Securities Board of Nepal (SEBON) has said it will encourage production-based companies to enter the capital market.…
Securities Board of Nepal (SEBON) has said it will encourage production-based companies to enter the capital market.…
Preparations are on track for the underground management of telephone, internet, electricity and cable lines in the Kathmandu valley.…
Real estate business has hit a snag due to the restriction in loan imposed by banks and financial institutions (BFIs) citing credit…
Shipping companies are having tough competition in delivering goods to Nepal from third countries.…
Margin lending of banks and financial institutions (BFIs) has amounted to Rs 39.19 billion by the end of 11 months of current fiscal year 2016/17.…
India’s renowned brand Café Coffee Day has opened its branch in Nepal.…
Multinational company Dabur Nepal has celebrated its silver jubilee in Nepal.…
The import of goods from India is projected to rise after the implementation of goods and service tax (GST) in India, according to an estimate of Nepali…
Qatar Airlines, the state-owned flag carrier of Qatar, is offering discounts on flights after being declared the world’s best airlines by a UK-based…
NMB Bank has introduced five percent discount scheme on medical treatment at Samitivej Hospital,…
Nepal Sewa Micro Finance Bittiya Sanstha has opened its eighth branch at Bhotechaur of Melamchi-1 in Sindhupalchowk…
The government is planning to collect taxes, non-tax revenue and royalties from all three tiers of the administration – center, province and local units – in order to implement federalism.…
Jagan Bahadur Gurung, newly-elected chairman of Gandaki Bikas Bank headquartered at Pokhara, took oath of office,…
Nepal Chamber of Commerce (NCC) has termed the monetary policy unveiled by Nepal Rastra Bank on July 9 as a continuation of the same old policies of the…
The Legislature-Parliament has passed the Appropriation Bill 2074 on July 10.…
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', 'content' => '<p>July 13: Securities Board of Nepal (SEBON) has said it will encourage production-based companies to enter the capital market. SEBON decided to give priority to this issue after the government included this sector in its Policy and Program as well as in the budget for the fiscal year 2017/18.</p> <p>SEBON made such announcement during a program organized to review the current FY 2016/17 and to chart a plan for the upcoming FY 2017/18.</p> <p>During the program, discussions were held regarding the policy level and institutional development of the capital market among the concerned stakeholders. Speakers opined that the board should take special initiative to make the stock market more transparent and fully autonomous.</p> <p>SEBON said that it is quite challenging to implement all the issues related to the capital market that have been incorporated in the budget.</p> <p>SEBON Executive Director Paristha Poudyal said that although the Securities Registration and Issue Regulations 2073 has provisions for incentives, the reality is something different. He said that it is quite challenging for any company to enter the capital market. Paudyal further informed that board has found it equally challenging to make the secondary stock market more competitive and expand it across the country due to lack of effective regulation and supervision.</p> <p>He also said that SEBON is running financial literacy programs among Non-Residential Nepalis to increase their investment in Nepal.</p> <p>SEBON has made the use of Demat account mandatory for subscribers to apply for Initial Public Offering (IPO) issuances since July 16 in the Kathmandu valley and across the country from January 15 next year.</p> <p>According to SEBON, more than 1,400 public companies have been registered with the Company Registration Office till date. But 1,255 companies have not issued their shares to the public.</p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2017-07-13', 'modified' => '2017-07-13', 'keywords' => '', 'description' => '', 'sortorder' => '5985', 'image' => null, 'article_date' => '2017-07-13 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 1 => array( 'Article' => array( 'id' => '6200', 'article_category_id' => '1', 'title' => 'Underground Network of Electricity, Telephone in the Pipeline', 'sub_title' => '', 'summary' => 'Preparations are on track for the underground management of telephone, internet, electricity and cable lines in the Kathmandu valley. ', 'content' => '<p>July 13: Preparations are on track for the underground management of telephone, internet, electricity and cable lines in the Kathmandu valley. Nepal Telecommunications Authority (NTA) has decided to work together with Nepal Electricity Authority (NEA) to lay the underground network of wires. Sources claimed that the two state-run authorities have formed a coordination committee for the purpose.</p> <p>According to NTA Deputy Spokesperson Achyutananda Mishra, discussions are positive and they are planning to sign an agreement for collaboration soon.</p> <p>“We have already corresponded with the Ministry of Information and Communications in this regard,” he said, adding, “We are likely to share the budget for the purpose.”</p> <p>Former Finance Minister Krishna Bahadur Mahara had recently unveiled the government’s plan of underground electricity network during the budget announcement for the upcoming fiscal year. The government decided to form an underground network of electricity in some areas of Kathmandu valley to discourage electricity theft as well as to reduce accidents related to the unmanaged wiring. In line with the government’s plan, NEA is preparing to lay the underground network of electricity in Ratnapark and Maharajgung areas of the capital.</p> <p>Asian Development Bank has reportedly shown interest to provide a loan of Rs 5.5 billion for the project.</p> <p>NEA Spokesperson Prabal Adhikari informed that they are moving ahead with the work as a pilot project.</p> <p>“We are planning to issue tender notice within a week and within a year, the transmission lines in Ratnapark and Maharajgunj will be underground,” said Adhikari.</p> <p>NEA plans to lay the underground network beneath the footpaths as per the international standard. Currently, telephone and cable lines are using the poles set up by the NEA for transmission. Adhikari confirmed that talks are underway for a joint underground network of electricity, telecom and cable lines.</p> <p>“The haphazard use of electricity poles for transmission of telephone and cable lines have not just posed risk of accident but has also become an eyesore. We have no option but to include them in the underground network as well,” said Adhikari.</p> <p> </p> ', 'published' => true, 'created' => '2017-07-13', 'modified' => '2017-07-13', 'keywords' => '', 'description' => '', 'sortorder' => '5984', 'image' => '20170713010202_nea.jpg', 'article_date' => '2017-07-13 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 2 => array( 'Article' => array( 'id' => '6198', 'article_category_id' => '1', 'title' => 'Credit Crunch hits Real Estate Business ', 'sub_title' => '', 'summary' => 'Real estate business has hit a snag due to the restriction in loan imposed by banks and financial institutions (BFIs) citing credit crunch.', 'content' => '<p>Jule 12: Real estate business has hit a snag due to the restriction in loan imposed by banks and financial institutions (BFIs) citing credit crunch. Construction of housings across the country has seen a slump since the last six months after the BFIs tightened the noose on lending due to lack of investible amount.</p> <p>Statistics of the last six months maintained by the Department of Land Reform and Management show that the land revenue offices of the Kathmandu valley saw a sharp decline in revenue collection.</p> <p>Revenue collection in the month of December-January was less by Rs 90 million as compared to the preceding month. Revenue collection dropped further by Rs 70 million in January-February. The downward spiral in revenue collection continued in February-March during which the land revenue offices collected Rs 150 million less than in January-February.</p> <p>Revenue collection in March-April rose by Rs 40 million as compared to the preceding month. But the very next month, the total revenue collection saw a nosedive with a deficit of Rs 230 million. Revenue collection rose by Rs 110 million in May-June. </p> <p>The overall graph of revenue collection in the last six months shows a downward curve. The total revenue collected in the first 11 months of the last fiscal year as compared to the first 11 months of the current fiscal year is less by Rs 80 million.</p> <p>Chief of the Department of Land Reform and Management Sushil Prasad Acharya says that the buying and selling of land has decreased because of the reluctance of BFIs to loan out money.</p> <p>Collection of registration charge in all four land revenue offices of the valley has decreased as compared to the last FY despite the offices increasing the valuation of land by 20 percent.</p> <p>BFIs have already invested Rs 293.70 billion in the housing sector in the first 10 months of the current fiscal year. By the end of this fiscal year, the total investment in this sector is set to reach Rs 250.90 billion. The amount also includes Rs 10 million for personal housing loan, according to Nepal Rastra Bank.</p> ', 'published' => true, 'created' => '2017-07-12', 'modified' => '2017-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '5983', 'image' => '20170712034308_data.jpg', 'article_date' => '2017-07-12 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 3 => array( 'Article' => array( 'id' => '6187', 'article_category_id' => '1', 'title' => 'Shipping Companies Start Delivering Goods at Nepal’s Doorstep', 'sub_title' => '', 'summary' => 'Shipping companies are having tough competition in delivering goods to Nepal from third countries. ', 'content' => '<p>July 11: Shipping companies are having tough competition in delivering goods to Nepal from third countries. Due to the competition, the companies are eager to make their service more efficient. This is likely to reduce the transportation fare.</p> <p>MSC Agency India Pvt Ltd has started delivering goods in containers right up to Birgunj Dry Port since July 1. Before this, the company used to deliver the containers carrying goods only till Kolkata’s sea port.</p> <p>“This has reduced the fine the importers had been paying till now,” says Rambabu Sah, an official of Himalayan Terminal Pvt Ltd that operates the Birgunj Dry Port.</p> <p>Until now, all the shipping companies used to deliver goods only up to Kolkata. The goods can be kept there for 14 days. However, Nepali importers had been paying heavy fines for not being able to clear the goods on time. According to the importers, they had been paying Rs 2 billion fine annually.</p> <p>Delivery of goods till Birgunj has become a huge respite for the Nepali importers, says immediate past president of Birgunj Chamber of Commerce, Pradeep Kumar Kedia.</p> <p>Nepali importers have benefitted a lot from the competition among big shipping companies. Maerks Shipping Line has also started delivering containers till Birgunj. It has also increased the time period for unloading the containers. Both the companies have provided 21 days for the importers to clear the goods from their containers.</p> <p>Rajesh Kafle, a local importer, says that the government should make arrangements for shipping companies to deliver containers till Birgunj. He argues that the consumers will ultimately benefit if the transportation cost gets slashed.</p> <p>According to Sah, MSC charges up to Rs 3500 per container for delivering goods up to Birgunj. The charge also includes goods and service tax (GST).</p> <p>Likewise, Maerks has been transporting goods from Indian port of Vishakhapatnam to Birgunj since one month. Normally, one train carries 90 containers but the company has announced to deliver the same amount of goods using just 50 to 60 containers.</p> <p>It has been learnt that the Kolkata-based shipping companies have started providing efficient services after Nepali importers showed their interest to bring goods from Visakhapatnam. </p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5982', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 4 => array( 'Article' => array( 'id' => '6199', 'article_category_id' => '1', 'title' => 'Margin Lending up by 4 Percent', 'sub_title' => '', 'summary' => 'Margin lending of banks and financial institutions (BFIs) has amounted to Rs 39.19 billion by the end of 11 months of current fiscal year 2016/17. ', 'content' => '<p>July 12: Margin lending of banks and financial institutions (BFIs) has amounted to Rs 39.19 billion by the end of 11 months of current fiscal year 2016/17. According to statistics of Nepal Rastra Bank (NRB), the amount is two percent of the total loans of BFIs. NRB data shows that loans of BFIs have totaled Rs 1.967 trillion by the end of 11 months of current FY.</p> <p>As per the central bank, there has been fluctuation in margin lending since mid-April and such loans have increased by four percent compared to corresponding period of last FY.</p> <p>Although the margin lending has increased, the proportion of lending has remained almost the same. In the last FY, margin lending was 2.24 percent of the total loans of BFIs. During the last FY, BFIs had loaned out Rs 37.68 billion as margin lending out of the total lending of Rs 1.682 trillion.</p> <p>The monetary policy unveiled by NRB on July 9 allows BFIs to release only 40 percent of loan by keeping shares as collateral. Earlier, BFIs could release loan equal to the share amount.</p> <p>NRB’s Research Department’s Acting Director Nara Bahadur Thapa informed that the ceiling of margin lending had been reduced keeping in view the rise in paid-up capital of BFIs.</p> <p>“The paid-up capital has increased so the ceiling won’t affect margin lending,” said Thapa. </p> ', 'published' => true, 'created' => '2017-07-12', 'modified' => '2017-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '5981', 'image' => null, 'article_date' => '2017-07-12 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 5 => array( 'Article' => array( 'id' => '6197', 'article_category_id' => '1', 'title' => 'India’s Café Coffee Day now in Nepal', 'sub_title' => '', 'summary' => ' India’s renowned brand Café Coffee Day has opened its branch in Nepal. ', 'content' => '<p>July 12: India’s renowned brand Café Coffee Day has opened its branch in Nepal. It has started its service from its first outlet in Jawlakhel, Lalitpur. Indian ambassador to Nepal Manjeev Singh Puri and Miss Nepal Nitika Chandak jointly inaugurated the care on July 11. </p> ', 'published' => true, 'created' => '2017-07-12', 'modified' => '2017-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '5980', 'image' => '20170712015724_cafe.jpg', 'article_date' => '2017-07-12 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 6 => array( 'Article' => array( 'id' => '6196', 'article_category_id' => '1', 'title' => 'Dabur Nepal Celebrates Silver Jubilee', 'sub_title' => '', 'summary' => 'Multinational company Dabur Nepal has celebrated its silver jubilee in Nepal. ', 'content' => '<p>July 12: Multinational company Dabur Nepal has celebrated its silver jubilee in Nepal. Established in 1989 AD, the company has been in operation since the last 15 years. It started commercial production only from 1992 AD. The company has established as the largest producer of aayurvedic and natural health products, the company said in a statement. The company, which dealt transaction worth Rs 5.3 million in its first year now has an annual transaction worth Rs 10 billion. The company has employed 1000 people while it gives indirect employment to around 20,000 people. The company has been producing Real Juice, Dabur Chawanprash, toothpaste, amla hair oil, honey, glucose-D, gulabari, odonil, among other products.</p> <p>Prime Minister Sher Bahadur Deuba, Indian ambassador to Nepal Manjeev Singh Puri, Dabur India’s Chairman Anand Burman, CEO Sunil Duggal and General Manager Rukma Shumsher Rana were present during the silver jubilee of the company. </p> ', 'published' => true, 'created' => '2017-07-12', 'modified' => '2017-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '5979', 'image' => '20170712015559_dabur.jpg', 'article_date' => '2017-07-12 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 7 => array( 'Article' => array( 'id' => '6195', 'article_category_id' => '1', 'title' => 'Import from India to Rise due to GST', 'sub_title' => '', 'summary' => 'The import of goods from India is projected to rise after the implementation of goods and service tax (GST) in India, according to an estimate of Nepali entrepreneurs.', 'content' => '<p>July 12: The import of goods from India is projected to rise after the implementation of goods and service tax (GST) in India, according to an estimate of Nepali entrepreneurs. Nepal is heavily dependent on India in import as the country brings in goods ranging from raw materials to ready-made goods from the southern neighbour and around 70 percent of Nepal’s trade transaction takes place with India alone.</p> <p>The price of goods produced in India has gone down after the implementation of the new taxation system since July 1. Nepali businessmen argue that this is the main reason why import of Indian goods will increase in Nepal.</p> <p>GST has encouraged domestic production in India, says general secretary of Nepal Chamber of Commerce, Kamlesh Kumar Agrawal. “Taxes on goods are declining in India,” he said. Agrawal believes that the overvaluation and undervaluation of goods will be replaced by uniformity in price in the new taxation system in India. According to Agrawal, majority of goods coming from India will become cheaper and this will result in significant rise in import.</p> <p>Federation of Nepalese Chamber of Commerce and Industries (FNCCI)’s fair committee chairman Dil Sundar Shrestha says that the effects of GST is likely to be seen even in import of goods from third countries. Under the GST, the goods coming from third countries to Nepal via Indian sea ports are subject to double taxation – sea port charge and service charge. This would result in high price of the goods when they reach the Nepali market.</p> <p>According to Shrestha, agricultural products exported from Nepal to India will have value added tax. Therefore, the same products produced in India will be cheaper.</p> <p>“If the government establishes industrial areas and gives VAT and customs exemption for raw material imported from India, then we can compete with the India market,” said Shrestha.</p> <p>FNCCI Vice President (commodity) Umesh Lal Pradhan, on the other hand, says that the new taxation system in India will not affect Nepal much.</p> <p>“India used to impose tax at different levels in the past too. The percentage of tax in the new system is almost the same as before. So it won’t have much negative effect in Nepal,” says Pradhan.</p> <p>However, Pradhan said that the confusion related to GST has not yet been over. He further said that a delegation is going to India to clear the confusion. </p> ', 'published' => true, 'created' => '2017-07-12', 'modified' => '2017-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '5978', 'image' => null, 'article_date' => '2017-07-12 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 8 => array( 'Article' => array( 'id' => '6194', 'article_category_id' => '1', 'title' => 'Qatar Airways Offering 40% Discount', 'sub_title' => '', 'summary' => 'Qatar Airlines, the state-owned flag carrier of Qatar, is offering discounts on flights after being declared the world’s best airlines by a UK-based company.', 'content' => '<p>July 11: Qatar Airlines, the state-owned flag carrier of Qatar, is offering discounts on flights after being declared the world’s best airlines by a UK-based company.</p> <p>Qatar Airways is the winner of the world's best airlines- 2017 award from SKYTRAX, a UK-based consultancy company which evaluates airlines and airports around the world.</p> <p>The airlines company is offering up to 40 percent discount on flights to various popular tourist destinations. The offer is valid from July 10, 2017 to December 10, 2017.</p> <p> The airlines company has started a new campaign 'Air travel with the best airlines of the world' this week after winning the 'Airline of the Year' award. </p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5977', 'image' => '20170711050459_qatar.jpg', 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 9 => array( 'Article' => array( 'id' => '6192', 'article_category_id' => '1', 'title' => 'Discount at Samitivej to NMB’s cardholders', 'sub_title' => '', 'summary' => 'NMB Bank has introduced five percent discount scheme on medical treatment at Samitivej Hospital, Thailand.', 'content' => '<p>July 11: NMB Bank has introduced five percent discount scheme on medical treatment at Samitivej Hospital, Thailand.</p> <p>The scheme applies to any medical treatment and all fees including special counseling services of the hospital for payment through USD visa card, the bank informed. </p> <p> The Bank signed the agreement with Speedway Freight Service Pvt Ltd, the sole representative of Samitvej Hospital in Nepal.</p> <p>According to the agreement, services such as medical enquiry handling, pre-arrangement of medical appointments with specialists and doctors of Samitivej Hospital will be taken care by Speedway Freight Service.</p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5976', 'image' => '20170711045747_nmb.jpg', 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 10 => array( 'Article' => array( 'id' => '6193', 'article_category_id' => '1', 'title' => 'Nepal Sewa Starts Branch at Bhotechaur', 'sub_title' => '', 'summary' => 'Nepal Sewa Micro Finance Bittiya Sanstha has opened its eighth branch at Bhotechaur of Melamchi-1 in Sindhupalchowk district.', 'content' => '<p>July 11: Nepal Sewa Micro Finance Bittiya Sanstha has opened its eighth branch at Bhotechaur of Melamchi-1 in Sindhupalchowk district.</p> <p> Madan Gopal Shrestha, chairman of the microfinance headquartered at Fatakshila in the district, inaugurated the branch amid a program held on July 10.</p> <p>The branch has been opened with an objective of providing financial services to the marginalized community of rural areas and to improve their lifestyle, said chief executive officer of the microfinance, Shiva Kumar Malla.</p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5975', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 11 => array( 'Article' => array( 'id' => '6190', 'article_category_id' => '1', 'title' => 'Decentralization of Tax in the Offing', 'sub_title' => '', 'summary' => 'The government is planning to collect taxes, non-tax revenue and royalties from all three tiers of the administration – center, province and local units – in order to implement federalism. ', 'content' => '<p>July 11: The government is planning to collect taxes, non-tax revenue and royalties from all three tiers of the administration – center, province and local units – in order to implement federalism. The government plans to empower the local units and enable them to manage their own source of income through a bill on finance management, which has been presented to the parliament.</p> <p>The bill proposes distribution of royalties collected from mountaineering, forests, electricity and mines at all three levels. According to the bill, the central government will claim 85 percent royalties while the provincial government will get 10 percent royalties and the local government will have its share of 5 percent royalties.</p> <p>If the bill gets endorsed, the centralized taxation system will become decentralized. Analysts, however, are skeptical that the decentralized taxation system will be beneficial for the nation.</p> <p>‘It sounds simple but adopting decentralized taxation system could result in financial irregularities in countries like ours,” said one analyst who did not wished to be named. “Therefore, it is important to be cautious,” he added.</p> <p>The local elections held in two phases so far have already elected local representatives in most of the local units except in Province 2 and some disputed constituencies.</p> <p>The bill on inter-governmental finance management, which is currently in discussion in the Parliament, proposes giving authority to the elected local bodies to rightfully collect taxes, non-tax revenues, other charges and royalties as per the laws.</p> <p>Clause 3 of the bill states that the local units can collect property tax, rent tax, land tax, land and house registration fee, vehicle tax, entertainment tax, advertisement tax, business tax and hoarding board tax.</p> <p>According to the bill, the local government can also impose service charge, tourism charge, parking charge, rental charge, herbs and wildlife charge as well as other non-tax revenue as per the need.</p> <p>The bill also mentions the taxes that the provincial government and the central government shall collect. The provincial government is authorized to collect taxes on registration of houses and lands as well as entertainment, advertisement, agriculture, income, road construction and maintenance, ticket charge among others. In addition to that, the provincial government can also collect non-tax revenue and tourism charge.</p> <p>The central government on the other hand will collect customs duty, excise duty, value added tax, income tax, labour charge, social security tax, health service tax, infrastructure tax, agriculture development charge, pollution charge, education service tax, road maintenance and development tax among others.</p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5974', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 12 => array( 'Article' => array( 'id' => '6191', 'article_category_id' => '1', 'title' => 'Gandaki’s Chairman Takes Oath of Office', 'sub_title' => '', 'summary' => 'Jagan Bahadur Gurung, newly-elected chairman of Gandaki Bikas Bank headquartered at Pokhara, took oath of office, recently.', 'content' => '<p>July 11: Jagan Bahadur Gurung, newly-elected chairman of Gandaki Bikas Bank headquartered at Pokhara, took oath of office, recently.</p> <p>Shiv Raj Shrestha, deputy governor of Nepal Rastra Bank (NRB), administered oath of office and secrecy to Gurung amidst a function. Gurung was elected as the chairman of the bank after the merger of Fewa Bikas Bank and Gandaki Bikas Bank.</p> <p>Present in the program were Narayan Prasad Poudel, director of the NRB's Monitoring Department of Bank and Financial Institutions, Gyaneshwor Parajuli, director of Gandaki Bikas Bank, and Resham Bahadur Thapa, CEO of the Bank, according to a press release issued by Chhabindra Nath Sharma, deputy CEO of Gandaki Bikas Bank.</p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5973', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 13 => array( 'Article' => array( 'id' => '6189', 'article_category_id' => '1', 'title' => 'Monetary Policy did not Address the Concerns of Private Sector: NCC', 'sub_title' => '', 'summary' => 'Nepal Chamber of Commerce (NCC) has termed the monetary policy unveiled by Nepal Rastra Bank on July 9 as a continuation of the same old policies of the past.', 'content' => '<p>July 11: Nepal Chamber of Commerce (NCC) has termed the monetary policy unveiled by Nepal Rastra Bank on July 9 as a continuation of the same old policies of the past.</p> <p>NCC said in a statement that it finds the new monetary policy stagnant although the economic conditions were quite different when the current monetary policy and the monetary policy for the upcoming fiscal year were released.</p> <p>NCC said that entrepreneurs are having hard time obtaining the desired amount of loan from banks and financial institutions (BFIs) due to high rate of interest and lack of investible liquidity. NCC had given suggestions to NRB to address this problem but the new monetary policy of the central bank has disregarded the suggestion of the private sector, reads the statement.</p> <p>NCC has also claimed that the monetary policy will not be effective enough to reach the 7.2 percent target of economic growth rate.</p> <p>“Since the rate of interest is high, there cannot be proper environment for investment and therefore economic growth is not possible,” reads the statement, adding, “It is not sufficient even if attempts are made to improve the finance management by creating funds from some other sources.”</p> <p>The NCC statement has also requested the central bank to roll back its decision regarding a circular issued on Usance bill arguing that it has had a negative impact on entrepreneurs. </p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5972', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 14 => array( 'Article' => array( 'id' => '6188', 'article_category_id' => '1', 'title' => 'Parliament passes Appropriation Bill', 'sub_title' => '', 'summary' => ' The Legislature-Parliament has passed the Appropriation Bill 2074 on July 10. ', 'content' => '<p>July 11: The Legislature-Parliament has passed the Appropriation Bill 2074 on July 10. The passage of bill by majority of the House has paved way for the government bodies to spend the budget for the fiscal year 2017/18.</p> <p>The second meeting of the Parliament on July 10 had approved the bill presented by Finance Minister Gyanendra Bahadur Karki. Earlier, the meeting had also unanimously endorsed the proposal seeking consideration on the finance bill, 2074 and also passed the National Debt Recovery Bill, 2074.</p> <p>Speaker Onsari Gharti has announced clause-wise discussion on the endorsed bills on July 13. The government is scheduled to endorse the budget on the same day.</p> <p>The meeting disapproved the demands of lawmakers Prem Suwal, Anuradha Thapa and Dilli Prasad Kafle to reduce the budget on different heads allocated for various ministries.</p> <p>The next meeting of the Legislature-Parliament will take place at 1 pm on July 12. </p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5971', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '6202', 'article_category_id' => '1', 'title' => 'SEBON to Encourage Companies to Enter Capital Market', 'sub_title' => '', 'summary' => 'Securities Board of Nepal (SEBON) has said it will encourage production-based companies to enter the capital market. ', 'content' => '<p>July 13: Securities Board of Nepal (SEBON) has said it will encourage production-based companies to enter the capital market. SEBON decided to give priority to this issue after the government included this sector in its Policy and Program as well as in the budget for the fiscal year 2017/18.</p> <p>SEBON made such announcement during a program organized to review the current FY 2016/17 and to chart a plan for the upcoming FY 2017/18.</p> <p>During the program, discussions were held regarding the policy level and institutional development of the capital market among the concerned stakeholders. Speakers opined that the board should take special initiative to make the stock market more transparent and fully autonomous.</p> <p>SEBON said that it is quite challenging to implement all the issues related to the capital market that have been incorporated in the budget.</p> <p>SEBON Executive Director Paristha Poudyal said that although the Securities Registration and Issue Regulations 2073 has provisions for incentives, the reality is something different. He said that it is quite challenging for any company to enter the capital market. Paudyal further informed that board has found it equally challenging to make the secondary stock market more competitive and expand it across the country due to lack of effective regulation and supervision.</p> <p>He also said that SEBON is running financial literacy programs among Non-Residential Nepalis to increase their investment in Nepal.</p> <p>SEBON has made the use of Demat account mandatory for subscribers to apply for Initial Public Offering (IPO) issuances since July 16 in the Kathmandu valley and across the country from January 15 next year.</p> <p>According to SEBON, more than 1,400 public companies have been registered with the Company Registration Office till date. But 1,255 companies have not issued their shares to the public.</p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2017-07-13', 'modified' => '2017-07-13', 'keywords' => '', 'description' => '', 'sortorder' => '5985', 'image' => null, 'article_date' => '2017-07-13 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 1 => array( 'Article' => array( 'id' => '6200', 'article_category_id' => '1', 'title' => 'Underground Network of Electricity, Telephone in the Pipeline', 'sub_title' => '', 'summary' => 'Preparations are on track for the underground management of telephone, internet, electricity and cable lines in the Kathmandu valley. ', 'content' => '<p>July 13: Preparations are on track for the underground management of telephone, internet, electricity and cable lines in the Kathmandu valley. Nepal Telecommunications Authority (NTA) has decided to work together with Nepal Electricity Authority (NEA) to lay the underground network of wires. Sources claimed that the two state-run authorities have formed a coordination committee for the purpose.</p> <p>According to NTA Deputy Spokesperson Achyutananda Mishra, discussions are positive and they are planning to sign an agreement for collaboration soon.</p> <p>“We have already corresponded with the Ministry of Information and Communications in this regard,” he said, adding, “We are likely to share the budget for the purpose.”</p> <p>Former Finance Minister Krishna Bahadur Mahara had recently unveiled the government’s plan of underground electricity network during the budget announcement for the upcoming fiscal year. The government decided to form an underground network of electricity in some areas of Kathmandu valley to discourage electricity theft as well as to reduce accidents related to the unmanaged wiring. In line with the government’s plan, NEA is preparing to lay the underground network of electricity in Ratnapark and Maharajgung areas of the capital.</p> <p>Asian Development Bank has reportedly shown interest to provide a loan of Rs 5.5 billion for the project.</p> <p>NEA Spokesperson Prabal Adhikari informed that they are moving ahead with the work as a pilot project.</p> <p>“We are planning to issue tender notice within a week and within a year, the transmission lines in Ratnapark and Maharajgunj will be underground,” said Adhikari.</p> <p>NEA plans to lay the underground network beneath the footpaths as per the international standard. Currently, telephone and cable lines are using the poles set up by the NEA for transmission. Adhikari confirmed that talks are underway for a joint underground network of electricity, telecom and cable lines.</p> <p>“The haphazard use of electricity poles for transmission of telephone and cable lines have not just posed risk of accident but has also become an eyesore. We have no option but to include them in the underground network as well,” said Adhikari.</p> <p> </p> ', 'published' => true, 'created' => '2017-07-13', 'modified' => '2017-07-13', 'keywords' => '', 'description' => '', 'sortorder' => '5984', 'image' => '20170713010202_nea.jpg', 'article_date' => '2017-07-13 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 2 => array( 'Article' => array( 'id' => '6198', 'article_category_id' => '1', 'title' => 'Credit Crunch hits Real Estate Business ', 'sub_title' => '', 'summary' => 'Real estate business has hit a snag due to the restriction in loan imposed by banks and financial institutions (BFIs) citing credit crunch.', 'content' => '<p>Jule 12: Real estate business has hit a snag due to the restriction in loan imposed by banks and financial institutions (BFIs) citing credit crunch. Construction of housings across the country has seen a slump since the last six months after the BFIs tightened the noose on lending due to lack of investible amount.</p> <p>Statistics of the last six months maintained by the Department of Land Reform and Management show that the land revenue offices of the Kathmandu valley saw a sharp decline in revenue collection.</p> <p>Revenue collection in the month of December-January was less by Rs 90 million as compared to the preceding month. Revenue collection dropped further by Rs 70 million in January-February. The downward spiral in revenue collection continued in February-March during which the land revenue offices collected Rs 150 million less than in January-February.</p> <p>Revenue collection in March-April rose by Rs 40 million as compared to the preceding month. But the very next month, the total revenue collection saw a nosedive with a deficit of Rs 230 million. Revenue collection rose by Rs 110 million in May-June. </p> <p>The overall graph of revenue collection in the last six months shows a downward curve. The total revenue collected in the first 11 months of the last fiscal year as compared to the first 11 months of the current fiscal year is less by Rs 80 million.</p> <p>Chief of the Department of Land Reform and Management Sushil Prasad Acharya says that the buying and selling of land has decreased because of the reluctance of BFIs to loan out money.</p> <p>Collection of registration charge in all four land revenue offices of the valley has decreased as compared to the last FY despite the offices increasing the valuation of land by 20 percent.</p> <p>BFIs have already invested Rs 293.70 billion in the housing sector in the first 10 months of the current fiscal year. By the end of this fiscal year, the total investment in this sector is set to reach Rs 250.90 billion. The amount also includes Rs 10 million for personal housing loan, according to Nepal Rastra Bank.</p> ', 'published' => true, 'created' => '2017-07-12', 'modified' => '2017-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '5983', 'image' => '20170712034308_data.jpg', 'article_date' => '2017-07-12 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 3 => array( 'Article' => array( 'id' => '6187', 'article_category_id' => '1', 'title' => 'Shipping Companies Start Delivering Goods at Nepal’s Doorstep', 'sub_title' => '', 'summary' => 'Shipping companies are having tough competition in delivering goods to Nepal from third countries. ', 'content' => '<p>July 11: Shipping companies are having tough competition in delivering goods to Nepal from third countries. Due to the competition, the companies are eager to make their service more efficient. This is likely to reduce the transportation fare.</p> <p>MSC Agency India Pvt Ltd has started delivering goods in containers right up to Birgunj Dry Port since July 1. Before this, the company used to deliver the containers carrying goods only till Kolkata’s sea port.</p> <p>“This has reduced the fine the importers had been paying till now,” says Rambabu Sah, an official of Himalayan Terminal Pvt Ltd that operates the Birgunj Dry Port.</p> <p>Until now, all the shipping companies used to deliver goods only up to Kolkata. The goods can be kept there for 14 days. However, Nepali importers had been paying heavy fines for not being able to clear the goods on time. According to the importers, they had been paying Rs 2 billion fine annually.</p> <p>Delivery of goods till Birgunj has become a huge respite for the Nepali importers, says immediate past president of Birgunj Chamber of Commerce, Pradeep Kumar Kedia.</p> <p>Nepali importers have benefitted a lot from the competition among big shipping companies. Maerks Shipping Line has also started delivering containers till Birgunj. It has also increased the time period for unloading the containers. Both the companies have provided 21 days for the importers to clear the goods from their containers.</p> <p>Rajesh Kafle, a local importer, says that the government should make arrangements for shipping companies to deliver containers till Birgunj. He argues that the consumers will ultimately benefit if the transportation cost gets slashed.</p> <p>According to Sah, MSC charges up to Rs 3500 per container for delivering goods up to Birgunj. The charge also includes goods and service tax (GST).</p> <p>Likewise, Maerks has been transporting goods from Indian port of Vishakhapatnam to Birgunj since one month. Normally, one train carries 90 containers but the company has announced to deliver the same amount of goods using just 50 to 60 containers.</p> <p>It has been learnt that the Kolkata-based shipping companies have started providing efficient services after Nepali importers showed their interest to bring goods from Visakhapatnam. </p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5982', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 4 => array( 'Article' => array( 'id' => '6199', 'article_category_id' => '1', 'title' => 'Margin Lending up by 4 Percent', 'sub_title' => '', 'summary' => 'Margin lending of banks and financial institutions (BFIs) has amounted to Rs 39.19 billion by the end of 11 months of current fiscal year 2016/17. ', 'content' => '<p>July 12: Margin lending of banks and financial institutions (BFIs) has amounted to Rs 39.19 billion by the end of 11 months of current fiscal year 2016/17. According to statistics of Nepal Rastra Bank (NRB), the amount is two percent of the total loans of BFIs. NRB data shows that loans of BFIs have totaled Rs 1.967 trillion by the end of 11 months of current FY.</p> <p>As per the central bank, there has been fluctuation in margin lending since mid-April and such loans have increased by four percent compared to corresponding period of last FY.</p> <p>Although the margin lending has increased, the proportion of lending has remained almost the same. In the last FY, margin lending was 2.24 percent of the total loans of BFIs. During the last FY, BFIs had loaned out Rs 37.68 billion as margin lending out of the total lending of Rs 1.682 trillion.</p> <p>The monetary policy unveiled by NRB on July 9 allows BFIs to release only 40 percent of loan by keeping shares as collateral. Earlier, BFIs could release loan equal to the share amount.</p> <p>NRB’s Research Department’s Acting Director Nara Bahadur Thapa informed that the ceiling of margin lending had been reduced keeping in view the rise in paid-up capital of BFIs.</p> <p>“The paid-up capital has increased so the ceiling won’t affect margin lending,” said Thapa. </p> ', 'published' => true, 'created' => '2017-07-12', 'modified' => '2017-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '5981', 'image' => null, 'article_date' => '2017-07-12 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 5 => array( 'Article' => array( 'id' => '6197', 'article_category_id' => '1', 'title' => 'India’s Café Coffee Day now in Nepal', 'sub_title' => '', 'summary' => ' India’s renowned brand Café Coffee Day has opened its branch in Nepal. ', 'content' => '<p>July 12: India’s renowned brand Café Coffee Day has opened its branch in Nepal. It has started its service from its first outlet in Jawlakhel, Lalitpur. Indian ambassador to Nepal Manjeev Singh Puri and Miss Nepal Nitika Chandak jointly inaugurated the care on July 11. </p> ', 'published' => true, 'created' => '2017-07-12', 'modified' => '2017-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '5980', 'image' => '20170712015724_cafe.jpg', 'article_date' => '2017-07-12 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 6 => array( 'Article' => array( 'id' => '6196', 'article_category_id' => '1', 'title' => 'Dabur Nepal Celebrates Silver Jubilee', 'sub_title' => '', 'summary' => 'Multinational company Dabur Nepal has celebrated its silver jubilee in Nepal. ', 'content' => '<p>July 12: Multinational company Dabur Nepal has celebrated its silver jubilee in Nepal. Established in 1989 AD, the company has been in operation since the last 15 years. It started commercial production only from 1992 AD. The company has established as the largest producer of aayurvedic and natural health products, the company said in a statement. The company, which dealt transaction worth Rs 5.3 million in its first year now has an annual transaction worth Rs 10 billion. The company has employed 1000 people while it gives indirect employment to around 20,000 people. The company has been producing Real Juice, Dabur Chawanprash, toothpaste, amla hair oil, honey, glucose-D, gulabari, odonil, among other products.</p> <p>Prime Minister Sher Bahadur Deuba, Indian ambassador to Nepal Manjeev Singh Puri, Dabur India’s Chairman Anand Burman, CEO Sunil Duggal and General Manager Rukma Shumsher Rana were present during the silver jubilee of the company. </p> ', 'published' => true, 'created' => '2017-07-12', 'modified' => '2017-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '5979', 'image' => '20170712015559_dabur.jpg', 'article_date' => '2017-07-12 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 7 => array( 'Article' => array( 'id' => '6195', 'article_category_id' => '1', 'title' => 'Import from India to Rise due to GST', 'sub_title' => '', 'summary' => 'The import of goods from India is projected to rise after the implementation of goods and service tax (GST) in India, according to an estimate of Nepali entrepreneurs.', 'content' => '<p>July 12: The import of goods from India is projected to rise after the implementation of goods and service tax (GST) in India, according to an estimate of Nepali entrepreneurs. Nepal is heavily dependent on India in import as the country brings in goods ranging from raw materials to ready-made goods from the southern neighbour and around 70 percent of Nepal’s trade transaction takes place with India alone.</p> <p>The price of goods produced in India has gone down after the implementation of the new taxation system since July 1. Nepali businessmen argue that this is the main reason why import of Indian goods will increase in Nepal.</p> <p>GST has encouraged domestic production in India, says general secretary of Nepal Chamber of Commerce, Kamlesh Kumar Agrawal. “Taxes on goods are declining in India,” he said. Agrawal believes that the overvaluation and undervaluation of goods will be replaced by uniformity in price in the new taxation system in India. According to Agrawal, majority of goods coming from India will become cheaper and this will result in significant rise in import.</p> <p>Federation of Nepalese Chamber of Commerce and Industries (FNCCI)’s fair committee chairman Dil Sundar Shrestha says that the effects of GST is likely to be seen even in import of goods from third countries. Under the GST, the goods coming from third countries to Nepal via Indian sea ports are subject to double taxation – sea port charge and service charge. This would result in high price of the goods when they reach the Nepali market.</p> <p>According to Shrestha, agricultural products exported from Nepal to India will have value added tax. Therefore, the same products produced in India will be cheaper.</p> <p>“If the government establishes industrial areas and gives VAT and customs exemption for raw material imported from India, then we can compete with the India market,” said Shrestha.</p> <p>FNCCI Vice President (commodity) Umesh Lal Pradhan, on the other hand, says that the new taxation system in India will not affect Nepal much.</p> <p>“India used to impose tax at different levels in the past too. The percentage of tax in the new system is almost the same as before. So it won’t have much negative effect in Nepal,” says Pradhan.</p> <p>However, Pradhan said that the confusion related to GST has not yet been over. He further said that a delegation is going to India to clear the confusion. </p> ', 'published' => true, 'created' => '2017-07-12', 'modified' => '2017-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '5978', 'image' => null, 'article_date' => '2017-07-12 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 8 => array( 'Article' => array( 'id' => '6194', 'article_category_id' => '1', 'title' => 'Qatar Airways Offering 40% Discount', 'sub_title' => '', 'summary' => 'Qatar Airlines, the state-owned flag carrier of Qatar, is offering discounts on flights after being declared the world’s best airlines by a UK-based company.', 'content' => '<p>July 11: Qatar Airlines, the state-owned flag carrier of Qatar, is offering discounts on flights after being declared the world’s best airlines by a UK-based company.</p> <p>Qatar Airways is the winner of the world's best airlines- 2017 award from SKYTRAX, a UK-based consultancy company which evaluates airlines and airports around the world.</p> <p>The airlines company is offering up to 40 percent discount on flights to various popular tourist destinations. The offer is valid from July 10, 2017 to December 10, 2017.</p> <p> The airlines company has started a new campaign 'Air travel with the best airlines of the world' this week after winning the 'Airline of the Year' award. </p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5977', 'image' => '20170711050459_qatar.jpg', 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 9 => array( 'Article' => array( 'id' => '6192', 'article_category_id' => '1', 'title' => 'Discount at Samitivej to NMB’s cardholders', 'sub_title' => '', 'summary' => 'NMB Bank has introduced five percent discount scheme on medical treatment at Samitivej Hospital, Thailand.', 'content' => '<p>July 11: NMB Bank has introduced five percent discount scheme on medical treatment at Samitivej Hospital, Thailand.</p> <p>The scheme applies to any medical treatment and all fees including special counseling services of the hospital for payment through USD visa card, the bank informed. </p> <p> The Bank signed the agreement with Speedway Freight Service Pvt Ltd, the sole representative of Samitvej Hospital in Nepal.</p> <p>According to the agreement, services such as medical enquiry handling, pre-arrangement of medical appointments with specialists and doctors of Samitivej Hospital will be taken care by Speedway Freight Service.</p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5976', 'image' => '20170711045747_nmb.jpg', 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 10 => array( 'Article' => array( 'id' => '6193', 'article_category_id' => '1', 'title' => 'Nepal Sewa Starts Branch at Bhotechaur', 'sub_title' => '', 'summary' => 'Nepal Sewa Micro Finance Bittiya Sanstha has opened its eighth branch at Bhotechaur of Melamchi-1 in Sindhupalchowk district.', 'content' => '<p>July 11: Nepal Sewa Micro Finance Bittiya Sanstha has opened its eighth branch at Bhotechaur of Melamchi-1 in Sindhupalchowk district.</p> <p> Madan Gopal Shrestha, chairman of the microfinance headquartered at Fatakshila in the district, inaugurated the branch amid a program held on July 10.</p> <p>The branch has been opened with an objective of providing financial services to the marginalized community of rural areas and to improve their lifestyle, said chief executive officer of the microfinance, Shiva Kumar Malla.</p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5975', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 11 => array( 'Article' => array( 'id' => '6190', 'article_category_id' => '1', 'title' => 'Decentralization of Tax in the Offing', 'sub_title' => '', 'summary' => 'The government is planning to collect taxes, non-tax revenue and royalties from all three tiers of the administration – center, province and local units – in order to implement federalism. ', 'content' => '<p>July 11: The government is planning to collect taxes, non-tax revenue and royalties from all three tiers of the administration – center, province and local units – in order to implement federalism. The government plans to empower the local units and enable them to manage their own source of income through a bill on finance management, which has been presented to the parliament.</p> <p>The bill proposes distribution of royalties collected from mountaineering, forests, electricity and mines at all three levels. According to the bill, the central government will claim 85 percent royalties while the provincial government will get 10 percent royalties and the local government will have its share of 5 percent royalties.</p> <p>If the bill gets endorsed, the centralized taxation system will become decentralized. Analysts, however, are skeptical that the decentralized taxation system will be beneficial for the nation.</p> <p>‘It sounds simple but adopting decentralized taxation system could result in financial irregularities in countries like ours,” said one analyst who did not wished to be named. “Therefore, it is important to be cautious,” he added.</p> <p>The local elections held in two phases so far have already elected local representatives in most of the local units except in Province 2 and some disputed constituencies.</p> <p>The bill on inter-governmental finance management, which is currently in discussion in the Parliament, proposes giving authority to the elected local bodies to rightfully collect taxes, non-tax revenues, other charges and royalties as per the laws.</p> <p>Clause 3 of the bill states that the local units can collect property tax, rent tax, land tax, land and house registration fee, vehicle tax, entertainment tax, advertisement tax, business tax and hoarding board tax.</p> <p>According to the bill, the local government can also impose service charge, tourism charge, parking charge, rental charge, herbs and wildlife charge as well as other non-tax revenue as per the need.</p> <p>The bill also mentions the taxes that the provincial government and the central government shall collect. The provincial government is authorized to collect taxes on registration of houses and lands as well as entertainment, advertisement, agriculture, income, road construction and maintenance, ticket charge among others. In addition to that, the provincial government can also collect non-tax revenue and tourism charge.</p> <p>The central government on the other hand will collect customs duty, excise duty, value added tax, income tax, labour charge, social security tax, health service tax, infrastructure tax, agriculture development charge, pollution charge, education service tax, road maintenance and development tax among others.</p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5974', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 12 => array( 'Article' => array( 'id' => '6191', 'article_category_id' => '1', 'title' => 'Gandaki’s Chairman Takes Oath of Office', 'sub_title' => '', 'summary' => 'Jagan Bahadur Gurung, newly-elected chairman of Gandaki Bikas Bank headquartered at Pokhara, took oath of office, recently.', 'content' => '<p>July 11: Jagan Bahadur Gurung, newly-elected chairman of Gandaki Bikas Bank headquartered at Pokhara, took oath of office, recently.</p> <p>Shiv Raj Shrestha, deputy governor of Nepal Rastra Bank (NRB), administered oath of office and secrecy to Gurung amidst a function. Gurung was elected as the chairman of the bank after the merger of Fewa Bikas Bank and Gandaki Bikas Bank.</p> <p>Present in the program were Narayan Prasad Poudel, director of the NRB's Monitoring Department of Bank and Financial Institutions, Gyaneshwor Parajuli, director of Gandaki Bikas Bank, and Resham Bahadur Thapa, CEO of the Bank, according to a press release issued by Chhabindra Nath Sharma, deputy CEO of Gandaki Bikas Bank.</p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5973', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 13 => array( 'Article' => array( 'id' => '6189', 'article_category_id' => '1', 'title' => 'Monetary Policy did not Address the Concerns of Private Sector: NCC', 'sub_title' => '', 'summary' => 'Nepal Chamber of Commerce (NCC) has termed the monetary policy unveiled by Nepal Rastra Bank on July 9 as a continuation of the same old policies of the past.', 'content' => '<p>July 11: Nepal Chamber of Commerce (NCC) has termed the monetary policy unveiled by Nepal Rastra Bank on July 9 as a continuation of the same old policies of the past.</p> <p>NCC said in a statement that it finds the new monetary policy stagnant although the economic conditions were quite different when the current monetary policy and the monetary policy for the upcoming fiscal year were released.</p> <p>NCC said that entrepreneurs are having hard time obtaining the desired amount of loan from banks and financial institutions (BFIs) due to high rate of interest and lack of investible liquidity. NCC had given suggestions to NRB to address this problem but the new monetary policy of the central bank has disregarded the suggestion of the private sector, reads the statement.</p> <p>NCC has also claimed that the monetary policy will not be effective enough to reach the 7.2 percent target of economic growth rate.</p> <p>“Since the rate of interest is high, there cannot be proper environment for investment and therefore economic growth is not possible,” reads the statement, adding, “It is not sufficient even if attempts are made to improve the finance management by creating funds from some other sources.”</p> <p>The NCC statement has also requested the central bank to roll back its decision regarding a circular issued on Usance bill arguing that it has had a negative impact on entrepreneurs. </p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5972', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 14 => array( 'Article' => array( 'id' => '6188', 'article_category_id' => '1', 'title' => 'Parliament passes Appropriation Bill', 'sub_title' => '', 'summary' => ' The Legislature-Parliament has passed the Appropriation Bill 2074 on July 10. ', 'content' => '<p>July 11: The Legislature-Parliament has passed the Appropriation Bill 2074 on July 10. The passage of bill by majority of the House has paved way for the government bodies to spend the budget for the fiscal year 2017/18.</p> <p>The second meeting of the Parliament on July 10 had approved the bill presented by Finance Minister Gyanendra Bahadur Karki. Earlier, the meeting had also unanimously endorsed the proposal seeking consideration on the finance bill, 2074 and also passed the National Debt Recovery Bill, 2074.</p> <p>Speaker Onsari Gharti has announced clause-wise discussion on the endorsed bills on July 13. The government is scheduled to endorse the budget on the same day.</p> <p>The meeting disapproved the demands of lawmakers Prem Suwal, Anuradha Thapa and Dilli Prasad Kafle to reduce the budget on different heads allocated for various ministries.</p> <p>The next meeting of the Legislature-Parliament will take place at 1 pm on July 12. </p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5971', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '6202', 'article_category_id' => '1', 'title' => 'SEBON to Encourage Companies to Enter Capital Market', 'sub_title' => '', 'summary' => 'Securities Board of Nepal (SEBON) has said it will encourage production-based companies to enter the capital market. ', 'content' => '<p>July 13: Securities Board of Nepal (SEBON) has said it will encourage production-based companies to enter the capital market. SEBON decided to give priority to this issue after the government included this sector in its Policy and Program as well as in the budget for the fiscal year 2017/18.</p> <p>SEBON made such announcement during a program organized to review the current FY 2016/17 and to chart a plan for the upcoming FY 2017/18.</p> <p>During the program, discussions were held regarding the policy level and institutional development of the capital market among the concerned stakeholders. Speakers opined that the board should take special initiative to make the stock market more transparent and fully autonomous.</p> <p>SEBON said that it is quite challenging to implement all the issues related to the capital market that have been incorporated in the budget.</p> <p>SEBON Executive Director Paristha Poudyal said that although the Securities Registration and Issue Regulations 2073 has provisions for incentives, the reality is something different. He said that it is quite challenging for any company to enter the capital market. Paudyal further informed that board has found it equally challenging to make the secondary stock market more competitive and expand it across the country due to lack of effective regulation and supervision.</p> <p>He also said that SEBON is running financial literacy programs among Non-Residential Nepalis to increase their investment in Nepal.</p> <p>SEBON has made the use of Demat account mandatory for subscribers to apply for Initial Public Offering (IPO) issuances since July 16 in the Kathmandu valley and across the country from January 15 next year.</p> <p>According to SEBON, more than 1,400 public companies have been registered with the Company Registration Office till date. But 1,255 companies have not issued their shares to the public.</p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2017-07-13', 'modified' => '2017-07-13', 'keywords' => '', 'description' => '', 'sortorder' => '5985', 'image' => null, 'article_date' => '2017-07-13 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 1 => array( 'Article' => array( 'id' => '6200', 'article_category_id' => '1', 'title' => 'Underground Network of Electricity, Telephone in the Pipeline', 'sub_title' => '', 'summary' => 'Preparations are on track for the underground management of telephone, internet, electricity and cable lines in the Kathmandu valley. ', 'content' => '<p>July 13: Preparations are on track for the underground management of telephone, internet, electricity and cable lines in the Kathmandu valley. Nepal Telecommunications Authority (NTA) has decided to work together with Nepal Electricity Authority (NEA) to lay the underground network of wires. Sources claimed that the two state-run authorities have formed a coordination committee for the purpose.</p> <p>According to NTA Deputy Spokesperson Achyutananda Mishra, discussions are positive and they are planning to sign an agreement for collaboration soon.</p> <p>“We have already corresponded with the Ministry of Information and Communications in this regard,” he said, adding, “We are likely to share the budget for the purpose.”</p> <p>Former Finance Minister Krishna Bahadur Mahara had recently unveiled the government’s plan of underground electricity network during the budget announcement for the upcoming fiscal year. The government decided to form an underground network of electricity in some areas of Kathmandu valley to discourage electricity theft as well as to reduce accidents related to the unmanaged wiring. In line with the government’s plan, NEA is preparing to lay the underground network of electricity in Ratnapark and Maharajgung areas of the capital.</p> <p>Asian Development Bank has reportedly shown interest to provide a loan of Rs 5.5 billion for the project.</p> <p>NEA Spokesperson Prabal Adhikari informed that they are moving ahead with the work as a pilot project.</p> <p>“We are planning to issue tender notice within a week and within a year, the transmission lines in Ratnapark and Maharajgunj will be underground,” said Adhikari.</p> <p>NEA plans to lay the underground network beneath the footpaths as per the international standard. Currently, telephone and cable lines are using the poles set up by the NEA for transmission. Adhikari confirmed that talks are underway for a joint underground network of electricity, telecom and cable lines.</p> <p>“The haphazard use of electricity poles for transmission of telephone and cable lines have not just posed risk of accident but has also become an eyesore. We have no option but to include them in the underground network as well,” said Adhikari.</p> <p> </p> ', 'published' => true, 'created' => '2017-07-13', 'modified' => '2017-07-13', 'keywords' => '', 'description' => '', 'sortorder' => '5984', 'image' => '20170713010202_nea.jpg', 'article_date' => '2017-07-13 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 2 => array( 'Article' => array( 'id' => '6198', 'article_category_id' => '1', 'title' => 'Credit Crunch hits Real Estate Business ', 'sub_title' => '', 'summary' => 'Real estate business has hit a snag due to the restriction in loan imposed by banks and financial institutions (BFIs) citing credit crunch.', 'content' => '<p>Jule 12: Real estate business has hit a snag due to the restriction in loan imposed by banks and financial institutions (BFIs) citing credit crunch. Construction of housings across the country has seen a slump since the last six months after the BFIs tightened the noose on lending due to lack of investible amount.</p> <p>Statistics of the last six months maintained by the Department of Land Reform and Management show that the land revenue offices of the Kathmandu valley saw a sharp decline in revenue collection.</p> <p>Revenue collection in the month of December-January was less by Rs 90 million as compared to the preceding month. Revenue collection dropped further by Rs 70 million in January-February. The downward spiral in revenue collection continued in February-March during which the land revenue offices collected Rs 150 million less than in January-February.</p> <p>Revenue collection in March-April rose by Rs 40 million as compared to the preceding month. But the very next month, the total revenue collection saw a nosedive with a deficit of Rs 230 million. Revenue collection rose by Rs 110 million in May-June. </p> <p>The overall graph of revenue collection in the last six months shows a downward curve. The total revenue collected in the first 11 months of the last fiscal year as compared to the first 11 months of the current fiscal year is less by Rs 80 million.</p> <p>Chief of the Department of Land Reform and Management Sushil Prasad Acharya says that the buying and selling of land has decreased because of the reluctance of BFIs to loan out money.</p> <p>Collection of registration charge in all four land revenue offices of the valley has decreased as compared to the last FY despite the offices increasing the valuation of land by 20 percent.</p> <p>BFIs have already invested Rs 293.70 billion in the housing sector in the first 10 months of the current fiscal year. By the end of this fiscal year, the total investment in this sector is set to reach Rs 250.90 billion. The amount also includes Rs 10 million for personal housing loan, according to Nepal Rastra Bank.</p> ', 'published' => true, 'created' => '2017-07-12', 'modified' => '2017-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '5983', 'image' => '20170712034308_data.jpg', 'article_date' => '2017-07-12 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 3 => array( 'Article' => array( 'id' => '6187', 'article_category_id' => '1', 'title' => 'Shipping Companies Start Delivering Goods at Nepal’s Doorstep', 'sub_title' => '', 'summary' => 'Shipping companies are having tough competition in delivering goods to Nepal from third countries. ', 'content' => '<p>July 11: Shipping companies are having tough competition in delivering goods to Nepal from third countries. Due to the competition, the companies are eager to make their service more efficient. This is likely to reduce the transportation fare.</p> <p>MSC Agency India Pvt Ltd has started delivering goods in containers right up to Birgunj Dry Port since July 1. Before this, the company used to deliver the containers carrying goods only till Kolkata’s sea port.</p> <p>“This has reduced the fine the importers had been paying till now,” says Rambabu Sah, an official of Himalayan Terminal Pvt Ltd that operates the Birgunj Dry Port.</p> <p>Until now, all the shipping companies used to deliver goods only up to Kolkata. The goods can be kept there for 14 days. However, Nepali importers had been paying heavy fines for not being able to clear the goods on time. According to the importers, they had been paying Rs 2 billion fine annually.</p> <p>Delivery of goods till Birgunj has become a huge respite for the Nepali importers, says immediate past president of Birgunj Chamber of Commerce, Pradeep Kumar Kedia.</p> <p>Nepali importers have benefitted a lot from the competition among big shipping companies. Maerks Shipping Line has also started delivering containers till Birgunj. It has also increased the time period for unloading the containers. Both the companies have provided 21 days for the importers to clear the goods from their containers.</p> <p>Rajesh Kafle, a local importer, says that the government should make arrangements for shipping companies to deliver containers till Birgunj. He argues that the consumers will ultimately benefit if the transportation cost gets slashed.</p> <p>According to Sah, MSC charges up to Rs 3500 per container for delivering goods up to Birgunj. The charge also includes goods and service tax (GST).</p> <p>Likewise, Maerks has been transporting goods from Indian port of Vishakhapatnam to Birgunj since one month. Normally, one train carries 90 containers but the company has announced to deliver the same amount of goods using just 50 to 60 containers.</p> <p>It has been learnt that the Kolkata-based shipping companies have started providing efficient services after Nepali importers showed their interest to bring goods from Visakhapatnam. </p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5982', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 4 => array( 'Article' => array( 'id' => '6199', 'article_category_id' => '1', 'title' => 'Margin Lending up by 4 Percent', 'sub_title' => '', 'summary' => 'Margin lending of banks and financial institutions (BFIs) has amounted to Rs 39.19 billion by the end of 11 months of current fiscal year 2016/17. ', 'content' => '<p>July 12: Margin lending of banks and financial institutions (BFIs) has amounted to Rs 39.19 billion by the end of 11 months of current fiscal year 2016/17. According to statistics of Nepal Rastra Bank (NRB), the amount is two percent of the total loans of BFIs. NRB data shows that loans of BFIs have totaled Rs 1.967 trillion by the end of 11 months of current FY.</p> <p>As per the central bank, there has been fluctuation in margin lending since mid-April and such loans have increased by four percent compared to corresponding period of last FY.</p> <p>Although the margin lending has increased, the proportion of lending has remained almost the same. In the last FY, margin lending was 2.24 percent of the total loans of BFIs. During the last FY, BFIs had loaned out Rs 37.68 billion as margin lending out of the total lending of Rs 1.682 trillion.</p> <p>The monetary policy unveiled by NRB on July 9 allows BFIs to release only 40 percent of loan by keeping shares as collateral. Earlier, BFIs could release loan equal to the share amount.</p> <p>NRB’s Research Department’s Acting Director Nara Bahadur Thapa informed that the ceiling of margin lending had been reduced keeping in view the rise in paid-up capital of BFIs.</p> <p>“The paid-up capital has increased so the ceiling won’t affect margin lending,” said Thapa. </p> ', 'published' => true, 'created' => '2017-07-12', 'modified' => '2017-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '5981', 'image' => null, 'article_date' => '2017-07-12 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 5 => array( 'Article' => array( 'id' => '6197', 'article_category_id' => '1', 'title' => 'India’s Café Coffee Day now in Nepal', 'sub_title' => '', 'summary' => ' India’s renowned brand Café Coffee Day has opened its branch in Nepal. ', 'content' => '<p>July 12: India’s renowned brand Café Coffee Day has opened its branch in Nepal. It has started its service from its first outlet in Jawlakhel, Lalitpur. Indian ambassador to Nepal Manjeev Singh Puri and Miss Nepal Nitika Chandak jointly inaugurated the care on July 11. </p> ', 'published' => true, 'created' => '2017-07-12', 'modified' => '2017-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '5980', 'image' => '20170712015724_cafe.jpg', 'article_date' => '2017-07-12 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 6 => array( 'Article' => array( 'id' => '6196', 'article_category_id' => '1', 'title' => 'Dabur Nepal Celebrates Silver Jubilee', 'sub_title' => '', 'summary' => 'Multinational company Dabur Nepal has celebrated its silver jubilee in Nepal. ', 'content' => '<p>July 12: Multinational company Dabur Nepal has celebrated its silver jubilee in Nepal. Established in 1989 AD, the company has been in operation since the last 15 years. It started commercial production only from 1992 AD. The company has established as the largest producer of aayurvedic and natural health products, the company said in a statement. The company, which dealt transaction worth Rs 5.3 million in its first year now has an annual transaction worth Rs 10 billion. The company has employed 1000 people while it gives indirect employment to around 20,000 people. The company has been producing Real Juice, Dabur Chawanprash, toothpaste, amla hair oil, honey, glucose-D, gulabari, odonil, among other products.</p> <p>Prime Minister Sher Bahadur Deuba, Indian ambassador to Nepal Manjeev Singh Puri, Dabur India’s Chairman Anand Burman, CEO Sunil Duggal and General Manager Rukma Shumsher Rana were present during the silver jubilee of the company. </p> ', 'published' => true, 'created' => '2017-07-12', 'modified' => '2017-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '5979', 'image' => '20170712015559_dabur.jpg', 'article_date' => '2017-07-12 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 7 => array( 'Article' => array( 'id' => '6195', 'article_category_id' => '1', 'title' => 'Import from India to Rise due to GST', 'sub_title' => '', 'summary' => 'The import of goods from India is projected to rise after the implementation of goods and service tax (GST) in India, according to an estimate of Nepali entrepreneurs.', 'content' => '<p>July 12: The import of goods from India is projected to rise after the implementation of goods and service tax (GST) in India, according to an estimate of Nepali entrepreneurs. Nepal is heavily dependent on India in import as the country brings in goods ranging from raw materials to ready-made goods from the southern neighbour and around 70 percent of Nepal’s trade transaction takes place with India alone.</p> <p>The price of goods produced in India has gone down after the implementation of the new taxation system since July 1. Nepali businessmen argue that this is the main reason why import of Indian goods will increase in Nepal.</p> <p>GST has encouraged domestic production in India, says general secretary of Nepal Chamber of Commerce, Kamlesh Kumar Agrawal. “Taxes on goods are declining in India,” he said. Agrawal believes that the overvaluation and undervaluation of goods will be replaced by uniformity in price in the new taxation system in India. According to Agrawal, majority of goods coming from India will become cheaper and this will result in significant rise in import.</p> <p>Federation of Nepalese Chamber of Commerce and Industries (FNCCI)’s fair committee chairman Dil Sundar Shrestha says that the effects of GST is likely to be seen even in import of goods from third countries. Under the GST, the goods coming from third countries to Nepal via Indian sea ports are subject to double taxation – sea port charge and service charge. This would result in high price of the goods when they reach the Nepali market.</p> <p>According to Shrestha, agricultural products exported from Nepal to India will have value added tax. Therefore, the same products produced in India will be cheaper.</p> <p>“If the government establishes industrial areas and gives VAT and customs exemption for raw material imported from India, then we can compete with the India market,” said Shrestha.</p> <p>FNCCI Vice President (commodity) Umesh Lal Pradhan, on the other hand, says that the new taxation system in India will not affect Nepal much.</p> <p>“India used to impose tax at different levels in the past too. The percentage of tax in the new system is almost the same as before. So it won’t have much negative effect in Nepal,” says Pradhan.</p> <p>However, Pradhan said that the confusion related to GST has not yet been over. He further said that a delegation is going to India to clear the confusion. </p> ', 'published' => true, 'created' => '2017-07-12', 'modified' => '2017-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '5978', 'image' => null, 'article_date' => '2017-07-12 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 8 => array( 'Article' => array( 'id' => '6194', 'article_category_id' => '1', 'title' => 'Qatar Airways Offering 40% Discount', 'sub_title' => '', 'summary' => 'Qatar Airlines, the state-owned flag carrier of Qatar, is offering discounts on flights after being declared the world’s best airlines by a UK-based company.', 'content' => '<p>July 11: Qatar Airlines, the state-owned flag carrier of Qatar, is offering discounts on flights after being declared the world’s best airlines by a UK-based company.</p> <p>Qatar Airways is the winner of the world's best airlines- 2017 award from SKYTRAX, a UK-based consultancy company which evaluates airlines and airports around the world.</p> <p>The airlines company is offering up to 40 percent discount on flights to various popular tourist destinations. The offer is valid from July 10, 2017 to December 10, 2017.</p> <p> The airlines company has started a new campaign 'Air travel with the best airlines of the world' this week after winning the 'Airline of the Year' award. </p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5977', 'image' => '20170711050459_qatar.jpg', 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 9 => array( 'Article' => array( 'id' => '6192', 'article_category_id' => '1', 'title' => 'Discount at Samitivej to NMB’s cardholders', 'sub_title' => '', 'summary' => 'NMB Bank has introduced five percent discount scheme on medical treatment at Samitivej Hospital, Thailand.', 'content' => '<p>July 11: NMB Bank has introduced five percent discount scheme on medical treatment at Samitivej Hospital, Thailand.</p> <p>The scheme applies to any medical treatment and all fees including special counseling services of the hospital for payment through USD visa card, the bank informed. </p> <p> The Bank signed the agreement with Speedway Freight Service Pvt Ltd, the sole representative of Samitvej Hospital in Nepal.</p> <p>According to the agreement, services such as medical enquiry handling, pre-arrangement of medical appointments with specialists and doctors of Samitivej Hospital will be taken care by Speedway Freight Service.</p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5976', 'image' => '20170711045747_nmb.jpg', 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 10 => array( 'Article' => array( 'id' => '6193', 'article_category_id' => '1', 'title' => 'Nepal Sewa Starts Branch at Bhotechaur', 'sub_title' => '', 'summary' => 'Nepal Sewa Micro Finance Bittiya Sanstha has opened its eighth branch at Bhotechaur of Melamchi-1 in Sindhupalchowk district.', 'content' => '<p>July 11: Nepal Sewa Micro Finance Bittiya Sanstha has opened its eighth branch at Bhotechaur of Melamchi-1 in Sindhupalchowk district.</p> <p> Madan Gopal Shrestha, chairman of the microfinance headquartered at Fatakshila in the district, inaugurated the branch amid a program held on July 10.</p> <p>The branch has been opened with an objective of providing financial services to the marginalized community of rural areas and to improve their lifestyle, said chief executive officer of the microfinance, Shiva Kumar Malla.</p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5975', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 11 => array( 'Article' => array( 'id' => '6190', 'article_category_id' => '1', 'title' => 'Decentralization of Tax in the Offing', 'sub_title' => '', 'summary' => 'The government is planning to collect taxes, non-tax revenue and royalties from all three tiers of the administration – center, province and local units – in order to implement federalism. ', 'content' => '<p>July 11: The government is planning to collect taxes, non-tax revenue and royalties from all three tiers of the administration – center, province and local units – in order to implement federalism. The government plans to empower the local units and enable them to manage their own source of income through a bill on finance management, which has been presented to the parliament.</p> <p>The bill proposes distribution of royalties collected from mountaineering, forests, electricity and mines at all three levels. According to the bill, the central government will claim 85 percent royalties while the provincial government will get 10 percent royalties and the local government will have its share of 5 percent royalties.</p> <p>If the bill gets endorsed, the centralized taxation system will become decentralized. Analysts, however, are skeptical that the decentralized taxation system will be beneficial for the nation.</p> <p>‘It sounds simple but adopting decentralized taxation system could result in financial irregularities in countries like ours,” said one analyst who did not wished to be named. “Therefore, it is important to be cautious,” he added.</p> <p>The local elections held in two phases so far have already elected local representatives in most of the local units except in Province 2 and some disputed constituencies.</p> <p>The bill on inter-governmental finance management, which is currently in discussion in the Parliament, proposes giving authority to the elected local bodies to rightfully collect taxes, non-tax revenues, other charges and royalties as per the laws.</p> <p>Clause 3 of the bill states that the local units can collect property tax, rent tax, land tax, land and house registration fee, vehicle tax, entertainment tax, advertisement tax, business tax and hoarding board tax.</p> <p>According to the bill, the local government can also impose service charge, tourism charge, parking charge, rental charge, herbs and wildlife charge as well as other non-tax revenue as per the need.</p> <p>The bill also mentions the taxes that the provincial government and the central government shall collect. The provincial government is authorized to collect taxes on registration of houses and lands as well as entertainment, advertisement, agriculture, income, road construction and maintenance, ticket charge among others. In addition to that, the provincial government can also collect non-tax revenue and tourism charge.</p> <p>The central government on the other hand will collect customs duty, excise duty, value added tax, income tax, labour charge, social security tax, health service tax, infrastructure tax, agriculture development charge, pollution charge, education service tax, road maintenance and development tax among others.</p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5974', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 12 => array( 'Article' => array( 'id' => '6191', 'article_category_id' => '1', 'title' => 'Gandaki’s Chairman Takes Oath of Office', 'sub_title' => '', 'summary' => 'Jagan Bahadur Gurung, newly-elected chairman of Gandaki Bikas Bank headquartered at Pokhara, took oath of office, recently.', 'content' => '<p>July 11: Jagan Bahadur Gurung, newly-elected chairman of Gandaki Bikas Bank headquartered at Pokhara, took oath of office, recently.</p> <p>Shiv Raj Shrestha, deputy governor of Nepal Rastra Bank (NRB), administered oath of office and secrecy to Gurung amidst a function. Gurung was elected as the chairman of the bank after the merger of Fewa Bikas Bank and Gandaki Bikas Bank.</p> <p>Present in the program were Narayan Prasad Poudel, director of the NRB's Monitoring Department of Bank and Financial Institutions, Gyaneshwor Parajuli, director of Gandaki Bikas Bank, and Resham Bahadur Thapa, CEO of the Bank, according to a press release issued by Chhabindra Nath Sharma, deputy CEO of Gandaki Bikas Bank.</p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5973', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 13 => array( 'Article' => array( 'id' => '6189', 'article_category_id' => '1', 'title' => 'Monetary Policy did not Address the Concerns of Private Sector: NCC', 'sub_title' => '', 'summary' => 'Nepal Chamber of Commerce (NCC) has termed the monetary policy unveiled by Nepal Rastra Bank on July 9 as a continuation of the same old policies of the past.', 'content' => '<p>July 11: Nepal Chamber of Commerce (NCC) has termed the monetary policy unveiled by Nepal Rastra Bank on July 9 as a continuation of the same old policies of the past.</p> <p>NCC said in a statement that it finds the new monetary policy stagnant although the economic conditions were quite different when the current monetary policy and the monetary policy for the upcoming fiscal year were released.</p> <p>NCC said that entrepreneurs are having hard time obtaining the desired amount of loan from banks and financial institutions (BFIs) due to high rate of interest and lack of investible liquidity. NCC had given suggestions to NRB to address this problem but the new monetary policy of the central bank has disregarded the suggestion of the private sector, reads the statement.</p> <p>NCC has also claimed that the monetary policy will not be effective enough to reach the 7.2 percent target of economic growth rate.</p> <p>“Since the rate of interest is high, there cannot be proper environment for investment and therefore economic growth is not possible,” reads the statement, adding, “It is not sufficient even if attempts are made to improve the finance management by creating funds from some other sources.”</p> <p>The NCC statement has also requested the central bank to roll back its decision regarding a circular issued on Usance bill arguing that it has had a negative impact on entrepreneurs. </p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5972', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 14 => array( 'Article' => array( 'id' => '6188', 'article_category_id' => '1', 'title' => 'Parliament passes Appropriation Bill', 'sub_title' => '', 'summary' => ' The Legislature-Parliament has passed the Appropriation Bill 2074 on July 10. ', 'content' => '<p>July 11: The Legislature-Parliament has passed the Appropriation Bill 2074 on July 10. The passage of bill by majority of the House has paved way for the government bodies to spend the budget for the fiscal year 2017/18.</p> <p>The second meeting of the Parliament on July 10 had approved the bill presented by Finance Minister Gyanendra Bahadur Karki. Earlier, the meeting had also unanimously endorsed the proposal seeking consideration on the finance bill, 2074 and also passed the National Debt Recovery Bill, 2074.</p> <p>Speaker Onsari Gharti has announced clause-wise discussion on the endorsed bills on July 13. The government is scheduled to endorse the budget on the same day.</p> <p>The meeting disapproved the demands of lawmakers Prem Suwal, Anuradha Thapa and Dilli Prasad Kafle to reduce the budget on different heads allocated for various ministries.</p> <p>The next meeting of the Legislature-Parliament will take place at 1 pm on July 12. </p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5971', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ) ) $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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', 'content' => '<p>July 13: Securities Board of Nepal (SEBON) has said it will encourage production-based companies to enter the capital market. SEBON decided to give priority to this issue after the government included this sector in its Policy and Program as well as in the budget for the fiscal year 2017/18.</p> <p>SEBON made such announcement during a program organized to review the current FY 2016/17 and to chart a plan for the upcoming FY 2017/18.</p> <p>During the program, discussions were held regarding the policy level and institutional development of the capital market among the concerned stakeholders. Speakers opined that the board should take special initiative to make the stock market more transparent and fully autonomous.</p> <p>SEBON said that it is quite challenging to implement all the issues related to the capital market that have been incorporated in the budget.</p> <p>SEBON Executive Director Paristha Poudyal said that although the Securities Registration and Issue Regulations 2073 has provisions for incentives, the reality is something different. He said that it is quite challenging for any company to enter the capital market. Paudyal further informed that board has found it equally challenging to make the secondary stock market more competitive and expand it across the country due to lack of effective regulation and supervision.</p> <p>He also said that SEBON is running financial literacy programs among Non-Residential Nepalis to increase their investment in Nepal.</p> <p>SEBON has made the use of Demat account mandatory for subscribers to apply for Initial Public Offering (IPO) issuances since July 16 in the Kathmandu valley and across the country from January 15 next year.</p> <p>According to SEBON, more than 1,400 public companies have been registered with the Company Registration Office till date. But 1,255 companies have not issued their shares to the public.</p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2017-07-13', 'modified' => '2017-07-13', 'keywords' => '', 'description' => '', 'sortorder' => '5985', 'image' => null, 'article_date' => '2017-07-13 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 1 => array( 'Article' => array( 'id' => '6200', 'article_category_id' => '1', 'title' => 'Underground Network of Electricity, Telephone in the Pipeline', 'sub_title' => '', 'summary' => 'Preparations are on track for the underground management of telephone, internet, electricity and cable lines in the Kathmandu valley. ', 'content' => '<p>July 13: Preparations are on track for the underground management of telephone, internet, electricity and cable lines in the Kathmandu valley. Nepal Telecommunications Authority (NTA) has decided to work together with Nepal Electricity Authority (NEA) to lay the underground network of wires. Sources claimed that the two state-run authorities have formed a coordination committee for the purpose.</p> <p>According to NTA Deputy Spokesperson Achyutananda Mishra, discussions are positive and they are planning to sign an agreement for collaboration soon.</p> <p>“We have already corresponded with the Ministry of Information and Communications in this regard,” he said, adding, “We are likely to share the budget for the purpose.”</p> <p>Former Finance Minister Krishna Bahadur Mahara had recently unveiled the government’s plan of underground electricity network during the budget announcement for the upcoming fiscal year. The government decided to form an underground network of electricity in some areas of Kathmandu valley to discourage electricity theft as well as to reduce accidents related to the unmanaged wiring. In line with the government’s plan, NEA is preparing to lay the underground network of electricity in Ratnapark and Maharajgung areas of the capital.</p> <p>Asian Development Bank has reportedly shown interest to provide a loan of Rs 5.5 billion for the project.</p> <p>NEA Spokesperson Prabal Adhikari informed that they are moving ahead with the work as a pilot project.</p> <p>“We are planning to issue tender notice within a week and within a year, the transmission lines in Ratnapark and Maharajgunj will be underground,” said Adhikari.</p> <p>NEA plans to lay the underground network beneath the footpaths as per the international standard. Currently, telephone and cable lines are using the poles set up by the NEA for transmission. Adhikari confirmed that talks are underway for a joint underground network of electricity, telecom and cable lines.</p> <p>“The haphazard use of electricity poles for transmission of telephone and cable lines have not just posed risk of accident but has also become an eyesore. We have no option but to include them in the underground network as well,” said Adhikari.</p> <p> </p> ', 'published' => true, 'created' => '2017-07-13', 'modified' => '2017-07-13', 'keywords' => '', 'description' => '', 'sortorder' => '5984', 'image' => '20170713010202_nea.jpg', 'article_date' => '2017-07-13 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 2 => array( 'Article' => array( 'id' => '6198', 'article_category_id' => '1', 'title' => 'Credit Crunch hits Real Estate Business ', 'sub_title' => '', 'summary' => 'Real estate business has hit a snag due to the restriction in loan imposed by banks and financial institutions (BFIs) citing credit crunch.', 'content' => '<p>Jule 12: Real estate business has hit a snag due to the restriction in loan imposed by banks and financial institutions (BFIs) citing credit crunch. Construction of housings across the country has seen a slump since the last six months after the BFIs tightened the noose on lending due to lack of investible amount.</p> <p>Statistics of the last six months maintained by the Department of Land Reform and Management show that the land revenue offices of the Kathmandu valley saw a sharp decline in revenue collection.</p> <p>Revenue collection in the month of December-January was less by Rs 90 million as compared to the preceding month. Revenue collection dropped further by Rs 70 million in January-February. The downward spiral in revenue collection continued in February-March during which the land revenue offices collected Rs 150 million less than in January-February.</p> <p>Revenue collection in March-April rose by Rs 40 million as compared to the preceding month. But the very next month, the total revenue collection saw a nosedive with a deficit of Rs 230 million. Revenue collection rose by Rs 110 million in May-June. </p> <p>The overall graph of revenue collection in the last six months shows a downward curve. The total revenue collected in the first 11 months of the last fiscal year as compared to the first 11 months of the current fiscal year is less by Rs 80 million.</p> <p>Chief of the Department of Land Reform and Management Sushil Prasad Acharya says that the buying and selling of land has decreased because of the reluctance of BFIs to loan out money.</p> <p>Collection of registration charge in all four land revenue offices of the valley has decreased as compared to the last FY despite the offices increasing the valuation of land by 20 percent.</p> <p>BFIs have already invested Rs 293.70 billion in the housing sector in the first 10 months of the current fiscal year. By the end of this fiscal year, the total investment in this sector is set to reach Rs 250.90 billion. The amount also includes Rs 10 million for personal housing loan, according to Nepal Rastra Bank.</p> ', 'published' => true, 'created' => '2017-07-12', 'modified' => '2017-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '5983', 'image' => '20170712034308_data.jpg', 'article_date' => '2017-07-12 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 3 => array( 'Article' => array( 'id' => '6187', 'article_category_id' => '1', 'title' => 'Shipping Companies Start Delivering Goods at Nepal’s Doorstep', 'sub_title' => '', 'summary' => 'Shipping companies are having tough competition in delivering goods to Nepal from third countries. ', 'content' => '<p>July 11: Shipping companies are having tough competition in delivering goods to Nepal from third countries. Due to the competition, the companies are eager to make their service more efficient. This is likely to reduce the transportation fare.</p> <p>MSC Agency India Pvt Ltd has started delivering goods in containers right up to Birgunj Dry Port since July 1. Before this, the company used to deliver the containers carrying goods only till Kolkata’s sea port.</p> <p>“This has reduced the fine the importers had been paying till now,” says Rambabu Sah, an official of Himalayan Terminal Pvt Ltd that operates the Birgunj Dry Port.</p> <p>Until now, all the shipping companies used to deliver goods only up to Kolkata. The goods can be kept there for 14 days. However, Nepali importers had been paying heavy fines for not being able to clear the goods on time. According to the importers, they had been paying Rs 2 billion fine annually.</p> <p>Delivery of goods till Birgunj has become a huge respite for the Nepali importers, says immediate past president of Birgunj Chamber of Commerce, Pradeep Kumar Kedia.</p> <p>Nepali importers have benefitted a lot from the competition among big shipping companies. Maerks Shipping Line has also started delivering containers till Birgunj. It has also increased the time period for unloading the containers. Both the companies have provided 21 days for the importers to clear the goods from their containers.</p> <p>Rajesh Kafle, a local importer, says that the government should make arrangements for shipping companies to deliver containers till Birgunj. He argues that the consumers will ultimately benefit if the transportation cost gets slashed.</p> <p>According to Sah, MSC charges up to Rs 3500 per container for delivering goods up to Birgunj. The charge also includes goods and service tax (GST).</p> <p>Likewise, Maerks has been transporting goods from Indian port of Vishakhapatnam to Birgunj since one month. Normally, one train carries 90 containers but the company has announced to deliver the same amount of goods using just 50 to 60 containers.</p> <p>It has been learnt that the Kolkata-based shipping companies have started providing efficient services after Nepali importers showed their interest to bring goods from Visakhapatnam. </p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5982', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 4 => array( 'Article' => array( 'id' => '6199', 'article_category_id' => '1', 'title' => 'Margin Lending up by 4 Percent', 'sub_title' => '', 'summary' => 'Margin lending of banks and financial institutions (BFIs) has amounted to Rs 39.19 billion by the end of 11 months of current fiscal year 2016/17. ', 'content' => '<p>July 12: Margin lending of banks and financial institutions (BFIs) has amounted to Rs 39.19 billion by the end of 11 months of current fiscal year 2016/17. According to statistics of Nepal Rastra Bank (NRB), the amount is two percent of the total loans of BFIs. NRB data shows that loans of BFIs have totaled Rs 1.967 trillion by the end of 11 months of current FY.</p> <p>As per the central bank, there has been fluctuation in margin lending since mid-April and such loans have increased by four percent compared to corresponding period of last FY.</p> <p>Although the margin lending has increased, the proportion of lending has remained almost the same. In the last FY, margin lending was 2.24 percent of the total loans of BFIs. During the last FY, BFIs had loaned out Rs 37.68 billion as margin lending out of the total lending of Rs 1.682 trillion.</p> <p>The monetary policy unveiled by NRB on July 9 allows BFIs to release only 40 percent of loan by keeping shares as collateral. Earlier, BFIs could release loan equal to the share amount.</p> <p>NRB’s Research Department’s Acting Director Nara Bahadur Thapa informed that the ceiling of margin lending had been reduced keeping in view the rise in paid-up capital of BFIs.</p> <p>“The paid-up capital has increased so the ceiling won’t affect margin lending,” said Thapa. </p> ', 'published' => true, 'created' => '2017-07-12', 'modified' => '2017-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '5981', 'image' => null, 'article_date' => '2017-07-12 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 5 => array( 'Article' => array( 'id' => '6197', 'article_category_id' => '1', 'title' => 'India’s Café Coffee Day now in Nepal', 'sub_title' => '', 'summary' => ' India’s renowned brand Café Coffee Day has opened its branch in Nepal. ', 'content' => '<p>July 12: India’s renowned brand Café Coffee Day has opened its branch in Nepal. It has started its service from its first outlet in Jawlakhel, Lalitpur. Indian ambassador to Nepal Manjeev Singh Puri and Miss Nepal Nitika Chandak jointly inaugurated the care on July 11. </p> ', 'published' => true, 'created' => '2017-07-12', 'modified' => '2017-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '5980', 'image' => '20170712015724_cafe.jpg', 'article_date' => '2017-07-12 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 6 => array( 'Article' => array( 'id' => '6196', 'article_category_id' => '1', 'title' => 'Dabur Nepal Celebrates Silver Jubilee', 'sub_title' => '', 'summary' => 'Multinational company Dabur Nepal has celebrated its silver jubilee in Nepal. ', 'content' => '<p>July 12: Multinational company Dabur Nepal has celebrated its silver jubilee in Nepal. Established in 1989 AD, the company has been in operation since the last 15 years. It started commercial production only from 1992 AD. The company has established as the largest producer of aayurvedic and natural health products, the company said in a statement. The company, which dealt transaction worth Rs 5.3 million in its first year now has an annual transaction worth Rs 10 billion. The company has employed 1000 people while it gives indirect employment to around 20,000 people. The company has been producing Real Juice, Dabur Chawanprash, toothpaste, amla hair oil, honey, glucose-D, gulabari, odonil, among other products.</p> <p>Prime Minister Sher Bahadur Deuba, Indian ambassador to Nepal Manjeev Singh Puri, Dabur India’s Chairman Anand Burman, CEO Sunil Duggal and General Manager Rukma Shumsher Rana were present during the silver jubilee of the company. </p> ', 'published' => true, 'created' => '2017-07-12', 'modified' => '2017-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '5979', 'image' => '20170712015559_dabur.jpg', 'article_date' => '2017-07-12 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 7 => array( 'Article' => array( 'id' => '6195', 'article_category_id' => '1', 'title' => 'Import from India to Rise due to GST', 'sub_title' => '', 'summary' => 'The import of goods from India is projected to rise after the implementation of goods and service tax (GST) in India, according to an estimate of Nepali entrepreneurs.', 'content' => '<p>July 12: The import of goods from India is projected to rise after the implementation of goods and service tax (GST) in India, according to an estimate of Nepali entrepreneurs. Nepal is heavily dependent on India in import as the country brings in goods ranging from raw materials to ready-made goods from the southern neighbour and around 70 percent of Nepal’s trade transaction takes place with India alone.</p> <p>The price of goods produced in India has gone down after the implementation of the new taxation system since July 1. Nepali businessmen argue that this is the main reason why import of Indian goods will increase in Nepal.</p> <p>GST has encouraged domestic production in India, says general secretary of Nepal Chamber of Commerce, Kamlesh Kumar Agrawal. “Taxes on goods are declining in India,” he said. Agrawal believes that the overvaluation and undervaluation of goods will be replaced by uniformity in price in the new taxation system in India. According to Agrawal, majority of goods coming from India will become cheaper and this will result in significant rise in import.</p> <p>Federation of Nepalese Chamber of Commerce and Industries (FNCCI)’s fair committee chairman Dil Sundar Shrestha says that the effects of GST is likely to be seen even in import of goods from third countries. Under the GST, the goods coming from third countries to Nepal via Indian sea ports are subject to double taxation – sea port charge and service charge. This would result in high price of the goods when they reach the Nepali market.</p> <p>According to Shrestha, agricultural products exported from Nepal to India will have value added tax. Therefore, the same products produced in India will be cheaper.</p> <p>“If the government establishes industrial areas and gives VAT and customs exemption for raw material imported from India, then we can compete with the India market,” said Shrestha.</p> <p>FNCCI Vice President (commodity) Umesh Lal Pradhan, on the other hand, says that the new taxation system in India will not affect Nepal much.</p> <p>“India used to impose tax at different levels in the past too. The percentage of tax in the new system is almost the same as before. So it won’t have much negative effect in Nepal,” says Pradhan.</p> <p>However, Pradhan said that the confusion related to GST has not yet been over. He further said that a delegation is going to India to clear the confusion. </p> ', 'published' => true, 'created' => '2017-07-12', 'modified' => '2017-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '5978', 'image' => null, 'article_date' => '2017-07-12 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 8 => array( 'Article' => array( 'id' => '6194', 'article_category_id' => '1', 'title' => 'Qatar Airways Offering 40% Discount', 'sub_title' => '', 'summary' => 'Qatar Airlines, the state-owned flag carrier of Qatar, is offering discounts on flights after being declared the world’s best airlines by a UK-based company.', 'content' => '<p>July 11: Qatar Airlines, the state-owned flag carrier of Qatar, is offering discounts on flights after being declared the world’s best airlines by a UK-based company.</p> <p>Qatar Airways is the winner of the world's best airlines- 2017 award from SKYTRAX, a UK-based consultancy company which evaluates airlines and airports around the world.</p> <p>The airlines company is offering up to 40 percent discount on flights to various popular tourist destinations. The offer is valid from July 10, 2017 to December 10, 2017.</p> <p> The airlines company has started a new campaign 'Air travel with the best airlines of the world' this week after winning the 'Airline of the Year' award. </p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5977', 'image' => '20170711050459_qatar.jpg', 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 9 => array( 'Article' => array( 'id' => '6192', 'article_category_id' => '1', 'title' => 'Discount at Samitivej to NMB’s cardholders', 'sub_title' => '', 'summary' => 'NMB Bank has introduced five percent discount scheme on medical treatment at Samitivej Hospital, Thailand.', 'content' => '<p>July 11: NMB Bank has introduced five percent discount scheme on medical treatment at Samitivej Hospital, Thailand.</p> <p>The scheme applies to any medical treatment and all fees including special counseling services of the hospital for payment through USD visa card, the bank informed. </p> <p> The Bank signed the agreement with Speedway Freight Service Pvt Ltd, the sole representative of Samitvej Hospital in Nepal.</p> <p>According to the agreement, services such as medical enquiry handling, pre-arrangement of medical appointments with specialists and doctors of Samitivej Hospital will be taken care by Speedway Freight Service.</p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5976', 'image' => '20170711045747_nmb.jpg', 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 10 => array( 'Article' => array( 'id' => '6193', 'article_category_id' => '1', 'title' => 'Nepal Sewa Starts Branch at Bhotechaur', 'sub_title' => '', 'summary' => 'Nepal Sewa Micro Finance Bittiya Sanstha has opened its eighth branch at Bhotechaur of Melamchi-1 in Sindhupalchowk district.', 'content' => '<p>July 11: Nepal Sewa Micro Finance Bittiya Sanstha has opened its eighth branch at Bhotechaur of Melamchi-1 in Sindhupalchowk district.</p> <p> Madan Gopal Shrestha, chairman of the microfinance headquartered at Fatakshila in the district, inaugurated the branch amid a program held on July 10.</p> <p>The branch has been opened with an objective of providing financial services to the marginalized community of rural areas and to improve their lifestyle, said chief executive officer of the microfinance, Shiva Kumar Malla.</p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5975', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 11 => array( 'Article' => array( 'id' => '6190', 'article_category_id' => '1', 'title' => 'Decentralization of Tax in the Offing', 'sub_title' => '', 'summary' => 'The government is planning to collect taxes, non-tax revenue and royalties from all three tiers of the administration – center, province and local units – in order to implement federalism. ', 'content' => '<p>July 11: The government is planning to collect taxes, non-tax revenue and royalties from all three tiers of the administration – center, province and local units – in order to implement federalism. The government plans to empower the local units and enable them to manage their own source of income through a bill on finance management, which has been presented to the parliament.</p> <p>The bill proposes distribution of royalties collected from mountaineering, forests, electricity and mines at all three levels. According to the bill, the central government will claim 85 percent royalties while the provincial government will get 10 percent royalties and the local government will have its share of 5 percent royalties.</p> <p>If the bill gets endorsed, the centralized taxation system will become decentralized. Analysts, however, are skeptical that the decentralized taxation system will be beneficial for the nation.</p> <p>‘It sounds simple but adopting decentralized taxation system could result in financial irregularities in countries like ours,” said one analyst who did not wished to be named. “Therefore, it is important to be cautious,” he added.</p> <p>The local elections held in two phases so far have already elected local representatives in most of the local units except in Province 2 and some disputed constituencies.</p> <p>The bill on inter-governmental finance management, which is currently in discussion in the Parliament, proposes giving authority to the elected local bodies to rightfully collect taxes, non-tax revenues, other charges and royalties as per the laws.</p> <p>Clause 3 of the bill states that the local units can collect property tax, rent tax, land tax, land and house registration fee, vehicle tax, entertainment tax, advertisement tax, business tax and hoarding board tax.</p> <p>According to the bill, the local government can also impose service charge, tourism charge, parking charge, rental charge, herbs and wildlife charge as well as other non-tax revenue as per the need.</p> <p>The bill also mentions the taxes that the provincial government and the central government shall collect. The provincial government is authorized to collect taxes on registration of houses and lands as well as entertainment, advertisement, agriculture, income, road construction and maintenance, ticket charge among others. In addition to that, the provincial government can also collect non-tax revenue and tourism charge.</p> <p>The central government on the other hand will collect customs duty, excise duty, value added tax, income tax, labour charge, social security tax, health service tax, infrastructure tax, agriculture development charge, pollution charge, education service tax, road maintenance and development tax among others.</p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5974', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 12 => array( 'Article' => array( 'id' => '6191', 'article_category_id' => '1', 'title' => 'Gandaki’s Chairman Takes Oath of Office', 'sub_title' => '', 'summary' => 'Jagan Bahadur Gurung, newly-elected chairman of Gandaki Bikas Bank headquartered at Pokhara, took oath of office, recently.', 'content' => '<p>July 11: Jagan Bahadur Gurung, newly-elected chairman of Gandaki Bikas Bank headquartered at Pokhara, took oath of office, recently.</p> <p>Shiv Raj Shrestha, deputy governor of Nepal Rastra Bank (NRB), administered oath of office and secrecy to Gurung amidst a function. Gurung was elected as the chairman of the bank after the merger of Fewa Bikas Bank and Gandaki Bikas Bank.</p> <p>Present in the program were Narayan Prasad Poudel, director of the NRB's Monitoring Department of Bank and Financial Institutions, Gyaneshwor Parajuli, director of Gandaki Bikas Bank, and Resham Bahadur Thapa, CEO of the Bank, according to a press release issued by Chhabindra Nath Sharma, deputy CEO of Gandaki Bikas Bank.</p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5973', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 13 => array( 'Article' => array( 'id' => '6189', 'article_category_id' => '1', 'title' => 'Monetary Policy did not Address the Concerns of Private Sector: NCC', 'sub_title' => '', 'summary' => 'Nepal Chamber of Commerce (NCC) has termed the monetary policy unveiled by Nepal Rastra Bank on July 9 as a continuation of the same old policies of the past.', 'content' => '<p>July 11: Nepal Chamber of Commerce (NCC) has termed the monetary policy unveiled by Nepal Rastra Bank on July 9 as a continuation of the same old policies of the past.</p> <p>NCC said in a statement that it finds the new monetary policy stagnant although the economic conditions were quite different when the current monetary policy and the monetary policy for the upcoming fiscal year were released.</p> <p>NCC said that entrepreneurs are having hard time obtaining the desired amount of loan from banks and financial institutions (BFIs) due to high rate of interest and lack of investible liquidity. NCC had given suggestions to NRB to address this problem but the new monetary policy of the central bank has disregarded the suggestion of the private sector, reads the statement.</p> <p>NCC has also claimed that the monetary policy will not be effective enough to reach the 7.2 percent target of economic growth rate.</p> <p>“Since the rate of interest is high, there cannot be proper environment for investment and therefore economic growth is not possible,” reads the statement, adding, “It is not sufficient even if attempts are made to improve the finance management by creating funds from some other sources.”</p> <p>The NCC statement has also requested the central bank to roll back its decision regarding a circular issued on Usance bill arguing that it has had a negative impact on entrepreneurs. </p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5972', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ), (int) 14 => array( 'Article' => array( 'id' => '6188', 'article_category_id' => '1', 'title' => 'Parliament passes Appropriation Bill', 'sub_title' => '', 'summary' => ' The Legislature-Parliament has passed the Appropriation Bill 2074 on July 10. ', 'content' => '<p>July 11: The Legislature-Parliament has passed the Appropriation Bill 2074 on July 10. The passage of bill by majority of the House has paved way for the government bodies to spend the budget for the fiscal year 2017/18.</p> <p>The second meeting of the Parliament on July 10 had approved the bill presented by Finance Minister Gyanendra Bahadur Karki. Earlier, the meeting had also unanimously endorsed the proposal seeking consideration on the finance bill, 2074 and also passed the National Debt Recovery Bill, 2074.</p> <p>Speaker Onsari Gharti has announced clause-wise discussion on the endorsed bills on July 13. The government is scheduled to endorse the budget on the same day.</p> <p>The meeting disapproved the demands of lawmakers Prem Suwal, Anuradha Thapa and Dilli Prasad Kafle to reduce the budget on different heads allocated for various ministries.</p> <p>The next meeting of the Legislature-Parliament will take place at 1 pm on July 12. </p> ', 'published' => true, 'created' => '2017-07-11', 'modified' => '2017-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '5971', 'image' => null, 'article_date' => '2017-07-11 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '16' ) ) ) $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
