November 5: President Bidya Devi Bhandari has appointed new governors in all seven provinces as per the recommendation of the…
November 5: President Bidya Devi Bhandari has appointed new governors in all seven provinces as per the recommendation of the…
November 5: A board meeting of Nepal Rastra Bank has formed a three-member probe committee to investigate into alleged irregularities against its deputy governor Shiva Raj…
November 5: The United Arab Emirates (UAE) has agreed to immediately implement the labour pact signed with Nepal about five months ago.…
November 5: The government has prepared a draft law to split the Civil Aviation Authority of Nepal (CAAN) into two separate entities – a regulatory body and a service…
November 5: District Court, Kathmandu has sent former speaker of the House of Representatives Krishna Bahadur Mahara to Dillibazar Prison in an attempt to rape case filed by Roshani Shahi, a staffer at the Parliament…
November 5: The District Attorney’s Office, Rautahat has registered case against Nepali Congress lawmaker Mohammad Aftab Alam on charges of murder, attempted murder and bomb…
November 4: The Department of Roads has started preparations for upgrading the Kalanki-Chabahil section of Ring Road into eight lanes.…
November 4: Nepal Rastra Bank has suspended its Deputy Governor Shiva Raj Shrestha for his alleged involvement in irregularities.…
November 4: The government is preparing to launch the work procedure of the Social Security Fund after the scheme failed to attract commercial…
November 4: The government on Sunday sacked governors of all seven provinces.…
November 4: A board meeting of Nepal Rastra Bank on Sunday to discuss the allegations of irregularities against its Deputy Governor Shiva Raj Shrestha failed to take any official…
November 3: Nine investors on Friday (November 1) signed a record agreement to invest a total of Rs 51.18 billion (US$ 453 million) for the Upper Trishuli-1 Hydropower Project.…
November 3: Any individual purchasing home or apartment for the first time will now be able to get loan up to 70 percent from banks and financial institutions (BFIs).…
November 3: An eleven-member delegation of the World Bank Group Executive Directors (EDs) visited Nepal from October 29 to November 1, to gain a comprehensive view of Nepal’s current development status and…
November 3: The rise in export of palm oil and soybean oil has increased the overall export of Nepal by 15 percent.…
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Likewise, Tilak Pariyar was recommended as governor of Province 2, Bishnu Prasai for Province 3, Amik Sherchan for Gandaki Province, Dharmanath Yadav for Province 5, Govinda Kalauni for Karnali Province and Sharmila Tripathi for Sudur Paschim Province.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The names were suggested to the government by a secretariat meeting of the ruling Nepal Communist Party earlier on Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The new governors were appointed following an understanding between NCP co-chairs KP Sharma Oli and Pushpa Kamal Dahal to allot four seats to former UML candidates and three to former Maoist Centre candidates.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Governors Adhikari, Yadav, Kalauni and Prasai were backed by PM Oli while Dahal supported Sherchan, Pariyar and Tripathi.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">President Bhandari administered oath of office and secrecy to the newly appointed governors on Tuesday morning.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The government had dismissed the former governors, who were appointed by the government led by Sher Bahadur Deuba about 21 months ago, on Sunday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, senior leader of NCP Madhav Kumar Nepal has registered a note of dissent with the party regarding recommendations of names for the posts of governor. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11364', 'image' => '20191105111919_20191104092741_Clipboard01.jpg', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 1 => array( 'Article' => array( 'id' => '11613', 'article_category_id' => '1', 'title' => 'Probe Committee to Investigate Alleged Irregularities against Dy Governor of NRB', 'sub_title' => '', 'summary' => 'November 5: A board meeting of Nepal Rastra Bank has formed a three-member probe committee to investigate into alleged irregularities against its deputy governor Shiva Raj Shrestha.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 5: A board meeting of Nepal Rastra Bank has formed a three-member probe committee to investigate into alleged irregularities against its deputy governor Shiva Raj Shrestha. With the formation of the committee on Monday (November 4), Shrestha has been automatically suspended from his post as per Article 22 of the Nepal Rastra Bank Act 2058.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government had instructed the central bank to investigate Shrestha’s involvement in irregularities by abusing his power as the deputy governor of NRB.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The probe committee is headed by Shreeram Poudel. Other members of the committee are Dr Subodh Kumar Karna and Ramji Regmi.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The central bank has given one month’s time for the committee to complete the investigation.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Shrestha can be sacked from his post if the committee recommends his removal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The first meeting of the committee on Monday itself decided to seek the details of charges against Shrestha from the Anti Money Laundering Department of NRB.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A member of the probe committee said that they decided to seek the details from the department as the letter sent to the central bank by the Ministry of Finance is not clear about the accusations against Shrestha.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A cabinet meeting on October 17 had decided to take action against Shestha as per the recommendation of the Anti Money Laundering Department.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The probe committee is also preparing to take statements from other accused.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Shrestha has been accused of favouring Ncell in a sub judice case at the Supreme Court and also of helping banks and financial institutions to conceal bad loans. He is also accused of presenting forged bills during his foreign official visits.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A source at the department said that Shrestha was against anti-money laundering. Amid these allegations, the department had written a letter to the government to take action against Shrestha.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11363', 'image' => '20191105105909_20191104090010_20190719115911_NRB-_-image.jpg', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 2 => array( 'Article' => array( 'id' => '11610', 'article_category_id' => '1', 'title' => 'UAE Agrees to Implement Labour Pact', 'sub_title' => 'Migrant workers will not have to pay any amount to manpower companies', 'summary' => 'November 5: The United Arab Emirates (UAE) has agreed to immediately implement the labour pact signed with Nepal about five months ago. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 5: The United Arab Emirates (UAE) has agreed to immediately implement the labour pact signed with Nepal about five months ago. A two-day meeting of the officials from Nepal and the UAE in Kathmandu decided to implement the agreement reached between the two countries.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The meeting has finalized the process of supplying workers and the cost of sending them to the UAE, informed Labour Secetary Ram Prasad Ghimire, who led the Nepali delegation.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Now, the migrant workers going to the UAE will not have to pay any amount to the manpower companies. The companies will get service charge directly from the employers.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to Ghimire, migrant workers do not have to pay any charge except orientation fee, welfare charge and life insurance.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nepal and the UAE had signed a ministerial-level agreement on labour pact during International Labour Conference held in Geneva on June 14 earlier this year to mark the centenary of ILO.</span></span></p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11362', 'image' => '20191105092259_1572912262.jpg', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 3 => array( 'Article' => array( 'id' => '11609', 'article_category_id' => '1', 'title' => 'Government Prepares Draft Law to Split CAAN', 'sub_title' => '', 'summary' => 'November 5: The government has prepared a draft law to split the Civil Aviation Authority of Nepal (CAAN) into two separate entities – a regulatory body and a service provider.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 5: The government has prepared a draft law to split the Civil Aviation Authority of Nepal (CAAN) into two separate entities – a regulatory body and a service provider.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the Ministry of Culture, Tourism and Civil Aviation, it has incorporated suggestions from the finance, home and foreign ministries in the draft. Now, the ministry is awaiting for suggestions from the law ministry before forwarding the draft to the Council of Ministers.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Secretary at the Ministry of Culture, Tourism and Civil Aviation Kedar Bahadur Adhikari said that the draft is almost ready and will be presented to the cabinet after Tourism Minister Yogesh Bhattarai returns from his foreign trip.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The draft has proposed splitting CAAN into Civil Aviation Authority as the regulatory body and Air Service Authority as the service provider.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government decided to split the CAAN into two entities as per the demand of the International Civil Aviation Organisation (ICAO) and the European Union, which has banned Nepali airline companies.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nepali airline companies have not been able to operate flights to European countries due to the ban imposed by EU. The government believes that splitting CAAN will help address the concerns of EU.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">EU imposed the ban on Nepal in 2013 following the deaths of 19 passengers, including seven Britons, in a plane crash of Sita Air in September 2012.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government decided to split CAAN into regulatory body and service provider about four months ago to make air service in Nepal safe and effective.</span></span></p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11361', 'image' => '20191105085928__MG_9719.JPG', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 4 => array( 'Article' => array( 'id' => '11611', 'article_category_id' => '1', 'title' => 'Mahara Sent to Dillibazar Jail', 'sub_title' => '', 'summary' => 'November 5: District Court, Kathmandu has sent former speaker of the House of Representatives Krishna Bahadur Mahara to Dillibazar Prison in an attempt to rape case filed by Roshani Shahi, a staffer at the Parliament Secretariat.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 5: District Court, Kathmandu has sent former speaker of the House of Representatives Krishna Bahadur Mahara to Dillibazar Prison in an attempt to rape case filed by Roshani Shahi, a staffer at the Parliament Secretariat.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Chief of the District Court, Judge Sudarshan Raj Pandey issued an order on Monday to keep Mahara in judicial custody until the final verdict.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government lawyers and Mahara’s defense lawyers presented their views during the hearing on Monday after which the judge issued such order.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Senior advocates Raman Kumar Shrestha, Sher Bahadur KC, Kabita Bhandari Baral and Krishna Prasad Sapkota defended Mahara on the second day of the hearing while government lawyers demanded extending his custody.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mahara, who was arrested on October 6, said before the judge that he had not visited the room of the alleged victim Roshani Shahi. He said that Shahi was a family friend and he had only talked with her over the phone.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11360', 'image' => '20191105101502_1572876819.jpg', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 5 => array( 'Article' => array( 'id' => '11612', 'article_category_id' => '1', 'title' => 'Case Registered Against Alam', 'sub_title' => '', 'summary' => 'November 5: The District Attorney’s Office, Rautahat has registered case against Nepali Congress lawmaker Mohammad Aftab Alam on charges of murder, attempted murder and bomb blast.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 5: The District Attorney’s Office, Rautahat has registered case against Nepali Congress lawmaker Mohammad Aftab Alam on charges of murder, attempted murder and bomb blast.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">District Attorney Khandi Raj Katuwal confirmed that the office filed case against Alam on Monday, November 4.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Alam was arrested three weeks ago in connection to a crime committed on the eve of the Constituent Assembly election in 2008 when he burnt alive the survivors of an accidental bomb blast, which was being prepared at his behest.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">At least a dozen people were killed in the bomb blast, which was intended for the elections to ensure Alam’s victory. Katuwal, citing eyewitnesses, said that Alam burnt the survivors of the blast to hide the evidence. </span></span></p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11359', 'image' => '20191105102832_download.jpg', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 6 => array( 'Article' => array( 'id' => '11607', 'article_category_id' => '1', 'title' => 'Kalanki-Chabahil Section of Ring Road to be Upgraded into 8 Lanes', 'sub_title' => '', 'summary' => 'November 4: The Department of Roads has started preparations for upgrading the Kalanki-Chabahil section of Ring Road into eight lanes. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 4: The Department of Roads has started preparations for upgrading the Kalanki-Chabahil section of Ring Road into eight lanes. The road section is being upgraded under the second phase of Ring Road Development Project with the support from the Chinese government.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has already upgraded Koteshwar-Kalanki section of Ring Road with the support from the Chinese government in the first phase. China’s Shanghai Construction Group had bagged the contract to expand the road section. The same construction company will complete upgrading the remaining parts of the Ring Road.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Detailed Project Report of the project is almost complete and the Chinese company will hand over the DPR to the government after ‘site clearance’, informed Keshav Sharma, director general of the Department of Roads.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to Sharma, the department is preparing to cut trees, shift poles and dismantle bridges and houses that fall on the route. He said that the process of felling trees and shifting electricity poles has already begun.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In course of site clearance, the department has already shifted 500 poles and cut down 300 trees, the department informed. Altogether 2100 trees need to be cut to widen the road.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As per the plan, the road will be 62 metres wide.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Ring Road Development Project will give compensation to 50 houses and dismantle the structures, said project chief Amrit Mani Rimal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The total cost of site clearance is estimated to be Rs 3 billion including Rs 1.5 billion for compensation.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The department informed New Business Age that a section of Nepalese Army barracks in Sitapaila and the overhead bridge at New Bus Park area.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The department is not clear on whether to expand the road from Chabahil to Gaushala as the road section has lots of houses. Expanding the road would also endanger some ancient structures that fall in the World Heritage Site.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-04', 'modified' => '2019-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '11358', 'image' => '20191104012312_5c98463ca3104842e4a54d54.jpeg', 'article_date' => '2019-11-04 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 7 => array( 'Article' => array( 'id' => '11608', 'article_category_id' => '1', 'title' => 'Central Bank Suspends Deputy Governor Shrestha', 'sub_title' => '', 'summary' => 'November 4: Nepal Rastra Bank has suspended its Deputy Governor Shiva Raj Shrestha for his alleged involvement in irregularities. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">November 4: Nepal Rastra Bank has suspended its Deputy Governor Shiva Raj Shrestha for his alleged involvement in irregularities. The central bank on Monday formed a three-member probe committee for investigating into the matter.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Nepal Rastra Bank formed the committee headed by Shreeram Poudel following instruction from the government to probe into the matter. Other members of the committee are Dr Subodh Kumar Karna and Ramji Regmi.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The central bank has given one month’s time for the committee to complete the investigation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Shrestha has been accused of favouring Ncell in a sub judice case at the Supreme Court and also of helping banks and financial institutions to conceal bad loans. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-04', 'modified' => '2019-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '11357', 'image' => '20191104013031_1572845125.jpg', 'article_date' => '2019-11-04 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 8 => array( 'Article' => array( 'id' => '11606', 'article_category_id' => '1', 'title' => 'Social Security Fund to Provide Loan to Contributors', 'sub_title' => '', 'summary' => 'November 4: The government is preparing to launch the work procedure of the Social Security Fund after the scheme failed to attract commercial enterprises.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 4: The government is preparing to launch the work procedure of the Social Security Fund after the scheme failed to attract commercial enterprises. Even the employees have shown reluctance to get listed in the contribution-based scheme as the return is not as attractive as that of the Employee Provident Fund (EPF) and the Citizens Investment Trust (CIT). The workers are hesitant to contribute to the fund because they cannot get any benefit from the scheme or utilize any amount during emergency until they retire.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has realized the need for policy level reforms due to the discouraging participation of the private sector in the scheme. Only 8,000 enterprises have enlisted in the scheme as of mid-October.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In this context, the Social Security Fund has prepared a work procedure to provide loans to the contributors under 12 different heads including home loan, educational loan among others.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Ministry of Labour, Employment and Social Security said that the work procedure has been sent to the Council of Ministers for approval.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Executive Director of the Social Security Fund Kapil Mani Gyawali told New Business Age that the new offers mentioned in the work procedure are more attractive than the facilities provided by the EPF and CIT.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He said that the work procedure will be implemented as soon as it gets approved by the cabinet.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Gyawali further said that they decided to provide loan as per the international practice.</span></span></p> ', 'published' => true, 'created' => '2019-11-04', 'modified' => '2019-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '11356', 'image' => '20191104101107_20190129043642_a.jpg', 'article_date' => '2019-11-04 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 9 => array( 'Article' => array( 'id' => '11605', 'article_category_id' => '1', 'title' => 'Government Removes Governors of All 7 Provinces', 'sub_title' => '', 'summary' => 'November 4: The government on Sunday sacked governors of all seven provinces. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 4: The government on Sunday sacked governors of all seven provinces. President Bidya Devi Bhandari relieved the governors of their duties upon the recommendation of the Council of Ministers.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The decision has removed Province 1 Governor Dr Govinda Bahadur Tumbahang, Province 2 Governor Ratneshwar Lal Kayastha, Province 3 Governor Anuradha Koirala, Gandaki Province Governor Baburam Kunwar, Province 5 Governor Umakanta Jha, Karmali Province Governor Durga Keshar Khanal and Sudur Paschim Province Governor Mohan Raj Malla from their posts.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government was planning to name the new governors on the same day but later decided to appoint the governors on Monday as the ruling Nepal Communist Party could not reach a decision on this issue. The then government led by Sher Bahadur Deuba had appointed the governors on January 17, 2018.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The constitution has a provision of appointing chief of each of the seven provinces as the representatives of the government. The new government formed under the leadership of KP Sharma Oli had earlier tried to remove the governors but did not succeed. This time, the President’s Office informed in a statement that the governors were relieved of their duties as per Article 165 of the constitution. Unless the governors are removed from their posts, they can enjoy a term of five years as the head of the provinces.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, the main opposition Nepali Congress has raised objections to the removal of the governors. NC said that the government’s decision to sack the governors is biased.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-04', 'modified' => '2019-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '11355', 'image' => '20191104092741_Clipboard01.jpg', 'article_date' => '2019-11-04 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 10 => array( 'Article' => array( 'id' => '11604', 'article_category_id' => '1', 'title' => 'Central Bank to Probe Allegations of Irregularities against its Deputy Governor', 'sub_title' => '', 'summary' => 'November 4: A board meeting of Nepal Rastra Bank on Sunday to discuss the allegations of irregularities against its Deputy Governor Shiva Raj Shrestha failed to take any official decision.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 4: A board meeting of Nepal Rastra Bank on Sunday to discuss the allegations of irregularities against its Deputy Governor Shiva Raj Shrestha failed to take any official decision.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government had instructed the central bank to investigate Shrestha’s involvement in irregularities by abusing his power as the deputy governor of NRB.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A source at the central bank informed New Business Age that the board meeting didn’t take the matter seriously. The source said that the meeting only held a general discussion regarding the issue. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Shrestha has been accused of favouring Ncell in a sub judice case at the Supreme Court and also of helping banks and financial institutions to conceal bad loans. The government had instructed the central bank to investigate into these allegations.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Although Sunday’s meeting decided to from a probe committee, one of the board members present in the meeting told New Business Age that the meeting held informal discussions regarding the matter.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the board member, Sunday’s meeting has called for another meeting on Monday morning to take a formal decision in this issue.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government can relieve Shrestha of his duties if the probe committee finds him guilty and the board recommends his removal from the post.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Shrestha, who was appointed deputy governor of Nepal Rastra Bank in 2072, oversees the Supervision Department of the central bank.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-04', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11354', 'image' => '20191104090010_20190719115911_NRB-_-image.jpg', 'article_date' => '2019-11-04 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ), (int) 11 => array( 'Article' => array( 'id' => '11603', 'article_category_id' => '1', 'title' => 'Investors sign Record Rs 51 billion Agreement for Upper Trishuli Hydropower Project', 'sub_title' => '', 'summary' => 'November 3: Nine investors on Friday (November 1) signed a record agreement to invest a total of Rs 51.18 billion (US$ 453 million) for the Upper Trishuli-1 Hydropower Project. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 3: Nine investors on Friday (November 1) signed a record agreement to invest a total of Rs 51.18 billion (US$ 453 million) for the Upper Trishuli-1 Hydropower Project. The 216-megawatt project is the biggest project of Nepal in terms of investment.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">World Bank Group’s sister organization IFC, Asian Development Bank, Asian Infrastructure Development Bank, Korean Exim Bank, among others signed the agreement with the promoter of the project Nepal Water and Energy Development Company amid a function in the capital on Friday. Finance Minister Dr Yuba Raj Khatiwada and Energy Minister Barsha Man Pun were present during the signing ceremony.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The total cost of the project is estimated to be US$ 647 million. Seventy percent cost of the project will be raised through loan.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As per the agreement, IFC will be providing a loan investment of US$ 160 million, ADB will be investing US$ 60 million, Asian Infrastructure Bank (US$ 39.6 million), Korean Exim Bank (US$ 100 million), Korean Development Bank (US$ 30.8 million). Likewise, CDC Group will invest US$ 21.9 million, while other investors include Netherlands Development Finance Company (US$ 15.4 million), French Development Financial Institute (US$ 11 million), Opec Fund for International Development (US$ 13.2 million). </span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-03', 'modified' => '2019-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '11353', 'image' => '20191103013830_1572746800.jpg', 'article_date' => '2019-11-03 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 12 => array( 'Article' => array( 'id' => '11600', 'article_category_id' => '1', 'title' => 'BFIs can Fund up to 70 Percent for Home Loan', 'sub_title' => '', 'summary' => 'November 3: Any individual purchasing home or apartment for the first time will now be able to get loan up to 70 percent from banks and financial institutions (BFIs). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 3: Any individual purchasing home or apartment for the first time will now be able to get loan up to 70 percent from banks and financial institutions (BFIs). Prior to this, BFIs had been funding 50 percent of the total cost within the Kathmandu Valley and 60 percent outside the valley.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nepal Rastra Bank introduced this new policy by amending the Unified Directives on Friday, November 1. As per the revised policy, borrowers can acquire up to Rs 15 million from banks.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The central bank has stated that in order to acquire such loan, the borrower must have to purchase a residential area of 3000 square feet and the housing must be purchased for personal use.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Before providing such loan, BFIs must ascertain that the borrower has not taken such type of loan before. The central bank has also instructed not to increase the installment amount in case the interest rate increases.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Although this new provision has provided some relief for those aspiring to purchase apartments at a time when the central bank has tightened its screws on lending in the housing sector, CEO of Sanima Bank Bhuvan Dahal says there are some ambiguities in this new policy.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">“This provision is overall good. But the central bank does not have clear policy regarding the individuals who had taken such loans and cleared all the dues,” said Dahal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dahal further said that the BFIs do not have records of such individuals.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">“This will complicate things for us,” he added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Likewise, the central bank as also introduced a policy to stabilize the rate of interest. As per the new policy, a mutual understanding can be reached between the lender and the borrower for a fixed rate of interest if the loan is provided for a period of more than a year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">BFIs cannot increase the rate of interest whatever might be the situation. However, such rate of interest will be more than the normal rate, according to BFIs.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2019-11-03', 'modified' => '2019-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '11350', 'image' => '20191103105307_1572751033.jpg', 'article_date' => '2019-11-03 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 13 => array( 'Article' => array( 'id' => '11598', 'article_category_id' => '1', 'title' => 'World Bank Executive Directors Visit Nepal, Discuss Federalism, Diversified Investment', 'sub_title' => '', 'summary' => 'November 3: An eleven-member delegation of the World Bank Group Executive Directors (EDs) visited Nepal from October 29 to November 1, to gain a comprehensive view of Nepal’s current development status and opportunities.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">November 3: An eleven-member delegation of the World Bank Group Executive Directors (EDs) visited Nepal from October 29 to November 1, to gain a comprehensive view of Nepal’s current development status and opportunities. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the World Bank, the visit marked the 50th year of World Bank Group-Nepal engagement, with the first World Bank credit in Nepal approved by the board on November 4, 1969.The trip was part of a larger visit to the South Asia Region that will also include Bangladesh and the Maldives, World Bank said in a statement.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">During their visit, the EDs met with representatives from federal and local governments, the private sector, development partners, and civil society. Discussions centered around Nepal’s transition to federalism, the need to invest in the country’s human capital, crowding in the private sector for diversified investment, the pace of reconstruction after the earthquakes in 2015, and the creation of jobs, especially for Nepal’s youth.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“Nepal has made progress in reduction of poverty and its stable government signals a smoother transition to the federal structure,” the statement quoted Jorge Chavez Presa, spokesperson of the delegation as saying. “However, to ensure stronger and more sustained growth, it needs rapid strengthening of institutions and systems. The World Bank Group is committed to help the Government of Nepal achieve its ambitious goals for the benefit of all Nepalis.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The EDs’ conversations with Finance Minister Dr Yuba Raj Khatiwada focused on leveraging World Bank Group-wide support for the federalism agenda, maximizing finance for development, and investing in health and education for the people of Nepal, the statement further said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">During the visit to an earthquake reconstruction site in Patlekhet of Kavrepalanchowk, the EDs learnt about the reconstruction program that supported rebuilding of more than 430,000 houses after the devastating earthquakes.The Government of Nepal’s larger rural housing reconstruction program aims to provide earthquake-resistant housing for around 700,000 beneficiaries. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">To further understand investment scenarios and discuss ways for diversifying investment, the EDs met entrepreneurs and private sector representatives. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The World Bank Group said it has a strong partnership with Nepal, with 50 years of engagement since 1969. The current investment portfolio cuts across all key sectors in 25 projects and has a net commitment of $2.47 billion (as of September 2019).</span></span></span></span></p> ', 'published' => true, 'created' => '2019-11-03', 'modified' => '2019-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '11349', 'image' => '20191103095805_aaaa.jpg', 'article_date' => '2019-11-03 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 14 => array( 'Article' => array( 'id' => '11597', 'article_category_id' => '1', 'title' => 'Palm Oil Increases Overall Export of Nepal', 'sub_title' => '', 'summary' => 'November 3: The rise in export of palm oil and soybean oil has increased the overall export of Nepal by 15 percent. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 3: </span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The rise in export of palm oil and soybean oil has increased the overall export of Nepal by 15 percent. Palm and soybean oils are not produced in Nepal but have become a major export products in the recent days. The total export of Nepal in the first three months of the current fiscal year 2019/20 has reached 27.16 billion. This is not a result of increased production within the country but due to the export of palm and soybean oils, which are first imported in crude form, then processed and exported mainly to India.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Palm oil and soybean oil make up 27 percent of the total export during the review period. During this period, palm and soybean oils worth Rs 7.26 billion were exported from Nepal. If these two products are excluded, Nepal’s export in the first three months of current FY will be around Rs 20 billion, which is Rs 3 billion less compared to the same period of last fiscal year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This clearly shows that the government’s initiative to promote domestic products in the international market has been ineffective as the increase in export of Nepal is basically due to the export of palm and soybean oils that are first imported and then repackaged and exported to India.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the Department of Customs, Nepal exported palm oil worth Rs 5.78 billion and soybean oil worth Rs 1.48 billion during the review period. In the meantime, Nepal imported palm oil worth Rs 5.54 billion and soybean oil worth Rs 4 billion, records maintained by the department have revealed.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The massive surge in import and export of palm oil in the recent time is attributed to the low import duty on the product in Nepal compared to India. The local businessmen are taking advantage of this gap in tariff imposed by the two countries. Nepal imposes 10 percent customs duty on import of palm oil while India imposes 40 percent customs duty for the same product.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">India, which is one of the largest importers of palm oil in the world, had increased customs duty on crude palm oil imported from Association of Southeast Asian Nations (ASEAN) by $5 and refined palm oil by $9.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">This has directly benefitted the local businessmen of Nepal where there is lower customs duty for import of palm oil. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Nepali businessmen import crude palm oil from Indonesia, Malaysia, Brazil, Ukraine, Thailand and Argentina and export refined palm oil to India.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">“Nepali exporters have been benefitting from the low customs duty for agricultural product that the Indian government has given to Nepal,” said Anand Bagaria, a local businessman.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">“Bangladesh and Sri Lanka are also doing the same,” he added.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-03', 'modified' => '2019-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '11348', 'image' => '20191103092810_20190807121918_Clipboard01.jpg', 'article_date' => '2019-11-03 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ) ) $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
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Likewise, Tilak Pariyar was recommended as governor of Province 2, Bishnu Prasai for Province 3, Amik Sherchan for Gandaki Province, Dharmanath Yadav for Province 5, Govinda Kalauni for Karnali Province and Sharmila Tripathi for Sudur Paschim Province.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The names were suggested to the government by a secretariat meeting of the ruling Nepal Communist Party earlier on Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The new governors were appointed following an understanding between NCP co-chairs KP Sharma Oli and Pushpa Kamal Dahal to allot four seats to former UML candidates and three to former Maoist Centre candidates.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Governors Adhikari, Yadav, Kalauni and Prasai were backed by PM Oli while Dahal supported Sherchan, Pariyar and Tripathi.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">President Bhandari administered oath of office and secrecy to the newly appointed governors on Tuesday morning.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The government had dismissed the former governors, who were appointed by the government led by Sher Bahadur Deuba about 21 months ago, on Sunday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, senior leader of NCP Madhav Kumar Nepal has registered a note of dissent with the party regarding recommendations of names for the posts of governor. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11364', 'image' => '20191105111919_20191104092741_Clipboard01.jpg', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 1 => array( 'Article' => array( 'id' => '11613', 'article_category_id' => '1', 'title' => 'Probe Committee to Investigate Alleged Irregularities against Dy Governor of NRB', 'sub_title' => '', 'summary' => 'November 5: A board meeting of Nepal Rastra Bank has formed a three-member probe committee to investigate into alleged irregularities against its deputy governor Shiva Raj Shrestha.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 5: A board meeting of Nepal Rastra Bank has formed a three-member probe committee to investigate into alleged irregularities against its deputy governor Shiva Raj Shrestha. With the formation of the committee on Monday (November 4), Shrestha has been automatically suspended from his post as per Article 22 of the Nepal Rastra Bank Act 2058.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government had instructed the central bank to investigate Shrestha’s involvement in irregularities by abusing his power as the deputy governor of NRB.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The probe committee is headed by Shreeram Poudel. Other members of the committee are Dr Subodh Kumar Karna and Ramji Regmi.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The central bank has given one month’s time for the committee to complete the investigation.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Shrestha can be sacked from his post if the committee recommends his removal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The first meeting of the committee on Monday itself decided to seek the details of charges against Shrestha from the Anti Money Laundering Department of NRB.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A member of the probe committee said that they decided to seek the details from the department as the letter sent to the central bank by the Ministry of Finance is not clear about the accusations against Shrestha.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A cabinet meeting on October 17 had decided to take action against Shestha as per the recommendation of the Anti Money Laundering Department.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The probe committee is also preparing to take statements from other accused.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Shrestha has been accused of favouring Ncell in a sub judice case at the Supreme Court and also of helping banks and financial institutions to conceal bad loans. He is also accused of presenting forged bills during his foreign official visits.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A source at the department said that Shrestha was against anti-money laundering. Amid these allegations, the department had written a letter to the government to take action against Shrestha.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11363', 'image' => '20191105105909_20191104090010_20190719115911_NRB-_-image.jpg', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 2 => array( 'Article' => array( 'id' => '11610', 'article_category_id' => '1', 'title' => 'UAE Agrees to Implement Labour Pact', 'sub_title' => 'Migrant workers will not have to pay any amount to manpower companies', 'summary' => 'November 5: The United Arab Emirates (UAE) has agreed to immediately implement the labour pact signed with Nepal about five months ago. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 5: The United Arab Emirates (UAE) has agreed to immediately implement the labour pact signed with Nepal about five months ago. A two-day meeting of the officials from Nepal and the UAE in Kathmandu decided to implement the agreement reached between the two countries.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The meeting has finalized the process of supplying workers and the cost of sending them to the UAE, informed Labour Secetary Ram Prasad Ghimire, who led the Nepali delegation.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Now, the migrant workers going to the UAE will not have to pay any amount to the manpower companies. The companies will get service charge directly from the employers.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to Ghimire, migrant workers do not have to pay any charge except orientation fee, welfare charge and life insurance.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nepal and the UAE had signed a ministerial-level agreement on labour pact during International Labour Conference held in Geneva on June 14 earlier this year to mark the centenary of ILO.</span></span></p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11362', 'image' => '20191105092259_1572912262.jpg', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 3 => array( 'Article' => array( 'id' => '11609', 'article_category_id' => '1', 'title' => 'Government Prepares Draft Law to Split CAAN', 'sub_title' => '', 'summary' => 'November 5: The government has prepared a draft law to split the Civil Aviation Authority of Nepal (CAAN) into two separate entities – a regulatory body and a service provider.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 5: The government has prepared a draft law to split the Civil Aviation Authority of Nepal (CAAN) into two separate entities – a regulatory body and a service provider.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the Ministry of Culture, Tourism and Civil Aviation, it has incorporated suggestions from the finance, home and foreign ministries in the draft. Now, the ministry is awaiting for suggestions from the law ministry before forwarding the draft to the Council of Ministers.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Secretary at the Ministry of Culture, Tourism and Civil Aviation Kedar Bahadur Adhikari said that the draft is almost ready and will be presented to the cabinet after Tourism Minister Yogesh Bhattarai returns from his foreign trip.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The draft has proposed splitting CAAN into Civil Aviation Authority as the regulatory body and Air Service Authority as the service provider.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government decided to split the CAAN into two entities as per the demand of the International Civil Aviation Organisation (ICAO) and the European Union, which has banned Nepali airline companies.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nepali airline companies have not been able to operate flights to European countries due to the ban imposed by EU. The government believes that splitting CAAN will help address the concerns of EU.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">EU imposed the ban on Nepal in 2013 following the deaths of 19 passengers, including seven Britons, in a plane crash of Sita Air in September 2012.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government decided to split CAAN into regulatory body and service provider about four months ago to make air service in Nepal safe and effective.</span></span></p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11361', 'image' => '20191105085928__MG_9719.JPG', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 4 => array( 'Article' => array( 'id' => '11611', 'article_category_id' => '1', 'title' => 'Mahara Sent to Dillibazar Jail', 'sub_title' => '', 'summary' => 'November 5: District Court, Kathmandu has sent former speaker of the House of Representatives Krishna Bahadur Mahara to Dillibazar Prison in an attempt to rape case filed by Roshani Shahi, a staffer at the Parliament Secretariat.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 5: District Court, Kathmandu has sent former speaker of the House of Representatives Krishna Bahadur Mahara to Dillibazar Prison in an attempt to rape case filed by Roshani Shahi, a staffer at the Parliament Secretariat.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Chief of the District Court, Judge Sudarshan Raj Pandey issued an order on Monday to keep Mahara in judicial custody until the final verdict.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government lawyers and Mahara’s defense lawyers presented their views during the hearing on Monday after which the judge issued such order.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Senior advocates Raman Kumar Shrestha, Sher Bahadur KC, Kabita Bhandari Baral and Krishna Prasad Sapkota defended Mahara on the second day of the hearing while government lawyers demanded extending his custody.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mahara, who was arrested on October 6, said before the judge that he had not visited the room of the alleged victim Roshani Shahi. He said that Shahi was a family friend and he had only talked with her over the phone.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11360', 'image' => '20191105101502_1572876819.jpg', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 5 => array( 'Article' => array( 'id' => '11612', 'article_category_id' => '1', 'title' => 'Case Registered Against Alam', 'sub_title' => '', 'summary' => 'November 5: The District Attorney’s Office, Rautahat has registered case against Nepali Congress lawmaker Mohammad Aftab Alam on charges of murder, attempted murder and bomb blast.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 5: The District Attorney’s Office, Rautahat has registered case against Nepali Congress lawmaker Mohammad Aftab Alam on charges of murder, attempted murder and bomb blast.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">District Attorney Khandi Raj Katuwal confirmed that the office filed case against Alam on Monday, November 4.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Alam was arrested three weeks ago in connection to a crime committed on the eve of the Constituent Assembly election in 2008 when he burnt alive the survivors of an accidental bomb blast, which was being prepared at his behest.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">At least a dozen people were killed in the bomb blast, which was intended for the elections to ensure Alam’s victory. Katuwal, citing eyewitnesses, said that Alam burnt the survivors of the blast to hide the evidence. </span></span></p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11359', 'image' => '20191105102832_download.jpg', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 6 => array( 'Article' => array( 'id' => '11607', 'article_category_id' => '1', 'title' => 'Kalanki-Chabahil Section of Ring Road to be Upgraded into 8 Lanes', 'sub_title' => '', 'summary' => 'November 4: The Department of Roads has started preparations for upgrading the Kalanki-Chabahil section of Ring Road into eight lanes. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 4: The Department of Roads has started preparations for upgrading the Kalanki-Chabahil section of Ring Road into eight lanes. The road section is being upgraded under the second phase of Ring Road Development Project with the support from the Chinese government.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has already upgraded Koteshwar-Kalanki section of Ring Road with the support from the Chinese government in the first phase. China’s Shanghai Construction Group had bagged the contract to expand the road section. The same construction company will complete upgrading the remaining parts of the Ring Road.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Detailed Project Report of the project is almost complete and the Chinese company will hand over the DPR to the government after ‘site clearance’, informed Keshav Sharma, director general of the Department of Roads.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to Sharma, the department is preparing to cut trees, shift poles and dismantle bridges and houses that fall on the route. He said that the process of felling trees and shifting electricity poles has already begun.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In course of site clearance, the department has already shifted 500 poles and cut down 300 trees, the department informed. Altogether 2100 trees need to be cut to widen the road.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As per the plan, the road will be 62 metres wide.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Ring Road Development Project will give compensation to 50 houses and dismantle the structures, said project chief Amrit Mani Rimal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The total cost of site clearance is estimated to be Rs 3 billion including Rs 1.5 billion for compensation.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The department informed New Business Age that a section of Nepalese Army barracks in Sitapaila and the overhead bridge at New Bus Park area.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The department is not clear on whether to expand the road from Chabahil to Gaushala as the road section has lots of houses. Expanding the road would also endanger some ancient structures that fall in the World Heritage Site.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-04', 'modified' => '2019-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '11358', 'image' => '20191104012312_5c98463ca3104842e4a54d54.jpeg', 'article_date' => '2019-11-04 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 7 => array( 'Article' => array( 'id' => '11608', 'article_category_id' => '1', 'title' => 'Central Bank Suspends Deputy Governor Shrestha', 'sub_title' => '', 'summary' => 'November 4: Nepal Rastra Bank has suspended its Deputy Governor Shiva Raj Shrestha for his alleged involvement in irregularities. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">November 4: Nepal Rastra Bank has suspended its Deputy Governor Shiva Raj Shrestha for his alleged involvement in irregularities. The central bank on Monday formed a three-member probe committee for investigating into the matter.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Nepal Rastra Bank formed the committee headed by Shreeram Poudel following instruction from the government to probe into the matter. Other members of the committee are Dr Subodh Kumar Karna and Ramji Regmi.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The central bank has given one month’s time for the committee to complete the investigation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Shrestha has been accused of favouring Ncell in a sub judice case at the Supreme Court and also of helping banks and financial institutions to conceal bad loans. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-04', 'modified' => '2019-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '11357', 'image' => '20191104013031_1572845125.jpg', 'article_date' => '2019-11-04 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 8 => array( 'Article' => array( 'id' => '11606', 'article_category_id' => '1', 'title' => 'Social Security Fund to Provide Loan to Contributors', 'sub_title' => '', 'summary' => 'November 4: The government is preparing to launch the work procedure of the Social Security Fund after the scheme failed to attract commercial enterprises.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 4: The government is preparing to launch the work procedure of the Social Security Fund after the scheme failed to attract commercial enterprises. Even the employees have shown reluctance to get listed in the contribution-based scheme as the return is not as attractive as that of the Employee Provident Fund (EPF) and the Citizens Investment Trust (CIT). The workers are hesitant to contribute to the fund because they cannot get any benefit from the scheme or utilize any amount during emergency until they retire.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has realized the need for policy level reforms due to the discouraging participation of the private sector in the scheme. Only 8,000 enterprises have enlisted in the scheme as of mid-October.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In this context, the Social Security Fund has prepared a work procedure to provide loans to the contributors under 12 different heads including home loan, educational loan among others.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Ministry of Labour, Employment and Social Security said that the work procedure has been sent to the Council of Ministers for approval.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Executive Director of the Social Security Fund Kapil Mani Gyawali told New Business Age that the new offers mentioned in the work procedure are more attractive than the facilities provided by the EPF and CIT.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He said that the work procedure will be implemented as soon as it gets approved by the cabinet.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Gyawali further said that they decided to provide loan as per the international practice.</span></span></p> ', 'published' => true, 'created' => '2019-11-04', 'modified' => '2019-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '11356', 'image' => '20191104101107_20190129043642_a.jpg', 'article_date' => '2019-11-04 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 9 => array( 'Article' => array( 'id' => '11605', 'article_category_id' => '1', 'title' => 'Government Removes Governors of All 7 Provinces', 'sub_title' => '', 'summary' => 'November 4: The government on Sunday sacked governors of all seven provinces. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 4: The government on Sunday sacked governors of all seven provinces. President Bidya Devi Bhandari relieved the governors of their duties upon the recommendation of the Council of Ministers.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The decision has removed Province 1 Governor Dr Govinda Bahadur Tumbahang, Province 2 Governor Ratneshwar Lal Kayastha, Province 3 Governor Anuradha Koirala, Gandaki Province Governor Baburam Kunwar, Province 5 Governor Umakanta Jha, Karmali Province Governor Durga Keshar Khanal and Sudur Paschim Province Governor Mohan Raj Malla from their posts.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government was planning to name the new governors on the same day but later decided to appoint the governors on Monday as the ruling Nepal Communist Party could not reach a decision on this issue. The then government led by Sher Bahadur Deuba had appointed the governors on January 17, 2018.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The constitution has a provision of appointing chief of each of the seven provinces as the representatives of the government. The new government formed under the leadership of KP Sharma Oli had earlier tried to remove the governors but did not succeed. This time, the President’s Office informed in a statement that the governors were relieved of their duties as per Article 165 of the constitution. Unless the governors are removed from their posts, they can enjoy a term of five years as the head of the provinces.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, the main opposition Nepali Congress has raised objections to the removal of the governors. NC said that the government’s decision to sack the governors is biased.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-04', 'modified' => '2019-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '11355', 'image' => '20191104092741_Clipboard01.jpg', 'article_date' => '2019-11-04 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 10 => array( 'Article' => array( 'id' => '11604', 'article_category_id' => '1', 'title' => 'Central Bank to Probe Allegations of Irregularities against its Deputy Governor', 'sub_title' => '', 'summary' => 'November 4: A board meeting of Nepal Rastra Bank on Sunday to discuss the allegations of irregularities against its Deputy Governor Shiva Raj Shrestha failed to take any official decision.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 4: A board meeting of Nepal Rastra Bank on Sunday to discuss the allegations of irregularities against its Deputy Governor Shiva Raj Shrestha failed to take any official decision.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government had instructed the central bank to investigate Shrestha’s involvement in irregularities by abusing his power as the deputy governor of NRB.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A source at the central bank informed New Business Age that the board meeting didn’t take the matter seriously. The source said that the meeting only held a general discussion regarding the issue. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Shrestha has been accused of favouring Ncell in a sub judice case at the Supreme Court and also of helping banks and financial institutions to conceal bad loans. The government had instructed the central bank to investigate into these allegations.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Although Sunday’s meeting decided to from a probe committee, one of the board members present in the meeting told New Business Age that the meeting held informal discussions regarding the matter.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the board member, Sunday’s meeting has called for another meeting on Monday morning to take a formal decision in this issue.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government can relieve Shrestha of his duties if the probe committee finds him guilty and the board recommends his removal from the post.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Shrestha, who was appointed deputy governor of Nepal Rastra Bank in 2072, oversees the Supervision Department of the central bank.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-04', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11354', 'image' => '20191104090010_20190719115911_NRB-_-image.jpg', 'article_date' => '2019-11-04 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ), (int) 11 => array( 'Article' => array( 'id' => '11603', 'article_category_id' => '1', 'title' => 'Investors sign Record Rs 51 billion Agreement for Upper Trishuli Hydropower Project', 'sub_title' => '', 'summary' => 'November 3: Nine investors on Friday (November 1) signed a record agreement to invest a total of Rs 51.18 billion (US$ 453 million) for the Upper Trishuli-1 Hydropower Project. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 3: Nine investors on Friday (November 1) signed a record agreement to invest a total of Rs 51.18 billion (US$ 453 million) for the Upper Trishuli-1 Hydropower Project. The 216-megawatt project is the biggest project of Nepal in terms of investment.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">World Bank Group’s sister organization IFC, Asian Development Bank, Asian Infrastructure Development Bank, Korean Exim Bank, among others signed the agreement with the promoter of the project Nepal Water and Energy Development Company amid a function in the capital on Friday. Finance Minister Dr Yuba Raj Khatiwada and Energy Minister Barsha Man Pun were present during the signing ceremony.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The total cost of the project is estimated to be US$ 647 million. Seventy percent cost of the project will be raised through loan.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As per the agreement, IFC will be providing a loan investment of US$ 160 million, ADB will be investing US$ 60 million, Asian Infrastructure Bank (US$ 39.6 million), Korean Exim Bank (US$ 100 million), Korean Development Bank (US$ 30.8 million). Likewise, CDC Group will invest US$ 21.9 million, while other investors include Netherlands Development Finance Company (US$ 15.4 million), French Development Financial Institute (US$ 11 million), Opec Fund for International Development (US$ 13.2 million). </span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-03', 'modified' => '2019-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '11353', 'image' => '20191103013830_1572746800.jpg', 'article_date' => '2019-11-03 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 12 => array( 'Article' => array( 'id' => '11600', 'article_category_id' => '1', 'title' => 'BFIs can Fund up to 70 Percent for Home Loan', 'sub_title' => '', 'summary' => 'November 3: Any individual purchasing home or apartment for the first time will now be able to get loan up to 70 percent from banks and financial institutions (BFIs). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 3: Any individual purchasing home or apartment for the first time will now be able to get loan up to 70 percent from banks and financial institutions (BFIs). Prior to this, BFIs had been funding 50 percent of the total cost within the Kathmandu Valley and 60 percent outside the valley.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nepal Rastra Bank introduced this new policy by amending the Unified Directives on Friday, November 1. As per the revised policy, borrowers can acquire up to Rs 15 million from banks.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The central bank has stated that in order to acquire such loan, the borrower must have to purchase a residential area of 3000 square feet and the housing must be purchased for personal use.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Before providing such loan, BFIs must ascertain that the borrower has not taken such type of loan before. The central bank has also instructed not to increase the installment amount in case the interest rate increases.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Although this new provision has provided some relief for those aspiring to purchase apartments at a time when the central bank has tightened its screws on lending in the housing sector, CEO of Sanima Bank Bhuvan Dahal says there are some ambiguities in this new policy.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">“This provision is overall good. But the central bank does not have clear policy regarding the individuals who had taken such loans and cleared all the dues,” said Dahal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dahal further said that the BFIs do not have records of such individuals.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">“This will complicate things for us,” he added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Likewise, the central bank as also introduced a policy to stabilize the rate of interest. As per the new policy, a mutual understanding can be reached between the lender and the borrower for a fixed rate of interest if the loan is provided for a period of more than a year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">BFIs cannot increase the rate of interest whatever might be the situation. However, such rate of interest will be more than the normal rate, according to BFIs.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2019-11-03', 'modified' => '2019-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '11350', 'image' => '20191103105307_1572751033.jpg', 'article_date' => '2019-11-03 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 13 => array( 'Article' => array( 'id' => '11598', 'article_category_id' => '1', 'title' => 'World Bank Executive Directors Visit Nepal, Discuss Federalism, Diversified Investment', 'sub_title' => '', 'summary' => 'November 3: An eleven-member delegation of the World Bank Group Executive Directors (EDs) visited Nepal from October 29 to November 1, to gain a comprehensive view of Nepal’s current development status and opportunities.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">November 3: An eleven-member delegation of the World Bank Group Executive Directors (EDs) visited Nepal from October 29 to November 1, to gain a comprehensive view of Nepal’s current development status and opportunities. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the World Bank, the visit marked the 50th year of World Bank Group-Nepal engagement, with the first World Bank credit in Nepal approved by the board on November 4, 1969.The trip was part of a larger visit to the South Asia Region that will also include Bangladesh and the Maldives, World Bank said in a statement.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">During their visit, the EDs met with representatives from federal and local governments, the private sector, development partners, and civil society. Discussions centered around Nepal’s transition to federalism, the need to invest in the country’s human capital, crowding in the private sector for diversified investment, the pace of reconstruction after the earthquakes in 2015, and the creation of jobs, especially for Nepal’s youth.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“Nepal has made progress in reduction of poverty and its stable government signals a smoother transition to the federal structure,” the statement quoted Jorge Chavez Presa, spokesperson of the delegation as saying. “However, to ensure stronger and more sustained growth, it needs rapid strengthening of institutions and systems. The World Bank Group is committed to help the Government of Nepal achieve its ambitious goals for the benefit of all Nepalis.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The EDs’ conversations with Finance Minister Dr Yuba Raj Khatiwada focused on leveraging World Bank Group-wide support for the federalism agenda, maximizing finance for development, and investing in health and education for the people of Nepal, the statement further said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">During the visit to an earthquake reconstruction site in Patlekhet of Kavrepalanchowk, the EDs learnt about the reconstruction program that supported rebuilding of more than 430,000 houses after the devastating earthquakes.The Government of Nepal’s larger rural housing reconstruction program aims to provide earthquake-resistant housing for around 700,000 beneficiaries. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">To further understand investment scenarios and discuss ways for diversifying investment, the EDs met entrepreneurs and private sector representatives. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The World Bank Group said it has a strong partnership with Nepal, with 50 years of engagement since 1969. The current investment portfolio cuts across all key sectors in 25 projects and has a net commitment of $2.47 billion (as of September 2019).</span></span></span></span></p> ', 'published' => true, 'created' => '2019-11-03', 'modified' => '2019-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '11349', 'image' => '20191103095805_aaaa.jpg', 'article_date' => '2019-11-03 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 14 => array( 'Article' => array( 'id' => '11597', 'article_category_id' => '1', 'title' => 'Palm Oil Increases Overall Export of Nepal', 'sub_title' => '', 'summary' => 'November 3: The rise in export of palm oil and soybean oil has increased the overall export of Nepal by 15 percent. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 3: </span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The rise in export of palm oil and soybean oil has increased the overall export of Nepal by 15 percent. Palm and soybean oils are not produced in Nepal but have become a major export products in the recent days. The total export of Nepal in the first three months of the current fiscal year 2019/20 has reached 27.16 billion. This is not a result of increased production within the country but due to the export of palm and soybean oils, which are first imported in crude form, then processed and exported mainly to India.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Palm oil and soybean oil make up 27 percent of the total export during the review period. During this period, palm and soybean oils worth Rs 7.26 billion were exported from Nepal. If these two products are excluded, Nepal’s export in the first three months of current FY will be around Rs 20 billion, which is Rs 3 billion less compared to the same period of last fiscal year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This clearly shows that the government’s initiative to promote domestic products in the international market has been ineffective as the increase in export of Nepal is basically due to the export of palm and soybean oils that are first imported and then repackaged and exported to India.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the Department of Customs, Nepal exported palm oil worth Rs 5.78 billion and soybean oil worth Rs 1.48 billion during the review period. In the meantime, Nepal imported palm oil worth Rs 5.54 billion and soybean oil worth Rs 4 billion, records maintained by the department have revealed.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The massive surge in import and export of palm oil in the recent time is attributed to the low import duty on the product in Nepal compared to India. The local businessmen are taking advantage of this gap in tariff imposed by the two countries. Nepal imposes 10 percent customs duty on import of palm oil while India imposes 40 percent customs duty for the same product.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">India, which is one of the largest importers of palm oil in the world, had increased customs duty on crude palm oil imported from Association of Southeast Asian Nations (ASEAN) by $5 and refined palm oil by $9.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">This has directly benefitted the local businessmen of Nepal where there is lower customs duty for import of palm oil. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Nepali businessmen import crude palm oil from Indonesia, Malaysia, Brazil, Ukraine, Thailand and Argentina and export refined palm oil to India.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">“Nepali exporters have been benefitting from the low customs duty for agricultural product that the Indian government has given to Nepal,” said Anand Bagaria, a local businessman.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">“Bangladesh and Sri Lanka are also doing the same,” he added.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-03', 'modified' => '2019-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '11348', 'image' => '20191103092810_20190807121918_Clipboard01.jpg', 'article_date' => '2019-11-03 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ) ) $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' => '11614', 'article_category_id' => '1', 'title' => 'President Appoints New Governors in All Seven Provinces', 'sub_title' => '', 'summary' => 'November 5: President Bidya Devi Bhandari has appointed new governors in all seven provinces as per the recommendation of the government.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">November 5: President Bidya Devi Bhandari has appointed new governors in all seven provinces as per the recommendation of the government.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">A cabinet meeting on Monday had recommended names for the governors of the seven provinces. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The government had recommended Somnath Adhikari for the post of governor of Province 1. Likewise, Tilak Pariyar was recommended as governor of Province 2, Bishnu Prasai for Province 3, Amik Sherchan for Gandaki Province, Dharmanath Yadav for Province 5, Govinda Kalauni for Karnali Province and Sharmila Tripathi for Sudur Paschim Province.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The names were suggested to the government by a secretariat meeting of the ruling Nepal Communist Party earlier on Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The new governors were appointed following an understanding between NCP co-chairs KP Sharma Oli and Pushpa Kamal Dahal to allot four seats to former UML candidates and three to former Maoist Centre candidates.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Governors Adhikari, Yadav, Kalauni and Prasai were backed by PM Oli while Dahal supported Sherchan, Pariyar and Tripathi.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">President Bhandari administered oath of office and secrecy to the newly appointed governors on Tuesday morning.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The government had dismissed the former governors, who were appointed by the government led by Sher Bahadur Deuba about 21 months ago, on Sunday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, senior leader of NCP Madhav Kumar Nepal has registered a note of dissent with the party regarding recommendations of names for the posts of governor. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11364', 'image' => '20191105111919_20191104092741_Clipboard01.jpg', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 1 => array( 'Article' => array( 'id' => '11613', 'article_category_id' => '1', 'title' => 'Probe Committee to Investigate Alleged Irregularities against Dy Governor of NRB', 'sub_title' => '', 'summary' => 'November 5: A board meeting of Nepal Rastra Bank has formed a three-member probe committee to investigate into alleged irregularities against its deputy governor Shiva Raj Shrestha.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 5: A board meeting of Nepal Rastra Bank has formed a three-member probe committee to investigate into alleged irregularities against its deputy governor Shiva Raj Shrestha. With the formation of the committee on Monday (November 4), Shrestha has been automatically suspended from his post as per Article 22 of the Nepal Rastra Bank Act 2058.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government had instructed the central bank to investigate Shrestha’s involvement in irregularities by abusing his power as the deputy governor of NRB.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The probe committee is headed by Shreeram Poudel. Other members of the committee are Dr Subodh Kumar Karna and Ramji Regmi.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The central bank has given one month’s time for the committee to complete the investigation.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Shrestha can be sacked from his post if the committee recommends his removal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The first meeting of the committee on Monday itself decided to seek the details of charges against Shrestha from the Anti Money Laundering Department of NRB.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A member of the probe committee said that they decided to seek the details from the department as the letter sent to the central bank by the Ministry of Finance is not clear about the accusations against Shrestha.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A cabinet meeting on October 17 had decided to take action against Shestha as per the recommendation of the Anti Money Laundering Department.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The probe committee is also preparing to take statements from other accused.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Shrestha has been accused of favouring Ncell in a sub judice case at the Supreme Court and also of helping banks and financial institutions to conceal bad loans. He is also accused of presenting forged bills during his foreign official visits.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A source at the department said that Shrestha was against anti-money laundering. Amid these allegations, the department had written a letter to the government to take action against Shrestha.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11363', 'image' => '20191105105909_20191104090010_20190719115911_NRB-_-image.jpg', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 2 => array( 'Article' => array( 'id' => '11610', 'article_category_id' => '1', 'title' => 'UAE Agrees to Implement Labour Pact', 'sub_title' => 'Migrant workers will not have to pay any amount to manpower companies', 'summary' => 'November 5: The United Arab Emirates (UAE) has agreed to immediately implement the labour pact signed with Nepal about five months ago. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 5: The United Arab Emirates (UAE) has agreed to immediately implement the labour pact signed with Nepal about five months ago. A two-day meeting of the officials from Nepal and the UAE in Kathmandu decided to implement the agreement reached between the two countries.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The meeting has finalized the process of supplying workers and the cost of sending them to the UAE, informed Labour Secetary Ram Prasad Ghimire, who led the Nepali delegation.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Now, the migrant workers going to the UAE will not have to pay any amount to the manpower companies. The companies will get service charge directly from the employers.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to Ghimire, migrant workers do not have to pay any charge except orientation fee, welfare charge and life insurance.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nepal and the UAE had signed a ministerial-level agreement on labour pact during International Labour Conference held in Geneva on June 14 earlier this year to mark the centenary of ILO.</span></span></p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11362', 'image' => '20191105092259_1572912262.jpg', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 3 => array( 'Article' => array( 'id' => '11609', 'article_category_id' => '1', 'title' => 'Government Prepares Draft Law to Split CAAN', 'sub_title' => '', 'summary' => 'November 5: The government has prepared a draft law to split the Civil Aviation Authority of Nepal (CAAN) into two separate entities – a regulatory body and a service provider.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 5: The government has prepared a draft law to split the Civil Aviation Authority of Nepal (CAAN) into two separate entities – a regulatory body and a service provider.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the Ministry of Culture, Tourism and Civil Aviation, it has incorporated suggestions from the finance, home and foreign ministries in the draft. Now, the ministry is awaiting for suggestions from the law ministry before forwarding the draft to the Council of Ministers.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Secretary at the Ministry of Culture, Tourism and Civil Aviation Kedar Bahadur Adhikari said that the draft is almost ready and will be presented to the cabinet after Tourism Minister Yogesh Bhattarai returns from his foreign trip.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The draft has proposed splitting CAAN into Civil Aviation Authority as the regulatory body and Air Service Authority as the service provider.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government decided to split the CAAN into two entities as per the demand of the International Civil Aviation Organisation (ICAO) and the European Union, which has banned Nepali airline companies.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nepali airline companies have not been able to operate flights to European countries due to the ban imposed by EU. The government believes that splitting CAAN will help address the concerns of EU.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">EU imposed the ban on Nepal in 2013 following the deaths of 19 passengers, including seven Britons, in a plane crash of Sita Air in September 2012.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government decided to split CAAN into regulatory body and service provider about four months ago to make air service in Nepal safe and effective.</span></span></p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11361', 'image' => '20191105085928__MG_9719.JPG', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 4 => array( 'Article' => array( 'id' => '11611', 'article_category_id' => '1', 'title' => 'Mahara Sent to Dillibazar Jail', 'sub_title' => '', 'summary' => 'November 5: District Court, Kathmandu has sent former speaker of the House of Representatives Krishna Bahadur Mahara to Dillibazar Prison in an attempt to rape case filed by Roshani Shahi, a staffer at the Parliament Secretariat.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 5: District Court, Kathmandu has sent former speaker of the House of Representatives Krishna Bahadur Mahara to Dillibazar Prison in an attempt to rape case filed by Roshani Shahi, a staffer at the Parliament Secretariat.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Chief of the District Court, Judge Sudarshan Raj Pandey issued an order on Monday to keep Mahara in judicial custody until the final verdict.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government lawyers and Mahara’s defense lawyers presented their views during the hearing on Monday after which the judge issued such order.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Senior advocates Raman Kumar Shrestha, Sher Bahadur KC, Kabita Bhandari Baral and Krishna Prasad Sapkota defended Mahara on the second day of the hearing while government lawyers demanded extending his custody.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mahara, who was arrested on October 6, said before the judge that he had not visited the room of the alleged victim Roshani Shahi. He said that Shahi was a family friend and he had only talked with her over the phone.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11360', 'image' => '20191105101502_1572876819.jpg', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 5 => array( 'Article' => array( 'id' => '11612', 'article_category_id' => '1', 'title' => 'Case Registered Against Alam', 'sub_title' => '', 'summary' => 'November 5: The District Attorney’s Office, Rautahat has registered case against Nepali Congress lawmaker Mohammad Aftab Alam on charges of murder, attempted murder and bomb blast.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 5: The District Attorney’s Office, Rautahat has registered case against Nepali Congress lawmaker Mohammad Aftab Alam on charges of murder, attempted murder and bomb blast.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">District Attorney Khandi Raj Katuwal confirmed that the office filed case against Alam on Monday, November 4.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Alam was arrested three weeks ago in connection to a crime committed on the eve of the Constituent Assembly election in 2008 when he burnt alive the survivors of an accidental bomb blast, which was being prepared at his behest.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">At least a dozen people were killed in the bomb blast, which was intended for the elections to ensure Alam’s victory. Katuwal, citing eyewitnesses, said that Alam burnt the survivors of the blast to hide the evidence. </span></span></p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11359', 'image' => '20191105102832_download.jpg', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 6 => array( 'Article' => array( 'id' => '11607', 'article_category_id' => '1', 'title' => 'Kalanki-Chabahil Section of Ring Road to be Upgraded into 8 Lanes', 'sub_title' => '', 'summary' => 'November 4: The Department of Roads has started preparations for upgrading the Kalanki-Chabahil section of Ring Road into eight lanes. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 4: The Department of Roads has started preparations for upgrading the Kalanki-Chabahil section of Ring Road into eight lanes. The road section is being upgraded under the second phase of Ring Road Development Project with the support from the Chinese government.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has already upgraded Koteshwar-Kalanki section of Ring Road with the support from the Chinese government in the first phase. China’s Shanghai Construction Group had bagged the contract to expand the road section. The same construction company will complete upgrading the remaining parts of the Ring Road.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Detailed Project Report of the project is almost complete and the Chinese company will hand over the DPR to the government after ‘site clearance’, informed Keshav Sharma, director general of the Department of Roads.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to Sharma, the department is preparing to cut trees, shift poles and dismantle bridges and houses that fall on the route. He said that the process of felling trees and shifting electricity poles has already begun.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In course of site clearance, the department has already shifted 500 poles and cut down 300 trees, the department informed. Altogether 2100 trees need to be cut to widen the road.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As per the plan, the road will be 62 metres wide.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Ring Road Development Project will give compensation to 50 houses and dismantle the structures, said project chief Amrit Mani Rimal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The total cost of site clearance is estimated to be Rs 3 billion including Rs 1.5 billion for compensation.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The department informed New Business Age that a section of Nepalese Army barracks in Sitapaila and the overhead bridge at New Bus Park area.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The department is not clear on whether to expand the road from Chabahil to Gaushala as the road section has lots of houses. Expanding the road would also endanger some ancient structures that fall in the World Heritage Site.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-04', 'modified' => '2019-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '11358', 'image' => '20191104012312_5c98463ca3104842e4a54d54.jpeg', 'article_date' => '2019-11-04 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 7 => array( 'Article' => array( 'id' => '11608', 'article_category_id' => '1', 'title' => 'Central Bank Suspends Deputy Governor Shrestha', 'sub_title' => '', 'summary' => 'November 4: Nepal Rastra Bank has suspended its Deputy Governor Shiva Raj Shrestha for his alleged involvement in irregularities. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">November 4: Nepal Rastra Bank has suspended its Deputy Governor Shiva Raj Shrestha for his alleged involvement in irregularities. The central bank on Monday formed a three-member probe committee for investigating into the matter.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Nepal Rastra Bank formed the committee headed by Shreeram Poudel following instruction from the government to probe into the matter. Other members of the committee are Dr Subodh Kumar Karna and Ramji Regmi.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The central bank has given one month’s time for the committee to complete the investigation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Shrestha has been accused of favouring Ncell in a sub judice case at the Supreme Court and also of helping banks and financial institutions to conceal bad loans. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-04', 'modified' => '2019-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '11357', 'image' => '20191104013031_1572845125.jpg', 'article_date' => '2019-11-04 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 8 => array( 'Article' => array( 'id' => '11606', 'article_category_id' => '1', 'title' => 'Social Security Fund to Provide Loan to Contributors', 'sub_title' => '', 'summary' => 'November 4: The government is preparing to launch the work procedure of the Social Security Fund after the scheme failed to attract commercial enterprises.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 4: The government is preparing to launch the work procedure of the Social Security Fund after the scheme failed to attract commercial enterprises. Even the employees have shown reluctance to get listed in the contribution-based scheme as the return is not as attractive as that of the Employee Provident Fund (EPF) and the Citizens Investment Trust (CIT). The workers are hesitant to contribute to the fund because they cannot get any benefit from the scheme or utilize any amount during emergency until they retire.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has realized the need for policy level reforms due to the discouraging participation of the private sector in the scheme. Only 8,000 enterprises have enlisted in the scheme as of mid-October.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In this context, the Social Security Fund has prepared a work procedure to provide loans to the contributors under 12 different heads including home loan, educational loan among others.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Ministry of Labour, Employment and Social Security said that the work procedure has been sent to the Council of Ministers for approval.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Executive Director of the Social Security Fund Kapil Mani Gyawali told New Business Age that the new offers mentioned in the work procedure are more attractive than the facilities provided by the EPF and CIT.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He said that the work procedure will be implemented as soon as it gets approved by the cabinet.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Gyawali further said that they decided to provide loan as per the international practice.</span></span></p> ', 'published' => true, 'created' => '2019-11-04', 'modified' => '2019-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '11356', 'image' => '20191104101107_20190129043642_a.jpg', 'article_date' => '2019-11-04 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 9 => array( 'Article' => array( 'id' => '11605', 'article_category_id' => '1', 'title' => 'Government Removes Governors of All 7 Provinces', 'sub_title' => '', 'summary' => 'November 4: The government on Sunday sacked governors of all seven provinces. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 4: The government on Sunday sacked governors of all seven provinces. President Bidya Devi Bhandari relieved the governors of their duties upon the recommendation of the Council of Ministers.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The decision has removed Province 1 Governor Dr Govinda Bahadur Tumbahang, Province 2 Governor Ratneshwar Lal Kayastha, Province 3 Governor Anuradha Koirala, Gandaki Province Governor Baburam Kunwar, Province 5 Governor Umakanta Jha, Karmali Province Governor Durga Keshar Khanal and Sudur Paschim Province Governor Mohan Raj Malla from their posts.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government was planning to name the new governors on the same day but later decided to appoint the governors on Monday as the ruling Nepal Communist Party could not reach a decision on this issue. The then government led by Sher Bahadur Deuba had appointed the governors on January 17, 2018.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The constitution has a provision of appointing chief of each of the seven provinces as the representatives of the government. The new government formed under the leadership of KP Sharma Oli had earlier tried to remove the governors but did not succeed. This time, the President’s Office informed in a statement that the governors were relieved of their duties as per Article 165 of the constitution. Unless the governors are removed from their posts, they can enjoy a term of five years as the head of the provinces.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, the main opposition Nepali Congress has raised objections to the removal of the governors. NC said that the government’s decision to sack the governors is biased.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-04', 'modified' => '2019-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '11355', 'image' => '20191104092741_Clipboard01.jpg', 'article_date' => '2019-11-04 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 10 => array( 'Article' => array( 'id' => '11604', 'article_category_id' => '1', 'title' => 'Central Bank to Probe Allegations of Irregularities against its Deputy Governor', 'sub_title' => '', 'summary' => 'November 4: A board meeting of Nepal Rastra Bank on Sunday to discuss the allegations of irregularities against its Deputy Governor Shiva Raj Shrestha failed to take any official decision.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 4: A board meeting of Nepal Rastra Bank on Sunday to discuss the allegations of irregularities against its Deputy Governor Shiva Raj Shrestha failed to take any official decision.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government had instructed the central bank to investigate Shrestha’s involvement in irregularities by abusing his power as the deputy governor of NRB.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A source at the central bank informed New Business Age that the board meeting didn’t take the matter seriously. The source said that the meeting only held a general discussion regarding the issue. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Shrestha has been accused of favouring Ncell in a sub judice case at the Supreme Court and also of helping banks and financial institutions to conceal bad loans. The government had instructed the central bank to investigate into these allegations.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Although Sunday’s meeting decided to from a probe committee, one of the board members present in the meeting told New Business Age that the meeting held informal discussions regarding the matter.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the board member, Sunday’s meeting has called for another meeting on Monday morning to take a formal decision in this issue.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government can relieve Shrestha of his duties if the probe committee finds him guilty and the board recommends his removal from the post.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Shrestha, who was appointed deputy governor of Nepal Rastra Bank in 2072, oversees the Supervision Department of the central bank.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-04', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11354', 'image' => '20191104090010_20190719115911_NRB-_-image.jpg', 'article_date' => '2019-11-04 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ), (int) 11 => array( 'Article' => array( 'id' => '11603', 'article_category_id' => '1', 'title' => 'Investors sign Record Rs 51 billion Agreement for Upper Trishuli Hydropower Project', 'sub_title' => '', 'summary' => 'November 3: Nine investors on Friday (November 1) signed a record agreement to invest a total of Rs 51.18 billion (US$ 453 million) for the Upper Trishuli-1 Hydropower Project. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 3: Nine investors on Friday (November 1) signed a record agreement to invest a total of Rs 51.18 billion (US$ 453 million) for the Upper Trishuli-1 Hydropower Project. The 216-megawatt project is the biggest project of Nepal in terms of investment.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">World Bank Group’s sister organization IFC, Asian Development Bank, Asian Infrastructure Development Bank, Korean Exim Bank, among others signed the agreement with the promoter of the project Nepal Water and Energy Development Company amid a function in the capital on Friday. Finance Minister Dr Yuba Raj Khatiwada and Energy Minister Barsha Man Pun were present during the signing ceremony.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The total cost of the project is estimated to be US$ 647 million. Seventy percent cost of the project will be raised through loan.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As per the agreement, IFC will be providing a loan investment of US$ 160 million, ADB will be investing US$ 60 million, Asian Infrastructure Bank (US$ 39.6 million), Korean Exim Bank (US$ 100 million), Korean Development Bank (US$ 30.8 million). Likewise, CDC Group will invest US$ 21.9 million, while other investors include Netherlands Development Finance Company (US$ 15.4 million), French Development Financial Institute (US$ 11 million), Opec Fund for International Development (US$ 13.2 million). </span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-03', 'modified' => '2019-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '11353', 'image' => '20191103013830_1572746800.jpg', 'article_date' => '2019-11-03 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 12 => array( 'Article' => array( 'id' => '11600', 'article_category_id' => '1', 'title' => 'BFIs can Fund up to 70 Percent for Home Loan', 'sub_title' => '', 'summary' => 'November 3: Any individual purchasing home or apartment for the first time will now be able to get loan up to 70 percent from banks and financial institutions (BFIs). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 3: Any individual purchasing home or apartment for the first time will now be able to get loan up to 70 percent from banks and financial institutions (BFIs). Prior to this, BFIs had been funding 50 percent of the total cost within the Kathmandu Valley and 60 percent outside the valley.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nepal Rastra Bank introduced this new policy by amending the Unified Directives on Friday, November 1. As per the revised policy, borrowers can acquire up to Rs 15 million from banks.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The central bank has stated that in order to acquire such loan, the borrower must have to purchase a residential area of 3000 square feet and the housing must be purchased for personal use.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Before providing such loan, BFIs must ascertain that the borrower has not taken such type of loan before. The central bank has also instructed not to increase the installment amount in case the interest rate increases.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Although this new provision has provided some relief for those aspiring to purchase apartments at a time when the central bank has tightened its screws on lending in the housing sector, CEO of Sanima Bank Bhuvan Dahal says there are some ambiguities in this new policy.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">“This provision is overall good. But the central bank does not have clear policy regarding the individuals who had taken such loans and cleared all the dues,” said Dahal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dahal further said that the BFIs do not have records of such individuals.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">“This will complicate things for us,” he added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Likewise, the central bank as also introduced a policy to stabilize the rate of interest. As per the new policy, a mutual understanding can be reached between the lender and the borrower for a fixed rate of interest if the loan is provided for a period of more than a year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">BFIs cannot increase the rate of interest whatever might be the situation. However, such rate of interest will be more than the normal rate, according to BFIs.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2019-11-03', 'modified' => '2019-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '11350', 'image' => '20191103105307_1572751033.jpg', 'article_date' => '2019-11-03 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 13 => array( 'Article' => array( 'id' => '11598', 'article_category_id' => '1', 'title' => 'World Bank Executive Directors Visit Nepal, Discuss Federalism, Diversified Investment', 'sub_title' => '', 'summary' => 'November 3: An eleven-member delegation of the World Bank Group Executive Directors (EDs) visited Nepal from October 29 to November 1, to gain a comprehensive view of Nepal’s current development status and opportunities.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">November 3: An eleven-member delegation of the World Bank Group Executive Directors (EDs) visited Nepal from October 29 to November 1, to gain a comprehensive view of Nepal’s current development status and opportunities. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the World Bank, the visit marked the 50th year of World Bank Group-Nepal engagement, with the first World Bank credit in Nepal approved by the board on November 4, 1969.The trip was part of a larger visit to the South Asia Region that will also include Bangladesh and the Maldives, World Bank said in a statement.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">During their visit, the EDs met with representatives from federal and local governments, the private sector, development partners, and civil society. Discussions centered around Nepal’s transition to federalism, the need to invest in the country’s human capital, crowding in the private sector for diversified investment, the pace of reconstruction after the earthquakes in 2015, and the creation of jobs, especially for Nepal’s youth.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“Nepal has made progress in reduction of poverty and its stable government signals a smoother transition to the federal structure,” the statement quoted Jorge Chavez Presa, spokesperson of the delegation as saying. “However, to ensure stronger and more sustained growth, it needs rapid strengthening of institutions and systems. The World Bank Group is committed to help the Government of Nepal achieve its ambitious goals for the benefit of all Nepalis.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The EDs’ conversations with Finance Minister Dr Yuba Raj Khatiwada focused on leveraging World Bank Group-wide support for the federalism agenda, maximizing finance for development, and investing in health and education for the people of Nepal, the statement further said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">During the visit to an earthquake reconstruction site in Patlekhet of Kavrepalanchowk, the EDs learnt about the reconstruction program that supported rebuilding of more than 430,000 houses after the devastating earthquakes.The Government of Nepal’s larger rural housing reconstruction program aims to provide earthquake-resistant housing for around 700,000 beneficiaries. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">To further understand investment scenarios and discuss ways for diversifying investment, the EDs met entrepreneurs and private sector representatives. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The World Bank Group said it has a strong partnership with Nepal, with 50 years of engagement since 1969. The current investment portfolio cuts across all key sectors in 25 projects and has a net commitment of $2.47 billion (as of September 2019).</span></span></span></span></p> ', 'published' => true, 'created' => '2019-11-03', 'modified' => '2019-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '11349', 'image' => '20191103095805_aaaa.jpg', 'article_date' => '2019-11-03 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 14 => array( 'Article' => array( 'id' => '11597', 'article_category_id' => '1', 'title' => 'Palm Oil Increases Overall Export of Nepal', 'sub_title' => '', 'summary' => 'November 3: The rise in export of palm oil and soybean oil has increased the overall export of Nepal by 15 percent. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 3: </span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The rise in export of palm oil and soybean oil has increased the overall export of Nepal by 15 percent. Palm and soybean oils are not produced in Nepal but have become a major export products in the recent days. The total export of Nepal in the first three months of the current fiscal year 2019/20 has reached 27.16 billion. This is not a result of increased production within the country but due to the export of palm and soybean oils, which are first imported in crude form, then processed and exported mainly to India.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Palm oil and soybean oil make up 27 percent of the total export during the review period. During this period, palm and soybean oils worth Rs 7.26 billion were exported from Nepal. If these two products are excluded, Nepal’s export in the first three months of current FY will be around Rs 20 billion, which is Rs 3 billion less compared to the same period of last fiscal year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This clearly shows that the government’s initiative to promote domestic products in the international market has been ineffective as the increase in export of Nepal is basically due to the export of palm and soybean oils that are first imported and then repackaged and exported to India.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the Department of Customs, Nepal exported palm oil worth Rs 5.78 billion and soybean oil worth Rs 1.48 billion during the review period. In the meantime, Nepal imported palm oil worth Rs 5.54 billion and soybean oil worth Rs 4 billion, records maintained by the department have revealed.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The massive surge in import and export of palm oil in the recent time is attributed to the low import duty on the product in Nepal compared to India. The local businessmen are taking advantage of this gap in tariff imposed by the two countries. Nepal imposes 10 percent customs duty on import of palm oil while India imposes 40 percent customs duty for the same product.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">India, which is one of the largest importers of palm oil in the world, had increased customs duty on crude palm oil imported from Association of Southeast Asian Nations (ASEAN) by $5 and refined palm oil by $9.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">This has directly benefitted the local businessmen of Nepal where there is lower customs duty for import of palm oil. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Nepali businessmen import crude palm oil from Indonesia, Malaysia, Brazil, Ukraine, Thailand and Argentina and export refined palm oil to India.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">“Nepali exporters have been benefitting from the low customs duty for agricultural product that the Indian government has given to Nepal,” said Anand Bagaria, a local businessman.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">“Bangladesh and Sri Lanka are also doing the same,” he added.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-03', 'modified' => '2019-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '11348', 'image' => '20191103092810_20190807121918_Clipboard01.jpg', 'article_date' => '2019-11-03 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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Likewise, Tilak Pariyar was recommended as governor of Province 2, Bishnu Prasai for Province 3, Amik Sherchan for Gandaki Province, Dharmanath Yadav for Province 5, Govinda Kalauni for Karnali Province and Sharmila Tripathi for Sudur Paschim Province.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The names were suggested to the government by a secretariat meeting of the ruling Nepal Communist Party earlier on Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The new governors were appointed following an understanding between NCP co-chairs KP Sharma Oli and Pushpa Kamal Dahal to allot four seats to former UML candidates and three to former Maoist Centre candidates.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Governors Adhikari, Yadav, Kalauni and Prasai were backed by PM Oli while Dahal supported Sherchan, Pariyar and Tripathi.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">President Bhandari administered oath of office and secrecy to the newly appointed governors on Tuesday morning.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The government had dismissed the former governors, who were appointed by the government led by Sher Bahadur Deuba about 21 months ago, on Sunday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, senior leader of NCP Madhav Kumar Nepal has registered a note of dissent with the party regarding recommendations of names for the posts of governor. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11364', 'image' => '20191105111919_20191104092741_Clipboard01.jpg', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 1 => array( 'Article' => array( 'id' => '11613', 'article_category_id' => '1', 'title' => 'Probe Committee to Investigate Alleged Irregularities against Dy Governor of NRB', 'sub_title' => '', 'summary' => 'November 5: A board meeting of Nepal Rastra Bank has formed a three-member probe committee to investigate into alleged irregularities against its deputy governor Shiva Raj Shrestha.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 5: A board meeting of Nepal Rastra Bank has formed a three-member probe committee to investigate into alleged irregularities against its deputy governor Shiva Raj Shrestha. With the formation of the committee on Monday (November 4), Shrestha has been automatically suspended from his post as per Article 22 of the Nepal Rastra Bank Act 2058.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government had instructed the central bank to investigate Shrestha’s involvement in irregularities by abusing his power as the deputy governor of NRB.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The probe committee is headed by Shreeram Poudel. Other members of the committee are Dr Subodh Kumar Karna and Ramji Regmi.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The central bank has given one month’s time for the committee to complete the investigation.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Shrestha can be sacked from his post if the committee recommends his removal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The first meeting of the committee on Monday itself decided to seek the details of charges against Shrestha from the Anti Money Laundering Department of NRB.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A member of the probe committee said that they decided to seek the details from the department as the letter sent to the central bank by the Ministry of Finance is not clear about the accusations against Shrestha.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A cabinet meeting on October 17 had decided to take action against Shestha as per the recommendation of the Anti Money Laundering Department.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The probe committee is also preparing to take statements from other accused.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Shrestha has been accused of favouring Ncell in a sub judice case at the Supreme Court and also of helping banks and financial institutions to conceal bad loans. He is also accused of presenting forged bills during his foreign official visits.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A source at the department said that Shrestha was against anti-money laundering. Amid these allegations, the department had written a letter to the government to take action against Shrestha.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11363', 'image' => '20191105105909_20191104090010_20190719115911_NRB-_-image.jpg', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 2 => array( 'Article' => array( 'id' => '11610', 'article_category_id' => '1', 'title' => 'UAE Agrees to Implement Labour Pact', 'sub_title' => 'Migrant workers will not have to pay any amount to manpower companies', 'summary' => 'November 5: The United Arab Emirates (UAE) has agreed to immediately implement the labour pact signed with Nepal about five months ago. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 5: The United Arab Emirates (UAE) has agreed to immediately implement the labour pact signed with Nepal about five months ago. A two-day meeting of the officials from Nepal and the UAE in Kathmandu decided to implement the agreement reached between the two countries.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The meeting has finalized the process of supplying workers and the cost of sending them to the UAE, informed Labour Secetary Ram Prasad Ghimire, who led the Nepali delegation.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Now, the migrant workers going to the UAE will not have to pay any amount to the manpower companies. The companies will get service charge directly from the employers.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to Ghimire, migrant workers do not have to pay any charge except orientation fee, welfare charge and life insurance.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nepal and the UAE had signed a ministerial-level agreement on labour pact during International Labour Conference held in Geneva on June 14 earlier this year to mark the centenary of ILO.</span></span></p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11362', 'image' => '20191105092259_1572912262.jpg', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 3 => array( 'Article' => array( 'id' => '11609', 'article_category_id' => '1', 'title' => 'Government Prepares Draft Law to Split CAAN', 'sub_title' => '', 'summary' => 'November 5: The government has prepared a draft law to split the Civil Aviation Authority of Nepal (CAAN) into two separate entities – a regulatory body and a service provider.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 5: The government has prepared a draft law to split the Civil Aviation Authority of Nepal (CAAN) into two separate entities – a regulatory body and a service provider.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the Ministry of Culture, Tourism and Civil Aviation, it has incorporated suggestions from the finance, home and foreign ministries in the draft. Now, the ministry is awaiting for suggestions from the law ministry before forwarding the draft to the Council of Ministers.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Secretary at the Ministry of Culture, Tourism and Civil Aviation Kedar Bahadur Adhikari said that the draft is almost ready and will be presented to the cabinet after Tourism Minister Yogesh Bhattarai returns from his foreign trip.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The draft has proposed splitting CAAN into Civil Aviation Authority as the regulatory body and Air Service Authority as the service provider.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government decided to split the CAAN into two entities as per the demand of the International Civil Aviation Organisation (ICAO) and the European Union, which has banned Nepali airline companies.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nepali airline companies have not been able to operate flights to European countries due to the ban imposed by EU. The government believes that splitting CAAN will help address the concerns of EU.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">EU imposed the ban on Nepal in 2013 following the deaths of 19 passengers, including seven Britons, in a plane crash of Sita Air in September 2012.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government decided to split CAAN into regulatory body and service provider about four months ago to make air service in Nepal safe and effective.</span></span></p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11361', 'image' => '20191105085928__MG_9719.JPG', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 4 => array( 'Article' => array( 'id' => '11611', 'article_category_id' => '1', 'title' => 'Mahara Sent to Dillibazar Jail', 'sub_title' => '', 'summary' => 'November 5: District Court, Kathmandu has sent former speaker of the House of Representatives Krishna Bahadur Mahara to Dillibazar Prison in an attempt to rape case filed by Roshani Shahi, a staffer at the Parliament Secretariat.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 5: District Court, Kathmandu has sent former speaker of the House of Representatives Krishna Bahadur Mahara to Dillibazar Prison in an attempt to rape case filed by Roshani Shahi, a staffer at the Parliament Secretariat.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Chief of the District Court, Judge Sudarshan Raj Pandey issued an order on Monday to keep Mahara in judicial custody until the final verdict.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government lawyers and Mahara’s defense lawyers presented their views during the hearing on Monday after which the judge issued such order.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Senior advocates Raman Kumar Shrestha, Sher Bahadur KC, Kabita Bhandari Baral and Krishna Prasad Sapkota defended Mahara on the second day of the hearing while government lawyers demanded extending his custody.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mahara, who was arrested on October 6, said before the judge that he had not visited the room of the alleged victim Roshani Shahi. He said that Shahi was a family friend and he had only talked with her over the phone.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11360', 'image' => '20191105101502_1572876819.jpg', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 5 => array( 'Article' => array( 'id' => '11612', 'article_category_id' => '1', 'title' => 'Case Registered Against Alam', 'sub_title' => '', 'summary' => 'November 5: The District Attorney’s Office, Rautahat has registered case against Nepali Congress lawmaker Mohammad Aftab Alam on charges of murder, attempted murder and bomb blast.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 5: The District Attorney’s Office, Rautahat has registered case against Nepali Congress lawmaker Mohammad Aftab Alam on charges of murder, attempted murder and bomb blast.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">District Attorney Khandi Raj Katuwal confirmed that the office filed case against Alam on Monday, November 4.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Alam was arrested three weeks ago in connection to a crime committed on the eve of the Constituent Assembly election in 2008 when he burnt alive the survivors of an accidental bomb blast, which was being prepared at his behest.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">At least a dozen people were killed in the bomb blast, which was intended for the elections to ensure Alam’s victory. Katuwal, citing eyewitnesses, said that Alam burnt the survivors of the blast to hide the evidence. </span></span></p> ', 'published' => true, 'created' => '2019-11-05', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11359', 'image' => '20191105102832_download.jpg', 'article_date' => '2019-11-05 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 6 => array( 'Article' => array( 'id' => '11607', 'article_category_id' => '1', 'title' => 'Kalanki-Chabahil Section of Ring Road to be Upgraded into 8 Lanes', 'sub_title' => '', 'summary' => 'November 4: The Department of Roads has started preparations for upgrading the Kalanki-Chabahil section of Ring Road into eight lanes. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 4: The Department of Roads has started preparations for upgrading the Kalanki-Chabahil section of Ring Road into eight lanes. The road section is being upgraded under the second phase of Ring Road Development Project with the support from the Chinese government.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has already upgraded Koteshwar-Kalanki section of Ring Road with the support from the Chinese government in the first phase. China’s Shanghai Construction Group had bagged the contract to expand the road section. The same construction company will complete upgrading the remaining parts of the Ring Road.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Detailed Project Report of the project is almost complete and the Chinese company will hand over the DPR to the government after ‘site clearance’, informed Keshav Sharma, director general of the Department of Roads.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to Sharma, the department is preparing to cut trees, shift poles and dismantle bridges and houses that fall on the route. He said that the process of felling trees and shifting electricity poles has already begun.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In course of site clearance, the department has already shifted 500 poles and cut down 300 trees, the department informed. Altogether 2100 trees need to be cut to widen the road.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As per the plan, the road will be 62 metres wide.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Ring Road Development Project will give compensation to 50 houses and dismantle the structures, said project chief Amrit Mani Rimal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The total cost of site clearance is estimated to be Rs 3 billion including Rs 1.5 billion for compensation.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The department informed New Business Age that a section of Nepalese Army barracks in Sitapaila and the overhead bridge at New Bus Park area.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The department is not clear on whether to expand the road from Chabahil to Gaushala as the road section has lots of houses. Expanding the road would also endanger some ancient structures that fall in the World Heritage Site.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-04', 'modified' => '2019-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '11358', 'image' => '20191104012312_5c98463ca3104842e4a54d54.jpeg', 'article_date' => '2019-11-04 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 7 => array( 'Article' => array( 'id' => '11608', 'article_category_id' => '1', 'title' => 'Central Bank Suspends Deputy Governor Shrestha', 'sub_title' => '', 'summary' => 'November 4: Nepal Rastra Bank has suspended its Deputy Governor Shiva Raj Shrestha for his alleged involvement in irregularities. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">November 4: Nepal Rastra Bank has suspended its Deputy Governor Shiva Raj Shrestha for his alleged involvement in irregularities. The central bank on Monday formed a three-member probe committee for investigating into the matter.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Nepal Rastra Bank formed the committee headed by Shreeram Poudel following instruction from the government to probe into the matter. Other members of the committee are Dr Subodh Kumar Karna and Ramji Regmi.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The central bank has given one month’s time for the committee to complete the investigation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Shrestha has been accused of favouring Ncell in a sub judice case at the Supreme Court and also of helping banks and financial institutions to conceal bad loans. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-04', 'modified' => '2019-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '11357', 'image' => '20191104013031_1572845125.jpg', 'article_date' => '2019-11-04 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 8 => array( 'Article' => array( 'id' => '11606', 'article_category_id' => '1', 'title' => 'Social Security Fund to Provide Loan to Contributors', 'sub_title' => '', 'summary' => 'November 4: The government is preparing to launch the work procedure of the Social Security Fund after the scheme failed to attract commercial enterprises.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 4: The government is preparing to launch the work procedure of the Social Security Fund after the scheme failed to attract commercial enterprises. Even the employees have shown reluctance to get listed in the contribution-based scheme as the return is not as attractive as that of the Employee Provident Fund (EPF) and the Citizens Investment Trust (CIT). The workers are hesitant to contribute to the fund because they cannot get any benefit from the scheme or utilize any amount during emergency until they retire.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has realized the need for policy level reforms due to the discouraging participation of the private sector in the scheme. Only 8,000 enterprises have enlisted in the scheme as of mid-October.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In this context, the Social Security Fund has prepared a work procedure to provide loans to the contributors under 12 different heads including home loan, educational loan among others.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Ministry of Labour, Employment and Social Security said that the work procedure has been sent to the Council of Ministers for approval.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Executive Director of the Social Security Fund Kapil Mani Gyawali told New Business Age that the new offers mentioned in the work procedure are more attractive than the facilities provided by the EPF and CIT.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">He said that the work procedure will be implemented as soon as it gets approved by the cabinet.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Gyawali further said that they decided to provide loan as per the international practice.</span></span></p> ', 'published' => true, 'created' => '2019-11-04', 'modified' => '2019-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '11356', 'image' => '20191104101107_20190129043642_a.jpg', 'article_date' => '2019-11-04 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 9 => array( 'Article' => array( 'id' => '11605', 'article_category_id' => '1', 'title' => 'Government Removes Governors of All 7 Provinces', 'sub_title' => '', 'summary' => 'November 4: The government on Sunday sacked governors of all seven provinces. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 4: The government on Sunday sacked governors of all seven provinces. President Bidya Devi Bhandari relieved the governors of their duties upon the recommendation of the Council of Ministers.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The decision has removed Province 1 Governor Dr Govinda Bahadur Tumbahang, Province 2 Governor Ratneshwar Lal Kayastha, Province 3 Governor Anuradha Koirala, Gandaki Province Governor Baburam Kunwar, Province 5 Governor Umakanta Jha, Karmali Province Governor Durga Keshar Khanal and Sudur Paschim Province Governor Mohan Raj Malla from their posts.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government was planning to name the new governors on the same day but later decided to appoint the governors on Monday as the ruling Nepal Communist Party could not reach a decision on this issue. The then government led by Sher Bahadur Deuba had appointed the governors on January 17, 2018.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The constitution has a provision of appointing chief of each of the seven provinces as the representatives of the government. The new government formed under the leadership of KP Sharma Oli had earlier tried to remove the governors but did not succeed. This time, the President’s Office informed in a statement that the governors were relieved of their duties as per Article 165 of the constitution. Unless the governors are removed from their posts, they can enjoy a term of five years as the head of the provinces.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, the main opposition Nepali Congress has raised objections to the removal of the governors. NC said that the government’s decision to sack the governors is biased.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-04', 'modified' => '2019-11-04', 'keywords' => '', 'description' => '', 'sortorder' => '11355', 'image' => '20191104092741_Clipboard01.jpg', 'article_date' => '2019-11-04 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 10 => array( 'Article' => array( 'id' => '11604', 'article_category_id' => '1', 'title' => 'Central Bank to Probe Allegations of Irregularities against its Deputy Governor', 'sub_title' => '', 'summary' => 'November 4: A board meeting of Nepal Rastra Bank on Sunday to discuss the allegations of irregularities against its Deputy Governor Shiva Raj Shrestha failed to take any official decision.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 4: A board meeting of Nepal Rastra Bank on Sunday to discuss the allegations of irregularities against its Deputy Governor Shiva Raj Shrestha failed to take any official decision.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government had instructed the central bank to investigate Shrestha’s involvement in irregularities by abusing his power as the deputy governor of NRB.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A source at the central bank informed New Business Age that the board meeting didn’t take the matter seriously. The source said that the meeting only held a general discussion regarding the issue. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Shrestha has been accused of favouring Ncell in a sub judice case at the Supreme Court and also of helping banks and financial institutions to conceal bad loans. The government had instructed the central bank to investigate into these allegations.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Although Sunday’s meeting decided to from a probe committee, one of the board members present in the meeting told New Business Age that the meeting held informal discussions regarding the matter.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the board member, Sunday’s meeting has called for another meeting on Monday morning to take a formal decision in this issue.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government can relieve Shrestha of his duties if the probe committee finds him guilty and the board recommends his removal from the post.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Shrestha, who was appointed deputy governor of Nepal Rastra Bank in 2072, oversees the Supervision Department of the central bank.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-04', 'modified' => '2019-11-05', 'keywords' => '', 'description' => '', 'sortorder' => '11354', 'image' => '20191104090010_20190719115911_NRB-_-image.jpg', 'article_date' => '2019-11-04 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ), (int) 11 => array( 'Article' => array( 'id' => '11603', 'article_category_id' => '1', 'title' => 'Investors sign Record Rs 51 billion Agreement for Upper Trishuli Hydropower Project', 'sub_title' => '', 'summary' => 'November 3: Nine investors on Friday (November 1) signed a record agreement to invest a total of Rs 51.18 billion (US$ 453 million) for the Upper Trishuli-1 Hydropower Project. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 3: Nine investors on Friday (November 1) signed a record agreement to invest a total of Rs 51.18 billion (US$ 453 million) for the Upper Trishuli-1 Hydropower Project. The 216-megawatt project is the biggest project of Nepal in terms of investment.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">World Bank Group’s sister organization IFC, Asian Development Bank, Asian Infrastructure Development Bank, Korean Exim Bank, among others signed the agreement with the promoter of the project Nepal Water and Energy Development Company amid a function in the capital on Friday. Finance Minister Dr Yuba Raj Khatiwada and Energy Minister Barsha Man Pun were present during the signing ceremony.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The total cost of the project is estimated to be US$ 647 million. Seventy percent cost of the project will be raised through loan.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As per the agreement, IFC will be providing a loan investment of US$ 160 million, ADB will be investing US$ 60 million, Asian Infrastructure Bank (US$ 39.6 million), Korean Exim Bank (US$ 100 million), Korean Development Bank (US$ 30.8 million). Likewise, CDC Group will invest US$ 21.9 million, while other investors include Netherlands Development Finance Company (US$ 15.4 million), French Development Financial Institute (US$ 11 million), Opec Fund for International Development (US$ 13.2 million). </span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-03', 'modified' => '2019-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '11353', 'image' => '20191103013830_1572746800.jpg', 'article_date' => '2019-11-03 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 12 => array( 'Article' => array( 'id' => '11600', 'article_category_id' => '1', 'title' => 'BFIs can Fund up to 70 Percent for Home Loan', 'sub_title' => '', 'summary' => 'November 3: Any individual purchasing home or apartment for the first time will now be able to get loan up to 70 percent from banks and financial institutions (BFIs). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 3: Any individual purchasing home or apartment for the first time will now be able to get loan up to 70 percent from banks and financial institutions (BFIs). Prior to this, BFIs had been funding 50 percent of the total cost within the Kathmandu Valley and 60 percent outside the valley.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nepal Rastra Bank introduced this new policy by amending the Unified Directives on Friday, November 1. As per the revised policy, borrowers can acquire up to Rs 15 million from banks.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The central bank has stated that in order to acquire such loan, the borrower must have to purchase a residential area of 3000 square feet and the housing must be purchased for personal use.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Before providing such loan, BFIs must ascertain that the borrower has not taken such type of loan before. The central bank has also instructed not to increase the installment amount in case the interest rate increases.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Although this new provision has provided some relief for those aspiring to purchase apartments at a time when the central bank has tightened its screws on lending in the housing sector, CEO of Sanima Bank Bhuvan Dahal says there are some ambiguities in this new policy.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">“This provision is overall good. But the central bank does not have clear policy regarding the individuals who had taken such loans and cleared all the dues,” said Dahal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dahal further said that the BFIs do not have records of such individuals.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">“This will complicate things for us,” he added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Likewise, the central bank as also introduced a policy to stabilize the rate of interest. As per the new policy, a mutual understanding can be reached between the lender and the borrower for a fixed rate of interest if the loan is provided for a period of more than a year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">BFIs cannot increase the rate of interest whatever might be the situation. However, such rate of interest will be more than the normal rate, according to BFIs.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2019-11-03', 'modified' => '2019-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '11350', 'image' => '20191103105307_1572751033.jpg', 'article_date' => '2019-11-03 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 13 => array( 'Article' => array( 'id' => '11598', 'article_category_id' => '1', 'title' => 'World Bank Executive Directors Visit Nepal, Discuss Federalism, Diversified Investment', 'sub_title' => '', 'summary' => 'November 3: An eleven-member delegation of the World Bank Group Executive Directors (EDs) visited Nepal from October 29 to November 1, to gain a comprehensive view of Nepal’s current development status and opportunities.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">November 3: An eleven-member delegation of the World Bank Group Executive Directors (EDs) visited Nepal from October 29 to November 1, to gain a comprehensive view of Nepal’s current development status and opportunities. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the World Bank, the visit marked the 50th year of World Bank Group-Nepal engagement, with the first World Bank credit in Nepal approved by the board on November 4, 1969.The trip was part of a larger visit to the South Asia Region that will also include Bangladesh and the Maldives, World Bank said in a statement.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">During their visit, the EDs met with representatives from federal and local governments, the private sector, development partners, and civil society. Discussions centered around Nepal’s transition to federalism, the need to invest in the country’s human capital, crowding in the private sector for diversified investment, the pace of reconstruction after the earthquakes in 2015, and the creation of jobs, especially for Nepal’s youth.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“Nepal has made progress in reduction of poverty and its stable government signals a smoother transition to the federal structure,” the statement quoted Jorge Chavez Presa, spokesperson of the delegation as saying. “However, to ensure stronger and more sustained growth, it needs rapid strengthening of institutions and systems. The World Bank Group is committed to help the Government of Nepal achieve its ambitious goals for the benefit of all Nepalis.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The EDs’ conversations with Finance Minister Dr Yuba Raj Khatiwada focused on leveraging World Bank Group-wide support for the federalism agenda, maximizing finance for development, and investing in health and education for the people of Nepal, the statement further said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">During the visit to an earthquake reconstruction site in Patlekhet of Kavrepalanchowk, the EDs learnt about the reconstruction program that supported rebuilding of more than 430,000 houses after the devastating earthquakes.The Government of Nepal’s larger rural housing reconstruction program aims to provide earthquake-resistant housing for around 700,000 beneficiaries. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">To further understand investment scenarios and discuss ways for diversifying investment, the EDs met entrepreneurs and private sector representatives. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The World Bank Group said it has a strong partnership with Nepal, with 50 years of engagement since 1969. The current investment portfolio cuts across all key sectors in 25 projects and has a net commitment of $2.47 billion (as of September 2019).</span></span></span></span></p> ', 'published' => true, 'created' => '2019-11-03', 'modified' => '2019-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '11349', 'image' => '20191103095805_aaaa.jpg', 'article_date' => '2019-11-03 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 14 => array( 'Article' => array( 'id' => '11597', 'article_category_id' => '1', 'title' => 'Palm Oil Increases Overall Export of Nepal', 'sub_title' => '', 'summary' => 'November 3: The rise in export of palm oil and soybean oil has increased the overall export of Nepal by 15 percent. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">November 3: </span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The rise in export of palm oil and soybean oil has increased the overall export of Nepal by 15 percent. Palm and soybean oils are not produced in Nepal but have become a major export products in the recent days. The total export of Nepal in the first three months of the current fiscal year 2019/20 has reached 27.16 billion. This is not a result of increased production within the country but due to the export of palm and soybean oils, which are first imported in crude form, then processed and exported mainly to India.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Palm oil and soybean oil make up 27 percent of the total export during the review period. During this period, palm and soybean oils worth Rs 7.26 billion were exported from Nepal. If these two products are excluded, Nepal’s export in the first three months of current FY will be around Rs 20 billion, which is Rs 3 billion less compared to the same period of last fiscal year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This clearly shows that the government’s initiative to promote domestic products in the international market has been ineffective as the increase in export of Nepal is basically due to the export of palm and soybean oils that are first imported and then repackaged and exported to India.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the Department of Customs, Nepal exported palm oil worth Rs 5.78 billion and soybean oil worth Rs 1.48 billion during the review period. In the meantime, Nepal imported palm oil worth Rs 5.54 billion and soybean oil worth Rs 4 billion, records maintained by the department have revealed.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The massive surge in import and export of palm oil in the recent time is attributed to the low import duty on the product in Nepal compared to India. The local businessmen are taking advantage of this gap in tariff imposed by the two countries. Nepal imposes 10 percent customs duty on import of palm oil while India imposes 40 percent customs duty for the same product.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">India, which is one of the largest importers of palm oil in the world, had increased customs duty on crude palm oil imported from Association of Southeast Asian Nations (ASEAN) by $5 and refined palm oil by $9.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">This has directly benefitted the local businessmen of Nepal where there is lower customs duty for import of palm oil. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Nepali businessmen import crude palm oil from Indonesia, Malaysia, Brazil, Ukraine, Thailand and Argentina and export refined palm oil to India.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">“Nepali exporters have been benefitting from the low customs duty for agricultural product that the Indian government has given to Nepal,” said Anand Bagaria, a local businessman.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">“Bangladesh and Sri Lanka are also doing the same,” he added.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2019-11-03', 'modified' => '2019-11-03', 'keywords' => '', 'description' => '', 'sortorder' => '11348', 'image' => '20191103092810_20190807121918_Clipboard01.jpg', 'article_date' => '2019-11-03 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ) ) $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
