure,” reads the statement. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“Continued reforms to strengthen the electricity sector in Nepal is of utmost importance during the crisis and for post-crisis recovery,”</span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif"> the statement quoted Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying. “This operation will help refocus investment priorities and support the government’s commitment to develop a reliable, affordable, and sustainable electricity sector that supports poverty reduction and shared prosperity in the country.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">World Bank has noted that Nepal’s energy sector made great strides with increased electricity generation, reduced system losses, and enhanced cross-border transmission capacity while putting an end to the nationwide power cut in the recent years and electricity is now available to 88 percent of the population. “An independent electricity regulator, central to the sector’s reform agenda, has become operational. A new Electricity Act pending Parliamentary approval will, among others, enable competition in electricity generation and establishing power trade as a licensed activity. With strong government commitment and effective management, NEA has reduced system losses, remained profitable for three consecutive years and has improved its financial performance,” said the bank. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Due to the COVID-19 crisis, however, the sector </span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">has been hit hard by demand shocks, a cash flow crunch, and a halt of construction activities, according to the statement. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“This operation builds on the important progress made under the first energy sector DPC operation and we will continue to support the government in addressing the immediate, medium- and long-term impacts of the crisis on Nepal’s energy sector through the third operation of the DPC series,” the statement quoted </span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Xiaoping Wang, senior energy specialist at World Bank as saying</span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-03', 'modified' => '2020-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '11859', 'image' => '20200603014300_WB.jpg', 'article_date' => '2020-06-03 13:40:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12110', 'article_category_id' => '1', 'title' => 'Private Sector Ramps Up Pressure to Ease Lockdown', 'sub_title' => '', 'summary' => 'The private sector has ramped up the pressure on the government to change the modality of the lockdown. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The private sector has ramped up the pressure on the government to change the modality of the lockdown. After the government ignored repeated calls of business community to ease crippling restrictions on movement of people, transportation and business activities which is in place for the last 72 days, the private sector has started its push for ending the lockdown in the current form. All three umbrella organizations of the country’s private sector – Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) – have presented their recommendations on alternatives of the lockdown to the government. They have suggested demarking areas most affected by red colour, less affected by yellow colour and unaffected by green colour to allow businesses should to operate. According to them, it has become necessary to open industries and business enterprises by implementing health safety standards as the protracted lockdown has exacerbated their financial losses and that entrepreneurs have started to panic due to the worsening situation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The pressure of the private sector to open businesses is also seen as a counter to the government’s order to clear tax dues and submit tax details by June 7. The government, however, is yet to respond to the calls of the private sector. Business community members, who have been asking for change in the modality of lockdown since mid-April, have held a meeting with government officials on Tuesday which ended without any conclusion. In the meeting participated by the Coordinator of the high-level coronavirus response committee and Deputy Prime Minister Ishwar Pokharel, Minister for Industry, Commerce and Supplies Lekh Raj Bhatta, Minister for Physical Infrastructure and Transport Basanta Kumar Nemwang, private sector representatives said that the risk from hunger is higher than it is from the Covid-19 disease and that business activities need to be resumed immediately. FNCCI President Bhawani Rana said that extending lockdown is not the solution to the problem and the government needs to facilitate the private sector to restart the country’s economic engine. NCC President Rajesh Kaji Shrestha urged that the government to seriously consider private sector’s suggestions. He hoped that the current situation will end soon as the government has showed seriousness this time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The proposal presented by the private sector bodies include closure of all types of transportation from 8 PM to 5 AM, inter-state road transport, air travel, educational institutions, religious places, cinema halls, shopping malls, gym and sports centres and inter-district bus transport in all three (red, yellow and green) zones. Similarly, allow opening of restaurants for take-away of food items in green and yellow zone has been proposed. Likewise, allowing operation of essential items business, medical stores, OPD, diagnostic and pathology services, departmental stores, banks, insurance companies, cooperative institutions, courier and postal services, goods transport, industrial enterprises, agri businesses and construction sites has also been suggested. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-03', 'modified' => '2020-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '11858', 'image' => '20200603011212_lockdown.jpg', 'article_date' => '2020-06-03 13:09:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12109', 'article_category_id' => '1', 'title' => 'Tax Clearance Deadline Draws Flak from Business Community', 'sub_title' => '', 'summary' => 'The government’s refusal to extend the tax clearance deadline has met with sharp criticism from the private sector. ', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The government’s refusal to extend the tax clearance deadline has met with sharp criticism from the private sector. Issuing a notice on June 2, the Inland Revenue Department (IRD) directed taxpayers to clear the dues by June 7 and failure to pay the taxes within the deadline will result in fines for taxpayers. The notice infuriated business community members who have not been able to run their businesses since the beginning of lockdown on March 24. They have labeled IRD’s directive to pay tax dues and submit tax details as government’s dishonesty at a time when economic activities across the country have stopped for the last 70 days. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has asked the government to extend the tax clearance deadline saying that the extension would provide justice to the country’s business community members who have faced enormous business loss due to the lockdown. FNCCI Senior Vice President Shekhar Golchha urged the government not to add to the woes of businesspersons who have not received support they have sought from the state. “Business community members in other countries have received various types of support. In our country, the budget has failed to address our problems,” said Golchha, adding, “We urge the government not to hurt the business community if it cannot provide support to us. Taxes will be collected if the lockdown is lifted and business transactions are resumed.” </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In a meeting with the high-level coronavirus response committee of the government on Tuesday, representatives of private sector said that they are unable to pay taxes in the current situation. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">But officials at the Ministry of Finance (MoF) have dismissed the calls of the private sector to extend the tax clearance deadline. “The deadline was extended for June 7 from its original date of April 7. So, there won’t be further rescheduling,” said Revenue Secretary Ram Sharan Pudasaini. “The government has not levied new taxes. We have just asked business owners to clear their dues,” he added. According to Pudasaini, taxpayers have been provided the facility to pay taxes and submit their tax details online. IRD officials say that all taxpayers are required to pay their dues and file tax details by June 7 to avoid penalties. “Businesses need not to pay taxes if they haven’t earned anything and there should not be hue and cry when the government is asking them to submit their tax details online,” said Binod Bahadur Kunwar, director general at IRD. According to him, the expansion of internet throughout the country has made it easier for online transactions and the department is even ready to coordinate with local administrations across the country to help taxpayers to reach tax offices. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In a letter sent to revenue secretary Pudasaini on Tuesday, FNCCI has asked the ministry to extend clearance of income tax, VAT and excise duty and tax filing to mid-July to boost the confidence of all entrepreneurs and businesspersons at the time of economic crisis.</span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Another private sector body Nepal Chamber of Commerce (NCC) has also urged for tax payment deadline extension. NCC in a press statement said that the lockdown which has crossed 70 days has brought businesses to a very situation and that issuing deadline to pay dues and file tax details would be very discouraging for the private sector mired in crisis. Meanwhile, the Nepal Foreign Trade Association (NFTA) has also expressed its dissatisfaction over the notice issued by IRD. “It is not appropriate to ask businesses to pay taxes at a time when all other transactions except essential ones have been halted for so long,” reads a statement signed by NFTA President Madan Mittal. </span></span></span></span></h1> <h1><strong><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">No Shortage of Money for Recurrent Expenditure</span></span></span></span></strong></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">While it has been said that the unwillingness of the government to extend the tax clearance deadline is because of the shortage of cash to pay salary to its employees, the Financial Comptroller General Office (FGCO) has said that the government currently does not have any problem regarding the recurrent expenditure. “There are no issues in mandatory liability payments such as employee pension, social security allowances, retirement clearance, principle and interest payment of foreign loans, and salary and allowance payments of security personnel and teachers,” said Financial Comptroller General Gopi Nath Mainali. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-03', 'modified' => '2020-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '11857', 'image' => '20200603112803_IRD.jpg', 'article_date' => '2020-06-03 11:24:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12108', 'article_category_id' => '1', 'title' => 'Government’s Announcement of Electricity Bill Discounts Spells Financial Loss for NEA', 'sub_title' => '', 'summary' => 'At a time when the government’s announcement to provide discount to industries on payment of electricity bills in the budget for upcoming fiscal year has garnered praise from business community and ordinary citizens, a possibility has been seen that the Nepal Electricity Authority (NEA) will land into financial difficulty due to the decision. ', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">At a time when the government’s announcement to provide discount to industries on payment of electricity bills in the budget for upcoming fiscal year has garnered praise from business community and ordinary citizens, a possibility has been seen that the Nepal Electricity Authority (NEA) will land into financial difficulty due to the decision. NEA’s income is already under strain because of its inability to collect payments from customers and decline in electricity consumption due to the ongoing lockdown. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The government has announced to provide 100 percent discount to NEA customers consuming electricity up to 10 units per month. Among the 4.2 million customers of NEA, about 800,000 consume power up to 10 units monthly. The bill payment waiver for such customers will result in NEA losing Rs 80 million a month. Similarly, providing customers 10 percent, 15 percent and 25 percent discount on the basis of power consumption will lead to financial losses of nearly Rs 5 billion to the authority, NEA officials argue. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The budget has also provisioned to provide discount on minimum demand charge of electricity on drinking water supply, agriculture and all types of manufacturing industries. 50 percent waiver of charges has also been announced on off and peak hours of power consumption for industries. These discounts will reduce income of the authority by Rs 6 billion, say NEA officials. According to NEA Managing Director Kulman Ghising, the concessions announced by the government will lead to a total of Rs 12 billion in income loss for the authority. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">NEA, which had faced significant financial losses in the past, has gone through a turnaround under Ghising. The authority is in profit for the last three years; its net profit totaled Rs 10 billion in the last fiscal year which is highest among state-owned enterprises. NEA also targeted for a Rs 10 billion profit for the current fiscal year which now looks challenging due to the protracted lockdown and concessions on electricity bill payment announced by the government. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“We won’t be able to take the financial burden if the loss of our income is not compensated. We will ask the government to compensate us,” said Ghising. According to him, it will be difficult for NEA even to pay to private power plants on purchase of their electricity. NEA has been buying power from independent power producers to sell to its customers. As per the Nepal Electricity Act, the government can provide concession on electricity charges. The Act has provisioned that the government has to compensate NEA should the authority faces loss due to the concession. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The government is yet to decide on compensating NEA and the budget for upcoming fiscal year also hasn’t mentioned anything about it. Dinesh Ghimire, secretary at Ministry of Energy, Water Resources and Irrigation expects that proposal for compensation will come from NEA. “A meeting of NEA under the chairmanship of Energy Minister Barshaman Pun will be held soon to decide on the topic matter,” he informed.</span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> Nevertheless, private power producers are against the compensation. “Private power companies too should be recompensed in case they face losses,” said hydropower entrepreneur Gyanendra Lal Pradhan, adding that NEA can earn Rs 40 billion in profit after 18 months if the authority works in well-planned ways. From next year, 50 percent ownership of the Khimti Hydropower Project will be transferred to NEA and Upper Tamakoshi Hydropower Project will also be operational. “NEA will register high from project like these in the coming years,” said Pradhan. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-02', 'modified' => '2020-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '11856', 'image' => '20200602061225_NEA.jpg', 'article_date' => '2020-06-02 18:08:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12107', 'article_category_id' => '1', 'title' => 'StanChart’s Financial Support to Pasang Lhamu Mountaineering Foundation ', 'sub_title' => '', 'summary' => 'In its mission to support the communities hard hit by Covid-19 pandemic, Standard Chartered Bank Nepal (SCBN) has donated Rs 5.8 million to Pasang Lhamu Mountaineering Foundation, a NGO working in the field of mountaineering.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">As a part of its corporate social responsibility (CSR) initiative, Standard Chartered Bank Nepal (SCBN) has donated Rs 5.8 million to Pasang Lhamu Mountaineering Foundation, a NGO working in the field of mountaineering. Issuing a press statement SCBN informed that the foundation will use the money in its project titled “Support to the vulnerable communities of the Mountain region during the COVID—19 Pandemic”. Anirvan Ghosh Dastidar, CEO of SCBN handed over the cheque worth the amount to Namgyal Sherpa, vice president of Pasang Lhamu Mountaineering Foundation amid a handover programme organised at the bank’s head office in Kathmandu recently. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“At such difficult and uncertain times, we stand by our Brand Promise to be Here for good through supporting the vulnerable communities who are affected by the pandemic. Many have lost income opportunity and their livelihood has been worse affected. We hope to contribute in bringing much needed relief to them,” the statement quoted Dastidar as saying. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Thanking SCBN for the financial support, Sherpa said, “We are grateful to Standard Chartered Bank for their generosity and initiative in this time of unprecedented crisis to help in local communities in Nepal. Our foundation is committed to using this contribution in the most efficient way possible, for the most effective impact in Nepal’s Himalayan communities in short- and long-term initiatives.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Earlier this month, the Bank had supported Nepal Government’s Corona Virus Control and Treatment Relief Fund with Rs 11.6 million for COVID-19 relief activities. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-02', 'modified' => '2020-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '11855', 'image' => '20200602040432_Photo-0 (1).jpg', 'article_date' => '2020-06-02 16:00:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12106', 'article_category_id' => '1', 'title' => 'Most Industries Remain Shut Across the Country', 'sub_title' => '', 'summary' => 'It has been a month since the government allowed 44 types of industries to resume their operations after ensuring necessary health safety measures to avoid contagion of coronavirus. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">It has been a month since the government allowed 44 types of industries to resume their operations after ensuring necessary health safety measures to avoid contagion of coronavirus. However, it has been found that 70 percent industries across the country have remained shut down. According to study conducted by the General Federation of Nepalese Trade Unions (GEFONT) over two-thirds of industrial and service sector enterprises have not come into operation despite the government announcement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">GEFONT surveyed 323 industrial enterprises from Biratnagar to Kailali for the study. According to GEFONT, only 17 percent industries in areas of pharmaceuticals, food processing and soft drinks, construction materials industries and healthcare institutions are fully operational at present. Similarly, 13.63 percent are partly operational. As per the report, the continuation of lockdown has made it very hard for businesses to restart their activities. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">GEFONT prepared the ‘Fast Track Survey Report on Problems Faced by Workers due Covid-19’ comprising five topics related to operational status of industrial enterprises, salary payment, affiliation to Social Security Fund and wages situation of informal sector migrant workers. According to the report, industrial enterprises have not complied to the government directive to pay salaries of March-April (Chaitra) and April-May (Baisakh). Only 42.10 percent industries have distributed salaries for the March-April and 31.57 percent industries haven’t disbursed full amount of salaries of workers since then. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Meanwhile, industrialists say that their inability to restart industries are due to lack of workers, problems in transportation and market access, and non-payment of due amount from the market. The lack of coordination among agencies in local levels is another major hindrance, they say. “Just by asking to resume industrial activities in not enough. There should be backward and forward integration in this regard and an environment to allow employees to return their workplaces,” said Chandra Dhakal, vice president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI). “Industrialists and employees of industrial enterprises are facing problems to receive the travel passes issued by the government. The inter-ministerial coordination is even weaker to ease problems in travel and transportation,” he added. Dhakal commented that it has already gotten late to resume business activities by adopting health safety standards as the lockdown has done significant damage to the country’s economy. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-02', 'modified' => '2020-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '11854', 'image' => '20200602014231_padlocked factory.jpg', 'article_date' => '2020-06-02 13:40:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12105', 'article_category_id' => '1', 'title' => 'Budget Arrangements Inadequate for Economic Recovery: CNI', 'sub_title' => '', 'summary' => 'The Confederation of Nepalese Industries (CNI) has said that the relief measures announced in the Federal Budget for FY2020/21 are inadequate to kickstart the economic recovery. ', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The Confederation of Nepalese Industries (CNI) has said that the relief measures announced in the Federal Budget for FY2020/21 are inadequate to kickstart the economic recovery. Unveiling the post-webinar report of the ‘CNI- Economic Survival Series’ virtually on June 1 jointly with senior financial journalists, CNI President Satish Kumar Moore urged the government to come up with a comprehensive stimulus to take the Covid-19 pandemic-stricken economy out of the slump. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">CNI had organised the webinar Economic Survival Series from May 18-21 hosting panel discussions on various important topics of economic recovery. The report comprises of conclusions of the discussions and views of experts who participated in the programme. According to Moore, the conclusion of the post-webinar report is to initiate active cooperation of all stakeholders to face the economic headwinds created by the global health emergency. Speaking on the occasion, Nirvana Chaudhary, vice president of CNI said, “On the basis of suggestions made by the experts during the webinar, the report has incorporated recommendations to face the economic crisis and save the country’s economy by introducing short-term and long-term policy arrangements.” </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Vishnu Agrawal, senior vice president of CNI said that the report will help the government and the stakeholders to move towards economic recovery facing the Covid-19 crisis. CNI has informed that it will present the report to the concerned government authorities. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-02', 'modified' => '2020-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '11853', 'image' => '20200602103723_CNI.jpg', 'article_date' => '2020-06-02 10:36:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12104', 'article_category_id' => '1', 'title' => 'Nepal Signs USD 250 million Loan Agreement with ADB ', 'sub_title' => '', 'summary' => 'Nepal has signed a USD 250 million (Rs 30 billion aprox.) loan agreement with the Asian Development Bank (ADB) to fight coronavirus. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Nepal has signed a USD 250 million (Rs 30 billion aprox.) loan agreement with the Asian Development Bank (ADB) to fight coronavirus. Finance Secretary Sishir Kumar Dhungana, and Mukhtor Khamudkhanov, ADB Country Director for Nepal signed agreement papers amid a function organised at the Ministry of Finance (ADB) on June 1. Finance Minister Dr Yuba Raj Khatiwada and other high officials of the government and ADB were present during the function. As per the agreement, the Manila-based lender will lend the money to Nepal under its COVID-19 Active Response and Expenditure Support (CARES) Programme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">ADB will provide the concessional loan as a budgetary support to help the government to strengthen the country’s public health infrastructure. The loan will be utilised in scaling up testing, tracing and tracking of Covid-19 cases, establishing isolation facilities across the country and strengthening existing hospitals and health centres in terms of equipment, medicine and workforce. Similarly, ADB will also support Nepal to mitigate the adverse economic and social impacts of the Covid-19 pandemic through its CARES Programme.</span></span><br /> <span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Speaking on the occasion Finance Secretary Dhungana said, “This loan will be mobilized through the National Relief Programme of the government which targets to enhance public health system, provide social security and generate employment to face the challenges presented by the Covid-19 pandemic.” ADB country director for Nepal Khamudkhanov reiterated the bank’s commitment to support Nepal during difficult times. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-02', 'modified' => '2020-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '11852', 'image' => '20200602102341_Nepal-ADB.jpg', 'article_date' => '2020-06-02 10:21:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12103', 'article_category_id' => '1', 'title' => 'Global IME Bank Supports Photojournalists ', 'sub_title' => '', 'summary' => 'As a part of its corporate social responsibility (CSR), Global IME Bank Limited has provided press jackets to photojournalists working in different districts. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">As a part of its corporate social responsibility (CSR), Global IME Bank Limited has provided press jackets to photojournalists working in different districts. The bank’s Deputy General Manager Surendra Raj Regmi handed over the jackets to Dhruv Ale, president of Federation of Nepalese Photojournalist (FNPJ) amid a programme organised at Global IME’s head office in Kamaladi on May 31. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“We expect that the press jackets will make the works of photojournalists easier in the current difficult situation,” a statement issued by the bank quoted Regmi as saying. NFPJ President Ale thanked Global IME Bank for its support and said that the jackets would make safer for photojournalists to discharge their professional duties. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-01', 'modified' => '2020-06-01', 'keywords' => '', 'description' => '', 'sortorder' => '11851', 'image' => '20200601053453_Global IME.jpg', 'article_date' => '2020-06-01 17:33:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12102', 'article_category_id' => '1', 'title' => 'New Tax Plans for Electric Vehicles Sparks Criticism', 'sub_title' => '', 'summary' => 'Since the announcement of tax hike on import of electric vehicles in the Federal Budget for FY2020/21 on may 28, the government has been facing scrutiny from various quarters of the society for the environment un-friendly move with critics saying the hike in taxes has pronounced a death knell for the electric four-wheelers that have grown in popularity over the past two years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Since the announcement of tax hike on import of electric vehicles in the Federal Budget for FY2020/21 on May 28, the government has been facing scrutiny from various quarters of the society for the environment un-friendly move with critics saying the hike in taxes has pronounced a death knell for the electric four-wheelers that have grown in popularity over the past two years. In his budget speech, Finance Minister Dr Yuba Raj Khatiwada announced that electric vehicles will be levied 30-80 percent customs duty and 5-80 percent excise duty, depending upon the capacity of the four-wheelers. As per earlier arrangements, importers were required to pay 10 percent in customs duty and 13 percent in value added tax (VAT). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Nepal Automobile Dealers Association (NADA) is the latest organisation to raise its voice against the massive increment of the tax rates. Issuing a press statement, the association said that the tax hike will make electric vehicles as costlier as internal combustion engine vehicles and hence will be less attractive to car buyers. “The </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">proposed tax will make the electric vehicles more expensive for the general people. It will ultimately hinder the government’s policy to promote eco-friendly transport,” reads the statement. Similarly, NADA also urged the government to ease the lockdown so that people can return to their business and work. “Economic activities have been severely affected to the protracted closure. Now business activities need to be resumed by following health safety standards,” NADA said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In the meantime, three organisations have also asked the government to scrap the taxes imposed on import of electric vehicles. In a joint statement, Electric Vehicle Association of Nepal (EVAN), Nepal Forum of Environmental Journalists (NFEEJ) and Clean Energy Nepal (CEN) said that the new budgetary arrangements will discourage electric vehicles and promote fossil fuel run vehicles. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-01', 'modified' => '2020-06-01', 'keywords' => '', 'description' => '', 'sortorder' => '11850', 'image' => '20200601050236_electric car.jpg', 'article_date' => '2020-06-01 16:52:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12101', 'article_category_id' => '1', 'title' => 'Sharp Contraction in Commercial Banks' Lending, New Loan Extension Falls to Zero', 'sub_title' => '', 'summary' => 'With the dwindling of credit demand due the lockdown imposed by the government, private sector lending of commercial banks has sharply contracted in the last month. ', 'content' => '<h2><span style="font-size:18pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">With the dwindling of credit demand due the lockdown imposed by the government, private sector lending of commercial banks has sharply contracted in the last month. According to data provided by the Nepal Bankers’ Association (NBA), commercial banks registered Rs 16 billion of negative credit of their total loan extension in April-May (Baisakh) compared to March-April (Chaitra). The banks in March-April extended a total of Rs 42 billion in loans. The total loan extension of 27 commercial banks reached Rs 2,845 billion by March-April which declined by Rs 16 billion to Rs 2,829 billion in April-May. The total credit of banks become negative because of collection of old loans but zero extension of new loans. </span></span></span></span></h2> <h2><span style="font-size:18pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">However, collection of deposits has remained satisfactory despite a dip in April-May. In March-April, commercial banks collected a total of Rs 49 billion in deposits which declined to Rs 30 billion in April-May. The total deposit collection of banks reached to Rs 3,219 billion in April-May from Rs 3,189 billion in March-April. </span></span></span></span></h2> <h2><span style="font-size:18pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Bhuvan Kumar Dahal, president of NBA said that halt in commercial and other transactions has negatively impacted the banking sector. “With no end in sight of the lockdown, industries and businesses have remained shut down. As a result, bank transactions have decreased sharply,” he mentioned. </span></span></span></span></h2> <h2><span style="font-size:18pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Bankers are having a hard time as the current situation does not allows for extension of new loans due to which interest rate income of banks is also following a declining trend. According to Dahal, the credit-to-core capital-deposit (CCD) ratio of commercial banks has decreased to 76 percent because of halt in extension of new loans. However, renewal of deposits is ongoing in banks. “The banking system therefore has adequate investment-grade liquidity at present which is being invested in government bonds such as treasury bills,” informed Dahal. </span></span></span></span></h2> ', 'published' => true, 'created' => '2020-06-01', 'modified' => '2020-06-01', 'keywords' => '', 'description' => '', 'sortorder' => '11849', 'image' => '20200601032952_bank lending.jpg', 'article_date' => '2020-06-01 15:27:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12100', 'article_category_id' => '1', 'title' => 'Disquiet of Business Community Grows with Extension of Lockdown ', 'sub_title' => '', 'summary' => 'The country’s private sector has raised its voices against the 8th extension of the lockdown till June 14. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The country’s private sector has raised its voices against the 8<sup>th</sup> extension of the lockdown till June 14. A meeting of council of ministers held on May 30 decided to further extend the lockdown amid the rising number of Covid-19 infection cases and deaths. Critics say that instead of curbing the spread of coronavirus, the lockdown, which is in place since March 24, has crippled economic activities sending the country’s economy into a deep recession unlike anything Nepal has experienced in the past. Major private sector bodies, that have avoided criticizing the government in terms of its handling of the situation, have now started criticizing the government for its indifference to their demands and ignoring warnings of economic fallout of the protracted lockdown. Expressing their displeasure, they have said that extension of the lockdown, without any change in the modality, will be disastrous for the already severely weakened economy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Issuing a press statement on May 31, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) urged the government to rethink the duration and modality of the lockdown while considering the sensitiveness of public health. “We urge the government to devise the modality of the lockdown so that the economic activities can be restarted,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Earlier, the government permitted to operate 42 types of industries during the lockdown period. However, the strict restrictions in transportation and movement of people and market access have hindered industrialists to operate their industries in full capacity. According to them, the lack of coordination between authorities and all three levels of the government has added to their problems to restart industrial activities. Industrialist complain that government is not showing any seriousness despite the worsening situation which will ultimately lead to the collapse of the industrial sector. They say that the government now needs to contemplate international practices in easing lockdown by further strengthening the health sector expanding the scope of Covid-19 testing, tracing tracking and by introducing effective social distancing measures to reduce the risk of spread of coronavirus. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">FNCCI has said that it is concerning that the 8<sup>th</sup> extension of the lockdown was announced without taking suggestions from stakeholders at a time when the economic loss from the lockdown has amounted to 4 percent of the country’s GDP, business activities have collapsed, and millions of people have lost their jobs. “The government needs to engage in dialogue with stakeholders directly associated with the country’s economy to extend restrictive measures,” FNCCI has demanded.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Shekhar Golchha, senior vice president of FNCCI said that the lockdown should be eased for the industrial sector under any circumstances. “We don’t know why the government is ignoring the economic fallout. But one thing has become clear that only lockdown cannot save people from coronavirus,” he opined, adding, “It is true that our open border with India has increased risks of the contagion of the virus. However, there are no alternatives than to gradually ease the lockdown by maintaining effective health security.” Golchha warned that number of Covid-19 cases and deaths could increase in the coming days and that all should be prepared to face the challenges. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">According to him, the private sector has shouldered the burden of the country’s economic recovery. “We have provided employment to millions of Nepalis. The share of the private sector in government revenue stands at 70 percent. Therefore, an immense pressure has been created for the private sector in terms of revival of the pandemic-ravaged economy,” noted Golchha, adding, “Nevertheless, if the lockdown is extended without proper exit plans, the country’s economy will reach of point where recovery will not be possible.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Satish Kumar Moore, president of Confederation of Nepalese Industries (CNI) also said that lockdown needs to be eased by implementing effective health security measures. According to him, the economic slump will further deepen if the government does not show seriousness to restart business activities. “It will be appropriate to continue lockdown in areas highly affected by coronavirus while easing economic activities in less affected areas,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Pashupati Murarka, former president of FNCCI said that the government now needs to shift its focus from stopping the spread of coronavirus to saving the country’s economy from collapse. “Supply chains have been badly affected by the lockdown. Some industries that have restarted their operations are unable to supply their products to the market. The ongoing lockdown has hindered cement industries to transport raw materials from mines to their factories,” he said. According to him, the government needs to announce policies to ease the problems for the industrial sector. “There are no alternatives for us than to learn to live and carry on our activities facing the challenges posed by the coronavirus,” he expressed. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Rajesh Kaji Shrestha, president of Nepal Chamber of Commerce (NCC) said that the government has ignored the concerns and problems of the business community. “It seems the government thinks that its one and only responsibility is to give continuation to lockdown and it does not have to pay attention the plight of the business community. Now the government urgently needs to prioritise changing the modality of the lockdown so that business activities are restarted,” he said. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-01', 'modified' => '2020-06-01', 'keywords' => '', 'description' => '', 'sortorder' => '11848', 'image' => '20200601121121_lockdown.jpg', 'article_date' => '2020-06-01 12:07:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12099', 'article_category_id' => '1', 'title' => 'Xiaomi Launches Mi 10 and Mi Note 10 Lite in Nepal', 'sub_title' => '', 'summary' => 'Chinese smartphone brand Xiaomi has launched its two flagship handsets Mi 10 and Mi Note 10 Lite in the Nepali market. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Chinese smartphone brand Xiaomi has launched its two flagship handsets Mi 10 and Mi Note 10 Lite in the Nepali market. Issuing a press statement, the company said that Mi 10 is the first smartphone to hit the Nepali market with a 108MP quad-camera setup and Qualcomm<sup> </sup>Snapdragon 865 processor for 5G connectivity. The phone comes with a 3D Curved AMOLED display, 4,780mAh battery, and 30W wireless charging. “With 8GB RAM (LPDDR5) and 128GB or 256GB ROM (UFS 3.0), Mi 10 offers swift response and an ultra-smooth operating experience. Paired with the most sophisticated cooling system, Mi 10 uses LiquidCool 2.0 – an advanced cooling system consisting of a large vapor chamber, as well as multi-layer graphite and graphene stacks that dissipate heat to ensure sustained peak performance,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Xiaomi claimed that Mi 10 redefines smartphone photography and videography with its OIS-enabled 108MP quad rear camera setup and users can shoot ultra-clear shots along with details unseen to the naked eye with the 108MP primary sensor and experience the full view of their subjects with the 13MP ultra-wide angle lens, with 123° FOV. The company informed that Mi 10 also supports UHD 8K video recording at 30fps.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Similarly, Mi Note 10 Lite offers a 6.47’’ curved AMOLED display, a 4MP quad-camera setup, Qualcomm<sup> </sup>Snapdragon 730G SoC and a large-capacity 5,260mAh battery, according to the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“Sporting a first class 6.47’’ 3D curved AMOLED display and a 3D curved glass back, Mi Note 10 Lite provides a premium in-hand feel,” said the company. According to Xiaomi, with smoothly curved and tapered edges on four sides, Mi Note 10 Lite brings about an outstanding 91.4 percent screen-to-body ratio that will surely amaze with its immersive viewing experience.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif"> “With Mi 10, we aim to redefine the premium smartphone experience for consumers in Nepal. This device is a pinnacle of smartphone design and engineering, pushing the boundaries of what's possible on a handheld device. With its flagship OIS enabled 108MP Quad Camera setup, UHD 8K video recording, world’s fastest 30W wireless charging, we hope our users can create content in a way never thought possible before, with Mi 10,” the statement quoted Sourabh Kothari, Xiaomi’s country general manager for Nepal, as saying. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">As per the company, </span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Mi 10 will be available in two colour variants - twilight grey and coral green at a price of Rs 89,999<strong>.</strong> Similarly, Mi Note 10 Lite will be available in 6GB + 128GB variant and three colour options - midnight black, glacier white and nebula purple at Rs 44,999. “Both phones will be available for purchase across offline stores, retail partners and online partners Daraz and Sastodeal very soon,” informed the company. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-05-31', 'modified' => '2020-05-31', 'keywords' => '', 'description' => '', 'sortorder' => '11847', 'image' => '20200531054346_MI NOTE 10.jpg', 'article_date' => '2020-05-31 17:41:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12096', 'article_category_id' => '1', 'title' => ' Rs 1 billion in Fines Waived for Nepali Importers at Kolkata Port', 'sub_title' => '', 'summary' => 'Nepali importers have received waivers of about Rs 1 billion in detention and ground rent at the Kolkata Port for the lockdown period.', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Nepali importers have received waivers of about Rs 1 billion in detention and ground rent at the Kolkata Port for the lockdown period. Vineet Kumar, chairman of Kolkata Port Trust informed that fines for Nepali importers were waived because of their inability to transport the containers shipped from third countries due to the ongoing lockdown in India which is in place since March 22. According to him, Nepali importers have received Rs 930 million (INR 580 million) in waivers in detention and ground rent at the port. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Of the total amount, Rs 880 million has been waived in detention charges to shipping companies and Rs 50 million in ground rent to the port authority. Earlier, the government of India had directed port authorities of the country not to fine importers and levy them additional charges for the period of March 22 to May 3. However, importers won’t be receiving such waivers after March 22 even the lockdown has been extended till May 31. The Indian government has relaxed the ongoing lockdown from May 3 by easing transport and movement of people. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Nepali importers enjoy free time of 15 days for Nepal bound road containers and 20 days for rail containers at the Kolkata Port. They are required to pay ground rent if they do not clear their shipments from the port after the end of the free time. The port authority has said that the free time will be calculated before March 22 and after May 3. Similarly, shipping companies provide free time of 14-21 days. Nepali importers who get five days to return the containers after the shipments are made to the Birgunj Dry Port; they are required to pay detention charges if they do not return the containers within the stipulated time. According to the Kolkata Port authority officials, some shipping companies have waived detention charges on the basis of mutual understanding with Nepali importers even after May 3. Over 4,000 Nepal bound containers were stuck at the port after the sudden halt in transportation and movement of people due to the lockdown imposed by the government to curb the spread of coronavirus. The containers were transported to nearby freight station (CFS) after the space at the port got constrained due to increased numbers of shipments. Kolkata Port Authority Chairman Kumar informed that the CFS operator has been directed to provide Nepali importers an additional 15 days of free time to transport the containers. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-05-31', 'modified' => '2020-05-31', 'keywords' => '', 'description' => '', 'sortorder' => '11846', 'image' => '20200531053058_kolkata port.jpg', 'article_date' => '2020-05-31 17:25:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12095', 'article_category_id' => '1', 'title' => 'Over 1,000 DEMAT Accounts Opened during Lockdown ', 'sub_title' => '', 'summary' => 'While the stock market has remained closed for the last 69 days due to the lockdown, the number of people opening DEMAT account for share transactions has increased significantly. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">While the stock market has remained closed for the last 69 days due to the lockdown, the number of people opening DEMAT account for share transactions has increased significantly. According to the CDS and Clearing (CDSC) Limited, 1,062 DEMAT accounts have been opened over the last two months. Suresh Neupane, spokesperson at CDSC said that shareholders have opened accounts to secure their shares at a time when uncertainty has prevailed in financial market. According to him, the increase in the number of DEMAT accounts is also attributed to the continuation of services of merchant banks and depository participant (DP) offices. The number of DEMAT accounts has reached 1.66 million after the account was made mandatory four years ago when ASBA system was introduced for share transaction. Stock investors are required to mention their DEMAT accounts while applying for initial public offerings (IPOs) and doing share transactions in the secondary market. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">As the capital market agencies are putting their efforts for the full digitization of share transactions from the next fiscal year, the increase number of DEMAT accounts show the attraction of stock investors in digital transaction. Damaru Ballav Ghimire, a stock investor, said that troubles related to archiving of paper share certificate has ended with the commencement of DEMAT account transaction. According to him, he has updated his all 350 share certificates in the account. “Now investors don’t have to get into queue anymore to archive their certificates and they don’t have to worry about losing the paper certificates,” he said. Ghimire said that many stock investors are yet to deposit their shares into their DEMAT accounts due to which they are not able to receive dividends on time. According to CDSC, 5.24 billion units of shares have been deposited into DEMAT accounts. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-31', 'modified' => '2020-05-31', 'keywords' => '', 'description' => '', 'sortorder' => '11845', 'image' => '20200531051929_demat.jpg', 'article_date' => '2020-05-31 17:17:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12111', 'article_category_id' => '1', 'title' => ' World Bank’s USD 100m Loan to Nepal for Reform Electricity Sector Reform ', 'sub_title' => '', 'summary' => 'The World Bank today approved a USD 100 million Development Policy Credit (DPC) to continue its support to Nepal in improving the financial viability and governance of the electricity sector and boost COVID-19 crisis recovery efforts. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The World Bank today approved a USD 100 million Development Policy Credit (DPC) to continue its support to Nepal in improving the financial viability and governance of the electricity sector and boost COVID-19 crisis recovery efforts. The Washington D.C-based lender in a press statement said that the approved credit is the second in a series of three DPC operations to support key policy, regulatory and institutional reforms to unlock the economic potential of Nepal's electricity sector. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“These include measures to improve the financial viability of the Nepal Electricity Authority (NEA) as the sole off-taker; establish a regulatory framework that is autonomous, transparent, and accountable; achieve greater integration with the regional electricity market to ensure the optimal use of Nepal’s hydropower resource; and restructure NEA to empower provincial and local governments under the federal structure,” reads the statement. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“Continued reforms to strengthen the electricity sector in Nepal is of utmost importance during the crisis and for post-crisis recovery,”</span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif"> the statement quoted Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying. “This operation will help refocus investment priorities and support the government’s commitment to develop a reliable, affordable, and sustainable electricity sector that supports poverty reduction and shared prosperity in the country.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">World Bank has noted that Nepal’s energy sector made great strides with increased electricity generation, reduced system losses, and enhanced cross-border transmission capacity while putting an end to the nationwide power cut in the recent years and electricity is now available to 88 percent of the population. “An independent electricity regulator, central to the sector’s reform agenda, has become operational. A new Electricity Act pending Parliamentary approval will, among others, enable competition in electricity generation and establishing power trade as a licensed activity. With strong government commitment and effective management, NEA has reduced system losses, remained profitable for three consecutive years and has improved its financial performance,” said the bank. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Due to the COVID-19 crisis, however, the sector </span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">has been hit hard by demand shocks, a cash flow crunch, and a halt of construction activities, according to the statement. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“This operation builds on the important progress made under the first energy sector DPC operation and we will continue to support the government in addressing the immediate, medium- and long-term impacts of the crisis on Nepal’s energy sector through the third operation of the DPC series,” the statement quoted </span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Xiaoping Wang, senior energy specialist at World Bank as saying</span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-03', 'modified' => '2020-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '11859', 'image' => '20200603014300_WB.jpg', 'article_date' => '2020-06-03 13:40:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12110', 'article_category_id' => '1', 'title' => 'Private Sector Ramps Up Pressure to Ease Lockdown', 'sub_title' => '', 'summary' => 'The private sector has ramped up the pressure on the government to change the modality of the lockdown. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The private sector has ramped up the pressure on the government to change the modality of the lockdown. After the government ignored repeated calls of business community to ease crippling restrictions on movement of people, transportation and business activities which is in place for the last 72 days, the private sector has started its push for ending the lockdown in the current form. All three umbrella organizations of the country’s private sector – Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) – have presented their recommendations on alternatives of the lockdown to the government. They have suggested demarking areas most affected by red colour, less affected by yellow colour and unaffected by green colour to allow businesses should to operate. According to them, it has become necessary to open industries and business enterprises by implementing health safety standards as the protracted lockdown has exacerbated their financial losses and that entrepreneurs have started to panic due to the worsening situation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The pressure of the private sector to open businesses is also seen as a counter to the government’s order to clear tax dues and submit tax details by June 7. The government, however, is yet to respond to the calls of the private sector. Business community members, who have been asking for change in the modality of lockdown since mid-April, have held a meeting with government officials on Tuesday which ended without any conclusion. In the meeting participated by the Coordinator of the high-level coronavirus response committee and Deputy Prime Minister Ishwar Pokharel, Minister for Industry, Commerce and Supplies Lekh Raj Bhatta, Minister for Physical Infrastructure and Transport Basanta Kumar Nemwang, private sector representatives said that the risk from hunger is higher than it is from the Covid-19 disease and that business activities need to be resumed immediately. FNCCI President Bhawani Rana said that extending lockdown is not the solution to the problem and the government needs to facilitate the private sector to restart the country’s economic engine. NCC President Rajesh Kaji Shrestha urged that the government to seriously consider private sector’s suggestions. He hoped that the current situation will end soon as the government has showed seriousness this time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The proposal presented by the private sector bodies include closure of all types of transportation from 8 PM to 5 AM, inter-state road transport, air travel, educational institutions, religious places, cinema halls, shopping malls, gym and sports centres and inter-district bus transport in all three (red, yellow and green) zones. Similarly, allow opening of restaurants for take-away of food items in green and yellow zone has been proposed. Likewise, allowing operation of essential items business, medical stores, OPD, diagnostic and pathology services, departmental stores, banks, insurance companies, cooperative institutions, courier and postal services, goods transport, industrial enterprises, agri businesses and construction sites has also been suggested. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-03', 'modified' => '2020-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '11858', 'image' => '20200603011212_lockdown.jpg', 'article_date' => '2020-06-03 13:09:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12109', 'article_category_id' => '1', 'title' => 'Tax Clearance Deadline Draws Flak from Business Community', 'sub_title' => '', 'summary' => 'The government’s refusal to extend the tax clearance deadline has met with sharp criticism from the private sector. ', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The government’s refusal to extend the tax clearance deadline has met with sharp criticism from the private sector. Issuing a notice on June 2, the Inland Revenue Department (IRD) directed taxpayers to clear the dues by June 7 and failure to pay the taxes within the deadline will result in fines for taxpayers. The notice infuriated business community members who have not been able to run their businesses since the beginning of lockdown on March 24. They have labeled IRD’s directive to pay tax dues and submit tax details as government’s dishonesty at a time when economic activities across the country have stopped for the last 70 days. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has asked the government to extend the tax clearance deadline saying that the extension would provide justice to the country’s business community members who have faced enormous business loss due to the lockdown. FNCCI Senior Vice President Shekhar Golchha urged the government not to add to the woes of businesspersons who have not received support they have sought from the state. “Business community members in other countries have received various types of support. In our country, the budget has failed to address our problems,” said Golchha, adding, “We urge the government not to hurt the business community if it cannot provide support to us. Taxes will be collected if the lockdown is lifted and business transactions are resumed.” </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In a meeting with the high-level coronavirus response committee of the government on Tuesday, representatives of private sector said that they are unable to pay taxes in the current situation. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">But officials at the Ministry of Finance (MoF) have dismissed the calls of the private sector to extend the tax clearance deadline. “The deadline was extended for June 7 from its original date of April 7. So, there won’t be further rescheduling,” said Revenue Secretary Ram Sharan Pudasaini. “The government has not levied new taxes. We have just asked business owners to clear their dues,” he added. According to Pudasaini, taxpayers have been provided the facility to pay taxes and submit their tax details online. IRD officials say that all taxpayers are required to pay their dues and file tax details by June 7 to avoid penalties. “Businesses need not to pay taxes if they haven’t earned anything and there should not be hue and cry when the government is asking them to submit their tax details online,” said Binod Bahadur Kunwar, director general at IRD. According to him, the expansion of internet throughout the country has made it easier for online transactions and the department is even ready to coordinate with local administrations across the country to help taxpayers to reach tax offices. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In a letter sent to revenue secretary Pudasaini on Tuesday, FNCCI has asked the ministry to extend clearance of income tax, VAT and excise duty and tax filing to mid-July to boost the confidence of all entrepreneurs and businesspersons at the time of economic crisis.</span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Another private sector body Nepal Chamber of Commerce (NCC) has also urged for tax payment deadline extension. NCC in a press statement said that the lockdown which has crossed 70 days has brought businesses to a very situation and that issuing deadline to pay dues and file tax details would be very discouraging for the private sector mired in crisis. Meanwhile, the Nepal Foreign Trade Association (NFTA) has also expressed its dissatisfaction over the notice issued by IRD. “It is not appropriate to ask businesses to pay taxes at a time when all other transactions except essential ones have been halted for so long,” reads a statement signed by NFTA President Madan Mittal. </span></span></span></span></h1> <h1><strong><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">No Shortage of Money for Recurrent Expenditure</span></span></span></span></strong></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">While it has been said that the unwillingness of the government to extend the tax clearance deadline is because of the shortage of cash to pay salary to its employees, the Financial Comptroller General Office (FGCO) has said that the government currently does not have any problem regarding the recurrent expenditure. “There are no issues in mandatory liability payments such as employee pension, social security allowances, retirement clearance, principle and interest payment of foreign loans, and salary and allowance payments of security personnel and teachers,” said Financial Comptroller General Gopi Nath Mainali. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-03', 'modified' => '2020-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '11857', 'image' => '20200603112803_IRD.jpg', 'article_date' => '2020-06-03 11:24:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12108', 'article_category_id' => '1', 'title' => 'Government’s Announcement of Electricity Bill Discounts Spells Financial Loss for NEA', 'sub_title' => '', 'summary' => 'At a time when the government’s announcement to provide discount to industries on payment of electricity bills in the budget for upcoming fiscal year has garnered praise from business community and ordinary citizens, a possibility has been seen that the Nepal Electricity Authority (NEA) will land into financial difficulty due to the decision. ', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">At a time when the government’s announcement to provide discount to industries on payment of electricity bills in the budget for upcoming fiscal year has garnered praise from business community and ordinary citizens, a possibility has been seen that the Nepal Electricity Authority (NEA) will land into financial difficulty due to the decision. NEA’s income is already under strain because of its inability to collect payments from customers and decline in electricity consumption due to the ongoing lockdown. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The government has announced to provide 100 percent discount to NEA customers consuming electricity up to 10 units per month. Among the 4.2 million customers of NEA, about 800,000 consume power up to 10 units monthly. The bill payment waiver for such customers will result in NEA losing Rs 80 million a month. Similarly, providing customers 10 percent, 15 percent and 25 percent discount on the basis of power consumption will lead to financial losses of nearly Rs 5 billion to the authority, NEA officials argue. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The budget has also provisioned to provide discount on minimum demand charge of electricity on drinking water supply, agriculture and all types of manufacturing industries. 50 percent waiver of charges has also been announced on off and peak hours of power consumption for industries. These discounts will reduce income of the authority by Rs 6 billion, say NEA officials. According to NEA Managing Director Kulman Ghising, the concessions announced by the government will lead to a total of Rs 12 billion in income loss for the authority. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">NEA, which had faced significant financial losses in the past, has gone through a turnaround under Ghising. The authority is in profit for the last three years; its net profit totaled Rs 10 billion in the last fiscal year which is highest among state-owned enterprises. NEA also targeted for a Rs 10 billion profit for the current fiscal year which now looks challenging due to the protracted lockdown and concessions on electricity bill payment announced by the government. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“We won’t be able to take the financial burden if the loss of our income is not compensated. We will ask the government to compensate us,” said Ghising. According to him, it will be difficult for NEA even to pay to private power plants on purchase of their electricity. NEA has been buying power from independent power producers to sell to its customers. As per the Nepal Electricity Act, the government can provide concession on electricity charges. The Act has provisioned that the government has to compensate NEA should the authority faces loss due to the concession. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The government is yet to decide on compensating NEA and the budget for upcoming fiscal year also hasn’t mentioned anything about it. Dinesh Ghimire, secretary at Ministry of Energy, Water Resources and Irrigation expects that proposal for compensation will come from NEA. “A meeting of NEA under the chairmanship of Energy Minister Barshaman Pun will be held soon to decide on the topic matter,” he informed.</span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> Nevertheless, private power producers are against the compensation. “Private power companies too should be recompensed in case they face losses,” said hydropower entrepreneur Gyanendra Lal Pradhan, adding that NEA can earn Rs 40 billion in profit after 18 months if the authority works in well-planned ways. From next year, 50 percent ownership of the Khimti Hydropower Project will be transferred to NEA and Upper Tamakoshi Hydropower Project will also be operational. “NEA will register high from project like these in the coming years,” said Pradhan. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-02', 'modified' => '2020-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '11856', 'image' => '20200602061225_NEA.jpg', 'article_date' => '2020-06-02 18:08:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12107', 'article_category_id' => '1', 'title' => 'StanChart’s Financial Support to Pasang Lhamu Mountaineering Foundation ', 'sub_title' => '', 'summary' => 'In its mission to support the communities hard hit by Covid-19 pandemic, Standard Chartered Bank Nepal (SCBN) has donated Rs 5.8 million to Pasang Lhamu Mountaineering Foundation, a NGO working in the field of mountaineering.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">As a part of its corporate social responsibility (CSR) initiative, Standard Chartered Bank Nepal (SCBN) has donated Rs 5.8 million to Pasang Lhamu Mountaineering Foundation, a NGO working in the field of mountaineering. Issuing a press statement SCBN informed that the foundation will use the money in its project titled “Support to the vulnerable communities of the Mountain region during the COVID—19 Pandemic”. Anirvan Ghosh Dastidar, CEO of SCBN handed over the cheque worth the amount to Namgyal Sherpa, vice president of Pasang Lhamu Mountaineering Foundation amid a handover programme organised at the bank’s head office in Kathmandu recently. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“At such difficult and uncertain times, we stand by our Brand Promise to be Here for good through supporting the vulnerable communities who are affected by the pandemic. Many have lost income opportunity and their livelihood has been worse affected. We hope to contribute in bringing much needed relief to them,” the statement quoted Dastidar as saying. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Thanking SCBN for the financial support, Sherpa said, “We are grateful to Standard Chartered Bank for their generosity and initiative in this time of unprecedented crisis to help in local communities in Nepal. Our foundation is committed to using this contribution in the most efficient way possible, for the most effective impact in Nepal’s Himalayan communities in short- and long-term initiatives.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Earlier this month, the Bank had supported Nepal Government’s Corona Virus Control and Treatment Relief Fund with Rs 11.6 million for COVID-19 relief activities. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-02', 'modified' => '2020-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '11855', 'image' => '20200602040432_Photo-0 (1).jpg', 'article_date' => '2020-06-02 16:00:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12106', 'article_category_id' => '1', 'title' => 'Most Industries Remain Shut Across the Country', 'sub_title' => '', 'summary' => 'It has been a month since the government allowed 44 types of industries to resume their operations after ensuring necessary health safety measures to avoid contagion of coronavirus. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">It has been a month since the government allowed 44 types of industries to resume their operations after ensuring necessary health safety measures to avoid contagion of coronavirus. However, it has been found that 70 percent industries across the country have remained shut down. According to study conducted by the General Federation of Nepalese Trade Unions (GEFONT) over two-thirds of industrial and service sector enterprises have not come into operation despite the government announcement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">GEFONT surveyed 323 industrial enterprises from Biratnagar to Kailali for the study. According to GEFONT, only 17 percent industries in areas of pharmaceuticals, food processing and soft drinks, construction materials industries and healthcare institutions are fully operational at present. Similarly, 13.63 percent are partly operational. As per the report, the continuation of lockdown has made it very hard for businesses to restart their activities. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">GEFONT prepared the ‘Fast Track Survey Report on Problems Faced by Workers due Covid-19’ comprising five topics related to operational status of industrial enterprises, salary payment, affiliation to Social Security Fund and wages situation of informal sector migrant workers. According to the report, industrial enterprises have not complied to the government directive to pay salaries of March-April (Chaitra) and April-May (Baisakh). Only 42.10 percent industries have distributed salaries for the March-April and 31.57 percent industries haven’t disbursed full amount of salaries of workers since then. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Meanwhile, industrialists say that their inability to restart industries are due to lack of workers, problems in transportation and market access, and non-payment of due amount from the market. The lack of coordination among agencies in local levels is another major hindrance, they say. “Just by asking to resume industrial activities in not enough. There should be backward and forward integration in this regard and an environment to allow employees to return their workplaces,” said Chandra Dhakal, vice president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI). “Industrialists and employees of industrial enterprises are facing problems to receive the travel passes issued by the government. The inter-ministerial coordination is even weaker to ease problems in travel and transportation,” he added. Dhakal commented that it has already gotten late to resume business activities by adopting health safety standards as the lockdown has done significant damage to the country’s economy. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-02', 'modified' => '2020-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '11854', 'image' => '20200602014231_padlocked factory.jpg', 'article_date' => '2020-06-02 13:40:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12105', 'article_category_id' => '1', 'title' => 'Budget Arrangements Inadequate for Economic Recovery: CNI', 'sub_title' => '', 'summary' => 'The Confederation of Nepalese Industries (CNI) has said that the relief measures announced in the Federal Budget for FY2020/21 are inadequate to kickstart the economic recovery. ', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The Confederation of Nepalese Industries (CNI) has said that the relief measures announced in the Federal Budget for FY2020/21 are inadequate to kickstart the economic recovery. Unveiling the post-webinar report of the ‘CNI- Economic Survival Series’ virtually on June 1 jointly with senior financial journalists, CNI President Satish Kumar Moore urged the government to come up with a comprehensive stimulus to take the Covid-19 pandemic-stricken economy out of the slump. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">CNI had organised the webinar Economic Survival Series from May 18-21 hosting panel discussions on various important topics of economic recovery. The report comprises of conclusions of the discussions and views of experts who participated in the programme. According to Moore, the conclusion of the post-webinar report is to initiate active cooperation of all stakeholders to face the economic headwinds created by the global health emergency. Speaking on the occasion, Nirvana Chaudhary, vice president of CNI said, “On the basis of suggestions made by the experts during the webinar, the report has incorporated recommendations to face the economic crisis and save the country’s economy by introducing short-term and long-term policy arrangements.” </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Vishnu Agrawal, senior vice president of CNI said that the report will help the government and the stakeholders to move towards economic recovery facing the Covid-19 crisis. CNI has informed that it will present the report to the concerned government authorities. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-06-02', 'modified' => '2020-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '11853', 'image' => '20200602103723_CNI.jpg', 'article_date' => '2020-06-02 10:36:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12104', 'article_category_id' => '1', 'title' => 'Nepal Signs USD 250 million Loan Agreement with ADB ', 'sub_title' => '', 'summary' => 'Nepal has signed a USD 250 million (Rs 30 billion aprox.) loan agreement with the Asian Development Bank (ADB) to fight coronavirus. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Nepal has signed a USD 250 million (Rs 30 billion aprox.) loan agreement with the Asian Development Bank (ADB) to fight coronavirus. Finance Secretary Sishir Kumar Dhungana, and Mukhtor Khamudkhanov, ADB Country Director for Nepal signed agreement papers amid a function organised at the Ministry of Finance (ADB) on June 1. Finance Minister Dr Yuba Raj Khatiwada and other high officials of the government and ADB were present during the function. As per the agreement, the Manila-based lender will lend the money to Nepal under its COVID-19 Active Response and Expenditure Support (CARES) Programme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">ADB will provide the concessional loan as a budgetary support to help the government to strengthen the country’s public health infrastructure. The loan will be utilised in scaling up testing, tracing and tracking of Covid-19 cases, establishing isolation facilities across the country and strengthening existing hospitals and health centres in terms of equipment, medicine and workforce. Similarly, ADB will also support Nepal to mitigate the adverse economic and social impacts of the Covid-19 pandemic through its CARES Programme.</span></span><br /> <span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Speaking on the occasion Finance Secretary Dhungana said, “This loan will be mobilized through the National Relief Programme of the government which targets to enhance public health system, provide social security and generate employment to face the challenges presented by the Covid-19 pandemic.” ADB country director for Nepal Khamudkhanov reiterated the bank’s commitment to support Nepal during difficult times. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-02', 'modified' => '2020-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '11852', 'image' => '20200602102341_Nepal-ADB.jpg', 'article_date' => '2020-06-02 10:21:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12103', 'article_category_id' => '1', 'title' => 'Global IME Bank Supports Photojournalists ', 'sub_title' => '', 'summary' => 'As a part of its corporate social responsibility (CSR), Global IME Bank Limited has provided press jackets to photojournalists working in different districts. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">As a part of its corporate social responsibility (CSR), Global IME Bank Limited has provided press jackets to photojournalists working in different districts. The bank’s Deputy General Manager Surendra Raj Regmi handed over the jackets to Dhruv Ale, president of Federation of Nepalese Photojournalist (FNPJ) amid a programme organised at Global IME’s head office in Kamaladi on May 31. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“We expect that the press jackets will make the works of photojournalists easier in the current difficult situation,” a statement issued by the bank quoted Regmi as saying. NFPJ President Ale thanked Global IME Bank for its support and said that the jackets would make safer for photojournalists to discharge their professional duties. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-01', 'modified' => '2020-06-01', 'keywords' => '', 'description' => '', 'sortorder' => '11851', 'image' => '20200601053453_Global IME.jpg', 'article_date' => '2020-06-01 17:33:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12102', 'article_category_id' => '1', 'title' => 'New Tax Plans for Electric Vehicles Sparks Criticism', 'sub_title' => '', 'summary' => 'Since the announcement of tax hike on import of electric vehicles in the Federal Budget for FY2020/21 on may 28, the government has been facing scrutiny from various quarters of the society for the environment un-friendly move with critics saying the hike in taxes has pronounced a death knell for the electric four-wheelers that have grown in popularity over the past two years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Since the announcement of tax hike on import of electric vehicles in the Federal Budget for FY2020/21 on May 28, the government has been facing scrutiny from various quarters of the society for the environment un-friendly move with critics saying the hike in taxes has pronounced a death knell for the electric four-wheelers that have grown in popularity over the past two years. In his budget speech, Finance Minister Dr Yuba Raj Khatiwada announced that electric vehicles will be levied 30-80 percent customs duty and 5-80 percent excise duty, depending upon the capacity of the four-wheelers. As per earlier arrangements, importers were required to pay 10 percent in customs duty and 13 percent in value added tax (VAT). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Nepal Automobile Dealers Association (NADA) is the latest organisation to raise its voice against the massive increment of the tax rates. Issuing a press statement, the association said that the tax hike will make electric vehicles as costlier as internal combustion engine vehicles and hence will be less attractive to car buyers. “The </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">proposed tax will make the electric vehicles more expensive for the general people. It will ultimately hinder the government’s policy to promote eco-friendly transport,” reads the statement. Similarly, NADA also urged the government to ease the lockdown so that people can return to their business and work. “Economic activities have been severely affected to the protracted closure. Now business activities need to be resumed by following health safety standards,” NADA said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In the meantime, three organisations have also asked the government to scrap the taxes imposed on import of electric vehicles. In a joint statement, Electric Vehicle Association of Nepal (EVAN), Nepal Forum of Environmental Journalists (NFEEJ) and Clean Energy Nepal (CEN) said that the new budgetary arrangements will discourage electric vehicles and promote fossil fuel run vehicles. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-01', 'modified' => '2020-06-01', 'keywords' => '', 'description' => '', 'sortorder' => '11850', 'image' => '20200601050236_electric car.jpg', 'article_date' => '2020-06-01 16:52:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12101', 'article_category_id' => '1', 'title' => 'Sharp Contraction in Commercial Banks' Lending, New Loan Extension Falls to Zero', 'sub_title' => '', 'summary' => 'With the dwindling of credit demand due the lockdown imposed by the government, private sector lending of commercial banks has sharply contracted in the last month. ', 'content' => '<h2><span style="font-size:18pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">With the dwindling of credit demand due the lockdown imposed by the government, private sector lending of commercial banks has sharply contracted in the last month. According to data provided by the Nepal Bankers’ Association (NBA), commercial banks registered Rs 16 billion of negative credit of their total loan extension in April-May (Baisakh) compared to March-April (Chaitra). The banks in March-April extended a total of Rs 42 billion in loans. The total loan extension of 27 commercial banks reached Rs 2,845 billion by March-April which declined by Rs 16 billion to Rs 2,829 billion in April-May. The total credit of banks become negative because of collection of old loans but zero extension of new loans. </span></span></span></span></h2> <h2><span style="font-size:18pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">However, collection of deposits has remained satisfactory despite a dip in April-May. In March-April, commercial banks collected a total of Rs 49 billion in deposits which declined to Rs 30 billion in April-May. The total deposit collection of banks reached to Rs 3,219 billion in April-May from Rs 3,189 billion in March-April. </span></span></span></span></h2> <h2><span style="font-size:18pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Bhuvan Kumar Dahal, president of NBA said that halt in commercial and other transactions has negatively impacted the banking sector. “With no end in sight of the lockdown, industries and businesses have remained shut down. As a result, bank transactions have decreased sharply,” he mentioned. </span></span></span></span></h2> <h2><span style="font-size:18pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Bankers are having a hard time as the current situation does not allows for extension of new loans due to which interest rate income of banks is also following a declining trend. According to Dahal, the credit-to-core capital-deposit (CCD) ratio of commercial banks has decreased to 76 percent because of halt in extension of new loans. However, renewal of deposits is ongoing in banks. “The banking system therefore has adequate investment-grade liquidity at present which is being invested in government bonds such as treasury bills,” informed Dahal. </span></span></span></span></h2> ', 'published' => true, 'created' => '2020-06-01', 'modified' => '2020-06-01', 'keywords' => '', 'description' => '', 'sortorder' => '11849', 'image' => '20200601032952_bank lending.jpg', 'article_date' => '2020-06-01 15:27:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12100', 'article_category_id' => '1', 'title' => 'Disquiet of Business Community Grows with Extension of Lockdown ', 'sub_title' => '', 'summary' => 'The country’s private sector has raised its voices against the 8th extension of the lockdown till June 14. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The country’s private sector has raised its voices against the 8<sup>th</sup> extension of the lockdown till June 14. A meeting of council of ministers held on May 30 decided to further extend the lockdown amid the rising number of Covid-19 infection cases and deaths. Critics say that instead of curbing the spread of coronavirus, the lockdown, which is in place since March 24, has crippled economic activities sending the country’s economy into a deep recession unlike anything Nepal has experienced in the past. Major private sector bodies, that have avoided criticizing the government in terms of its handling of the situation, have now started criticizing the government for its indifference to their demands and ignoring warnings of economic fallout of the protracted lockdown. Expressing their displeasure, they have said that extension of the lockdown, without any change in the modality, will be disastrous for the already severely weakened economy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Issuing a press statement on May 31, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) urged the government to rethink the duration and modality of the lockdown while considering the sensitiveness of public health. “We urge the government to devise the modality of the lockdown so that the economic activities can be restarted,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Earlier, the government permitted to operate 42 types of industries during the lockdown period. However, the strict restrictions in transportation and movement of people and market access have hindered industrialists to operate their industries in full capacity. According to them, the lack of coordination between authorities and all three levels of the government has added to their problems to restart industrial activities. Industrialist complain that government is not showing any seriousness despite the worsening situation which will ultimately lead to the collapse of the industrial sector. They say that the government now needs to contemplate international practices in easing lockdown by further strengthening the health sector expanding the scope of Covid-19 testing, tracing tracking and by introducing effective social distancing measures to reduce the risk of spread of coronavirus. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">FNCCI has said that it is concerning that the 8<sup>th</sup> extension of the lockdown was announced without taking suggestions from stakeholders at a time when the economic loss from the lockdown has amounted to 4 percent of the country’s GDP, business activities have collapsed, and millions of people have lost their jobs. “The government needs to engage in dialogue with stakeholders directly associated with the country’s economy to extend restrictive measures,” FNCCI has demanded.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Shekhar Golchha, senior vice president of FNCCI said that the lockdown should be eased for the industrial sector under any circumstances. “We don’t know why the government is ignoring the economic fallout. But one thing has become clear that only lockdown cannot save people from coronavirus,” he opined, adding, “It is true that our open border with India has increased risks of the contagion of the virus. However, there are no alternatives than to gradually ease the lockdown by maintaining effective health security.” Golchha warned that number of Covid-19 cases and deaths could increase in the coming days and that all should be prepared to face the challenges. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">According to him, the private sector has shouldered the burden of the country’s economic recovery. “We have provided employment to millions of Nepalis. The share of the private sector in government revenue stands at 70 percent. Therefore, an immense pressure has been created for the private sector in terms of revival of the pandemic-ravaged economy,” noted Golchha, adding, “Nevertheless, if the lockdown is extended without proper exit plans, the country’s economy will reach of point where recovery will not be possible.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Satish Kumar Moore, president of Confederation of Nepalese Industries (CNI) also said that lockdown needs to be eased by implementing effective health security measures. According to him, the economic slump will further deepen if the government does not show seriousness to restart business activities. “It will be appropriate to continue lockdown in areas highly affected by coronavirus while easing economic activities in less affected areas,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Pashupati Murarka, former president of FNCCI said that the government now needs to shift its focus from stopping the spread of coronavirus to saving the country’s economy from collapse. “Supply chains have been badly affected by the lockdown. Some industries that have restarted their operations are unable to supply their products to the market. The ongoing lockdown has hindered cement industries to transport raw materials from mines to their factories,” he said. According to him, the government needs to announce policies to ease the problems for the industrial sector. “There are no alternatives for us than to learn to live and carry on our activities facing the challenges posed by the coronavirus,” he expressed. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Rajesh Kaji Shrestha, president of Nepal Chamber of Commerce (NCC) said that the government has ignored the concerns and problems of the business community. “It seems the government thinks that its one and only responsibility is to give continuation to lockdown and it does not have to pay attention the plight of the business community. Now the government urgently needs to prioritise changing the modality of the lockdown so that business activities are restarted,” he said. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-01', 'modified' => '2020-06-01', 'keywords' => '', 'description' => '', 'sortorder' => '11848', 'image' => '20200601121121_lockdown.jpg', 'article_date' => '2020-06-01 12:07:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12099', 'article_category_id' => '1', 'title' => 'Xiaomi Launches Mi 10 and Mi Note 10 Lite in Nepal', 'sub_title' => '', 'summary' => 'Chinese smartphone brand Xiaomi has launched its two flagship handsets Mi 10 and Mi Note 10 Lite in the Nepali market. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Chinese smartphone brand Xiaomi has launched its two flagship handsets Mi 10 and Mi Note 10 Lite in the Nepali market. Issuing a press statement, the company said that Mi 10 is the first smartphone to hit the Nepali market with a 108MP quad-camera setup and Qualcomm<sup> </sup>Snapdragon 865 processor for 5G connectivity. The phone comes with a 3D Curved AMOLED display, 4,780mAh battery, and 30W wireless charging. “With 8GB RAM (LPDDR5) and 128GB or 256GB ROM (UFS 3.0), Mi 10 offers swift response and an ultra-smooth operating experience. Paired with the most sophisticated cooling system, Mi 10 uses LiquidCool 2.0 – an advanced cooling system consisting of a large vapor chamber, as well as multi-layer graphite and graphene stacks that dissipate heat to ensure sustained peak performance,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Xiaomi claimed that Mi 10 redefines smartphone photography and videography with its OIS-enabled 108MP quad rear camera setup and users can shoot ultra-clear shots along with details unseen to the naked eye with the 108MP primary sensor and experience the full view of their subjects with the 13MP ultra-wide angle lens, with 123° FOV. The company informed that Mi 10 also supports UHD 8K video recording at 30fps.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Similarly, Mi Note 10 Lite offers a 6.47’’ curved AMOLED display, a 4MP quad-camera setup, Qualcomm<sup> </sup>Snapdragon 730G SoC and a large-capacity 5,260mAh battery, according to the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“Sporting a first class 6.47’’ 3D curved AMOLED display and a 3D curved glass back, Mi Note 10 Lite provides a premium in-hand feel,” said the company. According to Xiaomi, with smoothly curved and tapered edges on four sides, Mi Note 10 Lite brings about an outstanding 91.4 percent screen-to-body ratio that will surely amaze with its immersive viewing experience.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif"> “With Mi 10, we aim to redefine the premium smartphone experience for consumers in Nepal. This device is a pinnacle of smartphone design and engineering, pushing the boundaries of what's possible on a handheld device. With its flagship OIS enabled 108MP Quad Camera setup, UHD 8K video recording, world’s fastest 30W wireless charging, we hope our users can create content in a way never thought possible before, with Mi 10,” the statement quoted Sourabh Kothari, Xiaomi’s country general manager for Nepal, as saying. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">As per the company, </span></span><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Mi 10 will be available in two colour variants - twilight grey and coral green at a price of Rs 89,999<strong>.</strong> Similarly, Mi Note 10 Lite will be available in 6GB + 128GB variant and three colour options - midnight black, glacier white and nebula purple at Rs 44,999. “Both phones will be available for purchase across offline stores, retail partners and online partners Daraz and Sastodeal very soon,” informed the company. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-05-31', 'modified' => '2020-05-31', 'keywords' => '', 'description' => '', 'sortorder' => '11847', 'image' => '20200531054346_MI NOTE 10.jpg', 'article_date' => '2020-05-31 17:41:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12096', 'article_category_id' => '1', 'title' => ' Rs 1 billion in Fines Waived for Nepali Importers at Kolkata Port', 'sub_title' => '', 'summary' => 'Nepali importers have received waivers of about Rs 1 billion in detention and ground rent at the Kolkata Port for the lockdown period.', 'content' => '<h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Nepali importers have received waivers of about Rs 1 billion in detention and ground rent at the Kolkata Port for the lockdown period. Vineet Kumar, chairman of Kolkata Port Trust informed that fines for Nepali importers were waived because of their inability to transport the containers shipped from third countries due to the ongoing lockdown in India which is in place since March 22. According to him, Nepali importers have received Rs 930 million (INR 580 million) in waivers in detention and ground rent at the port. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Of the total amount, Rs 880 million has been waived in detention charges to shipping companies and Rs 50 million in ground rent to the port authority. Earlier, the government of India had directed port authorities of the country not to fine importers and levy them additional charges for the period of March 22 to May 3. However, importers won’t be receiving such waivers after March 22 even the lockdown has been extended till May 31. The Indian government has relaxed the ongoing lockdown from May 3 by easing transport and movement of people. </span></span></span></span></h1> <h1><span style="font-size:24pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">Nepali importers enjoy free time of 15 days for Nepal bound road containers and 20 days for rail containers at the Kolkata Port. They are required to pay ground rent if they do not clear their shipments from the port after the end of the free time. The port authority has said that the free time will be calculated before March 22 and after May 3. Similarly, shipping companies provide free time of 14-21 days. Nepali importers who get five days to return the containers after the shipments are made to the Birgunj Dry Port; they are required to pay detention charges if they do not return the containers within the stipulated time. According to the Kolkata Port authority officials, some shipping companies have waived detention charges on the basis of mutual understanding with Nepali importers even after May 3. Over 4,000 Nepal bound containers were stuck at the port after the sudden halt in transportation and movement of people due to the lockdown imposed by the government to curb the spread of coronavirus. The containers were transported to nearby freight station (CFS) after the space at the port got constrained due to increased numbers of shipments. Kolkata Port Authority Chairman Kumar informed that the CFS operator has been directed to provide Nepali importers an additional 15 days of free time to transport the containers. </span></span></span></span></h1> ', 'published' => true, 'created' => '2020-05-31', 'modified' => '2020-05-31', 'keywords' => '', 'description' => '', 'sortorder' => '11846', 'image' => '20200531053058_kolkata port.jpg', 'article_date' => '2020-05-31 17:25:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12095', 'article_category_id' => '1', 'title' => 'Over 1,000 DEMAT Accounts Opened during Lockdown ', 'sub_title' => '', 'summary' => 'While the stock market has remained closed for the last 69 days due to the lockdown, the number of people opening DEMAT account for share transactions has increased significantly. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">While the stock market has remained closed for the last 69 days due to the lockdown, the number of people opening DEMAT account for share transactions has increased significantly. According to the CDS and Clearing (CDSC) Limited, 1,062 DEMAT accounts have been opened over the last two months. Suresh Neupane, spokesperson at CDSC said that shareholders have opened accounts to secure their shares at a time when uncertainty has prevailed in financial market. According to him, the increase in the number of DEMAT accounts is also attributed to the continuation of services of merchant banks and depository participant (DP) offices. The number of DEMAT accounts has reached 1.66 million after the account was made mandatory four years ago when ASBA system was introduced for share transaction. Stock investors are required to mention their DEMAT accounts while applying for initial public offerings (IPOs) and doing share transactions in the secondary market. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">As the capital market agencies are putting their efforts for the full digitization of share transactions from the next fiscal year, the increase number of DEMAT accounts show the attraction of stock investors in digital transaction. Damaru Ballav Ghimire, a stock investor, said that troubles related to archiving of paper share certificate has ended with the commencement of DEMAT account transaction. According to him, he has updated his all 350 share certificates in the account. “Now investors don’t have to get into queue anymore to archive their certificates and they don’t have to worry about losing the paper certificates,” he said. Ghimire said that many stock investors are yet to deposit their shares into their DEMAT accounts due to which they are not able to receive dividends on time. According to CDSC, 5.24 billion units of shares have been deposited into DEMAT accounts. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-31', 'modified' => '2020-05-31', 'keywords' => '', 'description' => '', 'sortorder' => '11845', 'image' => '20200531051929_demat.jpg', 'article_date' => '2020-05-31 17:17:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
