April 18: The path towards sustainable government debt levels around the world is under threat this year from the sheer number of elections taking place, AFP reported citing the IMF’s new report on…
April 18: The path towards sustainable government debt levels around the world is under threat this year from the sheer number of elections taking place, AFP reported citing the IMF’s new report on…
April 18: The government authorities of Nepal have requested Bangladesh to remove the customs duty imposed by Bangladesh on the import of Nepali goods, saying that the export of Nepal has been affected due to the additional customs duty imposed by…
April 18: President Ram Chandra Paudel on Thursday appointed Toyam Raya as the Auditor General of Nepal upon the recommendation of Constitutional…
April 18: One-third of investors and officials who have been invited by the Investment Board Nepal for the upcoming Third Investment Summit have confirmed their participation as of…
April 18: Due to lack of domestic production, grape imports are increasing, Nepalese consumed 10.5 billion worth of grapes in 5…
April 18: A Pakistan High Court on Wednesday said the government must restore social media platform X within one week, a lawyer said, after more than two months of disruption ordered by the interior…
April 18: The export of goods produced in Nepal to third countries from the Tribhuvan International Airport customs office has come to a…
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April 17: The government is planning to provide concessional loans to 200 start-up projects in the current fiscal year.…
April 17: The Confederation of Nepalese Industries (CNI), an umbrella organization of the private sector industries in Nepal, has urged the government to implement a multi-rate value-added tax (VAT) system.…
April 17: The Parliamentary Hearings Committee has cleared the way for the appointment of Toyam Raya as the Auditor…
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April 17: The International Monetary Fund (IMF) has raised its outlook for the global economy this year with a growth projected to reach 3.1 percent in…
April 16: Prime Minister Pushpa Kamal Dahal has said that the government’s collaboration with the private sector can make the economy…
April 16: Economists and experts have urged the government to introduce a practical budget for the upcoming fiscal…
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), (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' => '20755', 'article_category_id' => '1', 'title' => 'IMF says Global Debt Levels Face 'Great Election Year' Risk', 'sub_title' => '', 'summary' => 'April 18: The path towards sustainable government debt levels around the world is under threat this year from the sheer number of elections taking place, AFP reported citing the IMF’s new report on Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: The path towards sustainable government debt levels around the world is under threat this year from the sheer number of elections taking place, AFP reported citing the IMF’s new report on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"History suggests, and empirical evidence confirms, that governments tend to spend more and or tax less in election year," Vitor Gaspar, the head of the International Monetary Fund's Fiscal Affairs told AFP, ahead of the publication of the Fiscal Monitor report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He added that the situation this year is particularly complicated because, "the political discourse is dominated by references to fiscal expansion and calls for fiscal support or public spending -- or both."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the Fiscal Monitor report found that global public debt "edged up again" last year, reversing a couple of years of decline, due largely to a fall in revenues "as windfall revenues from inflation waned."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Fiscal tightening is projected for 2024, but it is subject to considerable uncertainty," the IMF report continued.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Much of this uncertainty, the IMF said, is down to the fact that 2024 is the "Great Election Year," when 88 economies or economic areas representing more than half of the world's population have held, or are due to hold, elections.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Clearly, given the stronger link between fiscal policy and politics, it is perfectly reasonable to think that political factors and political discourse will play an added role right now," Gaspar told AFP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The IMF predicts that current spending and taxation levels have put global public debt on track to rise from just over 93 percent of economic output last year to 99 percent by 2029.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This trend is "driven by the world's two largest economies, China and the United States, where under current policies public debt is projected to continue increasing beyond historical highs," the IMF report said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US experienced "remarkably large fiscal slippages," last year, the IMF said, citing a steep decline in income tax revenues due to lower capital gains taxes and "delayed tax payment deadlines."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Like the US, China's fiscal deficit is projected to remain at elevated levels over the next five years, rising from more than seven percent of GDP last year to around eight percent by 2029.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"China stands out as a country where the deficit has stayed elevated throughout," Gaspar said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, "China, as the United States, has policy room to correct the situation and can do it from a public finance viewpoint," he continued, adding: "China does have room to maneuver."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Given China's role as a leading bilateral lender to many of the world's developing economies, its fiscal position carries consequences for countries around the world.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the Fiscal Monitor report called for countries to make a "renewed push" toward consolidating their fiscal positions -- especially given the expected loosening of tight monetary policy in many places through interest rate cuts later this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">To do this, the IMF recommended that countries should start by "immediately" phasing out pandemic-era support measures, scaling back fuel and energy subsidies, and enacting entitlement reforms in advanced economies with ageing populations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In emerging market and developing economies, governments should "renew efforts to rationalize large government wage bills, and reform social safety nets," the IMF said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the context of Nepal, the share of public debt has been increasing compared to the gross domestic product (GDP). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the latest data, Nepal's public debt has soared to 43.80 percent of the total GDP. This figure is based on the loans taken by the government as of mid-November of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the government data, Nepal’s public debt has increased to Rs 2357 billion mainly due to the rise in government’s tendency to raise debt to meet its current expenses.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government’s internal debt stood at Rs 1183 billion and external debt is Rs 1173 billion as of mid-November 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The country’s public debt was Rs 2221.67 billion in mid-July at the beginning of the current fiscal year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20482', 'image' => '20240418020330_20231201023735_public debt.jpg', 'article_date' => '2024-04-18 14:02:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20753', 'article_category_id' => '1', 'title' => 'Nepal urges Bangladesh to Remove ‘Additional Customs Duty’ on Nepalese Goods', 'sub_title' => '', 'summary' => 'April 18: The government authorities of Nepal have requested Bangladesh to remove the customs duty imposed by Bangladesh on the import of Nepali goods, saying that the export of Nepal has been affected due to the additional customs duty imposed by Bangladesh.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: The government authorities of Nepal have requested Bangladesh to remove the customs duty imposed by Bangladesh on the import of Nepali goods, saying that the export of Nepal has been affected due to the additional customs duty imposed by Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While Nepal’s trade with Bangladesh was profitable in the past, it has faced a continuous trade deficit in recent years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepali officials assert that Bangladesh's additional customs duty is contributing to the expanding trade deficit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Foreign Affairs informed through a press statement that Nepal raised this matter at the third Foreign Office Consultation meeting between Nepal and Bangladesh held in Kathmandu on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the ministry, Foreign Secretary Sewa Lamsal requested her Bangladeshi counterpart, Masood Bin Momen, to completely remove the additional customs duty on Nepali goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Amrit Bahadur Rai, Joint Secretary and Spokesperson for the Ministry of Foreign Affairs, informed New Business Age that the government is actively working to eliminate trade barriers caused by Bangladesh's customs tariffs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ram Chandra Tiwari, joint secretary of the Ministry of Industry, Commerce and Supplies, said that Nepal is preparing to raise this issue in the commerce secretary-level meeting to be held in Kathmandu from Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are also addressing the non-implementation of the previous agreement regarding customs exemption for Nepalese goods. The meeting will focus on promoting trade between the two countries,” he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal mostly exports agricultural products like wheat, lentils, herbs, ginger, broom grass, yarn among others to Bangladesh. According to the government officials, Nepal’s exports have declined due to the imposition of 'high customs duty' by the Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh has been providing duty-free facilities for 108 items including agricultural products of Nepal. Nepal has been asking for duty-free facilities for tea, black lentil, coffee, cardamom, broom grass, fruits, pashmina and more.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to officials of the Ministry of Commerce, Nepal has the potential to export products such as spices, cabbage, tomatoes, avocado, pickles, carpets and dairy products to Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Bangladesh is also seeking duty-free facility on 64 items. Bangladesh has been asking for duty-free facilities especially for fish, medicine, juice, soft drinks, raw jute etc.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Tiwari, there will be an in-depth discussion on customs-free facilities, market access, transportation and other issues between the two countries in the commerce secretary-level meeting.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Most of the goods exported to Bangladesh are sent through the eastern border of Nepal through Phulbari in India and Chittagong port in Bangladesh. Tiwari informed that since transporting goods through this route takes 4 to 5 days due to customs clearance at the, it raises the expenses. This issue will also be discussed during the commerce secretary-level meeting, said Tiwari.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh, which is 30 kilometers away from the Nepalese border, has been making leaps in economic development for the past few years. As a result, its per capita income is much higher than that of Nepal. Due to its large population, Bangladesh has emerged as an attractive market for the world. However, Nepal has not been able to take advantage of it.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to a study conducted by South Asia Watch on Trade, Economics and Environment (SAWTEE), Nepal exported more goods to Bangladesh that it imported from the neighbouring country between the fiscal year 2061/62 to 2069/70. Since then, exports from Nepal have decreased and imports from Bangladesh have continued to rise.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Department of Customs, Nepal exported goods worth Rs 57 million to Bangladesh while it imported goods worth Rs 6 billion in the last fiscal year 2079/80. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, in the foreign secretary-level meeting held on Wednesday, the secretaries of both countries emphasized on the speedy implementation of the BBIN Motor Vehicle Agreement between Bangladesh, Bhutan, India and Nepal to enable the means of transportation between the member states without interruption, the Ministry of Foreign Affairs informed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Foreign Affairs Ministry Spokesperson Rai, the two countries also discussed the issue of electricity export to Bangladesh.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20481', 'image' => '20240418014609_GLWbN53bkAARwPq.jpg', 'article_date' => '2024-04-18 13:45:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20754', 'article_category_id' => '1', 'title' => 'President Appoints Raya as Auditor General ', 'sub_title' => '', 'summary' => 'April 18: President Ram Chandra Paudel on Thursday appointed Toyam Raya as the Auditor General of Nepal upon the recommendation of Constitutional Council. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: President Ram Chandra Paudel on Thursday appointed Toyam Raya as the Auditor General of Nepal upon the recommendation of Constitutional Council. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">President Paudel appointed Raya to the post of Auditor General in accordance with Article 240 (2) of the Constitution of Nepal, reads a press release issued by Spokesperson for the Office of the Presidnet, Shailaja Regmi Bhattarai.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The post of auditor general had remained vacant ever since the then Auditor General Tankamani Sharma Dangal retired after completing his term on May 22 last year. After Sharma's retirement, the then Deputy Auditor General Rammaya Kunwar was given the responsibility of acting auditor general for one and a half months. After Kunwar went on compulsory retirement on August 7, Maheshwar Kafle got the responsibility.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bamdev Sharma was given the responsibility of acting auditor general after Kafle went on mandatory retirement in late January due to the age limit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The office was run by acting auditor general for around eleven months due to the delay in appointing an auditor general.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Due to the lack of leadership, the Office of the Auditor General has not been able to move forward with the strategic plan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Office of the Auditor General audits all federal and state government offices including the Office of the President and Vice President, Supreme Court, Federal Parliament, Provincial Assembly, Provincial Government, Local Level, Constitutional Bodies and Offices, Courts, Attorney General's Office, Nepal Army, Nepal Police and Armed Police Force. The purpose of the audit is to protect the public resources of the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Office of the Auditor General also gives necessary suggestions and recommendations based on the effectiveness of government income and expenditure. The office submits and publishes the annual report of all government agencies to the President. The Office of the Auditor General has the right to see the accounting documents at any time to audit various agencies of the Central and State Governments. However, the lack of leadership has made the Office of the Auditor General weak in its role.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A meeting of the Constitutional Council held on March 31 had decided to recommend Raya, who was then the secretary of the National Statistics Office, for appointment to the post of Auditor General. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Some stakeholders criticized his appointment to the post due to a conflict of interest. As the secretary also has to audit the work done by himself, there will be a conflict of interest, say Transparency International and other organizations involved in anti-corruption watch. Transparency International has warned that this could disrupt good governance.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the MPs ignored this argument and approved Raya's recommendation. The previous Auditor General Tankamani Sharma was also appointed to the post after resigning from the post of Secretary. Raya, who is considered to be close to the ruling CPN-UML, has been appointed for a 6-year term with just 5 months left for his retirement.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20480', 'image' => '20240418015718_20240417025206_oag-building.jpg', 'article_date' => '2024-04-18 13:56:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20752', 'article_category_id' => '1', 'title' => '462 Investors out of 1,355 Invitees Confirm their Participation for Investment Summit', 'sub_title' => '', 'summary' => 'April 18: One-third of investors and officials who have been invited by the Investment Board Nepal for the upcoming Third Investment Summit have confirmed their participation as of Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 18: One-third of investors and officials who have been invited by the Investment Board Nepal for the upcoming Third Investment Summit have confirmed their participation as of Wednesday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The board has sent invitations to 1,355 individuals to attend to the conference. Among them, 462 people have confirmed their participation but the list of attendees does not include any renowned businessmen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The government has left no stone unturned to invite rich and famous businessmen to the upcoming investment summit scheduled for April 28-29.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Former Finance Minister Dr Prakash Sharan Mahat had invited businessman Gautam Adani when he reached India's Gujarat, while the government has sent letters to world-famous businessman Elon Musk, India's richest man Mukesh Ambani, China's successful entrepreneur Jack Ma and others. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">An official of the Investment Board informed New Business Age that these businessmen have not confirmed their attendance for the conference as of Wednesday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"There are no well-known celebrity businessmen in this list so far," said the official, "There are many businessmen from China in the list of those who have accepted Nepal's invitation.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Most of the businessmen who have confirmed their participation in the investment summit are from China followed by Indian investors.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"We have done our job," said the official, adding, "Now, it is up to them. They can come here on their own or they can inform us a few days before coming.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">According to the Investment Board, those confirming their participation include heads of various delegations, officials of the Chamber of Commerce, deputies of international financial institutions and other officials. Investors and officials from 36 countries have confirmed their participation in the summit.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Most of the attendees are domestic businessmen of Nepal (161). Then there are notable investors from China, India, Germany and other countries which have confirmed their participation.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">According to the Investment Board, 2 to 5 representatives will come from Singapore, Malaysia, Russia, Finland, Colombia, Canada, Qatar, European Union (EU), Belgium, Bahrain, Austria. The board confirmed that one person each will come from Vietnam, Vanuatu, Turkey, Thailand, Switzerland, Sri Lanka, Saudi Arabia, Romania, Morocco, Mauritius, Cyprus.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20479', 'image' => '20240418124911_investment summit.jpg', 'article_date' => '2024-04-18 12:47:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20751', 'article_category_id' => '1', 'title' => 'Import of Grapes Increasing due to Lack of Commercial Production in Nepal', 'sub_title' => '', 'summary' => 'April 18: Due to lack of domestic production, grape imports are increasing, Nepalese consumed 10.5 billion worth of grapes in 5 years', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: Due to lack of domestic production, grape imports are increasing, Nepalese consumed 10.5 billion worth of grapes in 5 years</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal has imported grapes worth more than Rs 1 billion in the first eight months of the current fiscal year. According to the data of the Department of Customs, Nepal imported 1,30,82,426 kilograms of grapes worth Rs 1.22 billion from mid-July to mid-March.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the corresponding period last fiscal year, Nepal had imported 1,24,70, 085 kilograms of grapes worth Rs 938.9 million. The data shows that the import of grapes in the first eight months of the current fiscal year increased by 4 percent in quantity and 30 percent in price compared to the corresponding period of last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal mainly imports grapes from China and India. In the review period, Nepal imported the maximum quantity of grapes from India. According to the department, Nepal imported 1,24,46, 094 kg of grapes worth Rs 1.08 billion from India alone. Similarly, it imported 636,332 kilograms of grapes worth Rs 133.63 million from China.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the data of the department, the country imported 210.71 million kilograms of grapes worth Rs 10.43 billion in the last five years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Wine industries operating in Nepal also import grapes as raw materials.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The grapes found in the market of Nepal are mostly from India. The consumers in the country are forced to buy imported grapes due to lack of production in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to businessmen, the production of grapes in Nepal is almost zero and therefore the country relies on imported grapes to meet the market demand.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Except for some people growing grapes for personal consumption, there is hardly any commercial farming of grapes done in Nepal. Since there is no production, we have to rely on imports," says Amar Baniya, president of the Nepal Fruit Wholesalers Association</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The prime season of grapes spans from January to March. Until March, all the grapes come from India and from April onward, the stored grapes come from China. As a result, its price also increases,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Baniya, the wholesale price of grapes was Rs 110-120 per kg until a few days ago, but now it has reached Rs 150-160 per kg. Baniya said that the price will increase as the stored grapes from China arrive in the market from now onwards. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He further said that grapes are available in the market throughout the year as grapes are imported from different countries in different seasons.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20478', 'image' => '20240418121513_ggg.jpg', 'article_date' => '2024-04-18 12:13:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20750', 'article_category_id' => '1', 'title' => 'Pakistan High Court Orders Government to Restore X in One Week', 'sub_title' => '', 'summary' => 'April 18: A Pakistan High Court on Wednesday said the government must restore social media platform X within one week, a lawyer said, after more than two months of disruption ordered by the interior ministry. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 18: A Pakistan High Court on Wednesday said the government must restore social media platform X within one week, a lawyer said, after more than two months of disruption ordered by the interior ministry. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The platform, formerly known as Twitter, has been rarely accessible since February 17, when jailed former prime minister Imran Khan's party called for protests against a government official's admission of vote manipulation in February's election. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pakistan's communications authority later admitted in court papers that it was ordered by the Interior Ministry to shut down the site. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The Sindh High Court has given the government one week to withdraw the letter, failing which, on the next date, they will pass appropriate orders," Moiz Jaaferi, a lawyer challenging the ban, told AFP. – AFP/RSS</span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20477', 'image' => '20240418113305_X-reuters-file1713365023-0.jpg', 'article_date' => '2024-04-18 11:32:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20749', 'article_category_id' => '1', 'title' => 'Export of Goods from Tribhuvan International Airport Comes to a Grinding Halt', 'sub_title' => '', 'summary' => 'April 18: The export of goods produced in Nepal to third countries from the Tribhuvan International Airport customs office has come to a standstill.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">April 18: The export of goods produced in Nepal to third countries from the Tribhuvan International Airport customs office has come to a standstill.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The freight forwarders and government officials informed that there has been no export since Monday after the trade union of the loaders interrupted the loading of the goods saying that one of the two x-rays was damaged and only one of them was causing delay.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to the government officials, one machine for x-raying exported goods has been broken for one month.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Ishwar Bahadur Gurung, secretary of Nepal Freight Forwarders Association, said that checking the goods with only one x-ray was not enough. "We are also requesting to repair another x-ray machine immediately," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Nepal Transport and Warehousing Company Limited has been assigned the responsibility of maintenance of the x-ray machines.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">“An important part of the machine is not operational due to damage. We cannot buy a new one without being sure that this part will work after maintenance. That's why there has been a delay in bringing it back into operation," said Tulsi Pokharel, acting head of the company.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Pokharel informed that if they will first try to replace the broken parts from other machines and will start a new procurement process if that is not possible.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Pokharel added that it will take a few months if they have to purchase a new machine. According to Pokharel, even a single x-ray is sufficient to scan goods. Pokharel claims that one machine can x-ray 35-40 tons of goods daily and if the goods arrive on time, one machine will be enough.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">However, freight forwarders say one x-ray machine is not enough. According to them, since there is only one machine, the x-ray is being delayed and this has hindered the export on time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">However, both sides are in talks. "We are trying to solve the problem through dialogue," Pokharel said.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20476', 'image' => '20240418110225_63cce5f4.jpg', 'article_date' => '2024-04-18 11:00:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20748', 'article_category_id' => '1', 'title' => 'Altitude Sickness Emerges as Major Concern for Tourists Visiting Mustang', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">April 17: </span></span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Altitude sickness is emerging as a growing concern among visitors in Mustang. The district also known as the district beyond the Himalaya is home to the famous Muktinath Temple which draws a large number of devotees mainly from home and India each year. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">In the past seven months, 11 tourists including three domestic citizens succumbed to high-altitude sickness in the district. The district recorded 29 fatalities in the past three years and 11 alone in the past seven months, according to the District Police Office, Mustang. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">The latest casualties include seven Indians, three Nepalis and one Ukrainian, Deputy Superintendent of Police, Bhojraj Pandey said. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">In the fiscal year 2078-29 BS (2021-22), six visitors – five females and one male – all from India died of altitude sickness. They were aged 45-73. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">According to the police records, they suffered high altitude-related health complications in Marfa, Mesokando Pass Trek, Muktinath Temple premises, Gharpajhong, Jomsom Airport, Lete, Tukuche, and Yara. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Of the latest fatalities, six were reported in the month of Chaitra (mid-March to mid-April). The victims were aged 35-83. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">During the last fiscal year (2022-23), the district witnessed 12 deaths resulting from altitude sickness and they were from India (seven), Thailand (one), and Nepal (four) and aged 42-75. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Altitude sickness is caused due to the body's inability to adjust to a low oxygen level at a higher altitude. This happens normally at an altitude above 2500 meters and its symptoms include headache, nausea, vomiting, breathing complications, insomnia, loss of appetite, fatigue, weakness, and so on. -- RSS</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20475', 'image' => '20240417062112_20230724112952_20220424035529_istockphoto-534638391-612x612.jpg', 'article_date' => '2024-04-17 18:19:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20747', 'article_category_id' => '1', 'title' => 'Govt Preparing to Provide Concessional Loans to 200 Startups', 'sub_title' => '', 'summary' => 'April 17: The government is planning to provide concessional loans to 200 start-up projects in the current fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 17: The government is planning to provide concessional loans to 200 start-up projects in the current fiscal year. The government has been promising concessional loans for start-up projects for the last few years but has not been able to implement its decision.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has received applications from more than 1,600 entrepreneurs seeking the start-up loans.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The target is to provide subsidized loans to around 200 projects from among those who have applied," said Umesh Kumar Gupta, executive director of the Industrial Enterprise Development Institute. The government has entrusted the institutute with the responsibility of collecting applications and selecting suitable candidates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">To help those who want to begin start-up ventures, the government has come up with a plan to provide loans at 3 per cent interest by keeping the projects as mortgage.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has also allocated a budget to involve people with the latest knowledge, thinking, skills and abilities in start-up enterprises. For such loans, the Ministry of Industry, Commerce and Supplies has allocated Rs 250 million in the current fiscal year. The government has adopted a policy of providing concessional loans up to a maximum of Rs 2.5 million for a start-up enterprise.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Gupta said that after providing the first instalment, the officials would visit the site of the project to see if the loan had been utilized. Only then will the second installment be released. "Even the third instalment will be released after assessing that the progress is satisfactory," he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">For the implementation of this project, the institute issued a notice on February 2, inviting interested start-up entrepreneurs to submit proposals for the loan. In 21 days, 1,658 projects were registered with the institute seeking loans. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The institute has formed an evaluation committee and made 12 different criteria for providing loans. The committee will now conduct a preliminary study of the projects registered with the institute and invite the proponents to present their projects.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the criteria, only the businesses registered at the Department of Industry, state bodies and local levels can obtain the loans.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Those who do not attach documents like industry registration, renewal, permanent account number, or copy of tax payment certificate will be removed from the project loan process.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If an entrepreneur is found to have submitted more than one proposal, all proposals will be cancelled.</span></span></p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Projects that do not meet the specified criteria will not be included in the loan process. According to the institute, start-ups that do not appear for the presentation at the specified time will be automatically removed from the selection process. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Gupta, the entrepreneur's project will get scores on the basis of presentation. Gupta also said that the institute will provide 15 minutes for the presentation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Gupta, executive director of the institute, informed that start-up projects that meet the criteria will be selected within 1 week. He said that after completion of the work, the selected project proponents will be asked to give a presentation and the loan will be given from mid-May. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20474', 'image' => '20240417041054_20220217054410_startup.jpg', 'article_date' => '2024-04-17 16:10:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20746', 'article_category_id' => '1', 'title' => 'CNI Demands Multi-Rate VAT to Discourage Illegal Imports from India', 'sub_title' => '', 'summary' => 'April 17: The Confederation of Nepalese Industries (CNI), an umbrella organization of the private sector industries in Nepal, has urged the government to implement a multi-rate value-added tax (VAT) system. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 17: The Confederation of Nepalese Industries (CNI), an umbrella organization of the private sector industries in Nepal, has urged the government to implement a multi-rate value-added tax (VAT) system. They argue that aligning Nepal's VAT rates with those of India would help curb the smuggling of goods from across the border. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A multi-rate VAT system involves applying different tax rates to different categories of goods or services. This approach can be effective in addressing the diverse needs of various industries and consumers while also potentially reducing tax evasion and promoting economic growth. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at the 21st Annual General Meeting of the CNI held in Kathmandu on Tuesday, President of the CNI Rajesh Kumar Agarwal said that illegal imports from India have thrived due to the high price of goods in Nepal because of the government’s decision to impose 13 percent VAT.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"As the same item is taxed only 5 percent in India and 13 percent in Nepal, goods are flowing illegally from India to Nepal due to the price difference," Agarwal said during the event which was attended by Prime Minister Pushpa Kamal Dahal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CNI has been advocating for multi-rate VAT since a long time. Other trade associations are also demanding multi-rate VAT.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the government has been turning a deaf ear to this demand saying that it will be difficult for the current administrative mechanism to implement multi-rate VAT. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A senior official of the Ministry of Finance had earlier told New Business Age that the high-level advisory committee on reforming the tax system, chaired by former minister and finance secretary Bidyadhar Mallik, had also suggested keeping the rate of VAT unchanged.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stating that illegal trade is becoming another threat for domestic industries of Nepal and the government, Agarwal complained that the state is losing revenue while the domestic industries are being affected.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the program, CNI President Agarwal discussed about the economic downturn saying that the overall demand is not encouraging and the industries and businesses are on the verge of closure due to the unexpected slump in the economy. He added that the production cost of the industries has increased and the industries have resorted to cut down producing </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He also complained that the Nepal Electricity Authority has imposed load-shedding for 16 hours in the industrial area at such a crucial time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Since April 1, India has reduced the amount of electricity it supplies to Nepal and started providing electricity only during the day. Subsequently, the NEA has increased the load shedding in the industrial sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CNI also raised questions about political instability in the context of the frequent change of government. President Agarwal said that policy stability is necessary to increase investment within the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> "Irrespective of whether the investment is domestic or foreign, investors look for policy stability," he said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On that occasion, Prime Minister Dahal said that the government is committed to increasing the morale of the private sector. "Collaboration with the private sector is indispensable to improve the economy," he said. Prime Minister Dahal said that the government has intervened positively to make the economy dynamic and said that there is no need to panic anymore.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20473', 'image' => '20240417033622_20210226043111_20201119021010_20200907074520_1599400665.tax.jpg', 'article_date' => '2024-04-17 15:35:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20745', 'article_category_id' => '1', 'title' => 'Parliamentary Hearings Committee Endorses Recommendation to Appoint Raya as Auditor General', 'sub_title' => '', 'summary' => 'April 17: The Parliamentary Hearings Committee has cleared the way for the appointment of Toyam Raya as the Auditor General.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 17: The Parliamentary Hearings Committee has cleared the way for the appointment of Toyam Raya as the Auditor General.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of the Parliamentary Hearings Committee, Pashupati Shamsher Rana told reporters that his name was unanimously approved by the committee's meeting held on Tuesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A meeting of the Constitutional Council held on March 31 had decided to recommend Raya, who is the secretary of the National Statistics Office, for appointment to the post of Auditor General. There is a constitutional provision for the President to appoint the Auditor General upon the recommendation of the Council after approval by the Parliamentary Hearings Committee.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After becoming the Auditor General, the responsibility of auditing all the expenses of the government in the last fiscal year and the current fiscal year will fall on his shoulders. Some stakeholders have criticized his appointment to the post due to a conflict of interest. As the secretary also has to audit the work done by himself, there will be a conflict of interest, say Transparency International and other organizations involved in anti-corruption watch. Transparency International has warned that this could disrupt good governance.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the MPs ignored this argument and approved Raya's recommendation. The previous Auditor General Tankamani Sharma was also appointed to the post after resigning from the post of Secretary. Raya, who is considered to be close to the ruling CPN-UML, has been appointed for a 6-year term with just 5 months left for his retirement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Presenting his plans in the parliamentary committee, Raya expressed his commitment to restructure the Auditor General's office according to the federal governance system.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said that it is necessary to advance the organization of the Auditor General's office in accordance with the federal framework to make the work of audit easy, transparent and less expensive, so he will give this work as the first priority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Raya said in the parliamentary committee, "I will proceed with consultation with experts while preparing the audit report." </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The use of information technology in auditing, internal governance, development of professionalism and institutional coordination are also in his action plan. Raya has also planned to use artificial intelligence in the audit, to develop a system that can monitor the implementation status of the audit recommendations. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20472', 'image' => '20240417025206_oag-building.jpg', 'article_date' => '2024-04-17 14:51:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20744', 'article_category_id' => '1', 'title' => 'Fluctuation in the Capital Market having Direct Impact on Capital Gains Tax', 'sub_title' => 'Government collects CGT worth Rs 3.79 billion from share market in 9 months', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 17: The fluctuations in the capital market has influsnced the capital gains tax collected by the government from the market. As the last four months of the current fiscal year (FY) 2080/81 were relatively stable, data show that the government collected capital gains tax better than the previous months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Segoe UI","sans-serif"">In the first nine months of the current fiscal year, the government collected Rs 3.79 billion in capital gains tax. Notably, during the last four months alone, approximately 70 percent of this total amount was collected</span>, according to the data provided by CDS and Clearing Limited (CDSC). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Comparative analysis of the monthly review of the data shows that the government collected capital gains tax of Rs. 972.2 million in the Nepali month of Magh (mid-January to mid-February) of the current year. This is more than other months. In the same month, the Nepal Stock Exchange (NEPSE) index soared to over 2, 200 points.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the previous month of Poush (mid-December to mid-January), the government had also collected attractive capital gains tax. According to CDSC, the government collected more than Rs 743.9 million in capital gains tax was collected in the review month as the capital market index increased from 1,994.60 points to over 2,221 points.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the data, the share market index the dropped to 2,215 points in the following month. Despite the fluctuations in the two months, the market remained positive, so investors made profits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the existing legal system, investors in the secondary market of securities have to pay capital gains tax up to a maximum of 10 percent if they make a profit. Institutional investors have to pay 10 percent tax and individual investors have to pay a maximum of 7.5 percent tax.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to CDSC, in the nine months of the current year, the government collected more than Rs 453.88 million from institutional investors and more than Rs 333.6 billion from individuals.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While the government is collecting millions of rupees monthly in tax from the capital market, investors complained that the capital gains tax imposed by the government is quite high. They have also been urging the government to reduce the tax rate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"To attract institutional investors to the capital market, there should be a discount on CGT," said Tara Prasad Fullel, acting president of the Share Investors Association, adding, "In the case of individual investors, 5 percent for short-term and 3 percent for long-term profit tax should be maintained." </span></span></p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20471', 'image' => '20240417010307_20230320014508_1679273224.Clipboard03.jpg', 'article_date' => '2024-04-17 13:02:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20743', 'article_category_id' => '1', 'title' => 'IMF Projects Growth of Global Economy in 2024 but Risk of Geopolitical Shocks Persists', 'sub_title' => 'The risks to global growth are broadly balanced and a soft landing is a possibility: WEO', 'summary' => 'April 17: The International Monetary Fund (IMF) has raised its outlook for the global economy this year with a growth projected to reach 3.1 percent in 2024.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">April 17: The International Monetary Fund (IMF) has raised its outlook for the global economy this year with a growth projected to reach 3.1 percent in 2024.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The latest World Economic Outlook (WEO) published by the IMF on Tuesday states that the 2024 forecast is 0.2 percentage point higher than the growth projected in October 2023 report.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IMF said that the global economy is expected to grow on account of greater-than-expected resilience in the United States and several large emerging market and developing economies, as well as fiscal support in China. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The forecast for 2024–25 is, however, below the historical (2000–19) average of 3.8 percent, with elevated central bank policy rates to fight inflation, a withdrawal of fiscal support amid high debt weighing on economic activity, and low underlying productivity growth, the report states. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the IMF, inflation is falling faster than expected in most regions, in the midst of unwinding supply-side issues and restrictive monetary policy. Global headline inflation is expected to fall to 5.8 percent in 2024 and to 4.4 percent in 2025, with the 2025 forecast revised down, added the report.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“With disinflation and steady growth, the likelihood of a hard landing has receded, and risks to global growth are broadly balanced. On the upside, faster disinflation could lead to further easing of financial conditions.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Lax fiscal policy than necessary assumed in the projections could imply temporarily higher growth, but at the risk of a more costly adjustment later on, added the report. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the IMF, stronger structural reform momentum could bolster productivity with positive cross-border spillovers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">On the downside, new commodity price spikes from geopolitical shocks––including continued attacks in the Red Sea––and supply disruptions or more persistent underlying inflation could prolong tight monetary conditions. “Deepening property sector woes in China or, elsewhere, a disruptive turn to tax hikes and spending cuts could also cause growth disappointments.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Meanwhile, the IMF report has pointed out the need to curb the rise of public debt and emphasized on a renewed focus on fiscal consolidation to rebuild budgetary capacity to deal with future shocks as well as to raise revenue for new spending priorities in the context that many economies are better equipped to absorb effects of fiscal tightening with the decline in inflation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report suggests that targeted and carefully sequenced structural reforms would reinforce productivity growth and debt sustainability and accelerate convergence toward higher income levels. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">More efficient multilateral coordination is needed for, among other things, debt resolution, to avoid debt distress and create space for necessary investments, as well as to mitigate the effects of climate change, added the report.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20470', 'image' => '20240417112614_20200414115244_IMF.jpg', 'article_date' => '2024-04-17 11:25:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20742', 'article_category_id' => '1', 'title' => 'PM Dahal Pledges Collaboration with Private Sector to Make Economy Vibrant', 'sub_title' => '', 'summary' => 'April 16: Prime Minister Pushpa Kamal Dahal has said that the government’s collaboration with the private sector can make the economy vibrant. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 16: Prime Minister Pushpa Kamal Dahal has said that the government’s collaboration with the private sector can make the economy vibrant. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a programme organized to mark the 21st anniversary of the Confederation of Nepalese Industries (CNI) in the capital on Tuesday, Prime Minister Dahal expressed the government's commitment to boost the confidence of the private sector. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"The government is serious about economic reforms," Dahal said, adding, "I am clear that the country's economy could be made dynamic in collaboration with private sector. The government has put positive interventions for economic reforms." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He clarified that the government was responsibly acting to boost the confidence of the private sector, enabling investment-friendly environment and creating incentives for result-oriented works. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government is preparing to focus its efforts on manufacturing and employment generation, as well as revitalizing people's optimism despite the pressure, he claimed, adding, "We will take ahead the monetary policy accordingly." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further said the problem of private sector is the problem of the economy. "The government will put all-out efforts to fix the problems." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The economy lately has shown important signs of reforms, he said, expressing confidence that the current fiscal year would be optimistic year for the economy. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"We are hosting the third international investment summit at the onset of the New Year. Over a dozen laws are under the process of amendment to draw foreign direct investment," the PM said, adding, "The year 2081 could be taken as a hopeful year." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The export of goods such as electricity, zinc sheet and cement has also increased our hope to enable country's economy, he said. "Arrival of tourists has whopped and information technology sector has also rekindled our optimism,” PM Dahal noted, adding such activities would contribute to the national income and capital formation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also on the occasion, Minister for Industry, Commerce and Supplies Damodar Bhandari said the government was ready to create environment conducive for promoting businesses and industries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The event was attended by the chairpersons and representatives of umbrella organizations of businesspersons and industrialists. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20469', 'image' => '20240417105732_PRO_KTM-066A0771.jpg', 'article_date' => '2024-04-17 10:56:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20741', 'article_category_id' => '1', 'title' => 'Experts Suggest Government to Bring Implementable Budget ', 'sub_title' => '', 'summary' => 'April 16: Economists and experts have urged the government to introduce a practical budget for the upcoming fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 16: Economists and experts have urged the government to introduce a practical budget for the upcoming fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a meeting of the National Assembly's Committee on Development, Economic Affairs and Good Governance on Tuesday, the experts viewed that the new budget should be based on development and social justice along with being gender-responsive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They suggested that the government should focus on sustainable development of agriculture, energy and tourism sectors in the new budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, economist Dr Govinda Nepal said the big-size budget and its non-implementation have created fiscal imbalance and called for a practical budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He argued the new budget should accord priority for the modernization of agriculture, information technology, energy and tourism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Registrar of Kathmandu University Achyut Wagle said the structure of the economy should be made environment-friendly and the new budget should focus on the areas for sustainable development of agriculture and its production. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, social activist Bharati Silwal Giri said the budget should be gender-responsive and it should incorporate the issues of gender equality and women empowerment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the meeting, NA Vice Chairperson Bimala Ghimire expressed confidence that the feedback received from the experts would be instrumental in enriching the new budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Committee Chairperson Kamala Devi Pant said the new budget should address the issues of Dalits, underprivileged and marginalized communities. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-04-16', 'modified' => '2024-04-16', 'keywords' => '', 'description' => '', 'sortorder' => '20468', 'image' => '20240416070426_20230511021044_1683767264.jpg', 'article_date' => '2024-04-16 19:03:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $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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style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: The path towards sustainable government debt levels around the world is under threat this year from the sheer number of elections taking place, AFP reported citing the IMF’s new report on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"History suggests, and empirical evidence confirms, that governments tend to spend more and or tax less in election year," Vitor Gaspar, the head of the International Monetary Fund's Fiscal Affairs told AFP, ahead of the publication of the Fiscal Monitor report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He added that the situation this year is particularly complicated because, "the political discourse is dominated by references to fiscal expansion and calls for fiscal support or public spending -- or both."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the Fiscal Monitor report found that global public debt "edged up again" last year, reversing a couple of years of decline, due largely to a fall in revenues "as windfall revenues from inflation waned."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Fiscal tightening is projected for 2024, but it is subject to considerable uncertainty," the IMF report continued.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Much of this uncertainty, the IMF said, is down to the fact that 2024 is the "Great Election Year," when 88 economies or economic areas representing more than half of the world's population have held, or are due to hold, elections.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Clearly, given the stronger link between fiscal policy and politics, it is perfectly reasonable to think that political factors and political discourse will play an added role right now," Gaspar told AFP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The IMF predicts that current spending and taxation levels have put global public debt on track to rise from just over 93 percent of economic output last year to 99 percent by 2029.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This trend is "driven by the world's two largest economies, China and the United States, where under current policies public debt is projected to continue increasing beyond historical highs," the IMF report said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US experienced "remarkably large fiscal slippages," last year, the IMF said, citing a steep decline in income tax revenues due to lower capital gains taxes and "delayed tax payment deadlines."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Like the US, China's fiscal deficit is projected to remain at elevated levels over the next five years, rising from more than seven percent of GDP last year to around eight percent by 2029.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"China stands out as a country where the deficit has stayed elevated throughout," Gaspar said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, "China, as the United States, has policy room to correct the situation and can do it from a public finance viewpoint," he continued, adding: "China does have room to maneuver."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Given China's role as a leading bilateral lender to many of the world's developing economies, its fiscal position carries consequences for countries around the world.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the Fiscal Monitor report called for countries to make a "renewed push" toward consolidating their fiscal positions -- especially given the expected loosening of tight monetary policy in many places through interest rate cuts later this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">To do this, the IMF recommended that countries should start by "immediately" phasing out pandemic-era support measures, scaling back fuel and energy subsidies, and enacting entitlement reforms in advanced economies with ageing populations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In emerging market and developing economies, governments should "renew efforts to rationalize large government wage bills, and reform social safety nets," the IMF said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the context of Nepal, the share of public debt has been increasing compared to the gross domestic product (GDP). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the latest data, Nepal's public debt has soared to 43.80 percent of the total GDP. This figure is based on the loans taken by the government as of mid-November of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the government data, Nepal’s public debt has increased to Rs 2357 billion mainly due to the rise in government’s tendency to raise debt to meet its current expenses.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government’s internal debt stood at Rs 1183 billion and external debt is Rs 1173 billion as of mid-November 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The country’s public debt was Rs 2221.67 billion in mid-July at the beginning of the current fiscal year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20482', 'image' => '20240418020330_20231201023735_public debt.jpg', 'article_date' => '2024-04-18 14:02:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20753', 'article_category_id' => '1', 'title' => 'Nepal urges Bangladesh to Remove ‘Additional Customs Duty’ on Nepalese Goods', 'sub_title' => '', 'summary' => 'April 18: The government authorities of Nepal have requested Bangladesh to remove the customs duty imposed by Bangladesh on the import of Nepali goods, saying that the export of Nepal has been affected due to the additional customs duty imposed by Bangladesh.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: The government authorities of Nepal have requested Bangladesh to remove the customs duty imposed by Bangladesh on the import of Nepali goods, saying that the export of Nepal has been affected due to the additional customs duty imposed by Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While Nepal’s trade with Bangladesh was profitable in the past, it has faced a continuous trade deficit in recent years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepali officials assert that Bangladesh's additional customs duty is contributing to the expanding trade deficit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Foreign Affairs informed through a press statement that Nepal raised this matter at the third Foreign Office Consultation meeting between Nepal and Bangladesh held in Kathmandu on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the ministry, Foreign Secretary Sewa Lamsal requested her Bangladeshi counterpart, Masood Bin Momen, to completely remove the additional customs duty on Nepali goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Amrit Bahadur Rai, Joint Secretary and Spokesperson for the Ministry of Foreign Affairs, informed New Business Age that the government is actively working to eliminate trade barriers caused by Bangladesh's customs tariffs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ram Chandra Tiwari, joint secretary of the Ministry of Industry, Commerce and Supplies, said that Nepal is preparing to raise this issue in the commerce secretary-level meeting to be held in Kathmandu from Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are also addressing the non-implementation of the previous agreement regarding customs exemption for Nepalese goods. The meeting will focus on promoting trade between the two countries,” he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal mostly exports agricultural products like wheat, lentils, herbs, ginger, broom grass, yarn among others to Bangladesh. According to the government officials, Nepal’s exports have declined due to the imposition of 'high customs duty' by the Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh has been providing duty-free facilities for 108 items including agricultural products of Nepal. Nepal has been asking for duty-free facilities for tea, black lentil, coffee, cardamom, broom grass, fruits, pashmina and more.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to officials of the Ministry of Commerce, Nepal has the potential to export products such as spices, cabbage, tomatoes, avocado, pickles, carpets and dairy products to Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Bangladesh is also seeking duty-free facility on 64 items. Bangladesh has been asking for duty-free facilities especially for fish, medicine, juice, soft drinks, raw jute etc.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Tiwari, there will be an in-depth discussion on customs-free facilities, market access, transportation and other issues between the two countries in the commerce secretary-level meeting.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Most of the goods exported to Bangladesh are sent through the eastern border of Nepal through Phulbari in India and Chittagong port in Bangladesh. Tiwari informed that since transporting goods through this route takes 4 to 5 days due to customs clearance at the, it raises the expenses. This issue will also be discussed during the commerce secretary-level meeting, said Tiwari.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh, which is 30 kilometers away from the Nepalese border, has been making leaps in economic development for the past few years. As a result, its per capita income is much higher than that of Nepal. Due to its large population, Bangladesh has emerged as an attractive market for the world. However, Nepal has not been able to take advantage of it.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to a study conducted by South Asia Watch on Trade, Economics and Environment (SAWTEE), Nepal exported more goods to Bangladesh that it imported from the neighbouring country between the fiscal year 2061/62 to 2069/70. Since then, exports from Nepal have decreased and imports from Bangladesh have continued to rise.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Department of Customs, Nepal exported goods worth Rs 57 million to Bangladesh while it imported goods worth Rs 6 billion in the last fiscal year 2079/80. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, in the foreign secretary-level meeting held on Wednesday, the secretaries of both countries emphasized on the speedy implementation of the BBIN Motor Vehicle Agreement between Bangladesh, Bhutan, India and Nepal to enable the means of transportation between the member states without interruption, the Ministry of Foreign Affairs informed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Foreign Affairs Ministry Spokesperson Rai, the two countries also discussed the issue of electricity export to Bangladesh.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20481', 'image' => '20240418014609_GLWbN53bkAARwPq.jpg', 'article_date' => '2024-04-18 13:45:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20754', 'article_category_id' => '1', 'title' => 'President Appoints Raya as Auditor General ', 'sub_title' => '', 'summary' => 'April 18: President Ram Chandra Paudel on Thursday appointed Toyam Raya as the Auditor General of Nepal upon the recommendation of Constitutional Council. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: President Ram Chandra Paudel on Thursday appointed Toyam Raya as the Auditor General of Nepal upon the recommendation of Constitutional Council. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">President Paudel appointed Raya to the post of Auditor General in accordance with Article 240 (2) of the Constitution of Nepal, reads a press release issued by Spokesperson for the Office of the Presidnet, Shailaja Regmi Bhattarai.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The post of auditor general had remained vacant ever since the then Auditor General Tankamani Sharma Dangal retired after completing his term on May 22 last year. After Sharma's retirement, the then Deputy Auditor General Rammaya Kunwar was given the responsibility of acting auditor general for one and a half months. After Kunwar went on compulsory retirement on August 7, Maheshwar Kafle got the responsibility.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bamdev Sharma was given the responsibility of acting auditor general after Kafle went on mandatory retirement in late January due to the age limit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The office was run by acting auditor general for around eleven months due to the delay in appointing an auditor general.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Due to the lack of leadership, the Office of the Auditor General has not been able to move forward with the strategic plan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Office of the Auditor General audits all federal and state government offices including the Office of the President and Vice President, Supreme Court, Federal Parliament, Provincial Assembly, Provincial Government, Local Level, Constitutional Bodies and Offices, Courts, Attorney General's Office, Nepal Army, Nepal Police and Armed Police Force. The purpose of the audit is to protect the public resources of the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Office of the Auditor General also gives necessary suggestions and recommendations based on the effectiveness of government income and expenditure. The office submits and publishes the annual report of all government agencies to the President. The Office of the Auditor General has the right to see the accounting documents at any time to audit various agencies of the Central and State Governments. However, the lack of leadership has made the Office of the Auditor General weak in its role.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A meeting of the Constitutional Council held on March 31 had decided to recommend Raya, who was then the secretary of the National Statistics Office, for appointment to the post of Auditor General. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Some stakeholders criticized his appointment to the post due to a conflict of interest. As the secretary also has to audit the work done by himself, there will be a conflict of interest, say Transparency International and other organizations involved in anti-corruption watch. Transparency International has warned that this could disrupt good governance.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the MPs ignored this argument and approved Raya's recommendation. The previous Auditor General Tankamani Sharma was also appointed to the post after resigning from the post of Secretary. Raya, who is considered to be close to the ruling CPN-UML, has been appointed for a 6-year term with just 5 months left for his retirement.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20480', 'image' => '20240418015718_20240417025206_oag-building.jpg', 'article_date' => '2024-04-18 13:56:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20752', 'article_category_id' => '1', 'title' => '462 Investors out of 1,355 Invitees Confirm their Participation for Investment Summit', 'sub_title' => '', 'summary' => 'April 18: One-third of investors and officials who have been invited by the Investment Board Nepal for the upcoming Third Investment Summit have confirmed their participation as of Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 18: One-third of investors and officials who have been invited by the Investment Board Nepal for the upcoming Third Investment Summit have confirmed their participation as of Wednesday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The board has sent invitations to 1,355 individuals to attend to the conference. Among them, 462 people have confirmed their participation but the list of attendees does not include any renowned businessmen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The government has left no stone unturned to invite rich and famous businessmen to the upcoming investment summit scheduled for April 28-29.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Former Finance Minister Dr Prakash Sharan Mahat had invited businessman Gautam Adani when he reached India's Gujarat, while the government has sent letters to world-famous businessman Elon Musk, India's richest man Mukesh Ambani, China's successful entrepreneur Jack Ma and others. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">An official of the Investment Board informed New Business Age that these businessmen have not confirmed their attendance for the conference as of Wednesday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"There are no well-known celebrity businessmen in this list so far," said the official, "There are many businessmen from China in the list of those who have accepted Nepal's invitation.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Most of the businessmen who have confirmed their participation in the investment summit are from China followed by Indian investors.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"We have done our job," said the official, adding, "Now, it is up to them. They can come here on their own or they can inform us a few days before coming.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">According to the Investment Board, those confirming their participation include heads of various delegations, officials of the Chamber of Commerce, deputies of international financial institutions and other officials. Investors and officials from 36 countries have confirmed their participation in the summit.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Most of the attendees are domestic businessmen of Nepal (161). Then there are notable investors from China, India, Germany and other countries which have confirmed their participation.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">According to the Investment Board, 2 to 5 representatives will come from Singapore, Malaysia, Russia, Finland, Colombia, Canada, Qatar, European Union (EU), Belgium, Bahrain, Austria. The board confirmed that one person each will come from Vietnam, Vanuatu, Turkey, Thailand, Switzerland, Sri Lanka, Saudi Arabia, Romania, Morocco, Mauritius, Cyprus.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20479', 'image' => '20240418124911_investment summit.jpg', 'article_date' => '2024-04-18 12:47:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20751', 'article_category_id' => '1', 'title' => 'Import of Grapes Increasing due to Lack of Commercial Production in Nepal', 'sub_title' => '', 'summary' => 'April 18: Due to lack of domestic production, grape imports are increasing, Nepalese consumed 10.5 billion worth of grapes in 5 years', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: Due to lack of domestic production, grape imports are increasing, Nepalese consumed 10.5 billion worth of grapes in 5 years</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal has imported grapes worth more than Rs 1 billion in the first eight months of the current fiscal year. According to the data of the Department of Customs, Nepal imported 1,30,82,426 kilograms of grapes worth Rs 1.22 billion from mid-July to mid-March.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the corresponding period last fiscal year, Nepal had imported 1,24,70, 085 kilograms of grapes worth Rs 938.9 million. The data shows that the import of grapes in the first eight months of the current fiscal year increased by 4 percent in quantity and 30 percent in price compared to the corresponding period of last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal mainly imports grapes from China and India. In the review period, Nepal imported the maximum quantity of grapes from India. According to the department, Nepal imported 1,24,46, 094 kg of grapes worth Rs 1.08 billion from India alone. Similarly, it imported 636,332 kilograms of grapes worth Rs 133.63 million from China.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the data of the department, the country imported 210.71 million kilograms of grapes worth Rs 10.43 billion in the last five years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Wine industries operating in Nepal also import grapes as raw materials.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The grapes found in the market of Nepal are mostly from India. The consumers in the country are forced to buy imported grapes due to lack of production in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to businessmen, the production of grapes in Nepal is almost zero and therefore the country relies on imported grapes to meet the market demand.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Except for some people growing grapes for personal consumption, there is hardly any commercial farming of grapes done in Nepal. Since there is no production, we have to rely on imports," says Amar Baniya, president of the Nepal Fruit Wholesalers Association</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The prime season of grapes spans from January to March. Until March, all the grapes come from India and from April onward, the stored grapes come from China. As a result, its price also increases,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Baniya, the wholesale price of grapes was Rs 110-120 per kg until a few days ago, but now it has reached Rs 150-160 per kg. Baniya said that the price will increase as the stored grapes from China arrive in the market from now onwards. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He further said that grapes are available in the market throughout the year as grapes are imported from different countries in different seasons.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20478', 'image' => '20240418121513_ggg.jpg', 'article_date' => '2024-04-18 12:13:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20750', 'article_category_id' => '1', 'title' => 'Pakistan High Court Orders Government to Restore X in One Week', 'sub_title' => '', 'summary' => 'April 18: A Pakistan High Court on Wednesday said the government must restore social media platform X within one week, a lawyer said, after more than two months of disruption ordered by the interior ministry. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 18: A Pakistan High Court on Wednesday said the government must restore social media platform X within one week, a lawyer said, after more than two months of disruption ordered by the interior ministry. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The platform, formerly known as Twitter, has been rarely accessible since February 17, when jailed former prime minister Imran Khan's party called for protests against a government official's admission of vote manipulation in February's election. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pakistan's communications authority later admitted in court papers that it was ordered by the Interior Ministry to shut down the site. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The Sindh High Court has given the government one week to withdraw the letter, failing which, on the next date, they will pass appropriate orders," Moiz Jaaferi, a lawyer challenging the ban, told AFP. – AFP/RSS</span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20477', 'image' => '20240418113305_X-reuters-file1713365023-0.jpg', 'article_date' => '2024-04-18 11:32:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20749', 'article_category_id' => '1', 'title' => 'Export of Goods from Tribhuvan International Airport Comes to a Grinding Halt', 'sub_title' => '', 'summary' => 'April 18: The export of goods produced in Nepal to third countries from the Tribhuvan International Airport customs office has come to a standstill.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">April 18: The export of goods produced in Nepal to third countries from the Tribhuvan International Airport customs office has come to a standstill.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The freight forwarders and government officials informed that there has been no export since Monday after the trade union of the loaders interrupted the loading of the goods saying that one of the two x-rays was damaged and only one of them was causing delay.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to the government officials, one machine for x-raying exported goods has been broken for one month.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Ishwar Bahadur Gurung, secretary of Nepal Freight Forwarders Association, said that checking the goods with only one x-ray was not enough. "We are also requesting to repair another x-ray machine immediately," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Nepal Transport and Warehousing Company Limited has been assigned the responsibility of maintenance of the x-ray machines.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">“An important part of the machine is not operational due to damage. We cannot buy a new one without being sure that this part will work after maintenance. That's why there has been a delay in bringing it back into operation," said Tulsi Pokharel, acting head of the company.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Pokharel informed that if they will first try to replace the broken parts from other machines and will start a new procurement process if that is not possible.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Pokharel added that it will take a few months if they have to purchase a new machine. According to Pokharel, even a single x-ray is sufficient to scan goods. Pokharel claims that one machine can x-ray 35-40 tons of goods daily and if the goods arrive on time, one machine will be enough.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">However, freight forwarders say one x-ray machine is not enough. According to them, since there is only one machine, the x-ray is being delayed and this has hindered the export on time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">However, both sides are in talks. "We are trying to solve the problem through dialogue," Pokharel said.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20476', 'image' => '20240418110225_63cce5f4.jpg', 'article_date' => '2024-04-18 11:00:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20748', 'article_category_id' => '1', 'title' => 'Altitude Sickness Emerges as Major Concern for Tourists Visiting Mustang', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">April 17: </span></span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Altitude sickness is emerging as a growing concern among visitors in Mustang. The district also known as the district beyond the Himalaya is home to the famous Muktinath Temple which draws a large number of devotees mainly from home and India each year. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">In the past seven months, 11 tourists including three domestic citizens succumbed to high-altitude sickness in the district. The district recorded 29 fatalities in the past three years and 11 alone in the past seven months, according to the District Police Office, Mustang. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">The latest casualties include seven Indians, three Nepalis and one Ukrainian, Deputy Superintendent of Police, Bhojraj Pandey said. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">In the fiscal year 2078-29 BS (2021-22), six visitors – five females and one male – all from India died of altitude sickness. They were aged 45-73. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">According to the police records, they suffered high altitude-related health complications in Marfa, Mesokando Pass Trek, Muktinath Temple premises, Gharpajhong, Jomsom Airport, Lete, Tukuche, and Yara. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Of the latest fatalities, six were reported in the month of Chaitra (mid-March to mid-April). The victims were aged 35-83. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">During the last fiscal year (2022-23), the district witnessed 12 deaths resulting from altitude sickness and they were from India (seven), Thailand (one), and Nepal (four) and aged 42-75. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Altitude sickness is caused due to the body's inability to adjust to a low oxygen level at a higher altitude. This happens normally at an altitude above 2500 meters and its symptoms include headache, nausea, vomiting, breathing complications, insomnia, loss of appetite, fatigue, weakness, and so on. -- RSS</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20475', 'image' => '20240417062112_20230724112952_20220424035529_istockphoto-534638391-612x612.jpg', 'article_date' => '2024-04-17 18:19:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20747', 'article_category_id' => '1', 'title' => 'Govt Preparing to Provide Concessional Loans to 200 Startups', 'sub_title' => '', 'summary' => 'April 17: The government is planning to provide concessional loans to 200 start-up projects in the current fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 17: The government is planning to provide concessional loans to 200 start-up projects in the current fiscal year. The government has been promising concessional loans for start-up projects for the last few years but has not been able to implement its decision.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has received applications from more than 1,600 entrepreneurs seeking the start-up loans.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The target is to provide subsidized loans to around 200 projects from among those who have applied," said Umesh Kumar Gupta, executive director of the Industrial Enterprise Development Institute. The government has entrusted the institutute with the responsibility of collecting applications and selecting suitable candidates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">To help those who want to begin start-up ventures, the government has come up with a plan to provide loans at 3 per cent interest by keeping the projects as mortgage.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has also allocated a budget to involve people with the latest knowledge, thinking, skills and abilities in start-up enterprises. For such loans, the Ministry of Industry, Commerce and Supplies has allocated Rs 250 million in the current fiscal year. The government has adopted a policy of providing concessional loans up to a maximum of Rs 2.5 million for a start-up enterprise.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Gupta said that after providing the first instalment, the officials would visit the site of the project to see if the loan had been utilized. Only then will the second installment be released. "Even the third instalment will be released after assessing that the progress is satisfactory," he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">For the implementation of this project, the institute issued a notice on February 2, inviting interested start-up entrepreneurs to submit proposals for the loan. In 21 days, 1,658 projects were registered with the institute seeking loans. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The institute has formed an evaluation committee and made 12 different criteria for providing loans. The committee will now conduct a preliminary study of the projects registered with the institute and invite the proponents to present their projects.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the criteria, only the businesses registered at the Department of Industry, state bodies and local levels can obtain the loans.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Those who do not attach documents like industry registration, renewal, permanent account number, or copy of tax payment certificate will be removed from the project loan process.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If an entrepreneur is found to have submitted more than one proposal, all proposals will be cancelled.</span></span></p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Projects that do not meet the specified criteria will not be included in the loan process. According to the institute, start-ups that do not appear for the presentation at the specified time will be automatically removed from the selection process. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Gupta, the entrepreneur's project will get scores on the basis of presentation. Gupta also said that the institute will provide 15 minutes for the presentation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Gupta, executive director of the institute, informed that start-up projects that meet the criteria will be selected within 1 week. He said that after completion of the work, the selected project proponents will be asked to give a presentation and the loan will be given from mid-May. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20474', 'image' => '20240417041054_20220217054410_startup.jpg', 'article_date' => '2024-04-17 16:10:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20746', 'article_category_id' => '1', 'title' => 'CNI Demands Multi-Rate VAT to Discourage Illegal Imports from India', 'sub_title' => '', 'summary' => 'April 17: The Confederation of Nepalese Industries (CNI), an umbrella organization of the private sector industries in Nepal, has urged the government to implement a multi-rate value-added tax (VAT) system. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 17: The Confederation of Nepalese Industries (CNI), an umbrella organization of the private sector industries in Nepal, has urged the government to implement a multi-rate value-added tax (VAT) system. They argue that aligning Nepal's VAT rates with those of India would help curb the smuggling of goods from across the border. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A multi-rate VAT system involves applying different tax rates to different categories of goods or services. This approach can be effective in addressing the diverse needs of various industries and consumers while also potentially reducing tax evasion and promoting economic growth. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at the 21st Annual General Meeting of the CNI held in Kathmandu on Tuesday, President of the CNI Rajesh Kumar Agarwal said that illegal imports from India have thrived due to the high price of goods in Nepal because of the government’s decision to impose 13 percent VAT.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"As the same item is taxed only 5 percent in India and 13 percent in Nepal, goods are flowing illegally from India to Nepal due to the price difference," Agarwal said during the event which was attended by Prime Minister Pushpa Kamal Dahal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CNI has been advocating for multi-rate VAT since a long time. Other trade associations are also demanding multi-rate VAT.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the government has been turning a deaf ear to this demand saying that it will be difficult for the current administrative mechanism to implement multi-rate VAT. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A senior official of the Ministry of Finance had earlier told New Business Age that the high-level advisory committee on reforming the tax system, chaired by former minister and finance secretary Bidyadhar Mallik, had also suggested keeping the rate of VAT unchanged.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stating that illegal trade is becoming another threat for domestic industries of Nepal and the government, Agarwal complained that the state is losing revenue while the domestic industries are being affected.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the program, CNI President Agarwal discussed about the economic downturn saying that the overall demand is not encouraging and the industries and businesses are on the verge of closure due to the unexpected slump in the economy. He added that the production cost of the industries has increased and the industries have resorted to cut down producing </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He also complained that the Nepal Electricity Authority has imposed load-shedding for 16 hours in the industrial area at such a crucial time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Since April 1, India has reduced the amount of electricity it supplies to Nepal and started providing electricity only during the day. Subsequently, the NEA has increased the load shedding in the industrial sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CNI also raised questions about political instability in the context of the frequent change of government. President Agarwal said that policy stability is necessary to increase investment within the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> "Irrespective of whether the investment is domestic or foreign, investors look for policy stability," he said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On that occasion, Prime Minister Dahal said that the government is committed to increasing the morale of the private sector. "Collaboration with the private sector is indispensable to improve the economy," he said. Prime Minister Dahal said that the government has intervened positively to make the economy dynamic and said that there is no need to panic anymore.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20473', 'image' => '20240417033622_20210226043111_20201119021010_20200907074520_1599400665.tax.jpg', 'article_date' => '2024-04-17 15:35:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20745', 'article_category_id' => '1', 'title' => 'Parliamentary Hearings Committee Endorses Recommendation to Appoint Raya as Auditor General', 'sub_title' => '', 'summary' => 'April 17: The Parliamentary Hearings Committee has cleared the way for the appointment of Toyam Raya as the Auditor General.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 17: The Parliamentary Hearings Committee has cleared the way for the appointment of Toyam Raya as the Auditor General.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of the Parliamentary Hearings Committee, Pashupati Shamsher Rana told reporters that his name was unanimously approved by the committee's meeting held on Tuesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A meeting of the Constitutional Council held on March 31 had decided to recommend Raya, who is the secretary of the National Statistics Office, for appointment to the post of Auditor General. There is a constitutional provision for the President to appoint the Auditor General upon the recommendation of the Council after approval by the Parliamentary Hearings Committee.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After becoming the Auditor General, the responsibility of auditing all the expenses of the government in the last fiscal year and the current fiscal year will fall on his shoulders. Some stakeholders have criticized his appointment to the post due to a conflict of interest. As the secretary also has to audit the work done by himself, there will be a conflict of interest, say Transparency International and other organizations involved in anti-corruption watch. Transparency International has warned that this could disrupt good governance.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the MPs ignored this argument and approved Raya's recommendation. The previous Auditor General Tankamani Sharma was also appointed to the post after resigning from the post of Secretary. Raya, who is considered to be close to the ruling CPN-UML, has been appointed for a 6-year term with just 5 months left for his retirement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Presenting his plans in the parliamentary committee, Raya expressed his commitment to restructure the Auditor General's office according to the federal governance system.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said that it is necessary to advance the organization of the Auditor General's office in accordance with the federal framework to make the work of audit easy, transparent and less expensive, so he will give this work as the first priority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Raya said in the parliamentary committee, "I will proceed with consultation with experts while preparing the audit report." </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The use of information technology in auditing, internal governance, development of professionalism and institutional coordination are also in his action plan. Raya has also planned to use artificial intelligence in the audit, to develop a system that can monitor the implementation status of the audit recommendations. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20472', 'image' => '20240417025206_oag-building.jpg', 'article_date' => '2024-04-17 14:51:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20744', 'article_category_id' => '1', 'title' => 'Fluctuation in the Capital Market having Direct Impact on Capital Gains Tax', 'sub_title' => 'Government collects CGT worth Rs 3.79 billion from share market in 9 months', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 17: The fluctuations in the capital market has influsnced the capital gains tax collected by the government from the market. As the last four months of the current fiscal year (FY) 2080/81 were relatively stable, data show that the government collected capital gains tax better than the previous months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Segoe UI","sans-serif"">In the first nine months of the current fiscal year, the government collected Rs 3.79 billion in capital gains tax. Notably, during the last four months alone, approximately 70 percent of this total amount was collected</span>, according to the data provided by CDS and Clearing Limited (CDSC). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Comparative analysis of the monthly review of the data shows that the government collected capital gains tax of Rs. 972.2 million in the Nepali month of Magh (mid-January to mid-February) of the current year. This is more than other months. In the same month, the Nepal Stock Exchange (NEPSE) index soared to over 2, 200 points.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the previous month of Poush (mid-December to mid-January), the government had also collected attractive capital gains tax. According to CDSC, the government collected more than Rs 743.9 million in capital gains tax was collected in the review month as the capital market index increased from 1,994.60 points to over 2,221 points.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the data, the share market index the dropped to 2,215 points in the following month. Despite the fluctuations in the two months, the market remained positive, so investors made profits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the existing legal system, investors in the secondary market of securities have to pay capital gains tax up to a maximum of 10 percent if they make a profit. Institutional investors have to pay 10 percent tax and individual investors have to pay a maximum of 7.5 percent tax.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to CDSC, in the nine months of the current year, the government collected more than Rs 453.88 million from institutional investors and more than Rs 333.6 billion from individuals.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While the government is collecting millions of rupees monthly in tax from the capital market, investors complained that the capital gains tax imposed by the government is quite high. They have also been urging the government to reduce the tax rate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"To attract institutional investors to the capital market, there should be a discount on CGT," said Tara Prasad Fullel, acting president of the Share Investors Association, adding, "In the case of individual investors, 5 percent for short-term and 3 percent for long-term profit tax should be maintained." </span></span></p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20471', 'image' => '20240417010307_20230320014508_1679273224.Clipboard03.jpg', 'article_date' => '2024-04-17 13:02:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20743', 'article_category_id' => '1', 'title' => 'IMF Projects Growth of Global Economy in 2024 but Risk of Geopolitical Shocks Persists', 'sub_title' => 'The risks to global growth are broadly balanced and a soft landing is a possibility: WEO', 'summary' => 'April 17: The International Monetary Fund (IMF) has raised its outlook for the global economy this year with a growth projected to reach 3.1 percent in 2024.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">April 17: The International Monetary Fund (IMF) has raised its outlook for the global economy this year with a growth projected to reach 3.1 percent in 2024.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The latest World Economic Outlook (WEO) published by the IMF on Tuesday states that the 2024 forecast is 0.2 percentage point higher than the growth projected in October 2023 report.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IMF said that the global economy is expected to grow on account of greater-than-expected resilience in the United States and several large emerging market and developing economies, as well as fiscal support in China. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The forecast for 2024–25 is, however, below the historical (2000–19) average of 3.8 percent, with elevated central bank policy rates to fight inflation, a withdrawal of fiscal support amid high debt weighing on economic activity, and low underlying productivity growth, the report states. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the IMF, inflation is falling faster than expected in most regions, in the midst of unwinding supply-side issues and restrictive monetary policy. Global headline inflation is expected to fall to 5.8 percent in 2024 and to 4.4 percent in 2025, with the 2025 forecast revised down, added the report.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“With disinflation and steady growth, the likelihood of a hard landing has receded, and risks to global growth are broadly balanced. On the upside, faster disinflation could lead to further easing of financial conditions.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Lax fiscal policy than necessary assumed in the projections could imply temporarily higher growth, but at the risk of a more costly adjustment later on, added the report. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the IMF, stronger structural reform momentum could bolster productivity with positive cross-border spillovers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">On the downside, new commodity price spikes from geopolitical shocks––including continued attacks in the Red Sea––and supply disruptions or more persistent underlying inflation could prolong tight monetary conditions. “Deepening property sector woes in China or, elsewhere, a disruptive turn to tax hikes and spending cuts could also cause growth disappointments.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Meanwhile, the IMF report has pointed out the need to curb the rise of public debt and emphasized on a renewed focus on fiscal consolidation to rebuild budgetary capacity to deal with future shocks as well as to raise revenue for new spending priorities in the context that many economies are better equipped to absorb effects of fiscal tightening with the decline in inflation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report suggests that targeted and carefully sequenced structural reforms would reinforce productivity growth and debt sustainability and accelerate convergence toward higher income levels. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">More efficient multilateral coordination is needed for, among other things, debt resolution, to avoid debt distress and create space for necessary investments, as well as to mitigate the effects of climate change, added the report.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20470', 'image' => '20240417112614_20200414115244_IMF.jpg', 'article_date' => '2024-04-17 11:25:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20742', 'article_category_id' => '1', 'title' => 'PM Dahal Pledges Collaboration with Private Sector to Make Economy Vibrant', 'sub_title' => '', 'summary' => 'April 16: Prime Minister Pushpa Kamal Dahal has said that the government’s collaboration with the private sector can make the economy vibrant. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 16: Prime Minister Pushpa Kamal Dahal has said that the government’s collaboration with the private sector can make the economy vibrant. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a programme organized to mark the 21st anniversary of the Confederation of Nepalese Industries (CNI) in the capital on Tuesday, Prime Minister Dahal expressed the government's commitment to boost the confidence of the private sector. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"The government is serious about economic reforms," Dahal said, adding, "I am clear that the country's economy could be made dynamic in collaboration with private sector. The government has put positive interventions for economic reforms." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He clarified that the government was responsibly acting to boost the confidence of the private sector, enabling investment-friendly environment and creating incentives for result-oriented works. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government is preparing to focus its efforts on manufacturing and employment generation, as well as revitalizing people's optimism despite the pressure, he claimed, adding, "We will take ahead the monetary policy accordingly." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further said the problem of private sector is the problem of the economy. "The government will put all-out efforts to fix the problems." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The economy lately has shown important signs of reforms, he said, expressing confidence that the current fiscal year would be optimistic year for the economy. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"We are hosting the third international investment summit at the onset of the New Year. Over a dozen laws are under the process of amendment to draw foreign direct investment," the PM said, adding, "The year 2081 could be taken as a hopeful year." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The export of goods such as electricity, zinc sheet and cement has also increased our hope to enable country's economy, he said. "Arrival of tourists has whopped and information technology sector has also rekindled our optimism,” PM Dahal noted, adding such activities would contribute to the national income and capital formation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also on the occasion, Minister for Industry, Commerce and Supplies Damodar Bhandari said the government was ready to create environment conducive for promoting businesses and industries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The event was attended by the chairpersons and representatives of umbrella organizations of businesspersons and industrialists. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20469', 'image' => '20240417105732_PRO_KTM-066A0771.jpg', 'article_date' => '2024-04-17 10:56:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20741', 'article_category_id' => '1', 'title' => 'Experts Suggest Government to Bring Implementable Budget ', 'sub_title' => '', 'summary' => 'April 16: Economists and experts have urged the government to introduce a practical budget for the upcoming fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 16: Economists and experts have urged the government to introduce a practical budget for the upcoming fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a meeting of the National Assembly's Committee on Development, Economic Affairs and Good Governance on Tuesday, the experts viewed that the new budget should be based on development and social justice along with being gender-responsive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They suggested that the government should focus on sustainable development of agriculture, energy and tourism sectors in the new budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, economist Dr Govinda Nepal said the big-size budget and its non-implementation have created fiscal imbalance and called for a practical budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He argued the new budget should accord priority for the modernization of agriculture, information technology, energy and tourism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Registrar of Kathmandu University Achyut Wagle said the structure of the economy should be made environment-friendly and the new budget should focus on the areas for sustainable development of agriculture and its production. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, social activist Bharati Silwal Giri said the budget should be gender-responsive and it should incorporate the issues of gender equality and women empowerment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the meeting, NA Vice Chairperson Bimala Ghimire expressed confidence that the feedback received from the experts would be instrumental in enriching the new budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Committee Chairperson Kamala Devi Pant said the new budget should address the issues of Dalits, underprivileged and marginalized communities. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-04-16', 'modified' => '2024-04-16', 'keywords' => '', 'description' => '', 'sortorder' => '20468', 'image' => '20240416070426_20230511021044_1683767264.jpg', 'article_date' => '2024-04-16 19:03:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $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
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) ), (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' => '20755', 'article_category_id' => '1', 'title' => 'IMF says Global Debt Levels Face 'Great Election Year' Risk', 'sub_title' => '', 'summary' => 'April 18: The path towards sustainable government debt levels around the world is under threat this year from the sheer number of elections taking place, AFP reported citing the IMF’s new report on Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: The path towards sustainable government debt levels around the world is under threat this year from the sheer number of elections taking place, AFP reported citing the IMF’s new report on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"History suggests, and empirical evidence confirms, that governments tend to spend more and or tax less in election year," Vitor Gaspar, the head of the International Monetary Fund's Fiscal Affairs told AFP, ahead of the publication of the Fiscal Monitor report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He added that the situation this year is particularly complicated because, "the political discourse is dominated by references to fiscal expansion and calls for fiscal support or public spending -- or both."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the Fiscal Monitor report found that global public debt "edged up again" last year, reversing a couple of years of decline, due largely to a fall in revenues "as windfall revenues from inflation waned."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Fiscal tightening is projected for 2024, but it is subject to considerable uncertainty," the IMF report continued.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Much of this uncertainty, the IMF said, is down to the fact that 2024 is the "Great Election Year," when 88 economies or economic areas representing more than half of the world's population have held, or are due to hold, elections.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Clearly, given the stronger link between fiscal policy and politics, it is perfectly reasonable to think that political factors and political discourse will play an added role right now," Gaspar told AFP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The IMF predicts that current spending and taxation levels have put global public debt on track to rise from just over 93 percent of economic output last year to 99 percent by 2029.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This trend is "driven by the world's two largest economies, China and the United States, where under current policies public debt is projected to continue increasing beyond historical highs," the IMF report said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US experienced "remarkably large fiscal slippages," last year, the IMF said, citing a steep decline in income tax revenues due to lower capital gains taxes and "delayed tax payment deadlines."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Like the US, China's fiscal deficit is projected to remain at elevated levels over the next five years, rising from more than seven percent of GDP last year to around eight percent by 2029.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"China stands out as a country where the deficit has stayed elevated throughout," Gaspar said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, "China, as the United States, has policy room to correct the situation and can do it from a public finance viewpoint," he continued, adding: "China does have room to maneuver."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Given China's role as a leading bilateral lender to many of the world's developing economies, its fiscal position carries consequences for countries around the world.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the Fiscal Monitor report called for countries to make a "renewed push" toward consolidating their fiscal positions -- especially given the expected loosening of tight monetary policy in many places through interest rate cuts later this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">To do this, the IMF recommended that countries should start by "immediately" phasing out pandemic-era support measures, scaling back fuel and energy subsidies, and enacting entitlement reforms in advanced economies with ageing populations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In emerging market and developing economies, governments should "renew efforts to rationalize large government wage bills, and reform social safety nets," the IMF said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the context of Nepal, the share of public debt has been increasing compared to the gross domestic product (GDP). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the latest data, Nepal's public debt has soared to 43.80 percent of the total GDP. This figure is based on the loans taken by the government as of mid-November of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the government data, Nepal’s public debt has increased to Rs 2357 billion mainly due to the rise in government’s tendency to raise debt to meet its current expenses.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government’s internal debt stood at Rs 1183 billion and external debt is Rs 1173 billion as of mid-November 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The country’s public debt was Rs 2221.67 billion in mid-July at the beginning of the current fiscal year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20482', 'image' => '20240418020330_20231201023735_public debt.jpg', 'article_date' => '2024-04-18 14:02:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20753', 'article_category_id' => '1', 'title' => 'Nepal urges Bangladesh to Remove ‘Additional Customs Duty’ on Nepalese Goods', 'sub_title' => '', 'summary' => 'April 18: The government authorities of Nepal have requested Bangladesh to remove the customs duty imposed by Bangladesh on the import of Nepali goods, saying that the export of Nepal has been affected due to the additional customs duty imposed by Bangladesh.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: The government authorities of Nepal have requested Bangladesh to remove the customs duty imposed by Bangladesh on the import of Nepali goods, saying that the export of Nepal has been affected due to the additional customs duty imposed by Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While Nepal’s trade with Bangladesh was profitable in the past, it has faced a continuous trade deficit in recent years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepali officials assert that Bangladesh's additional customs duty is contributing to the expanding trade deficit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Foreign Affairs informed through a press statement that Nepal raised this matter at the third Foreign Office Consultation meeting between Nepal and Bangladesh held in Kathmandu on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the ministry, Foreign Secretary Sewa Lamsal requested her Bangladeshi counterpart, Masood Bin Momen, to completely remove the additional customs duty on Nepali goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Amrit Bahadur Rai, Joint Secretary and Spokesperson for the Ministry of Foreign Affairs, informed New Business Age that the government is actively working to eliminate trade barriers caused by Bangladesh's customs tariffs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ram Chandra Tiwari, joint secretary of the Ministry of Industry, Commerce and Supplies, said that Nepal is preparing to raise this issue in the commerce secretary-level meeting to be held in Kathmandu from Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are also addressing the non-implementation of the previous agreement regarding customs exemption for Nepalese goods. The meeting will focus on promoting trade between the two countries,” he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal mostly exports agricultural products like wheat, lentils, herbs, ginger, broom grass, yarn among others to Bangladesh. According to the government officials, Nepal’s exports have declined due to the imposition of 'high customs duty' by the Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh has been providing duty-free facilities for 108 items including agricultural products of Nepal. Nepal has been asking for duty-free facilities for tea, black lentil, coffee, cardamom, broom grass, fruits, pashmina and more.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to officials of the Ministry of Commerce, Nepal has the potential to export products such as spices, cabbage, tomatoes, avocado, pickles, carpets and dairy products to Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Bangladesh is also seeking duty-free facility on 64 items. Bangladesh has been asking for duty-free facilities especially for fish, medicine, juice, soft drinks, raw jute etc.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Tiwari, there will be an in-depth discussion on customs-free facilities, market access, transportation and other issues between the two countries in the commerce secretary-level meeting.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Most of the goods exported to Bangladesh are sent through the eastern border of Nepal through Phulbari in India and Chittagong port in Bangladesh. Tiwari informed that since transporting goods through this route takes 4 to 5 days due to customs clearance at the, it raises the expenses. This issue will also be discussed during the commerce secretary-level meeting, said Tiwari.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh, which is 30 kilometers away from the Nepalese border, has been making leaps in economic development for the past few years. As a result, its per capita income is much higher than that of Nepal. Due to its large population, Bangladesh has emerged as an attractive market for the world. However, Nepal has not been able to take advantage of it.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to a study conducted by South Asia Watch on Trade, Economics and Environment (SAWTEE), Nepal exported more goods to Bangladesh that it imported from the neighbouring country between the fiscal year 2061/62 to 2069/70. Since then, exports from Nepal have decreased and imports from Bangladesh have continued to rise.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Department of Customs, Nepal exported goods worth Rs 57 million to Bangladesh while it imported goods worth Rs 6 billion in the last fiscal year 2079/80. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, in the foreign secretary-level meeting held on Wednesday, the secretaries of both countries emphasized on the speedy implementation of the BBIN Motor Vehicle Agreement between Bangladesh, Bhutan, India and Nepal to enable the means of transportation between the member states without interruption, the Ministry of Foreign Affairs informed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Foreign Affairs Ministry Spokesperson Rai, the two countries also discussed the issue of electricity export to Bangladesh.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20481', 'image' => '20240418014609_GLWbN53bkAARwPq.jpg', 'article_date' => '2024-04-18 13:45:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20754', 'article_category_id' => '1', 'title' => 'President Appoints Raya as Auditor General ', 'sub_title' => '', 'summary' => 'April 18: President Ram Chandra Paudel on Thursday appointed Toyam Raya as the Auditor General of Nepal upon the recommendation of Constitutional Council. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: President Ram Chandra Paudel on Thursday appointed Toyam Raya as the Auditor General of Nepal upon the recommendation of Constitutional Council. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">President Paudel appointed Raya to the post of Auditor General in accordance with Article 240 (2) of the Constitution of Nepal, reads a press release issued by Spokesperson for the Office of the Presidnet, Shailaja Regmi Bhattarai.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The post of auditor general had remained vacant ever since the then Auditor General Tankamani Sharma Dangal retired after completing his term on May 22 last year. After Sharma's retirement, the then Deputy Auditor General Rammaya Kunwar was given the responsibility of acting auditor general for one and a half months. After Kunwar went on compulsory retirement on August 7, Maheshwar Kafle got the responsibility.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bamdev Sharma was given the responsibility of acting auditor general after Kafle went on mandatory retirement in late January due to the age limit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The office was run by acting auditor general for around eleven months due to the delay in appointing an auditor general.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Due to the lack of leadership, the Office of the Auditor General has not been able to move forward with the strategic plan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Office of the Auditor General audits all federal and state government offices including the Office of the President and Vice President, Supreme Court, Federal Parliament, Provincial Assembly, Provincial Government, Local Level, Constitutional Bodies and Offices, Courts, Attorney General's Office, Nepal Army, Nepal Police and Armed Police Force. The purpose of the audit is to protect the public resources of the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Office of the Auditor General also gives necessary suggestions and recommendations based on the effectiveness of government income and expenditure. The office submits and publishes the annual report of all government agencies to the President. The Office of the Auditor General has the right to see the accounting documents at any time to audit various agencies of the Central and State Governments. However, the lack of leadership has made the Office of the Auditor General weak in its role.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A meeting of the Constitutional Council held on March 31 had decided to recommend Raya, who was then the secretary of the National Statistics Office, for appointment to the post of Auditor General. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Some stakeholders criticized his appointment to the post due to a conflict of interest. As the secretary also has to audit the work done by himself, there will be a conflict of interest, say Transparency International and other organizations involved in anti-corruption watch. Transparency International has warned that this could disrupt good governance.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the MPs ignored this argument and approved Raya's recommendation. The previous Auditor General Tankamani Sharma was also appointed to the post after resigning from the post of Secretary. Raya, who is considered to be close to the ruling CPN-UML, has been appointed for a 6-year term with just 5 months left for his retirement.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20480', 'image' => '20240418015718_20240417025206_oag-building.jpg', 'article_date' => '2024-04-18 13:56:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20752', 'article_category_id' => '1', 'title' => '462 Investors out of 1,355 Invitees Confirm their Participation for Investment Summit', 'sub_title' => '', 'summary' => 'April 18: One-third of investors and officials who have been invited by the Investment Board Nepal for the upcoming Third Investment Summit have confirmed their participation as of Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 18: One-third of investors and officials who have been invited by the Investment Board Nepal for the upcoming Third Investment Summit have confirmed their participation as of Wednesday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The board has sent invitations to 1,355 individuals to attend to the conference. Among them, 462 people have confirmed their participation but the list of attendees does not include any renowned businessmen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The government has left no stone unturned to invite rich and famous businessmen to the upcoming investment summit scheduled for April 28-29.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Former Finance Minister Dr Prakash Sharan Mahat had invited businessman Gautam Adani when he reached India's Gujarat, while the government has sent letters to world-famous businessman Elon Musk, India's richest man Mukesh Ambani, China's successful entrepreneur Jack Ma and others. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">An official of the Investment Board informed New Business Age that these businessmen have not confirmed their attendance for the conference as of Wednesday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"There are no well-known celebrity businessmen in this list so far," said the official, "There are many businessmen from China in the list of those who have accepted Nepal's invitation.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Most of the businessmen who have confirmed their participation in the investment summit are from China followed by Indian investors.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"We have done our job," said the official, adding, "Now, it is up to them. They can come here on their own or they can inform us a few days before coming.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">According to the Investment Board, those confirming their participation include heads of various delegations, officials of the Chamber of Commerce, deputies of international financial institutions and other officials. Investors and officials from 36 countries have confirmed their participation in the summit.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Most of the attendees are domestic businessmen of Nepal (161). Then there are notable investors from China, India, Germany and other countries which have confirmed their participation.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">According to the Investment Board, 2 to 5 representatives will come from Singapore, Malaysia, Russia, Finland, Colombia, Canada, Qatar, European Union (EU), Belgium, Bahrain, Austria. The board confirmed that one person each will come from Vietnam, Vanuatu, Turkey, Thailand, Switzerland, Sri Lanka, Saudi Arabia, Romania, Morocco, Mauritius, Cyprus.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20479', 'image' => '20240418124911_investment summit.jpg', 'article_date' => '2024-04-18 12:47:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20751', 'article_category_id' => '1', 'title' => 'Import of Grapes Increasing due to Lack of Commercial Production in Nepal', 'sub_title' => '', 'summary' => 'April 18: Due to lack of domestic production, grape imports are increasing, Nepalese consumed 10.5 billion worth of grapes in 5 years', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: Due to lack of domestic production, grape imports are increasing, Nepalese consumed 10.5 billion worth of grapes in 5 years</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal has imported grapes worth more than Rs 1 billion in the first eight months of the current fiscal year. According to the data of the Department of Customs, Nepal imported 1,30,82,426 kilograms of grapes worth Rs 1.22 billion from mid-July to mid-March.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the corresponding period last fiscal year, Nepal had imported 1,24,70, 085 kilograms of grapes worth Rs 938.9 million. The data shows that the import of grapes in the first eight months of the current fiscal year increased by 4 percent in quantity and 30 percent in price compared to the corresponding period of last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal mainly imports grapes from China and India. In the review period, Nepal imported the maximum quantity of grapes from India. According to the department, Nepal imported 1,24,46, 094 kg of grapes worth Rs 1.08 billion from India alone. Similarly, it imported 636,332 kilograms of grapes worth Rs 133.63 million from China.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the data of the department, the country imported 210.71 million kilograms of grapes worth Rs 10.43 billion in the last five years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Wine industries operating in Nepal also import grapes as raw materials.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The grapes found in the market of Nepal are mostly from India. The consumers in the country are forced to buy imported grapes due to lack of production in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to businessmen, the production of grapes in Nepal is almost zero and therefore the country relies on imported grapes to meet the market demand.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Except for some people growing grapes for personal consumption, there is hardly any commercial farming of grapes done in Nepal. Since there is no production, we have to rely on imports," says Amar Baniya, president of the Nepal Fruit Wholesalers Association</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The prime season of grapes spans from January to March. Until March, all the grapes come from India and from April onward, the stored grapes come from China. As a result, its price also increases,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Baniya, the wholesale price of grapes was Rs 110-120 per kg until a few days ago, but now it has reached Rs 150-160 per kg. Baniya said that the price will increase as the stored grapes from China arrive in the market from now onwards. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He further said that grapes are available in the market throughout the year as grapes are imported from different countries in different seasons.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20478', 'image' => '20240418121513_ggg.jpg', 'article_date' => '2024-04-18 12:13:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20750', 'article_category_id' => '1', 'title' => 'Pakistan High Court Orders Government to Restore X in One Week', 'sub_title' => '', 'summary' => 'April 18: A Pakistan High Court on Wednesday said the government must restore social media platform X within one week, a lawyer said, after more than two months of disruption ordered by the interior ministry. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 18: A Pakistan High Court on Wednesday said the government must restore social media platform X within one week, a lawyer said, after more than two months of disruption ordered by the interior ministry. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The platform, formerly known as Twitter, has been rarely accessible since February 17, when jailed former prime minister Imran Khan's party called for protests against a government official's admission of vote manipulation in February's election. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pakistan's communications authority later admitted in court papers that it was ordered by the Interior Ministry to shut down the site. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The Sindh High Court has given the government one week to withdraw the letter, failing which, on the next date, they will pass appropriate orders," Moiz Jaaferi, a lawyer challenging the ban, told AFP. – AFP/RSS</span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20477', 'image' => '20240418113305_X-reuters-file1713365023-0.jpg', 'article_date' => '2024-04-18 11:32:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20749', 'article_category_id' => '1', 'title' => 'Export of Goods from Tribhuvan International Airport Comes to a Grinding Halt', 'sub_title' => '', 'summary' => 'April 18: The export of goods produced in Nepal to third countries from the Tribhuvan International Airport customs office has come to a standstill.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">April 18: The export of goods produced in Nepal to third countries from the Tribhuvan International Airport customs office has come to a standstill.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The freight forwarders and government officials informed that there has been no export since Monday after the trade union of the loaders interrupted the loading of the goods saying that one of the two x-rays was damaged and only one of them was causing delay.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to the government officials, one machine for x-raying exported goods has been broken for one month.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Ishwar Bahadur Gurung, secretary of Nepal Freight Forwarders Association, said that checking the goods with only one x-ray was not enough. "We are also requesting to repair another x-ray machine immediately," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Nepal Transport and Warehousing Company Limited has been assigned the responsibility of maintenance of the x-ray machines.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">“An important part of the machine is not operational due to damage. We cannot buy a new one without being sure that this part will work after maintenance. That's why there has been a delay in bringing it back into operation," said Tulsi Pokharel, acting head of the company.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Pokharel informed that if they will first try to replace the broken parts from other machines and will start a new procurement process if that is not possible.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Pokharel added that it will take a few months if they have to purchase a new machine. According to Pokharel, even a single x-ray is sufficient to scan goods. Pokharel claims that one machine can x-ray 35-40 tons of goods daily and if the goods arrive on time, one machine will be enough.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">However, freight forwarders say one x-ray machine is not enough. According to them, since there is only one machine, the x-ray is being delayed and this has hindered the export on time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">However, both sides are in talks. "We are trying to solve the problem through dialogue," Pokharel said.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20476', 'image' => '20240418110225_63cce5f4.jpg', 'article_date' => '2024-04-18 11:00:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20748', 'article_category_id' => '1', 'title' => 'Altitude Sickness Emerges as Major Concern for Tourists Visiting Mustang', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">April 17: </span></span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Altitude sickness is emerging as a growing concern among visitors in Mustang. The district also known as the district beyond the Himalaya is home to the famous Muktinath Temple which draws a large number of devotees mainly from home and India each year. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">In the past seven months, 11 tourists including three domestic citizens succumbed to high-altitude sickness in the district. The district recorded 29 fatalities in the past three years and 11 alone in the past seven months, according to the District Police Office, Mustang. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">The latest casualties include seven Indians, three Nepalis and one Ukrainian, Deputy Superintendent of Police, Bhojraj Pandey said. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">In the fiscal year 2078-29 BS (2021-22), six visitors – five females and one male – all from India died of altitude sickness. They were aged 45-73. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">According to the police records, they suffered high altitude-related health complications in Marfa, Mesokando Pass Trek, Muktinath Temple premises, Gharpajhong, Jomsom Airport, Lete, Tukuche, and Yara. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Of the latest fatalities, six were reported in the month of Chaitra (mid-March to mid-April). The victims were aged 35-83. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">During the last fiscal year (2022-23), the district witnessed 12 deaths resulting from altitude sickness and they were from India (seven), Thailand (one), and Nepal (four) and aged 42-75. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Altitude sickness is caused due to the body's inability to adjust to a low oxygen level at a higher altitude. This happens normally at an altitude above 2500 meters and its symptoms include headache, nausea, vomiting, breathing complications, insomnia, loss of appetite, fatigue, weakness, and so on. -- RSS</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20475', 'image' => '20240417062112_20230724112952_20220424035529_istockphoto-534638391-612x612.jpg', 'article_date' => '2024-04-17 18:19:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20747', 'article_category_id' => '1', 'title' => 'Govt Preparing to Provide Concessional Loans to 200 Startups', 'sub_title' => '', 'summary' => 'April 17: The government is planning to provide concessional loans to 200 start-up projects in the current fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 17: The government is planning to provide concessional loans to 200 start-up projects in the current fiscal year. The government has been promising concessional loans for start-up projects for the last few years but has not been able to implement its decision.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has received applications from more than 1,600 entrepreneurs seeking the start-up loans.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The target is to provide subsidized loans to around 200 projects from among those who have applied," said Umesh Kumar Gupta, executive director of the Industrial Enterprise Development Institute. The government has entrusted the institutute with the responsibility of collecting applications and selecting suitable candidates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">To help those who want to begin start-up ventures, the government has come up with a plan to provide loans at 3 per cent interest by keeping the projects as mortgage.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has also allocated a budget to involve people with the latest knowledge, thinking, skills and abilities in start-up enterprises. For such loans, the Ministry of Industry, Commerce and Supplies has allocated Rs 250 million in the current fiscal year. The government has adopted a policy of providing concessional loans up to a maximum of Rs 2.5 million for a start-up enterprise.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Gupta said that after providing the first instalment, the officials would visit the site of the project to see if the loan had been utilized. Only then will the second installment be released. "Even the third instalment will be released after assessing that the progress is satisfactory," he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">For the implementation of this project, the institute issued a notice on February 2, inviting interested start-up entrepreneurs to submit proposals for the loan. In 21 days, 1,658 projects were registered with the institute seeking loans. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The institute has formed an evaluation committee and made 12 different criteria for providing loans. The committee will now conduct a preliminary study of the projects registered with the institute and invite the proponents to present their projects.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the criteria, only the businesses registered at the Department of Industry, state bodies and local levels can obtain the loans.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Those who do not attach documents like industry registration, renewal, permanent account number, or copy of tax payment certificate will be removed from the project loan process.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If an entrepreneur is found to have submitted more than one proposal, all proposals will be cancelled.</span></span></p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Projects that do not meet the specified criteria will not be included in the loan process. According to the institute, start-ups that do not appear for the presentation at the specified time will be automatically removed from the selection process. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Gupta, the entrepreneur's project will get scores on the basis of presentation. Gupta also said that the institute will provide 15 minutes for the presentation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Gupta, executive director of the institute, informed that start-up projects that meet the criteria will be selected within 1 week. He said that after completion of the work, the selected project proponents will be asked to give a presentation and the loan will be given from mid-May. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20474', 'image' => '20240417041054_20220217054410_startup.jpg', 'article_date' => '2024-04-17 16:10:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20746', 'article_category_id' => '1', 'title' => 'CNI Demands Multi-Rate VAT to Discourage Illegal Imports from India', 'sub_title' => '', 'summary' => 'April 17: The Confederation of Nepalese Industries (CNI), an umbrella organization of the private sector industries in Nepal, has urged the government to implement a multi-rate value-added tax (VAT) system. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 17: The Confederation of Nepalese Industries (CNI), an umbrella organization of the private sector industries in Nepal, has urged the government to implement a multi-rate value-added tax (VAT) system. They argue that aligning Nepal's VAT rates with those of India would help curb the smuggling of goods from across the border. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A multi-rate VAT system involves applying different tax rates to different categories of goods or services. This approach can be effective in addressing the diverse needs of various industries and consumers while also potentially reducing tax evasion and promoting economic growth. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at the 21st Annual General Meeting of the CNI held in Kathmandu on Tuesday, President of the CNI Rajesh Kumar Agarwal said that illegal imports from India have thrived due to the high price of goods in Nepal because of the government’s decision to impose 13 percent VAT.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"As the same item is taxed only 5 percent in India and 13 percent in Nepal, goods are flowing illegally from India to Nepal due to the price difference," Agarwal said during the event which was attended by Prime Minister Pushpa Kamal Dahal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CNI has been advocating for multi-rate VAT since a long time. Other trade associations are also demanding multi-rate VAT.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the government has been turning a deaf ear to this demand saying that it will be difficult for the current administrative mechanism to implement multi-rate VAT. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A senior official of the Ministry of Finance had earlier told New Business Age that the high-level advisory committee on reforming the tax system, chaired by former minister and finance secretary Bidyadhar Mallik, had also suggested keeping the rate of VAT unchanged.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stating that illegal trade is becoming another threat for domestic industries of Nepal and the government, Agarwal complained that the state is losing revenue while the domestic industries are being affected.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the program, CNI President Agarwal discussed about the economic downturn saying that the overall demand is not encouraging and the industries and businesses are on the verge of closure due to the unexpected slump in the economy. He added that the production cost of the industries has increased and the industries have resorted to cut down producing </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He also complained that the Nepal Electricity Authority has imposed load-shedding for 16 hours in the industrial area at such a crucial time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Since April 1, India has reduced the amount of electricity it supplies to Nepal and started providing electricity only during the day. Subsequently, the NEA has increased the load shedding in the industrial sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CNI also raised questions about political instability in the context of the frequent change of government. President Agarwal said that policy stability is necessary to increase investment within the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> "Irrespective of whether the investment is domestic or foreign, investors look for policy stability," he said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On that occasion, Prime Minister Dahal said that the government is committed to increasing the morale of the private sector. "Collaboration with the private sector is indispensable to improve the economy," he said. Prime Minister Dahal said that the government has intervened positively to make the economy dynamic and said that there is no need to panic anymore.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20473', 'image' => '20240417033622_20210226043111_20201119021010_20200907074520_1599400665.tax.jpg', 'article_date' => '2024-04-17 15:35:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20745', 'article_category_id' => '1', 'title' => 'Parliamentary Hearings Committee Endorses Recommendation to Appoint Raya as Auditor General', 'sub_title' => '', 'summary' => 'April 17: The Parliamentary Hearings Committee has cleared the way for the appointment of Toyam Raya as the Auditor General.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 17: The Parliamentary Hearings Committee has cleared the way for the appointment of Toyam Raya as the Auditor General.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of the Parliamentary Hearings Committee, Pashupati Shamsher Rana told reporters that his name was unanimously approved by the committee's meeting held on Tuesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A meeting of the Constitutional Council held on March 31 had decided to recommend Raya, who is the secretary of the National Statistics Office, for appointment to the post of Auditor General. There is a constitutional provision for the President to appoint the Auditor General upon the recommendation of the Council after approval by the Parliamentary Hearings Committee.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After becoming the Auditor General, the responsibility of auditing all the expenses of the government in the last fiscal year and the current fiscal year will fall on his shoulders. Some stakeholders have criticized his appointment to the post due to a conflict of interest. As the secretary also has to audit the work done by himself, there will be a conflict of interest, say Transparency International and other organizations involved in anti-corruption watch. Transparency International has warned that this could disrupt good governance.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the MPs ignored this argument and approved Raya's recommendation. The previous Auditor General Tankamani Sharma was also appointed to the post after resigning from the post of Secretary. Raya, who is considered to be close to the ruling CPN-UML, has been appointed for a 6-year term with just 5 months left for his retirement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Presenting his plans in the parliamentary committee, Raya expressed his commitment to restructure the Auditor General's office according to the federal governance system.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said that it is necessary to advance the organization of the Auditor General's office in accordance with the federal framework to make the work of audit easy, transparent and less expensive, so he will give this work as the first priority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Raya said in the parliamentary committee, "I will proceed with consultation with experts while preparing the audit report." </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The use of information technology in auditing, internal governance, development of professionalism and institutional coordination are also in his action plan. Raya has also planned to use artificial intelligence in the audit, to develop a system that can monitor the implementation status of the audit recommendations. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20472', 'image' => '20240417025206_oag-building.jpg', 'article_date' => '2024-04-17 14:51:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20744', 'article_category_id' => '1', 'title' => 'Fluctuation in the Capital Market having Direct Impact on Capital Gains Tax', 'sub_title' => 'Government collects CGT worth Rs 3.79 billion from share market in 9 months', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 17: The fluctuations in the capital market has influsnced the capital gains tax collected by the government from the market. As the last four months of the current fiscal year (FY) 2080/81 were relatively stable, data show that the government collected capital gains tax better than the previous months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Segoe UI","sans-serif"">In the first nine months of the current fiscal year, the government collected Rs 3.79 billion in capital gains tax. Notably, during the last four months alone, approximately 70 percent of this total amount was collected</span>, according to the data provided by CDS and Clearing Limited (CDSC). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Comparative analysis of the monthly review of the data shows that the government collected capital gains tax of Rs. 972.2 million in the Nepali month of Magh (mid-January to mid-February) of the current year. This is more than other months. In the same month, the Nepal Stock Exchange (NEPSE) index soared to over 2, 200 points.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the previous month of Poush (mid-December to mid-January), the government had also collected attractive capital gains tax. According to CDSC, the government collected more than Rs 743.9 million in capital gains tax was collected in the review month as the capital market index increased from 1,994.60 points to over 2,221 points.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the data, the share market index the dropped to 2,215 points in the following month. Despite the fluctuations in the two months, the market remained positive, so investors made profits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the existing legal system, investors in the secondary market of securities have to pay capital gains tax up to a maximum of 10 percent if they make a profit. Institutional investors have to pay 10 percent tax and individual investors have to pay a maximum of 7.5 percent tax.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to CDSC, in the nine months of the current year, the government collected more than Rs 453.88 million from institutional investors and more than Rs 333.6 billion from individuals.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While the government is collecting millions of rupees monthly in tax from the capital market, investors complained that the capital gains tax imposed by the government is quite high. They have also been urging the government to reduce the tax rate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"To attract institutional investors to the capital market, there should be a discount on CGT," said Tara Prasad Fullel, acting president of the Share Investors Association, adding, "In the case of individual investors, 5 percent for short-term and 3 percent for long-term profit tax should be maintained." </span></span></p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20471', 'image' => '20240417010307_20230320014508_1679273224.Clipboard03.jpg', 'article_date' => '2024-04-17 13:02:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20743', 'article_category_id' => '1', 'title' => 'IMF Projects Growth of Global Economy in 2024 but Risk of Geopolitical Shocks Persists', 'sub_title' => 'The risks to global growth are broadly balanced and a soft landing is a possibility: WEO', 'summary' => 'April 17: The International Monetary Fund (IMF) has raised its outlook for the global economy this year with a growth projected to reach 3.1 percent in 2024.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">April 17: The International Monetary Fund (IMF) has raised its outlook for the global economy this year with a growth projected to reach 3.1 percent in 2024.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The latest World Economic Outlook (WEO) published by the IMF on Tuesday states that the 2024 forecast is 0.2 percentage point higher than the growth projected in October 2023 report.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IMF said that the global economy is expected to grow on account of greater-than-expected resilience in the United States and several large emerging market and developing economies, as well as fiscal support in China. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The forecast for 2024–25 is, however, below the historical (2000–19) average of 3.8 percent, with elevated central bank policy rates to fight inflation, a withdrawal of fiscal support amid high debt weighing on economic activity, and low underlying productivity growth, the report states. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the IMF, inflation is falling faster than expected in most regions, in the midst of unwinding supply-side issues and restrictive monetary policy. Global headline inflation is expected to fall to 5.8 percent in 2024 and to 4.4 percent in 2025, with the 2025 forecast revised down, added the report.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“With disinflation and steady growth, the likelihood of a hard landing has receded, and risks to global growth are broadly balanced. On the upside, faster disinflation could lead to further easing of financial conditions.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Lax fiscal policy than necessary assumed in the projections could imply temporarily higher growth, but at the risk of a more costly adjustment later on, added the report. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the IMF, stronger structural reform momentum could bolster productivity with positive cross-border spillovers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">On the downside, new commodity price spikes from geopolitical shocks––including continued attacks in the Red Sea––and supply disruptions or more persistent underlying inflation could prolong tight monetary conditions. “Deepening property sector woes in China or, elsewhere, a disruptive turn to tax hikes and spending cuts could also cause growth disappointments.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Meanwhile, the IMF report has pointed out the need to curb the rise of public debt and emphasized on a renewed focus on fiscal consolidation to rebuild budgetary capacity to deal with future shocks as well as to raise revenue for new spending priorities in the context that many economies are better equipped to absorb effects of fiscal tightening with the decline in inflation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report suggests that targeted and carefully sequenced structural reforms would reinforce productivity growth and debt sustainability and accelerate convergence toward higher income levels. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">More efficient multilateral coordination is needed for, among other things, debt resolution, to avoid debt distress and create space for necessary investments, as well as to mitigate the effects of climate change, added the report.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20470', 'image' => '20240417112614_20200414115244_IMF.jpg', 'article_date' => '2024-04-17 11:25:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20742', 'article_category_id' => '1', 'title' => 'PM Dahal Pledges Collaboration with Private Sector to Make Economy Vibrant', 'sub_title' => '', 'summary' => 'April 16: Prime Minister Pushpa Kamal Dahal has said that the government’s collaboration with the private sector can make the economy vibrant. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 16: Prime Minister Pushpa Kamal Dahal has said that the government’s collaboration with the private sector can make the economy vibrant. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a programme organized to mark the 21st anniversary of the Confederation of Nepalese Industries (CNI) in the capital on Tuesday, Prime Minister Dahal expressed the government's commitment to boost the confidence of the private sector. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"The government is serious about economic reforms," Dahal said, adding, "I am clear that the country's economy could be made dynamic in collaboration with private sector. The government has put positive interventions for economic reforms." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He clarified that the government was responsibly acting to boost the confidence of the private sector, enabling investment-friendly environment and creating incentives for result-oriented works. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government is preparing to focus its efforts on manufacturing and employment generation, as well as revitalizing people's optimism despite the pressure, he claimed, adding, "We will take ahead the monetary policy accordingly." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further said the problem of private sector is the problem of the economy. "The government will put all-out efforts to fix the problems." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The economy lately has shown important signs of reforms, he said, expressing confidence that the current fiscal year would be optimistic year for the economy. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"We are hosting the third international investment summit at the onset of the New Year. Over a dozen laws are under the process of amendment to draw foreign direct investment," the PM said, adding, "The year 2081 could be taken as a hopeful year." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The export of goods such as electricity, zinc sheet and cement has also increased our hope to enable country's economy, he said. "Arrival of tourists has whopped and information technology sector has also rekindled our optimism,” PM Dahal noted, adding such activities would contribute to the national income and capital formation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also on the occasion, Minister for Industry, Commerce and Supplies Damodar Bhandari said the government was ready to create environment conducive for promoting businesses and industries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The event was attended by the chairpersons and representatives of umbrella organizations of businesspersons and industrialists. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20469', 'image' => '20240417105732_PRO_KTM-066A0771.jpg', 'article_date' => '2024-04-17 10:56:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20741', 'article_category_id' => '1', 'title' => 'Experts Suggest Government to Bring Implementable Budget ', 'sub_title' => '', 'summary' => 'April 16: Economists and experts have urged the government to introduce a practical budget for the upcoming fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 16: Economists and experts have urged the government to introduce a practical budget for the upcoming fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a meeting of the National Assembly's Committee on Development, Economic Affairs and Good Governance on Tuesday, the experts viewed that the new budget should be based on development and social justice along with being gender-responsive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They suggested that the government should focus on sustainable development of agriculture, energy and tourism sectors in the new budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, economist Dr Govinda Nepal said the big-size budget and its non-implementation have created fiscal imbalance and called for a practical budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He argued the new budget should accord priority for the modernization of agriculture, information technology, energy and tourism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Registrar of Kathmandu University Achyut Wagle said the structure of the economy should be made environment-friendly and the new budget should focus on the areas for sustainable development of agriculture and its production. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, social activist Bharati Silwal Giri said the budget should be gender-responsive and it should incorporate the issues of gender equality and women empowerment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the meeting, NA Vice Chairperson Bimala Ghimire expressed confidence that the feedback received from the experts would be instrumental in enriching the new budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Committee Chairperson Kamala Devi Pant said the new budget should address the issues of Dalits, underprivileged and marginalized communities. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-04-16', 'modified' => '2024-04-16', 'keywords' => '', 'description' => '', 'sortorder' => '20468', 'image' => '20240416070426_20230511021044_1683767264.jpg', 'article_date' => '2024-04-16 19:03:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $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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style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: The path towards sustainable government debt levels around the world is under threat this year from the sheer number of elections taking place, AFP reported citing the IMF’s new report on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"History suggests, and empirical evidence confirms, that governments tend to spend more and or tax less in election year," Vitor Gaspar, the head of the International Monetary Fund's Fiscal Affairs told AFP, ahead of the publication of the Fiscal Monitor report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He added that the situation this year is particularly complicated because, "the political discourse is dominated by references to fiscal expansion and calls for fiscal support or public spending -- or both."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the Fiscal Monitor report found that global public debt "edged up again" last year, reversing a couple of years of decline, due largely to a fall in revenues "as windfall revenues from inflation waned."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Fiscal tightening is projected for 2024, but it is subject to considerable uncertainty," the IMF report continued.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Much of this uncertainty, the IMF said, is down to the fact that 2024 is the "Great Election Year," when 88 economies or economic areas representing more than half of the world's population have held, or are due to hold, elections.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Clearly, given the stronger link between fiscal policy and politics, it is perfectly reasonable to think that political factors and political discourse will play an added role right now," Gaspar told AFP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The IMF predicts that current spending and taxation levels have put global public debt on track to rise from just over 93 percent of economic output last year to 99 percent by 2029.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This trend is "driven by the world's two largest economies, China and the United States, where under current policies public debt is projected to continue increasing beyond historical highs," the IMF report said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US experienced "remarkably large fiscal slippages," last year, the IMF said, citing a steep decline in income tax revenues due to lower capital gains taxes and "delayed tax payment deadlines."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Like the US, China's fiscal deficit is projected to remain at elevated levels over the next five years, rising from more than seven percent of GDP last year to around eight percent by 2029.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"China stands out as a country where the deficit has stayed elevated throughout," Gaspar said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, "China, as the United States, has policy room to correct the situation and can do it from a public finance viewpoint," he continued, adding: "China does have room to maneuver."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Given China's role as a leading bilateral lender to many of the world's developing economies, its fiscal position carries consequences for countries around the world.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the Fiscal Monitor report called for countries to make a "renewed push" toward consolidating their fiscal positions -- especially given the expected loosening of tight monetary policy in many places through interest rate cuts later this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">To do this, the IMF recommended that countries should start by "immediately" phasing out pandemic-era support measures, scaling back fuel and energy subsidies, and enacting entitlement reforms in advanced economies with ageing populations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In emerging market and developing economies, governments should "renew efforts to rationalize large government wage bills, and reform social safety nets," the IMF said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the context of Nepal, the share of public debt has been increasing compared to the gross domestic product (GDP). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the latest data, Nepal's public debt has soared to 43.80 percent of the total GDP. This figure is based on the loans taken by the government as of mid-November of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the government data, Nepal’s public debt has increased to Rs 2357 billion mainly due to the rise in government’s tendency to raise debt to meet its current expenses.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government’s internal debt stood at Rs 1183 billion and external debt is Rs 1173 billion as of mid-November 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The country’s public debt was Rs 2221.67 billion in mid-July at the beginning of the current fiscal year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20482', 'image' => '20240418020330_20231201023735_public debt.jpg', 'article_date' => '2024-04-18 14:02:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20753', 'article_category_id' => '1', 'title' => 'Nepal urges Bangladesh to Remove ‘Additional Customs Duty’ on Nepalese Goods', 'sub_title' => '', 'summary' => 'April 18: The government authorities of Nepal have requested Bangladesh to remove the customs duty imposed by Bangladesh on the import of Nepali goods, saying that the export of Nepal has been affected due to the additional customs duty imposed by Bangladesh.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: The government authorities of Nepal have requested Bangladesh to remove the customs duty imposed by Bangladesh on the import of Nepali goods, saying that the export of Nepal has been affected due to the additional customs duty imposed by Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While Nepal’s trade with Bangladesh was profitable in the past, it has faced a continuous trade deficit in recent years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepali officials assert that Bangladesh's additional customs duty is contributing to the expanding trade deficit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Foreign Affairs informed through a press statement that Nepal raised this matter at the third Foreign Office Consultation meeting between Nepal and Bangladesh held in Kathmandu on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the ministry, Foreign Secretary Sewa Lamsal requested her Bangladeshi counterpart, Masood Bin Momen, to completely remove the additional customs duty on Nepali goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Amrit Bahadur Rai, Joint Secretary and Spokesperson for the Ministry of Foreign Affairs, informed New Business Age that the government is actively working to eliminate trade barriers caused by Bangladesh's customs tariffs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ram Chandra Tiwari, joint secretary of the Ministry of Industry, Commerce and Supplies, said that Nepal is preparing to raise this issue in the commerce secretary-level meeting to be held in Kathmandu from Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are also addressing the non-implementation of the previous agreement regarding customs exemption for Nepalese goods. The meeting will focus on promoting trade between the two countries,” he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal mostly exports agricultural products like wheat, lentils, herbs, ginger, broom grass, yarn among others to Bangladesh. According to the government officials, Nepal’s exports have declined due to the imposition of 'high customs duty' by the Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh has been providing duty-free facilities for 108 items including agricultural products of Nepal. Nepal has been asking for duty-free facilities for tea, black lentil, coffee, cardamom, broom grass, fruits, pashmina and more.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to officials of the Ministry of Commerce, Nepal has the potential to export products such as spices, cabbage, tomatoes, avocado, pickles, carpets and dairy products to Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Bangladesh is also seeking duty-free facility on 64 items. Bangladesh has been asking for duty-free facilities especially for fish, medicine, juice, soft drinks, raw jute etc.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Tiwari, there will be an in-depth discussion on customs-free facilities, market access, transportation and other issues between the two countries in the commerce secretary-level meeting.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Most of the goods exported to Bangladesh are sent through the eastern border of Nepal through Phulbari in India and Chittagong port in Bangladesh. Tiwari informed that since transporting goods through this route takes 4 to 5 days due to customs clearance at the, it raises the expenses. This issue will also be discussed during the commerce secretary-level meeting, said Tiwari.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh, which is 30 kilometers away from the Nepalese border, has been making leaps in economic development for the past few years. As a result, its per capita income is much higher than that of Nepal. Due to its large population, Bangladesh has emerged as an attractive market for the world. However, Nepal has not been able to take advantage of it.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to a study conducted by South Asia Watch on Trade, Economics and Environment (SAWTEE), Nepal exported more goods to Bangladesh that it imported from the neighbouring country between the fiscal year 2061/62 to 2069/70. Since then, exports from Nepal have decreased and imports from Bangladesh have continued to rise.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Department of Customs, Nepal exported goods worth Rs 57 million to Bangladesh while it imported goods worth Rs 6 billion in the last fiscal year 2079/80. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, in the foreign secretary-level meeting held on Wednesday, the secretaries of both countries emphasized on the speedy implementation of the BBIN Motor Vehicle Agreement between Bangladesh, Bhutan, India and Nepal to enable the means of transportation between the member states without interruption, the Ministry of Foreign Affairs informed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Foreign Affairs Ministry Spokesperson Rai, the two countries also discussed the issue of electricity export to Bangladesh.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20481', 'image' => '20240418014609_GLWbN53bkAARwPq.jpg', 'article_date' => '2024-04-18 13:45:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20754', 'article_category_id' => '1', 'title' => 'President Appoints Raya as Auditor General ', 'sub_title' => '', 'summary' => 'April 18: President Ram Chandra Paudel on Thursday appointed Toyam Raya as the Auditor General of Nepal upon the recommendation of Constitutional Council. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: President Ram Chandra Paudel on Thursday appointed Toyam Raya as the Auditor General of Nepal upon the recommendation of Constitutional Council. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">President Paudel appointed Raya to the post of Auditor General in accordance with Article 240 (2) of the Constitution of Nepal, reads a press release issued by Spokesperson for the Office of the Presidnet, Shailaja Regmi Bhattarai.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The post of auditor general had remained vacant ever since the then Auditor General Tankamani Sharma Dangal retired after completing his term on May 22 last year. After Sharma's retirement, the then Deputy Auditor General Rammaya Kunwar was given the responsibility of acting auditor general for one and a half months. After Kunwar went on compulsory retirement on August 7, Maheshwar Kafle got the responsibility.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bamdev Sharma was given the responsibility of acting auditor general after Kafle went on mandatory retirement in late January due to the age limit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The office was run by acting auditor general for around eleven months due to the delay in appointing an auditor general.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Due to the lack of leadership, the Office of the Auditor General has not been able to move forward with the strategic plan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Office of the Auditor General audits all federal and state government offices including the Office of the President and Vice President, Supreme Court, Federal Parliament, Provincial Assembly, Provincial Government, Local Level, Constitutional Bodies and Offices, Courts, Attorney General's Office, Nepal Army, Nepal Police and Armed Police Force. The purpose of the audit is to protect the public resources of the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Office of the Auditor General also gives necessary suggestions and recommendations based on the effectiveness of government income and expenditure. The office submits and publishes the annual report of all government agencies to the President. The Office of the Auditor General has the right to see the accounting documents at any time to audit various agencies of the Central and State Governments. However, the lack of leadership has made the Office of the Auditor General weak in its role.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A meeting of the Constitutional Council held on March 31 had decided to recommend Raya, who was then the secretary of the National Statistics Office, for appointment to the post of Auditor General. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Some stakeholders criticized his appointment to the post due to a conflict of interest. As the secretary also has to audit the work done by himself, there will be a conflict of interest, say Transparency International and other organizations involved in anti-corruption watch. Transparency International has warned that this could disrupt good governance.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the MPs ignored this argument and approved Raya's recommendation. The previous Auditor General Tankamani Sharma was also appointed to the post after resigning from the post of Secretary. Raya, who is considered to be close to the ruling CPN-UML, has been appointed for a 6-year term with just 5 months left for his retirement.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20480', 'image' => '20240418015718_20240417025206_oag-building.jpg', 'article_date' => '2024-04-18 13:56:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20752', 'article_category_id' => '1', 'title' => '462 Investors out of 1,355 Invitees Confirm their Participation for Investment Summit', 'sub_title' => '', 'summary' => 'April 18: One-third of investors and officials who have been invited by the Investment Board Nepal for the upcoming Third Investment Summit have confirmed their participation as of Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 18: One-third of investors and officials who have been invited by the Investment Board Nepal for the upcoming Third Investment Summit have confirmed their participation as of Wednesday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The board has sent invitations to 1,355 individuals to attend to the conference. Among them, 462 people have confirmed their participation but the list of attendees does not include any renowned businessmen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The government has left no stone unturned to invite rich and famous businessmen to the upcoming investment summit scheduled for April 28-29.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Former Finance Minister Dr Prakash Sharan Mahat had invited businessman Gautam Adani when he reached India's Gujarat, while the government has sent letters to world-famous businessman Elon Musk, India's richest man Mukesh Ambani, China's successful entrepreneur Jack Ma and others. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">An official of the Investment Board informed New Business Age that these businessmen have not confirmed their attendance for the conference as of Wednesday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"There are no well-known celebrity businessmen in this list so far," said the official, "There are many businessmen from China in the list of those who have accepted Nepal's invitation.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Most of the businessmen who have confirmed their participation in the investment summit are from China followed by Indian investors.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"We have done our job," said the official, adding, "Now, it is up to them. They can come here on their own or they can inform us a few days before coming.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">According to the Investment Board, those confirming their participation include heads of various delegations, officials of the Chamber of Commerce, deputies of international financial institutions and other officials. Investors and officials from 36 countries have confirmed their participation in the summit.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Most of the attendees are domestic businessmen of Nepal (161). Then there are notable investors from China, India, Germany and other countries which have confirmed their participation.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">According to the Investment Board, 2 to 5 representatives will come from Singapore, Malaysia, Russia, Finland, Colombia, Canada, Qatar, European Union (EU), Belgium, Bahrain, Austria. The board confirmed that one person each will come from Vietnam, Vanuatu, Turkey, Thailand, Switzerland, Sri Lanka, Saudi Arabia, Romania, Morocco, Mauritius, Cyprus.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20479', 'image' => '20240418124911_investment summit.jpg', 'article_date' => '2024-04-18 12:47:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20751', 'article_category_id' => '1', 'title' => 'Import of Grapes Increasing due to Lack of Commercial Production in Nepal', 'sub_title' => '', 'summary' => 'April 18: Due to lack of domestic production, grape imports are increasing, Nepalese consumed 10.5 billion worth of grapes in 5 years', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: Due to lack of domestic production, grape imports are increasing, Nepalese consumed 10.5 billion worth of grapes in 5 years</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal has imported grapes worth more than Rs 1 billion in the first eight months of the current fiscal year. According to the data of the Department of Customs, Nepal imported 1,30,82,426 kilograms of grapes worth Rs 1.22 billion from mid-July to mid-March.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the corresponding period last fiscal year, Nepal had imported 1,24,70, 085 kilograms of grapes worth Rs 938.9 million. The data shows that the import of grapes in the first eight months of the current fiscal year increased by 4 percent in quantity and 30 percent in price compared to the corresponding period of last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal mainly imports grapes from China and India. In the review period, Nepal imported the maximum quantity of grapes from India. According to the department, Nepal imported 1,24,46, 094 kg of grapes worth Rs 1.08 billion from India alone. Similarly, it imported 636,332 kilograms of grapes worth Rs 133.63 million from China.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the data of the department, the country imported 210.71 million kilograms of grapes worth Rs 10.43 billion in the last five years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Wine industries operating in Nepal also import grapes as raw materials.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The grapes found in the market of Nepal are mostly from India. The consumers in the country are forced to buy imported grapes due to lack of production in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to businessmen, the production of grapes in Nepal is almost zero and therefore the country relies on imported grapes to meet the market demand.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Except for some people growing grapes for personal consumption, there is hardly any commercial farming of grapes done in Nepal. Since there is no production, we have to rely on imports," says Amar Baniya, president of the Nepal Fruit Wholesalers Association</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The prime season of grapes spans from January to March. Until March, all the grapes come from India and from April onward, the stored grapes come from China. As a result, its price also increases,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Baniya, the wholesale price of grapes was Rs 110-120 per kg until a few days ago, but now it has reached Rs 150-160 per kg. Baniya said that the price will increase as the stored grapes from China arrive in the market from now onwards. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He further said that grapes are available in the market throughout the year as grapes are imported from different countries in different seasons.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20478', 'image' => '20240418121513_ggg.jpg', 'article_date' => '2024-04-18 12:13:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20750', 'article_category_id' => '1', 'title' => 'Pakistan High Court Orders Government to Restore X in One Week', 'sub_title' => '', 'summary' => 'April 18: A Pakistan High Court on Wednesday said the government must restore social media platform X within one week, a lawyer said, after more than two months of disruption ordered by the interior ministry. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 18: A Pakistan High Court on Wednesday said the government must restore social media platform X within one week, a lawyer said, after more than two months of disruption ordered by the interior ministry. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The platform, formerly known as Twitter, has been rarely accessible since February 17, when jailed former prime minister Imran Khan's party called for protests against a government official's admission of vote manipulation in February's election. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pakistan's communications authority later admitted in court papers that it was ordered by the Interior Ministry to shut down the site. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The Sindh High Court has given the government one week to withdraw the letter, failing which, on the next date, they will pass appropriate orders," Moiz Jaaferi, a lawyer challenging the ban, told AFP. – AFP/RSS</span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20477', 'image' => '20240418113305_X-reuters-file1713365023-0.jpg', 'article_date' => '2024-04-18 11:32:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20749', 'article_category_id' => '1', 'title' => 'Export of Goods from Tribhuvan International Airport Comes to a Grinding Halt', 'sub_title' => '', 'summary' => 'April 18: The export of goods produced in Nepal to third countries from the Tribhuvan International Airport customs office has come to a standstill.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">April 18: The export of goods produced in Nepal to third countries from the Tribhuvan International Airport customs office has come to a standstill.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The freight forwarders and government officials informed that there has been no export since Monday after the trade union of the loaders interrupted the loading of the goods saying that one of the two x-rays was damaged and only one of them was causing delay.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to the government officials, one machine for x-raying exported goods has been broken for one month.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Ishwar Bahadur Gurung, secretary of Nepal Freight Forwarders Association, said that checking the goods with only one x-ray was not enough. "We are also requesting to repair another x-ray machine immediately," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Nepal Transport and Warehousing Company Limited has been assigned the responsibility of maintenance of the x-ray machines.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">“An important part of the machine is not operational due to damage. We cannot buy a new one without being sure that this part will work after maintenance. That's why there has been a delay in bringing it back into operation," said Tulsi Pokharel, acting head of the company.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Pokharel informed that if they will first try to replace the broken parts from other machines and will start a new procurement process if that is not possible.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Pokharel added that it will take a few months if they have to purchase a new machine. According to Pokharel, even a single x-ray is sufficient to scan goods. Pokharel claims that one machine can x-ray 35-40 tons of goods daily and if the goods arrive on time, one machine will be enough.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">However, freight forwarders say one x-ray machine is not enough. According to them, since there is only one machine, the x-ray is being delayed and this has hindered the export on time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">However, both sides are in talks. "We are trying to solve the problem through dialogue," Pokharel said.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20476', 'image' => '20240418110225_63cce5f4.jpg', 'article_date' => '2024-04-18 11:00:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20748', 'article_category_id' => '1', 'title' => 'Altitude Sickness Emerges as Major Concern for Tourists Visiting Mustang', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">April 17: </span></span></span><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Altitude sickness is emerging as a growing concern among visitors in Mustang. The district also known as the district beyond the Himalaya is home to the famous Muktinath Temple which draws a large number of devotees mainly from home and India each year. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">In the past seven months, 11 tourists including three domestic citizens succumbed to high-altitude sickness in the district. The district recorded 29 fatalities in the past three years and 11 alone in the past seven months, according to the District Police Office, Mustang. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">The latest casualties include seven Indians, three Nepalis and one Ukrainian, Deputy Superintendent of Police, Bhojraj Pandey said. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">In the fiscal year 2078-29 BS (2021-22), six visitors – five females and one male – all from India died of altitude sickness. They were aged 45-73. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">According to the police records, they suffered high altitude-related health complications in Marfa, Mesokando Pass Trek, Muktinath Temple premises, Gharpajhong, Jomsom Airport, Lete, Tukuche, and Yara. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Of the latest fatalities, six were reported in the month of Chaitra (mid-March to mid-April). The victims were aged 35-83. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">During the last fiscal year (2022-23), the district witnessed 12 deaths resulting from altitude sickness and they were from India (seven), Thailand (one), and Nepal (four) and aged 42-75. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Altitude sickness is caused due to the body's inability to adjust to a low oxygen level at a higher altitude. This happens normally at an altitude above 2500 meters and its symptoms include headache, nausea, vomiting, breathing complications, insomnia, loss of appetite, fatigue, weakness, and so on. -- RSS</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20475', 'image' => '20240417062112_20230724112952_20220424035529_istockphoto-534638391-612x612.jpg', 'article_date' => '2024-04-17 18:19:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20747', 'article_category_id' => '1', 'title' => 'Govt Preparing to Provide Concessional Loans to 200 Startups', 'sub_title' => '', 'summary' => 'April 17: The government is planning to provide concessional loans to 200 start-up projects in the current fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 17: The government is planning to provide concessional loans to 200 start-up projects in the current fiscal year. The government has been promising concessional loans for start-up projects for the last few years but has not been able to implement its decision.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has received applications from more than 1,600 entrepreneurs seeking the start-up loans.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The target is to provide subsidized loans to around 200 projects from among those who have applied," said Umesh Kumar Gupta, executive director of the Industrial Enterprise Development Institute. The government has entrusted the institutute with the responsibility of collecting applications and selecting suitable candidates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">To help those who want to begin start-up ventures, the government has come up with a plan to provide loans at 3 per cent interest by keeping the projects as mortgage.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has also allocated a budget to involve people with the latest knowledge, thinking, skills and abilities in start-up enterprises. For such loans, the Ministry of Industry, Commerce and Supplies has allocated Rs 250 million in the current fiscal year. The government has adopted a policy of providing concessional loans up to a maximum of Rs 2.5 million for a start-up enterprise.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Gupta said that after providing the first instalment, the officials would visit the site of the project to see if the loan had been utilized. Only then will the second installment be released. "Even the third instalment will be released after assessing that the progress is satisfactory," he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">For the implementation of this project, the institute issued a notice on February 2, inviting interested start-up entrepreneurs to submit proposals for the loan. In 21 days, 1,658 projects were registered with the institute seeking loans. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The institute has formed an evaluation committee and made 12 different criteria for providing loans. The committee will now conduct a preliminary study of the projects registered with the institute and invite the proponents to present their projects.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the criteria, only the businesses registered at the Department of Industry, state bodies and local levels can obtain the loans.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Those who do not attach documents like industry registration, renewal, permanent account number, or copy of tax payment certificate will be removed from the project loan process.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If an entrepreneur is found to have submitted more than one proposal, all proposals will be cancelled.</span></span></p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Projects that do not meet the specified criteria will not be included in the loan process. According to the institute, start-ups that do not appear for the presentation at the specified time will be automatically removed from the selection process. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Gupta, the entrepreneur's project will get scores on the basis of presentation. Gupta also said that the institute will provide 15 minutes for the presentation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Gupta, executive director of the institute, informed that start-up projects that meet the criteria will be selected within 1 week. He said that after completion of the work, the selected project proponents will be asked to give a presentation and the loan will be given from mid-May. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20474', 'image' => '20240417041054_20220217054410_startup.jpg', 'article_date' => '2024-04-17 16:10:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20746', 'article_category_id' => '1', 'title' => 'CNI Demands Multi-Rate VAT to Discourage Illegal Imports from India', 'sub_title' => '', 'summary' => 'April 17: The Confederation of Nepalese Industries (CNI), an umbrella organization of the private sector industries in Nepal, has urged the government to implement a multi-rate value-added tax (VAT) system. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 17: The Confederation of Nepalese Industries (CNI), an umbrella organization of the private sector industries in Nepal, has urged the government to implement a multi-rate value-added tax (VAT) system. They argue that aligning Nepal's VAT rates with those of India would help curb the smuggling of goods from across the border. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A multi-rate VAT system involves applying different tax rates to different categories of goods or services. This approach can be effective in addressing the diverse needs of various industries and consumers while also potentially reducing tax evasion and promoting economic growth. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at the 21st Annual General Meeting of the CNI held in Kathmandu on Tuesday, President of the CNI Rajesh Kumar Agarwal said that illegal imports from India have thrived due to the high price of goods in Nepal because of the government’s decision to impose 13 percent VAT.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"As the same item is taxed only 5 percent in India and 13 percent in Nepal, goods are flowing illegally from India to Nepal due to the price difference," Agarwal said during the event which was attended by Prime Minister Pushpa Kamal Dahal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CNI has been advocating for multi-rate VAT since a long time. Other trade associations are also demanding multi-rate VAT.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the government has been turning a deaf ear to this demand saying that it will be difficult for the current administrative mechanism to implement multi-rate VAT. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A senior official of the Ministry of Finance had earlier told New Business Age that the high-level advisory committee on reforming the tax system, chaired by former minister and finance secretary Bidyadhar Mallik, had also suggested keeping the rate of VAT unchanged.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stating that illegal trade is becoming another threat for domestic industries of Nepal and the government, Agarwal complained that the state is losing revenue while the domestic industries are being affected.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the program, CNI President Agarwal discussed about the economic downturn saying that the overall demand is not encouraging and the industries and businesses are on the verge of closure due to the unexpected slump in the economy. He added that the production cost of the industries has increased and the industries have resorted to cut down producing </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He also complained that the Nepal Electricity Authority has imposed load-shedding for 16 hours in the industrial area at such a crucial time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Since April 1, India has reduced the amount of electricity it supplies to Nepal and started providing electricity only during the day. Subsequently, the NEA has increased the load shedding in the industrial sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CNI also raised questions about political instability in the context of the frequent change of government. President Agarwal said that policy stability is necessary to increase investment within the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> "Irrespective of whether the investment is domestic or foreign, investors look for policy stability," he said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On that occasion, Prime Minister Dahal said that the government is committed to increasing the morale of the private sector. "Collaboration with the private sector is indispensable to improve the economy," he said. Prime Minister Dahal said that the government has intervened positively to make the economy dynamic and said that there is no need to panic anymore.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20473', 'image' => '20240417033622_20210226043111_20201119021010_20200907074520_1599400665.tax.jpg', 'article_date' => '2024-04-17 15:35:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20745', 'article_category_id' => '1', 'title' => 'Parliamentary Hearings Committee Endorses Recommendation to Appoint Raya as Auditor General', 'sub_title' => '', 'summary' => 'April 17: The Parliamentary Hearings Committee has cleared the way for the appointment of Toyam Raya as the Auditor General.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 17: The Parliamentary Hearings Committee has cleared the way for the appointment of Toyam Raya as the Auditor General.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of the Parliamentary Hearings Committee, Pashupati Shamsher Rana told reporters that his name was unanimously approved by the committee's meeting held on Tuesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A meeting of the Constitutional Council held on March 31 had decided to recommend Raya, who is the secretary of the National Statistics Office, for appointment to the post of Auditor General. There is a constitutional provision for the President to appoint the Auditor General upon the recommendation of the Council after approval by the Parliamentary Hearings Committee.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After becoming the Auditor General, the responsibility of auditing all the expenses of the government in the last fiscal year and the current fiscal year will fall on his shoulders. Some stakeholders have criticized his appointment to the post due to a conflict of interest. As the secretary also has to audit the work done by himself, there will be a conflict of interest, say Transparency International and other organizations involved in anti-corruption watch. Transparency International has warned that this could disrupt good governance.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the MPs ignored this argument and approved Raya's recommendation. The previous Auditor General Tankamani Sharma was also appointed to the post after resigning from the post of Secretary. Raya, who is considered to be close to the ruling CPN-UML, has been appointed for a 6-year term with just 5 months left for his retirement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Presenting his plans in the parliamentary committee, Raya expressed his commitment to restructure the Auditor General's office according to the federal governance system.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said that it is necessary to advance the organization of the Auditor General's office in accordance with the federal framework to make the work of audit easy, transparent and less expensive, so he will give this work as the first priority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Raya said in the parliamentary committee, "I will proceed with consultation with experts while preparing the audit report." </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The use of information technology in auditing, internal governance, development of professionalism and institutional coordination are also in his action plan. Raya has also planned to use artificial intelligence in the audit, to develop a system that can monitor the implementation status of the audit recommendations. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20472', 'image' => '20240417025206_oag-building.jpg', 'article_date' => '2024-04-17 14:51:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20744', 'article_category_id' => '1', 'title' => 'Fluctuation in the Capital Market having Direct Impact on Capital Gains Tax', 'sub_title' => 'Government collects CGT worth Rs 3.79 billion from share market in 9 months', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 17: The fluctuations in the capital market has influsnced the capital gains tax collected by the government from the market. As the last four months of the current fiscal year (FY) 2080/81 were relatively stable, data show that the government collected capital gains tax better than the previous months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Segoe UI","sans-serif"">In the first nine months of the current fiscal year, the government collected Rs 3.79 billion in capital gains tax. Notably, during the last four months alone, approximately 70 percent of this total amount was collected</span>, according to the data provided by CDS and Clearing Limited (CDSC). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Comparative analysis of the monthly review of the data shows that the government collected capital gains tax of Rs. 972.2 million in the Nepali month of Magh (mid-January to mid-February) of the current year. This is more than other months. In the same month, the Nepal Stock Exchange (NEPSE) index soared to over 2, 200 points.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the previous month of Poush (mid-December to mid-January), the government had also collected attractive capital gains tax. According to CDSC, the government collected more than Rs 743.9 million in capital gains tax was collected in the review month as the capital market index increased from 1,994.60 points to over 2,221 points.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the data, the share market index the dropped to 2,215 points in the following month. Despite the fluctuations in the two months, the market remained positive, so investors made profits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the existing legal system, investors in the secondary market of securities have to pay capital gains tax up to a maximum of 10 percent if they make a profit. Institutional investors have to pay 10 percent tax and individual investors have to pay a maximum of 7.5 percent tax.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to CDSC, in the nine months of the current year, the government collected more than Rs 453.88 million from institutional investors and more than Rs 333.6 billion from individuals.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While the government is collecting millions of rupees monthly in tax from the capital market, investors complained that the capital gains tax imposed by the government is quite high. They have also been urging the government to reduce the tax rate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"To attract institutional investors to the capital market, there should be a discount on CGT," said Tara Prasad Fullel, acting president of the Share Investors Association, adding, "In the case of individual investors, 5 percent for short-term and 3 percent for long-term profit tax should be maintained." </span></span></p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20471', 'image' => '20240417010307_20230320014508_1679273224.Clipboard03.jpg', 'article_date' => '2024-04-17 13:02:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20743', 'article_category_id' => '1', 'title' => 'IMF Projects Growth of Global Economy in 2024 but Risk of Geopolitical Shocks Persists', 'sub_title' => 'The risks to global growth are broadly balanced and a soft landing is a possibility: WEO', 'summary' => 'April 17: The International Monetary Fund (IMF) has raised its outlook for the global economy this year with a growth projected to reach 3.1 percent in 2024.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">April 17: The International Monetary Fund (IMF) has raised its outlook for the global economy this year with a growth projected to reach 3.1 percent in 2024.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The latest World Economic Outlook (WEO) published by the IMF on Tuesday states that the 2024 forecast is 0.2 percentage point higher than the growth projected in October 2023 report.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The IMF said that the global economy is expected to grow on account of greater-than-expected resilience in the United States and several large emerging market and developing economies, as well as fiscal support in China. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The forecast for 2024–25 is, however, below the historical (2000–19) average of 3.8 percent, with elevated central bank policy rates to fight inflation, a withdrawal of fiscal support amid high debt weighing on economic activity, and low underlying productivity growth, the report states. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the IMF, inflation is falling faster than expected in most regions, in the midst of unwinding supply-side issues and restrictive monetary policy. Global headline inflation is expected to fall to 5.8 percent in 2024 and to 4.4 percent in 2025, with the 2025 forecast revised down, added the report.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“With disinflation and steady growth, the likelihood of a hard landing has receded, and risks to global growth are broadly balanced. On the upside, faster disinflation could lead to further easing of financial conditions.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Lax fiscal policy than necessary assumed in the projections could imply temporarily higher growth, but at the risk of a more costly adjustment later on, added the report. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the IMF, stronger structural reform momentum could bolster productivity with positive cross-border spillovers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">On the downside, new commodity price spikes from geopolitical shocks––including continued attacks in the Red Sea––and supply disruptions or more persistent underlying inflation could prolong tight monetary conditions. “Deepening property sector woes in China or, elsewhere, a disruptive turn to tax hikes and spending cuts could also cause growth disappointments.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Meanwhile, the IMF report has pointed out the need to curb the rise of public debt and emphasized on a renewed focus on fiscal consolidation to rebuild budgetary capacity to deal with future shocks as well as to raise revenue for new spending priorities in the context that many economies are better equipped to absorb effects of fiscal tightening with the decline in inflation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report suggests that targeted and carefully sequenced structural reforms would reinforce productivity growth and debt sustainability and accelerate convergence toward higher income levels. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">More efficient multilateral coordination is needed for, among other things, debt resolution, to avoid debt distress and create space for necessary investments, as well as to mitigate the effects of climate change, added the report.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20470', 'image' => '20240417112614_20200414115244_IMF.jpg', 'article_date' => '2024-04-17 11:25:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20742', 'article_category_id' => '1', 'title' => 'PM Dahal Pledges Collaboration with Private Sector to Make Economy Vibrant', 'sub_title' => '', 'summary' => 'April 16: Prime Minister Pushpa Kamal Dahal has said that the government’s collaboration with the private sector can make the economy vibrant. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 16: Prime Minister Pushpa Kamal Dahal has said that the government’s collaboration with the private sector can make the economy vibrant. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a programme organized to mark the 21st anniversary of the Confederation of Nepalese Industries (CNI) in the capital on Tuesday, Prime Minister Dahal expressed the government's commitment to boost the confidence of the private sector. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"The government is serious about economic reforms," Dahal said, adding, "I am clear that the country's economy could be made dynamic in collaboration with private sector. The government has put positive interventions for economic reforms." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He clarified that the government was responsibly acting to boost the confidence of the private sector, enabling investment-friendly environment and creating incentives for result-oriented works. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government is preparing to focus its efforts on manufacturing and employment generation, as well as revitalizing people's optimism despite the pressure, he claimed, adding, "We will take ahead the monetary policy accordingly." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further said the problem of private sector is the problem of the economy. "The government will put all-out efforts to fix the problems." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The economy lately has shown important signs of reforms, he said, expressing confidence that the current fiscal year would be optimistic year for the economy. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"We are hosting the third international investment summit at the onset of the New Year. Over a dozen laws are under the process of amendment to draw foreign direct investment," the PM said, adding, "The year 2081 could be taken as a hopeful year." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The export of goods such as electricity, zinc sheet and cement has also increased our hope to enable country's economy, he said. "Arrival of tourists has whopped and information technology sector has also rekindled our optimism,” PM Dahal noted, adding such activities would contribute to the national income and capital formation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also on the occasion, Minister for Industry, Commerce and Supplies Damodar Bhandari said the government was ready to create environment conducive for promoting businesses and industries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The event was attended by the chairpersons and representatives of umbrella organizations of businesspersons and industrialists. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-04-17', 'modified' => '2024-04-17', 'keywords' => '', 'description' => '', 'sortorder' => '20469', 'image' => '20240417105732_PRO_KTM-066A0771.jpg', 'article_date' => '2024-04-17 10:56:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20741', 'article_category_id' => '1', 'title' => 'Experts Suggest Government to Bring Implementable Budget ', 'sub_title' => '', 'summary' => 'April 16: Economists and experts have urged the government to introduce a practical budget for the upcoming fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 16: Economists and experts have urged the government to introduce a practical budget for the upcoming fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a meeting of the National Assembly's Committee on Development, Economic Affairs and Good Governance on Tuesday, the experts viewed that the new budget should be based on development and social justice along with being gender-responsive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They suggested that the government should focus on sustainable development of agriculture, energy and tourism sectors in the new budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, economist Dr Govinda Nepal said the big-size budget and its non-implementation have created fiscal imbalance and called for a practical budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He argued the new budget should accord priority for the modernization of agriculture, information technology, energy and tourism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Registrar of Kathmandu University Achyut Wagle said the structure of the economy should be made environment-friendly and the new budget should focus on the areas for sustainable development of agriculture and its production. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, social activist Bharati Silwal Giri said the budget should be gender-responsive and it should incorporate the issues of gender equality and women empowerment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the meeting, NA Vice Chairperson Bimala Ghimire expressed confidence that the feedback received from the experts would be instrumental in enriching the new budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Committee Chairperson Kamala Devi Pant said the new budget should address the issues of Dalits, underprivileged and marginalized communities. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-04-16', 'modified' => '2024-04-16', 'keywords' => '', 'description' => '', 'sortorder' => '20468', 'image' => '20240416070426_20230511021044_1683767264.jpg', 'article_date' => '2024-04-16 19:03:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $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
