KATHMANDU: The Nepal Electricity Authority (NEA) has notified industries that they must pay the arrears for using the dedicated and trunk lines.…
KATHMANDU: The Nepal Electricity Authority (NEA) has notified industries that they must pay the arrears for using the dedicated and trunk lines.…
KATHMANDU: Nepal Rastra Bank (NRB) adopted a 'flexible and expansionary monetary policy' for economic revival after the COVID-19 pandemic in the fiscal years 2077/78 and 2078/79.…
KATHMANDU: Finance Minister Barshaman Pun has instructed subordinate agencies to motivate taxpayers.…
April 8: The economic crisis of the country is deepening but the officials at the Ministry of Finance are not ready to admit it.…
April 5: Nepal Rastra Bank (NRB) has unofficially instructed commercial banks to avoid opening letter of credit (LC) for the imports of luxury items including…
November 19: World Bank’s vice president for South Asia Region, Hartwig Schafer, reiterated the World Bank’s commitment to support Nepal in its ambitious transition to federalism, as he concluded a five-day visit to the country on Sunday, November…
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 60]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] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21356', 'article_category_id' => '220', 'title' => 'Dedicated and Trunk Line Tariff Controversy: Industrialists Claim NEA Sent Faulty Bills', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepal Electricity Authority (NEA) has notified industries that they must pay the arrears for using the dedicated and trunk lines. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The Nepal Electricity Authority (NEA) has notified industries that they must pay the arrears for using the dedicated and trunk lines. The NEA sent letters informing industrialists that they owe Rs 6.65 billion in arrears, with a payment deadline of 15 days from Monday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">NEA spokesperson Chandan Kumar Ghosh stated that the NEA has sent letters to most of the industries, demanding payment of arrears accumulated from mid-January 2016 to mid-May 2018. The NEA took a decision to this effect on Sunday, and letters were dispatched to all the defaulting industries on Monday. Ghosh also mentioned that a 25 percent penalty will be charged on the overdue amounts if the arrears are not cleared on time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to sources, letters have been sent to Argakhanchi Cement, Reliance Spinning Mills, Jagdamba Cement, Ghorahi Cement, and other industries. The letters stipulate that "all amounts must be paid within 15 days of receipt. If the fee is not paid within the specified period, penalties will be imposed as per the law."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Pashupati Murarka, owner of Argakhanchi Cement, criticized the NEA for irresponsibly sending a circular to the industry. He noted that the NEA sent a letter dated Sunday, demanding payment for electricity tariffs from mid-January 2016 to mid-May 2018 within 15 days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The NEA has billed Argakhanchi Cement Rs 448.6 million. However, the letter does not specify how many units of electricity were consumed during the review period or details of the hours of electricity usage on specific days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The bill sent by the authority appears to be arbitrary. Such a baseless bill cannot be paid,” Murarka told New Business Age. He added that, according to the Girish Chandra Lal Commission's report, the outstanding amount can only be paid if the NEA provides a bill based on sufficient evidence as per the law. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">There is a long-standing dispute between industrialists and the NEA over the settlement of dues for using electricity from dedicated feeders and trunk lines during the time of load-shedding. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The NEA had supplied electricity to industries through dedicated feeder and trunk lines by charging a premium of 65 percent in the electricity tariffs.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The industrialists claim that the NEA has billed them for the electricity even after the end of load-shedding.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'electricity, tariff, dispute, load, shedding, NEA, industries', 'description' => '', 'sortorder' => '21082', 'image' => '20240625113753_20231016030910_20230913111412_NEA_20191104081559.jpg', 'article_date' => '2024-06-25 11:35:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21345', 'article_category_id' => '220', 'title' => 'NRB Under Pressure to Increase Credit Flow', 'sub_title' => '', 'summary' => 'KATHMANDU: Nepal Rastra Bank (NRB) adopted a 'flexible and expansionary monetary policy' for economic revival after the COVID-19 pandemic in the fiscal years 2077/78 and 2078/79. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Nepal Rastra Bank (NRB) adopted a 'flexible and expansionary monetary policy' for economic revival after the COVID-19 pandemic in the fiscal years 2077/78 and 2078/79. Governor Maha Prasad Adhikari received praise from the general public, industrialists, and businessmen for this approach. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The flexible monetary policy increased cash flow in the market and stimulated the economy. However, the investment was channeled into non-productive sectors and the import of consumable goods, leading to negative impacts. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The surge in real estate business and sharp increase in imports resulted in a decline in Balance of Payments and subsequently the foreign exchange reserves declined. Consequently, NRB issued a tight monetary policy in 2079/80 to 'correct' the economy. Although the monetary policy agenda for 2081/82 has been termed as 'cautiously flexible', the internal market is yet to become vibrant. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Due to the strong monetary policies, the external sector of the economy has become stable, but the internal economy remains sluggish, putting pressure on NRB to adopt a more flexible policy. The tightened policies affected credit flow to banks, import-export activities, and government revenue, resulting in sluggish economic activities and its negative impact on economic growth.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government estimates the current economic growth to be 3.9 percent. The National Statistics Office reported contractions in the industry and construction sectors, with the trade sector's growth rate remaining sluggish. Credit expansion, which significantly contributes to economic growth, has been slow. Last year, bank loan expansion was limited to 4.6 percent, and in the current fiscal year, it stands at 5.2 percent. While there was a liquidity shortage in banks and financial institutions last year, this year banks are experiencing excess liquidity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to NRB data, from mid-May to mid-April, total deposit collection amounted to Rs 6242 billion, while loan flow stood at Rs 5133 billion. The credit-deposit ratio (CD Ratio) of banks fell to 80.08 percent due to the imbalance between deposit collection and credit flow.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">With excess liquidity, banks have the capacity to expand their loans. However, the slowdown in economic activities, tightening of loans for current expenses, and pressure on banks' capital reserves pose risks to credit expansion. Bad loans have also increased and banks have to allocate significant amount in provisioning.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nabil Bank’s Chief Executive Officer Gyanendra Dhungana highlighted the lack of demand for loans in the market and the banks' inability to extend loans due to pressure on their capital funds. He emphasized the need for the government and central bank to work towards credit expansion, stating, "To make the market dynamic, the government needs to increase capital expenditure. Monetary policy needs to facilitate banks to store capital." </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In its third quarterly review of the current monetary policy, NRB hinted at a more flexible approach in the coming days. The review reduced the risk weight of hire purchase vehicle loans to 100 percent. Additionally, NRB announced easing measures to relieve pressure on capital funds by allowing the use of additional instruments. To boost the real estate business, NRB increased the loan repayment return ratio for home purchases from 50 percent to 70 percent.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB Executive Director Prakash Kumar Shrestha indicated that if external economic conditions remain stable, the bank will signal a more flexible monetary policy. He said, "The economy is in a comfortable position in terms of the external sector due to our strong policy, and this quarterly review has indicated future policy flexibility."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Federal Government revealed budget policies and programs targeting a 6 percent economic growth rate and to limit inflation at 5.5 percent for the next fiscal year. Accordingly, NRB has started preparing for its upcoming monetary policy and has urged concerned parties to submit their suggestions within 16 days.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-23', 'modified' => '2024-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '21071', 'image' => '20240623021317_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2024-06-23 14:12:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21337', 'article_category_id' => '220', 'title' => 'Minister Pun Instructs Subordinate Agencies to Motivate Taxpayers', 'sub_title' => '', 'summary' => 'KATHMANDU: Finance Minister Barshaman Pun has instructed subordinate agencies to motivate taxpayers. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: Finance Minister Barshaman Pun has instructed subordinate agencies to motivate taxpayers. With the aim to boost revenue collection in the last month of the current fiscal year, he invited senior government employees related to tax and revenue administration to the ministry on Thursday to give these instructions.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Let's not put undue pressure on taxpayers but encourage them to pay taxes properly," he said. "The state is also the guardian of taxpayers."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He also directed them to listen to the legitimate complaints of taxpayers who act with good intentions and to address these complaints as per the law.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Finance Secretary Madhu Kumar Marasini and Revenue Secretary Dr. Ram Prasad Ghimire also emphasized the need to accelerate the collection of arrears in the last month of the current fiscal year. They stressed that maximum efforts should be made to meet the final revenue collection target for the current fiscal year. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-21', 'modified' => '2024-06-21', 'keywords' => 'tax, taxpayers, motivate, Nepal, government, ministry', 'description' => '', 'sortorder' => '21061', 'image' => '20240621103639_20200907074520_1599400665.tax.jpg', 'article_date' => '2024-06-21 10:35:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15066', 'article_category_id' => '220', 'title' => 'Finance Ministry not Ready to Admit Economic Crisis', 'sub_title' => '', 'summary' => 'April 8: The economic crisis of the country is deepening but the officials at the Ministry of Finance are not ready to admit it. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 8: The economic crisis of the country is deepening but the officials at the Ministry of Finance are not ready to admit it. Government authorities argue that although the economy is under pressure, the situation is not as grim as it has been portrayed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Joint Secretary at the Ministry of Finance Dundi Prasad Niraula says that they are constantly working to improve the economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to him, Nepal’s situation cannot be compared with that of Sri Lanka. Unlike Sri Lanka, Niraula argues that Nepal’s economy is under stress and the ministry is confident that the crisis will end if they take precautionary measures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The inflow of remittance worth Rs 91 billion in the month of Falgun (mid-February to mid-March) is a positive indicator, according to the Ministry of Finance. Government officials claim that the foreign exchange reserves can sustain imports for up to six and a half months. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“However, the foreign exchange reserves are declining and the government must be cautious and take measures accordingly,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He further said that the Ministry of Finance is coordinating with the Nepal Rastra Bank (NRB), the Ministry of Industry, Commerce and Supplies and the Ministry of Agriculture and Livestock Development to bring the situation under control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have asked every unit to prepare an action plan. We will face the situation on the basis of the action plans,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dr Shalikram Pokharel, advisor to the finance minister, said that they are holding discussions with all stakeholders including the NRB to collect suggestions in order to keep the situation under control. He added that the suggestions will be effectively implemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The suggestions will be implemented in a phase-wise manner to bail out the economy from the current crisis,” said Pokharel.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14808', 'image' => '20220408125340_Ministry-of-Finance-Nepal.jpg', 'article_date' => '2022-04-08 12:52:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15045', 'article_category_id' => '220', 'title' => 'Central Bank Instructs Commercial Banks not to open LCs for Luxury Items', 'sub_title' => '', 'summary' => 'April 5: Nepal Rastra Bank (NRB) has unofficially instructed commercial banks to avoid opening letter of credit (LC) for the imports of luxury items including vehicles.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 5: Nepal Rastra Bank (NRB) has unofficially instructed commercial banks to avoid opening letter of credit (LC) for the imports of luxury items including vehicles. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Officials of the central bank on Monday summoned the chief executive officers (CEOs) of all 27 commercial banks and issued such instruction verbally. The central bank decided to issue such instruction due to the continuous decline in foreign exchange reserves.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to informed sources, NRB does not have enough foreign exchange to support the imports of even six months. CEO of a commercial bank said that the NRB has instructed them unofficially to not open LCs for imports of luxury items including vehicles. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“Now we will follow the instructions given by the central bank,” said the CEO requesting anonymity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB cannot issue a formal instruction to stop LC. That is why the central bank called the CEOs of all the commercial banks and issued the unofficial instruction. Central Bank officials say that opening of LC can be resumed after the situation improves. NRB also asked the commercial banks to bring the CD ratio below 90 percent. NRB has already made arrangements to keep cash margin for opening LCs to import dozens of items.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Dev Kumar Dhakal, head of the Supervision Department of Nepal Rastra Bank, Dr. Prakash Kumar Shrestha, head of the Research Department, and Ramu Poudel, head of the Foreign Exchange Department and CEOs of the commercial Bank held discussions over the issue on Monday. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-05', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14787', 'image' => '20220405124512_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-04-05 12:44:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '9448', 'article_category_id' => '220', 'title' => 'World Bank Committed to Support Nepal’s Development Goals', 'sub_title' => '', 'summary' => 'November 19: World Bank’s vice president for South Asia Region, Hartwig Schafer, reiterated the World Bank’s commitment to support Nepal in its ambitious transition to federalism, as he concluded a five-day visit to the country on Sunday, November 18.', 'content' => '<p>November 19: World Bank’s vice president for South Asia Region, Hartwig Schafer, reiterated the World Bank’s commitment to support Nepal in its ambitious transition to federalism, as he concluded a five-day visit to the country on Sunday, November 18.</p> <p>During his meeting with Prime Minister KP Sharma Oli, Schafer congratulated the government’s visionary goal of reaching middle-income country status by 2030. The World Bank said in a statement that Schafer also reaffirmed the World Bank’s commitment to support government priorities, and to help the country raise additional finance from a broader range of sources.</p> <p>In his meeting with Finance Minister Dr Yuba Raj Khatiwada, Schafer also discussed further support to the federalism transition, as well as the planned International Investors’ Conference in 2019 in support of Nepal’s agenda to crowd in private finance for development.</p> <p>“With a stable government that has prioritized broad-based reforms and private sector-driven growth, I am positive that Nepal can achieve higher growth rates for the next several years. To sustain such growth, we want to help Nepal mobilize investments from sources that go beyond traditional development finance. We call this approach Maximizing Finance for Development. Private sector investment will only come if there is a transparent, conducive policy environment,” he said, adding, “Nepal is one of the first countries where we are approaching this in a systematic way with the World Bank, IFC and MIGA coming in and helping to provide a platform for private investments in the energy, technology, and other sectors. This will also create jobs for more and more Nepalis, which is the need of the hour.”</p> <p>The Vice President also had a joint field visit with Finance Minister Khatiwada and Minister for Energy, Water Resources and Irrigation Barsha Man Pun to discuss the potential of tourism, hydropower and private sector investment in the country. The team visited Solukhumbu and Sankhuwasabha districts before seeing houses being rebuilt after the earthquake in the Majhi settlement of Gaikhura in Manthali Municipality, Ramechhap. </p> <p>In Kathmandu, Schafer participated in the launch of a joint report of the World Bank Group entitled “Country Private Sector Diagnostic: Creating Markets in Nepal”. He was also part of the signing of two agreements between the Government of Nepal and the World Bank. The agreements, totaling US$ 155.7 million, will be invested in the construction and maintenance of safe, resilient and cost-effective bridges in Nepal, and in improving food security of vulnerable households and communities.</p> <p> </p> ', 'published' => true, 'created' => '2018-11-19', 'modified' => '2018-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '9227', 'image' => '20181119125729_VP Hart Schafer in front of Boudhanath.jpg', 'article_date' => '2018-11-19 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21356', 'article_category_id' => '220', 'title' => 'Dedicated and Trunk Line Tariff Controversy: Industrialists Claim NEA Sent Faulty Bills', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepal Electricity Authority (NEA) has notified industries that they must pay the arrears for using the dedicated and trunk lines. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The Nepal Electricity Authority (NEA) has notified industries that they must pay the arrears for using the dedicated and trunk lines. The NEA sent letters informing industrialists that they owe Rs 6.65 billion in arrears, with a payment deadline of 15 days from Monday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">NEA spokesperson Chandan Kumar Ghosh stated that the NEA has sent letters to most of the industries, demanding payment of arrears accumulated from mid-January 2016 to mid-May 2018. The NEA took a decision to this effect on Sunday, and letters were dispatched to all the defaulting industries on Monday. Ghosh also mentioned that a 25 percent penalty will be charged on the overdue amounts if the arrears are not cleared on time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to sources, letters have been sent to Argakhanchi Cement, Reliance Spinning Mills, Jagdamba Cement, Ghorahi Cement, and other industries. The letters stipulate that "all amounts must be paid within 15 days of receipt. If the fee is not paid within the specified period, penalties will be imposed as per the law."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Pashupati Murarka, owner of Argakhanchi Cement, criticized the NEA for irresponsibly sending a circular to the industry. He noted that the NEA sent a letter dated Sunday, demanding payment for electricity tariffs from mid-January 2016 to mid-May 2018 within 15 days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The NEA has billed Argakhanchi Cement Rs 448.6 million. However, the letter does not specify how many units of electricity were consumed during the review period or details of the hours of electricity usage on specific days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The bill sent by the authority appears to be arbitrary. Such a baseless bill cannot be paid,” Murarka told New Business Age. He added that, according to the Girish Chandra Lal Commission's report, the outstanding amount can only be paid if the NEA provides a bill based on sufficient evidence as per the law. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">There is a long-standing dispute between industrialists and the NEA over the settlement of dues for using electricity from dedicated feeders and trunk lines during the time of load-shedding. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The NEA had supplied electricity to industries through dedicated feeder and trunk lines by charging a premium of 65 percent in the electricity tariffs.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The industrialists claim that the NEA has billed them for the electricity even after the end of load-shedding.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'electricity, tariff, dispute, load, shedding, NEA, industries', 'description' => '', 'sortorder' => '21082', 'image' => '20240625113753_20231016030910_20230913111412_NEA_20191104081559.jpg', 'article_date' => '2024-06-25 11:35:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21345', 'article_category_id' => '220', 'title' => 'NRB Under Pressure to Increase Credit Flow', 'sub_title' => '', 'summary' => 'KATHMANDU: Nepal Rastra Bank (NRB) adopted a 'flexible and expansionary monetary policy' for economic revival after the COVID-19 pandemic in the fiscal years 2077/78 and 2078/79. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Nepal Rastra Bank (NRB) adopted a 'flexible and expansionary monetary policy' for economic revival after the COVID-19 pandemic in the fiscal years 2077/78 and 2078/79. Governor Maha Prasad Adhikari received praise from the general public, industrialists, and businessmen for this approach. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The flexible monetary policy increased cash flow in the market and stimulated the economy. However, the investment was channeled into non-productive sectors and the import of consumable goods, leading to negative impacts. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The surge in real estate business and sharp increase in imports resulted in a decline in Balance of Payments and subsequently the foreign exchange reserves declined. Consequently, NRB issued a tight monetary policy in 2079/80 to 'correct' the economy. Although the monetary policy agenda for 2081/82 has been termed as 'cautiously flexible', the internal market is yet to become vibrant. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Due to the strong monetary policies, the external sector of the economy has become stable, but the internal economy remains sluggish, putting pressure on NRB to adopt a more flexible policy. The tightened policies affected credit flow to banks, import-export activities, and government revenue, resulting in sluggish economic activities and its negative impact on economic growth.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government estimates the current economic growth to be 3.9 percent. The National Statistics Office reported contractions in the industry and construction sectors, with the trade sector's growth rate remaining sluggish. Credit expansion, which significantly contributes to economic growth, has been slow. Last year, bank loan expansion was limited to 4.6 percent, and in the current fiscal year, it stands at 5.2 percent. While there was a liquidity shortage in banks and financial institutions last year, this year banks are experiencing excess liquidity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to NRB data, from mid-May to mid-April, total deposit collection amounted to Rs 6242 billion, while loan flow stood at Rs 5133 billion. The credit-deposit ratio (CD Ratio) of banks fell to 80.08 percent due to the imbalance between deposit collection and credit flow.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">With excess liquidity, banks have the capacity to expand their loans. However, the slowdown in economic activities, tightening of loans for current expenses, and pressure on banks' capital reserves pose risks to credit expansion. Bad loans have also increased and banks have to allocate significant amount in provisioning.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nabil Bank’s Chief Executive Officer Gyanendra Dhungana highlighted the lack of demand for loans in the market and the banks' inability to extend loans due to pressure on their capital funds. He emphasized the need for the government and central bank to work towards credit expansion, stating, "To make the market dynamic, the government needs to increase capital expenditure. Monetary policy needs to facilitate banks to store capital." </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In its third quarterly review of the current monetary policy, NRB hinted at a more flexible approach in the coming days. The review reduced the risk weight of hire purchase vehicle loans to 100 percent. Additionally, NRB announced easing measures to relieve pressure on capital funds by allowing the use of additional instruments. To boost the real estate business, NRB increased the loan repayment return ratio for home purchases from 50 percent to 70 percent.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB Executive Director Prakash Kumar Shrestha indicated that if external economic conditions remain stable, the bank will signal a more flexible monetary policy. He said, "The economy is in a comfortable position in terms of the external sector due to our strong policy, and this quarterly review has indicated future policy flexibility."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Federal Government revealed budget policies and programs targeting a 6 percent economic growth rate and to limit inflation at 5.5 percent for the next fiscal year. Accordingly, NRB has started preparing for its upcoming monetary policy and has urged concerned parties to submit their suggestions within 16 days.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-23', 'modified' => '2024-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '21071', 'image' => '20240623021317_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2024-06-23 14:12:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21337', 'article_category_id' => '220', 'title' => 'Minister Pun Instructs Subordinate Agencies to Motivate Taxpayers', 'sub_title' => '', 'summary' => 'KATHMANDU: Finance Minister Barshaman Pun has instructed subordinate agencies to motivate taxpayers. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: Finance Minister Barshaman Pun has instructed subordinate agencies to motivate taxpayers. With the aim to boost revenue collection in the last month of the current fiscal year, he invited senior government employees related to tax and revenue administration to the ministry on Thursday to give these instructions.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Let's not put undue pressure on taxpayers but encourage them to pay taxes properly," he said. "The state is also the guardian of taxpayers."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He also directed them to listen to the legitimate complaints of taxpayers who act with good intentions and to address these complaints as per the law.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Finance Secretary Madhu Kumar Marasini and Revenue Secretary Dr. Ram Prasad Ghimire also emphasized the need to accelerate the collection of arrears in the last month of the current fiscal year. They stressed that maximum efforts should be made to meet the final revenue collection target for the current fiscal year. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-21', 'modified' => '2024-06-21', 'keywords' => 'tax, taxpayers, motivate, Nepal, government, ministry', 'description' => '', 'sortorder' => '21061', 'image' => '20240621103639_20200907074520_1599400665.tax.jpg', 'article_date' => '2024-06-21 10:35:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15066', 'article_category_id' => '220', 'title' => 'Finance Ministry not Ready to Admit Economic Crisis', 'sub_title' => '', 'summary' => 'April 8: The economic crisis of the country is deepening but the officials at the Ministry of Finance are not ready to admit it. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 8: The economic crisis of the country is deepening but the officials at the Ministry of Finance are not ready to admit it. Government authorities argue that although the economy is under pressure, the situation is not as grim as it has been portrayed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Joint Secretary at the Ministry of Finance Dundi Prasad Niraula says that they are constantly working to improve the economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to him, Nepal’s situation cannot be compared with that of Sri Lanka. Unlike Sri Lanka, Niraula argues that Nepal’s economy is under stress and the ministry is confident that the crisis will end if they take precautionary measures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The inflow of remittance worth Rs 91 billion in the month of Falgun (mid-February to mid-March) is a positive indicator, according to the Ministry of Finance. Government officials claim that the foreign exchange reserves can sustain imports for up to six and a half months. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“However, the foreign exchange reserves are declining and the government must be cautious and take measures accordingly,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He further said that the Ministry of Finance is coordinating with the Nepal Rastra Bank (NRB), the Ministry of Industry, Commerce and Supplies and the Ministry of Agriculture and Livestock Development to bring the situation under control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have asked every unit to prepare an action plan. We will face the situation on the basis of the action plans,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dr Shalikram Pokharel, advisor to the finance minister, said that they are holding discussions with all stakeholders including the NRB to collect suggestions in order to keep the situation under control. He added that the suggestions will be effectively implemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The suggestions will be implemented in a phase-wise manner to bail out the economy from the current crisis,” said Pokharel.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14808', 'image' => '20220408125340_Ministry-of-Finance-Nepal.jpg', 'article_date' => '2022-04-08 12:52:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15045', 'article_category_id' => '220', 'title' => 'Central Bank Instructs Commercial Banks not to open LCs for Luxury Items', 'sub_title' => '', 'summary' => 'April 5: Nepal Rastra Bank (NRB) has unofficially instructed commercial banks to avoid opening letter of credit (LC) for the imports of luxury items including vehicles.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 5: Nepal Rastra Bank (NRB) has unofficially instructed commercial banks to avoid opening letter of credit (LC) for the imports of luxury items including vehicles. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Officials of the central bank on Monday summoned the chief executive officers (CEOs) of all 27 commercial banks and issued such instruction verbally. The central bank decided to issue such instruction due to the continuous decline in foreign exchange reserves.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to informed sources, NRB does not have enough foreign exchange to support the imports of even six months. CEO of a commercial bank said that the NRB has instructed them unofficially to not open LCs for imports of luxury items including vehicles. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“Now we will follow the instructions given by the central bank,” said the CEO requesting anonymity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB cannot issue a formal instruction to stop LC. That is why the central bank called the CEOs of all the commercial banks and issued the unofficial instruction. Central Bank officials say that opening of LC can be resumed after the situation improves. NRB also asked the commercial banks to bring the CD ratio below 90 percent. NRB has already made arrangements to keep cash margin for opening LCs to import dozens of items.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Dev Kumar Dhakal, head of the Supervision Department of Nepal Rastra Bank, Dr. Prakash Kumar Shrestha, head of the Research Department, and Ramu Poudel, head of the Foreign Exchange Department and CEOs of the commercial Bank held discussions over the issue on Monday. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-05', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14787', 'image' => '20220405124512_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-04-05 12:44:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '9448', 'article_category_id' => '220', 'title' => 'World Bank Committed to Support Nepal’s Development Goals', 'sub_title' => '', 'summary' => 'November 19: World Bank’s vice president for South Asia Region, Hartwig Schafer, reiterated the World Bank’s commitment to support Nepal in its ambitious transition to federalism, as he concluded a five-day visit to the country on Sunday, November 18.', 'content' => '<p>November 19: World Bank’s vice president for South Asia Region, Hartwig Schafer, reiterated the World Bank’s commitment to support Nepal in its ambitious transition to federalism, as he concluded a five-day visit to the country on Sunday, November 18.</p> <p>During his meeting with Prime Minister KP Sharma Oli, Schafer congratulated the government’s visionary goal of reaching middle-income country status by 2030. The World Bank said in a statement that Schafer also reaffirmed the World Bank’s commitment to support government priorities, and to help the country raise additional finance from a broader range of sources.</p> <p>In his meeting with Finance Minister Dr Yuba Raj Khatiwada, Schafer also discussed further support to the federalism transition, as well as the planned International Investors’ Conference in 2019 in support of Nepal’s agenda to crowd in private finance for development.</p> <p>“With a stable government that has prioritized broad-based reforms and private sector-driven growth, I am positive that Nepal can achieve higher growth rates for the next several years. To sustain such growth, we want to help Nepal mobilize investments from sources that go beyond traditional development finance. We call this approach Maximizing Finance for Development. Private sector investment will only come if there is a transparent, conducive policy environment,” he said, adding, “Nepal is one of the first countries where we are approaching this in a systematic way with the World Bank, IFC and MIGA coming in and helping to provide a platform for private investments in the energy, technology, and other sectors. This will also create jobs for more and more Nepalis, which is the need of the hour.”</p> <p>The Vice President also had a joint field visit with Finance Minister Khatiwada and Minister for Energy, Water Resources and Irrigation Barsha Man Pun to discuss the potential of tourism, hydropower and private sector investment in the country. The team visited Solukhumbu and Sankhuwasabha districts before seeing houses being rebuilt after the earthquake in the Majhi settlement of Gaikhura in Manthali Municipality, Ramechhap. </p> <p>In Kathmandu, Schafer participated in the launch of a joint report of the World Bank Group entitled “Country Private Sector Diagnostic: Creating Markets in Nepal”. He was also part of the signing of two agreements between the Government of Nepal and the World Bank. The agreements, totaling US$ 155.7 million, will be invested in the construction and maintenance of safe, resilient and cost-effective bridges in Nepal, and in improving food security of vulnerable households and communities.</p> <p> </p> ', 'published' => true, 'created' => '2018-11-19', 'modified' => '2018-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '9227', 'image' => '20181119125729_VP Hart Schafer in front of Boudhanath.jpg', 'article_date' => '2018-11-19 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21356', 'article_category_id' => '220', 'title' => 'Dedicated and Trunk Line Tariff Controversy: Industrialists Claim NEA Sent Faulty Bills', 'sub_title' => '', 'summary' => 'KATHMANDU: The Nepal Electricity Authority (NEA) has notified industries that they must pay the arrears for using the dedicated and trunk lines. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The Nepal Electricity Authority (NEA) has notified industries that they must pay the arrears for using the dedicated and trunk lines. The NEA sent letters informing industrialists that they owe Rs 6.65 billion in arrears, with a payment deadline of 15 days from Monday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">NEA spokesperson Chandan Kumar Ghosh stated that the NEA has sent letters to most of the industries, demanding payment of arrears accumulated from mid-January 2016 to mid-May 2018. The NEA took a decision to this effect on Sunday, and letters were dispatched to all the defaulting industries on Monday. Ghosh also mentioned that a 25 percent penalty will be charged on the overdue amounts if the arrears are not cleared on time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to sources, letters have been sent to Argakhanchi Cement, Reliance Spinning Mills, Jagdamba Cement, Ghorahi Cement, and other industries. The letters stipulate that "all amounts must be paid within 15 days of receipt. If the fee is not paid within the specified period, penalties will be imposed as per the law."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Pashupati Murarka, owner of Argakhanchi Cement, criticized the NEA for irresponsibly sending a circular to the industry. He noted that the NEA sent a letter dated Sunday, demanding payment for electricity tariffs from mid-January 2016 to mid-May 2018 within 15 days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The NEA has billed Argakhanchi Cement Rs 448.6 million. However, the letter does not specify how many units of electricity were consumed during the review period or details of the hours of electricity usage on specific days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The bill sent by the authority appears to be arbitrary. Such a baseless bill cannot be paid,” Murarka told New Business Age. He added that, according to the Girish Chandra Lal Commission's report, the outstanding amount can only be paid if the NEA provides a bill based on sufficient evidence as per the law. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">There is a long-standing dispute between industrialists and the NEA over the settlement of dues for using electricity from dedicated feeders and trunk lines during the time of load-shedding. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The NEA had supplied electricity to industries through dedicated feeder and trunk lines by charging a premium of 65 percent in the electricity tariffs.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The industrialists claim that the NEA has billed them for the electricity even after the end of load-shedding.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'electricity, tariff, dispute, load, shedding, NEA, industries', 'description' => '', 'sortorder' => '21082', 'image' => '20240625113753_20231016030910_20230913111412_NEA_20191104081559.jpg', 'article_date' => '2024-06-25 11:35:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21345', 'article_category_id' => '220', 'title' => 'NRB Under Pressure to Increase Credit Flow', 'sub_title' => '', 'summary' => 'KATHMANDU: Nepal Rastra Bank (NRB) adopted a 'flexible and expansionary monetary policy' for economic revival after the COVID-19 pandemic in the fiscal years 2077/78 and 2078/79. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Nepal Rastra Bank (NRB) adopted a 'flexible and expansionary monetary policy' for economic revival after the COVID-19 pandemic in the fiscal years 2077/78 and 2078/79. Governor Maha Prasad Adhikari received praise from the general public, industrialists, and businessmen for this approach. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The flexible monetary policy increased cash flow in the market and stimulated the economy. However, the investment was channeled into non-productive sectors and the import of consumable goods, leading to negative impacts. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The surge in real estate business and sharp increase in imports resulted in a decline in Balance of Payments and subsequently the foreign exchange reserves declined. Consequently, NRB issued a tight monetary policy in 2079/80 to 'correct' the economy. Although the monetary policy agenda for 2081/82 has been termed as 'cautiously flexible', the internal market is yet to become vibrant. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Due to the strong monetary policies, the external sector of the economy has become stable, but the internal economy remains sluggish, putting pressure on NRB to adopt a more flexible policy. The tightened policies affected credit flow to banks, import-export activities, and government revenue, resulting in sluggish economic activities and its negative impact on economic growth.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government estimates the current economic growth to be 3.9 percent. The National Statistics Office reported contractions in the industry and construction sectors, with the trade sector's growth rate remaining sluggish. Credit expansion, which significantly contributes to economic growth, has been slow. Last year, bank loan expansion was limited to 4.6 percent, and in the current fiscal year, it stands at 5.2 percent. While there was a liquidity shortage in banks and financial institutions last year, this year banks are experiencing excess liquidity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to NRB data, from mid-May to mid-April, total deposit collection amounted to Rs 6242 billion, while loan flow stood at Rs 5133 billion. The credit-deposit ratio (CD Ratio) of banks fell to 80.08 percent due to the imbalance between deposit collection and credit flow.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">With excess liquidity, banks have the capacity to expand their loans. However, the slowdown in economic activities, tightening of loans for current expenses, and pressure on banks' capital reserves pose risks to credit expansion. Bad loans have also increased and banks have to allocate significant amount in provisioning.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nabil Bank’s Chief Executive Officer Gyanendra Dhungana highlighted the lack of demand for loans in the market and the banks' inability to extend loans due to pressure on their capital funds. He emphasized the need for the government and central bank to work towards credit expansion, stating, "To make the market dynamic, the government needs to increase capital expenditure. Monetary policy needs to facilitate banks to store capital." </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In its third quarterly review of the current monetary policy, NRB hinted at a more flexible approach in the coming days. The review reduced the risk weight of hire purchase vehicle loans to 100 percent. Additionally, NRB announced easing measures to relieve pressure on capital funds by allowing the use of additional instruments. To boost the real estate business, NRB increased the loan repayment return ratio for home purchases from 50 percent to 70 percent.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB Executive Director Prakash Kumar Shrestha indicated that if external economic conditions remain stable, the bank will signal a more flexible monetary policy. He said, "The economy is in a comfortable position in terms of the external sector due to our strong policy, and this quarterly review has indicated future policy flexibility."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Federal Government revealed budget policies and programs targeting a 6 percent economic growth rate and to limit inflation at 5.5 percent for the next fiscal year. Accordingly, NRB has started preparing for its upcoming monetary policy and has urged concerned parties to submit their suggestions within 16 days.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-23', 'modified' => '2024-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '21071', 'image' => '20240623021317_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2024-06-23 14:12:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21337', 'article_category_id' => '220', 'title' => 'Minister Pun Instructs Subordinate Agencies to Motivate Taxpayers', 'sub_title' => '', 'summary' => 'KATHMANDU: Finance Minister Barshaman Pun has instructed subordinate agencies to motivate taxpayers. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: Finance Minister Barshaman Pun has instructed subordinate agencies to motivate taxpayers. With the aim to boost revenue collection in the last month of the current fiscal year, he invited senior government employees related to tax and revenue administration to the ministry on Thursday to give these instructions.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Let's not put undue pressure on taxpayers but encourage them to pay taxes properly," he said. "The state is also the guardian of taxpayers."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He also directed them to listen to the legitimate complaints of taxpayers who act with good intentions and to address these complaints as per the law.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Finance Secretary Madhu Kumar Marasini and Revenue Secretary Dr. Ram Prasad Ghimire also emphasized the need to accelerate the collection of arrears in the last month of the current fiscal year. They stressed that maximum efforts should be made to meet the final revenue collection target for the current fiscal year. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-21', 'modified' => '2024-06-21', 'keywords' => 'tax, taxpayers, motivate, Nepal, government, ministry', 'description' => '', 'sortorder' => '21061', 'image' => '20240621103639_20200907074520_1599400665.tax.jpg', 'article_date' => '2024-06-21 10:35:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15066', 'article_category_id' => '220', 'title' => 'Finance Ministry not Ready to Admit Economic Crisis', 'sub_title' => '', 'summary' => 'April 8: The economic crisis of the country is deepening but the officials at the Ministry of Finance are not ready to admit it. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 8: The economic crisis of the country is deepening but the officials at the Ministry of Finance are not ready to admit it. Government authorities argue that although the economy is under pressure, the situation is not as grim as it has been portrayed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Joint Secretary at the Ministry of Finance Dundi Prasad Niraula says that they are constantly working to improve the economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to him, Nepal’s situation cannot be compared with that of Sri Lanka. Unlike Sri Lanka, Niraula argues that Nepal’s economy is under stress and the ministry is confident that the crisis will end if they take precautionary measures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The inflow of remittance worth Rs 91 billion in the month of Falgun (mid-February to mid-March) is a positive indicator, according to the Ministry of Finance. Government officials claim that the foreign exchange reserves can sustain imports for up to six and a half months. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“However, the foreign exchange reserves are declining and the government must be cautious and take measures accordingly,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He further said that the Ministry of Finance is coordinating with the Nepal Rastra Bank (NRB), the Ministry of Industry, Commerce and Supplies and the Ministry of Agriculture and Livestock Development to bring the situation under control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have asked every unit to prepare an action plan. We will face the situation on the basis of the action plans,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dr Shalikram Pokharel, advisor to the finance minister, said that they are holding discussions with all stakeholders including the NRB to collect suggestions in order to keep the situation under control. He added that the suggestions will be effectively implemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The suggestions will be implemented in a phase-wise manner to bail out the economy from the current crisis,” said Pokharel.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14808', 'image' => '20220408125340_Ministry-of-Finance-Nepal.jpg', 'article_date' => '2022-04-08 12:52:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15045', 'article_category_id' => '220', 'title' => 'Central Bank Instructs Commercial Banks not to open LCs for Luxury Items', 'sub_title' => '', 'summary' => 'April 5: Nepal Rastra Bank (NRB) has unofficially instructed commercial banks to avoid opening letter of credit (LC) for the imports of luxury items including vehicles.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 5: Nepal Rastra Bank (NRB) has unofficially instructed commercial banks to avoid opening letter of credit (LC) for the imports of luxury items including vehicles. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Officials of the central bank on Monday summoned the chief executive officers (CEOs) of all 27 commercial banks and issued such instruction verbally. The central bank decided to issue such instruction due to the continuous decline in foreign exchange reserves.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to informed sources, NRB does not have enough foreign exchange to support the imports of even six months. CEO of a commercial bank said that the NRB has instructed them unofficially to not open LCs for imports of luxury items including vehicles. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“Now we will follow the instructions given by the central bank,” said the CEO requesting anonymity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB cannot issue a formal instruction to stop LC. That is why the central bank called the CEOs of all the commercial banks and issued the unofficial instruction. Central Bank officials say that opening of LC can be resumed after the situation improves. NRB also asked the commercial banks to bring the CD ratio below 90 percent. NRB has already made arrangements to keep cash margin for opening LCs to import dozens of items.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Dev Kumar Dhakal, head of the Supervision Department of Nepal Rastra Bank, Dr. Prakash Kumar Shrestha, head of the Research Department, and Ramu Poudel, head of the Foreign Exchange Department and CEOs of the commercial Bank held discussions over the issue on Monday. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-05', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14787', 'image' => '20220405124512_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-04-05 12:44:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '9448', 'article_category_id' => '220', 'title' => 'World Bank Committed to Support Nepal’s Development Goals', 'sub_title' => '', 'summary' => 'November 19: World Bank’s vice president for South Asia Region, Hartwig Schafer, reiterated the World Bank’s commitment to support Nepal in its ambitious transition to federalism, as he concluded a five-day visit to the country on Sunday, November 18.', 'content' => '<p>November 19: World Bank’s vice president for South Asia Region, Hartwig Schafer, reiterated the World Bank’s commitment to support Nepal in its ambitious transition to federalism, as he concluded a five-day visit to the country on Sunday, November 18.</p> <p>During his meeting with Prime Minister KP Sharma Oli, Schafer congratulated the government’s visionary goal of reaching middle-income country status by 2030. The World Bank said in a statement that Schafer also reaffirmed the World Bank’s commitment to support government priorities, and to help the country raise additional finance from a broader range of sources.</p> <p>In his meeting with Finance Minister Dr Yuba Raj Khatiwada, Schafer also discussed further support to the federalism transition, as well as the planned International Investors’ Conference in 2019 in support of Nepal’s agenda to crowd in private finance for development.</p> <p>“With a stable government that has prioritized broad-based reforms and private sector-driven growth, I am positive that Nepal can achieve higher growth rates for the next several years. To sustain such growth, we want to help Nepal mobilize investments from sources that go beyond traditional development finance. We call this approach Maximizing Finance for Development. Private sector investment will only come if there is a transparent, conducive policy environment,” he said, adding, “Nepal is one of the first countries where we are approaching this in a systematic way with the World Bank, IFC and MIGA coming in and helping to provide a platform for private investments in the energy, technology, and other sectors. This will also create jobs for more and more Nepalis, which is the need of the hour.”</p> <p>The Vice President also had a joint field visit with Finance Minister Khatiwada and Minister for Energy, Water Resources and Irrigation Barsha Man Pun to discuss the potential of tourism, hydropower and private sector investment in the country. The team visited Solukhumbu and Sankhuwasabha districts before seeing houses being rebuilt after the earthquake in the Majhi settlement of Gaikhura in Manthali Municipality, Ramechhap. </p> <p>In Kathmandu, Schafer participated in the launch of a joint report of the World Bank Group entitled “Country Private Sector Diagnostic: Creating Markets in Nepal”. He was also part of the signing of two agreements between the Government of Nepal and the World Bank. The agreements, totaling US$ 155.7 million, will be invested in the construction and maintenance of safe, resilient and cost-effective bridges in Nepal, and in improving food security of vulnerable households and communities.</p> <p> </p> ', 'published' => true, 'created' => '2018-11-19', 'modified' => '2018-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '9227', 'image' => '20181119125729_VP Hart Schafer in front of Boudhanath.jpg', 'article_date' => '2018-11-19 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The Nepal Electricity Authority (NEA) has notified industries that they must pay the arrears for using the dedicated and trunk lines. The NEA sent letters informing industrialists that they owe Rs 6.65 billion in arrears, with a payment deadline of 15 days from Monday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">NEA spokesperson Chandan Kumar Ghosh stated that the NEA has sent letters to most of the industries, demanding payment of arrears accumulated from mid-January 2016 to mid-May 2018. The NEA took a decision to this effect on Sunday, and letters were dispatched to all the defaulting industries on Monday. Ghosh also mentioned that a 25 percent penalty will be charged on the overdue amounts if the arrears are not cleared on time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to sources, letters have been sent to Argakhanchi Cement, Reliance Spinning Mills, Jagdamba Cement, Ghorahi Cement, and other industries. The letters stipulate that "all amounts must be paid within 15 days of receipt. If the fee is not paid within the specified period, penalties will be imposed as per the law."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Pashupati Murarka, owner of Argakhanchi Cement, criticized the NEA for irresponsibly sending a circular to the industry. He noted that the NEA sent a letter dated Sunday, demanding payment for electricity tariffs from mid-January 2016 to mid-May 2018 within 15 days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The NEA has billed Argakhanchi Cement Rs 448.6 million. However, the letter does not specify how many units of electricity were consumed during the review period or details of the hours of electricity usage on specific days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The bill sent by the authority appears to be arbitrary. Such a baseless bill cannot be paid,” Murarka told New Business Age. He added that, according to the Girish Chandra Lal Commission's report, the outstanding amount can only be paid if the NEA provides a bill based on sufficient evidence as per the law. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">There is a long-standing dispute between industrialists and the NEA over the settlement of dues for using electricity from dedicated feeders and trunk lines during the time of load-shedding. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The NEA had supplied electricity to industries through dedicated feeder and trunk lines by charging a premium of 65 percent in the electricity tariffs.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The industrialists claim that the NEA has billed them for the electricity even after the end of load-shedding.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-25', 'modified' => '2024-06-25', 'keywords' => 'electricity, tariff, dispute, load, shedding, NEA, industries', 'description' => '', 'sortorder' => '21082', 'image' => '20240625113753_20231016030910_20230913111412_NEA_20191104081559.jpg', 'article_date' => '2024-06-25 11:35:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21345', 'article_category_id' => '220', 'title' => 'NRB Under Pressure to Increase Credit Flow', 'sub_title' => '', 'summary' => 'KATHMANDU: Nepal Rastra Bank (NRB) adopted a 'flexible and expansionary monetary policy' for economic revival after the COVID-19 pandemic in the fiscal years 2077/78 and 2078/79. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Nepal Rastra Bank (NRB) adopted a 'flexible and expansionary monetary policy' for economic revival after the COVID-19 pandemic in the fiscal years 2077/78 and 2078/79. Governor Maha Prasad Adhikari received praise from the general public, industrialists, and businessmen for this approach. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The flexible monetary policy increased cash flow in the market and stimulated the economy. However, the investment was channeled into non-productive sectors and the import of consumable goods, leading to negative impacts. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The surge in real estate business and sharp increase in imports resulted in a decline in Balance of Payments and subsequently the foreign exchange reserves declined. Consequently, NRB issued a tight monetary policy in 2079/80 to 'correct' the economy. Although the monetary policy agenda for 2081/82 has been termed as 'cautiously flexible', the internal market is yet to become vibrant. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Due to the strong monetary policies, the external sector of the economy has become stable, but the internal economy remains sluggish, putting pressure on NRB to adopt a more flexible policy. The tightened policies affected credit flow to banks, import-export activities, and government revenue, resulting in sluggish economic activities and its negative impact on economic growth.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government estimates the current economic growth to be 3.9 percent. The National Statistics Office reported contractions in the industry and construction sectors, with the trade sector's growth rate remaining sluggish. Credit expansion, which significantly contributes to economic growth, has been slow. Last year, bank loan expansion was limited to 4.6 percent, and in the current fiscal year, it stands at 5.2 percent. While there was a liquidity shortage in banks and financial institutions last year, this year banks are experiencing excess liquidity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to NRB data, from mid-May to mid-April, total deposit collection amounted to Rs 6242 billion, while loan flow stood at Rs 5133 billion. The credit-deposit ratio (CD Ratio) of banks fell to 80.08 percent due to the imbalance between deposit collection and credit flow.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">With excess liquidity, banks have the capacity to expand their loans. However, the slowdown in economic activities, tightening of loans for current expenses, and pressure on banks' capital reserves pose risks to credit expansion. Bad loans have also increased and banks have to allocate significant amount in provisioning.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nabil Bank’s Chief Executive Officer Gyanendra Dhungana highlighted the lack of demand for loans in the market and the banks' inability to extend loans due to pressure on their capital funds. He emphasized the need for the government and central bank to work towards credit expansion, stating, "To make the market dynamic, the government needs to increase capital expenditure. Monetary policy needs to facilitate banks to store capital." </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In its third quarterly review of the current monetary policy, NRB hinted at a more flexible approach in the coming days. The review reduced the risk weight of hire purchase vehicle loans to 100 percent. Additionally, NRB announced easing measures to relieve pressure on capital funds by allowing the use of additional instruments. To boost the real estate business, NRB increased the loan repayment return ratio for home purchases from 50 percent to 70 percent.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB Executive Director Prakash Kumar Shrestha indicated that if external economic conditions remain stable, the bank will signal a more flexible monetary policy. He said, "The economy is in a comfortable position in terms of the external sector due to our strong policy, and this quarterly review has indicated future policy flexibility."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Federal Government revealed budget policies and programs targeting a 6 percent economic growth rate and to limit inflation at 5.5 percent for the next fiscal year. Accordingly, NRB has started preparing for its upcoming monetary policy and has urged concerned parties to submit their suggestions within 16 days.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-23', 'modified' => '2024-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '21071', 'image' => '20240623021317_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2024-06-23 14:12:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21337', 'article_category_id' => '220', 'title' => 'Minister Pun Instructs Subordinate Agencies to Motivate Taxpayers', 'sub_title' => '', 'summary' => 'KATHMANDU: Finance Minister Barshaman Pun has instructed subordinate agencies to motivate taxpayers. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: Finance Minister Barshaman Pun has instructed subordinate agencies to motivate taxpayers. With the aim to boost revenue collection in the last month of the current fiscal year, he invited senior government employees related to tax and revenue administration to the ministry on Thursday to give these instructions.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Let's not put undue pressure on taxpayers but encourage them to pay taxes properly," he said. "The state is also the guardian of taxpayers."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He also directed them to listen to the legitimate complaints of taxpayers who act with good intentions and to address these complaints as per the law.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Finance Secretary Madhu Kumar Marasini and Revenue Secretary Dr. Ram Prasad Ghimire also emphasized the need to accelerate the collection of arrears in the last month of the current fiscal year. They stressed that maximum efforts should be made to meet the final revenue collection target for the current fiscal year. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-21', 'modified' => '2024-06-21', 'keywords' => 'tax, taxpayers, motivate, Nepal, government, ministry', 'description' => '', 'sortorder' => '21061', 'image' => '20240621103639_20200907074520_1599400665.tax.jpg', 'article_date' => '2024-06-21 10:35:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15066', 'article_category_id' => '220', 'title' => 'Finance Ministry not Ready to Admit Economic Crisis', 'sub_title' => '', 'summary' => 'April 8: The economic crisis of the country is deepening but the officials at the Ministry of Finance are not ready to admit it. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 8: The economic crisis of the country is deepening but the officials at the Ministry of Finance are not ready to admit it. Government authorities argue that although the economy is under pressure, the situation is not as grim as it has been portrayed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Joint Secretary at the Ministry of Finance Dundi Prasad Niraula says that they are constantly working to improve the economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to him, Nepal’s situation cannot be compared with that of Sri Lanka. Unlike Sri Lanka, Niraula argues that Nepal’s economy is under stress and the ministry is confident that the crisis will end if they take precautionary measures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The inflow of remittance worth Rs 91 billion in the month of Falgun (mid-February to mid-March) is a positive indicator, according to the Ministry of Finance. Government officials claim that the foreign exchange reserves can sustain imports for up to six and a half months. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“However, the foreign exchange reserves are declining and the government must be cautious and take measures accordingly,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He further said that the Ministry of Finance is coordinating with the Nepal Rastra Bank (NRB), the Ministry of Industry, Commerce and Supplies and the Ministry of Agriculture and Livestock Development to bring the situation under control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have asked every unit to prepare an action plan. We will face the situation on the basis of the action plans,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dr Shalikram Pokharel, advisor to the finance minister, said that they are holding discussions with all stakeholders including the NRB to collect suggestions in order to keep the situation under control. He added that the suggestions will be effectively implemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The suggestions will be implemented in a phase-wise manner to bail out the economy from the current crisis,” said Pokharel.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14808', 'image' => '20220408125340_Ministry-of-Finance-Nepal.jpg', 'article_date' => '2022-04-08 12:52:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15045', 'article_category_id' => '220', 'title' => 'Central Bank Instructs Commercial Banks not to open LCs for Luxury Items', 'sub_title' => '', 'summary' => 'April 5: Nepal Rastra Bank (NRB) has unofficially instructed commercial banks to avoid opening letter of credit (LC) for the imports of luxury items including vehicles.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 5: Nepal Rastra Bank (NRB) has unofficially instructed commercial banks to avoid opening letter of credit (LC) for the imports of luxury items including vehicles. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Officials of the central bank on Monday summoned the chief executive officers (CEOs) of all 27 commercial banks and issued such instruction verbally. The central bank decided to issue such instruction due to the continuous decline in foreign exchange reserves.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to informed sources, NRB does not have enough foreign exchange to support the imports of even six months. CEO of a commercial bank said that the NRB has instructed them unofficially to not open LCs for imports of luxury items including vehicles. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“Now we will follow the instructions given by the central bank,” said the CEO requesting anonymity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB cannot issue a formal instruction to stop LC. That is why the central bank called the CEOs of all the commercial banks and issued the unofficial instruction. Central Bank officials say that opening of LC can be resumed after the situation improves. NRB also asked the commercial banks to bring the CD ratio below 90 percent. NRB has already made arrangements to keep cash margin for opening LCs to import dozens of items.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Dev Kumar Dhakal, head of the Supervision Department of Nepal Rastra Bank, Dr. Prakash Kumar Shrestha, head of the Research Department, and Ramu Poudel, head of the Foreign Exchange Department and CEOs of the commercial Bank held discussions over the issue on Monday. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-05', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14787', 'image' => '20220405124512_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-04-05 12:44:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '9448', 'article_category_id' => '220', 'title' => 'World Bank Committed to Support Nepal’s Development Goals', 'sub_title' => '', 'summary' => 'November 19: World Bank’s vice president for South Asia Region, Hartwig Schafer, reiterated the World Bank’s commitment to support Nepal in its ambitious transition to federalism, as he concluded a five-day visit to the country on Sunday, November 18.', 'content' => '<p>November 19: World Bank’s vice president for South Asia Region, Hartwig Schafer, reiterated the World Bank’s commitment to support Nepal in its ambitious transition to federalism, as he concluded a five-day visit to the country on Sunday, November 18.</p> <p>During his meeting with Prime Minister KP Sharma Oli, Schafer congratulated the government’s visionary goal of reaching middle-income country status by 2030. The World Bank said in a statement that Schafer also reaffirmed the World Bank’s commitment to support government priorities, and to help the country raise additional finance from a broader range of sources.</p> <p>In his meeting with Finance Minister Dr Yuba Raj Khatiwada, Schafer also discussed further support to the federalism transition, as well as the planned International Investors’ Conference in 2019 in support of Nepal’s agenda to crowd in private finance for development.</p> <p>“With a stable government that has prioritized broad-based reforms and private sector-driven growth, I am positive that Nepal can achieve higher growth rates for the next several years. To sustain such growth, we want to help Nepal mobilize investments from sources that go beyond traditional development finance. We call this approach Maximizing Finance for Development. Private sector investment will only come if there is a transparent, conducive policy environment,” he said, adding, “Nepal is one of the first countries where we are approaching this in a systematic way with the World Bank, IFC and MIGA coming in and helping to provide a platform for private investments in the energy, technology, and other sectors. This will also create jobs for more and more Nepalis, which is the need of the hour.”</p> <p>The Vice President also had a joint field visit with Finance Minister Khatiwada and Minister for Energy, Water Resources and Irrigation Barsha Man Pun to discuss the potential of tourism, hydropower and private sector investment in the country. The team visited Solukhumbu and Sankhuwasabha districts before seeing houses being rebuilt after the earthquake in the Majhi settlement of Gaikhura in Manthali Municipality, Ramechhap. </p> <p>In Kathmandu, Schafer participated in the launch of a joint report of the World Bank Group entitled “Country Private Sector Diagnostic: Creating Markets in Nepal”. He was also part of the signing of two agreements between the Government of Nepal and the World Bank. The agreements, totaling US$ 155.7 million, will be invested in the construction and maintenance of safe, resilient and cost-effective bridges in Nepal, and in improving food security of vulnerable households and communities.</p> <p> </p> ', 'published' => true, 'created' => '2018-11-19', 'modified' => '2018-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '9227', 'image' => '20181119125729_VP Hart Schafer in front of Boudhanath.jpg', 'article_date' => '2018-11-19 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
