KATHMANDU, August 7: whereabouts of Gitendra Babu (GB) Rai, accused of misappropriating Rs 16 billion from common people by opening more than half a dozen cooperatives across the country, remains unknown despite efforts to trace…
KATHMANDU, August 7: whereabouts of Gitendra Babu (GB) Rai, accused of misappropriating Rs 16 billion from common people by opening more than half a dozen cooperatives across the country, remains unknown despite efforts to trace…
KATHMANDU: Minister for Land Management, Cooperative and Poverty Alleviation Balaram Adhikari has said that the formation of an authority is on the cards to regulate and monitor the cooperatives in all three tiers of government.…
April 12: The Surkhet branch of Food Management and Trading Company is all set to bring fair price shops in operation through cooperatives to prevent shortage of food and to control the price…
April 10: It is speculated that this year's winter crop will be affected as the companies that have been awarded contracts to import subsidized chemical fertilizers will not be able to deliver the fertilizers on…
April 8: The government will now monitor savings and credit cooperatives through chartered accountants (CAs) and registered auditors…
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Even though the police issued a diffusion notice in the first week of January, they have not been able to locate his whereabouts so far. The parliamentary special committee formed to investigate the misappropriation of cooperative savings has also instructed the government to present Rai before the committee.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In Tuesday's meeting, the chairman of the committee, Surya Bahadur Thapa Chhetri, informed that they found details of Rai's return to Nepal from Malaysia, but couldn’t not find the details of his exit from Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"Our investigation has found that Rai has not left Nepal," Thapa told New Business Age, "He may have absconded without using Nepal's airport."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In the first week of June, the then Deputy Prime Minister and Home Minister Ravi Lamichhane claimed that Rai was in Malaysia and efforts were being made to bring him to Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">However, Lamichhane had to quit the government before he could arrest GB Rai. Lamichhane's name is also associated with Rai in the misappropriation of cooperatives’ savings. It has been found that the funds of various cooperatives opened by Rai were invested in the Gorkha Media Network of which he himself is the chairman and loans were taken from some cooperatives in the name of Lamichhane. Lamichhane was the managing director of the media at that time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">After the name of Lamichhane, who is also the chairman of the Rastriya Swatantra Party, was linked to the misappropriation of the cooperative's funds, a parliamentary committee was formed on May 28 to investigate the matter. The committee has been mandated to investigate nine other institutions apart from the 20 declared problematic. Among them, Swarnalakshmi Savings and Credit Cooperative in Kathmandu, Sahara Cooperative in Chitwan, Sano Paila Cooperative in Birgunj, Suryadarshan Cooperative in Pokhara, Supreme Savings and Credit Cooperative in Butwal, Equality Savings and Credit Cooperative in Nepalgunj, along with six other cooperatives were found to be connected with Rai and Gorkha Media Network.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The committee has demanded the documents of nine cooperatives that were included in the scope of investigation one month ago and the details of the loans given to the Gorkha Media Network. Chairman Thapa informed that they have made preparations for questioning the people accused of misappropriating the savings of cooperatives.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"We have held 33 meetings and discussed with the stakeholders," he said after the discussion with reporters on Tuesday, "Now we will proceed with the questioning of the persons accused of misappropriation and then prepare the draft of the report."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Similarly, Thapa informed that the work of financial report analysis of some organizations has also progressed.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The committee is preparing to interrogate the directors of 29 cooperatives and 26 accused persons. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21496', 'image' => '20240807024257_Raabi.jpg', 'article_date' => '2024-08-07 14:40:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21336', 'article_category_id' => '272', 'title' => 'Formation of Authority on the Cards to Troubleshoot Issues of Cooperatives', 'sub_title' => '', 'summary' => 'KATHMANDU: Minister for Land Management, Cooperative and Poverty Alleviation Balaram Adhikari has said that the formation of an authority is on the cards to regulate and monitor the cooperatives in all three tiers of government. ', 'content' => '<p><span style="font-size:16px">KATHMANDU: Minister for Land Management, Cooperative and Poverty Alleviation Balaram Adhikari has said that the formation of an authority is on the cards to regulate and monitor the cooperatives in all three tiers of government. This initiative aims to provide a sustainable solution to the sector's ongoing problems.</span></p> <p><span style="font-size:16px">Responding to lawmakers' queries during the House of Representatives (HoR) meeting on Thursday, Minister Adhikari stated that the decision to form the authority has been forwarded to the Ministry of Finance for approval.</span></p> <p><span style="font-size:16px">"The budget for establishing such mechanisms has been allocated in the upcoming fiscal year's budget," he added.</span></p> <p><span style="font-size:16px">Minister Adhikari reiterated the ministry's commitment to finding sustainable solutions to the cooperative sector's existing issues. He also noted that 20 cooperatives have been declared problematic, and their management is being handled by the Problematic Cooperative Management Committees. Depositor claims are being processed online, with 59,587 claimants having lodged their applications so far.</span></p> <p><span style="font-size:16px">Additionally, Minister Adhikari mentioned that the government has initiated the process of forming a commission involving experts. This new commission is intended to address the shortcomings of the National Land Commission, which has not met the expected outcomes in resolving the issues of landless individuals, squatters, and unmanaged settlements. --RSS</span></p> ', 'published' => true, 'created' => '2024-06-21', 'modified' => '2024-06-21', 'keywords' => 'cooperative, problematic, authority, formation', 'description' => '', 'sortorder' => '21060', 'image' => '20240621103718_20230601023225_cooperative-new.jpg', 'article_date' => '2024-06-21 10:33:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15091', 'article_category_id' => '272', 'title' => 'FMTC to Operate Fair Price Shops in Surkhet', 'sub_title' => '', 'summary' => 'April 12: The Surkhet branch of Food Management and Trading Company is all set to bring fair price shops in operation through cooperatives to prevent shortage of food and to control the price hike.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">April 12: The Surkhet branch of Food Management and Trading Company is all set to bring fair price shops in operation through cooperatives to prevent shortage of food and to control the price hike. In the first phase, the company will be targeting the citizens of Karnali.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The company informed that it will provide food at subsidized rates in remote areas. Chief Executive Officer of the company Mohan Prakash Chand said that necessary homework is being done for the same.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He said that food would be supplied to the remote areas for 12 months with the support of the World Food Program (WFP) to control inflation. He said that food supply would be arranged by helicopter, airplane and horses as well as mules in collaboration with all three tiers of government as transportation is the main problem for the operation of fair price shops in remote areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Speaking on the occasion, Deputy Manager of the company, Maniraj Khanal, said that consultations with cooperatives are underway for the smooth supply of food across the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, Chief of Sales and Distribution Department Bhim Bahadur Thapa said that fair price shops will be brought into operation as soon as possible to control the rising price of food items. He informed that he reached out to the Council of Ministers for approval by making necessary acts and rules for the operation of fair price shops. He said that the fair price shop will be brought into operation through cooperatives after getting the approval.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Representatives of cooperatives demanded to increase the subsidy for operating fair price shops. They also demanded that the transportation cost should be made available and the responsibility of transportation should be given to the cooperatives.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-12', 'modified' => '2022-04-12', 'keywords' => '', 'description' => '', 'sortorder' => '14833', 'image' => '20220412082459_1649715053.Clipboard10.jpg', 'article_date' => '2022-04-12 20:23:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15076', 'article_category_id' => '272', 'title' => 'Supply Chain of Chemical Fertilizer Likely to Further Worsen', 'sub_title' => '', 'summary' => 'April 10: It is speculated that this year's winter crop will be affected as the companies that have been awarded contracts to import subsidized chemical fertilizers will not be able to deliver the fertilizers on time.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">April 10: It is speculated that this year's winter crop will be affected as the companies that have been awarded contracts to import subsidized chemical fertilizers will not be able to deliver the fertilizers on time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The four companies, Silk Market Pvt Ltd, Zen Trade, JS Trade Company and Indian Potash Limited, had signed separate contracts with the state-owned Agriculture Inputs Company Limited and the Salt Trading Corporation for the import of chemical fertilizers. But they failed to import the fertilizers even after the deadline of the contract period.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ashok Kumar Khadka, information officer of the Agriculture Inputs Company says that there is only a slim possibility for the companies to bring fertilizer on time. He said, “If this situation continues, the chances of fertilizer coming are low in future as well.” He stated that the failure of the companies to import fertilizer was due to the Covid-19 pandemic and China's new export policy.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Farmers are continuously facing the problem of not getting chemical fertilizer every year during the farming season. There are indications that the circumstances will repeat this year as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Kumar Rajbhandari, spokesperson of the Salt Trading Corporation, Indian Potash Limited had signed a contract with the corporation last December for importing 25,000 metric tons of DAP and 75,000 tons of urea. It is a state-owned company of India. It supplied only 25,000 tons of DAP within the deadline. As for the remaining 75,000 tons of urea, it is yet to be decided whether the company is going to deliver the consignment or not.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The other three companies that signed contracts with the Agriculture Inputs Company have not been able to import chemical fertilizers even a month after their contract expired. A Nepali company called Silk Market had signed an agreement with Agriculture Inputs Company to import 60,000 tons of urea and 5,000 tons of DAP, but the deadline has already expired. Similarly, Jane Trade had entered into two separate agreements with Agriculture Inputs Company for importing 25,000 tons of urea and 5,000 tons of DAP. Another company, JS Trade, had agreed to import 25,000 tons of DAP with the Agriculture Inputs Company. The period for all these contracts have already expired, but, there are no signs for the import of chemical fertilizers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Information Officer Khadka of the Agriculture Inputs Company, despite the expiration of the deadline for importing the chemical fertilizers, none of the companies have said they are not able to supply the fertilizers. He said that they are confident that they will bring the fertilizers soon. At present, the Agriculture Inputs Company has a stock of 500 tons of urea, 20,000 tons of DAP and 7,500 tons of potassium. Meanwhile, the Salt Trading Corporation has no fertilizers in reserve.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson for Salt Trading, Rajbhandari said that due to the ongoing fluctuations in the global market, there may be shortage of chemical fertilizers in the coming days. He estimates that the problem may be due to the continuous rise in the price of fertilizers in the world market. According to Rajbhandari, the price of chemical fertilizer has gone up from 455 USD per ton to 1100 USD per ton.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-10', 'modified' => '2022-04-10', 'keywords' => '', 'description' => '', 'sortorder' => '14818', 'image' => '20220410050258_Fertilizer.jpg', 'article_date' => '2022-04-10 17:02:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15069', 'article_category_id' => '272', 'title' => 'Government Preparing to Monitor Cooperatives by Hiring CAs and RAs', 'sub_title' => '', 'summary' => 'April 8: The government will now monitor savings and credit cooperatives through chartered accountants (CAs) and registered auditors (RAs).', '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 8: The government will now monitor savings and credit cooperatives through chartered accountants (CAs) and registered auditors (RAs). As the financial risk of cooperatives is increasing, the federal government is preparing to tighten the monitoring of cooperatives by hiring more manpower under contract basis.</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"">Rudra Prasad Pandit, registrar of the Department of Cooperatives said, “The department does not have efficient and sufficient manpower to monitor the cooperatives. We will tighten the monitoring even by hiring CAs and RAs on a contract basis.” Pandit further said that action would be taken based on the issues surfacing after monitoring.</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"">Although the posts of CA and data analyst have been arranged within the department for monitoring cooperatives, the posts have not been filled yet. Therefore, the department has put forward a plan to get CAs and RAs to work on contract basis. The department informed that a budget for this plan has been demanded from the Ministry of Land Management, Cooperatives and Poverty Alleviation. If the budget is not provided, then the department will manage it from internal resources.</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 the provisions of the constitution, the rights from registration to regulation of cooperatives have reached to the local level. On the basis of the scope of work of the organization, all three levels of governments can regulate the registration of cooperatives. However, the cooperatives have not been regulated due to lack of sufficient manpower at the state and local levels.</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"">There is a provision that the federal government can also monitor the cooperatives dealing with transactions more than Rs 500 million. Accordingly, the big cooperatives will be monitored regularly in collaboration with the state and local governments, said Registrar Pandit. </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"">Out of 29,886 cooperatives across the country, only 125 are under the federal government. Similarly, there are 6002 under the state government and 23759 under the local government.</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"">Cooperatives come second in terms of financial transaction after commercial banks. Currently, cooperatives across the country have mobilized more than Rs 1 trillion. Due to the lack of effective regulation by the government, some cooperatives have been mobilizing the money of the general savers indiscriminately. Institutions have become problematic when such operators embezzle money. From Oriental to civil cooperatives, more than 100 of them have been in trouble and billions of public deposits have not been returned.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-27', 'keywords' => '', 'description' => '', 'sortorder' => '14811', 'image' => '20220408041436_DepartmentofCooperative__20200922125726.jpg', 'article_date' => '2022-04-08 16:13:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21769', 'article_category_id' => '272', 'title' => 'Where is GB Rai?', 'sub_title' => 'Ravi Lamichhane says Rai is in Malaysia but parliamentary committee says he has returned from Malaysia', 'summary' => 'KATHMANDU, August 7: whereabouts of Gitendra Babu (GB) Rai, accused of misappropriating Rs 16 billion from common people by opening more than half a dozen cooperatives across the country, remains unknown despite efforts to trace him.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 7: whereabouts of Gitendra Babu (GB) Rai, accused of misappropriating Rs 16 billion from common people by opening more than half a dozen cooperatives across the country, remains unknown despite efforts to trace him.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Rai, accused of defrauding the depositors of cooperatives, is on the most wanted list of the police. Even though the police issued a diffusion notice in the first week of January, they have not been able to locate his whereabouts so far. The parliamentary special committee formed to investigate the misappropriation of cooperative savings has also instructed the government to present Rai before the committee.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In Tuesday's meeting, the chairman of the committee, Surya Bahadur Thapa Chhetri, informed that they found details of Rai's return to Nepal from Malaysia, but couldn’t not find the details of his exit from Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"Our investigation has found that Rai has not left Nepal," Thapa told New Business Age, "He may have absconded without using Nepal's airport."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In the first week of June, the then Deputy Prime Minister and Home Minister Ravi Lamichhane claimed that Rai was in Malaysia and efforts were being made to bring him to Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">However, Lamichhane had to quit the government before he could arrest GB Rai. Lamichhane's name is also associated with Rai in the misappropriation of cooperatives’ savings. It has been found that the funds of various cooperatives opened by Rai were invested in the Gorkha Media Network of which he himself is the chairman and loans were taken from some cooperatives in the name of Lamichhane. Lamichhane was the managing director of the media at that time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">After the name of Lamichhane, who is also the chairman of the Rastriya Swatantra Party, was linked to the misappropriation of the cooperative's funds, a parliamentary committee was formed on May 28 to investigate the matter. The committee has been mandated to investigate nine other institutions apart from the 20 declared problematic. Among them, Swarnalakshmi Savings and Credit Cooperative in Kathmandu, Sahara Cooperative in Chitwan, Sano Paila Cooperative in Birgunj, Suryadarshan Cooperative in Pokhara, Supreme Savings and Credit Cooperative in Butwal, Equality Savings and Credit Cooperative in Nepalgunj, along with six other cooperatives were found to be connected with Rai and Gorkha Media Network.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The committee has demanded the documents of nine cooperatives that were included in the scope of investigation one month ago and the details of the loans given to the Gorkha Media Network. Chairman Thapa informed that they have made preparations for questioning the people accused of misappropriating the savings of cooperatives.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"We have held 33 meetings and discussed with the stakeholders," he said after the discussion with reporters on Tuesday, "Now we will proceed with the questioning of the persons accused of misappropriation and then prepare the draft of the report."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Similarly, Thapa informed that the work of financial report analysis of some organizations has also progressed.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The committee is preparing to interrogate the directors of 29 cooperatives and 26 accused persons. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21496', 'image' => '20240807024257_Raabi.jpg', 'article_date' => '2024-08-07 14:40:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21336', 'article_category_id' => '272', 'title' => 'Formation of Authority on the Cards to Troubleshoot Issues of Cooperatives', 'sub_title' => '', 'summary' => 'KATHMANDU: Minister for Land Management, Cooperative and Poverty Alleviation Balaram Adhikari has said that the formation of an authority is on the cards to regulate and monitor the cooperatives in all three tiers of government. ', 'content' => '<p><span style="font-size:16px">KATHMANDU: Minister for Land Management, Cooperative and Poverty Alleviation Balaram Adhikari has said that the formation of an authority is on the cards to regulate and monitor the cooperatives in all three tiers of government. This initiative aims to provide a sustainable solution to the sector's ongoing problems.</span></p> <p><span style="font-size:16px">Responding to lawmakers' queries during the House of Representatives (HoR) meeting on Thursday, Minister Adhikari stated that the decision to form the authority has been forwarded to the Ministry of Finance for approval.</span></p> <p><span style="font-size:16px">"The budget for establishing such mechanisms has been allocated in the upcoming fiscal year's budget," he added.</span></p> <p><span style="font-size:16px">Minister Adhikari reiterated the ministry's commitment to finding sustainable solutions to the cooperative sector's existing issues. He also noted that 20 cooperatives have been declared problematic, and their management is being handled by the Problematic Cooperative Management Committees. Depositor claims are being processed online, with 59,587 claimants having lodged their applications so far.</span></p> <p><span style="font-size:16px">Additionally, Minister Adhikari mentioned that the government has initiated the process of forming a commission involving experts. This new commission is intended to address the shortcomings of the National Land Commission, which has not met the expected outcomes in resolving the issues of landless individuals, squatters, and unmanaged settlements. --RSS</span></p> ', 'published' => true, 'created' => '2024-06-21', 'modified' => '2024-06-21', 'keywords' => 'cooperative, problematic, authority, formation', 'description' => '', 'sortorder' => '21060', 'image' => '20240621103718_20230601023225_cooperative-new.jpg', 'article_date' => '2024-06-21 10:33:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15091', 'article_category_id' => '272', 'title' => 'FMTC to Operate Fair Price Shops in Surkhet', 'sub_title' => '', 'summary' => 'April 12: The Surkhet branch of Food Management and Trading Company is all set to bring fair price shops in operation through cooperatives to prevent shortage of food and to control the price hike.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">April 12: The Surkhet branch of Food Management and Trading Company is all set to bring fair price shops in operation through cooperatives to prevent shortage of food and to control the price hike. In the first phase, the company will be targeting the citizens of Karnali.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The company informed that it will provide food at subsidized rates in remote areas. Chief Executive Officer of the company Mohan Prakash Chand said that necessary homework is being done for the same.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He said that food would be supplied to the remote areas for 12 months with the support of the World Food Program (WFP) to control inflation. He said that food supply would be arranged by helicopter, airplane and horses as well as mules in collaboration with all three tiers of government as transportation is the main problem for the operation of fair price shops in remote areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Speaking on the occasion, Deputy Manager of the company, Maniraj Khanal, said that consultations with cooperatives are underway for the smooth supply of food across the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, Chief of Sales and Distribution Department Bhim Bahadur Thapa said that fair price shops will be brought into operation as soon as possible to control the rising price of food items. He informed that he reached out to the Council of Ministers for approval by making necessary acts and rules for the operation of fair price shops. He said that the fair price shop will be brought into operation through cooperatives after getting the approval.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Representatives of cooperatives demanded to increase the subsidy for operating fair price shops. They also demanded that the transportation cost should be made available and the responsibility of transportation should be given to the cooperatives.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-12', 'modified' => '2022-04-12', 'keywords' => '', 'description' => '', 'sortorder' => '14833', 'image' => '20220412082459_1649715053.Clipboard10.jpg', 'article_date' => '2022-04-12 20:23:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15076', 'article_category_id' => '272', 'title' => 'Supply Chain of Chemical Fertilizer Likely to Further Worsen', 'sub_title' => '', 'summary' => 'April 10: It is speculated that this year's winter crop will be affected as the companies that have been awarded contracts to import subsidized chemical fertilizers will not be able to deliver the fertilizers on time.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">April 10: It is speculated that this year's winter crop will be affected as the companies that have been awarded contracts to import subsidized chemical fertilizers will not be able to deliver the fertilizers on time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The four companies, Silk Market Pvt Ltd, Zen Trade, JS Trade Company and Indian Potash Limited, had signed separate contracts with the state-owned Agriculture Inputs Company Limited and the Salt Trading Corporation for the import of chemical fertilizers. But they failed to import the fertilizers even after the deadline of the contract period.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ashok Kumar Khadka, information officer of the Agriculture Inputs Company says that there is only a slim possibility for the companies to bring fertilizer on time. He said, “If this situation continues, the chances of fertilizer coming are low in future as well.” He stated that the failure of the companies to import fertilizer was due to the Covid-19 pandemic and China's new export policy.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Farmers are continuously facing the problem of not getting chemical fertilizer every year during the farming season. There are indications that the circumstances will repeat this year as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Kumar Rajbhandari, spokesperson of the Salt Trading Corporation, Indian Potash Limited had signed a contract with the corporation last December for importing 25,000 metric tons of DAP and 75,000 tons of urea. It is a state-owned company of India. It supplied only 25,000 tons of DAP within the deadline. As for the remaining 75,000 tons of urea, it is yet to be decided whether the company is going to deliver the consignment or not.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The other three companies that signed contracts with the Agriculture Inputs Company have not been able to import chemical fertilizers even a month after their contract expired. A Nepali company called Silk Market had signed an agreement with Agriculture Inputs Company to import 60,000 tons of urea and 5,000 tons of DAP, but the deadline has already expired. Similarly, Jane Trade had entered into two separate agreements with Agriculture Inputs Company for importing 25,000 tons of urea and 5,000 tons of DAP. Another company, JS Trade, had agreed to import 25,000 tons of DAP with the Agriculture Inputs Company. The period for all these contracts have already expired, but, there are no signs for the import of chemical fertilizers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Information Officer Khadka of the Agriculture Inputs Company, despite the expiration of the deadline for importing the chemical fertilizers, none of the companies have said they are not able to supply the fertilizers. He said that they are confident that they will bring the fertilizers soon. At present, the Agriculture Inputs Company has a stock of 500 tons of urea, 20,000 tons of DAP and 7,500 tons of potassium. Meanwhile, the Salt Trading Corporation has no fertilizers in reserve.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson for Salt Trading, Rajbhandari said that due to the ongoing fluctuations in the global market, there may be shortage of chemical fertilizers in the coming days. He estimates that the problem may be due to the continuous rise in the price of fertilizers in the world market. According to Rajbhandari, the price of chemical fertilizer has gone up from 455 USD per ton to 1100 USD per ton.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-10', 'modified' => '2022-04-10', 'keywords' => '', 'description' => '', 'sortorder' => '14818', 'image' => '20220410050258_Fertilizer.jpg', 'article_date' => '2022-04-10 17:02:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15069', 'article_category_id' => '272', 'title' => 'Government Preparing to Monitor Cooperatives by Hiring CAs and RAs', 'sub_title' => '', 'summary' => 'April 8: The government will now monitor savings and credit cooperatives through chartered accountants (CAs) and registered auditors (RAs).', '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 8: The government will now monitor savings and credit cooperatives through chartered accountants (CAs) and registered auditors (RAs). As the financial risk of cooperatives is increasing, the federal government is preparing to tighten the monitoring of cooperatives by hiring more manpower under contract basis.</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"">Rudra Prasad Pandit, registrar of the Department of Cooperatives said, “The department does not have efficient and sufficient manpower to monitor the cooperatives. We will tighten the monitoring even by hiring CAs and RAs on a contract basis.” Pandit further said that action would be taken based on the issues surfacing after monitoring.</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"">Although the posts of CA and data analyst have been arranged within the department for monitoring cooperatives, the posts have not been filled yet. Therefore, the department has put forward a plan to get CAs and RAs to work on contract basis. The department informed that a budget for this plan has been demanded from the Ministry of Land Management, Cooperatives and Poverty Alleviation. If the budget is not provided, then the department will manage it from internal resources.</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 the provisions of the constitution, the rights from registration to regulation of cooperatives have reached to the local level. On the basis of the scope of work of the organization, all three levels of governments can regulate the registration of cooperatives. However, the cooperatives have not been regulated due to lack of sufficient manpower at the state and local levels.</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"">There is a provision that the federal government can also monitor the cooperatives dealing with transactions more than Rs 500 million. Accordingly, the big cooperatives will be monitored regularly in collaboration with the state and local governments, said Registrar Pandit. </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"">Out of 29,886 cooperatives across the country, only 125 are under the federal government. Similarly, there are 6002 under the state government and 23759 under the local government.</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"">Cooperatives come second in terms of financial transaction after commercial banks. Currently, cooperatives across the country have mobilized more than Rs 1 trillion. Due to the lack of effective regulation by the government, some cooperatives have been mobilizing the money of the general savers indiscriminately. Institutions have become problematic when such operators embezzle money. From Oriental to civil cooperatives, more than 100 of them have been in trouble and billions of public deposits have not been returned.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-27', 'keywords' => '', 'description' => '', 'sortorder' => '14811', 'image' => '20220408041436_DepartmentofCooperative__20200922125726.jpg', 'article_date' => '2022-04-08 16:13:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21769', 'article_category_id' => '272', 'title' => 'Where is GB Rai?', 'sub_title' => 'Ravi Lamichhane says Rai is in Malaysia but parliamentary committee says he has returned from Malaysia', 'summary' => 'KATHMANDU, August 7: whereabouts of Gitendra Babu (GB) Rai, accused of misappropriating Rs 16 billion from common people by opening more than half a dozen cooperatives across the country, remains unknown despite efforts to trace him.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 7: whereabouts of Gitendra Babu (GB) Rai, accused of misappropriating Rs 16 billion from common people by opening more than half a dozen cooperatives across the country, remains unknown despite efforts to trace him.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Rai, accused of defrauding the depositors of cooperatives, is on the most wanted list of the police. Even though the police issued a diffusion notice in the first week of January, they have not been able to locate his whereabouts so far. The parliamentary special committee formed to investigate the misappropriation of cooperative savings has also instructed the government to present Rai before the committee.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In Tuesday's meeting, the chairman of the committee, Surya Bahadur Thapa Chhetri, informed that they found details of Rai's return to Nepal from Malaysia, but couldn’t not find the details of his exit from Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"Our investigation has found that Rai has not left Nepal," Thapa told New Business Age, "He may have absconded without using Nepal's airport."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In the first week of June, the then Deputy Prime Minister and Home Minister Ravi Lamichhane claimed that Rai was in Malaysia and efforts were being made to bring him to Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">However, Lamichhane had to quit the government before he could arrest GB Rai. Lamichhane's name is also associated with Rai in the misappropriation of cooperatives’ savings. It has been found that the funds of various cooperatives opened by Rai were invested in the Gorkha Media Network of which he himself is the chairman and loans were taken from some cooperatives in the name of Lamichhane. Lamichhane was the managing director of the media at that time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">After the name of Lamichhane, who is also the chairman of the Rastriya Swatantra Party, was linked to the misappropriation of the cooperative's funds, a parliamentary committee was formed on May 28 to investigate the matter. The committee has been mandated to investigate nine other institutions apart from the 20 declared problematic. Among them, Swarnalakshmi Savings and Credit Cooperative in Kathmandu, Sahara Cooperative in Chitwan, Sano Paila Cooperative in Birgunj, Suryadarshan Cooperative in Pokhara, Supreme Savings and Credit Cooperative in Butwal, Equality Savings and Credit Cooperative in Nepalgunj, along with six other cooperatives were found to be connected with Rai and Gorkha Media Network.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The committee has demanded the documents of nine cooperatives that were included in the scope of investigation one month ago and the details of the loans given to the Gorkha Media Network. Chairman Thapa informed that they have made preparations for questioning the people accused of misappropriating the savings of cooperatives.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"We have held 33 meetings and discussed with the stakeholders," he said after the discussion with reporters on Tuesday, "Now we will proceed with the questioning of the persons accused of misappropriation and then prepare the draft of the report."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Similarly, Thapa informed that the work of financial report analysis of some organizations has also progressed.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The committee is preparing to interrogate the directors of 29 cooperatives and 26 accused persons. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21496', 'image' => '20240807024257_Raabi.jpg', 'article_date' => '2024-08-07 14:40:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21336', 'article_category_id' => '272', 'title' => 'Formation of Authority on the Cards to Troubleshoot Issues of Cooperatives', 'sub_title' => '', 'summary' => 'KATHMANDU: Minister for Land Management, Cooperative and Poverty Alleviation Balaram Adhikari has said that the formation of an authority is on the cards to regulate and monitor the cooperatives in all three tiers of government. ', 'content' => '<p><span style="font-size:16px">KATHMANDU: Minister for Land Management, Cooperative and Poverty Alleviation Balaram Adhikari has said that the formation of an authority is on the cards to regulate and monitor the cooperatives in all three tiers of government. This initiative aims to provide a sustainable solution to the sector's ongoing problems.</span></p> <p><span style="font-size:16px">Responding to lawmakers' queries during the House of Representatives (HoR) meeting on Thursday, Minister Adhikari stated that the decision to form the authority has been forwarded to the Ministry of Finance for approval.</span></p> <p><span style="font-size:16px">"The budget for establishing such mechanisms has been allocated in the upcoming fiscal year's budget," he added.</span></p> <p><span style="font-size:16px">Minister Adhikari reiterated the ministry's commitment to finding sustainable solutions to the cooperative sector's existing issues. He also noted that 20 cooperatives have been declared problematic, and their management is being handled by the Problematic Cooperative Management Committees. Depositor claims are being processed online, with 59,587 claimants having lodged their applications so far.</span></p> <p><span style="font-size:16px">Additionally, Minister Adhikari mentioned that the government has initiated the process of forming a commission involving experts. This new commission is intended to address the shortcomings of the National Land Commission, which has not met the expected outcomes in resolving the issues of landless individuals, squatters, and unmanaged settlements. --RSS</span></p> ', 'published' => true, 'created' => '2024-06-21', 'modified' => '2024-06-21', 'keywords' => 'cooperative, problematic, authority, formation', 'description' => '', 'sortorder' => '21060', 'image' => '20240621103718_20230601023225_cooperative-new.jpg', 'article_date' => '2024-06-21 10:33:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15091', 'article_category_id' => '272', 'title' => 'FMTC to Operate Fair Price Shops in Surkhet', 'sub_title' => '', 'summary' => 'April 12: The Surkhet branch of Food Management and Trading Company is all set to bring fair price shops in operation through cooperatives to prevent shortage of food and to control the price hike.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">April 12: The Surkhet branch of Food Management and Trading Company is all set to bring fair price shops in operation through cooperatives to prevent shortage of food and to control the price hike. In the first phase, the company will be targeting the citizens of Karnali.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The company informed that it will provide food at subsidized rates in remote areas. Chief Executive Officer of the company Mohan Prakash Chand said that necessary homework is being done for the same.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He said that food would be supplied to the remote areas for 12 months with the support of the World Food Program (WFP) to control inflation. He said that food supply would be arranged by helicopter, airplane and horses as well as mules in collaboration with all three tiers of government as transportation is the main problem for the operation of fair price shops in remote areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Speaking on the occasion, Deputy Manager of the company, Maniraj Khanal, said that consultations with cooperatives are underway for the smooth supply of food across the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, Chief of Sales and Distribution Department Bhim Bahadur Thapa said that fair price shops will be brought into operation as soon as possible to control the rising price of food items. He informed that he reached out to the Council of Ministers for approval by making necessary acts and rules for the operation of fair price shops. He said that the fair price shop will be brought into operation through cooperatives after getting the approval.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Representatives of cooperatives demanded to increase the subsidy for operating fair price shops. They also demanded that the transportation cost should be made available and the responsibility of transportation should be given to the cooperatives.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-12', 'modified' => '2022-04-12', 'keywords' => '', 'description' => '', 'sortorder' => '14833', 'image' => '20220412082459_1649715053.Clipboard10.jpg', 'article_date' => '2022-04-12 20:23:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15076', 'article_category_id' => '272', 'title' => 'Supply Chain of Chemical Fertilizer Likely to Further Worsen', 'sub_title' => '', 'summary' => 'April 10: It is speculated that this year's winter crop will be affected as the companies that have been awarded contracts to import subsidized chemical fertilizers will not be able to deliver the fertilizers on time.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">April 10: It is speculated that this year's winter crop will be affected as the companies that have been awarded contracts to import subsidized chemical fertilizers will not be able to deliver the fertilizers on time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The four companies, Silk Market Pvt Ltd, Zen Trade, JS Trade Company and Indian Potash Limited, had signed separate contracts with the state-owned Agriculture Inputs Company Limited and the Salt Trading Corporation for the import of chemical fertilizers. But they failed to import the fertilizers even after the deadline of the contract period.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ashok Kumar Khadka, information officer of the Agriculture Inputs Company says that there is only a slim possibility for the companies to bring fertilizer on time. He said, “If this situation continues, the chances of fertilizer coming are low in future as well.” He stated that the failure of the companies to import fertilizer was due to the Covid-19 pandemic and China's new export policy.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Farmers are continuously facing the problem of not getting chemical fertilizer every year during the farming season. There are indications that the circumstances will repeat this year as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Kumar Rajbhandari, spokesperson of the Salt Trading Corporation, Indian Potash Limited had signed a contract with the corporation last December for importing 25,000 metric tons of DAP and 75,000 tons of urea. It is a state-owned company of India. It supplied only 25,000 tons of DAP within the deadline. As for the remaining 75,000 tons of urea, it is yet to be decided whether the company is going to deliver the consignment or not.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The other three companies that signed contracts with the Agriculture Inputs Company have not been able to import chemical fertilizers even a month after their contract expired. A Nepali company called Silk Market had signed an agreement with Agriculture Inputs Company to import 60,000 tons of urea and 5,000 tons of DAP, but the deadline has already expired. Similarly, Jane Trade had entered into two separate agreements with Agriculture Inputs Company for importing 25,000 tons of urea and 5,000 tons of DAP. Another company, JS Trade, had agreed to import 25,000 tons of DAP with the Agriculture Inputs Company. The period for all these contracts have already expired, but, there are no signs for the import of chemical fertilizers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Information Officer Khadka of the Agriculture Inputs Company, despite the expiration of the deadline for importing the chemical fertilizers, none of the companies have said they are not able to supply the fertilizers. He said that they are confident that they will bring the fertilizers soon. At present, the Agriculture Inputs Company has a stock of 500 tons of urea, 20,000 tons of DAP and 7,500 tons of potassium. Meanwhile, the Salt Trading Corporation has no fertilizers in reserve.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson for Salt Trading, Rajbhandari said that due to the ongoing fluctuations in the global market, there may be shortage of chemical fertilizers in the coming days. He estimates that the problem may be due to the continuous rise in the price of fertilizers in the world market. According to Rajbhandari, the price of chemical fertilizer has gone up from 455 USD per ton to 1100 USD per ton.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-10', 'modified' => '2022-04-10', 'keywords' => '', 'description' => '', 'sortorder' => '14818', 'image' => '20220410050258_Fertilizer.jpg', 'article_date' => '2022-04-10 17:02:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15069', 'article_category_id' => '272', 'title' => 'Government Preparing to Monitor Cooperatives by Hiring CAs and RAs', 'sub_title' => '', 'summary' => 'April 8: The government will now monitor savings and credit cooperatives through chartered accountants (CAs) and registered auditors (RAs).', '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 8: The government will now monitor savings and credit cooperatives through chartered accountants (CAs) and registered auditors (RAs). As the financial risk of cooperatives is increasing, the federal government is preparing to tighten the monitoring of cooperatives by hiring more manpower under contract basis.</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"">Rudra Prasad Pandit, registrar of the Department of Cooperatives said, “The department does not have efficient and sufficient manpower to monitor the cooperatives. We will tighten the monitoring even by hiring CAs and RAs on a contract basis.” Pandit further said that action would be taken based on the issues surfacing after monitoring.</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"">Although the posts of CA and data analyst have been arranged within the department for monitoring cooperatives, the posts have not been filled yet. Therefore, the department has put forward a plan to get CAs and RAs to work on contract basis. The department informed that a budget for this plan has been demanded from the Ministry of Land Management, Cooperatives and Poverty Alleviation. If the budget is not provided, then the department will manage it from internal resources.</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 the provisions of the constitution, the rights from registration to regulation of cooperatives have reached to the local level. On the basis of the scope of work of the organization, all three levels of governments can regulate the registration of cooperatives. However, the cooperatives have not been regulated due to lack of sufficient manpower at the state and local levels.</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"">There is a provision that the federal government can also monitor the cooperatives dealing with transactions more than Rs 500 million. Accordingly, the big cooperatives will be monitored regularly in collaboration with the state and local governments, said Registrar Pandit. </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"">Out of 29,886 cooperatives across the country, only 125 are under the federal government. Similarly, there are 6002 under the state government and 23759 under the local government.</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"">Cooperatives come second in terms of financial transaction after commercial banks. Currently, cooperatives across the country have mobilized more than Rs 1 trillion. Due to the lack of effective regulation by the government, some cooperatives have been mobilizing the money of the general savers indiscriminately. Institutions have become problematic when such operators embezzle money. From Oriental to civil cooperatives, more than 100 of them have been in trouble and billions of public deposits have not been returned.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-27', 'keywords' => '', 'description' => '', 'sortorder' => '14811', 'image' => '20220408041436_DepartmentofCooperative__20200922125726.jpg', 'article_date' => '2022-04-08 16:13:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21769', 'article_category_id' => '272', 'title' => 'Where is GB Rai?', 'sub_title' => 'Ravi Lamichhane says Rai is in Malaysia but parliamentary committee says he has returned from Malaysia', 'summary' => 'KATHMANDU, August 7: whereabouts of Gitendra Babu (GB) Rai, accused of misappropriating Rs 16 billion from common people by opening more than half a dozen cooperatives across the country, remains unknown despite efforts to trace him.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 7: whereabouts of Gitendra Babu (GB) Rai, accused of misappropriating Rs 16 billion from common people by opening more than half a dozen cooperatives across the country, remains unknown despite efforts to trace him.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Rai, accused of defrauding the depositors of cooperatives, is on the most wanted list of the police. Even though the police issued a diffusion notice in the first week of January, they have not been able to locate his whereabouts so far. The parliamentary special committee formed to investigate the misappropriation of cooperative savings has also instructed the government to present Rai before the committee.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In Tuesday's meeting, the chairman of the committee, Surya Bahadur Thapa Chhetri, informed that they found details of Rai's return to Nepal from Malaysia, but couldn’t not find the details of his exit from Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"Our investigation has found that Rai has not left Nepal," Thapa told New Business Age, "He may have absconded without using Nepal's airport."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In the first week of June, the then Deputy Prime Minister and Home Minister Ravi Lamichhane claimed that Rai was in Malaysia and efforts were being made to bring him to Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">However, Lamichhane had to quit the government before he could arrest GB Rai. Lamichhane's name is also associated with Rai in the misappropriation of cooperatives’ savings. It has been found that the funds of various cooperatives opened by Rai were invested in the Gorkha Media Network of which he himself is the chairman and loans were taken from some cooperatives in the name of Lamichhane. Lamichhane was the managing director of the media at that time.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">After the name of Lamichhane, who is also the chairman of the Rastriya Swatantra Party, was linked to the misappropriation of the cooperative's funds, a parliamentary committee was formed on May 28 to investigate the matter. The committee has been mandated to investigate nine other institutions apart from the 20 declared problematic. Among them, Swarnalakshmi Savings and Credit Cooperative in Kathmandu, Sahara Cooperative in Chitwan, Sano Paila Cooperative in Birgunj, Suryadarshan Cooperative in Pokhara, Supreme Savings and Credit Cooperative in Butwal, Equality Savings and Credit Cooperative in Nepalgunj, along with six other cooperatives were found to be connected with Rai and Gorkha Media Network.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The committee has demanded the documents of nine cooperatives that were included in the scope of investigation one month ago and the details of the loans given to the Gorkha Media Network. Chairman Thapa informed that they have made preparations for questioning the people accused of misappropriating the savings of cooperatives.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">"We have held 33 meetings and discussed with the stakeholders," he said after the discussion with reporters on Tuesday, "Now we will proceed with the questioning of the persons accused of misappropriation and then prepare the draft of the report."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Similarly, Thapa informed that the work of financial report analysis of some organizations has also progressed.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The committee is preparing to interrogate the directors of 29 cooperatives and 26 accused persons. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21496', 'image' => '20240807024257_Raabi.jpg', 'article_date' => '2024-08-07 14:40:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21336', 'article_category_id' => '272', 'title' => 'Formation of Authority on the Cards to Troubleshoot Issues of Cooperatives', 'sub_title' => '', 'summary' => 'KATHMANDU: Minister for Land Management, Cooperative and Poverty Alleviation Balaram Adhikari has said that the formation of an authority is on the cards to regulate and monitor the cooperatives in all three tiers of government. ', 'content' => '<p><span style="font-size:16px">KATHMANDU: Minister for Land Management, Cooperative and Poverty Alleviation Balaram Adhikari has said that the formation of an authority is on the cards to regulate and monitor the cooperatives in all three tiers of government. This initiative aims to provide a sustainable solution to the sector's ongoing problems.</span></p> <p><span style="font-size:16px">Responding to lawmakers' queries during the House of Representatives (HoR) meeting on Thursday, Minister Adhikari stated that the decision to form the authority has been forwarded to the Ministry of Finance for approval.</span></p> <p><span style="font-size:16px">"The budget for establishing such mechanisms has been allocated in the upcoming fiscal year's budget," he added.</span></p> <p><span style="font-size:16px">Minister Adhikari reiterated the ministry's commitment to finding sustainable solutions to the cooperative sector's existing issues. He also noted that 20 cooperatives have been declared problematic, and their management is being handled by the Problematic Cooperative Management Committees. Depositor claims are being processed online, with 59,587 claimants having lodged their applications so far.</span></p> <p><span style="font-size:16px">Additionally, Minister Adhikari mentioned that the government has initiated the process of forming a commission involving experts. This new commission is intended to address the shortcomings of the National Land Commission, which has not met the expected outcomes in resolving the issues of landless individuals, squatters, and unmanaged settlements. --RSS</span></p> ', 'published' => true, 'created' => '2024-06-21', 'modified' => '2024-06-21', 'keywords' => 'cooperative, problematic, authority, formation', 'description' => '', 'sortorder' => '21060', 'image' => '20240621103718_20230601023225_cooperative-new.jpg', 'article_date' => '2024-06-21 10:33:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15091', 'article_category_id' => '272', 'title' => 'FMTC to Operate Fair Price Shops in Surkhet', 'sub_title' => '', 'summary' => 'April 12: The Surkhet branch of Food Management and Trading Company is all set to bring fair price shops in operation through cooperatives to prevent shortage of food and to control the price hike.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">April 12: The Surkhet branch of Food Management and Trading Company is all set to bring fair price shops in operation through cooperatives to prevent shortage of food and to control the price hike. In the first phase, the company will be targeting the citizens of Karnali.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The company informed that it will provide food at subsidized rates in remote areas. Chief Executive Officer of the company Mohan Prakash Chand said that necessary homework is being done for the same.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He said that food would be supplied to the remote areas for 12 months with the support of the World Food Program (WFP) to control inflation. He said that food supply would be arranged by helicopter, airplane and horses as well as mules in collaboration with all three tiers of government as transportation is the main problem for the operation of fair price shops in remote areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Speaking on the occasion, Deputy Manager of the company, Maniraj Khanal, said that consultations with cooperatives are underway for the smooth supply of food across the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, Chief of Sales and Distribution Department Bhim Bahadur Thapa said that fair price shops will be brought into operation as soon as possible to control the rising price of food items. He informed that he reached out to the Council of Ministers for approval by making necessary acts and rules for the operation of fair price shops. He said that the fair price shop will be brought into operation through cooperatives after getting the approval.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Representatives of cooperatives demanded to increase the subsidy for operating fair price shops. They also demanded that the transportation cost should be made available and the responsibility of transportation should be given to the cooperatives.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-12', 'modified' => '2022-04-12', 'keywords' => '', 'description' => '', 'sortorder' => '14833', 'image' => '20220412082459_1649715053.Clipboard10.jpg', 'article_date' => '2022-04-12 20:23:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15076', 'article_category_id' => '272', 'title' => 'Supply Chain of Chemical Fertilizer Likely to Further Worsen', 'sub_title' => '', 'summary' => 'April 10: It is speculated that this year's winter crop will be affected as the companies that have been awarded contracts to import subsidized chemical fertilizers will not be able to deliver the fertilizers on time.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">April 10: It is speculated that this year's winter crop will be affected as the companies that have been awarded contracts to import subsidized chemical fertilizers will not be able to deliver the fertilizers on time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The four companies, Silk Market Pvt Ltd, Zen Trade, JS Trade Company and Indian Potash Limited, had signed separate contracts with the state-owned Agriculture Inputs Company Limited and the Salt Trading Corporation for the import of chemical fertilizers. But they failed to import the fertilizers even after the deadline of the contract period.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ashok Kumar Khadka, information officer of the Agriculture Inputs Company says that there is only a slim possibility for the companies to bring fertilizer on time. He said, “If this situation continues, the chances of fertilizer coming are low in future as well.” He stated that the failure of the companies to import fertilizer was due to the Covid-19 pandemic and China's new export policy.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Farmers are continuously facing the problem of not getting chemical fertilizer every year during the farming season. There are indications that the circumstances will repeat this year as well.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Kumar Rajbhandari, spokesperson of the Salt Trading Corporation, Indian Potash Limited had signed a contract with the corporation last December for importing 25,000 metric tons of DAP and 75,000 tons of urea. It is a state-owned company of India. It supplied only 25,000 tons of DAP within the deadline. As for the remaining 75,000 tons of urea, it is yet to be decided whether the company is going to deliver the consignment or not.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The other three companies that signed contracts with the Agriculture Inputs Company have not been able to import chemical fertilizers even a month after their contract expired. A Nepali company called Silk Market had signed an agreement with Agriculture Inputs Company to import 60,000 tons of urea and 5,000 tons of DAP, but the deadline has already expired. Similarly, Jane Trade had entered into two separate agreements with Agriculture Inputs Company for importing 25,000 tons of urea and 5,000 tons of DAP. Another company, JS Trade, had agreed to import 25,000 tons of DAP with the Agriculture Inputs Company. The period for all these contracts have already expired, but, there are no signs for the import of chemical fertilizers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Information Officer Khadka of the Agriculture Inputs Company, despite the expiration of the deadline for importing the chemical fertilizers, none of the companies have said they are not able to supply the fertilizers. He said that they are confident that they will bring the fertilizers soon. At present, the Agriculture Inputs Company has a stock of 500 tons of urea, 20,000 tons of DAP and 7,500 tons of potassium. Meanwhile, the Salt Trading Corporation has no fertilizers in reserve.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson for Salt Trading, Rajbhandari said that due to the ongoing fluctuations in the global market, there may be shortage of chemical fertilizers in the coming days. He estimates that the problem may be due to the continuous rise in the price of fertilizers in the world market. According to Rajbhandari, the price of chemical fertilizer has gone up from 455 USD per ton to 1100 USD per ton.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-10', 'modified' => '2022-04-10', 'keywords' => '', 'description' => '', 'sortorder' => '14818', 'image' => '20220410050258_Fertilizer.jpg', 'article_date' => '2022-04-10 17:02:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15069', 'article_category_id' => '272', 'title' => 'Government Preparing to Monitor Cooperatives by Hiring CAs and RAs', 'sub_title' => '', 'summary' => 'April 8: The government will now monitor savings and credit cooperatives through chartered accountants (CAs) and registered auditors (RAs).', '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 8: The government will now monitor savings and credit cooperatives through chartered accountants (CAs) and registered auditors (RAs). As the financial risk of cooperatives is increasing, the federal government is preparing to tighten the monitoring of cooperatives by hiring more manpower under contract basis.</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"">Rudra Prasad Pandit, registrar of the Department of Cooperatives said, “The department does not have efficient and sufficient manpower to monitor the cooperatives. We will tighten the monitoring even by hiring CAs and RAs on a contract basis.” Pandit further said that action would be taken based on the issues surfacing after monitoring.</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"">Although the posts of CA and data analyst have been arranged within the department for monitoring cooperatives, the posts have not been filled yet. Therefore, the department has put forward a plan to get CAs and RAs to work on contract basis. The department informed that a budget for this plan has been demanded from the Ministry of Land Management, Cooperatives and Poverty Alleviation. If the budget is not provided, then the department will manage it from internal resources.</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 the provisions of the constitution, the rights from registration to regulation of cooperatives have reached to the local level. On the basis of the scope of work of the organization, all three levels of governments can regulate the registration of cooperatives. However, the cooperatives have not been regulated due to lack of sufficient manpower at the state and local levels.</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"">There is a provision that the federal government can also monitor the cooperatives dealing with transactions more than Rs 500 million. Accordingly, the big cooperatives will be monitored regularly in collaboration with the state and local governments, said Registrar Pandit. </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"">Out of 29,886 cooperatives across the country, only 125 are under the federal government. Similarly, there are 6002 under the state government and 23759 under the local government.</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"">Cooperatives come second in terms of financial transaction after commercial banks. Currently, cooperatives across the country have mobilized more than Rs 1 trillion. Due to the lack of effective regulation by the government, some cooperatives have been mobilizing the money of the general savers indiscriminately. Institutions have become problematic when such operators embezzle money. From Oriental to civil cooperatives, more than 100 of them have been in trouble and billions of public deposits have not been returned.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-27', 'keywords' => '', 'description' => '', 'sortorder' => '14811', 'image' => '20220408041436_DepartmentofCooperative__20200922125726.jpg', 'article_date' => '2022-04-08 16:13:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
