Government restrictions on import and fall of demand in domestic market have dealt a blow to revenue collection from Birgunj Customs…
Government restrictions on import and fall of demand in domestic market have dealt a blow to revenue collection from Birgunj Customs…
Inland Revenue Office Janakpurdham has collected only 44 percent revenue of the annual target in the seven months of the current fiscal year…
Nepal has reported a surplus of Rs 133.21 billion in the balance of Payments (BOP) in the seven months of the current fiscal…
Nepal has witnessed the inflow of remittance worth over Rs 689 billion in seven months of the current fiscal year,…
Despite the price rise, cardamom export has witnessed a sharp spike this fiscal year. Following increase of demand and price due to the fall of cardamom’s output in India, export of black gold from Nepal has seen colossal…
February 13: The government has spent 37.22 percent of the budget in the first seven months of the current fiscal year 2022/23. As per the data released by the Financial Comptroller General Office, the government has spent Rs 667.65 billion in the first seven months of the current fiscal…
Deputy Prime Minister and Minister for Finance Bishnu Prasad Poudel has downsized the budget for the current fiscal year…
Nepal has witnessed improvement in foreign exchange reserves of…
Import ban and strict provisions in the opening letter of credit (LC) have led to the fall of revenue at Birgunj Customs…
Birgunj Customs office, Nepal’s one of the major entry points for trade with India and other countries, has failed to collect revenue in accordance with target in the first six months of the current fiscal…
Shrinking demand and plummeting consumption have adversely affected government’s revenue collection target at Birgunj Customs Office. The customs office collected only half of the targeted revenue in the month of…
Economic indicators have further improved in the fourth month of the current fiscal year in the…
Governor of the Nepal Rastra Bank Maha Prasad Adhikari said liquidity crunch will aggravate in the month of mid- December to mid-January…
Six organizations of industrialists and entrepreneurs from Syangja have submitted a 10-point demand to the Ministry of Finance and Nepal Rastra…
Minister for Finance Janardan Sharma has said that recent challenges Nepal’s economy has been facing including the slow economic growth and shortage of liquidity have resulted from the lack of implementation of economic and business policies introduced by the…
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Industrial raw materials, petroleum products and vehicles are imported via the Birgunj Customs point while processed oil, readymade garments, juice and thread are exported through it. </span></p> <p><span style="font-size:18px">Birgunj Customs Office has collected Rs 101.49 billion in revenue against its target of Rs 168.23 billion in the eight months of the current fiscal. </span></p> <p><span style="font-size:18px">Import restrictions placed by the government from beginning of the current fiscal year caused the total trade to dive, affecting the revenue collection from the customs office, said Information Officer Ram Chandra Dhakal of the customs office. </span></p> <p><span style="font-size:18px">Political instability and polls have encouraged the illegal import of goods, having toll on the revenue collection. “Revenue leakage due to ‘setting’ is also responsible for the fall of revenue collection,” said officials of customs office.</span></p> <p><span style="font-size:18px">Birgunj Customs Office has set the target to collect Rs 260.97 billion revenue in the current fiscal year. The customs office, however, has failed to meet revenue collcetion target in either months of the current fiscal year so far. </span></p> ', 'published' => true, 'created' => '2023-03-22', 'modified' => '2023-03-22', 'keywords' => '', 'description' => '', 'sortorder' => '17074', 'image' => '20230322062302_collage (31).jpg', 'article_date' => '2023-03-22 06:19:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '17288', 'article_category_id' => '274', 'title' => 'IRO Janakpurdham Collects Only 44 Percent Revenue ', 'sub_title' => '', 'summary' => 'Inland Revenue Office Janakpurdham has collected only 44 percent revenue of the annual target in the seven months of the current fiscal year 2022/2023. ', 'content' => '<p> </p> <p><span style="font-size:18px">March 16: Inland Revenue Office Janakpurdham has collected only 44 percent revenue of the annual target in the seven months of the current fiscal year 2022/2023. </span></p> <p><span style="font-size:18px">Given the rate of revenue collection so far, the Inland Revenue office finds it very challenging to meet its annual target in the current fiscal year.</span></p> <p><span style="font-size:18px">The Inland Revenue Office Janakpurdham has set the target to collect Rs 3.70 billion in the fiscal year of 2022/2023. However, the office has collected only 1.63 billion till the end of the seven months of the current fiscal year. Office Head Tax Officer at the Inland Revenue Office Kishor Bartaula admitted that his office was finding it tough to meet the revenue collection target. </span></p> <p><span style="font-size:18px">“Despite our notifications to the tax payers to pay the tax, they have been reluctant to do so,” said Bartaula. He said that a legal action would be taken against the tax payers defying paying the tax despite repeated notifications. </span></p> ', 'published' => true, 'created' => '2023-03-16', 'modified' => '2023-03-16', 'keywords' => '', 'description' => '', 'sortorder' => '17026', 'image' => '20230316052535_collage - 2023-03-16T172805.044.jpg', 'article_date' => '2023-03-16 17:22:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '17243', 'article_category_id' => '274', 'title' => ' Balance of Payment (BOP) at Surplus Of Rs 133.21 Billion ', 'sub_title' => '', 'summary' => 'Nepal has reported a surplus of Rs 133.21 billion in the balance of Payments (BOP) in the seven months of the current fiscal year. ', 'content' => '<p><span style="font-size:18px"> <br /> March: Nepal has reported a surplus of Rs 133.21 billion in the balance of Payments (BOP) in the seven months of the current fiscal year. </span></p> <p><span style="font-size:18px"> The balance of Payments (BOP) stood at a deficit of Rs 247 billion in the same period of the last fiscal year, according to the Current Macroeconomic and Financial Situation Report published by Nepal Rastra Bank on Sunday. </span></p> <p><span style="font-size:18px">In American Dollar terms, the Balance of Payments (BOP) has remained at a surplus of 1.1 billion in the review period compared to a deficit of USD 2.7 billion in the same period of the last fiscal year. </span></p> <p><span style="font-size:18px">According to the Nepal Rastra Bank, the current account has remained at a deficit of Rs 29.64 billion in the first seven months of the current fiscal year compared to a deficit of Rs 411.34 billion in the same period of the last FY. </span></p> <p><span style="font-size:18px">In the US Dollar terms, the current account is at a deficit of 230 million compared to a deficit of 3.45 billion in the same period of the last fiscal year. </span><br /> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16981', 'image' => '20230312050438_collage - 2023-03-12T170408.041.jpg', 'article_date' => '2023-03-12 17:01:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '17242', 'article_category_id' => '274', 'title' => 'Remittance Inflow Increases By 27.1 Percent In Seven Months', 'sub_title' => '', 'summary' => 'Nepal has witnessed the inflow of remittance worth over Rs 689 billion in seven months of the current fiscal year, 2022/23. ', 'content' => '<p><span style="font-size:18px">March 12: Nepal has witnessed the inflow of remittance worth over Rs 689 billion in seven months of the current fiscal year, 2022/23. </span></p> <p><span style="font-size:18px">The remittance influx witnessed a 27.1 percent rise compared to the previous fiscal year, according to details of seven months of the current FY made public by the Nepal Rastra Bank on Sunday.</span></p> <p><span style="font-size:18px">There was a 4.4 percent drop in the remittance influx during the same period of the previous fiscal year. Similarly, remittance inrush in USD has increased by 16.4 percent and reached USD 5.3 billion. The figure dropped 5.3 percent during the same period in the previous fiscal year.</span></p> <p><span style="font-size:18px">Similarly, the number of Nepali migrant workers employed in the foreign countries by receiving final labour agreement (both new institutional and individual) surged by 57.3 percent. In the seven months of the current fiscal year, as many as 3, 14,767 migrant workers received the final labour agreement for the foreign jobs. </span></p> <p><span style="font-size:18px">The figure of migrant workers who got their labour permit renewed increased by 10.1 percent to reach the total 167,708. Likewise, the net transfer increased by 25.2 percent to stand at more than Rs 759 billion in the review period. Such a transfer had dropped a 3.7 percent during the same period of the previous fiscal year. (with inputs from RSS)</span><br /> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16980', 'image' => '20230312041400_collage - 2023-03-12T160503.982.jpg', 'article_date' => '2023-03-12 16:06:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '17237', 'article_category_id' => '274', 'title' => 'Cardamom Export Sees Huge Surge ', 'sub_title' => '', 'summary' => 'Despite the price rise, cardamom export has witnessed a sharp spike this fiscal year. Following increase of demand and price due to the fall of cardamom’s output in India, export of black gold from Nepal has seen colossal hike. ', 'content' => '<p><span style="font-size:18px">March 12: Despite the price rise, cardamom export has witnessed a sharp spike this fiscal year. Following increase of demand and price due to the fall of cardamom’s output in India, export of black gold from Nepal has seen colossal hike. </span></p> <p><span style="font-size:18px">According to the data at Trade and Export Promotion Center, cardamom export has increased by 85 percent as per value in the first seven months of the current fiscal year.</span></p> <p><span style="font-size:18px">Federation of Large Cardamom Entrepreneurs of Nepal (FLCEN) said that with the rise of demand the price of the cardamom had increased by Rs 13,000 per mann(traditional measurement tool). Forty kilograms constitute one mann. The price increase has also led the export to increase. </span></p> <p><span style="font-size:18px">Nepal exported 2,996 metric tons of cardamom worth Rs 2.64 billion in the first seven months of the last fiscal year. On the contrary, country exported 6,117 metric tons of the cardamom worth Rs 4.89 billion in the first seven months of the current fiscal year.</span></p> <p><span style="font-size:18px">Federation of Large Cardamom Entrepreneurs of Nepal (FLCEN) Chairman Nirmal Bhattarai said that production of spice crop had declined both in Nepal and India this year. India, which had produced 50,000 sacks of cardamom last year, produced only 20,000 sacks of cardamom this year. Though Nepal had produced 1,20,000 sacks of cardamom last year, the country produced just 1,0,5000 sacks of cardamom this year.</span></p> <p><span style="font-size:18px">Since India’s production had increased last year, Nepal’s export was not enthusiastic. “Nepal’s cardamom export went up massively due to the export of stock cardamom and this year’s production simultaneously,” said Bhattarai.</span></p> <p><span style="font-size:18px">In the last four months, the price of JJ(number one) cardamom jumped up from Rs 27,000 to Rs 40,000 per mann. Likewise, the value of SD(number two) increased from Rs 26,000 to Rs 39,000 per mann. The price of number of cardamom rose from Rs 25,000 to Rs 38,000. </span></p> <p><span style="font-size:18px">In spite of rise of export price, cardamom farmers have not been able to take benefit. At the time of cardamom harvesting, the price of number one cardamom was Rs 27,000 per mann. The cash crop had reached the hands of middlemen before the price had inflated, according to Bhattarai.</span></p> <p><span style="font-size:18px">Of spices grown in Nepal, ginger ranks in the first place in terms of output and area of cultivation. Cardamom ranks in the last place. Cardamom is cultivated in 1,700 hectares of the land in Nepal.</span></p> <p><span style="font-size:18px">National Center for Potato, Vegetable, and Spice Crops Development’s Senior Crop Development Officer Rajan Pariyar said that export might have risen as the stock from the last year had come at a time in the market. </span></p> <p><span style="font-size:18px">“Traders exported cardamom they owned, causing the export to go up sharply,” Pariyar stated. Nepal’s cardamom export has found its market in Gulf countries from this year, apart from India and Pakistan.</span></p> <p><span style="font-size:18px">Nepal has received export certificate(halal) for cardamom export to Gulf countries including Qatar. </span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16975', 'image' => '20230312070817_collage (20).jpg', 'article_date' => '2023-03-12 06:56:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '17010', 'article_category_id' => '274', 'title' => 'Government Spends 37 Percent Budget in Seven Months ', 'sub_title' => '', 'summary' => 'February 13: The government has spent 37.22 percent of the budget in the first seven months of the current fiscal year 2022/23. As per the data released by the Financial Comptroller General Office, the government has spent Rs 667.65 billion in the first seven months of the current fiscal year.', 'content' => '<p><br /> <span style="font-size:16px">February 13: The government has spent 37.22 percent of the budget in the first seven months of the current fiscal year 2022/23. <br /> As per the data released by the Financial Comptroller General Office, the government has spent Rs 667.65 billion in the first seven months of the current fiscal year.</span></p> <p><span style="font-size:16px">In the review period, the government’s administrative expenditure stood at Rs 531.50 billion out of Rs 1183.23 billion appropriated under the recurrent expenses for the fiscal year 2022/23. This is 44.92 percent of the total budget appropriated for the administrative expenses. </span></p> <p><span style="font-size:16px">Under the capital expenditures, the government spent Rs 66.29 billion out of the total Rs 380.38 billion. This is only 17.43 per cent of the annual budget allocation under the capital expenses. </span></p> <p><span style="font-size:16px">Similarly, out of total Rs 230 billion allocated for the financial management, the government spent Rs 69.85 billion, which is 30.34 per cent of the total annual budget appropriated for the financial management.</span></p> <p><span style="font-size:16px">In the first seven months of the current fiscal, the expenses incurred for payment of principal and interest amount of the government debt exceed capital expenditures. </span></p> <p><span style="font-size:16px">The government has collected 38 percent revenue in the review period. Despite the government’s target to collect the revenue of Rs 1454.23 billion, it has collected revenue of only Rs 554.23 billion.</span></p> <p><span style="font-size:16px">The government has received a foreign grant of Rs 4.80 billion in the review period, which is only eight percent of its target of receiving the grant of Rs 55.45 billion in the current fiscal year. </span><br /> </p> ', 'published' => true, 'created' => '2023-02-13', 'modified' => '2023-02-13', 'keywords' => '', 'description' => '', 'sortorder' => '16749', 'image' => '20230213040901_collage - 2023-02-13T160545.413.jpg', 'article_date' => '2023-02-13 15:46:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '17000', 'article_category_id' => '274', 'title' => 'Government Downsizes Budget By 14 Percent ', 'sub_title' => '', 'summary' => 'Deputy Prime Minister and Minister for Finance Bishnu Prasad Poudel has downsized the budget for the current fiscal year 2022/23.', 'content' => '<p><br /> <span style="font-size:16px">February 12: Deputy Prime Minister and Minister for Finance Bishnu Prasad Poudel has downsized the budget for the current fiscal year 2022/23. </span></p> <p><span style="font-size:16px"> Presenting a half-yearly review report on the budget for the current fiscal year 2022/23 at the meeting of the House of Representatives on Sunday, Finance Minister Poudel cut the budget by Rs 244 billion, which is 14 percent of the total budget. </span></p> <p><span style="font-size:16px">Minister Poudel has downsized the budget of Rs 1793.83 billion brought by former Finance Minister Janardan Sharma to Rs 1549.99 billion. Poudel has also trimmed the revenue collection target of Rs 1341 billion to Rs 1244.75 billion for the current fiscal year. </span></p> <p><span style="font-size:16px">During his address to the meeting of the House of Representatives, Poudel said that the government would adopt austerity measures and re-prioritise the expenditures.</span></p> <p><span style="font-size:16px">The government estimates that Rs 1021.92 billion will be spent for administrative expenses while Rs 313.83 billion will be used under capital expenditure. Similarly, the government will spend Rs 214 billion towards financial management, according to Poudel. <br /> </span><br /> </p> ', 'published' => true, 'created' => '2023-02-12', 'modified' => '2023-02-12', 'keywords' => '', 'description' => '', 'sortorder' => '16739', 'image' => '20230212052610_collage (18).jpg', 'article_date' => '2023-02-12 17:23:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '16950', 'article_category_id' => '274', 'title' => 'Foreign Exchange Reserves Increases By Ten Percent', 'sub_title' => '', 'summary' => 'Nepal has witnessed improvement in foreign exchange reserves of late.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 6: Nepal has witnessed improvement in foreign exchange reserves of late.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The current macroeconomic and financial situation published by the Nepal Rastra Bank on Monday shows that foreign exchange reserve increased by 10 per cent till mid-January 2023 compared to mid-July 2022.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the Nepal Rastra Bank report, foreign exchange reserve increased to Rs 1337.29 billion till mid-January 2023 from Rs 1215.80 billion in mid-July, 2022. </span></span><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the US Dollar, foreign exchange reserve soared by eight percent to 10.30 billion till mid-January, 2023 from 9.54 billion in mid-July 2022.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Foreign exchange reserve held by Nepal Rastra Bank has also increased. The foreign exchange reserve went up to Rs 1183.37 billion till mid-January 2023 from Rs 1056.39 billion in mid-July 2022. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, foreign exchange reserves held by banks and financial institutions (except NRB) have fallen. Foreign exchange reserve shrunk by 3.4 percent from Rs 159.41 billion in mid-July 2022 to 153.91 billion till mid-January 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Indian currency covers 23.6 per cent of the total foreign exchange reserves. </span></span><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The current foreign exchange reserve is adequate to import merchandise for 10.4 months and merchandise and services for 9.1 months, according to the Nepal Rastra Bank.</span></span></p> ', 'published' => true, 'created' => '2023-02-07', 'modified' => '2023-02-07', 'keywords' => '', 'description' => '', 'sortorder' => '16689', 'image' => '20230207114205_FER - Copy.jpg', 'article_date' => '2023-02-07 05:50:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '16946', 'article_category_id' => '274', 'title' => 'Birgunj Customs Office Fails to Meet Revenue Collection Target', 'sub_title' => '', 'summary' => 'Import ban and strict provisions in the opening letter of credit (LC) have led to the fall of revenue at Birgunj Customs Office.', 'content' => '<p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 6: Import ban and strict provisions in the opening letter of credit (LC) have led to the fall of revenue at Birgunj Customs Office. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Birgunj Customs Office has collected only 61 percent revenue of its total target in the first six months of the current fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The customs office amassed revenue of Rs 76.63 billion against its target of Rs 122.77 billion, according to information officer Ram Chandra Dhakal at the customs office. This is just 61.27 per cent of the total annual revenue target. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Customs office has set the target to collect Rs 261.99 billion in revenue in the current fiscal year. The office has collected only 51 percent revenue of the total annual target so far. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The customs office had collected 93 percent of its total revenue target in the last fiscal year, while 97 per cent revenue was collected in the previous fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The chance of meeting revenue collection target is very low,” said Dhakal. The ban on the import of luxurious goods, and tight provisions to open the letter of credit (LC) have led to fall of the revenue collection.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Despite the lifting of the ban on the import of liquor, mobile phones and vehicles by the government, it would take sometimes for the importers to import these goods by opening LC, which will affect the revenue collection for two more months,” Dhakal informed. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-02-06', 'modified' => '2023-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '16685', 'image' => '20230206044703_collage - 2023-02-06T161920.611.jpg', 'article_date' => '2023-02-06 16:44:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '16805', 'article_category_id' => '274', 'title' => 'Contracted Trade Causes Revenue to Fall ', 'sub_title' => '', 'summary' => 'Birgunj Customs office, Nepal’s one of the major entry points for trade with India and other countries, has failed to collect revenue in accordance with target in the first six months of the current fiscal year.', 'content' => '<p> </p> <p><span style="font-size:18px">January 22: Birgunj Customs office, Nepal’s one of the major entry points for trade with India and other countries, has failed to collect revenue in accordance with target in the first six months of the current fiscal year.</span></p> <p><span style="font-size:18px">The Customs office has collected only 62.4 per cent of its total revenue target. <br /> According to the customs office, the Department of Customs had set the target to amass a revenue of Rs 122.77 billion during the first six months of the current fiscal year. </span></p> <p><span style="font-size:18px">The customs office, however, has collected only Rs 76.54 billion during review period. <br /> Customs officials say that the government’s policy to control the trade following the depletion of foreign exchange reserve had caused the revenue to shrink. </span></p> <p><span style="font-size:18px">Import of petroleum products and vehicles contributes largely to the revenue from Birgunj Customs office. Ban on the import of vehicles for a long time led to the revenue to drop”, said Birgunj Customs Office Chief Dhan Bahadur Baruwal.</span></p> <p><span style="font-size:18px">The government that started tightening import of goods from the second quarter of the last fiscal year had imposed ban on the import of vehicles, expensive mobile phones, and liquor from the fourth quarter of the last fiscal.</span></p> <p><span style="font-size:18px">The government has recently removed the provision of cash margin for opening letter of credit after it removed the ban placed on the import of vehicles and other expensive goods.</span></p> <p><span style="font-size:18px">Despite the opening of the import, auto importers have not brought vehicles citing lack of demand and banks not providing loan for the same.</span></p> <p><span style="font-size:18px">Auto importers are hardly importing four to five vehicles these days against 30 to 35 on a daily basis in the past. <br /> “More than 2000 vehicles have gathered at the yard of Integrated Check Post,” according to Nepal Intermodel Transport Development Board Birgunj Office Chief Kamal Gyawali.</span></p> <p><span style="font-size:18px">Birgunj Customs collected only Rs 26 billion of customs duty against its target of 48 billion. Likewise, the customs point collected Rs 34 billion in value added tax despite its target to collect Rs 44 billion. </span></p> <p><span style="font-size:18px">The office collected Rs 5 billion of excise duty against its target to collect Rs 12 billion. Customs officials say that ban on the import of vehicles led the office to miss its target.</span></p> <p><span style="font-size:18px">Birgunj Customs collected infrastructure tax of Rs 6 billion from the petroleum products against its target to collect 9 billion during the same period. </span></p> ', 'published' => true, 'created' => '2023-01-22', 'modified' => '2023-01-22', 'keywords' => '', 'description' => '', 'sortorder' => '16546', 'image' => '20230122061641_collage (33).jpg', 'article_date' => '2023-01-22 06:12:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '16605', 'article_category_id' => '274', 'title' => 'Birgunj Customs Office Fails to Meet Revenue Collection Target ', 'sub_title' => '', 'summary' => 'Shrinking demand and plummeting consumption have adversely affected government’s revenue collection target at Birgunj Customs Office. The customs office collected only half of the targeted revenue in the month of Mangshir', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">December 26 : Shrinking demand and plummeting consumption have adversely affected government’s revenue collection target at Birgunj Customs Office. The customs office collected only half of the targeted revenue in the month of Mangshir. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">The customs office had set the target to collect a total of Rs 21. 69 billion from mid-November to mid-December. However, the customs office collected just Rs 10.90 billion in revenue during the same period. The customs office has failed to meet its targeted revenue collection in either month of the first five months of the current fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">According to Birgunj Customs office Chief Dhan Bahadur Baruwal, the office has collected 47 per cent of revenue under custom tariffs. The customs office collected just Rs 3.81 billion despite the target to amass Rs 8.9 billion customs tariffs.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">Similarly, customs office also witnessed fall in revenue collection under Value Added Tax(VAT).<br /> Against its target to collect Rs 7.93 billion under VAT, the custom office collected just Rs 5 billion.<br /> The customs office has collected Rs 63.45 billion revenue in the first fives months of the current fiscal year. “The revenue collection is 36 per cent below the target”, said Baruwal. During the first five months, the custom office should have collected Rs 100 billion in revenue. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">The government has removed ban imposed on the import of all kinds of goods. “The provision of cash margin while opening letter of Credit(LC) to import goods has affected revenue collection despite the lifting of the ban”, said customs officials. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">Earlier, the government had banned the import of vehicles, liquor and other goods citing depletion of foreign currency reserve. Customs officials say that vehicles and fuel are major sources of government revenue. Ban on the import of vehicles and fall in the import of petroleum products have affected revenue collection.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">Private sector says that demand for automobiles has fallen sharply though the government lifted the ban. Falling demand has shrunk the production of goods, causing the industries to trim the import of raw materials. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">“Vehicles, petroleum products and raw materials are imported via Birgunj Customs office. Their import has dropped causing the revenue collection to contract”, said Bara Parsa Industry Association’s Vice-president Binay Shah.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">Some customs officials are of the opinion that unlawful import of goods has also hit the revenue collection target.Data at the customs office show that import through the customs office decreased by 29 per cent while export trade fell by 68 per cent. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">Processed cooking oil was being exported to India. But, after India changed its policy on the import of cooking oil, cooking oil export from Nepal has hit snag, said cooking oil industrialist Suresh Rungata.</span></span></span></p> ', 'published' => true, 'created' => '2022-12-26', 'modified' => '2022-12-26', 'keywords' => '', 'description' => '', 'sortorder' => '16346', 'image' => '20221226035543_collage (13).jpg', 'article_date' => '2022-12-26 15:54:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '16540', 'article_category_id' => '274', 'title' => 'Improvement in Nepal’s Economic Indicators ', 'sub_title' => '', 'summary' => 'Economic indicators have further improved in the fourth month of the current fiscal year in the country. ', 'content' => '<p><span style="font-size:20px">December 16: Economic indicators have further improved in the fourth month of the current fiscal year in the country. </span><br /> <span style="font-size:20px">Restrictive policies adopted by Nepal Rastra Bank and the government following the depletion of foreign currency reserve and high deficit in balance of payment have yielded positive results. </span></p> <p><span style="font-size:20px">As per the report published by Nepal Rastra Bank on Current Macroeconomic and Financial Situation on Thursday, inflation has slightly dropped while condition of balance of payment, remittance inflow, and foreign currency reserve have improved. </span><br /> <span style="font-size:20px">Inflation stood at 8.8 per cent in the fourth month of the current fiscal year while country recorded inflation at 8.26 per cent in the third month of the same fiscal year. </span></p> <p><span style="font-size:20px">Nepal Rasrta Bank and the government have set the target to keep inflation within 7 per cent this fiscal. The fourth month has witnessed improvement in the balance of payment (difference in inflow and outflow of money from the country). </span></p> <p><span style="font-size:20px">Balance of payment incurring loss for 14 months had started seeing surplus from the third month of the current fiscal year. BOP surplus that stood at Rs 12,43,0000000 in the same month increased to Rs 20,030000000 in the fourth month.</span><br /> <span style="font-size:20px">Due to COVID-19 and lockdowns imposed to contain the virus had plummeted the import, causing the BOP surplus. </span></p> <p><span style="font-size:20px">However, high import since last year had led to the deficit in balance of payment. After the high import reduced the foreign currency reserve rapidly, Nepal Rastra Bank had started provision of keeping 50 per cash margin when opening the letter of credit (LC) to import the luxurious goods from the fourth month of last fiscal year.</span></p> <p><span style="font-size:20px">Later, the government had banned the import of 10 luxurious good in May. The ban has resulted into BOP surplus. </span></p> <p><span style="font-size:20px">Remittance inflow rate that started rising since the first month of the current fiscal year increased by 20.4 per cent in the fourth month. Country has received a total of Rs 3,780,40000000 remittance in the first four months of the current fiscal. </span></p> <p><span style="font-size:20px">Remittance amount country received in the fourth month was at Rs 96,990000000. Last year, the remittance inflow had dropped by 7 per cent in the same month. </span></p> <p><span style="font-size:20px">In the US Dollar terms, the remittance inflow has increased by 10.8 per cent and reached 2, 93,0000000. Remittance in the US Dollar had dropped by 7.3 per cent in the same period last year.</span></p> <p><span style="font-size:20px">Rise in the number of people going for foreign employment and sharp increase in the price of US Dollar have led to the rise of remittance inflow inside the country.</span></p> <p><span style="font-size:20px">The number of people receiving labour agreement to work in foreign countries in the first four months increased by 102 per cent and reached 1,95,196. A total of 87,428 migrant workers renewed their labour contract during the same period this fiscal. </span></p> <p><span style="font-size:20px">Tourism income has also improved. Income received from tourists increased by 137 per cent and stood at Rs 17, 96,0000000 in the first four months of the current fiscal. Tourism income was just Rs 7,580000000 during the same period last year. </span></p> <p><span style="font-size:20px">Trade deficit has also dropped in the first four months of the current fiscal. In the review period, import fell by 18 per cent and stood at Rs 5,32,690000000. In the same period, country’s export stood at Rs 54,77,0000000. The total trade deficit decreased by 9.4 per cent and stood at Rs 4,77, 920000000 during the same period.</span></p> <p><span style="font-size:20px">Status of foreign current reserve has also improved during the review period. The total foreign currency reserve stood in the US Dollar stood at 9,63,0000000 in the fourth month of the current fiscal year. The third month had foreign currency reserve of US Dollar 9,48,0000000. </span><br /> <span style="font-size:20px">The current reserve of the foreign currency is enough to import goods for 9.7 months and goods and services for 8.4 months.</span><br /> </p> ', 'published' => true, 'created' => '2022-12-16', 'modified' => '2022-12-16', 'keywords' => '', 'description' => '', 'sortorder' => '16281', 'image' => '20221216103327_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-12-16 07:08:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '16529', 'article_category_id' => '274', 'title' => ' Liquidity Crisis Will Deteriorate in Poush, says Governor ', 'sub_title' => '', 'summary' => 'Governor of the Nepal Rastra Bank Maha Prasad Adhikari said liquidity crunch will aggravate in the month of mid- December to mid-January (Poush).', 'content' => '<p><br /> <span style="font-size:20px">December 14: Governor of the Nepal Rastra Bank Maha Prasad Adhikari said liquidity crunch will aggravate in the month of mid- December to mid-January (Poush).</span><br /> </p> <p><span style="font-size:20px">Speaking at the Thirteenth Anniversary of Nepalese Association of Financial Journalists held in Kathmandu on Wednesday, Governor Adhikari reiterated that banks and financial institutions would have to experience further scarcity of the loanable amount next month.</span><br /> </p> <p><span style="font-size:20px">“Some tax gets collected in the government coffers in Poush. As per the calendar, Rs 30 billion will go into the government’s account. This will have an adverse effect in the state of cash flow next month. But, we are working to ease the shrinking liquidity”, Adhikari added.</span></p> <p> </p> <p><span style="font-size:20px">According to Adhikari, the central bank had injected 970 billion in the market to ease liquidity last year. “Despite a lot of efforts by the NRB, liquidity is yet to ease in the market”, he stated. </span></p> <p> </p> <p><span style="font-size:20px">Due to the increasing remittance flow inside the country, state of liquidity has become a bit comfortable at present, according to Adhikari </span><br /> </p> <p><span style="font-size:20px">Adhikari stressed the need of money recycling to make liquidity available in the market. “If the borrowers return some money to the banks, cash flow will rise”, Adhikari said. He blamed the ballooning trade deficit for liquidity crunch. </span><br /> </p> <p><span style="font-size:20px">Adhikari made it clear that the central bank was ready to have an open discussion and forge collaboration with the private sector. “Nepal Rastra Bank has opened the import of banned goods and is enforcing various policies and tools to balance the economy”, Adhikari held. </span><br /> </p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16270', 'image' => '20221214041505_collage (10).jpg', 'article_date' => '2022-12-14 16:06:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '16514', 'article_category_id' => '274', 'title' => 'Industrialists, Entrepreneurs from Syangja Submit 10-Point Memorandum to the Government ', 'sub_title' => '', 'summary' => ' Six organizations of industrialists and entrepreneurs from Syangja have submitted a 10-point demand to the Ministry of Finance and Nepal Rastra Bank. ', 'content' => '<p> </p> <p><span style="font-size:20px">December 13: Six organizations of industrialists and entrepreneurs from Syangja have submitted a 10-point demand to the Ministry of Finance and Nepal Rastra Bank. </span></p> <p> </p> <p><span style="font-size:20px">Industrialists and entrepreneurs have jointly submitted the memorandum to the Rastra Bank and Finance Ministry through Waling Area Administration Office, drawing a serious attention to Nepal Rastra Bank’s directives and current working capital guidelines-2079 BS. </span></p> <p> </p> <p><span style="font-size:20px">Waling Industry Association, Synagja District Federation of Nepalese Chamber of Commerce and Industry, Galyang Chapter of FNCCI, Bhirkot chapter of FNCCI and Chapakot chapter of FNCCI have submitted the memorandum. <br /> </span></p> <p><span style="font-size:20px">The memorandum states that liquidity crunch had led to the rise of interest rates, hitting businesses and enterprises hard. They have demanded that government and Rastra Bank slash the interest rates on lending at single digit. </span></p> <p> </p> <p><span style="font-size:20px">Entrepreneurs bemoaned that banks would have to cooperate during the crisis in economy. They have underlined the need to control the rising interest rate and make liquidity available. They have also demanded to keep spread rate within 3 per cent. </span><br /> </p> <p><span style="font-size:20px">Earlier, industrialists and entrepreneurs had staged a peaceful rally with slogans. Area Administration Office Waling Chief Ghanshayam Gautam said that he would send the memorandum to the concerned agencies at the earliest. </span></p> ', 'published' => true, 'created' => '2022-12-13', 'modified' => '2022-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '16255', 'image' => '20221213110012_collage (5).jpg', 'article_date' => '2022-12-13 10:50:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '16509', 'article_category_id' => '274', 'title' => 'Not Economic Crisis, but a Challenge, says Finance Minister Sharma ', 'sub_title' => '', 'summary' => 'Minister for Finance Janardan Sharma has said that recent challenges Nepal’s economy has been facing including the slow economic growth and shortage of liquidity have resulted from the lack of implementation of economic and business policies introduced by the government.', 'content' => '<p><span style="font-size:16px">December 12: Minister for Finance Janardan Sharma has said that recent challenges Nepal’s economy has been facing including the slow economic growth and shortage of liquidity have resulted from the lack of implementation of economic and business policies introduced by the government.</span></p> <p><span style="font-size:16px">“Its about the lack of the institutional and legal capacity. If we address them, many of the challenges we are facing would be resolved,” said Finance Minister Sharma, addressing the “7th Newbiz Business Conclave and Awards” on Monday.</span></p> <p><span style="font-size:16px">He also took strong exception to characterizing Nepal’s economic challenges as ‘crisis’. “There were comments that Nepal was going down the line of crisis like in Sri Lanka. That was wrong. We cannot call it a crisis. There are challenges that can be treated,” he said.</span></p> <p><span style="font-size:16px">Minister Finance Sharma also opined that Nepal cannot do or produce everything. “We should focus on certain areas like hydropower and IT where we have our competitive advantages,” he added.</span></p> <p><span style="font-size:16px">Speaking at the event as keynote speaker, Dr Nagesh Kumar, Director of the Institute for Studies in Industrial Development, India, said that rising inequalities between and within the economies has emerged as one of the major challenges for the world. </span></p> <p><span style="font-size:16px">According to Dr Kumar, there is widening inequalities of income within countries due to failure of economic growth to ‘lift all the boats’. </span></p> <p><span style="font-size:16px">“Some data show that Nepal has managed very well in addressing the widening inequality. Its social protection system is very good. It has not yet faced a disturbing trend of rising inequality and the rest of the world can learn from Nepal,” he said. </span></p> <p><span style="font-size:16px">He also said that the recent Covid-19 pandemic has exposed gaps in public health infrastructure, social protection, provision of basic services, vaccination as well as in the global economy. </span></p> <p><span style="font-size:16px"> Also speaking at the event, Shekhar Golchha, President of the Federation Nepalese Chambers of Commerce and Industry (FNCCI), said that the private sector, which coped with numerous challenges including conflict, power outage, blockade and earthquakes, is now currently facing internal challenges including the liquidity shortage. </span></p> <p><span style="font-size:16px">“We have emerged from all those crises including the political turmoils that took a toll on the economy. But, we are confident we can also overcome the current internal challenge if we work together,” said FNCCI President Golchha. </span></p> <p><span style="font-size:16px">Vishnu Agarwal, President of the Confederation of Nepalese Industries (CNI), said that the contribution of the manufacturing sector to the GDP has been falling in the last two decades. </span></p> <p><span style="font-size:16px">“We have to focus on industrialization to increase employment opportunities, boost foreign exchange reserves and accelerate the economic growth of the country,” said CNI President Agarwal. “There are some initiatives introduced by the government to promote industrialization. However, there is no satisfactory progress in the implementation of those measures.” </span></p> <p><span style="font-size:16px">Asian Paints is the main sponsor of the programme while Gods of Furniture, Metlife Insurance, Rastriya Banijya Bank, Nexus Evi, NLG Insurance, Dish Home, Fiber Net, Nepali Patro, President Travels and Tours, have supported the event. </span></p> <p><span style="font-size:16px">New Business Age has been organizing the Business Conclave & Awards annually since 2013 with an aim to hold discourse on crucial business and economic issues and honour business excellence by recognising quality works done by people and organizations.</span></p> ', 'published' => true, 'created' => '2022-12-12', 'modified' => '2022-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '16250', 'image' => '20221212071227_Finance Minister.jpg', 'article_date' => '2022-12-12 19:09:07', 'homepage' => true, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '35' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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Industrial raw materials, petroleum products and vehicles are imported via the Birgunj Customs point while processed oil, readymade garments, juice and thread are exported through it. </span></p> <p><span style="font-size:18px">Birgunj Customs Office has collected Rs 101.49 billion in revenue against its target of Rs 168.23 billion in the eight months of the current fiscal. </span></p> <p><span style="font-size:18px">Import restrictions placed by the government from beginning of the current fiscal year caused the total trade to dive, affecting the revenue collection from the customs office, said Information Officer Ram Chandra Dhakal of the customs office. </span></p> <p><span style="font-size:18px">Political instability and polls have encouraged the illegal import of goods, having toll on the revenue collection. “Revenue leakage due to ‘setting’ is also responsible for the fall of revenue collection,” said officials of customs office.</span></p> <p><span style="font-size:18px">Birgunj Customs Office has set the target to collect Rs 260.97 billion revenue in the current fiscal year. The customs office, however, has failed to meet revenue collcetion target in either months of the current fiscal year so far. </span></p> ', 'published' => true, 'created' => '2023-03-22', 'modified' => '2023-03-22', 'keywords' => '', 'description' => '', 'sortorder' => '17074', 'image' => '20230322062302_collage (31).jpg', 'article_date' => '2023-03-22 06:19:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '17288', 'article_category_id' => '274', 'title' => 'IRO Janakpurdham Collects Only 44 Percent Revenue ', 'sub_title' => '', 'summary' => 'Inland Revenue Office Janakpurdham has collected only 44 percent revenue of the annual target in the seven months of the current fiscal year 2022/2023. ', 'content' => '<p> </p> <p><span style="font-size:18px">March 16: Inland Revenue Office Janakpurdham has collected only 44 percent revenue of the annual target in the seven months of the current fiscal year 2022/2023. </span></p> <p><span style="font-size:18px">Given the rate of revenue collection so far, the Inland Revenue office finds it very challenging to meet its annual target in the current fiscal year.</span></p> <p><span style="font-size:18px">The Inland Revenue Office Janakpurdham has set the target to collect Rs 3.70 billion in the fiscal year of 2022/2023. However, the office has collected only 1.63 billion till the end of the seven months of the current fiscal year. Office Head Tax Officer at the Inland Revenue Office Kishor Bartaula admitted that his office was finding it tough to meet the revenue collection target. </span></p> <p><span style="font-size:18px">“Despite our notifications to the tax payers to pay the tax, they have been reluctant to do so,” said Bartaula. He said that a legal action would be taken against the tax payers defying paying the tax despite repeated notifications. </span></p> ', 'published' => true, 'created' => '2023-03-16', 'modified' => '2023-03-16', 'keywords' => '', 'description' => '', 'sortorder' => '17026', 'image' => '20230316052535_collage - 2023-03-16T172805.044.jpg', 'article_date' => '2023-03-16 17:22:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '17243', 'article_category_id' => '274', 'title' => ' Balance of Payment (BOP) at Surplus Of Rs 133.21 Billion ', 'sub_title' => '', 'summary' => 'Nepal has reported a surplus of Rs 133.21 billion in the balance of Payments (BOP) in the seven months of the current fiscal year. ', 'content' => '<p><span style="font-size:18px"> <br /> March: Nepal has reported a surplus of Rs 133.21 billion in the balance of Payments (BOP) in the seven months of the current fiscal year. </span></p> <p><span style="font-size:18px"> The balance of Payments (BOP) stood at a deficit of Rs 247 billion in the same period of the last fiscal year, according to the Current Macroeconomic and Financial Situation Report published by Nepal Rastra Bank on Sunday. </span></p> <p><span style="font-size:18px">In American Dollar terms, the Balance of Payments (BOP) has remained at a surplus of 1.1 billion in the review period compared to a deficit of USD 2.7 billion in the same period of the last fiscal year. </span></p> <p><span style="font-size:18px">According to the Nepal Rastra Bank, the current account has remained at a deficit of Rs 29.64 billion in the first seven months of the current fiscal year compared to a deficit of Rs 411.34 billion in the same period of the last FY. </span></p> <p><span style="font-size:18px">In the US Dollar terms, the current account is at a deficit of 230 million compared to a deficit of 3.45 billion in the same period of the last fiscal year. </span><br /> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16981', 'image' => '20230312050438_collage - 2023-03-12T170408.041.jpg', 'article_date' => '2023-03-12 17:01:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '17242', 'article_category_id' => '274', 'title' => 'Remittance Inflow Increases By 27.1 Percent In Seven Months', 'sub_title' => '', 'summary' => 'Nepal has witnessed the inflow of remittance worth over Rs 689 billion in seven months of the current fiscal year, 2022/23. ', 'content' => '<p><span style="font-size:18px">March 12: Nepal has witnessed the inflow of remittance worth over Rs 689 billion in seven months of the current fiscal year, 2022/23. </span></p> <p><span style="font-size:18px">The remittance influx witnessed a 27.1 percent rise compared to the previous fiscal year, according to details of seven months of the current FY made public by the Nepal Rastra Bank on Sunday.</span></p> <p><span style="font-size:18px">There was a 4.4 percent drop in the remittance influx during the same period of the previous fiscal year. Similarly, remittance inrush in USD has increased by 16.4 percent and reached USD 5.3 billion. The figure dropped 5.3 percent during the same period in the previous fiscal year.</span></p> <p><span style="font-size:18px">Similarly, the number of Nepali migrant workers employed in the foreign countries by receiving final labour agreement (both new institutional and individual) surged by 57.3 percent. In the seven months of the current fiscal year, as many as 3, 14,767 migrant workers received the final labour agreement for the foreign jobs. </span></p> <p><span style="font-size:18px">The figure of migrant workers who got their labour permit renewed increased by 10.1 percent to reach the total 167,708. Likewise, the net transfer increased by 25.2 percent to stand at more than Rs 759 billion in the review period. Such a transfer had dropped a 3.7 percent during the same period of the previous fiscal year. (with inputs from RSS)</span><br /> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16980', 'image' => '20230312041400_collage - 2023-03-12T160503.982.jpg', 'article_date' => '2023-03-12 16:06:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '17237', 'article_category_id' => '274', 'title' => 'Cardamom Export Sees Huge Surge ', 'sub_title' => '', 'summary' => 'Despite the price rise, cardamom export has witnessed a sharp spike this fiscal year. Following increase of demand and price due to the fall of cardamom’s output in India, export of black gold from Nepal has seen colossal hike. ', 'content' => '<p><span style="font-size:18px">March 12: Despite the price rise, cardamom export has witnessed a sharp spike this fiscal year. Following increase of demand and price due to the fall of cardamom’s output in India, export of black gold from Nepal has seen colossal hike. </span></p> <p><span style="font-size:18px">According to the data at Trade and Export Promotion Center, cardamom export has increased by 85 percent as per value in the first seven months of the current fiscal year.</span></p> <p><span style="font-size:18px">Federation of Large Cardamom Entrepreneurs of Nepal (FLCEN) said that with the rise of demand the price of the cardamom had increased by Rs 13,000 per mann(traditional measurement tool). Forty kilograms constitute one mann. The price increase has also led the export to increase. </span></p> <p><span style="font-size:18px">Nepal exported 2,996 metric tons of cardamom worth Rs 2.64 billion in the first seven months of the last fiscal year. On the contrary, country exported 6,117 metric tons of the cardamom worth Rs 4.89 billion in the first seven months of the current fiscal year.</span></p> <p><span style="font-size:18px">Federation of Large Cardamom Entrepreneurs of Nepal (FLCEN) Chairman Nirmal Bhattarai said that production of spice crop had declined both in Nepal and India this year. India, which had produced 50,000 sacks of cardamom last year, produced only 20,000 sacks of cardamom this year. Though Nepal had produced 1,20,000 sacks of cardamom last year, the country produced just 1,0,5000 sacks of cardamom this year.</span></p> <p><span style="font-size:18px">Since India’s production had increased last year, Nepal’s export was not enthusiastic. “Nepal’s cardamom export went up massively due to the export of stock cardamom and this year’s production simultaneously,” said Bhattarai.</span></p> <p><span style="font-size:18px">In the last four months, the price of JJ(number one) cardamom jumped up from Rs 27,000 to Rs 40,000 per mann. Likewise, the value of SD(number two) increased from Rs 26,000 to Rs 39,000 per mann. The price of number of cardamom rose from Rs 25,000 to Rs 38,000. </span></p> <p><span style="font-size:18px">In spite of rise of export price, cardamom farmers have not been able to take benefit. At the time of cardamom harvesting, the price of number one cardamom was Rs 27,000 per mann. The cash crop had reached the hands of middlemen before the price had inflated, according to Bhattarai.</span></p> <p><span style="font-size:18px">Of spices grown in Nepal, ginger ranks in the first place in terms of output and area of cultivation. Cardamom ranks in the last place. Cardamom is cultivated in 1,700 hectares of the land in Nepal.</span></p> <p><span style="font-size:18px">National Center for Potato, Vegetable, and Spice Crops Development’s Senior Crop Development Officer Rajan Pariyar said that export might have risen as the stock from the last year had come at a time in the market. </span></p> <p><span style="font-size:18px">“Traders exported cardamom they owned, causing the export to go up sharply,” Pariyar stated. Nepal’s cardamom export has found its market in Gulf countries from this year, apart from India and Pakistan.</span></p> <p><span style="font-size:18px">Nepal has received export certificate(halal) for cardamom export to Gulf countries including Qatar. </span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16975', 'image' => '20230312070817_collage (20).jpg', 'article_date' => '2023-03-12 06:56:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '17010', 'article_category_id' => '274', 'title' => 'Government Spends 37 Percent Budget in Seven Months ', 'sub_title' => '', 'summary' => 'February 13: The government has spent 37.22 percent of the budget in the first seven months of the current fiscal year 2022/23. As per the data released by the Financial Comptroller General Office, the government has spent Rs 667.65 billion in the first seven months of the current fiscal year.', 'content' => '<p><br /> <span style="font-size:16px">February 13: The government has spent 37.22 percent of the budget in the first seven months of the current fiscal year 2022/23. <br /> As per the data released by the Financial Comptroller General Office, the government has spent Rs 667.65 billion in the first seven months of the current fiscal year.</span></p> <p><span style="font-size:16px">In the review period, the government’s administrative expenditure stood at Rs 531.50 billion out of Rs 1183.23 billion appropriated under the recurrent expenses for the fiscal year 2022/23. This is 44.92 percent of the total budget appropriated for the administrative expenses. </span></p> <p><span style="font-size:16px">Under the capital expenditures, the government spent Rs 66.29 billion out of the total Rs 380.38 billion. This is only 17.43 per cent of the annual budget allocation under the capital expenses. </span></p> <p><span style="font-size:16px">Similarly, out of total Rs 230 billion allocated for the financial management, the government spent Rs 69.85 billion, which is 30.34 per cent of the total annual budget appropriated for the financial management.</span></p> <p><span style="font-size:16px">In the first seven months of the current fiscal, the expenses incurred for payment of principal and interest amount of the government debt exceed capital expenditures. </span></p> <p><span style="font-size:16px">The government has collected 38 percent revenue in the review period. Despite the government’s target to collect the revenue of Rs 1454.23 billion, it has collected revenue of only Rs 554.23 billion.</span></p> <p><span style="font-size:16px">The government has received a foreign grant of Rs 4.80 billion in the review period, which is only eight percent of its target of receiving the grant of Rs 55.45 billion in the current fiscal year. </span><br /> </p> ', 'published' => true, 'created' => '2023-02-13', 'modified' => '2023-02-13', 'keywords' => '', 'description' => '', 'sortorder' => '16749', 'image' => '20230213040901_collage - 2023-02-13T160545.413.jpg', 'article_date' => '2023-02-13 15:46:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '17000', 'article_category_id' => '274', 'title' => 'Government Downsizes Budget By 14 Percent ', 'sub_title' => '', 'summary' => 'Deputy Prime Minister and Minister for Finance Bishnu Prasad Poudel has downsized the budget for the current fiscal year 2022/23.', 'content' => '<p><br /> <span style="font-size:16px">February 12: Deputy Prime Minister and Minister for Finance Bishnu Prasad Poudel has downsized the budget for the current fiscal year 2022/23. </span></p> <p><span style="font-size:16px"> Presenting a half-yearly review report on the budget for the current fiscal year 2022/23 at the meeting of the House of Representatives on Sunday, Finance Minister Poudel cut the budget by Rs 244 billion, which is 14 percent of the total budget. </span></p> <p><span style="font-size:16px">Minister Poudel has downsized the budget of Rs 1793.83 billion brought by former Finance Minister Janardan Sharma to Rs 1549.99 billion. Poudel has also trimmed the revenue collection target of Rs 1341 billion to Rs 1244.75 billion for the current fiscal year. </span></p> <p><span style="font-size:16px">During his address to the meeting of the House of Representatives, Poudel said that the government would adopt austerity measures and re-prioritise the expenditures.</span></p> <p><span style="font-size:16px">The government estimates that Rs 1021.92 billion will be spent for administrative expenses while Rs 313.83 billion will be used under capital expenditure. Similarly, the government will spend Rs 214 billion towards financial management, according to Poudel. <br /> </span><br /> </p> ', 'published' => true, 'created' => '2023-02-12', 'modified' => '2023-02-12', 'keywords' => '', 'description' => '', 'sortorder' => '16739', 'image' => '20230212052610_collage (18).jpg', 'article_date' => '2023-02-12 17:23:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '16950', 'article_category_id' => '274', 'title' => 'Foreign Exchange Reserves Increases By Ten Percent', 'sub_title' => '', 'summary' => 'Nepal has witnessed improvement in foreign exchange reserves of late.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 6: Nepal has witnessed improvement in foreign exchange reserves of late.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The current macroeconomic and financial situation published by the Nepal Rastra Bank on Monday shows that foreign exchange reserve increased by 10 per cent till mid-January 2023 compared to mid-July 2022.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the Nepal Rastra Bank report, foreign exchange reserve increased to Rs 1337.29 billion till mid-January 2023 from Rs 1215.80 billion in mid-July, 2022. </span></span><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the US Dollar, foreign exchange reserve soared by eight percent to 10.30 billion till mid-January, 2023 from 9.54 billion in mid-July 2022.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Foreign exchange reserve held by Nepal Rastra Bank has also increased. The foreign exchange reserve went up to Rs 1183.37 billion till mid-January 2023 from Rs 1056.39 billion in mid-July 2022. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, foreign exchange reserves held by banks and financial institutions (except NRB) have fallen. Foreign exchange reserve shrunk by 3.4 percent from Rs 159.41 billion in mid-July 2022 to 153.91 billion till mid-January 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Indian currency covers 23.6 per cent of the total foreign exchange reserves. </span></span><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The current foreign exchange reserve is adequate to import merchandise for 10.4 months and merchandise and services for 9.1 months, according to the Nepal Rastra Bank.</span></span></p> ', 'published' => true, 'created' => '2023-02-07', 'modified' => '2023-02-07', 'keywords' => '', 'description' => '', 'sortorder' => '16689', 'image' => '20230207114205_FER - Copy.jpg', 'article_date' => '2023-02-07 05:50:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '16946', 'article_category_id' => '274', 'title' => 'Birgunj Customs Office Fails to Meet Revenue Collection Target', 'sub_title' => '', 'summary' => 'Import ban and strict provisions in the opening letter of credit (LC) have led to the fall of revenue at Birgunj Customs Office.', 'content' => '<p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 6: Import ban and strict provisions in the opening letter of credit (LC) have led to the fall of revenue at Birgunj Customs Office. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Birgunj Customs Office has collected only 61 percent revenue of its total target in the first six months of the current fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The customs office amassed revenue of Rs 76.63 billion against its target of Rs 122.77 billion, according to information officer Ram Chandra Dhakal at the customs office. This is just 61.27 per cent of the total annual revenue target. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Customs office has set the target to collect Rs 261.99 billion in revenue in the current fiscal year. The office has collected only 51 percent revenue of the total annual target so far. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The customs office had collected 93 percent of its total revenue target in the last fiscal year, while 97 per cent revenue was collected in the previous fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The chance of meeting revenue collection target is very low,” said Dhakal. The ban on the import of luxurious goods, and tight provisions to open the letter of credit (LC) have led to fall of the revenue collection.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Despite the lifting of the ban on the import of liquor, mobile phones and vehicles by the government, it would take sometimes for the importers to import these goods by opening LC, which will affect the revenue collection for two more months,” Dhakal informed. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-02-06', 'modified' => '2023-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '16685', 'image' => '20230206044703_collage - 2023-02-06T161920.611.jpg', 'article_date' => '2023-02-06 16:44:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '16805', 'article_category_id' => '274', 'title' => 'Contracted Trade Causes Revenue to Fall ', 'sub_title' => '', 'summary' => 'Birgunj Customs office, Nepal’s one of the major entry points for trade with India and other countries, has failed to collect revenue in accordance with target in the first six months of the current fiscal year.', 'content' => '<p> </p> <p><span style="font-size:18px">January 22: Birgunj Customs office, Nepal’s one of the major entry points for trade with India and other countries, has failed to collect revenue in accordance with target in the first six months of the current fiscal year.</span></p> <p><span style="font-size:18px">The Customs office has collected only 62.4 per cent of its total revenue target. <br /> According to the customs office, the Department of Customs had set the target to amass a revenue of Rs 122.77 billion during the first six months of the current fiscal year. </span></p> <p><span style="font-size:18px">The customs office, however, has collected only Rs 76.54 billion during review period. <br /> Customs officials say that the government’s policy to control the trade following the depletion of foreign exchange reserve had caused the revenue to shrink. </span></p> <p><span style="font-size:18px">Import of petroleum products and vehicles contributes largely to the revenue from Birgunj Customs office. Ban on the import of vehicles for a long time led to the revenue to drop”, said Birgunj Customs Office Chief Dhan Bahadur Baruwal.</span></p> <p><span style="font-size:18px">The government that started tightening import of goods from the second quarter of the last fiscal year had imposed ban on the import of vehicles, expensive mobile phones, and liquor from the fourth quarter of the last fiscal.</span></p> <p><span style="font-size:18px">The government has recently removed the provision of cash margin for opening letter of credit after it removed the ban placed on the import of vehicles and other expensive goods.</span></p> <p><span style="font-size:18px">Despite the opening of the import, auto importers have not brought vehicles citing lack of demand and banks not providing loan for the same.</span></p> <p><span style="font-size:18px">Auto importers are hardly importing four to five vehicles these days against 30 to 35 on a daily basis in the past. <br /> “More than 2000 vehicles have gathered at the yard of Integrated Check Post,” according to Nepal Intermodel Transport Development Board Birgunj Office Chief Kamal Gyawali.</span></p> <p><span style="font-size:18px">Birgunj Customs collected only Rs 26 billion of customs duty against its target of 48 billion. Likewise, the customs point collected Rs 34 billion in value added tax despite its target to collect Rs 44 billion. </span></p> <p><span style="font-size:18px">The office collected Rs 5 billion of excise duty against its target to collect Rs 12 billion. Customs officials say that ban on the import of vehicles led the office to miss its target.</span></p> <p><span style="font-size:18px">Birgunj Customs collected infrastructure tax of Rs 6 billion from the petroleum products against its target to collect 9 billion during the same period. </span></p> ', 'published' => true, 'created' => '2023-01-22', 'modified' => '2023-01-22', 'keywords' => '', 'description' => '', 'sortorder' => '16546', 'image' => '20230122061641_collage (33).jpg', 'article_date' => '2023-01-22 06:12:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '16605', 'article_category_id' => '274', 'title' => 'Birgunj Customs Office Fails to Meet Revenue Collection Target ', 'sub_title' => '', 'summary' => 'Shrinking demand and plummeting consumption have adversely affected government’s revenue collection target at Birgunj Customs Office. The customs office collected only half of the targeted revenue in the month of Mangshir', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">December 26 : Shrinking demand and plummeting consumption have adversely affected government’s revenue collection target at Birgunj Customs Office. The customs office collected only half of the targeted revenue in the month of Mangshir. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">The customs office had set the target to collect a total of Rs 21. 69 billion from mid-November to mid-December. However, the customs office collected just Rs 10.90 billion in revenue during the same period. The customs office has failed to meet its targeted revenue collection in either month of the first five months of the current fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">According to Birgunj Customs office Chief Dhan Bahadur Baruwal, the office has collected 47 per cent of revenue under custom tariffs. The customs office collected just Rs 3.81 billion despite the target to amass Rs 8.9 billion customs tariffs.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">Similarly, customs office also witnessed fall in revenue collection under Value Added Tax(VAT).<br /> Against its target to collect Rs 7.93 billion under VAT, the custom office collected just Rs 5 billion.<br /> The customs office has collected Rs 63.45 billion revenue in the first fives months of the current fiscal year. “The revenue collection is 36 per cent below the target”, said Baruwal. During the first five months, the custom office should have collected Rs 100 billion in revenue. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">The government has removed ban imposed on the import of all kinds of goods. “The provision of cash margin while opening letter of Credit(LC) to import goods has affected revenue collection despite the lifting of the ban”, said customs officials. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">Earlier, the government had banned the import of vehicles, liquor and other goods citing depletion of foreign currency reserve. Customs officials say that vehicles and fuel are major sources of government revenue. Ban on the import of vehicles and fall in the import of petroleum products have affected revenue collection.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">Private sector says that demand for automobiles has fallen sharply though the government lifted the ban. Falling demand has shrunk the production of goods, causing the industries to trim the import of raw materials. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">“Vehicles, petroleum products and raw materials are imported via Birgunj Customs office. Their import has dropped causing the revenue collection to contract”, said Bara Parsa Industry Association’s Vice-president Binay Shah.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">Some customs officials are of the opinion that unlawful import of goods has also hit the revenue collection target.Data at the customs office show that import through the customs office decreased by 29 per cent while export trade fell by 68 per cent. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">Processed cooking oil was being exported to India. But, after India changed its policy on the import of cooking oil, cooking oil export from Nepal has hit snag, said cooking oil industrialist Suresh Rungata.</span></span></span></p> ', 'published' => true, 'created' => '2022-12-26', 'modified' => '2022-12-26', 'keywords' => '', 'description' => '', 'sortorder' => '16346', 'image' => '20221226035543_collage (13).jpg', 'article_date' => '2022-12-26 15:54:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '16540', 'article_category_id' => '274', 'title' => 'Improvement in Nepal’s Economic Indicators ', 'sub_title' => '', 'summary' => 'Economic indicators have further improved in the fourth month of the current fiscal year in the country. ', 'content' => '<p><span style="font-size:20px">December 16: Economic indicators have further improved in the fourth month of the current fiscal year in the country. </span><br /> <span style="font-size:20px">Restrictive policies adopted by Nepal Rastra Bank and the government following the depletion of foreign currency reserve and high deficit in balance of payment have yielded positive results. </span></p> <p><span style="font-size:20px">As per the report published by Nepal Rastra Bank on Current Macroeconomic and Financial Situation on Thursday, inflation has slightly dropped while condition of balance of payment, remittance inflow, and foreign currency reserve have improved. </span><br /> <span style="font-size:20px">Inflation stood at 8.8 per cent in the fourth month of the current fiscal year while country recorded inflation at 8.26 per cent in the third month of the same fiscal year. </span></p> <p><span style="font-size:20px">Nepal Rasrta Bank and the government have set the target to keep inflation within 7 per cent this fiscal. The fourth month has witnessed improvement in the balance of payment (difference in inflow and outflow of money from the country). </span></p> <p><span style="font-size:20px">Balance of payment incurring loss for 14 months had started seeing surplus from the third month of the current fiscal year. BOP surplus that stood at Rs 12,43,0000000 in the same month increased to Rs 20,030000000 in the fourth month.</span><br /> <span style="font-size:20px">Due to COVID-19 and lockdowns imposed to contain the virus had plummeted the import, causing the BOP surplus. </span></p> <p><span style="font-size:20px">However, high import since last year had led to the deficit in balance of payment. After the high import reduced the foreign currency reserve rapidly, Nepal Rastra Bank had started provision of keeping 50 per cash margin when opening the letter of credit (LC) to import the luxurious goods from the fourth month of last fiscal year.</span></p> <p><span style="font-size:20px">Later, the government had banned the import of 10 luxurious good in May. The ban has resulted into BOP surplus. </span></p> <p><span style="font-size:20px">Remittance inflow rate that started rising since the first month of the current fiscal year increased by 20.4 per cent in the fourth month. Country has received a total of Rs 3,780,40000000 remittance in the first four months of the current fiscal. </span></p> <p><span style="font-size:20px">Remittance amount country received in the fourth month was at Rs 96,990000000. Last year, the remittance inflow had dropped by 7 per cent in the same month. </span></p> <p><span style="font-size:20px">In the US Dollar terms, the remittance inflow has increased by 10.8 per cent and reached 2, 93,0000000. Remittance in the US Dollar had dropped by 7.3 per cent in the same period last year.</span></p> <p><span style="font-size:20px">Rise in the number of people going for foreign employment and sharp increase in the price of US Dollar have led to the rise of remittance inflow inside the country.</span></p> <p><span style="font-size:20px">The number of people receiving labour agreement to work in foreign countries in the first four months increased by 102 per cent and reached 1,95,196. A total of 87,428 migrant workers renewed their labour contract during the same period this fiscal. </span></p> <p><span style="font-size:20px">Tourism income has also improved. Income received from tourists increased by 137 per cent and stood at Rs 17, 96,0000000 in the first four months of the current fiscal. Tourism income was just Rs 7,580000000 during the same period last year. </span></p> <p><span style="font-size:20px">Trade deficit has also dropped in the first four months of the current fiscal. In the review period, import fell by 18 per cent and stood at Rs 5,32,690000000. In the same period, country’s export stood at Rs 54,77,0000000. The total trade deficit decreased by 9.4 per cent and stood at Rs 4,77, 920000000 during the same period.</span></p> <p><span style="font-size:20px">Status of foreign current reserve has also improved during the review period. The total foreign currency reserve stood in the US Dollar stood at 9,63,0000000 in the fourth month of the current fiscal year. The third month had foreign currency reserve of US Dollar 9,48,0000000. </span><br /> <span style="font-size:20px">The current reserve of the foreign currency is enough to import goods for 9.7 months and goods and services for 8.4 months.</span><br /> </p> ', 'published' => true, 'created' => '2022-12-16', 'modified' => '2022-12-16', 'keywords' => '', 'description' => '', 'sortorder' => '16281', 'image' => '20221216103327_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-12-16 07:08:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '16529', 'article_category_id' => '274', 'title' => ' Liquidity Crisis Will Deteriorate in Poush, says Governor ', 'sub_title' => '', 'summary' => 'Governor of the Nepal Rastra Bank Maha Prasad Adhikari said liquidity crunch will aggravate in the month of mid- December to mid-January (Poush).', 'content' => '<p><br /> <span style="font-size:20px">December 14: Governor of the Nepal Rastra Bank Maha Prasad Adhikari said liquidity crunch will aggravate in the month of mid- December to mid-January (Poush).</span><br /> </p> <p><span style="font-size:20px">Speaking at the Thirteenth Anniversary of Nepalese Association of Financial Journalists held in Kathmandu on Wednesday, Governor Adhikari reiterated that banks and financial institutions would have to experience further scarcity of the loanable amount next month.</span><br /> </p> <p><span style="font-size:20px">“Some tax gets collected in the government coffers in Poush. As per the calendar, Rs 30 billion will go into the government’s account. This will have an adverse effect in the state of cash flow next month. But, we are working to ease the shrinking liquidity”, Adhikari added.</span></p> <p> </p> <p><span style="font-size:20px">According to Adhikari, the central bank had injected 970 billion in the market to ease liquidity last year. “Despite a lot of efforts by the NRB, liquidity is yet to ease in the market”, he stated. </span></p> <p> </p> <p><span style="font-size:20px">Due to the increasing remittance flow inside the country, state of liquidity has become a bit comfortable at present, according to Adhikari </span><br /> </p> <p><span style="font-size:20px">Adhikari stressed the need of money recycling to make liquidity available in the market. “If the borrowers return some money to the banks, cash flow will rise”, Adhikari said. He blamed the ballooning trade deficit for liquidity crunch. </span><br /> </p> <p><span style="font-size:20px">Adhikari made it clear that the central bank was ready to have an open discussion and forge collaboration with the private sector. “Nepal Rastra Bank has opened the import of banned goods and is enforcing various policies and tools to balance the economy”, Adhikari held. </span><br /> </p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16270', 'image' => '20221214041505_collage (10).jpg', 'article_date' => '2022-12-14 16:06:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '16514', 'article_category_id' => '274', 'title' => 'Industrialists, Entrepreneurs from Syangja Submit 10-Point Memorandum to the Government ', 'sub_title' => '', 'summary' => ' Six organizations of industrialists and entrepreneurs from Syangja have submitted a 10-point demand to the Ministry of Finance and Nepal Rastra Bank. ', 'content' => '<p> </p> <p><span style="font-size:20px">December 13: Six organizations of industrialists and entrepreneurs from Syangja have submitted a 10-point demand to the Ministry of Finance and Nepal Rastra Bank. </span></p> <p> </p> <p><span style="font-size:20px">Industrialists and entrepreneurs have jointly submitted the memorandum to the Rastra Bank and Finance Ministry through Waling Area Administration Office, drawing a serious attention to Nepal Rastra Bank’s directives and current working capital guidelines-2079 BS. </span></p> <p> </p> <p><span style="font-size:20px">Waling Industry Association, Synagja District Federation of Nepalese Chamber of Commerce and Industry, Galyang Chapter of FNCCI, Bhirkot chapter of FNCCI and Chapakot chapter of FNCCI have submitted the memorandum. <br /> </span></p> <p><span style="font-size:20px">The memorandum states that liquidity crunch had led to the rise of interest rates, hitting businesses and enterprises hard. They have demanded that government and Rastra Bank slash the interest rates on lending at single digit. </span></p> <p> </p> <p><span style="font-size:20px">Entrepreneurs bemoaned that banks would have to cooperate during the crisis in economy. They have underlined the need to control the rising interest rate and make liquidity available. They have also demanded to keep spread rate within 3 per cent. </span><br /> </p> <p><span style="font-size:20px">Earlier, industrialists and entrepreneurs had staged a peaceful rally with slogans. Area Administration Office Waling Chief Ghanshayam Gautam said that he would send the memorandum to the concerned agencies at the earliest. </span></p> ', 'published' => true, 'created' => '2022-12-13', 'modified' => '2022-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '16255', 'image' => '20221213110012_collage (5).jpg', 'article_date' => '2022-12-13 10:50:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '16509', 'article_category_id' => '274', 'title' => 'Not Economic Crisis, but a Challenge, says Finance Minister Sharma ', 'sub_title' => '', 'summary' => 'Minister for Finance Janardan Sharma has said that recent challenges Nepal’s economy has been facing including the slow economic growth and shortage of liquidity have resulted from the lack of implementation of economic and business policies introduced by the government.', 'content' => '<p><span style="font-size:16px">December 12: Minister for Finance Janardan Sharma has said that recent challenges Nepal’s economy has been facing including the slow economic growth and shortage of liquidity have resulted from the lack of implementation of economic and business policies introduced by the government.</span></p> <p><span style="font-size:16px">“Its about the lack of the institutional and legal capacity. If we address them, many of the challenges we are facing would be resolved,” said Finance Minister Sharma, addressing the “7th Newbiz Business Conclave and Awards” on Monday.</span></p> <p><span style="font-size:16px">He also took strong exception to characterizing Nepal’s economic challenges as ‘crisis’. “There were comments that Nepal was going down the line of crisis like in Sri Lanka. That was wrong. We cannot call it a crisis. There are challenges that can be treated,” he said.</span></p> <p><span style="font-size:16px">Minister Finance Sharma also opined that Nepal cannot do or produce everything. “We should focus on certain areas like hydropower and IT where we have our competitive advantages,” he added.</span></p> <p><span style="font-size:16px">Speaking at the event as keynote speaker, Dr Nagesh Kumar, Director of the Institute for Studies in Industrial Development, India, said that rising inequalities between and within the economies has emerged as one of the major challenges for the world. </span></p> <p><span style="font-size:16px">According to Dr Kumar, there is widening inequalities of income within countries due to failure of economic growth to ‘lift all the boats’. </span></p> <p><span style="font-size:16px">“Some data show that Nepal has managed very well in addressing the widening inequality. Its social protection system is very good. It has not yet faced a disturbing trend of rising inequality and the rest of the world can learn from Nepal,” he said. </span></p> <p><span style="font-size:16px">He also said that the recent Covid-19 pandemic has exposed gaps in public health infrastructure, social protection, provision of basic services, vaccination as well as in the global economy. </span></p> <p><span style="font-size:16px"> Also speaking at the event, Shekhar Golchha, President of the Federation Nepalese Chambers of Commerce and Industry (FNCCI), said that the private sector, which coped with numerous challenges including conflict, power outage, blockade and earthquakes, is now currently facing internal challenges including the liquidity shortage. </span></p> <p><span style="font-size:16px">“We have emerged from all those crises including the political turmoils that took a toll on the economy. But, we are confident we can also overcome the current internal challenge if we work together,” said FNCCI President Golchha. </span></p> <p><span style="font-size:16px">Vishnu Agarwal, President of the Confederation of Nepalese Industries (CNI), said that the contribution of the manufacturing sector to the GDP has been falling in the last two decades. </span></p> <p><span style="font-size:16px">“We have to focus on industrialization to increase employment opportunities, boost foreign exchange reserves and accelerate the economic growth of the country,” said CNI President Agarwal. “There are some initiatives introduced by the government to promote industrialization. However, there is no satisfactory progress in the implementation of those measures.” </span></p> <p><span style="font-size:16px">Asian Paints is the main sponsor of the programme while Gods of Furniture, Metlife Insurance, Rastriya Banijya Bank, Nexus Evi, NLG Insurance, Dish Home, Fiber Net, Nepali Patro, President Travels and Tours, have supported the event. </span></p> <p><span style="font-size:16px">New Business Age has been organizing the Business Conclave & Awards annually since 2013 with an aim to hold discourse on crucial business and economic issues and honour business excellence by recognising quality works done by people and organizations.</span></p> ', 'published' => true, 'created' => '2022-12-12', 'modified' => '2022-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '16250', 'image' => '20221212071227_Finance Minister.jpg', 'article_date' => '2022-12-12 19:09:07', 'homepage' => true, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '35' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '17339', 'article_category_id' => '274', 'title' => 'Birgunj Customs Office Fails to Meet Its Revenue Collection Target ', 'sub_title' => '', 'summary' => 'Government restrictions on import and fall of demand in domestic market have dealt a blow to revenue collection from Birgunj Customs Office.', 'content' => '<p><br /> <span style="font-size:18px">March 22: Government restrictions on import and fall of demand in domestic market have dealt a blow to revenue collection from Birgunj Customs Office.</span></p> <p><span style="font-size:18px">The revenue collection from the country’s major customs Birgunj Customs Office has collected only 60 percent of its target in the eight months of the current fiscal year. </span></p> <p><span style="font-size:18px">Deemed a major customs point, Birgunj Customs Office provides a significant contribution to revenue collection in the country. Industrial raw materials, petroleum products and vehicles are imported via the Birgunj Customs point while processed oil, readymade garments, juice and thread are exported through it. </span></p> <p><span style="font-size:18px">Birgunj Customs Office has collected Rs 101.49 billion in revenue against its target of Rs 168.23 billion in the eight months of the current fiscal. </span></p> <p><span style="font-size:18px">Import restrictions placed by the government from beginning of the current fiscal year caused the total trade to dive, affecting the revenue collection from the customs office, said Information Officer Ram Chandra Dhakal of the customs office. </span></p> <p><span style="font-size:18px">Political instability and polls have encouraged the illegal import of goods, having toll on the revenue collection. “Revenue leakage due to ‘setting’ is also responsible for the fall of revenue collection,” said officials of customs office.</span></p> <p><span style="font-size:18px">Birgunj Customs Office has set the target to collect Rs 260.97 billion revenue in the current fiscal year. The customs office, however, has failed to meet revenue collcetion target in either months of the current fiscal year so far. </span></p> ', 'published' => true, 'created' => '2023-03-22', 'modified' => '2023-03-22', 'keywords' => '', 'description' => '', 'sortorder' => '17074', 'image' => '20230322062302_collage (31).jpg', 'article_date' => '2023-03-22 06:19:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '17288', 'article_category_id' => '274', 'title' => 'IRO Janakpurdham Collects Only 44 Percent Revenue ', 'sub_title' => '', 'summary' => 'Inland Revenue Office Janakpurdham has collected only 44 percent revenue of the annual target in the seven months of the current fiscal year 2022/2023. ', 'content' => '<p> </p> <p><span style="font-size:18px">March 16: Inland Revenue Office Janakpurdham has collected only 44 percent revenue of the annual target in the seven months of the current fiscal year 2022/2023. </span></p> <p><span style="font-size:18px">Given the rate of revenue collection so far, the Inland Revenue office finds it very challenging to meet its annual target in the current fiscal year.</span></p> <p><span style="font-size:18px">The Inland Revenue Office Janakpurdham has set the target to collect Rs 3.70 billion in the fiscal year of 2022/2023. However, the office has collected only 1.63 billion till the end of the seven months of the current fiscal year. Office Head Tax Officer at the Inland Revenue Office Kishor Bartaula admitted that his office was finding it tough to meet the revenue collection target. </span></p> <p><span style="font-size:18px">“Despite our notifications to the tax payers to pay the tax, they have been reluctant to do so,” said Bartaula. He said that a legal action would be taken against the tax payers defying paying the tax despite repeated notifications. </span></p> ', 'published' => true, 'created' => '2023-03-16', 'modified' => '2023-03-16', 'keywords' => '', 'description' => '', 'sortorder' => '17026', 'image' => '20230316052535_collage - 2023-03-16T172805.044.jpg', 'article_date' => '2023-03-16 17:22:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '17243', 'article_category_id' => '274', 'title' => ' Balance of Payment (BOP) at Surplus Of Rs 133.21 Billion ', 'sub_title' => '', 'summary' => 'Nepal has reported a surplus of Rs 133.21 billion in the balance of Payments (BOP) in the seven months of the current fiscal year. ', 'content' => '<p><span style="font-size:18px"> <br /> March: Nepal has reported a surplus of Rs 133.21 billion in the balance of Payments (BOP) in the seven months of the current fiscal year. </span></p> <p><span style="font-size:18px"> The balance of Payments (BOP) stood at a deficit of Rs 247 billion in the same period of the last fiscal year, according to the Current Macroeconomic and Financial Situation Report published by Nepal Rastra Bank on Sunday. </span></p> <p><span style="font-size:18px">In American Dollar terms, the Balance of Payments (BOP) has remained at a surplus of 1.1 billion in the review period compared to a deficit of USD 2.7 billion in the same period of the last fiscal year. </span></p> <p><span style="font-size:18px">According to the Nepal Rastra Bank, the current account has remained at a deficit of Rs 29.64 billion in the first seven months of the current fiscal year compared to a deficit of Rs 411.34 billion in the same period of the last FY. </span></p> <p><span style="font-size:18px">In the US Dollar terms, the current account is at a deficit of 230 million compared to a deficit of 3.45 billion in the same period of the last fiscal year. </span><br /> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16981', 'image' => '20230312050438_collage - 2023-03-12T170408.041.jpg', 'article_date' => '2023-03-12 17:01:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '17242', 'article_category_id' => '274', 'title' => 'Remittance Inflow Increases By 27.1 Percent In Seven Months', 'sub_title' => '', 'summary' => 'Nepal has witnessed the inflow of remittance worth over Rs 689 billion in seven months of the current fiscal year, 2022/23. ', 'content' => '<p><span style="font-size:18px">March 12: Nepal has witnessed the inflow of remittance worth over Rs 689 billion in seven months of the current fiscal year, 2022/23. </span></p> <p><span style="font-size:18px">The remittance influx witnessed a 27.1 percent rise compared to the previous fiscal year, according to details of seven months of the current FY made public by the Nepal Rastra Bank on Sunday.</span></p> <p><span style="font-size:18px">There was a 4.4 percent drop in the remittance influx during the same period of the previous fiscal year. Similarly, remittance inrush in USD has increased by 16.4 percent and reached USD 5.3 billion. The figure dropped 5.3 percent during the same period in the previous fiscal year.</span></p> <p><span style="font-size:18px">Similarly, the number of Nepali migrant workers employed in the foreign countries by receiving final labour agreement (both new institutional and individual) surged by 57.3 percent. In the seven months of the current fiscal year, as many as 3, 14,767 migrant workers received the final labour agreement for the foreign jobs. </span></p> <p><span style="font-size:18px">The figure of migrant workers who got their labour permit renewed increased by 10.1 percent to reach the total 167,708. Likewise, the net transfer increased by 25.2 percent to stand at more than Rs 759 billion in the review period. Such a transfer had dropped a 3.7 percent during the same period of the previous fiscal year. (with inputs from RSS)</span><br /> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16980', 'image' => '20230312041400_collage - 2023-03-12T160503.982.jpg', 'article_date' => '2023-03-12 16:06:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '17237', 'article_category_id' => '274', 'title' => 'Cardamom Export Sees Huge Surge ', 'sub_title' => '', 'summary' => 'Despite the price rise, cardamom export has witnessed a sharp spike this fiscal year. Following increase of demand and price due to the fall of cardamom’s output in India, export of black gold from Nepal has seen colossal hike. ', 'content' => '<p><span style="font-size:18px">March 12: Despite the price rise, cardamom export has witnessed a sharp spike this fiscal year. Following increase of demand and price due to the fall of cardamom’s output in India, export of black gold from Nepal has seen colossal hike. </span></p> <p><span style="font-size:18px">According to the data at Trade and Export Promotion Center, cardamom export has increased by 85 percent as per value in the first seven months of the current fiscal year.</span></p> <p><span style="font-size:18px">Federation of Large Cardamom Entrepreneurs of Nepal (FLCEN) said that with the rise of demand the price of the cardamom had increased by Rs 13,000 per mann(traditional measurement tool). Forty kilograms constitute one mann. The price increase has also led the export to increase. </span></p> <p><span style="font-size:18px">Nepal exported 2,996 metric tons of cardamom worth Rs 2.64 billion in the first seven months of the last fiscal year. On the contrary, country exported 6,117 metric tons of the cardamom worth Rs 4.89 billion in the first seven months of the current fiscal year.</span></p> <p><span style="font-size:18px">Federation of Large Cardamom Entrepreneurs of Nepal (FLCEN) Chairman Nirmal Bhattarai said that production of spice crop had declined both in Nepal and India this year. India, which had produced 50,000 sacks of cardamom last year, produced only 20,000 sacks of cardamom this year. Though Nepal had produced 1,20,000 sacks of cardamom last year, the country produced just 1,0,5000 sacks of cardamom this year.</span></p> <p><span style="font-size:18px">Since India’s production had increased last year, Nepal’s export was not enthusiastic. “Nepal’s cardamom export went up massively due to the export of stock cardamom and this year’s production simultaneously,” said Bhattarai.</span></p> <p><span style="font-size:18px">In the last four months, the price of JJ(number one) cardamom jumped up from Rs 27,000 to Rs 40,000 per mann. Likewise, the value of SD(number two) increased from Rs 26,000 to Rs 39,000 per mann. The price of number of cardamom rose from Rs 25,000 to Rs 38,000. </span></p> <p><span style="font-size:18px">In spite of rise of export price, cardamom farmers have not been able to take benefit. At the time of cardamom harvesting, the price of number one cardamom was Rs 27,000 per mann. The cash crop had reached the hands of middlemen before the price had inflated, according to Bhattarai.</span></p> <p><span style="font-size:18px">Of spices grown in Nepal, ginger ranks in the first place in terms of output and area of cultivation. Cardamom ranks in the last place. Cardamom is cultivated in 1,700 hectares of the land in Nepal.</span></p> <p><span style="font-size:18px">National Center for Potato, Vegetable, and Spice Crops Development’s Senior Crop Development Officer Rajan Pariyar said that export might have risen as the stock from the last year had come at a time in the market. </span></p> <p><span style="font-size:18px">“Traders exported cardamom they owned, causing the export to go up sharply,” Pariyar stated. Nepal’s cardamom export has found its market in Gulf countries from this year, apart from India and Pakistan.</span></p> <p><span style="font-size:18px">Nepal has received export certificate(halal) for cardamom export to Gulf countries including Qatar. </span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16975', 'image' => '20230312070817_collage (20).jpg', 'article_date' => '2023-03-12 06:56:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '17010', 'article_category_id' => '274', 'title' => 'Government Spends 37 Percent Budget in Seven Months ', 'sub_title' => '', 'summary' => 'February 13: The government has spent 37.22 percent of the budget in the first seven months of the current fiscal year 2022/23. As per the data released by the Financial Comptroller General Office, the government has spent Rs 667.65 billion in the first seven months of the current fiscal year.', 'content' => '<p><br /> <span style="font-size:16px">February 13: The government has spent 37.22 percent of the budget in the first seven months of the current fiscal year 2022/23. <br /> As per the data released by the Financial Comptroller General Office, the government has spent Rs 667.65 billion in the first seven months of the current fiscal year.</span></p> <p><span style="font-size:16px">In the review period, the government’s administrative expenditure stood at Rs 531.50 billion out of Rs 1183.23 billion appropriated under the recurrent expenses for the fiscal year 2022/23. This is 44.92 percent of the total budget appropriated for the administrative expenses. </span></p> <p><span style="font-size:16px">Under the capital expenditures, the government spent Rs 66.29 billion out of the total Rs 380.38 billion. This is only 17.43 per cent of the annual budget allocation under the capital expenses. </span></p> <p><span style="font-size:16px">Similarly, out of total Rs 230 billion allocated for the financial management, the government spent Rs 69.85 billion, which is 30.34 per cent of the total annual budget appropriated for the financial management.</span></p> <p><span style="font-size:16px">In the first seven months of the current fiscal, the expenses incurred for payment of principal and interest amount of the government debt exceed capital expenditures. </span></p> <p><span style="font-size:16px">The government has collected 38 percent revenue in the review period. Despite the government’s target to collect the revenue of Rs 1454.23 billion, it has collected revenue of only Rs 554.23 billion.</span></p> <p><span style="font-size:16px">The government has received a foreign grant of Rs 4.80 billion in the review period, which is only eight percent of its target of receiving the grant of Rs 55.45 billion in the current fiscal year. </span><br /> </p> ', 'published' => true, 'created' => '2023-02-13', 'modified' => '2023-02-13', 'keywords' => '', 'description' => '', 'sortorder' => '16749', 'image' => '20230213040901_collage - 2023-02-13T160545.413.jpg', 'article_date' => '2023-02-13 15:46:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '17000', 'article_category_id' => '274', 'title' => 'Government Downsizes Budget By 14 Percent ', 'sub_title' => '', 'summary' => 'Deputy Prime Minister and Minister for Finance Bishnu Prasad Poudel has downsized the budget for the current fiscal year 2022/23.', 'content' => '<p><br /> <span style="font-size:16px">February 12: Deputy Prime Minister and Minister for Finance Bishnu Prasad Poudel has downsized the budget for the current fiscal year 2022/23. </span></p> <p><span style="font-size:16px"> Presenting a half-yearly review report on the budget for the current fiscal year 2022/23 at the meeting of the House of Representatives on Sunday, Finance Minister Poudel cut the budget by Rs 244 billion, which is 14 percent of the total budget. </span></p> <p><span style="font-size:16px">Minister Poudel has downsized the budget of Rs 1793.83 billion brought by former Finance Minister Janardan Sharma to Rs 1549.99 billion. Poudel has also trimmed the revenue collection target of Rs 1341 billion to Rs 1244.75 billion for the current fiscal year. </span></p> <p><span style="font-size:16px">During his address to the meeting of the House of Representatives, Poudel said that the government would adopt austerity measures and re-prioritise the expenditures.</span></p> <p><span style="font-size:16px">The government estimates that Rs 1021.92 billion will be spent for administrative expenses while Rs 313.83 billion will be used under capital expenditure. Similarly, the government will spend Rs 214 billion towards financial management, according to Poudel. <br /> </span><br /> </p> ', 'published' => true, 'created' => '2023-02-12', 'modified' => '2023-02-12', 'keywords' => '', 'description' => '', 'sortorder' => '16739', 'image' => '20230212052610_collage (18).jpg', 'article_date' => '2023-02-12 17:23:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '16950', 'article_category_id' => '274', 'title' => 'Foreign Exchange Reserves Increases By Ten Percent', 'sub_title' => '', 'summary' => 'Nepal has witnessed improvement in foreign exchange reserves of late.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 6: Nepal has witnessed improvement in foreign exchange reserves of late.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The current macroeconomic and financial situation published by the Nepal Rastra Bank on Monday shows that foreign exchange reserve increased by 10 per cent till mid-January 2023 compared to mid-July 2022.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the Nepal Rastra Bank report, foreign exchange reserve increased to Rs 1337.29 billion till mid-January 2023 from Rs 1215.80 billion in mid-July, 2022. </span></span><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the US Dollar, foreign exchange reserve soared by eight percent to 10.30 billion till mid-January, 2023 from 9.54 billion in mid-July 2022.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Foreign exchange reserve held by Nepal Rastra Bank has also increased. The foreign exchange reserve went up to Rs 1183.37 billion till mid-January 2023 from Rs 1056.39 billion in mid-July 2022. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, foreign exchange reserves held by banks and financial institutions (except NRB) have fallen. Foreign exchange reserve shrunk by 3.4 percent from Rs 159.41 billion in mid-July 2022 to 153.91 billion till mid-January 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Indian currency covers 23.6 per cent of the total foreign exchange reserves. </span></span><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The current foreign exchange reserve is adequate to import merchandise for 10.4 months and merchandise and services for 9.1 months, according to the Nepal Rastra Bank.</span></span></p> ', 'published' => true, 'created' => '2023-02-07', 'modified' => '2023-02-07', 'keywords' => '', 'description' => '', 'sortorder' => '16689', 'image' => '20230207114205_FER - Copy.jpg', 'article_date' => '2023-02-07 05:50:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '16946', 'article_category_id' => '274', 'title' => 'Birgunj Customs Office Fails to Meet Revenue Collection Target', 'sub_title' => '', 'summary' => 'Import ban and strict provisions in the opening letter of credit (LC) have led to the fall of revenue at Birgunj Customs Office.', 'content' => '<p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 6: Import ban and strict provisions in the opening letter of credit (LC) have led to the fall of revenue at Birgunj Customs Office. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Birgunj Customs Office has collected only 61 percent revenue of its total target in the first six months of the current fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The customs office amassed revenue of Rs 76.63 billion against its target of Rs 122.77 billion, according to information officer Ram Chandra Dhakal at the customs office. This is just 61.27 per cent of the total annual revenue target. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Customs office has set the target to collect Rs 261.99 billion in revenue in the current fiscal year. The office has collected only 51 percent revenue of the total annual target so far. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The customs office had collected 93 percent of its total revenue target in the last fiscal year, while 97 per cent revenue was collected in the previous fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The chance of meeting revenue collection target is very low,” said Dhakal. The ban on the import of luxurious goods, and tight provisions to open the letter of credit (LC) have led to fall of the revenue collection.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Despite the lifting of the ban on the import of liquor, mobile phones and vehicles by the government, it would take sometimes for the importers to import these goods by opening LC, which will affect the revenue collection for two more months,” Dhakal informed. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-02-06', 'modified' => '2023-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '16685', 'image' => '20230206044703_collage - 2023-02-06T161920.611.jpg', 'article_date' => '2023-02-06 16:44:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '16805', 'article_category_id' => '274', 'title' => 'Contracted Trade Causes Revenue to Fall ', 'sub_title' => '', 'summary' => 'Birgunj Customs office, Nepal’s one of the major entry points for trade with India and other countries, has failed to collect revenue in accordance with target in the first six months of the current fiscal year.', 'content' => '<p> </p> <p><span style="font-size:18px">January 22: Birgunj Customs office, Nepal’s one of the major entry points for trade with India and other countries, has failed to collect revenue in accordance with target in the first six months of the current fiscal year.</span></p> <p><span style="font-size:18px">The Customs office has collected only 62.4 per cent of its total revenue target. <br /> According to the customs office, the Department of Customs had set the target to amass a revenue of Rs 122.77 billion during the first six months of the current fiscal year. </span></p> <p><span style="font-size:18px">The customs office, however, has collected only Rs 76.54 billion during review period. <br /> Customs officials say that the government’s policy to control the trade following the depletion of foreign exchange reserve had caused the revenue to shrink. </span></p> <p><span style="font-size:18px">Import of petroleum products and vehicles contributes largely to the revenue from Birgunj Customs office. Ban on the import of vehicles for a long time led to the revenue to drop”, said Birgunj Customs Office Chief Dhan Bahadur Baruwal.</span></p> <p><span style="font-size:18px">The government that started tightening import of goods from the second quarter of the last fiscal year had imposed ban on the import of vehicles, expensive mobile phones, and liquor from the fourth quarter of the last fiscal.</span></p> <p><span style="font-size:18px">The government has recently removed the provision of cash margin for opening letter of credit after it removed the ban placed on the import of vehicles and other expensive goods.</span></p> <p><span style="font-size:18px">Despite the opening of the import, auto importers have not brought vehicles citing lack of demand and banks not providing loan for the same.</span></p> <p><span style="font-size:18px">Auto importers are hardly importing four to five vehicles these days against 30 to 35 on a daily basis in the past. <br /> “More than 2000 vehicles have gathered at the yard of Integrated Check Post,” according to Nepal Intermodel Transport Development Board Birgunj Office Chief Kamal Gyawali.</span></p> <p><span style="font-size:18px">Birgunj Customs collected only Rs 26 billion of customs duty against its target of 48 billion. Likewise, the customs point collected Rs 34 billion in value added tax despite its target to collect Rs 44 billion. </span></p> <p><span style="font-size:18px">The office collected Rs 5 billion of excise duty against its target to collect Rs 12 billion. Customs officials say that ban on the import of vehicles led the office to miss its target.</span></p> <p><span style="font-size:18px">Birgunj Customs collected infrastructure tax of Rs 6 billion from the petroleum products against its target to collect 9 billion during the same period. </span></p> ', 'published' => true, 'created' => '2023-01-22', 'modified' => '2023-01-22', 'keywords' => '', 'description' => '', 'sortorder' => '16546', 'image' => '20230122061641_collage (33).jpg', 'article_date' => '2023-01-22 06:12:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '16605', 'article_category_id' => '274', 'title' => 'Birgunj Customs Office Fails to Meet Revenue Collection Target ', 'sub_title' => '', 'summary' => 'Shrinking demand and plummeting consumption have adversely affected government’s revenue collection target at Birgunj Customs Office. The customs office collected only half of the targeted revenue in the month of Mangshir', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">December 26 : Shrinking demand and plummeting consumption have adversely affected government’s revenue collection target at Birgunj Customs Office. The customs office collected only half of the targeted revenue in the month of Mangshir. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">The customs office had set the target to collect a total of Rs 21. 69 billion from mid-November to mid-December. However, the customs office collected just Rs 10.90 billion in revenue during the same period. The customs office has failed to meet its targeted revenue collection in either month of the first five months of the current fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">According to Birgunj Customs office Chief Dhan Bahadur Baruwal, the office has collected 47 per cent of revenue under custom tariffs. The customs office collected just Rs 3.81 billion despite the target to amass Rs 8.9 billion customs tariffs.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">Similarly, customs office also witnessed fall in revenue collection under Value Added Tax(VAT).<br /> Against its target to collect Rs 7.93 billion under VAT, the custom office collected just Rs 5 billion.<br /> The customs office has collected Rs 63.45 billion revenue in the first fives months of the current fiscal year. “The revenue collection is 36 per cent below the target”, said Baruwal. During the first five months, the custom office should have collected Rs 100 billion in revenue. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">The government has removed ban imposed on the import of all kinds of goods. “The provision of cash margin while opening letter of Credit(LC) to import goods has affected revenue collection despite the lifting of the ban”, said customs officials. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">Earlier, the government had banned the import of vehicles, liquor and other goods citing depletion of foreign currency reserve. Customs officials say that vehicles and fuel are major sources of government revenue. Ban on the import of vehicles and fall in the import of petroleum products have affected revenue collection.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">Private sector says that demand for automobiles has fallen sharply though the government lifted the ban. Falling demand has shrunk the production of goods, causing the industries to trim the import of raw materials. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">“Vehicles, petroleum products and raw materials are imported via Birgunj Customs office. Their import has dropped causing the revenue collection to contract”, said Bara Parsa Industry Association’s Vice-president Binay Shah.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">Some customs officials are of the opinion that unlawful import of goods has also hit the revenue collection target.Data at the customs office show that import through the customs office decreased by 29 per cent while export trade fell by 68 per cent. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">Processed cooking oil was being exported to India. But, after India changed its policy on the import of cooking oil, cooking oil export from Nepal has hit snag, said cooking oil industrialist Suresh Rungata.</span></span></span></p> ', 'published' => true, 'created' => '2022-12-26', 'modified' => '2022-12-26', 'keywords' => '', 'description' => '', 'sortorder' => '16346', 'image' => '20221226035543_collage (13).jpg', 'article_date' => '2022-12-26 15:54:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '16540', 'article_category_id' => '274', 'title' => 'Improvement in Nepal’s Economic Indicators ', 'sub_title' => '', 'summary' => 'Economic indicators have further improved in the fourth month of the current fiscal year in the country. ', 'content' => '<p><span style="font-size:20px">December 16: Economic indicators have further improved in the fourth month of the current fiscal year in the country. </span><br /> <span style="font-size:20px">Restrictive policies adopted by Nepal Rastra Bank and the government following the depletion of foreign currency reserve and high deficit in balance of payment have yielded positive results. </span></p> <p><span style="font-size:20px">As per the report published by Nepal Rastra Bank on Current Macroeconomic and Financial Situation on Thursday, inflation has slightly dropped while condition of balance of payment, remittance inflow, and foreign currency reserve have improved. </span><br /> <span style="font-size:20px">Inflation stood at 8.8 per cent in the fourth month of the current fiscal year while country recorded inflation at 8.26 per cent in the third month of the same fiscal year. </span></p> <p><span style="font-size:20px">Nepal Rasrta Bank and the government have set the target to keep inflation within 7 per cent this fiscal. The fourth month has witnessed improvement in the balance of payment (difference in inflow and outflow of money from the country). </span></p> <p><span style="font-size:20px">Balance of payment incurring loss for 14 months had started seeing surplus from the third month of the current fiscal year. BOP surplus that stood at Rs 12,43,0000000 in the same month increased to Rs 20,030000000 in the fourth month.</span><br /> <span style="font-size:20px">Due to COVID-19 and lockdowns imposed to contain the virus had plummeted the import, causing the BOP surplus. </span></p> <p><span style="font-size:20px">However, high import since last year had led to the deficit in balance of payment. After the high import reduced the foreign currency reserve rapidly, Nepal Rastra Bank had started provision of keeping 50 per cash margin when opening the letter of credit (LC) to import the luxurious goods from the fourth month of last fiscal year.</span></p> <p><span style="font-size:20px">Later, the government had banned the import of 10 luxurious good in May. The ban has resulted into BOP surplus. </span></p> <p><span style="font-size:20px">Remittance inflow rate that started rising since the first month of the current fiscal year increased by 20.4 per cent in the fourth month. Country has received a total of Rs 3,780,40000000 remittance in the first four months of the current fiscal. </span></p> <p><span style="font-size:20px">Remittance amount country received in the fourth month was at Rs 96,990000000. Last year, the remittance inflow had dropped by 7 per cent in the same month. </span></p> <p><span style="font-size:20px">In the US Dollar terms, the remittance inflow has increased by 10.8 per cent and reached 2, 93,0000000. Remittance in the US Dollar had dropped by 7.3 per cent in the same period last year.</span></p> <p><span style="font-size:20px">Rise in the number of people going for foreign employment and sharp increase in the price of US Dollar have led to the rise of remittance inflow inside the country.</span></p> <p><span style="font-size:20px">The number of people receiving labour agreement to work in foreign countries in the first four months increased by 102 per cent and reached 1,95,196. A total of 87,428 migrant workers renewed their labour contract during the same period this fiscal. </span></p> <p><span style="font-size:20px">Tourism income has also improved. Income received from tourists increased by 137 per cent and stood at Rs 17, 96,0000000 in the first four months of the current fiscal. Tourism income was just Rs 7,580000000 during the same period last year. </span></p> <p><span style="font-size:20px">Trade deficit has also dropped in the first four months of the current fiscal. In the review period, import fell by 18 per cent and stood at Rs 5,32,690000000. In the same period, country’s export stood at Rs 54,77,0000000. The total trade deficit decreased by 9.4 per cent and stood at Rs 4,77, 920000000 during the same period.</span></p> <p><span style="font-size:20px">Status of foreign current reserve has also improved during the review period. The total foreign currency reserve stood in the US Dollar stood at 9,63,0000000 in the fourth month of the current fiscal year. The third month had foreign currency reserve of US Dollar 9,48,0000000. </span><br /> <span style="font-size:20px">The current reserve of the foreign currency is enough to import goods for 9.7 months and goods and services for 8.4 months.</span><br /> </p> ', 'published' => true, 'created' => '2022-12-16', 'modified' => '2022-12-16', 'keywords' => '', 'description' => '', 'sortorder' => '16281', 'image' => '20221216103327_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-12-16 07:08:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '16529', 'article_category_id' => '274', 'title' => ' Liquidity Crisis Will Deteriorate in Poush, says Governor ', 'sub_title' => '', 'summary' => 'Governor of the Nepal Rastra Bank Maha Prasad Adhikari said liquidity crunch will aggravate in the month of mid- December to mid-January (Poush).', 'content' => '<p><br /> <span style="font-size:20px">December 14: Governor of the Nepal Rastra Bank Maha Prasad Adhikari said liquidity crunch will aggravate in the month of mid- December to mid-January (Poush).</span><br /> </p> <p><span style="font-size:20px">Speaking at the Thirteenth Anniversary of Nepalese Association of Financial Journalists held in Kathmandu on Wednesday, Governor Adhikari reiterated that banks and financial institutions would have to experience further scarcity of the loanable amount next month.</span><br /> </p> <p><span style="font-size:20px">“Some tax gets collected in the government coffers in Poush. As per the calendar, Rs 30 billion will go into the government’s account. This will have an adverse effect in the state of cash flow next month. But, we are working to ease the shrinking liquidity”, Adhikari added.</span></p> <p> </p> <p><span style="font-size:20px">According to Adhikari, the central bank had injected 970 billion in the market to ease liquidity last year. “Despite a lot of efforts by the NRB, liquidity is yet to ease in the market”, he stated. </span></p> <p> </p> <p><span style="font-size:20px">Due to the increasing remittance flow inside the country, state of liquidity has become a bit comfortable at present, according to Adhikari </span><br /> </p> <p><span style="font-size:20px">Adhikari stressed the need of money recycling to make liquidity available in the market. “If the borrowers return some money to the banks, cash flow will rise”, Adhikari said. He blamed the ballooning trade deficit for liquidity crunch. </span><br /> </p> <p><span style="font-size:20px">Adhikari made it clear that the central bank was ready to have an open discussion and forge collaboration with the private sector. “Nepal Rastra Bank has opened the import of banned goods and is enforcing various policies and tools to balance the economy”, Adhikari held. </span><br /> </p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16270', 'image' => '20221214041505_collage (10).jpg', 'article_date' => '2022-12-14 16:06:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '16514', 'article_category_id' => '274', 'title' => 'Industrialists, Entrepreneurs from Syangja Submit 10-Point Memorandum to the Government ', 'sub_title' => '', 'summary' => ' Six organizations of industrialists and entrepreneurs from Syangja have submitted a 10-point demand to the Ministry of Finance and Nepal Rastra Bank. ', 'content' => '<p> </p> <p><span style="font-size:20px">December 13: Six organizations of industrialists and entrepreneurs from Syangja have submitted a 10-point demand to the Ministry of Finance and Nepal Rastra Bank. </span></p> <p> </p> <p><span style="font-size:20px">Industrialists and entrepreneurs have jointly submitted the memorandum to the Rastra Bank and Finance Ministry through Waling Area Administration Office, drawing a serious attention to Nepal Rastra Bank’s directives and current working capital guidelines-2079 BS. </span></p> <p> </p> <p><span style="font-size:20px">Waling Industry Association, Synagja District Federation of Nepalese Chamber of Commerce and Industry, Galyang Chapter of FNCCI, Bhirkot chapter of FNCCI and Chapakot chapter of FNCCI have submitted the memorandum. <br /> </span></p> <p><span style="font-size:20px">The memorandum states that liquidity crunch had led to the rise of interest rates, hitting businesses and enterprises hard. They have demanded that government and Rastra Bank slash the interest rates on lending at single digit. </span></p> <p> </p> <p><span style="font-size:20px">Entrepreneurs bemoaned that banks would have to cooperate during the crisis in economy. They have underlined the need to control the rising interest rate and make liquidity available. They have also demanded to keep spread rate within 3 per cent. </span><br /> </p> <p><span style="font-size:20px">Earlier, industrialists and entrepreneurs had staged a peaceful rally with slogans. Area Administration Office Waling Chief Ghanshayam Gautam said that he would send the memorandum to the concerned agencies at the earliest. </span></p> ', 'published' => true, 'created' => '2022-12-13', 'modified' => '2022-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '16255', 'image' => '20221213110012_collage (5).jpg', 'article_date' => '2022-12-13 10:50:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '16509', 'article_category_id' => '274', 'title' => 'Not Economic Crisis, but a Challenge, says Finance Minister Sharma ', 'sub_title' => '', 'summary' => 'Minister for Finance Janardan Sharma has said that recent challenges Nepal’s economy has been facing including the slow economic growth and shortage of liquidity have resulted from the lack of implementation of economic and business policies introduced by the government.', 'content' => '<p><span style="font-size:16px">December 12: Minister for Finance Janardan Sharma has said that recent challenges Nepal’s economy has been facing including the slow economic growth and shortage of liquidity have resulted from the lack of implementation of economic and business policies introduced by the government.</span></p> <p><span style="font-size:16px">“Its about the lack of the institutional and legal capacity. If we address them, many of the challenges we are facing would be resolved,” said Finance Minister Sharma, addressing the “7th Newbiz Business Conclave and Awards” on Monday.</span></p> <p><span style="font-size:16px">He also took strong exception to characterizing Nepal’s economic challenges as ‘crisis’. “There were comments that Nepal was going down the line of crisis like in Sri Lanka. That was wrong. We cannot call it a crisis. There are challenges that can be treated,” he said.</span></p> <p><span style="font-size:16px">Minister Finance Sharma also opined that Nepal cannot do or produce everything. “We should focus on certain areas like hydropower and IT where we have our competitive advantages,” he added.</span></p> <p><span style="font-size:16px">Speaking at the event as keynote speaker, Dr Nagesh Kumar, Director of the Institute for Studies in Industrial Development, India, said that rising inequalities between and within the economies has emerged as one of the major challenges for the world. </span></p> <p><span style="font-size:16px">According to Dr Kumar, there is widening inequalities of income within countries due to failure of economic growth to ‘lift all the boats’. </span></p> <p><span style="font-size:16px">“Some data show that Nepal has managed very well in addressing the widening inequality. Its social protection system is very good. It has not yet faced a disturbing trend of rising inequality and the rest of the world can learn from Nepal,” he said. </span></p> <p><span style="font-size:16px">He also said that the recent Covid-19 pandemic has exposed gaps in public health infrastructure, social protection, provision of basic services, vaccination as well as in the global economy. </span></p> <p><span style="font-size:16px"> Also speaking at the event, Shekhar Golchha, President of the Federation Nepalese Chambers of Commerce and Industry (FNCCI), said that the private sector, which coped with numerous challenges including conflict, power outage, blockade and earthquakes, is now currently facing internal challenges including the liquidity shortage. </span></p> <p><span style="font-size:16px">“We have emerged from all those crises including the political turmoils that took a toll on the economy. But, we are confident we can also overcome the current internal challenge if we work together,” said FNCCI President Golchha. </span></p> <p><span style="font-size:16px">Vishnu Agarwal, President of the Confederation of Nepalese Industries (CNI), said that the contribution of the manufacturing sector to the GDP has been falling in the last two decades. </span></p> <p><span style="font-size:16px">“We have to focus on industrialization to increase employment opportunities, boost foreign exchange reserves and accelerate the economic growth of the country,” said CNI President Agarwal. “There are some initiatives introduced by the government to promote industrialization. However, there is no satisfactory progress in the implementation of those measures.” </span></p> <p><span style="font-size:16px">Asian Paints is the main sponsor of the programme while Gods of Furniture, Metlife Insurance, Rastriya Banijya Bank, Nexus Evi, NLG Insurance, Dish Home, Fiber Net, Nepali Patro, President Travels and Tours, have supported the event. </span></p> <p><span style="font-size:16px">New Business Age has been organizing the Business Conclave & Awards annually since 2013 with an aim to hold discourse on crucial business and economic issues and honour business excellence by recognising quality works done by people and organizations.</span></p> ', 'published' => true, 'created' => '2022-12-12', 'modified' => '2022-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '16250', 'image' => '20221212071227_Finance Minister.jpg', 'article_date' => '2022-12-12 19:09:07', 'homepage' => true, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '35' ) ) ) $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] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '17339', 'article_category_id' => '274', 'title' => 'Birgunj Customs Office Fails to Meet Its Revenue Collection Target ', 'sub_title' => '', 'summary' => 'Government restrictions on import and fall of demand in domestic market have dealt a blow to revenue collection from Birgunj Customs Office.', 'content' => '<p><br /> <span style="font-size:18px">March 22: Government restrictions on import and fall of demand in domestic market have dealt a blow to revenue collection from Birgunj Customs Office.</span></p> <p><span style="font-size:18px">The revenue collection from the country’s major customs Birgunj Customs Office has collected only 60 percent of its target in the eight months of the current fiscal year. </span></p> <p><span style="font-size:18px">Deemed a major customs point, Birgunj Customs Office provides a significant contribution to revenue collection in the country. Industrial raw materials, petroleum products and vehicles are imported via the Birgunj Customs point while processed oil, readymade garments, juice and thread are exported through it. </span></p> <p><span style="font-size:18px">Birgunj Customs Office has collected Rs 101.49 billion in revenue against its target of Rs 168.23 billion in the eight months of the current fiscal. </span></p> <p><span style="font-size:18px">Import restrictions placed by the government from beginning of the current fiscal year caused the total trade to dive, affecting the revenue collection from the customs office, said Information Officer Ram Chandra Dhakal of the customs office. </span></p> <p><span style="font-size:18px">Political instability and polls have encouraged the illegal import of goods, having toll on the revenue collection. “Revenue leakage due to ‘setting’ is also responsible for the fall of revenue collection,” said officials of customs office.</span></p> <p><span style="font-size:18px">Birgunj Customs Office has set the target to collect Rs 260.97 billion revenue in the current fiscal year. The customs office, however, has failed to meet revenue collcetion target in either months of the current fiscal year so far. </span></p> ', 'published' => true, 'created' => '2023-03-22', 'modified' => '2023-03-22', 'keywords' => '', 'description' => '', 'sortorder' => '17074', 'image' => '20230322062302_collage (31).jpg', 'article_date' => '2023-03-22 06:19:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '17288', 'article_category_id' => '274', 'title' => 'IRO Janakpurdham Collects Only 44 Percent Revenue ', 'sub_title' => '', 'summary' => 'Inland Revenue Office Janakpurdham has collected only 44 percent revenue of the annual target in the seven months of the current fiscal year 2022/2023. ', 'content' => '<p> </p> <p><span style="font-size:18px">March 16: Inland Revenue Office Janakpurdham has collected only 44 percent revenue of the annual target in the seven months of the current fiscal year 2022/2023. </span></p> <p><span style="font-size:18px">Given the rate of revenue collection so far, the Inland Revenue office finds it very challenging to meet its annual target in the current fiscal year.</span></p> <p><span style="font-size:18px">The Inland Revenue Office Janakpurdham has set the target to collect Rs 3.70 billion in the fiscal year of 2022/2023. However, the office has collected only 1.63 billion till the end of the seven months of the current fiscal year. Office Head Tax Officer at the Inland Revenue Office Kishor Bartaula admitted that his office was finding it tough to meet the revenue collection target. </span></p> <p><span style="font-size:18px">“Despite our notifications to the tax payers to pay the tax, they have been reluctant to do so,” said Bartaula. He said that a legal action would be taken against the tax payers defying paying the tax despite repeated notifications. </span></p> ', 'published' => true, 'created' => '2023-03-16', 'modified' => '2023-03-16', 'keywords' => '', 'description' => '', 'sortorder' => '17026', 'image' => '20230316052535_collage - 2023-03-16T172805.044.jpg', 'article_date' => '2023-03-16 17:22:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '17243', 'article_category_id' => '274', 'title' => ' Balance of Payment (BOP) at Surplus Of Rs 133.21 Billion ', 'sub_title' => '', 'summary' => 'Nepal has reported a surplus of Rs 133.21 billion in the balance of Payments (BOP) in the seven months of the current fiscal year. ', 'content' => '<p><span style="font-size:18px"> <br /> March: Nepal has reported a surplus of Rs 133.21 billion in the balance of Payments (BOP) in the seven months of the current fiscal year. </span></p> <p><span style="font-size:18px"> The balance of Payments (BOP) stood at a deficit of Rs 247 billion in the same period of the last fiscal year, according to the Current Macroeconomic and Financial Situation Report published by Nepal Rastra Bank on Sunday. </span></p> <p><span style="font-size:18px">In American Dollar terms, the Balance of Payments (BOP) has remained at a surplus of 1.1 billion in the review period compared to a deficit of USD 2.7 billion in the same period of the last fiscal year. </span></p> <p><span style="font-size:18px">According to the Nepal Rastra Bank, the current account has remained at a deficit of Rs 29.64 billion in the first seven months of the current fiscal year compared to a deficit of Rs 411.34 billion in the same period of the last FY. </span></p> <p><span style="font-size:18px">In the US Dollar terms, the current account is at a deficit of 230 million compared to a deficit of 3.45 billion in the same period of the last fiscal year. </span><br /> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16981', 'image' => '20230312050438_collage - 2023-03-12T170408.041.jpg', 'article_date' => '2023-03-12 17:01:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '17242', 'article_category_id' => '274', 'title' => 'Remittance Inflow Increases By 27.1 Percent In Seven Months', 'sub_title' => '', 'summary' => 'Nepal has witnessed the inflow of remittance worth over Rs 689 billion in seven months of the current fiscal year, 2022/23. ', 'content' => '<p><span style="font-size:18px">March 12: Nepal has witnessed the inflow of remittance worth over Rs 689 billion in seven months of the current fiscal year, 2022/23. </span></p> <p><span style="font-size:18px">The remittance influx witnessed a 27.1 percent rise compared to the previous fiscal year, according to details of seven months of the current FY made public by the Nepal Rastra Bank on Sunday.</span></p> <p><span style="font-size:18px">There was a 4.4 percent drop in the remittance influx during the same period of the previous fiscal year. Similarly, remittance inrush in USD has increased by 16.4 percent and reached USD 5.3 billion. The figure dropped 5.3 percent during the same period in the previous fiscal year.</span></p> <p><span style="font-size:18px">Similarly, the number of Nepali migrant workers employed in the foreign countries by receiving final labour agreement (both new institutional and individual) surged by 57.3 percent. In the seven months of the current fiscal year, as many as 3, 14,767 migrant workers received the final labour agreement for the foreign jobs. </span></p> <p><span style="font-size:18px">The figure of migrant workers who got their labour permit renewed increased by 10.1 percent to reach the total 167,708. Likewise, the net transfer increased by 25.2 percent to stand at more than Rs 759 billion in the review period. Such a transfer had dropped a 3.7 percent during the same period of the previous fiscal year. (with inputs from RSS)</span><br /> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16980', 'image' => '20230312041400_collage - 2023-03-12T160503.982.jpg', 'article_date' => '2023-03-12 16:06:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '17237', 'article_category_id' => '274', 'title' => 'Cardamom Export Sees Huge Surge ', 'sub_title' => '', 'summary' => 'Despite the price rise, cardamom export has witnessed a sharp spike this fiscal year. Following increase of demand and price due to the fall of cardamom’s output in India, export of black gold from Nepal has seen colossal hike. ', 'content' => '<p><span style="font-size:18px">March 12: Despite the price rise, cardamom export has witnessed a sharp spike this fiscal year. Following increase of demand and price due to the fall of cardamom’s output in India, export of black gold from Nepal has seen colossal hike. </span></p> <p><span style="font-size:18px">According to the data at Trade and Export Promotion Center, cardamom export has increased by 85 percent as per value in the first seven months of the current fiscal year.</span></p> <p><span style="font-size:18px">Federation of Large Cardamom Entrepreneurs of Nepal (FLCEN) said that with the rise of demand the price of the cardamom had increased by Rs 13,000 per mann(traditional measurement tool). Forty kilograms constitute one mann. The price increase has also led the export to increase. </span></p> <p><span style="font-size:18px">Nepal exported 2,996 metric tons of cardamom worth Rs 2.64 billion in the first seven months of the last fiscal year. On the contrary, country exported 6,117 metric tons of the cardamom worth Rs 4.89 billion in the first seven months of the current fiscal year.</span></p> <p><span style="font-size:18px">Federation of Large Cardamom Entrepreneurs of Nepal (FLCEN) Chairman Nirmal Bhattarai said that production of spice crop had declined both in Nepal and India this year. India, which had produced 50,000 sacks of cardamom last year, produced only 20,000 sacks of cardamom this year. Though Nepal had produced 1,20,000 sacks of cardamom last year, the country produced just 1,0,5000 sacks of cardamom this year.</span></p> <p><span style="font-size:18px">Since India’s production had increased last year, Nepal’s export was not enthusiastic. “Nepal’s cardamom export went up massively due to the export of stock cardamom and this year’s production simultaneously,” said Bhattarai.</span></p> <p><span style="font-size:18px">In the last four months, the price of JJ(number one) cardamom jumped up from Rs 27,000 to Rs 40,000 per mann. Likewise, the value of SD(number two) increased from Rs 26,000 to Rs 39,000 per mann. The price of number of cardamom rose from Rs 25,000 to Rs 38,000. </span></p> <p><span style="font-size:18px">In spite of rise of export price, cardamom farmers have not been able to take benefit. At the time of cardamom harvesting, the price of number one cardamom was Rs 27,000 per mann. The cash crop had reached the hands of middlemen before the price had inflated, according to Bhattarai.</span></p> <p><span style="font-size:18px">Of spices grown in Nepal, ginger ranks in the first place in terms of output and area of cultivation. Cardamom ranks in the last place. Cardamom is cultivated in 1,700 hectares of the land in Nepal.</span></p> <p><span style="font-size:18px">National Center for Potato, Vegetable, and Spice Crops Development’s Senior Crop Development Officer Rajan Pariyar said that export might have risen as the stock from the last year had come at a time in the market. </span></p> <p><span style="font-size:18px">“Traders exported cardamom they owned, causing the export to go up sharply,” Pariyar stated. Nepal’s cardamom export has found its market in Gulf countries from this year, apart from India and Pakistan.</span></p> <p><span style="font-size:18px">Nepal has received export certificate(halal) for cardamom export to Gulf countries including Qatar. </span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16975', 'image' => '20230312070817_collage (20).jpg', 'article_date' => '2023-03-12 06:56:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '17010', 'article_category_id' => '274', 'title' => 'Government Spends 37 Percent Budget in Seven Months ', 'sub_title' => '', 'summary' => 'February 13: The government has spent 37.22 percent of the budget in the first seven months of the current fiscal year 2022/23. As per the data released by the Financial Comptroller General Office, the government has spent Rs 667.65 billion in the first seven months of the current fiscal year.', 'content' => '<p><br /> <span style="font-size:16px">February 13: The government has spent 37.22 percent of the budget in the first seven months of the current fiscal year 2022/23. <br /> As per the data released by the Financial Comptroller General Office, the government has spent Rs 667.65 billion in the first seven months of the current fiscal year.</span></p> <p><span style="font-size:16px">In the review period, the government’s administrative expenditure stood at Rs 531.50 billion out of Rs 1183.23 billion appropriated under the recurrent expenses for the fiscal year 2022/23. This is 44.92 percent of the total budget appropriated for the administrative expenses. </span></p> <p><span style="font-size:16px">Under the capital expenditures, the government spent Rs 66.29 billion out of the total Rs 380.38 billion. This is only 17.43 per cent of the annual budget allocation under the capital expenses. </span></p> <p><span style="font-size:16px">Similarly, out of total Rs 230 billion allocated for the financial management, the government spent Rs 69.85 billion, which is 30.34 per cent of the total annual budget appropriated for the financial management.</span></p> <p><span style="font-size:16px">In the first seven months of the current fiscal, the expenses incurred for payment of principal and interest amount of the government debt exceed capital expenditures. </span></p> <p><span style="font-size:16px">The government has collected 38 percent revenue in the review period. Despite the government’s target to collect the revenue of Rs 1454.23 billion, it has collected revenue of only Rs 554.23 billion.</span></p> <p><span style="font-size:16px">The government has received a foreign grant of Rs 4.80 billion in the review period, which is only eight percent of its target of receiving the grant of Rs 55.45 billion in the current fiscal year. </span><br /> </p> ', 'published' => true, 'created' => '2023-02-13', 'modified' => '2023-02-13', 'keywords' => '', 'description' => '', 'sortorder' => '16749', 'image' => '20230213040901_collage - 2023-02-13T160545.413.jpg', 'article_date' => '2023-02-13 15:46:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '17000', 'article_category_id' => '274', 'title' => 'Government Downsizes Budget By 14 Percent ', 'sub_title' => '', 'summary' => 'Deputy Prime Minister and Minister for Finance Bishnu Prasad Poudel has downsized the budget for the current fiscal year 2022/23.', 'content' => '<p><br /> <span style="font-size:16px">February 12: Deputy Prime Minister and Minister for Finance Bishnu Prasad Poudel has downsized the budget for the current fiscal year 2022/23. </span></p> <p><span style="font-size:16px"> Presenting a half-yearly review report on the budget for the current fiscal year 2022/23 at the meeting of the House of Representatives on Sunday, Finance Minister Poudel cut the budget by Rs 244 billion, which is 14 percent of the total budget. </span></p> <p><span style="font-size:16px">Minister Poudel has downsized the budget of Rs 1793.83 billion brought by former Finance Minister Janardan Sharma to Rs 1549.99 billion. Poudel has also trimmed the revenue collection target of Rs 1341 billion to Rs 1244.75 billion for the current fiscal year. </span></p> <p><span style="font-size:16px">During his address to the meeting of the House of Representatives, Poudel said that the government would adopt austerity measures and re-prioritise the expenditures.</span></p> <p><span style="font-size:16px">The government estimates that Rs 1021.92 billion will be spent for administrative expenses while Rs 313.83 billion will be used under capital expenditure. Similarly, the government will spend Rs 214 billion towards financial management, according to Poudel. <br /> </span><br /> </p> ', 'published' => true, 'created' => '2023-02-12', 'modified' => '2023-02-12', 'keywords' => '', 'description' => '', 'sortorder' => '16739', 'image' => '20230212052610_collage (18).jpg', 'article_date' => '2023-02-12 17:23:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '16950', 'article_category_id' => '274', 'title' => 'Foreign Exchange Reserves Increases By Ten Percent', 'sub_title' => '', 'summary' => 'Nepal has witnessed improvement in foreign exchange reserves of late.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 6: Nepal has witnessed improvement in foreign exchange reserves of late.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The current macroeconomic and financial situation published by the Nepal Rastra Bank on Monday shows that foreign exchange reserve increased by 10 per cent till mid-January 2023 compared to mid-July 2022.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the Nepal Rastra Bank report, foreign exchange reserve increased to Rs 1337.29 billion till mid-January 2023 from Rs 1215.80 billion in mid-July, 2022. </span></span><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the US Dollar, foreign exchange reserve soared by eight percent to 10.30 billion till mid-January, 2023 from 9.54 billion in mid-July 2022.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Foreign exchange reserve held by Nepal Rastra Bank has also increased. The foreign exchange reserve went up to Rs 1183.37 billion till mid-January 2023 from Rs 1056.39 billion in mid-July 2022. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, foreign exchange reserves held by banks and financial institutions (except NRB) have fallen. Foreign exchange reserve shrunk by 3.4 percent from Rs 159.41 billion in mid-July 2022 to 153.91 billion till mid-January 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Indian currency covers 23.6 per cent of the total foreign exchange reserves. </span></span><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The current foreign exchange reserve is adequate to import merchandise for 10.4 months and merchandise and services for 9.1 months, according to the Nepal Rastra Bank.</span></span></p> ', 'published' => true, 'created' => '2023-02-07', 'modified' => '2023-02-07', 'keywords' => '', 'description' => '', 'sortorder' => '16689', 'image' => '20230207114205_FER - Copy.jpg', 'article_date' => '2023-02-07 05:50:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '16946', 'article_category_id' => '274', 'title' => 'Birgunj Customs Office Fails to Meet Revenue Collection Target', 'sub_title' => '', 'summary' => 'Import ban and strict provisions in the opening letter of credit (LC) have led to the fall of revenue at Birgunj Customs Office.', 'content' => '<p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 6: Import ban and strict provisions in the opening letter of credit (LC) have led to the fall of revenue at Birgunj Customs Office. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Birgunj Customs Office has collected only 61 percent revenue of its total target in the first six months of the current fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The customs office amassed revenue of Rs 76.63 billion against its target of Rs 122.77 billion, according to information officer Ram Chandra Dhakal at the customs office. This is just 61.27 per cent of the total annual revenue target. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Customs office has set the target to collect Rs 261.99 billion in revenue in the current fiscal year. The office has collected only 51 percent revenue of the total annual target so far. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The customs office had collected 93 percent of its total revenue target in the last fiscal year, while 97 per cent revenue was collected in the previous fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The chance of meeting revenue collection target is very low,” said Dhakal. The ban on the import of luxurious goods, and tight provisions to open the letter of credit (LC) have led to fall of the revenue collection.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Despite the lifting of the ban on the import of liquor, mobile phones and vehicles by the government, it would take sometimes for the importers to import these goods by opening LC, which will affect the revenue collection for two more months,” Dhakal informed. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-02-06', 'modified' => '2023-02-06', 'keywords' => '', 'description' => '', 'sortorder' => '16685', 'image' => '20230206044703_collage - 2023-02-06T161920.611.jpg', 'article_date' => '2023-02-06 16:44:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '16805', 'article_category_id' => '274', 'title' => 'Contracted Trade Causes Revenue to Fall ', 'sub_title' => '', 'summary' => 'Birgunj Customs office, Nepal’s one of the major entry points for trade with India and other countries, has failed to collect revenue in accordance with target in the first six months of the current fiscal year.', 'content' => '<p> </p> <p><span style="font-size:18px">January 22: Birgunj Customs office, Nepal’s one of the major entry points for trade with India and other countries, has failed to collect revenue in accordance with target in the first six months of the current fiscal year.</span></p> <p><span style="font-size:18px">The Customs office has collected only 62.4 per cent of its total revenue target. <br /> According to the customs office, the Department of Customs had set the target to amass a revenue of Rs 122.77 billion during the first six months of the current fiscal year. </span></p> <p><span style="font-size:18px">The customs office, however, has collected only Rs 76.54 billion during review period. <br /> Customs officials say that the government’s policy to control the trade following the depletion of foreign exchange reserve had caused the revenue to shrink. </span></p> <p><span style="font-size:18px">Import of petroleum products and vehicles contributes largely to the revenue from Birgunj Customs office. Ban on the import of vehicles for a long time led to the revenue to drop”, said Birgunj Customs Office Chief Dhan Bahadur Baruwal.</span></p> <p><span style="font-size:18px">The government that started tightening import of goods from the second quarter of the last fiscal year had imposed ban on the import of vehicles, expensive mobile phones, and liquor from the fourth quarter of the last fiscal.</span></p> <p><span style="font-size:18px">The government has recently removed the provision of cash margin for opening letter of credit after it removed the ban placed on the import of vehicles and other expensive goods.</span></p> <p><span style="font-size:18px">Despite the opening of the import, auto importers have not brought vehicles citing lack of demand and banks not providing loan for the same.</span></p> <p><span style="font-size:18px">Auto importers are hardly importing four to five vehicles these days against 30 to 35 on a daily basis in the past. <br /> “More than 2000 vehicles have gathered at the yard of Integrated Check Post,” according to Nepal Intermodel Transport Development Board Birgunj Office Chief Kamal Gyawali.</span></p> <p><span style="font-size:18px">Birgunj Customs collected only Rs 26 billion of customs duty against its target of 48 billion. Likewise, the customs point collected Rs 34 billion in value added tax despite its target to collect Rs 44 billion. </span></p> <p><span style="font-size:18px">The office collected Rs 5 billion of excise duty against its target to collect Rs 12 billion. Customs officials say that ban on the import of vehicles led the office to miss its target.</span></p> <p><span style="font-size:18px">Birgunj Customs collected infrastructure tax of Rs 6 billion from the petroleum products against its target to collect 9 billion during the same period. </span></p> ', 'published' => true, 'created' => '2023-01-22', 'modified' => '2023-01-22', 'keywords' => '', 'description' => '', 'sortorder' => '16546', 'image' => '20230122061641_collage (33).jpg', 'article_date' => '2023-01-22 06:12:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '16605', 'article_category_id' => '274', 'title' => 'Birgunj Customs Office Fails to Meet Revenue Collection Target ', 'sub_title' => '', 'summary' => 'Shrinking demand and plummeting consumption have adversely affected government’s revenue collection target at Birgunj Customs Office. The customs office collected only half of the targeted revenue in the month of Mangshir', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">December 26 : Shrinking demand and plummeting consumption have adversely affected government’s revenue collection target at Birgunj Customs Office. The customs office collected only half of the targeted revenue in the month of Mangshir. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">The customs office had set the target to collect a total of Rs 21. 69 billion from mid-November to mid-December. However, the customs office collected just Rs 10.90 billion in revenue during the same period. The customs office has failed to meet its targeted revenue collection in either month of the first five months of the current fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">According to Birgunj Customs office Chief Dhan Bahadur Baruwal, the office has collected 47 per cent of revenue under custom tariffs. The customs office collected just Rs 3.81 billion despite the target to amass Rs 8.9 billion customs tariffs.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">Similarly, customs office also witnessed fall in revenue collection under Value Added Tax(VAT).<br /> Against its target to collect Rs 7.93 billion under VAT, the custom office collected just Rs 5 billion.<br /> The customs office has collected Rs 63.45 billion revenue in the first fives months of the current fiscal year. “The revenue collection is 36 per cent below the target”, said Baruwal. During the first five months, the custom office should have collected Rs 100 billion in revenue. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">The government has removed ban imposed on the import of all kinds of goods. “The provision of cash margin while opening letter of Credit(LC) to import goods has affected revenue collection despite the lifting of the ban”, said customs officials. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">Earlier, the government had banned the import of vehicles, liquor and other goods citing depletion of foreign currency reserve. Customs officials say that vehicles and fuel are major sources of government revenue. Ban on the import of vehicles and fall in the import of petroleum products have affected revenue collection.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">Private sector says that demand for automobiles has fallen sharply though the government lifted the ban. Falling demand has shrunk the production of goods, causing the industries to trim the import of raw materials. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">“Vehicles, petroleum products and raw materials are imported via Birgunj Customs office. Their import has dropped causing the revenue collection to contract”, said Bara Parsa Industry Association’s Vice-president Binay Shah.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">Some customs officials are of the opinion that unlawful import of goods has also hit the revenue collection target.Data at the customs office show that import through the customs office decreased by 29 per cent while export trade fell by 68 per cent. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:13.5pt">Processed cooking oil was being exported to India. But, after India changed its policy on the import of cooking oil, cooking oil export from Nepal has hit snag, said cooking oil industrialist Suresh Rungata.</span></span></span></p> ', 'published' => true, 'created' => '2022-12-26', 'modified' => '2022-12-26', 'keywords' => '', 'description' => '', 'sortorder' => '16346', 'image' => '20221226035543_collage (13).jpg', 'article_date' => '2022-12-26 15:54:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '16540', 'article_category_id' => '274', 'title' => 'Improvement in Nepal’s Economic Indicators ', 'sub_title' => '', 'summary' => 'Economic indicators have further improved in the fourth month of the current fiscal year in the country. ', 'content' => '<p><span style="font-size:20px">December 16: Economic indicators have further improved in the fourth month of the current fiscal year in the country. </span><br /> <span style="font-size:20px">Restrictive policies adopted by Nepal Rastra Bank and the government following the depletion of foreign currency reserve and high deficit in balance of payment have yielded positive results. </span></p> <p><span style="font-size:20px">As per the report published by Nepal Rastra Bank on Current Macroeconomic and Financial Situation on Thursday, inflation has slightly dropped while condition of balance of payment, remittance inflow, and foreign currency reserve have improved. </span><br /> <span style="font-size:20px">Inflation stood at 8.8 per cent in the fourth month of the current fiscal year while country recorded inflation at 8.26 per cent in the third month of the same fiscal year. </span></p> <p><span style="font-size:20px">Nepal Rasrta Bank and the government have set the target to keep inflation within 7 per cent this fiscal. The fourth month has witnessed improvement in the balance of payment (difference in inflow and outflow of money from the country). </span></p> <p><span style="font-size:20px">Balance of payment incurring loss for 14 months had started seeing surplus from the third month of the current fiscal year. BOP surplus that stood at Rs 12,43,0000000 in the same month increased to Rs 20,030000000 in the fourth month.</span><br /> <span style="font-size:20px">Due to COVID-19 and lockdowns imposed to contain the virus had plummeted the import, causing the BOP surplus. </span></p> <p><span style="font-size:20px">However, high import since last year had led to the deficit in balance of payment. After the high import reduced the foreign currency reserve rapidly, Nepal Rastra Bank had started provision of keeping 50 per cash margin when opening the letter of credit (LC) to import the luxurious goods from the fourth month of last fiscal year.</span></p> <p><span style="font-size:20px">Later, the government had banned the import of 10 luxurious good in May. The ban has resulted into BOP surplus. </span></p> <p><span style="font-size:20px">Remittance inflow rate that started rising since the first month of the current fiscal year increased by 20.4 per cent in the fourth month. Country has received a total of Rs 3,780,40000000 remittance in the first four months of the current fiscal. </span></p> <p><span style="font-size:20px">Remittance amount country received in the fourth month was at Rs 96,990000000. Last year, the remittance inflow had dropped by 7 per cent in the same month. </span></p> <p><span style="font-size:20px">In the US Dollar terms, the remittance inflow has increased by 10.8 per cent and reached 2, 93,0000000. Remittance in the US Dollar had dropped by 7.3 per cent in the same period last year.</span></p> <p><span style="font-size:20px">Rise in the number of people going for foreign employment and sharp increase in the price of US Dollar have led to the rise of remittance inflow inside the country.</span></p> <p><span style="font-size:20px">The number of people receiving labour agreement to work in foreign countries in the first four months increased by 102 per cent and reached 1,95,196. A total of 87,428 migrant workers renewed their labour contract during the same period this fiscal. </span></p> <p><span style="font-size:20px">Tourism income has also improved. Income received from tourists increased by 137 per cent and stood at Rs 17, 96,0000000 in the first four months of the current fiscal. Tourism income was just Rs 7,580000000 during the same period last year. </span></p> <p><span style="font-size:20px">Trade deficit has also dropped in the first four months of the current fiscal. In the review period, import fell by 18 per cent and stood at Rs 5,32,690000000. In the same period, country’s export stood at Rs 54,77,0000000. The total trade deficit decreased by 9.4 per cent and stood at Rs 4,77, 920000000 during the same period.</span></p> <p><span style="font-size:20px">Status of foreign current reserve has also improved during the review period. The total foreign currency reserve stood in the US Dollar stood at 9,63,0000000 in the fourth month of the current fiscal year. The third month had foreign currency reserve of US Dollar 9,48,0000000. </span><br /> <span style="font-size:20px">The current reserve of the foreign currency is enough to import goods for 9.7 months and goods and services for 8.4 months.</span><br /> </p> ', 'published' => true, 'created' => '2022-12-16', 'modified' => '2022-12-16', 'keywords' => '', 'description' => '', 'sortorder' => '16281', 'image' => '20221216103327_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-12-16 07:08:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '16529', 'article_category_id' => '274', 'title' => ' Liquidity Crisis Will Deteriorate in Poush, says Governor ', 'sub_title' => '', 'summary' => 'Governor of the Nepal Rastra Bank Maha Prasad Adhikari said liquidity crunch will aggravate in the month of mid- December to mid-January (Poush).', 'content' => '<p><br /> <span style="font-size:20px">December 14: Governor of the Nepal Rastra Bank Maha Prasad Adhikari said liquidity crunch will aggravate in the month of mid- December to mid-January (Poush).</span><br /> </p> <p><span style="font-size:20px">Speaking at the Thirteenth Anniversary of Nepalese Association of Financial Journalists held in Kathmandu on Wednesday, Governor Adhikari reiterated that banks and financial institutions would have to experience further scarcity of the loanable amount next month.</span><br /> </p> <p><span style="font-size:20px">“Some tax gets collected in the government coffers in Poush. As per the calendar, Rs 30 billion will go into the government’s account. This will have an adverse effect in the state of cash flow next month. But, we are working to ease the shrinking liquidity”, Adhikari added.</span></p> <p> </p> <p><span style="font-size:20px">According to Adhikari, the central bank had injected 970 billion in the market to ease liquidity last year. “Despite a lot of efforts by the NRB, liquidity is yet to ease in the market”, he stated. </span></p> <p> </p> <p><span style="font-size:20px">Due to the increasing remittance flow inside the country, state of liquidity has become a bit comfortable at present, according to Adhikari </span><br /> </p> <p><span style="font-size:20px">Adhikari stressed the need of money recycling to make liquidity available in the market. “If the borrowers return some money to the banks, cash flow will rise”, Adhikari said. He blamed the ballooning trade deficit for liquidity crunch. </span><br /> </p> <p><span style="font-size:20px">Adhikari made it clear that the central bank was ready to have an open discussion and forge collaboration with the private sector. “Nepal Rastra Bank has opened the import of banned goods and is enforcing various policies and tools to balance the economy”, Adhikari held. </span><br /> </p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16270', 'image' => '20221214041505_collage (10).jpg', 'article_date' => '2022-12-14 16:06:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '16514', 'article_category_id' => '274', 'title' => 'Industrialists, Entrepreneurs from Syangja Submit 10-Point Memorandum to the Government ', 'sub_title' => '', 'summary' => ' Six organizations of industrialists and entrepreneurs from Syangja have submitted a 10-point demand to the Ministry of Finance and Nepal Rastra Bank. ', 'content' => '<p> </p> <p><span style="font-size:20px">December 13: Six organizations of industrialists and entrepreneurs from Syangja have submitted a 10-point demand to the Ministry of Finance and Nepal Rastra Bank. </span></p> <p> </p> <p><span style="font-size:20px">Industrialists and entrepreneurs have jointly submitted the memorandum to the Rastra Bank and Finance Ministry through Waling Area Administration Office, drawing a serious attention to Nepal Rastra Bank’s directives and current working capital guidelines-2079 BS. </span></p> <p> </p> <p><span style="font-size:20px">Waling Industry Association, Synagja District Federation of Nepalese Chamber of Commerce and Industry, Galyang Chapter of FNCCI, Bhirkot chapter of FNCCI and Chapakot chapter of FNCCI have submitted the memorandum. <br /> </span></p> <p><span style="font-size:20px">The memorandum states that liquidity crunch had led to the rise of interest rates, hitting businesses and enterprises hard. They have demanded that government and Rastra Bank slash the interest rates on lending at single digit. </span></p> <p> </p> <p><span style="font-size:20px">Entrepreneurs bemoaned that banks would have to cooperate during the crisis in economy. They have underlined the need to control the rising interest rate and make liquidity available. They have also demanded to keep spread rate within 3 per cent. </span><br /> </p> <p><span style="font-size:20px">Earlier, industrialists and entrepreneurs had staged a peaceful rally with slogans. Area Administration Office Waling Chief Ghanshayam Gautam said that he would send the memorandum to the concerned agencies at the earliest. </span></p> ', 'published' => true, 'created' => '2022-12-13', 'modified' => '2022-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '16255', 'image' => '20221213110012_collage (5).jpg', 'article_date' => '2022-12-13 10:50:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '16509', 'article_category_id' => '274', 'title' => 'Not Economic Crisis, but a Challenge, says Finance Minister Sharma ', 'sub_title' => '', 'summary' => 'Minister for Finance Janardan Sharma has said that recent challenges Nepal’s economy has been facing including the slow economic growth and shortage of liquidity have resulted from the lack of implementation of economic and business policies introduced by the government.', 'content' => '<p><span style="font-size:16px">December 12: Minister for Finance Janardan Sharma has said that recent challenges Nepal’s economy has been facing including the slow economic growth and shortage of liquidity have resulted from the lack of implementation of economic and business policies introduced by the government.</span></p> <p><span style="font-size:16px">“Its about the lack of the institutional and legal capacity. If we address them, many of the challenges we are facing would be resolved,” said Finance Minister Sharma, addressing the “7th Newbiz Business Conclave and Awards” on Monday.</span></p> <p><span style="font-size:16px">He also took strong exception to characterizing Nepal’s economic challenges as ‘crisis’. “There were comments that Nepal was going down the line of crisis like in Sri Lanka. That was wrong. We cannot call it a crisis. There are challenges that can be treated,” he said.</span></p> <p><span style="font-size:16px">Minister Finance Sharma also opined that Nepal cannot do or produce everything. “We should focus on certain areas like hydropower and IT where we have our competitive advantages,” he added.</span></p> <p><span style="font-size:16px">Speaking at the event as keynote speaker, Dr Nagesh Kumar, Director of the Institute for Studies in Industrial Development, India, said that rising inequalities between and within the economies has emerged as one of the major challenges for the world. </span></p> <p><span style="font-size:16px">According to Dr Kumar, there is widening inequalities of income within countries due to failure of economic growth to ‘lift all the boats’. </span></p> <p><span style="font-size:16px">“Some data show that Nepal has managed very well in addressing the widening inequality. Its social protection system is very good. It has not yet faced a disturbing trend of rising inequality and the rest of the world can learn from Nepal,” he said. </span></p> <p><span style="font-size:16px">He also said that the recent Covid-19 pandemic has exposed gaps in public health infrastructure, social protection, provision of basic services, vaccination as well as in the global economy. </span></p> <p><span style="font-size:16px"> Also speaking at the event, Shekhar Golchha, President of the Federation Nepalese Chambers of Commerce and Industry (FNCCI), said that the private sector, which coped with numerous challenges including conflict, power outage, blockade and earthquakes, is now currently facing internal challenges including the liquidity shortage. </span></p> <p><span style="font-size:16px">“We have emerged from all those crises including the political turmoils that took a toll on the economy. But, we are confident we can also overcome the current internal challenge if we work together,” said FNCCI President Golchha. </span></p> <p><span style="font-size:16px">Vishnu Agarwal, President of the Confederation of Nepalese Industries (CNI), said that the contribution of the manufacturing sector to the GDP has been falling in the last two decades. </span></p> <p><span style="font-size:16px">“We have to focus on industrialization to increase employment opportunities, boost foreign exchange reserves and accelerate the economic growth of the country,” said CNI President Agarwal. “There are some initiatives introduced by the government to promote industrialization. However, there is no satisfactory progress in the implementation of those measures.” </span></p> <p><span style="font-size:16px">Asian Paints is the main sponsor of the programme while Gods of Furniture, Metlife Insurance, Rastriya Banijya Bank, Nexus Evi, NLG Insurance, Dish Home, Fiber Net, Nepali Patro, President Travels and Tours, have supported the event. </span></p> <p><span style="font-size:16px">New Business Age has been organizing the Business Conclave & Awards annually since 2013 with an aim to hold discourse on crucial business and economic issues and honour business excellence by recognising quality works done by people and organizations.</span></p> ', 'published' => true, 'created' => '2022-12-12', 'modified' => '2022-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '16250', 'image' => '20221212071227_Finance Minister.jpg', 'article_date' => '2022-12-12 19:09:07', 'homepage' => true, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '35' ) ) ) $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
